SentinelOne Inc (S) 2022 Q3 法說會逐字稿

Good afternoon. Thank you for attending today's SentinelOne Q3 2022 Earnings Conference Call. My name is Selena, and I will be your moderator. (Operator Instructions) I would now like to pass the conference over to our host, Doug Clark, Head of Investor Relations at SentinelOne. Please go ahead.

各位下午好。感謝您參加今天的 SentinelOne 2022 年第三季（Q3）財報電話會議。我是 Selena，將擔任本次會議的主持人。（接線員指示）現在我想把會議交給我們的主持人——SentinelOne 投資人關係主管 Doug Clark。請開始。

Good afternoon, everyone, and welcome to SentinelOne's earnings call for the third quarter of fiscal year 2022 ended October 31. With us today are Tomer Weingarten, CEO; Nick Warner, COO; and Dave Bernhardt, CFO. Our press release and the shareholder letter were issued earlier today and are posted on our website. This call is being broadcast live via webcast; and following the call, an audio replay will be available on our Investor Relations section of our website.

各位下午好，歡迎參加 SentinelOne 截至 10 月 31 日止之 2022 會計年度第三季財報電話會議。今天與會者包括執行長 Tomer Weingarten、營運長 Nick Warner，以及財務長 Dave Bernhardt。我們的新聞稿與致股東信已於今日稍早發布，並已張貼於我們的網站。本次電話會議將透過網路直播；會後亦將在我們網站的投資人關係專區提供音訊重播。

Before we begin, I would like to remind you that during today's call, we will be making forward-looking statements regarding future events and financial performance, including our guidance for the fourth fiscal quarter and full fiscal year 2022 as well as certain long-term financial targets. We caution you that such statements reflect our best judgment based on factors currently known to us and that the actual events or results could differ materially. Please refer to the documents we file from time to time with the SEC, in particular, our S-1 and our quarterly report on Form 10-Q. These documents contain and identify important risk factors and other information that may cause our actual results to differ materially from those contained in our forward-looking statements.

在開始之前，我想提醒各位，在今天的電話會議中，我們將就未來事件與財務表現發表前瞻性陳述，包括我們對 2022 會計年度第四季及 2022 全年度的指引，以及若干長期財務目標。我們提醒您，此等陳述係基於目前我們所知因素所作之最佳判斷，實際事件或結果可能存在重大差異。請參閱我們不時向美國證券交易委員會（SEC）提交的文件，特別是我們的 S-1 以及 Form 10-Q 季度報告。這些文件載有並指出重要風險因素及其他資訊，可能導致我們的實際結果與前瞻性陳述所載內容出現重大差異。

Any forward-looking statements made during this call are being made as of today. If this call is replayed or reviewed after today, the information presented during the call may not contain current or accurate information. Except as required by law, we assume no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements even if new information becomes available in the future.

本次電話會議中所作的任何前瞻性陳述均以今日為準。若本通話於今日之後被重播或回顧，通話中所呈現之資訊可能不再為最新或準確。除法律要求外，我們不承擔公開更新此等前瞻性陳述之義務，亦不承擔在未來有新資訊可得時更新實際結果可能與前瞻性陳述所預期內容存在重大差異之原因的義務。

During this call, unless otherwise stated, we will discuss non-GAAP financial measures. These non-GAAP financial measures were not prepared in accordance with generally accepted accounting principles. A reconciliation of GAAP and non-GAAP results is provided in today's press release and in our shareholder letter. These non-GAAP measures are not intended to be a substitute for our GAAP results.

在本次電話會議中，除非另有說明，我們將討論非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標並非依據一般公認會計原則編製。GAAP 與非 GAAP 結果之調節表已載於今日新聞稿及致股東信中。這些非 GAAP 指標並非用以取代我們的 GAAP 結果。

The financial outlook that we provided today excludes stock-based compensation expense, employer payroll tax on employee stock transactions and an amortization expense of acquired intangible assets, which could not be determined at this time and are, therefore, not reconciled in today's press release.

我們今日提供的財務展望不包含以股份為基礎之薪酬費用、員工股票交易之雇主薪資稅，以及收購無形資產之攤銷費用；上述項目目前無法確定，因此未於今日新聞稿中提供調節。

And with that, let me turn the call over to Tomer Weingarten, CEO of SentinelOne.

接下來，我把電話交給 SentinelOne 執行長 Tomer Weingarten。

Good afternoon, everyone, and thank you for joining our fiscal third quarter earnings call. This was another excellent quarter, and I'm extremely proud of the entire SentinelOne team. Our ARR growth accelerated to 131% year-over-year in the third quarter, our third consecutive quarter of triple-digit growth. We continue to scale our business on the back of leading endpoint protection, machine speed DDR, XDR innovation and our powerful partner supported go-to-market strategy. The demand environment remains incredibly strong.

各位下午好，感謝各位參加我們的會計年度第三季財報電話會議。這又是一個非常出色的季度，我為整個 SentinelOne 團隊感到無比自豪。我們第三季的 ARR 年增率加速至 131%，這是我們連續第三個季度維持三位數成長。我們持續憑藉領先的端點防護、機器速度的 DDR、XDR 創新，以及由強大合作夥伴支持的上市策略來擴大業務規模。需求環境依然極為強勁。

Before digging deeper into the details of our quarterly performance and results, I'd like to share some perspectives on the cybersecurity landscape. I'd encourage you all to also look at our shareholder letter we have on our Investor Relations website, which provides a lot more detail.

在更深入探討我們本季的營運表現與結果之前，我想先分享一些對資安產業態勢的觀點。我也鼓勵各位參閱我們在投資人關係網站上的致股東信，其中提供了更多細節。

We're still early in the generational shift in cybersecurity led by the ongoing digital transformation of the enterprise. There are millions of cyber attacks inflicting trillions of dollars in damages every year. This is unacceptable and a growing risk to enterprises across the world.

在資安領域由企業持續數位轉型所帶動的世代更迭中，我們仍處於早期階段。每年有數以百萬計的網路攻擊造成數兆美元的損失。這是不可接受的，且正成為全球企業日益增加的風險。

The increasing number of attacks and sophistication clearly shows that enterprises must deploy best-of-breed solutions that enable them to stay one step ahead of attackers. Take the current state of ransomware. Attackers have shifted from simply holding operations hostage to actual data compromise and infiltration, infiltrating both legacy and unprotected devices.

攻擊數量的增加與手法的日益精密，清楚顯示企業必須部署同級最佳（best-of-breed）的解決方案，才能始終領先攻擊者一步。以勒索軟體的現況為例，攻擊者已從單純挾持營運，轉向實際的資料外洩與滲透，並滲透到既有（legacy）與未受保護的裝置。

That's where SentinelOne comes in. We pioneered the world's first purpose-built, AI-powered XDR platform to make cybersecurity defense truly autonomous from the endpoint and beyond. We believe it's essential to protect all parts of the enterprise estate, such as unknown devices, cloud workloads and the data itself. We focus on data to provide enhanced visibility and advanced analytics. We protect our customers in real time at machine speed, empowering human operators with the speed, scale and precision of technology.

這正是 SentinelOne 的用武之地。我們率先打造全球第一個專為此目的設計、以 AI 驅動的 XDR 平台，讓資安防禦真正能從端點及其延伸範圍實現自主化。我們認為，保護企業資產版圖的所有部分至關重要，例如未知裝置、雲端工作負載以及資料本身。我們聚焦於資料，以提供更強的可視性與進階分析。我們以機器速度即時保護客戶，並以技術的速度、規模與精準度賦能人員操作。

Our approach is resonating with our customers. We received the highest overall rating in the 2021 Gartner Voice of the Customer Report for endpoint protection platforms where 97% of reviewers would recommend the SentinelOne Singularity XDR platform. I'm very proud of the work we all do to keep our customers secure, engaged and delighted. We focus on putting our customers first.

我們的方法正獲得客戶共鳴。我們在 2021 年 Gartner《Voice of the Customer》端點防護平台報告中獲得最高的整體評分，其中 97% 的評論者會推薦 SentinelOne Singularity XDR 平台。我為我們為確保客戶安全、投入並感到滿意所做的一切工作感到非常自豪。我們始終以客戶為先。

Let's turn the discussion to how we're executing. During our IPO earlier this year, we outlined 5 key aspects to our growth strategy. Our third quarter results demonstrate success and progress against each of these. First, we continue to innovate and enhance our cybersecurity and data platform. Automation is a top priority for SentinelOne. Machine speed automation can help counter instantaneous cyberattacks and enable under-resourced IT teams. Last quarter, we introduced Storyline Active Response, or STAR, for customized dynamic detection and response rules. This quarter, we began offering Remote Script Orchestration, or RSO, to instantly investigate and triage threats on multiple endpoints across entire organizations remotely. Together, these 2 capabilities deliver increased level of automation as well as help enterprises consolidate legacy workflows in tooling with the Singularity XDR platform.

接下來談談我們如何落實執行。在今年稍早的 IPO 期間，我們概述了成長策略的 5 個關鍵面向。我們第三季的結果顯示在每一項上都取得成功並持續推進。第一，我們持續創新並強化我們的資安與資料平台。自動化是 SentinelOne 的首要任務。機器速度的自動化可協助對抗瞬時網路攻擊，並支援資源不足的 IT 團隊。上季我們推出 Storyline Active Response（STAR），用於自訂的動態偵測與回應規則。本季我們開始提供 Remote Script Orchestration（RSO），可遠端即時在整個組織的多個端點上調查並分流（triage）威脅。這兩項能力結合後，不僅帶來更高程度的自動化，也協助企業透過 Singularity XDR 平台整合既有工具中的傳統工作流程。

I want to dig more deeply into RSO. We designed RSO to transform endpoint management for incidence response providers and enterprises. We're offering complete remote control and orchestration across endpoints. It's a scalable way for security providers to not only detect and respond with existing endpoints but also manage and control the entire deployed footprint. It's like having a security analyst on every single endpoint at all times. Our customers and partners are already realizing the benefits of the advanced capabilities of RSO. One of our incident response partners said RSO helps eliminate time-consuming efforts to collect and consolidate forensics data in rapidly contained attacks, enabling us to minimize adversary impact. On the customer side, a Fortune 500 wholesale company added RSO to help ultimate threat hunting capabilities, making SentinelOne more powerful and integral to their security posture.

我想更深入談談 RSO。我們設計 RSO 的目標，是為事件回應服務供應商與企業轉型端點管理。我們提供跨端點的完整遠端控制與協同編排。這是一種可擴展的方式，讓資安服務供應商不僅能在既有端點上進行偵測與回應，也能管理與控制整個已部署的覆蓋範圍。這就像在每一個端點上隨時都有一位資安分析師。我們的客戶與合作夥伴已開始體會 RSO 進階能力所帶來的效益。我們的一家事件回應合作夥伴表示，RSO 有助於在快速被控制的攻擊中，消除耗時的鑑識資料蒐集與彙整工作，使我們能將對手影響降至最低。在客戶端，一家《財星》500 大的批發公司導入 RSO，以提升其威脅狩獵能力，讓 SentinelOne 在其資安態勢中更強大且更不可或缺。

In addition to automation, we believe a true XDR platform must be a comprehensive and open platform that provides visibility, protection and response across the entire enterprise landscape. Customers have been asking us to provide mobile protection to complement our leading protection capabilities. And just this week, we announced Singularity Mobile. SentinelOne customers can now manage mobile device security alongside endpoint, cloud workloads and IoT devices. Singularity Mobile brings behavioral AI-driven machine speed protection, detection and responds directly to iOS, Android and Chrome OS devices.

除了自動化之外，我們相信真正的 XDR 平台必須是全面且開放的平台，能在整個企業環境中提供可視性、防護與回應。客戶一直要求我們提供行動裝置防護，以補足我們領先的防護能力。而就在本週，我們宣布推出 Singularity Mobile。SentinelOne 客戶現在可以在管理端點、雲端工作負載與 IoT 裝置的同時，一併管理行動裝置安全。Singularity Mobile 將以行為式 AI 驅動的機器速度防護、偵測與回應，直接帶到 iOS、Android 與 Chrome OS 裝置。

Putting this all together, we were recently recognized as a strong performer in the Forrester New Wave Extended Detection and Response Providers report. Forrester highlighted that SentinelOne Singularity XDR platform is the best fit for companies that want customizability and to grow into XDR. We were also named Best Innovator in SE Labs' Annual Report.

綜合以上，我們近期在 Forrester《New Wave：Extended Detection and Response Providers》報告中被評為強勁表現者（strong performer）。Forrester 強調，SentinelOne Singularity XDR 平台最適合希望具備可自訂性並逐步成長導入 XDR 的公司。我們也在 SE Labs 年度報告中獲選為最佳創新者（Best Innovator）。

The second part of our strategy is to protect more enterprises every day. In Q3, our ARR grew by 131% year-over-year, and our revenue was up 128%. Our business is performing exceptionally well. We added over 600 new customers sequentially. We grew our total customer count by over 75% to over 6,000 compared to a year ago. Customers with ARR over $100,000 grew 140%, and we continue to see a growing mix of large enterprises within our business.

我們策略的第二部分，是每天保護更多企業。在第三季，我們的 ARR 年增 131%，營收年增 128%。我們的業務表現極為出色。我們單季新增超過 600 家新客戶。我們的客戶總數較一年前成長超過 75%，達到 6,000 家以上。ARR 超過 10 萬美元的客戶成長 140%，而且我們持續看到大型企業在我們業務組合中的占比提升。

In addition to expanding our global presence through direct sales teams, our channel remains a source of scalable growth and differentiation. With our partner-friendly approach, we're succeeding by further expanding our scale with incidence response in managed security service provider partners. Nick will touch on this in more detail later on.

除了透過直銷團隊擴大全球布局之外，我們的通路仍然是可擴展成長與差異化的來源。憑藉我們對合作夥伴友善的做法，我們正透過在受管安全服務供應商（MSSP）合作夥伴中進一步擴大事件回應的規模而取得成功。Nick 稍後會更詳細說明。

Third, we're unlocking further product adoption within our existing customer base. In the fiscal third quarter, our net retention rate reached 130%, a new record for our company. This growth was driven by strong license expansion, platform upgrades and customer adoption of our new capabilities. We're early in our module strategy, but we're seeing great customer interest and adoption. Our emerging products such as Ranger IoT, cloud workload protection and data capabilities are all growing at impressive triple-digit rates. In particular, our cloud workload protection product delivered the highest growth during the quarter, a testament to the demand for our real-time run-time protection for cloud workloads and containerized environments. In one case, a leading book publisher selected SentinelOne for cloud workload protection because of its ease of use, simplicity of deployment and having a true EDR in one console to manage their cloud-native Windows, Linux and Kubernetes environments.

第三，我們正在既有客戶群中解鎖更進一步的產品採用。在本財年第三季，我們的淨留存率達到 130%，創下公司新高。此成長由強勁的授權擴張、平台升級以及客戶採用我們新能力所帶動。我們的模組策略仍在早期階段，但已看到客戶高度興趣與採用。我們的新興產品，例如 Ranger IoT、雲端工作負載防護以及資料能力，皆以令人印象深刻的三位數成長率成長。尤其是，我們的雲端工作負載防護產品在本季交出最高成長，證明市場對我們針對雲端工作負載與容器化環境的即時執行期（run-time）防護需求強勁。以其中一個案例而言，一家領先的圖書出版商選擇 SentinelOne 作為雲端工作負載防護方案，原因在於其易用性、部署簡便，以及能在單一主控台中以真正的 EDR 管理其雲原生的 Windows、Linux 與 Kubernetes 環境。

The fourth element of our growth strategy is to further expand our global footprint. Revenue from international markets grew 159% year-over-year. International markets now represent 33% of our total revenue, up from 29% a year ago. As an example, in Q3, we secured a European conglomerate by replacing over 20 different antivirus products. This shows how our platform can help with vendor consolidation while also delivering leading performance. We're growing our sales coverage and channel presence in international markets. Last quarter, we talked about opening a new R&D center in the Czech Republic, and I'm excited that we're hiring great talent in this region. These initiatives will continue to strengthen our international presence.

我們成長策略的第四個要素，是進一步擴大全球版圖。國際市場營收年增 159%。國際市場目前占我們總營收的 33%，高於一年前的 29%。例如在第三季，我們透過替換超過 20 種不同的防毒產品，拿下了一家歐洲大型企業集團。這顯示我們的平台不僅能協助供應商整併，同時也能提供領先的效能。我們正在國際市場擴大銷售覆蓋與通路布局。上一季我們提到在捷克開設新的研發中心，我很高興我們正在該地區招募到優秀人才。這些舉措將持續強化我們的國際能見度。

Fifth and last, we're well positioned to expand our total addressable market through both acquisitions and strategic investments. We further strengthened our leadership team with the appointment of Rob Salvagno to lead Corporate Development. As we consider acquisitions, we evaluate prospects that align with our product, customer and strategic market opportunities. Over time, we intend to use these opportunities to extend the reach of our XDR platform into adjacencies that complement our offerings.

第五也是最後一點，我們已具備良好條件，能透過併購與策略性投資擴大我們的總可服務市場（TAM）。我們任命 Rob Salvagno 領導企業發展（Corporate Development），進一步強化領導團隊。在評估併購時，我們會審視是否與我們的產品、客戶以及策略性市場機會一致。隨著時間推進，我們打算運用這些機會，將我們的 XDR 平台觸角延伸至與我們產品互補的相鄰領域。

Our strategy also involves making minority investments. We recently made 2 strategic investments in early funding rounds for Laminar and Torq, companies that align with our approach to automation and APIs. Investments in emerging technologies will allow us to constantly enhance the SentinelOne platform in areas that may be of future interest to us. These investments reflect our long-term commitment to innovation, automation and securing data wherever it resides with a front-row seat into cutting-edge cybersecurity technologies.

我們的策略也包含進行少數股權投資。我們近期在 Laminar 與 Torq 的早期募資輪中進行了 2 項策略性投資，這兩家公司與我們對自動化與 API 的方法一致。投資新興技術將使我們能在未來可能感興趣的領域，持續強化 SentinelOne 平台。這些投資反映我們對創新、自動化，以及在資料所在之處皆能加以保護的長期承諾，同時也讓我們能近距離掌握最前沿的資安技術。

Finally, as part of our XDR road map, Scalyr is performing extremely well and has continued to grow year-over-year and quarter-over-quarter. Scalyr is integrated into our technology backbone, and we're using it to redefine XDR. At the same time, we're onboarding all new customers on our revamped back-end seamlessly. We've begun migrating select existing customers. By using Scalyr, our customers are enjoying faster performance and advanced analytics capabilities.

最後，作為我們 XDR 路線圖的一部分，Scalyr 表現極為出色，並持續呈現年增與季增。Scalyr 已整合進我們的技術骨幹，我們正運用它重新定義 XDR。同時，我們正無縫地將所有新客戶導入我們改版後的後端系統。我們也已開始遷移部分既有客戶。透過使用 Scalyr，我們的客戶正享有更快的效能與進階分析能力。

Before I turn the call over to Nick, I want to discuss our people and our culture. Our true competitive advantage comes from the employees of SentinelOne. We've invested in talent across sales, marketing, engineering and corporate functions while cultivating an inclusive and diverse workplace. We've grown rapidly in the past year, and our number of employees has gone from 600 to about 1,100. This has been no small feat, and we're continuing to grow and expanding the team.

在把電話會議交給 Nick 之前，我想談談我們的人才與文化。SentinelOne 真正的競爭優勢來自我們的員工。我們在銷售、行銷、工程與企業職能等領域投資人才，同時培養包容且多元的職場。我們在過去一年快速成長，員工人數從 600 人增加到約 1,100 人。這並非易事，而我們仍在持續成長並擴編團隊。

We work very hard to foster a productive and inclusive culture, and our efforts are showing up in results. As part of the 2021 Great Places to Work certification, 96% of responses from employees said SentinelOne is a great place to work. We received several other awards during the quarter that recognize our workplace culture.

我們非常努力打造高效且包容的文化，而這些努力已反映在成果上。作為 2021 年「Great Places to Work」認證的一部分，96% 的員工回覆表示 SentinelOne 是很棒的工作場所。本季我們也獲得數項其他獎項，以表彰我們的職場文化。

With the combination of our differentiated technology and dedicated team, we're helping our customers stay ahead of adversaries, prevent breaches and autonomously respond to innovation. We're helping our customers reimagine cyber security. I'm excited about what we can do from here. Thank you to all Sentinels and our customers and our partners.

憑藉我們具差異化的技術與投入的團隊，我們正協助客戶領先對手、防止資安事件，並以自主方式回應創新。我們正在幫助客戶重新想像網路安全。我對我們接下來能做到的事情感到振奮。感謝所有 Sentinels、我們的客戶以及合作夥伴。

With that, I will turn the call over to Nick Warner, our Chief Operating Officer.

接下來，我將把電話會議交給我們的營運長 Nick Warner。

Thank you, Tomer, and welcome, everyone. Our go-to-market flywheel of sales and marketing, channel, and technology partners resulted in another outstanding quarterly performance across the board. Strong demand for our Singularity XDR platform is evident by our third quarter results. Our customers are clearly choosing SentinelOne as a partner and technology of choice.

謝謝你，Tomer，也歡迎各位。我們由銷售與行銷、通路以及技術合作夥伴所構成的 go-to-market 飛輪，帶來了又一個全方位表現出色的季度。對我們 Singularity XDR 平台的強勁需求，從第三季的業績結果可見一斑。我們的客戶顯然正選擇 SentinelOne 作為首選的合作夥伴與技術。

In Q3, we reported an impressive ARR growth of 131%, reaching $237 million compared to last year. This growth was driven by a healthy combination of new customer additions, existing customer renewals and upsells. Today, we are protecting over 6,000 customers through our Singularity XDR platform. That's total customer growth of more than 75% or almost 2,500 more customers compared to last year.

在第三季，我們報告了令人印象深刻的 ARR 年增 131%，達到 2.37 億美元，較去年大幅提升。此成長由健康的組合所驅動，包括新增客戶、既有客戶續約以及加購升級。如今，我們透過 Singularity XDR 平台保護超過 6,000 家客戶。這代表客戶總數成長超過 75%，或較去年增加近 2,500 家客戶。

Our focus on automation, speed and accuracy is critical to any enterprise, in fact, all enterprises. I want to be clear. This is a competitive market. The environment has not changed, yet we've maintained incredibly strong win rates in all competitive situations against legacy and next-gen vendors.

我們對自動化、速度與準確性的專注，對任何企業都至關重要，事實上對所有企業皆然。我想說清楚：這是一個競爭激烈的市場。環境並未改變，但我們在所有與傳統與新世代供應商的競爭情境中，仍維持極高的勝率。

With every new quarter, we're protecting more and more mission-critical businesses around the world. In Q3, we added a leading global financial exchange in a 7-figure multiyear agreement. This was a true platform win. They selected SentinelOne for endpoints, cloud workload protection, remote script orchestration and data applications.

每一個新季度，我們都在全球保護更多關鍵任務型（mission-critical）的企業。在第三季，我們以一份七位數金額的多年期合約，新增了一家全球領先的金融交易所。這是真正的平台型勝利。他們選擇 SentinelOne 用於端點、雲端工作負載防護、遠端腳本編排以及資料應用。

It's telling that we're getting so much attention by our competitors, which speaks to the traction we're having in the market. We're winning more and more customers, and our growth rates speak for themselves. What enterprises need is automated security, not repackaged legacy AV and crowd-powered protection. Our mission is to elevate security for our customers through a relentless focus on innovation. And our customers are happy with 97% gross retention rate and the highest score in Gartner's Voice of the Customer survey. That's hundreds of customer reviews, and that speaks volumes compared to any single customer example.

我們受到競爭對手如此多的關注，這很能說明我們在市場上的動能。我們贏得越來越多客戶，而我們的成長率本身就能說明一切。企業需要的是自動化安全，而不是重新包裝的傳統防毒（AV）與群眾驅動（crowd-powered）的防護。我們的使命是透過對創新的不懈專注，為客戶提升安全性。而我們的客戶也很滿意：97% 的毛留存率，以及在 Gartner「Voice of the Customer」調查中獲得最高分。那是數百則客戶評論，相較於任何單一客戶案例，更具說服力。

Let me take a step back and share some details around our customer and business mix. We grew customers with ARR over $100,000 by 140% versus last year. Our business mix from customers with ARR over $100,000 continues to grow driven by our success with larger enterprises, strategic channel partners and increasing module adoption.

讓我退一步，分享一些關於我們客戶與業務組合的細節。ARR 超過 10 萬美元的客戶數較去年成長 140%。來自 ARR 超過 10 萬美元客戶的業務占比持續提升，這由我們在大型企業的成功、策略性通路夥伴，以及模組採用率提升所帶動。

In addition to protecting new larger customers, we're seeing strong retention and expansion within our existing customer base. Gross retention rates remained consistent with prior quarters. Our net retention rate was 130% this quarter, a new record for our company. This record NRR was driven by license expansion, platform tier upsells and adoption of emerging capabilities. In Q3, 2 of our Fortune 10 customers renewed with multiyear deals, and both expanded their use of the Singularity platform, adding modules such as Ranger and Remote Script Orchestration.

除了保護新的大型客戶之外，我們也看到既有客戶群中強勁的留存與擴張。毛留存率與前幾季維持一致。本季我們的淨留存率為 130%，創下公司新高。這項創紀錄的 NRR 由授權擴張、平台等級升級加購，以及新興能力的採用所驅動。在第三季，我們有 2 家《財富》前 10 大客戶以多年期合約續約，且兩者都擴大了對 Singularity 平台的使用，新增了如 Ranger 與遠端腳本編排等模組。

I'd like to talk more about our channel partners. Our partner ecosystem helps magnify our market access and significantly extends our reach and efficiency. We do not compete with our partners. Instead, we equip them with industry-leading capabilities like multi-tenancy and open APIs. In fact, we're expanding our partner ecosystem, and this is driving significant growth for us.

我想更深入談談我們的通路合作夥伴。我們的合作夥伴生態系能放大我們的市場觸及，並顯著延伸我們的覆蓋範圍與效率。我們不與合作夥伴競爭；相反地，我們為他們提供業界領先的能力，例如多租戶（multi-tenancy）與開放式 API。事實上，我們正在擴大合作夥伴生態系，而這正為我們帶來顯著成長。

Let me double click on our managed security service provider partnerships as an example. MSSPs provide outsourced monitoring and management of security devices and systems. Our growing and highly scalable partnerships with MSSPs give us robust mid-market and large enterprise coverage. Together, we have fueled significant new customer and business growth over the past several quarters. We're proud to partner with companies like N-able, AT&T, Pax,8, Continuum, Kroll and many others. To demonstrate the momentum we're seeing, in our third fiscal quarter, ARR from our MSSP channel increased by 300% year-over-year.

讓我以我們的受管安全服務供應商（MSSP）合作夥伴關係為例再深入說明。MSSP 提供安全裝置與系統的外包監控與管理。我們與 MSSP 的合作夥伴關係持續成長且具高度可擴展性，讓我們在中型市場與大型企業客群方面具備強而有力的覆蓋。過去幾個季度，我們共同推動了顯著的新客戶與業務成長。我們很榮幸能與 N-able、AT&T、Pax,8、Continuum、Kroll 以及許多其他公司合作。為了展現我們所看到的動能，在我們的第三個會計季度，來自 MSSP 通路的 ARR 年增 300%。

In addition to MSSPs, our incident response partners leverage the SentinelOne platform for their breach response services, making us an integral part of their capabilities. Last quarter, we talked about our commitment to support even more IR partners through our Singularity platform. In Q3, we built upon that progress and further expanded our network of IR partners. We added KPMG as a global go-to-market partner for incident response and proactive cybersecurity services. Our growing network of IR partners continues to help secure businesses. As an example, during the quarter, we won a large airline customer in Asia through one of our IR partners.

除了 MSSP 之外，我們的事件回應（IR）合作夥伴也運用 SentinelOne 平台提供資安事件應變服務，使我們成為其能力中不可或缺的一環。上一季我們談到，將透過 Singularity 平台支持更多 IR 合作夥伴的承諾。在第三季，我們在此基礎上持續推進，並進一步擴大 IR 合作夥伴網路。我們新增 KPMG 作為全球事件回應與主動式資安服務的共同市場推廣（go-to-market）合作夥伴。我們持續成長的 IR 合作夥伴網路，持續協助企業提升安全性。舉例來說，本季度我們透過其中一位 IR 合作夥伴，在亞洲贏得一家大型航空公司客戶。

Finally, I'd like to share how we're putting our customers and partners first. We recently hosted our first ever customer conference called OneUP. Participation and response has been incredibly positive. We've also hosted partner conferences throughout the Americas and EMEA. Our goal is to educate on our latest innovations and continue to build on our momentum. Over the last few quarters, we've also received great feedback on our accreditation programs. We added continuing education courses to complement our accreditation programs. These courses keep our partners up-to-date on new capabilities and modules, which in turn support our growing scale and platform reach.

最後，我想分享我們如何將客戶與合作夥伴放在第一位。我們近期首次舉辦名為 OneUP 的客戶大會，參與度與回饋都非常正面。我們也在美洲與 EMEA 地區舉辦了合作夥伴大會。我們的目標是教育市場了解我們最新的創新，並持續累積動能。過去幾個季度，我們的認證（accreditation）計畫也獲得很好的回饋。我們新增了持續教育課程，以補強我們的認證計畫。這些課程讓合作夥伴能隨時掌握新功能與模組，進而支持我們持續擴大的規模與平台觸及。

We had around 2,000 accreditations in June 2021. We've made amazing progress since then and now have surpassed over 6,000 accreditations across our sales and presales courses through the end of November. This tremendous improvement illustrates the growing attention we're seeing in the channel.

我們在 2021 年 6 月約有 2,000 項認證。自那之後我們取得了驚人的進展，截至 11 月底，我們在銷售與售前課程的認證數已超過 6,000 項。這項大幅提升顯示我們在通路端正獲得越來越多的關注。

I'm proud to work with our global team of relentless Sentinels every day. I'm excited about our future. We will continue to deliver on our vision with focus on execution and listening to our customers.

我每天都以能與我們全球團隊中不懈努力的 Sentinels 一起工作為榮。我對我們的未來感到振奮。我們將持續專注於執行、傾聽客戶，並落實我們的願景。

Thank you again for joining us. And let me turn it over to Dave Bernhardt, our CFO.

再次感謝各位加入我們。接下來我把時間交給我們的財務長 Dave Bernhardt。

Nick, Tomer, thank you, and thank you all for joining us today. I'll touch on the financial highlights from the quarter and then provide additional context around our guidance for Q4 and fiscal year 2022. After, we will open the call to your questions.

Nick、Tomer，謝謝你們，也謝謝各位今天加入。我將先談本季度的財務重點，接著補充我們對第四季與 2022 會計年度的財測指引背景。之後我們會開放提問。

Our third quarter results exceeded expectations across the board. Our revenue and ARR growth both accelerated in the quarter. Our performance strength was broad-based, coming from a healthy mix of new customers and existing customer expansion. It also balanced across geographies and customer sizes. We achieved revenue of $56 million, increasing 128% year-over-year and delivered ARR of $237 million with growth accelerating to 131% over the same period.

我們第三季的表現全面超出預期。本季度營收與 ARR 成長皆加速。我們的強勁表現來自廣泛的動能，包含新客戶與既有客戶擴張的健康組合，並且在不同地區與不同客戶規模之間也相當均衡。我們達成 5,600 萬美元營收，年增 128%；並交付 ARR 2.37 億美元，成長加速至年增 131%。

Turning to our costs and margins. Our non-GAAP gross margin in Q3 was 67%. This was up 9% year-over-year and up 5% quarter-over-quarter. The biggest benefits are coming from our increasing scale and business expansion, including modest benefits from module and platform upsell. Costs associated with the migration of existing customers to our Scalyr back end were minimal in Q3. This contributed to the gross margin upside relative to our prior expectations. I want to provide more detail here.

接著談成本與毛利率。我們第三季的非 GAAP 毛利率為 67%。年增 9 個百分點，季增 5 個百分點。最大效益來自我們規模擴大與業務擴張，包括模組與平台加購（upsell）帶來的些許助益。第三季將既有客戶遷移至我們 Scalyr 後端所產生的相關成本很低，這也使毛利率優於我們先前的預期。我想在這裡提供更多細節。

Scalyr is a critical part of our XDR road map and future innovation, giving us enhanced data storage and ingestion capabilities. We are balancing our product road map with our migration of existing customers. We will follow the optimal cadence for our customers and our business. In Q3, we took a more measured approach to migrations, which had less of an impact to margin. We anticipate migrating more customers in Q4 and the first half of next year. That said, when I look at our Q3 gross margin of 67% and how far we've come in just the past few quarters, I see [evidence] of scale and efficiency in our model.

Scalyr 是我們 XDR 路線圖與未來創新的關鍵組成，為我們帶來更強的資料儲存與資料匯入（ingestion）能力。我們在推進產品路線圖的同時，也在平衡既有客戶的遷移。我們會以對客戶與公司最合適的節奏來進行。第三季我們對遷移採取較為審慎的作法，因此對毛利率的影響較小。我們預期在第四季以及明年上半年遷移更多客戶。即便如此，當我看到第三季 67% 的毛利率，以及我們在過去幾個季度的進展，我看到了我們商業模式在規模與效率上的[證據]。

Looking at the rest of our P&L. We're investing for growth and achieved triple-digit growth rates in ARR and revenue again this quarter. Our non-GAAP operating margin was negative 69%. We're continuing to make strategic investments that enhance our product and scale our go to market. Even still, this is a significant improvement from negative 102% in the year-ago quarter and also from negative 98% last quarter, showcasing the potential for leverage throughout our business model. We remain in investment mode in the near term, which is the right strategy given the vast opportunity in front of us.

再看損益表的其他部分。我們為成長而投資，本季度 ARR 與營收再次達成三位數成長率。我們第三季非 GAAP 營業利益率為負 69%。我們持續進行策略性投資，以強化產品並擴大我們的市場推進（go-to-market）規模。即便如此，這相較於去年同期的負 102%，以及上一季的負 98%，都有顯著改善，展現我們整體商業模式具備槓桿化的潛力。短期內我們仍處於投資模式，鑑於眼前龐大的機會，這是正確的策略。

Now for our outlook for Q4 and the full fiscal year. In Q4, we expect revenue of $60 million to $61 million, reflecting growth of between 101% to 104% year-over-year. We're raising our full year revenue guidance from $199 million to $200 million. This implies full year growth of 115% at the midpoint.

接著是我們對第四季與全年會計年度的展望。第四季我們預期營收為 6,000 萬至 6,100 萬美元，對應年增約 101% 至 104%。我們將全年營收指引上調，從 1.99 億美元提高至 2.00 億美元。以中位數計算，這意味著全年成長 115%。

The structural tailwinds of digital transformation, hybrid work environment and an evolving yet persistent threat environment are here to stay. We're executing extremely well. Our product innovation, increased brand awareness and scale and go to market are giving us favorable opportunities to engage with existing and prospective customers.

數位轉型、混合式工作環境，以及持續演變但仍然存在的威脅環境等結構性順風，將會長期存在。我們的執行表現非常出色。我們的產品創新、品牌知名度提升，以及規模與市場推進能力，正為我們帶來有利的機會，去與既有及潛在客戶互動。

We expect Q4 non-GAAP gross margin to be between 62% to 63% and full year non-GAAP gross margin to be between 61% to 62%. Our Q4 guidance implies a minimum of 8% non-GAAP gross margin expansion year-over-year as we're benefiting from increasing scale, improved cloud hosting agreements and processing efficiency gains. Our guidance also reflects the migration of existing customers to Scalyr, which we expect will continue into the first half of next year.

我們預期第四季非 GAAP 毛利率介於 62% 至 63%，全年非 GAAP 毛利率介於 61% 至 62%。我們的第四季指引意味著非 GAAP 毛利率年增至少擴張 8 個百分點，因為我們正受益於規模擴大、雲端託管合約改善，以及處理效率提升。我們的指引也反映既有客戶遷移至 Scalyr 的影響，我們預期此遷移將持續到明年上半年。

Finally, for non-GAAP operating margin, we expect negative 83% to 80% in Q4 and negative 91% to 90% for the full year. We see tremendous opportunity for growth and the investments we're making today will put us in a position to succeed for the long term.

最後，關於非 GAAP 營業利益率，我們預期第四季為負 83% 至負 80%，全年為負 91% 至負 90%。我們看到極大的成長機會，而我們今天所做的投資，將使我們具備長期成功的條件。

Additionally, as a reminder, our IPO lockup expires and vested options and outstanding shares can be traded starting December 9, 2021. This is a continuation of late September's 15% lockup expiration.

另外提醒一下，我們的 IPO 鎖定期（lockup）將到期，已歸屬（vested）的選擇權與流通在外股份可自 2021 年 12 月 9 日起開始交易。這是 9 月下旬 15% 鎖定期到期的延續。

In closing, Q3 was another excellent quarter with strong execution company-wide, and we're expecting that momentum to continue into the end of our fiscal year. I want to thank you all for attending our earnings call. Operator, can you please open up the lines for questions. Thank you.

總結來說，第三季在全公司強勁執行下又是一個非常出色的季度，我們預期這股動能將延續至本會計年度結束。感謝各位參加我們的法說會。接線員，請協助開放提問線路。謝謝。

(Operator Instructions) The first question comes from Saket Kalia with Barclays.

（接線員指示）第一個問題來自 Barclays 的 Saket Kalia。

Okay. Great. Appreciate it. Tomer, maybe just to start with you. Can you just touch a little bit on the mix of customers on different packages? Clearly, beyond winning new customers here, you've talked about the higher value opportunity with higher value packages. Can you just touch on where we stand there and how you feel about that going forward?

好的，很棒，感謝。Tomer，或許先從你開始。你能否稍微談一下不同方案的客戶組合？顯然，除了贏得新客戶之外，你也談到更高價值方案所帶來的更高價值機會。你能否談談我們目前的狀況，以及你對未來的看法？

Of course, yes. The vast majority of what we sold this quarter was the Complete package. I think that we're seeing just overall standardization on the Complete platform. People are opting for a Complete EDR package. I think what I can also say on top of that is just increased adoption of our cloud modules. We're just seeing increased demand for cloud workload protection. And given that our platform is one of the best-of-breed platforms right now in the market, it's something that we're seeing more and more.

當然可以。這一季我們銷售的絕大多數是 Complete 方案。我認為我們看到整體上正朝 Complete 平台標準化，客戶傾向選擇 Complete EDR 方案。此外我也可以補充的是，我們的雲端模組採用率正在提升。我們看到對雲端工作負載防護的需求增加。鑑於我們的平台目前是市場上同級最佳（best-of-breed）平台之一，我們看到這樣的趨勢越來越明顯。

On top of that, I'd add that with Complete we also have about 10 [expanse story] modules. Data retention is one of them, and that is something that we're also seeing more and more adoption of. So to kind of sum it up, I think Complete and EDR is becoming the standard for us going forward. And on top of that are the expansion modules that we're providing to the market.

除此之外，我還想補充一點：在 Complete 方案中，我們也有大約 10 個【expanse story】模組。資料保留（Data retention）就是其中之一，而這也是我們看到採用率愈來愈高的項目。所以總結來說，我認為 Complete 與 EDR 正在成為我們未來的標準配置。而在此之上，則是我們提供給市場的擴充模組。

Got it. Got it. That's very helpful, Tomer. Dave, maybe for you. You talked a little bit about the Scalyr migration. And I understand, I mean, there's some timing considerations around that and -- but it was great to see the gross margin expansion in the quarter. How do you think about the long-term gross margin benefit after completing the migration to Scalyr? Does that make sense?

了解。了解。這非常有幫助，Tomer。Dave，可能想請教你。你稍微談到 Scalyr 的遷移。我理解這裡面有一些時程上的考量——不過本季看到毛利率擴張很不錯。你怎麼看待在完成遷移到 Scalyr 之後，長期毛利率的改善效益？這樣問有道理嗎？

Yes, sure. I think what you're seeing a bit is kind of a new baseline that we have on a go-forward basis. Scalyr was not as much of a migration this quarter as we had originally expected. We told you guys, I think, during the IPO road show and as well last quarter that, that transition's about a 4% hit to cost of goods sold in that period. So I think what you're seeing now is really the benefit from the business expansion, the benefits of scale, the higher revenue. We're seeing the efficiencies from the Scalyr products for our own back end. And then you're also seeing some of the benefits of the cross-sell and the AWS renegotiation we've done. So all of that is -- are great tailwinds for us going into the future.

是的，當然。我認為你現在看到的某種程度上是我們未來前進的一個新基準。Scalyr 在本季的遷移幅度其實沒有我們原先預期的那麼大。我想我們在 IPO 路演期間以及上季也跟各位提過，那段期間這個轉換大約會讓銷貨成本增加約 4%。所以我認為你現在看到的，主要是業務擴張帶來的效益、規模化的好處、營收提高帶來的槓桿。我們也看到 Scalyr 產品在我們自家後端帶來的效率提升。此外，你也看到我們交叉銷售以及與 AWS 重新談判所帶來的一些好處。所以這些都是我們未來前進的強勁順風。

I think we haven't changed anything in regards to our long-term goal, which is in the 75% to 80-plus percent. Being at 67% when we were substantially lower than that a year ago, you're already seeing great strides from everything we're doing to execute against that. So I see this to be depressed for a couple of quarters as we finish this migration, and then I think we'll be back in this range and operate for improved margins from that going forward.

我認為我們在長期目標方面沒有改變，仍然是 75% 到 80% 以上。當我們現在在 67%，而一年前我們還明顯低於這個水準時，你已經看到我們為了達成該目標所做的一切執行工作帶來了很大的進展。所以我認為在我們完成這次遷移的過程中，毛利率可能會在接下來幾個季度受到一些壓抑；之後我認為我們會回到這個區間，並在此基礎上持續推動毛利率進一步改善。

The next question comes from Alex Henderson with Needham.

下一個問題來自 Needham 的 Alex Henderson。

I was hoping you could talk a little bit about your thoughts on -- I know when you're growing at the pace you're at, it's difficult to talk to, but seasonality and particularly given the sales organization going into your fiscal first -- fourth quarter here and then going into seasonally, I would assume, somewhat weaker fiscal first quarter. So can you talk a little bit about how the seasonality might be impacting your thoughts on growth and whether we should be factoring that into our assessment of the next couple of quarters?

我希望你們能談談你們對——我知道以你們目前的成長速度，這可能不太容易談——但關於季節性，特別是考量到銷售組織在你們這裡的會計年度第一——第四季，以及接下來進入季節性上我猜可能相對較弱的會計年度第一季。你們能否談談季節性可能如何影響你們對成長的看法，以及我們在評估接下來幾個季度時是否應該把這點納入考量？

Sure. Good question. Q4 is our strongest quarter. I think that, that has been the case historically. I think if you look at broader buying trends in the security industry, Q4 is the most active quarter. We expect to have very strong Q4 in terms of where our pipeline is at, where deals in the flow are sitting right now. And so I think your assessment is accurate.

當然。好問題。第四季是我們最強的一季。我認為歷史上一向如此。如果你看資安產業更廣泛的採購趨勢，第四季是最活躍的季度。我們預期第四季會非常強勁，從我們目前的管線狀況、以及正在推進中的交易所處位置來看都是如此。所以我認為你的判斷是正確的。

And I think we go down a bit with just the guidance -- us guiding Q4. We feel very confident in where our revenue is going to be. So as you would expect, we know that seasonality, and that's why you're seeing us -- with the tailwinds and the momentum we've had right now, you're also seeing us increase the guidance for Q4 and the full year.

而且我認為我們在指引上也反映了這點——也就是我們對第四季的指引。我們對營收將達到的水準非常有信心。所以如你所預期的，我們了解季節性，這也是為什麼在目前的順風與動能之下，你也看到我們上調了第四季以及全年指引。

So with the expansion of the distribution, the incident response, the MSSPs, all of the other players that are driving your product, does that tell us that we should be a little bit more cautious on the direct sales force contribution going into 1Q given you look like you're significantly beating internal targets, therefore, obviously, [risers] and sales force compensation push in the fourth quarter.

那麼，隨著通路擴張、事件應變（incident response）、MSSP，以及其他所有推動你們產品的參與者增加，這是否意味著我們在進入第一季時，應該對直銷團隊的貢獻稍微保守一些？因為你們看起來大幅超越內部目標，因此很明顯在第四季會有【risers】以及銷售團隊薪酬推動的因素。

No, the way that we really view it is it's all part of the flywheel, and that flywheel is picking up momentum by the quarter. And in fact, if you look at our MSSP or incident response ecosystems, they work in conjunction with our own SentinelOne sellers. So in the case of -- let's take an example within the IR space. An incident response partner will deploy our technology platform to uncover, mitigate and eliminate an active threat within the customer environment. At that same time, a sales motion kicks off. And especially if you're talking enterprise side deals, our own sales force can be deployed within that account to assist in pricing, closing the deal, et cetera. So it's really selling in cooperation with incident response partners.

不會。我們的看法是，這些都是飛輪的一部分，而這個飛輪每一季都在加速。事實上，如果你看我們的 MSSP 或事件應變生態系，它們是與我們自家的 SentinelOne 業務團隊協同運作的。以事件應變（IR）領域為例：事件應變合作夥伴會部署我們的技術平台，在客戶環境中找出、緩解並消除正在發生的威脅。同時，銷售動作也會啟動。尤其是企業端的交易，我們自家的銷售團隊可以進入該客戶帳戶，協助定價、促成成交等等。所以這其實是與事件應變合作夥伴協同銷售。

As it relates to our managed service providers, many of those customers are in the mid-market. A lot of them are in the large enterprise. And I think the same sort of waiting holds true where within larger enterprise deals, our great team of SentinelOne sellers can and do get involved as needed in those deals; and often, they're in their shoulder to shoulder with our partners.

至於我們的託管服務供應商（managed service providers），其中很多客戶在中型市場，也有不少在大型企業。我認為同樣的邏輯也適用：在較大型的企業交易中，我們優秀的 SentinelOne 銷售團隊可以、也確實會在需要時介入這些交易；而且往往是與合作夥伴並肩作戰。

But what it really means for us is it's lead gen. It's really improving the quality of leads, and it's giving us really this flywheel and gear effect in terms of coverage because we're essentially engaging and building these force multipliers around the world of channel partners, MSSP folks as well as incident response companies all working in conjunction with SentinelOne to help improve security for companies around the world.

但對我們而言，這真正代表的是線索開發（lead gen）。它確實提升了線索品質，並且在覆蓋面上帶來這種飛輪與齒輪效應，因為我們基本上是在全球範圍內，透過通路合作夥伴、MSSP 夥伴以及事件應變公司建立這些「力量倍增器」，大家與 SentinelOne 協同合作，幫助全球企業提升資安防護。

So less-than-normal seasonality then would be the case given the expansion of the distribution. That's great answers.

所以因為通路擴張，季節性就會比正常情況更不明顯一些。這些回答很棒。

The next question comes from Brent Thill with Jefferies.

下一個問題來自 Jefferies 的 Brent Thill。

You have Joe on for Brent. Really appreciate the question. It's great to hear that ARR from MSPs grew 300% year-over-year. I guess how much of total ARR is from the MSSP channel? And then what is the real differentiator there? Is it awareness? The noncompetition? Pricing? Or is there a technology differentiation?

我是代替 Brent 的 Joe。非常感謝這個問題。聽到來自 MSP 的 ARR 年增 300% 很令人振奮。我想問的是，總 ARR 中有多少是來自 MSSP 通路？另外，那裡真正的差異化是什麼？是知名度？不競爭？定價？還是技術差異化？

Yes. So we don't break out MSSP numbers, but I can definitely speak to the technological advantages that SentinelOne Singularity platform has as well as, really, I think, our go-to-market culture, which is very different. So talking about technological advantages, we have unique capabilities like true multi-tenancy. And that's incredibly important if you think about the way a managed service platform works with hundreds or thousands of customers under one central tenant.

是的。我們不會單獨揭露 MSSP 的數字，但我可以確實談談 SentinelOne Singularity 平台的技術優勢，以及我認為我們非常不同的 go-to-market 文化。先談技術優勢：我們具備真正的多租戶（true multi-tenancy）等獨特能力。如果你想想託管服務平台的運作方式——在一個中央租戶之下管理數百或數千個客戶——這點就極其重要。

So SentinelOne is really leading that set of capabilities in the space. We also have unique capabilities like RSO, or Remote Script Orchestration, which really lends itself to having an automated way for folks at the managed service provider level to take meaningful real-time action on each and every machine.

因此，SentinelOne 在這一整套能力上確實是領先同業。我們也有像 RSO（Remote Script Orchestration，遠端腳本編排）這樣的獨特能力，這非常適合讓託管服務供應商層級的人員，以自動化方式對每一台機器採取有意義的即時行動。

And then switching gears over to sort of go-to-market differences. A fundamental decision that SentinelOne made a few years ago as we're building out our go-to-market motion was really, philosophically, we decided to have a posture of enablement and not competition. So we don't compete with our managed service providers. We don't compete with our incident response partners. And that really means everything when you're talking about having a long-lasting business relationship that's founded on trust and cooperation.

接著切換到 go-to-market 的差異。一個 SentinelOne 幾年前在建立 go-to-market 推進方式時做出的根本性決策是：在理念上，我們選擇採取「賦能」而非「競爭」的立場。因此我們不與託管服務供應商競爭，也不與事件應變合作夥伴競爭。而當你談的是建立在信任與合作之上的長期商業關係時，這點真的至關重要。

That was really helpful, Nick. And then maybe just staying with you. Could you just talk through your hiring plans, maybe how many incremental sales reps we expect going forward? And any update on total quota carrying reps?

這非常有幫助，Nick。那也許就接著請教你：你能否談談你們的招募計畫，例如未來預期會增加多少名額外的銷售代表？以及目前具備配額（quota）責任的銷售人員總數是否有任何更新？

Yes. We're not disclosing exact numbers in terms of hiring. But as you can imagine, we're really still investing in the business as we continue to enjoy tremendous growth. And so we're really going to continue hiring across the board, whether or not you look in sales, sales engineering channel, both in the U.S. as well as outside the U.S.

是的。我們不會披露招募人數的確切數字。但如你所想像的，隨著我們持續享有強勁成長，我們仍在大力投資這項業務。因此，我們將持續在各部門招募，不論你看的是銷售、銷售工程、通路，在美國以及美國以外皆是如此。

I mean, I think it's pretty remarkable if you look at our sustained growth in the international markets, where you're looking at 159% growth. And now today, international represents 1/3 of our global revenue. And so we're going to continue to invest, and we're really investing in people around the world.

我的意思是，如果你看我們在國際市場的持續成長，我認為這相當驚人，成長率達到 159%。而且截至今天，國際市場已占我們全球營收的 1/3。因此我們會持續投資，而且我們確實是在全球各地投資於人才。

Yes, I'd just like to add that the reach that we're unlocking throughout all these different ecosystems via MSSPs, IRs and now international, I mean, that becomes real differentiator for us. I mean we're using, in a good way, all of these partnership ecosystems to really unlock parts of the TAM that we feel some of the other vendors can't really reach. And that gives us a very sustainable advantage as we kind of unlock growth over time.

是的，我想補充的是，我們透過 MSSP、IR，以及現在的國際市場，在各種不同生態系中所解鎖的觸及範圍，這確實成為我們的一大差異化優勢。我的意思是，我們以正向的方式運用所有這些合作夥伴生態系，去真正解鎖我們認為其他供應商無法有效觸及的 TAM 的部分。這讓我們在隨時間推進、逐步解鎖成長時，擁有非常可持續的優勢。

The next question comes from Brian Essex with Goldman Sachs.

下一個問題來自高盛（Goldman Sachs）的 Brian Essex。

I was wondering if maybe you could touch on the rate of migration to Scalyr. What are the dynamics of that migration and the impact that it has on revenue for customers that adopted? How far through your installed base are you with that migration?

我想請問你們是否可以談談遷移到 Scalyr 的速度？這個遷移的動態是什麼？對已採用的客戶而言，對營收有何影響？在你們的既有客戶基礎中，這項遷移目前進行到什麼程度？

Yes. To us, it's a very gradual approach that we're taking. I mean we kind of split it in 2. A, all new customers are already onboarded on the Scalyr back end, and that just creates a new cost saving element for us as we look into the future. When we look at the existing customer base, it's a very elective approach that we're taking. We're basically any customer that asked to be migrate -- can be migrated. But moreover, we're taking this new approach to XDR that we're unlocking over time, where we're actually offering better capabilities for each and every customer that uses the Scalyr back end as their own back end right now. That creates another avenue for us to continue and monetize over time.

是的。對我們而言，這是一個非常循序漸進的做法。我們大致分成兩部分。A，所有新客戶都已經在 Scalyr 後端上線，這在我們展望未來時，為我們帶來新的成本節省要素。至於既有客戶基礎，我們採取非常彈性的方式。基本上，任何提出希望遷移的客戶——都可以被遷移。不過更重要的是，我們正在逐步解鎖這種新的 XDR 方法；對於每一位目前以 Scalyr 後端作為其自身後端的客戶，我們實際上提供更好的能力。這也為我們創造了另一條可隨時間持續變現的途徑。

As you're probably well aware, our approach to XDR is an open one, and we're starting to allow our customers to ingest data from any other product they have in their ecosystem. And you can imagine that, that will be monetized by actually monitoring data ingestion, and while allowing these customers to take that data, put it in and retain it for longer, it will again create better economies for scale for us and again, more avenues to monetize.

你可能很清楚，我們的 XDR 方法是開放式的，我們開始允許客戶從其生態系中的任何其他產品匯入資料。你可以想像，這將透過監控資料匯入量來變現；同時讓這些客戶能把資料放進來並保留更久，這將再次為我們帶來更好的規模經濟，並再次創造更多變現途徑。

We are seeing, I think, increased demand for XDR capabilities as the entire market is seeing. I think our approach is different. And I think we're looking at a singular, consolidated singular platform that can ingest all data unlike most of the other vendors that are really coming in with media on one end and XDR on the other. So to us, I mean, it's just this gradual execution for our XDR road map that comes in tandem with our migration of customers.

我們確實看到對 XDR 能力的需求增加，我想整個市場也是如此。我認為我們的方法不同。我們著眼於一個單一、整合的單一平台，能夠匯入所有資料；不同於多數其他供應商，往往是一端是媒體（或其他產品），另一端才是 XDR。對我們而言，這就是我們 XDR 路線圖的循序執行，並且與客戶遷移同步推進。

Got it. That's super helpful. Maybe to follow up, I'll take elements of Saket and Alex' question and maybe approach new logo seasonality. It looks like, over the past few years, 3Q has been a lighter -- a seasonally lighter quarter for new logo adds. Maybe if you could unpack that dynamic a little bit and help us understand the mix of customers. It looks like you nicely went up into larger enterprise deals. ARR per customer is certainly growing really nice. So that's great to see but maybe just how you're approaching the customer mix that you're bringing onboard and how we should think about logo adds going forward.

了解。這非常有幫助。也許接著追問一下，我會取 Saket 和 Alex 問題中的一些元素，並從新客戶（new logo）的季節性來切入。看起來在過去幾年，第三季在新增新客戶方面相對較淡——屬於季節性較淡的一季。也許你可以稍微拆解一下這個動態，並幫助我們理解客戶組合。看起來你們很不錯地往更大型的企業交易提升。每位客戶的 ARR 確實成長得很好，這很棒。但也許想請教你們如何看待正在導入的客戶組合，以及我們應如何看待未來的新客戶新增。

Yes. So I think you stated it well where really the most important element of our customer mix is that 140% growth of customers over $100,000 of ARR. And I think if you pair that to what Tomer had said, where the vast, vast majority of customers, new customers, in particular, are going with Singularity Complete, inherently, that means they're utilizing the Singularity and SentinelOne platform for more, which makes us more sticky, more involved, more touch points within various parts of an enterprise. And I think as part of that, also what we're really seeing that's exciting is increased module adoption and attachment at time of sale for new customers. And that's a very different motion than, say, 1.5 years ago, and we're really excited by that.

是的。我認為你說得很好：我們客戶組合中最重要的要素，確實是 ARR 超過 10 萬美元的客戶成長 140%。而且如果把這點與 Tomer 所說的結合起來——也就是絕大多數客戶、尤其是新客戶，都選擇 Singularity Complete——這本質上意味著他們以更多方式使用 Singularity 與 SentinelOne 平台，讓我們更具黏著度、更深入，並在企業的各個部分有更多接觸點。我認為在此同時，我們看到另一個令人振奮的現象：新客戶在成交當下的模組採用與附加（attachment）率提升。這與例如 1.5 年前的銷售動作非常不同，我們對此感到非常興奮。

So if you look at overall growth, from a high level, it's great. If you look at customer mix becoming increasingly weighted to the enterprise, those signals are also there. And then if you look at the product mix, all of those are trending in the right direction from our perspective.

所以如果你從高層次看整體成長，表現很棒；如果你看客戶組合愈來愈偏向企業端，這些訊號也都在；再看產品組合，從我們的角度來看，所有趨勢都朝正確方向發展。

The next question comes from Patrick Colville with Deutsche Bank.

下一個問題來自德意志銀行（Deutsche Bank）的 Patrick Colville。

I guess one of the questions I wanted to ask you we get a lot from investors is how fast through the displacement of antivirus are we as of, what, December 2021? Is there still a lot of McAfee, Symantec and any of these companies left? Or is that kind of process now largely complete? Just go out to, I guess, help us frame that opportunity or what's left of it.

我想其中一個我想問的問題是——我們從投資人那邊常收到——截至 2021 年 12 月，我們在取代傳統防毒（antivirus）的進程到底走到多快？市場上是否還有很多 McAfee、Symantec 或其他這些公司的份額？還是這個過程現在大致已經完成？我想這有助於我們界定那個機會或剩餘空間。

I think it's safe to assume that it's far from complete. I mean, 1 data point to point towards that is the fact that pretty much every deal that we closed this quarter and in past quarters, always had an incumbent vendor in the mix. So they're obviously still there. They obviously still are the vast majority of what we deal with when we go into environments.

我認為可以很有把握地說，這遠未完成。我的意思是，有一個數據點可以佐證：我們這一季以及過去幾季幾乎每一筆成交案，裡面總是有既有供應商（incumbent vendor）在競爭組合中。所以他們顯然仍在；而且當我們進入客戶環境時，他們顯然仍占我們所面對情況的絕大多數。

And I think that even if we take a very conservative view at the overall TAM, I think it's safe to assume that about over 50% of it is still in the hands of the incumbents. Looking at our pipeline for Q4 and the out quarters, that doesn't seem to change. So to us, that cycle is still ongoing. It's a pretty big TAM that we're serving. And obviously, if you look at our mix today, also going into the cloud security opportunity kind of further compounds it, and it's something that the incumbent vendors never had to offer. So that makes the entire buying cycle really more sticky, more inclusive and just overall more important for the enterprise. So it becomes part of the picture. But again, in almost every account that we go into, call it high 90s, we see an incumbent vendor, so we don't see that tapering away anytime soon.

而且我認為，即使我們對整體 TAM 採取非常保守的看法，也可以合理假設其中超過 50% 仍掌握在既有廠商手中。從我們第四季以及之後季度的管線來看，這點似乎沒有改變。所以對我們而言，那個替換循環仍在進行中。我們服務的是一個相當大的 TAM。當然，如果你看我們今天的組合，再加上雲端安全的機會，會進一步放大這個市場，而這也是既有廠商過去從未能提供的。因此，整個採購循環對企業而言變得更黏著、更全面，也更重要，成為整體圖像的一部分。但再次強調，在我們幾乎每一個進入的帳戶中——可說是 90% 多的高位——我們都看到既有供應商，所以我們不認為這種情況短期內會消退。

The next question comes from Gray Powell with BTIG.

下一個問題來自 BTIG 的 Gray Powell。

Great. And congratulations on the good results. So yes, a couple on my side. Maybe just to start off, I just want to follow up on Scalyr and gross margins. So you beat the Q3 gross margin guidance by a little over 8 points. Is it fair to say that roughly 4 points of that beat was due to the timing of the Scalyr migration and then the rest of the upside was just sort of natural leverage in the business model?

很好，也恭喜你們有不錯的成果。我這邊有幾個問題。先從 Scalyr 和毛利率開始追問一下：你們第三季毛利率指引實際超出了一點多 8 個百分點。是否可以說，其中大約 4 個點的超出是因為 Scalyr 遷移時點的影響，而其餘的上行則只是商業模式的自然槓桿效應？

Yes, that's correct.

是的，沒錯。

All right. That was easy. And then my other question would just be -- so you highlighted that emerging products like Ranger, cloud workload protection and data capabilities, they all grew well into the triple digits. I guess can you give more color there? I mean the entire business grew triple digits. So I'm just curious like how much faster are emerging products growing versus the core? Or can you give us a sense as to like the mix of new sales that are coming from emerging products?

好，這很簡單。那我另一個問題是——你們提到像 Ranger、雲端工作負載防護以及資料能力等新興產品，都有很好的三位數成長。我想請你們多補充一些細節。畢竟整體業務也是三位數成長。所以我好奇的是，新興產品相較於核心產品到底快多少？或者你們能否讓我們了解，新銷售中有多少比例是來自新興產品？

Yes, significantly faster than the macro growth rate of the business. And cloud is definitely the leading product line there. And that's something that we see building over in our pipeline as well. We're starting to actually generate pipeline per product line. So we're seeing major traction in each one of these emerging modules. We're seeing the attach rates for those on the rise. Our MDR service that we launched about a year ago is now really starting to gain complete scale. So all in all, we kind of see this as additional growth vectors in the business that will help carry our growth rate into the years to come.

是的，明顯快於業務的宏觀成長率。而雲端絕對是其中領先的產品線。這也是我們在銷售管線中看到正在累積的部分。我們開始實際按產品線產生管線，因此我們看到這些新興模組各自都有很大的動能。我們也看到這些模組的附加採用率正在上升。我們大約一年前推出的 MDR 服務，現在真的開始達到全面規模化。因此整體而言，我們把這視為業務的額外成長向量，將有助於在未來幾年支撐我們的成長率。

The next question comes from Andrew Nowinski with Wells Fargo.

下一個問題來自 Wells Fargo 的 Andrew Nowinski。

I want to start with the Vigilance service. So can you just give us any color in terms of what the attach rate was of that service to your new deals and how much of a revenue uplift it provides when a customer adds Vigilance?

我想先從 Vigilance 服務談起。能否請你提供一些資訊，說明該服務在你們新成交案中的附加採用率大概是多少，以及當客戶加購 Vigilance 時，能帶來多少營收提升？

Yes. Vigilance, for us, something that we started selling about a year, 1.5 years ago. It's about 1/3 of enterprise customers that are adopting Vigilance today over the first few tiers. We actually got 2 new tiers that have been added to the Vigilance service. We're seeing adoption for those as well.

可以。Vigilance 對我們而言，是大約一年前到一年半前開始銷售的服務。目前在前幾個等級中，大約有三分之一的企業客戶正在採用 Vigilance。我們其實也新增了 2 個新的等級到 Vigilance 服務中，我們也看到這些等級的採用正在發生。

Okay. And then as it relates to net new ARR, it's increased triple digits for the last 3 quarters. As you think about how to model Q4, can you just talk about how your sales capacity compares to last year and what other factors might influence the year-over-year growth in net new ARR?

好的。接著關於淨新增 ARR，過去 3 個季度都呈現三位數成長。當你思考如何建模 Q4 時，能否談談你們的銷售產能相較去年如何，以及還有哪些因素可能影響淨新增 ARR 的年增率？

I think it's relatively very linear for us. I mean if you look at our business in the last couple of years, ARR growth has been very, very linear and very much according to our expectations really no matter what happened to the market. To us, we're just continuing and scaling our business. We're, I think, unlocking more capacity on the sales side while we're expanding our partner ecosystem. So to us, I mean, we are continuing that, again, flywheel effect that Nick was talking about. And we're just continuing our growth. You've seen our guidance for Q4 and for the year. We feel that's very sustainable.

我認為對我們來說相對是非常線性的。我的意思是，如果你看我們過去幾年的業務，ARR 成長一直非常、非常線性，也非常符合我們的預期，基本上不管市場發生什麼事都是如此。對我們而言，我們就是持續推進並擴大規模。我認為我們在銷售端正在釋放更多產能，同時也在擴大我們的合作夥伴生態系。所以對我們來說，我們正在延續 Nick 提到的那種飛輪效應，並持續成長。你也看到我們對 Q4 以及全年給出的指引，我們認為那是非常可持續的。

The next question comes from Hamza Fodderwala with Morgan Stanley.

下一個問題來自 Morgan Stanley 的 Hamza Fodderwala。

Dave, I just wanted to follow up on an earlier question that was asked. I think last quarter, you mentioned something like 10% of the net new ARR came from securing cloud workloads and IoT. Was that right? And do you have an updated metric there at all? I mean it probably doesn't change much quarter-to-quarter but just curious.

Dave，我想跟進先前有人問過的一個問題。我記得上個季度你提到，淨新增 ARR 中大約有 10% 來自雲端工作負載與 IoT 的防護。是這樣嗎？你現在有更新的指標嗎？我的意思是它可能不會每季變動太大，但我只是好奇。

Cloud still remains our fastest-growing module. About 10% of endpoints are covered by cloud and servers. It has been our fastest-growing module for some time. Cloud is a piece of the business, I think, that we think will expand greatly in the future. We anticipate that, at some point, it will be the similar size to the endpoint market.

雲端仍然是我們成長最快的模組。大約有 10% 的端點涵蓋在雲端與伺服器之下。它一段時間以來一直是我們成長最快的模組。雲端是我們認為未來會大幅擴張的一塊業務。我們預期在某個時間點，它的規模會與端點市場相近。

Yes. And when we look at all of our emerging products together, it's well over 10% contribution for every given quarter; and we definitely see that on the rise. So to us, I mean, when you kind of look at emerging, we look at data, IoT and cloud. And again, all of those are just showing great, great progress.

是的。而當我們把所有新興產品合在一起看時，每個季度的貢獻都遠超過 10%，而且我們確實看到這個比例正在上升。對我們而言，當你看新興產品時，我們看的是資料、IoT 與雲端。而且再次強調，這些都展現出非常、非常好的進展。

Got it. And there seems to be a lot of focus on the growth algorithm for the top line between new logos and then average revenue per customer. Just going forward, how should we think about that? Should that be more weighted on ARR per customer? I know I mean, based on my math, right now, it's about $40,000 ARR per customer across your base. How do you think about that going to $50,000 or maybe even $100,000 over time?

了解。而且市場似乎非常關注營收端的成長算法，也就是新客戶（new logos）與每位客戶平均營收之間的組合。往前看，我們應該如何看待這件事？是否應該更偏重每位客戶的 ARR？以我的計算，目前你們整體客群平均每位客戶約 4 萬美元 ARR。你們如何看待它隨時間提升到 5 萬美元，甚至 10 萬美元？

Yes. I mean, obviously, as we've seen module expansion, as we've seen customers take step-ups from Core to Control or Control to Complete, we're seeing higher price points from customers. So I'd anticipate that, that will continue. And as well, we're obviously bringing in new customers that are of substantial size. So I think you'll see continued growth from us in both vectors. We're excited about our guidance and where we continue to think we'll execute to in the future.

是的。我的意思是，顯然隨著我們看到模組擴張、看到客戶從 Core 升級到 Control 或從 Control 升級到 Complete，我們看到客戶的價格點在提高。因此我預期這會持續。此外，我們也明顯正在導入規模相當可觀的新客戶。所以我認為你會看到我們在這兩個向量上都持續成長。我們對我們的指引以及未來持續執行的方向感到興奮。

The next question comes from Roger Boyd with UBS.

下一個問題來自 UBS 的 Roger Boyd。

Congrats on the results. Going back to cloud workload protection, can you just talk about how often you're seeing that show up in new logos versus upsell and to the extent cloud security is becoming a bigger consideration in endpoint protection purchase decisions?

恭喜你們的業績。回到雲端工作負載防護，你能否談談你們在新客戶中看到它出現的頻率，相較於加購（upsell）如何？以及雲端安全在端點防護採購決策中，是否正成為更重要的考量？

Yes. We definitely see it a lot in new logo motion, I think even more than what we concentrate on, on the retention and upsell side. It's definitely this, I think, mainstream awareness that you now need basically the same type of protection that you have years had on the endpoint and server side, now onto your cloud workloads in run time. It's actually also a very different competitive set that we see on the cloud workload side where the vendors that we meet most often in cloud workload protection opportunities are going to be Palo Alto Networks and a slew of start-ups.

是的。我們確實在新客戶拓展動作中看到它非常常出現，我認為甚至比我們在留存與加購端所著力的還要多。這反映出一種主流認知：你現在基本上需要把多年來在端點與伺服器端所具備的同類型防護，延伸到雲端工作負載的執行期（run time）。另外，在雲端工作負載這一側，我們看到的競爭組合也非常不同；在雲端工作負載防護的機會中，我們最常遇到的供應商會是 Palo Alto Networks 以及一批新創公司。

It does impact what we kind of call a joint cycle between selling endpoint and cloud in tandem, even though we also address cloud-only opportunities with our cloud workload protection platform. It's regarded as one of the leading offerings in the space right now. So to us, again, cloud just represents a very exciting new opportunity. We've been working on Linux servers, Linux environment, which is really kind of an adaptation of what you're seeing right now in the Kubernetes platform, and we've devised a complete cloud-native platform to address that opportunity and is showing great traction right now.

這確實會影響我們所謂的「聯合銷售週期」，也就是端點與雲端並行銷售，儘管我們也會用雲端工作負載防護平台去承接純雲端的機會。它目前被視為該領域的領先方案之一。所以對我們而言，再次強調，雲端代表一個非常令人振奮的新機會。我們一直在 Linux 伺服器、Linux 環境上投入，這其實某種程度上就是你現在在 Kubernetes 平台上看到的適配延伸；我們也打造了一個完整的雲原生平台來把握這個機會，而目前正展現出很好的動能。

The next question comes from Shaul Eyal with Cowen.

下一個問題來自 Cowen 的 Shaul Eyal。

Congrats on the strong results and the guidance, guys. Tomer, I have a product-related question. Your Singularity platform is being integrated with Microsoft Azure Active Directory, where SentinelOne provides endpoint and identity solutions, and correct me if I'm wrong, under your conditional policy solution. So should I be looking at this integration as Microsoft potentially cannibalizing its own Defender platform in the long term? Can you maybe double click on that specific integration?

恭喜你們強勁的業績與指引，各位。Tomer，我有一個產品相關問題。你們的 Singularity 平台正在與 Microsoft Azure Active Directory 整合，SentinelOne 在你們的條件式政策（conditional policy）解決方案下提供端點與身分解決方案，如果我沒理解錯的話。那麼我是否應該把這個整合視為 Microsoft 長期可能在蠶食其自家 Defender 平台？你能否更深入說明這個特定整合？

Yes, sure thing. And I think, to us, obviously providing for conditional access in this zero trust world is a much needed ingredient for a lot of these enterprises out there. And you kind of see what other vendors are also doing in the space around identity protection. And what we found is that their offerings are incredibly narrow and one that we can actually deliver to the customer by just integrating directly with the identity providers. Now it just happens to be that one of these identity providers is Microsoft, and Microsoft is also obviously a competitor in this space. But I wouldn't say that one really touches the other. For us, it's just a great way to deliver more value for our customers without the need to really attach another module or provide another capability but really just giving them out-of-the-box integration for conditional access, which is actually something that our competitors are charging for.

好的，當然可以。我想對我們而言，在這個零信任世界中提供條件式存取（conditional access），對許多企業來說是非常必要的要素。你也可以看到其他供應商在身分防護領域的作法。而我們發現，他們的產品非常狹窄；相較之下，我們可以透過直接與身分供應商整合，就把能力交付給客戶。剛好其中一個身分供應商是 Microsoft，而 Microsoft 也顯然是這個領域的競爭對手。但我不會說這兩者會互相影響。對我們來說，這只是讓我們在不需要真的再附加另一個模組或提供另一項能力的情況下，為客戶交付更多價值的一個很好的方式，而是直接提供開箱即用的條件式存取整合；而這其實是我們的競爭對手會另外收費的功能。

So to us, just again, just a great way to address the much-needed capability in the space in a completely native way by directly integrating with Microsoft. Another integration would be with the other identity providers that's coming soon. All in all, once again, a seamless way to deal with zero trust.

所以對我們而言，再次強調，這是一個很好的方式：透過直接與 Microsoft 整合，以完全原生的方式來滿足市場上非常需要的能力。接下來也會很快與其他身分供應商進行整合。總體而言，這再次提供了一種無縫處理零信任的方法。

The next question comes from Rob Owens with Piper Sandler.

下一個問題來自 Piper Sandler 的 Rob Owens。

I was wondering if you could touch a little bit just around the linearity of the quarter and how it played out. And want to drill down into the extension receivables and days billings outstanding. Is this a function of larger customers moving up market? Or is this a more normalized range here that we should expect it to remain in?

我想請你稍微談一下本季的線性走勢以及實際表現如何。另外也想深入了解延長應收款與應收帳款週轉天數（DSO）。這是因為較大型客戶往上移動到更高端市場所致嗎？還是說這已是較為正常化的區間，我們應預期它會維持在這個水準？

Yes. I don't think there's anything that we're forecasting differently. I think that there are larger customers, which we anticipate will continue, so we'll see the benefit there. But I think it's also just we're getting better at operating business. So I anticipate that those numbers would be similar.

是的。我不認為我們在預測上有任何不同。我認為確實有較大型的客戶，而我們預期這種趨勢會持續，因此我們會看到相應的好處。但我也認為這只是我們在營運業務上做得更好。所以我預期那些數字會差不多。

The next question comes from Tal Liani with Bank of America.

下一個問題來自美國銀行（Bank of America）的 Tal Liani。

I want to go back to something you said on the prepared remarks. You mentioned that there is competition with both new and existing kind of antivirus players. And if you look at -- in the last year, if you look at the competitive landscape, do you see any significant change in pricing or aggressiveness of other players? Are the -- there are some concerns that the pricing environment is deteriorating on the basic product or the initial footprint, and I'm wondering if this is something you're actually seeing in the market. Or that's more just a high-level concern?

我想回到你在事先準備的發言中提到的一點。你提到市場上同時有新進與既有的防毒廠商在競爭。若看過去一年競爭態勢，你是否看到其他業者在定價或進攻性上有任何顯著變化？目前有一些擔憂認為，基礎產品或初始部署（initial footprint）的定價環境正在惡化；我想了解這是否是你們在市場上實際看到的情況，還是僅僅是較高層次的疑慮？

We're not seeing that. And in fact, year-over-year, our prices -- our land prices are rising. And that's a function of product enhancements, the innovation that we show, our customers as well as our module attach rate. And really, SentinelOne competes and wins because of the differentiation of our data and AI-driven technology.

我們沒有看到那種情況。事實上，年比年來看，我們的價格——我們的落地價格（land prices）正在上升。這是產品強化、我們展現的創新、客戶採用情況以及我們的模組附加率（module attach rate）共同作用的結果。SentinelOne 之所以能競爭並勝出，真正原因在於我們資料與 AI 驅動技術的差異化。

In this space with enterprise buyers, no customer selects a security vendor based solely on pricing. That just doesn't happen. And so I think what we're really seeing is a combination of a few factors. One, folks are relying on and going to the best technology that provides an automated and easy-to-deploy solution. The second thing is we have a number of highly interesting modules that customers are consuming. And the third is the surfaces that we're protecting are increasing.

在這個以企業買家為主的領域，沒有任何客戶會只因為價格就選擇資安供應商；這種事不會發生。因此我認為我們看到的是幾個因素的組合。第一，大家依賴並轉向能提供自動化且易於部署的最佳技術。第二，我們有許多非常有吸引力的模組正被客戶採用。第三，我們所保護的攻擊面（surfaces）正在增加。

So if you look at what we just announced with Singularity Mobile, that opens up an enormous amount of adjacent surfaces for us to protect. If you think about what Tomer talked about with cloud workload protection, combined with the already vast number of only legacy-protected devices in the enterprise, really, there is an amazing amount of opportunity for us, both within new customers but also existing customers to continue to grow our ASP and our price per node.

所以如果你看我們剛宣布的 Singularity Mobile，這為我們開啟了大量相鄰的攻擊面可供保護。再想想 Tomer 談到的雲端工作負載防護（cloud workload protection），再加上企業內原本就有大量僅由傳統方案保護的裝置，對我們而言機會非常大——不僅在新客戶上，也能在既有客戶中持續提升我們的 ASP 與每節點價格（price per node）。

So we are not seeing that. We'll see, within any given account, there could be one-off price pressures. But in terms of macro trends, we're really not seeing that.

因此我們沒有看到那種情況。在任何特定帳戶中，可能會出現一次性的價格壓力。但就總體趨勢而言，我們確實沒有看到。

Overall, what I'd just like to kind of add to what Nick said is that it's becoming increasingly hard to do any type of apple-to-apple comparison in this market just because of the number of moving pieces, different modules, different offerings at each and every vendor into the market. So I think it's something that is highly dependent on the deal composure for any given deal.

整體而言，我想補充 Nick 所說的是：在這個市場要做任何形式的同類比較（apple-to-apple）正變得愈來愈困難，因為變動因素太多——不同模組、不同產品組合，以及每家供應商提供到市場的不同方案。因此我認為這高度取決於每一筆交易的組成（deal composure）。

And again, if you put a layer on top of it, a consumption usage-based module that we'll start introducing as well and we're already introducing with our data retention modules, that becomes even harder to really slice and dice and figure out exactly. But to Nick's point, I mean, our [VPN] is on the rise; and all in all, we're very pleased with our progression with new lands and the price points there.

而且再加上一層：我們也將開始導入以使用量/消耗為基礎（consumption usage-based）的模組；我們在資料保留模組上其實已經在導入了。這會讓拆解分析、精準判斷變得更困難。但如 Nick 所說，我們的 [VPN] 正在上升；總體而言，我們對新客戶落地（new lands）以及相應的價格水準進展非常滿意。

And Tomer, is there -- initially, when you went public, some distributors or resellers were saying that your price level is lower than that of CrowdStrike. Is this still the case? Are you winning also on price? Or did the -- because of what you just said, we can't compare pricing levels?

那 Tomer，當初你們上市時，有些經銷商或轉售商曾說你們的價格水準低於 CrowdStrike。現在仍是如此嗎？你們也靠價格取勝嗎？還是因為你剛才所說的，我們無法比較價格水準？

Yes. I think it was never the case. I don't know if it's no longer the case. Again, the way that we price is -- or the fair system that we found to monetize our platform, I think it's very competitive. I think in certain cases, you'll see it's more expensive than the competition. In some cases, you'll see the competition actually coming in and discounting deeply to try and win against us.

是的。我認為從來就不是那樣。我不知道是否「不再」是那樣。再說一次，我們的定價方式——或我們為平台變現所找到的公平機制——我認為非常有競爭力。我認為在某些情況下，你會看到我們比競爭對手更貴；在某些情況下，你會看到競爭對手為了贏過我們而大幅折扣。

I think the dynamics in our market are very account and sales cycle dependent. As a whole, again, if you look at our entire business, [VPN] is on the rise. We like our price point. Look at our margin. I mean that would not have been possible without a very healthy price point for our offering. So to us, I mean, it's incredibly healthy.

我認為我們市場的動態非常取決於個別帳戶與銷售週期。整體而言，再次強調，如果你看我們整體業務，[VPN] 正在上升。我們喜歡我們的定價水準。看看我們的毛利；如果沒有非常健康的定價水準，這是不可能做到的。所以對我們而言，這非常健康。

One thing I would add is commonly our public company peer competitor force bundles in a myriad of human-powered services into their deals. And so often when folks are looking for an overall outcome of better visibility, better protection, and if they're comparing apples-to-apples, well, if the other bunch of apples also has some oranges in there, that ends up being a higher landed cost and really a much higher operational cost.

我想補充一點：我們常見的上市公司同業競爭對手，通常會在交易中綁入各式各樣由人力提供的服務。因此，當客戶在尋求更好的可視性、更好的防護等整體成果，並嘗試做同類比較時，如果對方那一籃「蘋果」裡其實也混了些「橘子」，那最終的落地成本會更高，營運成本也會高得多。

So I think one thing that constantly delights our customers is that they're able to get automated technology that doesn't require heavy handed services to deploy and maintain. And that overall return on their investment, they get higher ROI and they get to that much faster with the Singularity platform.

因此，我認為讓客戶持續感到驚喜的一點是：他們能取得自動化技術，不需要以大量服務來部署與維運。整體投資報酬方面，他們能獲得更高的 ROI，並且透過 Singularity 平台更快達成。

There are no additional questions registered at this time, so I'll pass the conference over to Tomer Weingarten, CEO, for closing remarks.

目前沒有登記的其他問題，因此我將把會議交給執行長 Tomer Weingarten 作結語。

Thank you, and thank you, everybody, for joining us today, and see you next quarter. Thank you.

謝謝，也謝謝各位今天加入我們，我們下個季度見。謝謝。

That concludes the SentinelOne Q3 2022 Earnings Conference Call. Thank you for your participation. You may now disconnect your lines.

SentinelOne 2022 年第三季財報電話會議到此結束。感謝各位參與。您現在可以掛斷電話。