SentinelOne Inc (S) 2023 Q3 法說會逐字稿

Good afternoon, and thank you for attending today's SentinelOne earnings conference call. My name is Jason, and I'll be the moderator for today's call. (Operator Instructions) I would now like to pass the conference to your host, Doug Clark.

下午好，感謝您參加今天的 SentinelOne 收益電話會議。我叫 Jason，我將擔任今天電話會議的主持人。 （操作員說明）我現在想將會議轉交給您的主持人道格·克拉克。

Good afternoon, everyone, and welcome to SentinelOne's Earnings Call for the Third Quarter of Fiscal Year 2023 ended October 31. With us today are Tomer Weingarten, CEO; 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 the Investor Relations of our website.

大家下午好，歡迎來到 SentinelOne 截至 10 月 31 日的 2023 財年第三季度財報電話會議。今天和我們在一起的有首席執行官 Tomer Weingarten；和首席財務官戴夫·伯恩哈特 (Dave Bernhardt)。我們的新聞稿和股東信已於今天早些時候發布，並發佈在我們的網站上。該電話正在通過網絡直播進行現場直播。電話會議結束後，我們網站的投資者關係將提供音頻重播。

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 2023 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.

我想提醒您，在今天的電話會議中，我們將就未來事件和財務業績做出前瞻性陳述，包括我們對第四財季和整個 2023 財年的指導以及某些長期財務目標。我們提醒您，此類陳述反映了我們根據我們目前已知的因素做出的最佳判斷，實際事件或結果可能存在重大差異。

Please refer to the documents that we file from time to time with the SEC, in particular, our annual report on Form 10-K and our quarterly reports on Form 10-Q, including our filing for Q3. 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.

請參閱我們不時向美國證券交易委員會提交的文件，特別是我們的 10-K 表格年度報告和 10-Q 表格季度報告，包括我們提交的第三季度報告。這些文件包含並確定了可能導致我們的實際結果與我們的前瞻性陳述中包含的結果存在重大差異的重要風險因素和其他信息。

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 the actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

本次電話會議期間做出的任何前瞻性陳述均截至今天。如果在今天之後重播或審查此電話，則電話中提供的信息可能不包含當前或準確的信息。除非法律要求，否則我們沒有義務公開更新這些前瞻性陳述或更新實際結果可能與前瞻性陳述中預期的結果存在重大差異的原因，即使將來有新信息可用也是如此。

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

在本次電話會議期間，除非另有說明，否則我們將討論非 GAAP 財務措施。這些非 GAAP 財務措施不是根據公認的會計原則編制的。今天的新聞稿和我們的股東信中提供了 GAAP 和非 GAAP 結果的對賬。

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

說到這裡，讓我把電話轉給 SentinelOne 的首席執行官 Tomer Weingarten。

Good afternoon, everyone, and thank you for joining our fiscal third quarter earnings call. We reported another quarter of triple-digit revenue and ARR growth combined with significant margin expansion, meaningfully ahead of our guidance. Once again, we achieved the Rule of 60, and we are raising our full year revenue and margin expectations.

大家下午好，感謝您參加我們的第三財季財報電話會議。我們報告了另外四分之一的三位數收入和 ARR 增長以及顯著的利潤率增長，遠遠超過了我們的指導。我們再次實現了 60 法則，我們正在提高全年收入和利潤率預期。

While the impact of macro challenges has become more pronounced, cybersecurity remains mission-critical. Most importantly, our autonomous technology is best-in-class. Our platform is purpose-built for leading efficacy, cost efficiency, scalability and ease of use. We remain well positioned to help enterprises stay protected and realize a superior return on their cybersecurity spend.

雖然宏觀挑戰的影響變得更加明顯，但網絡安全仍然是關鍵任務。最重要的是，我們的自主技術是一流的。我們的平台專為領先的功效、成本效益、可擴展性和易用性而構建。我們仍然處於有利地位，可以幫助企業保持保護並實現其網絡安全支出的豐厚回報。

On today's call, I'll focus on 2 key areas: one, details of our quarterly performance, including customer growth and expansion, as well as the broader demand and macro dynamics; and two, the actions we're taking to enable our path to profitability and execute in today's environment. Financially, we've taken a more prudent approach to investments like moderating new headcount growth. And operationally, we're streamlining our teams to unlock higher productivity and performance.

在今天的電話會議上，我將重點關注兩個關鍵領域：一是我們季度業績的細節，包括客戶增長和擴張，以及更廣泛的需求和宏觀動態；第二，我們正在採取的行動，以實現我們的盈利之路並在當今的環境中執行。在財務上，我們採取了更謹慎的投資方式，例如減緩新員工人數的增長。在運營方面，我們正在精簡我們的團隊以釋放更高的生產力和性能。

Let's first turn the discussion to our quarterly performance. We once again delivered triple-digit revenue and ARR growth fueled by the adoption of our Singularity XDR platform across endpoint, cloud and identity. We're taking market share, and we achieved the Rule of 60 again in the third quarter. We've consistently combined rapid growth with meaningful margin improvement, showcasing strong unit economics and scalability of our business model. We've expanded operating margin by over 25 percentage points year-over-year for 5 consecutive quarters. We expect that to continue in Q4.

讓我們首先將討論轉向我們的季度業績。在跨端點、雲和身份採用我們的 Singularity XDR 平台的推動下，我們再次實現了三位數的收入和 ARR 增長。我們正在搶占市場份額，我們在第三季度再次實現了 60 規則。我們一直將快速增長與有意義的利潤率提高相結合，展示了強大的單位經濟性和我們商業模式的可擴展性。我們連續 5 個季度的營業利潤率同比增長超過 25 個百分點。我們預計這種情況將在第四季度繼續。

Let me highlight some of the key strengths of our business from the quarter. Around the world, we're protecting more enterprises than ever before. We added over 600 new customers in the quarter. Our customer base now exceeds 9,250. That's well over 3,000 more businesses added in just the last 12 months.

讓我強調一下本季度我們業務的一些主要優勢。在全球範圍內，我們保護的企業比以往任何時候都多。我們在本季度增加了 600 多個新客戶。我們的客戶群現在超過 9,250。僅在過去 12 個月內就新增了 3,000 多家企業。

Our customers with ARR over $100,000, grew nearly 100%, reflecting continued traction with larger enterprises. For example, an iconic media brand chose SentinelOne for our superior performance across endpoint, cloud and data retention. In another example, a global consumer brand consolidated on SentinelOne's cloud-native platform, replacing several legacy and next-gen competitors. We continue to secure wins across a significant majority of competitive situations based on our platform performance and technical capabilities.

我們的 ARR 超過 100,000 美元的客戶增長了近 100%，反映出對大型企業的持續關注。例如，一個標誌性媒體品牌選擇 SentinelOne 是因為我們在端點、雲和數據保留方面的卓越性能。在另一個例子中，一個全球消費品牌整合了 SentinelOne 的雲原生平台，取代了幾個傳統和下一代競爭對手。基於我們的平台性能和技術能力，我們繼續在絕大多數競爭情況下取得勝利。

Building on our partnership with CISA, we also extended our success in the federal arena by securing 3 new agencies during the quarter. Our land-and-expand strategy is working. With existing customers, our net retention rate remained extremely strong at 134%. This is driven by footprint expansion and rapid adoption of our adjacent solutions by our 9,000-plus customers.

在我們與 CISA 的合作夥伴關係的基礎上，我們還在本季度獲得了 3 家新機構，從而擴大了我們在聯邦領域的成功。我們的土地擴張戰略正在奏效。對於現有客戶，我們的淨保留率保持在 134% 的極高水平。這是由我們的 9,000 多家客戶擴大業務範圍和快速採用我們的相鄰解決方案所推動的。

Q3 was a record quarter for Singularity Cloud, which once again remained our fastest-growing solution in Q3. We're seeing strong adoption of cloud security among new and existing customers, reinforcing the ease of deployment and superior protection from our Cloud Workload Security solution.

第三季度是 Singularity Cloud 創紀錄的季度，它再次成為我們第三季度增長最快的解決方案。我們看到新客戶和現有客戶對雲安全的廣泛採用，加強了我們的雲工作負載安全解決方案的部署便利性和卓越保護。

A leading software company selected Singularity cloud despite having deployed a competitive next-gen EDR solution on their endpoints. Separately, a large existing customer expanded coverage for the third quarter in a row. The continuation of these trends over the past few quarters highlights increasing demand for our cloud workload protection.

儘管在其端點上部署了具有競爭力的下一代 EDR 解決方案，一家領先的軟件公司還是選擇了 Singularity 雲。另外，一家大型現有客戶連續第三個季度擴大了覆蓋範圍。這些趨勢在過去幾個季度的延續凸顯了對我們的雲工作負載保護的需求不斷增加。

Given the breadth of our platform and expanding customer base, we believe we're still in the early innings of a very large expansion opportunity. NRR is proving to be resilient regardless of macro conditions. Our customer retention remains extremely high. We expect NRR to continue to drive a healthy base of growth.

鑑於我們平台的廣度和不斷擴大的客戶群，我們相信我們仍處於一個非常大的擴張機會的早期階段。無論宏觀條件如何，NRR 都被證明具有彈性。我們的客戶保留率仍然非常高。我們預計 NRR 將繼續推動健康的增長基礎。

Our momentum with channel partners continues to shine, especially with our strategic partner ecosystem, including MSSPs and Incident Response providers. Our partners and customers want automated solutions that reduce reliance on human intensive processes while offering best-in-class protection.

我們與渠道合作夥伴的勢頭繼續閃耀，尤其是我們的戰略合作夥伴生態系統，包括 MSSP 和事件響應提供商。我們的合作夥伴和客戶需要自動化解決方案來減少對人工密集型流程的依賴，同時提供一流的保護。

Many small- and medium-sized businesses are increasingly turning to managed security service providers. It helps them address cyber talent shortages, gain cost efficiencies and offset potential economic challenges. We've designed our platform to support multi-tenancy, fully customizable role-based access control and a full set of open and documented APIs.

許多中小型企業越來越多地轉向託管安全服務提供商。它幫助他們解決網絡人才短缺問題，提高成本效率並抵消潛在的經濟挑戰。我們設計的平台支持多租戶、完全可定制的基於角色的訪問控制和一整套開放和記錄的 API。

These product-driven differentiators fuel ease of deployment, scaled management and unprecedented integration capability. We don't compete with our partners but enable them. This makes SentinelOne the partner of choice for MSSPs across the globe. We're partnering with most of the leading MSSPs. Our MSSP exposure continues to drive meaningful and resilient growth as SMBs shift to more flexible security models.

這些產品驅動的差異化因素促進了部署的便利性、規模化的管理和前所未有的集成能力。我們不與我們的合作夥伴競爭，而是幫助他們。這使得 SentinelOne 成為全球 MSSP 的首選合作夥伴。我們正在與大多數領先的 MSSP 合作。隨著 SMB 轉向更靈活的安全模型，我們的 MSSP 曝光繼續推動有意義和有彈性的增長。

Let's turn the discussion to the demand environment and the trends we're seeing in our market. Consistent with many other software companies and even our competitors, we're seeing higher cost consciousness and prudence around IT budgets. That's leading to elongated sales cycles and limited budget availability. These factors are most pronounced in larger deals and they require higher level of evaluations and approvals.

讓我們將討論轉向需求環境和我們在市場上看到的趨勢。與許多其他軟件公司甚至我們的競爭對手一樣，我們看到了對 IT 預算的更高成本意識和審慎態度。這導致銷售週期延長和可用預算有限。這些因素在較大的交易中最為明顯，它們需要更高級別的評估和批准。

Customers are more focused on the most critical and immediate security needs while taking a spend later approach for other areas. And finally, foreign exchange presented an incremental headwind in EMEA. While we price in dollars, foreign exchange can impact the purchasing power of international organizations. Together, these factors contributed to a softer net new ARR than we had expected and decelerating growth. Still, we are growing at a very healthy pace with ARR growth over 100%.

客戶更關注最關鍵和最直接的安全需求，同時對其他領域採取稍後支出的方法。最後，外彙在歐洲、中東和非洲地區帶來了越來越大的阻力。雖然我們以美元定價，但外匯會影響國際組織的購買力。這些因素共同導致淨新 ARR 比我們預期的要疲軟，並且增長放緩。儘管如此，我們仍在以非常健康的速度增長，ARR 增長超過 100%。

There are clear signs that demand and our competitive positioning remains strong. While we're not experiencing deal cancellations, we are seeing elongated deal cycles and budget adjustments. We continue to successfully close these deals. For instance, several large deals that pushed beyond Q3 have already closed in Q4 with some closing just days after the quarter ended. That was several million dollars of secured deals that simply didn't close in time.

有明顯跡象表明需求和我們的競爭地位依然強勁。雖然我們沒有遇到交易取消的情況，但我們看到交易週期延長和預算調整。我們繼續成功完成這些交易。例如，幾筆超過第三季度的大型交易已經在第四季度完成，其中一些交易在本季度結束後幾天就完成了。那是幾百萬美元的擔保交易，只是沒有及時完成。

Also, pricing remains healthy and our technical win rates remain extremely strong. We believe these macro factors are temporary, and there is no change to the long-term opportunity for our leading next-generation security. Our pipeline once again grew to a new high, giving us confidence in the opportunity in front of us.

此外，定價仍然健康，我們的技術贏率仍然非常強勁。我們認為這些宏觀因素是暫時的，我們領先的下一代安全的長期機會沒有改變。我們的管道再次增長到一個新的高度，讓我們對擺在我們面前的機會充滿信心。

We're also encouraged by extremely strong customer retention and the expansion from our installed base, with net retention north of 130%. And newer solutions like cloud and identity are opening even more opportunities with some of the largest enterprises in the world.

我們還對極強的客戶保留率和我們安裝基礎的擴展感到鼓舞，淨保留率超過 130%。雲和身份等較新的解決方案為世界上一些最大的企業帶來了更多機會。

Shifting gears to the second key topic, the steps we're taking to increase productivity and to enable our path to profitability. We're streamlining our teams, elevating executive leaders and ramping our sales reps. We believe we can elevate our execution further regardless of market conditions. We moved quickly to hire a lot of terrific talent over the past year. Nearly half of our sales reps are newer and still ramping.

轉向第二個關鍵主題，即我們為提高生產力和實現盈利而採取的步驟。我們正在精簡我們的團隊，提拔行政領導並增加我們的銷售代表。我們相信，無論市場狀況如何，我們都可以進一步提高執行力。在過去的一年裡，我們迅速採取行動聘請了很多了不起的人才。我們將近一半的銷售代表是新來的，而且還在不斷增加。

As these reps ramp up the maturity curve, this should deliver meaningful productivity gains and improve our execution further. We're putting more focus on performance management across all functions as we seek scale and efficiency company-wide. This is a routine part of growing and optimizing the business. Our employee retention remains better than industry average as a result of our dynamic and inclusive culture that is highly valued by all Sentinels.

隨著這些代表的成熟度曲線逐漸上升，這應該會帶來有意義的生產力提升並進一步提高我們的執行力。隨著我們在全公司範圍內尋求規模和效率，我們更加關注所有職能部門的績效管理。這是發展和優化業務的常規部分。由於我們所有 Sentinels 高度重視的充滿活力和包容性的文化，我們的員工保留率仍然高於行業平均水平。

Next, to further accelerate our new customer growth and shortened sales cycles, we have combined sales and solution engineering under 1 organization to improve velocity of execution and customer engagement in every region.

接下來，為了進一步加快我們的新客戶增長並縮短銷售週期，我們將銷售和解決方案工程合併到一個組織下，以提高每個地區的執行速度和客戶參與度。

And finally, a more tactical change, replacing a higher emphasis on the largest account opportunities in our pipeline. We've made significant progress in the past few years winning Fortune 500 and Global 2000 accounts. Over 2/3 of our ARR comes from large enterprises and customers with ARR over $1 million grew by more than 100% year-over-year in Q3. This is the right next step to drive further success with the largest enterprises.

最後，一個更具戰術性的變化，取代了對我們管道中最大客戶機會的更高重視。在過去幾年中，我們在贏得財富 500 強和全球 2000 強客戶方面取得了重大進展。我們超過 2/3 的 ARR 來自大型企業和 ARR 超過 100 萬美元的客戶，在第三季度同比增長超過 100%。這是推動大型企業取得進一步成功的正確下一步。

It's clear there's a slowdown going on, and no one can fully predict the extent of the impact. Based on what we're seeing and the steps we're taking to adjust to evolving conditions, we are well positioned to deliver seasonally strong growth in Q4.

很明顯，經濟正在放緩，沒有人能夠完全預測影響的程度。根據我們所看到的情況以及我們為適應不斷變化的情況而採取的措施，我們有能力在第四季度實現季節性強勁增長。

Our growing pipeline demonstrates that customer intent is there and enterprises need security. We are gaining share across multiple large market segments: endpoint, cloud and identity. We remain confident in our long-term growth potential and are in the early innings of a large and expanding addressable market.

我們不斷增長的管道表明客戶的意圖是存在的，企業需要安全性。我們正在多個大型細分市場中獲得份額：端點、雲和身份。我們對我們的長期增長潛力仍然充滿信心，並且正處於一個龐大且不斷擴大的潛在市場的早期階段。

We're pairing that growth with a commitment to profitability. We're increasing our focus on cost management and productivity and calibrating our investments with the pace of growth. Our investments are largely elective, which allow us to be flexible.

我們將這種增長與對盈利能力的承諾結合起來。我們越來越關注成本管理和生產力，並根據增長速度調整我們的投資。我們的投資主要是選擇性的，這使我們能夠靈活處理。

Over the last 2 quarters, we've adapted to evolving market conditions, taking a more prudent approach to investments. As a result, we've delivered significant margin upside for 2 consecutive quarters with over 25 percentage points of improvement in Q3.

在過去的兩個季度中，我們適應了不斷變化的市場條件，採取了更加謹慎的投資方式。因此，我們連續兩個季度實現了顯著的利潤率增長，第三季度提高了超過 25 個百分點。

As we saw the early signs of macroeconomic challenges, we started to adjust investments accordingly, such as moderating the pace of hiring. Going forward, our focus as a team is to ensure that our time to profitability does not deviate across different economic or growth scenarios.

當我們看到宏觀經濟挑戰的早期跡象時，我們開始相應地調整投資，例如放慢招聘步伐。展望未來，我們作為一個團隊的重點是確保我們的盈利時間不會因不同的經濟或增長情景而出現偏差。

Our third quarter results and raised full year margin expectations demonstrate our ability to balance compelling top line growth with consistent margin improvement. We will continue to calibrate investments to support high growth and reach profitability in FY '25.

我們第三季度的業績和提高的全年利潤率預期表明我們有能力在引人注目的收入增長與持續的利潤率改善之間取得平衡。我們將繼續調整投資以支持高增長並在 25 財年實現盈利。

Taking a step back, over the past few years, we've built a truly disruptive and technically superior security platform. We've challenged the status quo of legacy and next-gen security vendors alike in the pursuit of enterprise trust, collaboration and protection, and we're succeeding.

退一步說，在過去的幾年裡，我們構建了一個真正具有顛覆性且技術卓越的安全平台。在追求企業信任、協作和保護的過程中，我們已經挑戰了傳統和下一代安全供應商的現狀，並且我們正在取得成功。

Our Singularity platform truly stands out from all other solutions in the market. Customers overwhelmingly choose our technology whenever they evaluate or use it.

我們的 Singularity 平台真正從市場上的所有其他解決方案中脫穎而出。客戶在評估或使用我們的技術時，絕大多數都會選擇我們的技術。

In addition to best-of-breed security, customers can optimize their total cost of ownership by consolidating on our Singularity platform. We designed Singularity to be a cost-effective solution with leading performance. This value proposition is compelling, especially in a higher cost-conscious environment. We're the only company with leading results in all 3 MITRE evaluations across endpoint, identity and managed services, which demonstrates platform superiority of our product and services.

除了同類最佳的安全性之外，客戶還可以通過整合我們的 Singularity 平台來優化其總體擁有成本。我們將 Singularity 設計為具有領先性能的經濟高效的解決方案。這一價值主張很有說服力，尤其是在成本意識較高的環境中。我們是唯一一家在端點、身份和託管服務的所有 3 項 MITRE 評估中都取得領先的公司，這證明了我們產品和服務的平台優勢。

Cybersecurity is mission-critical and remains a must buy for all enterprises. We're committed to innovation, listening to our customers and empowering businesses with the best security resources.

網絡安全是關鍵任務，仍然是所有企業必須購買的東西。我們致力於創新，傾聽客戶的意見，並為企業提供最好的安全資源。

Today's market requires a relentless focus on optimizing and efficient execution, as evidenced by our improving margin profile and strong Magic number. We believe the opportunity in front of us across endpoint, cloud and identity security is larger than ever before. We're taking market share every quarter, and we can do even better. We're sharpening our focus on cost discipline and driving productivity throughout our organization.

今天的市場需要不懈地專注於優化和高效執行，我們不斷改善的利潤率和強大的幻數就證明了這一點。我們相信，端點、雲和身份安全方面擺在我們面前的機會比以往任何時候都大。我們每個季度都在搶占市場份額，而且我們可以做得更好。我們正在加強對成本紀律的關注，並提高整個組織的生產力。

I want to thank all Sentinels for delivering leading technology and strong growth even in today's macroeconomic environment. I also want to thank our customers for their trust in SentinelOne as their security partner.

我要感謝所有 Sentinels 即使在當今的宏觀經濟環境下也能提供領先的技術和強勁的增長。我還要感謝我們的客戶信任 SentinelOne 作為他們的安全合作夥伴。

Before concluding, I'd like to recognize Nick Warner for his excellent leadership and dedication to SentinelOne. After more than 5 years of building the business, Nick has made a decision to transition from President of Security to an advisory role. I'm pleased that Nick will continue to support SentinelOne and our customers and look forward to continuing to work together with him.

在結束之前，我想感謝 Nick Warner 出色的領導能力和對 SentinelOne 的奉獻精神。經過 5 年多的業務建設，Nick 決定從安全總裁轉變為顧問角色。我很高興尼克將繼續支持 SentinelOne 和我們的客戶，並期待與他繼續合作。

With that, I will turn the call over to Dave Bernhardt, our Chief Financial Officer.

有了這個，我將把電話轉給我們的首席財務官 Dave Bernhardt。

Tomer, thank you. I'll discuss our quarterly financial highlights and provide additional context around our guidance for Q4 and fiscal year 2023. As a reminder, all margins discussed are non-GAAP unless otherwise stated.

托默，謝謝你。我將討論我們的季度財務亮點，並圍繞我們對第四季度和 2023 財年的指導提供更多背景信息。提醒一下，除非另有說明，否則所有討論的利潤率都是非公認會計原則。

We once again delivered high growth combined with meaningful margin expansion, showcasing the efficiency of our business model and strong unit economics. We are raising our full year revenue and margin expectations again.

我們再次實現了高增長和顯著的利潤率擴張，展示了我們商業模式的效率和強大的單位經濟效益。我們再次提高了全年收入和利潤率預期。

In the third quarter, we achieved year-over-year revenue and ARR growth of 106% and ARR grew to $487 million. We had a net new ARR of $49 million in the quarter, driven by a combination of new and existing customers.

第三季度，我們的收入和 ARR 同比增長 106%，ARR 增至 4.87 億美元。在新客戶和現有客戶的共同推動下，本季度我們的淨新 ARR 為 4900 萬美元。

Compared to our expectations, the lower net new ARR was largely due to macroeconomic conditions impacting the timing and size of new enterprise deals. In general, these are not lost opportunities. In many cases, we have either closed the deals in our fourth quarter or secured technical wins and are awaiting deal closure. We saw similar dynamics across geographies with international markets facing incremental FX-related pressure.

與我們的預期相比，較低的淨新 ARR 主要是由於宏觀經濟條件影響了新企業交易的時間和規模。一般來說，這些都不是失去的機會。在許多情況下，我們要么在第四季度完成了交易，要么獲得了技術勝利，正在等待交易結束。我們在不同地區看到了類似的動態，國際市場面臨著與外匯相關的越來越大的壓力。

Nonetheless, we are still delivering significant growth. We achieved a healthy mix of new customer additions and existing customer renewals and upsells. Our customers with ARR over $100,000 grew nearly 100% year-over-year to 827, much faster than the total customer count. And growth from customers with ARR over $1 million grew even faster.

儘管如此，我們仍在實現顯著增長。我們實現了新客戶增加與現有客戶續訂和追加銷售的健康組合。 ARR 超過 100,000 美元的客戶同比增長近 100%，達到 827 家，遠高於客戶總數。 ARR 超過 100 萬美元的客戶的增長速度更快。

One reminder on customer count is that we count each MSSP as a single customer. Therefore, with some direct SMB customers facing budgetary pressures, much of that impact is offset by the strength and shift to our MSSP ecosystem.

關於客戶數量的一個提醒是，我們將每個 MSSP 視為一個客戶。因此，由於一些直接的 SMB 客戶面臨預算壓力，大部分影響都被我們的實力和轉向我們的 MSSP 生態系統所抵消。

Our ARR per customer increased sequentially, reflecting the strength of our business among large enterprises and the adoption of more of the Singularity XDR platform in spite of recessionary concerns.

我們每個客戶的 ARR 依次增加，反映了我們在大型企業中的業務實力以及儘管存在經濟衰退擔憂，但仍採用了更多的 Singularity XDR 平台。

There were no outsized large deals in Q3. Our net retention rate remained north of 130%, driven by strong subscription expansion and cross-sell of adjacent solutions. Growth from our installed base has proven to be quite durable and should continue to fuel a solid base of growth regardless of broader conditions.

第三季度沒有超大規模的交易。在強大的訂閱擴展和相鄰解決方案的交叉銷售的推動下，我們的淨保留率保持在 130% 以上。我們已安裝基礎的增長已被證明是相當持久的，並且無論更廣泛的條件如何，都應該繼續推動堅實的增長基礎。

Turning to our cost and margins. Our gross margin in Q3 was 71.5%, an increase of 5 percentage points year-over-year. I can't overstate the progress we've made on gross margins, improving nearly 20 percentage points since the beginning of last year. We're benefiting from our land and expand strategy and platform unit economics where we collect data once and enable more and more capabilities. We're seeing continued benefits from economies of scale, data processing efficiencies, now including a DataSet back-end, and module cross-sell.

轉向我們的成本和利潤。我們第三季度的毛利率為 71.5%，同比增長 5 個百分點。我不能誇大我們在毛利率方面取得的進展，自去年年初以來提高了近 20 個百分點。我們受益於我們的土地和擴展戰略和平台單位經濟，我們收集一次數據並啟用越來越多的功能。我們看到了規模經濟、數據處理效率的持續收益，現在包括數據集後端和模塊交叉銷售。

Looking at the rest of our P&L, we delivered substantial operating margin improvement, expanding 26 percentage points year-over-year to negative 43%. As market conditions evolve throughout the quarter, we became more selective with our investments. As a result, we outperformed our EBIT margin guidance by 14 percentage points.

從我們其他的損益表來看，我們的營業利潤率大幅提高，同比增長 26 個百分點至負 43%。隨著整個季度市場狀況的變化，我們對投資變得更加挑剔。因此，我們的 EBIT 利潤率指引超出了 14 個百分點。

On a dollar basis, we also reduced our operating losses compared to the prior quarters of fiscal 2023. We're achieving scale, leveraging our channel and globalizing our talent pool. Our Magic number was over 1.2x. These results signify our ability to maintain a balance between compelling top line growth and progress towards our profitability targets.

按美元計算，與 2023 財年的前幾個季度相比，我們的運營虧損也有所減少。我們正在實現規模化，利用我們的渠道並使我們的人才庫全球化。我們的神奇數字超過 1.2 倍。這些結果表明我們有能力在引人注目的收入增長和實現盈利目標的進展之間保持平衡。

Moving to our guidance. In Q4, we expect revenue of about $125 million, reflecting growth of 90% year-over-year. For the full year, we're raising our revenue outlook to $420 million to $421 million, reflecting 105% growth. This is up over $4 million at the midpoint versus our prior guidance. While we don't specifically guide for ARR being a subscription business, our year-over-year revenue and total ARR growth tracked closely. We expect that relationship to hold in Q4.

轉向我們的指導。在第四季度，我們預計收入約為 1.25 億美元，同比增長 90%。對於全年，我們將收入預期上調至 4.2 億美元至 4.21 億美元，增長 105%。與我們之前的指導相比，這在中點增加了超過 400 萬美元。雖然我們沒有具體指導 ARR 是一項訂閱業務，但我們密切跟踪了同比收入和 ARR 總增長。我們預計這種關係將在第四季度保持。

To be clear, we expect Q4 net new ARR to increase by at least 20% sequentially compared to the third quarter. We believe this is a prudent view and reflects a continuation of the macro headwinds we experienced in Q3, yet we are in a position to deliver a seasonally strong end of the year.

需要明確的是，我們預計第四季度淨新 ARR 與第三季度相比至少環比增長 20%。我們認為這是一個謹慎的觀點，反映了我們在第三季度經歷的宏觀逆風的持續，但我們有能力在今年年底實現季節性強勁。

Fundamentally, there is no lack of demand for the Singularity platform. Our pipeline reached a record high as we exited Q3. At the same time, we want to be mindful of enterprises prioritizing cash preservation. Cybersecurity remains a top IT priority and our AI-based autonomous Singularity platform is optimally positioned to deliver superior enterprise value.

從根本上說，不缺乏對奇點平台的需求。當我們退出第三季度時，我們的管道達到了歷史新高。同時，我們要注意優先考慮現金保全的企業。網絡安全仍然是 IT 的首要任務，我們基於 AI 的自主 Singularity 平台處於最佳定位，可以提供卓越的企業價值。

Turning to the outlook for margins. We've taken a major step forward as a company, operating above 71% gross margin and moving closer to the long-term gross margin target of 75% to 80% or higher. We're benefiting from platform data efficiencies inherent in our business model and our platform approach. We expect Q4 gross margin to be about 72% and we're increasing our full year gross margin guide to 71% to 71.5%. This is up from prior fiscal '23 guidance of 70.5% to 71% and up about 8 points year-over-year.

轉向利潤率前景。作為一家公司，我們向前邁出了重要一步，毛利率超過 71%，並接近 75% 至 80% 或更高的長期毛利率目標。我們受益於我們的業務模型和平台方法中固有的平台數據效率。我們預計第四季度毛利率約為 72%，我們將全年毛利率指引提高至 71% 至 71.5%。這高於之前的 23 財年指導值 70.5% 至 71%，同比增長約 8 個百分點。

Finally, for operating margin. We expect Q4 operating margin of negative 39%, up 27 points year-over-year and implying a Rule of 50 for the quarter. At the same time, we're improving our full year margin outlook to negative 51% to negative 50%. Our updated operating margin guidance is a 6 percentage point improvement at the midpoint from our prior range. It is also an improvement of 35 percentage points compared to last year.

最後，對於營業利潤率。我們預計第四季度營業利潤率為負 39%，同比增長 27 個百分點，這意味著該季度的規則為 50。與此同時，我們將全年利潤率前景改善至負 51% 至負 50%。我們更新後的營業利潤率指引比之前的範圍中點提高了 6 個百分點。與去年相比也提高了35個百分點。

Our long-term margin targets remain intact. And our goal is to reach operating breakeven for fiscal year 2025, which is primarily calendar year 2024. We're making excellent progress.

我們的長期利潤率目標保持不變。我們的目標是在 2025 財年（主要是 2024 日曆年）實現運營收支平衡。我們正在取得很好的進展。

Thinking longer term, let me shed some light on our growth drivers and our path to profitability. Over the past several quarters, we demonstrated the ability to remain dynamic and deliver significant margin outperformance even as growth moderates. We're confident in our time line to profitability across different economic scenarios.

從長遠考慮，讓我闡明我們的增長動力和盈利之路。在過去的幾個季度中，我們展示了即使在增長放緩的情況下也能保持活力並實現顯著的利潤率表現的能力。我們對在不同經濟情景下實現盈利的時間表充滿信心。

While growth is slowing because of macro conditions in the near term, we remain confident in our ability to deliver high levels of growth next year and beyond. We expect to continue to win market share and outgrow the competition.

雖然近期宏觀環境導致增長放緩，但我們仍然相信我們有能力在明年及以後實現高水平增長。我們期望繼續贏得市場份額並在競爭中脫穎而出。

Based on a prudent view of the current economic environment and expectations of further macro deceleration, we believe we will deliver at least 50% total ARR growth in fiscal year '24. This is also based on our growing pipeline, strong win rates, high retention and expansion rates and the enterprise need for security.

基於對當前經濟環境的審慎看法和對宏觀經濟進一步減速的預期，我們相信我們將在 24 財年實現至少 50% 的總 ARR 增長。這也是基於我們不斷增長的管道、強勁的贏率、高保留率和擴展率以及企業對安全的需求。

From a bottoms-up perspective, expansion from our installed base of over 9,250 customers remains durable. On top of that base of growth, we're securing hundreds of new customers every quarter. We see tremendous potential in endpoint, cloud and identity and expect to continue to take market share and expand with our existing customers.

從自下而上的角度來看，我們超過 9,250 名客戶的安裝基礎的擴展仍然是持久的。除了增長基礎之外，我們每個季度都獲得了數百名新客戶。我們看到端點、雲和身份方面的巨大潛力，並期望繼續佔據市場份額並與我們的現有客戶一起擴展。

And our strategic channel partners like MSSPs give us a unique exposure to fast-growing portions of the market. As we cross $0.5 billion in ARR, a milestone for any company, our focus is on continued growth and profitability.

我們的戰略渠道合作夥伴（如 MSSP）使我們能夠以獨特的方式接觸到快速增長的市場部分。隨著我們的 ARR 超過 5 億美元，這對任何公司來說都是一個里程碑，我們的重點是持續增長和盈利能力。

Indeed, we are looking carefully at our cost and parts of the business that can be more operationally efficient. We're increasing our focus on profitability and cash flow. We don't intend to sacrifice growth, but we are moderating the pace of our investments and focusing on the most strategic areas.

事實上，我們正在仔細研究我們的成本和業務中可以提高運營效率的部分。我們越來越關注盈利能力和現金流。我們不打算犧牲增長，但我們正在放慢投資步伐並專注於最具戰略意義的領域。

We're increasing performance accountability and aligning several teams to improve velocity and execution. We have a very strong balance sheet with $1.2 billion in cash, cash equivalents and investments with no debt. That's substantial. It provides longevity, flexibility and ample runway to achieve positive cash flow generation.

我們正在增加績效問責制並調整多個團隊以提高速度和執行力。我們擁有非常強大的資產負債表，擁有 12 億美元的現金、現金等價物和無債務投資。那是很重要的。它提供了長壽、靈活性和充足的跑道，以實現積極的現金流產生。

When thinking about our path to profitability from here, consider our Q4 margin guidance. We're on track to exit fiscal year '23 with 2 quarters of about 25 percentage points of year-over-year operating margin improvement.

在考慮我們從這裡開始盈利的道路時，請考慮我們的第四季度利潤率指導。我們有望在 23 財年結束，兩個季度的營業利潤率同比提高約 25 個百分點。

Continuing this progress forward, we expect another 25 points of operating margin improvement in fiscal year '24, and our goal is to achieve profitability in fiscal year '25. We're laser-focused on execution to stay ahead of evolving economic conditions. Our strategy is to dynamically invest in our technology and business while enhancing our path to profitability.

繼續這一進展，我們預計 24 財年的營業利潤率將再提高 25 個百分點，我們的目標是在 25 財年實現盈利。我們非常專注於執行，以領先於不斷變化的經濟狀況。我們的戰略是動態投資於我們的技術和業務，同時增強我們的盈利能力。

In summary, Q3 was another strong quarter despite the near-term turbulence. The demand for cybersecurity remains intact. We expect the secular headwind supporting our business to continue, and we believe we have the best technology to protect the modern enterprise.

總而言之，儘管近期出現動盪，但第三季度仍是一個強勁的季度。對網絡安全的需求保持不變。我們預計支持我們業務的長期逆風將繼續存在，我們相信我們擁有保護現代企業的最佳技術。

Thank you all for attending our earnings call. We're now ready for questions. Operator, can you please open up the line? Thank you.

感謝大家參加我們的財報電話會議。我們現在準備好提問了。接線員，你能開通線路嗎？謝謝你。

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

（操作員說明）我們的第一個問題來自巴克萊銀行的 Saket Kalia。

Tomer, maybe just for you, a lot of helpful commentary around the macro and clearly, it's hitting everyone. So probably not much of a surprise either. But I was wondering if you could just talk a little bit about the competitive landscape a bit. And in particular, Microsoft. I'm wondering if you see them more in customer evaluations and how you think customers are viewing a Microsoft Defender option versus a specialist tool like Singularity or like other next-gen solutions out there. Any thoughts?

Tomer，也許只是為了你，關於宏觀的很多有用的評論很明顯，它正在影響每個人。所以可能也不足為奇。但我想知道你是否可以談談競爭格局。尤其是微軟。我想知道您是否在客戶評估中更多地看到它們，以及您認為客戶如何看待 Microsoft Defender 選項與 Singularity 或其他下一代解決方案等專業工具。有什麼想法嗎？

Yes. I think that, by and large, the competitive dynamics stays relatively the same as we've seen in the past few quarters, past couple of years. All in all, folks look at best-of-breed security pretty much in the same token as they've had. It's also worth mentioning that while Microsoft's offering as it pertains to the software piece might be included and perceived as free, if you look at integration costs, management costs and MDR services or any affiliated service, that actually bumps up the price in a pretty significant manner. So if you look at the overall TCO, it stays relatively comparable with best-of-breed offerings.

是的。我認為，總的來說，競爭動態與我們在過去幾個季度、過去幾年中所看到的保持相對相同。總而言之，人們幾乎以與以往相同的方式看待同類最佳的安全性。還值得一提的是，雖然微軟提供的與軟件相關的產品可能包含在內並被認為是免費的，但如果您查看集成成本、管理成本和 MDR 服務或任何附屬服務，這實際上會大大提高價格方式。因此，如果您查看總體 TCO，它與同類最佳產品的相對可比性。

The second dynamic I want to highlight is that we've seen more and more Microsoft displacements, customers rebounding from Microsoft's offering, some citing it as eventually -- in eventual cost terms, the most expensive solution they had to manage over the years.

我要強調的第二個動態是，我們已經看到越來越多的微軟被取代，客戶從微軟的產品中反彈，一些人認為它最終——就最終成本而言，是他們多年來必須管理的最昂貴的解決方案。

So we feel the competitive environment versus Microsoft is relatively sustained. We haven't seen any major shift. And again, if at all, we're seeing more displacement. And we feel that best-of-breed security, even in an environment where people focus on cost, will still prevail in a lot of the cases.

因此，我們認為與微軟的競爭環境相對持續。我們還沒有看到任何重大轉變。再一次，如果有的話，我們看到更多的流離失所。我們認為，即使在人們關注成本的環境中，同類最佳的安全性在很多情況下仍將佔上風。

Got it. Got it. That's really helpful. I was going to direct this next question to Nick. I'm not sure if he's on the call, but my congrats to him on his next phase. So Tomer, maybe I'll make the follow-up for you as well. A lot of good stuff to talk about there with the MSSP channel. Can you just talk about to what extent are they selling some of your newer emerging products? And what kind of revenue opportunity could that be?

知道了。知道了。這真的很有幫助。我打算將下一個問題轉給 Nick。我不確定他是否在接聽電話，但我祝賀他進入下一階段。所以托默，也許我也會為你做後續工作。通過 MSSP 頻道可以討論很多好東西。你能談談他們在多大程度上銷售你的一些新興產品嗎？那會是怎樣的收入機會呢？

Of course, and we wish Nick all the best. He's not on the call. MSSP for us, again, it's a highly strategic go-to-market motion. We haven't even started to unlock the other revenue line possibilities we have with the MSSP ecosystem. For the first time, we've actually enabled them to sell new modules: that happened last quarter for the first time. So it's just the first innings of that opportunity. Right now, we're still laser-focused on addressing core security needs like EDR and EPP. We're now extending it to Ranger and MDR as well as a resell.

當然，我們祝尼克一切順利。他不在通話中。 MSSP 對我們來說，再次是一個高度戰略性的上市行動。我們甚至還沒有開始解鎖我們在 MSSP 生態系統中擁有的其他收入線可能性。第一次，我們實際上使他們能夠銷售新模塊：這是上個季度的第一次。所以這只是這個機會的第一局。目前，我們仍然專注於解決 EDR 和 EPP 等核心安全需求。我們現在將其擴展到 Ranger 和 MDR 以及轉售。

So all in all, we feel that's going to be a sustained and resilient part of our business, especially as you see SMBs trying to avoid not the technology and software costs, but really the overhead in recruiting more and more headcount into their security teams and are looking to offset that by procuring direct services, scaled services from the MSSP ecosystem. Obviously, that bodes well for us. We have a complete multi-tenanted solution for that MSSP ecosystem that actually allows them to be more productive in what they do. So again, even in this environment, MSSP is definitely a shining point for us.

所以總而言之，我們認為這將成為我們業務的一個持續和有彈性的部分，特別是當你看到中小型企業試圖避免的不是技術和軟件成本，而是在為他們的安全團隊招聘越來越多的員工和正在尋求通過從 MSSP 生態系統採購直接服務、擴展服務來抵消這種影響。顯然，這對我們來說是個好兆頭。我們為 MSSP 生態系統提供了一個完整的多租戶解決方案，實際上可以讓他們的工作更有效率。所以還是那句話，即使在這樣的環境下，MSSP對我們來說絕對是一個閃光點。

Our next question comes from Alex Henderson with Needham.

我們的下一個問題來自 Alex Henderson 和 Needham。

You gave a guide -- preliminary guide, I guess, is the right way to say it for FY '24, 50% ARR growth. The question I have for you is really without giving a forecast, can you give us some sense of the way you're thinking about the OpEx spend in that environment? Will you still produce at a 50% type growth rate with the same or a similar degree of leverage? Or do you think the leverage becomes a little bit more muted as a result of the slower growth before the reacceleration?

你給出了一個指南——我猜初步指南是對 24 財年 50% ARR 增長的正確表述。我要問你的問題實際上是沒有給出預測，你能告訴我們你是如何考慮那種環境中的運營支出的嗎？您是否仍會以相同或相似程度的槓桿以 50% 的增長率生產？還是您認為由於重新加速前的增長放緩，槓桿作用變得更加溫和？

We think that the ARR, let's call it, tentative guidance for next year, is really a floor. When I think about it, we believe it's conservative. We're looking at it as something we can build from.

我們認為 ARR，讓我們稱之為明年的暫定指導，確實是一個底線。當我想到它時，我們認為它是保守的。我們將其視為可以構建的東西。

In terms of our OpEx spend, we've always said, and you've definitely seen this over the past couple of quarters where we beat by 17% and 14% in terms of operating margins, a lot of our spend is highly elective and we'll invest when it makes sense, and we'll pull back when it doesn't.

就我們的運營支出而言，我們一直說，在過去的幾個季度中你肯定已經看到了這一點，我們在營業利潤率方面分別超過了 17% 和 14%，我們的很多支出都是高度選擇性的，我們會在有意義的時候投資，在沒有意義的時候撤回。

We're always going to map towards our long-term projections in terms of profitability. So if you look, we've made great strides in the years past. We basically cut down our losses by about half every year. And I would anticipate that to continue into next year. Our long-term goals and our path to that is unchanged, no matter what the growth is.

我們總是會根據盈利能力製定長期預測。所以如果你看，我們在過去幾年取得了長足的進步。我們基本上每年減少一半左右的損失。我預計這種情況會持續到明年。無論增長如何，我們的長期目標和實現目標的道路都沒有改變。

The second question I'd like to ask is, can you talk a little bit about the linearity of demand over the course of the quarter? It seems like business is really decelerating very sharply from September to October and then October into November, broadly. Is that consistent with what you're seeing? Or is the resigning giving you some variance from that?

我想問的第二個問題是，你能談談本季度需求的線性嗎？從 9 月到 10 月，然後從 10 月到 11 月，業務似乎確實在大幅減速。這與你看到的一致嗎？還是辭職給了你一些不同之處？

What we're seeing is that a lot of the linearity -- generally, linearity is something that is also under our control. So when we look at our deal inspections, when we dive deep into what we see in the pipeline, we reckon that at the end of the day, a lot of the ability to progress linearity lies within our hand. It's something that we can, to an extent, mitigate by just performing better. And it's something that as we kind of enter Q4, we see it as something that is much, much healthier than what we've seen in previous quarters.

我們看到的是很多線性——一般來說，線性也在我們的控制之下。因此，當我們查看我們的交易檢查時，當我們深入研究我們在管道中看到的內容時，我們認為在一天結束時，我們可以掌握很多推進線性的能力。在某種程度上，我們可以通過表現得更好來緩解這種情況。當我們進入第四季度時，我們認為它比我們在前幾個季度看到的要健康得多。

Some of it is also our changes, what we're doing to actually make sure we can achieve linearity even under decelerating macro conditions. So to us right now, we feel pretty confident in the guide that we gave for Q4. To us, it embodies every factor that we have seen in the past couple of quarters. And once again, is, we feel, given our seasonality, given our linearity is something that we can stand behind.

其中一些也是我們的改變，我們正在做的事情實際上是為了確保即使在減速的宏觀條件下我們也能實現線性。所以現在對我們來說，我們對我們為第四季度提供的指南非常有信心。對我們來說，它體現了我們在過去幾個季度看到的每一個因素。再一次，我們覺得，考慮到我們的季節性，考慮到我們的線性是我們可以支持的。

Our next question comes from Hamza Fodderwala with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Hamza Fodderwala。

A couple of questions. Tomer, I think you alluded to some deals that slipped out of Q3, but closed in fiscal Q4, and these were some pretty large deals. Can you help us quantify how much those deals contributed or would have contributed to Q3?

幾個問題。 Tomer，我想你提到了一些從第三季度溜出但在第四財季結束的交易，這些交易都是相當大的交易。你能幫助我們量化這些交易對第三季度的貢獻或貢獻嗎？

And then secondly, for Dave, you mentioned operating profitability in fiscal '24. I just want to be clear, is that for the full year of fiscal '24? And would you expect free cash flow breakeven to precede that by about 4 quarters?

其次，對於戴夫，你提到了 24 財年的運營盈利能力。我只是想說清楚，這是 24 財年的全年嗎？您是否預計自由現金流盈虧平衡會比這提前大約 4 個季度？

When we look at the deals that slipped, several millions closed in the days that follow. To us, we kind of saw 2 different dynamics. One are these deals that slipped. They contribute somewhat to the next quarter, but I think what is safe to assume is that now we're seeing this as more of a part of our business and not just slipped deals.

當我們查看下滑的交易時，在接下來的幾天內完成了數百萬筆交易。對我們來說，我們看到了兩種不同的動態。其中一項是這些交易下滑。他們對下個季度有所貢獻，但我認為可以肯定的是，現在我們更多地將其視為我們業務的一部分，而不僅僅是交易下滑。

The second one we're seeing and oddly enough, we've actually added more and more large deals this quarter than ever before. More large logos than ever before. But at the same time, deal sizes have changed in nature given to the pressures on budget. So all in all, we kind of feel like we're recalibrating around the new realities in our market. But once again, we feel highly confident that we can continue to operate in this environment.

我們看到的第二個，奇怪的是，本季度我們實際上增加了比以往任何時候都多的大型交易。比以往任何時候都多的大徽標。但與此同時，由於預算壓力，交易規模在本質上發生了變化。所以總而言之，我們有點覺得我們正在圍繞市場的新現實進行重新校準。但是，我們再次對能夠在這種環境中繼續運營充滿信心。

And Hamza, to answer your second question, we've talked about timing of free cash flow, creating free positive cash flow. We're still expecting that to happen at the end of next fiscal year. And then what we're hoping for and really working to achieve is how to get breakeven in fiscal year '25. So the following year. So we do expect free cash flow to hit before profitability. And then those 2 will be much more mapped together.

哈姆扎，為了回答你的第二個問題，我們已經討論了自由現金流的時機，創造了自由正現金流。我們仍然預計這將在下一個財政年度結束時發生。然後我們希望並真正努力實現的是如何在 25 財年實現收支平衡。於是次年。因此，我們確實預計自由現金流會在盈利之前受到衝擊。然後這兩個將被更多地映射在一起。

Our next question comes from Jonathan Ho with William Blair.

我們的下一個問題來自 Jonathan Ho 和 William Blair。

Just wanted to start out with maybe a little bit of additional color on how you think about driving more productivity out of your existing sales teams while also driving this additional cost savings. I just want to understand how do you think about sort of balancing that effort and your confidence level around being able to achieve both.

只是想從一些額外的顏色開始，了解您如何考慮提高現有銷售團隊的工作效率，同時還能節省額外的成本。我只是想了解您如何考慮平衡這種努力和您對能夠實現這兩者的信心水平。

I think we've mentioned that we've just recruited a ton of great talent in the past year. And a lot of these folks, especially on the sales side, are actually ramping and still ramping. We're now working to enable them faster. We're working to get them productive sooner. And naturally, as they progress down the line, as you can imagine, people that have been in the company less than a year are not as productive as people that are in the company for 1.5 years or 2. So naturally, we expect more productivity.

我想我們已經提到過，在過去的一年裡我們剛剛招募了大量優秀人才。很多這樣的人，尤其是在銷售方面，實際上正在並且還在不斷增加。我們現在正在努力使它們更快。我們正在努力讓他們更快地工作。很自然地，隨著他們的進步，正如您可以想像的那樣，在公司工作不到一年的人的工作效率不如在公司工作 1.5 年或 2 年的人。所以自然地，我們期望更高的工作效率.

With that, we've also combined the solution engineering and sales engineering to create a more -- sorry, and the sales organization to create a more curated experience for customers. We put a new leader in North America, and we're putting more and more emphasis on how we sell to the highest enterprises, to the largest logos that we have in our pipeline. All of those have already started to show great signs of success, and we'll continue doing that. As more and more of our business is moving upstream, that to us remains, again, a strategic go-to-market element and avenue that we feel is just getting stronger and stronger for us.

有了這個，我們還結合了解決方案工程和銷售工程來創建一個更——抱歉，銷售組織來為客戶創建一個更精心策劃的體驗。我們在北美任命了一位新的領導者，我們越來越重視如何向最高級別的企業銷售我們正在籌備中的最大的標誌。所有這些都已經開始顯示出巨大的成功跡象，我們將繼續這樣做。隨著我們越來越多的業務向上游移動，這對我們來說仍然是一個戰略性的上市要素和途徑，我們認為它對我們來說正變得越來越強大。

Again, there are many other initiatives that we're taking. But all in all, the ramp, enablement and eventually the changes we've made in our go-to-market organization are already yielding results for us, and we're going to continue and drive that into the future.

同樣，我們正在採取許多其他舉措。但總而言之，我們在進入市場的組織中所做的提升、支持以及最終的改變已經為我們帶來了成果，我們將繼續並將其推向未來。

Got it. Got it. And then just in terms of a follow-up, can you talk a little bit more about the deal resizing that you're seeing out there? Like are these deals typically more being phased in? Are they being reduced in size and scope? Or are you actually seeing anything in terms of renewals, durations changing at all as well?

知道了。知道了。然後就後續行動而言，你能多談談你在那裡看到的交易規模調整嗎？就像這些交易通常更多地被分階段進行一樣？它們的規模和範圍是否正在縮小？或者您是否真的看到了續訂、持續時間方面的任何變化？

The most prevalent dynamic we're seeing out there is really just rightsizing by customers. I mean, they just want to procure for now versus any aspirational note counts that they might have planned for the future. And that, to me, is the prevailing dynamic. I mean, we're not seeing multiphase deployments. People buy for what they need and they come back for expansion. That, to me, once again, is the main thing we're seeing out there.

我們看到的最普遍的動態實際上只是客戶調整規模。我的意思是，他們現在只想購買，而不是他們可能為未來計劃的任何有抱負的鈔票數量。對我來說，這是普遍的動力。我的意思是，我們沒有看到多階段部署。人們購買他們需要的東西，然後回來擴張。對我來說，這再次是我們在那裡看到的主要內容。

We're also seeing it is really more of a future upsell opportunity. I mean these customers are now choosing the core components of our platform. And later on, as they progress with time, we have the ability to go back and upsell them on adjacent models, on more seat counts and really stay true to what customers need in this environment versus just trying to sell them more and more. That's our entire philosophy.

我們還看到它實際上更像是一個未來的追加銷售機會。我的意思是這些客戶現在正在選擇我們平台的核心組件。後來，隨著時間的推移，我們有能力回過頭來在相鄰型號、更多座位數上追加銷售它們，真正忠於客戶在這種環境下的需求，而不是僅僅試圖賣得越來越多。這就是我們的全部理念。

Our next question comes from Fatima Boolani with Citi.

我們的下一個問題來自花旗的 Fatima Boolani。

Tomer, I'll start with you just with respect to some of the items that you itemized around the go-to-market and sales operations changes. So the first one is I'm just curious about a potential succession plan post Nick's transition and how we should think about his transition in terms of overseeing the broader operations of the sales organization impacting the way you thought about the 4Q execution and the top line guidance.

Tomer，我將從您開始介紹您圍繞上市和銷售運營變化列出的一些項目。所以第一個是我只是好奇尼克過渡後的潛在繼任計劃，以及我們應該如何考慮他的過渡，以監督銷售組織的更廣泛運營影響您對第四季度執行和頂線的思考方式指導。

And then, Dave, for you, kind of building off the last question, you talked about cash conservation and cash management sensitivity in your customers. So when I look at your deferred revenue performance, it was a little bit lighter than we were looking for. So if you can maybe shed light on what you're seeing from a contractual and invoicing behavior standpoint as it relates to that cash management sensitivity, I'd really appreciate it.

然後，戴夫，對於你來說，在最後一個問題的基礎上，你談到了客戶的現金保護和現金管理敏感性。因此，當我查看您的遞延收入業績時，它比我們預期的要輕一些。因此，如果你能從合同和發票行為的角度闡明你所看到的與現金管理敏感性相關的內容，我將非常感激。

Yes. So on Nick's succession, you might recall about 6 months ago, we've added Vats Srivatsan as our COO. And by now, largely, we moved a lot of these functions that were under Nick, under Vats as well. The second part is that, obviously, I'm taking a more active role in the go-to-market organization. And as a whole, we've put more emphasis on executive sponsorship throughout the entire process. So we're putting go-to-market front and center. It is the topmost priority for the company right now and for myself. So we kind of worked through that succession both in terms of continuing the transition that we started about 6 months ago, but at the same time, we also remain opportunistic and if we feel like we can inject another highly tenured sales executive, we might opt to do so in the future.

是的。因此，在尼克繼任時，您可能還記得大約 6 個月前，我們任命 Vats Srivatsan 為我們的首席運營官。到現在為止，在很大程度上，我們將很多這些職能轉移到了 Nick 和 Vats 的領導下。第二部分是，顯然，我在進入市場的組織中發揮了更積極的作用。總的來說，我們在整個過程中更加強調高管的支持。因此，我們將上市放在首位和中心位置。這是目前公司和我自己的首要任務。因此，我們在繼續大約 6 個月前開始的過渡方面完成了這次繼任，但與此同時，我們也保持機會主義，如果我們覺得我們可以注入另一位資深銷售主管，我們可能會選擇將來這樣做。

And Fatima, to answer your second question in regards to free cash flow, I think you're seeing 2 dynamics. You're seeing, one, where customers just aren't prepaying for multiyears, which was more prevalent in the past. And then you're also seeing the shift to MSSP, where they tend to be paying quarterly versus larger upfront deals. That dynamic we expect to continue for a while.

法蒂瑪，為了回答你關於自由現金流的第二個問題，我認為你看到了兩種動態。你會看到，一個，客戶不會預付多年的費用，這在過去更為普遍。然後您還會看到向 MSSP 的轉變，他們傾向於按季度支付而不是較大的前期交易。我們預計這種動態會持續一段時間。

Our next question comes from Brad Zelnick with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brad Zelnick。

Great. It's good to see the strong execution in this kind of environment. I've got one maybe for Tomer and a quick follow-up for you, David. Tomer, I was intrigued by the customer win you mentioned that chose Singularity Cloud despite running a competitor on their endpoints. Can you maybe mention who the competitor is, what was the circumstance? And is this something that we can expect might be more common in the future?

偉大的。很高興在這種環境下看到強大的執行力。我有一份可能是給托默的，還有一份給你的快速跟進，大衛。 Tomer，我對你提到的贏得客戶的興趣很感興趣，儘管在他們的端點上運行了一個競爭對手，但還是選擇了 Singularity Cloud。您能否提及競爭對手是誰，情況如何？我們可以預期這在未來會更普遍嗎？

Absolutely. We've seen that dynamic now play for a few good quarters. It's a strategic go-to-market avenue -- yet another one for us -- where we go in and unlock accounts that otherwise have been running somebody else on the endpoint side. And as you can imagine, we've got 2 main competitors, you can pick each one of them that you wish for the purpose of illustration. But at the end of the day, it allows us to come in with a truly unique offering right now for cloud workload protection that is far superior to what any other endpoint vendor can provide on the cloud side. And on those merits, we come in, we secure the cloud environment.

絕對地。我們已經看到這種動態已經持續了好幾個季度。這是一個戰略性的上市途徑 - 對我們來說又是一個 - 我們進入並解鎖否則一直在端點端運行其他人的帳戶。正如您可以想像的那樣，我們有 2 個主要競爭對手，您可以選擇其中的每一個來進行說明。但歸根結底，它使我們能夠立即為雲工作負載保護提供真正獨特的產品，遠遠優於任何其他端點供應商在雲端提供的產品。基於這些優點，我們進來了，我們保護雲環境。

It's not the first one. We've had quite a few of those in the past couple of quarters, and it remains, again, a competitive advantage that we have, not only in our own existing accounts, not only is it now a wider platform, wide offering that spans endpoint and cloud and serves as another differentiator, but once again, in the stand-alone situations, you're sometimes looking at footprints that are in the cloud that are actually bigger than the footprints on the endpoint side.

這不是第一個。在過去的幾個季度中，我們已經擁有了很多這樣的產品，而且它仍然是我們擁有的競爭優勢，不僅在我們自己現有的賬戶中，而且現在它不僅是一個更廣泛的平台，涵蓋範圍更廣的產品端點和雲並作為另一個區別因素，但再一次，在獨立情況下，您有時會看到雲中的足跡實際上比端點端的足跡更大。

So for us, more cloud deals and the more cloud deals that we can do, it's incredibly serving to our go-to-market motion. Cloud was again our #1 fastest-growing module. And we just invest more and more in an offering that right now is a leg above what anybody else can offer in the space.

因此，對我們來說，更多的雲交易和我們可以做的更多的雲交易，對我們進入市場的行動非常有用。雲再次成為我們排名第一的增長最快的模塊。我們只是越來越多地投資於目前比該領域其他任何人都可以提供的產品。

That's really helpful. And David, just a follow-up for you. I appreciate the color you gave for Q4 and ARR for at least 20% sequential growth. Others in the broader market are calling for no seasonal budget flush, no Christmas this year, even sequential declines in Q4. And I know you have a number of benefits, including the deals that pushed from Q3, strong net retention trends, ramping sales productivity and a really strong value prop. But is there any way to maybe further frame and characterize the confidence that you have that underpins your view into Q4?

這真的很有幫助。大衛，只是你的後續行動。我很欣賞你為第四季度和 ARR 提供的至少 20% 連續增長的顏色。大盤中的其他人則呼籲不要出現季節性預算激增，今年不要過聖誕節，甚至第四季度也不要出現連續下滑。而且我知道你有很多好處，包括從第三季度開始的交易、強勁的淨保留趨勢、不斷提高的銷售效率和非常強大的價值支撐。但是有什麼方法可以進一步構建和描述您對第四季度觀點的信心？

Well, we're assuming that the macro conditions continue and persist into Q4. We're still expecting to grow sequentially. This 20%, it's due to a few things. One, we have a higher concentration of larger deals historically in Q4. Two, we have a record pipeline. We just need to go out and close deals. We're highly confident in the 20% sequential growth. And we're hoping to outperform that. We believe this is historic -- this is much better or much more conservative versus our historical guidance.

好吧，我們假設宏觀條件繼續並持續到第四季度。我們仍然期望連續增長。這 20% 是由幾件事造成的。第一，從歷史上看，我們在第四季度的交易集中度更高。第二，我們有一個記錄管道。我們只需要出去完成交易。我們對 20% 的環比增長充滿信心。我們希望能超越它。我們認為這是歷史性的——與我們的歷史指導相比，這要好得多或保守得多。

If you looked traditionally, we were about 40% sequential growth. We're assuming it's about half that. And I think that that's how we're looking at this to reflect more conservative guidance around Q4, and we're hoping to build off that.

如果你從傳統上看，我們的環比增長約為 40%。我們假設它大約是一半。我認為這就是我們看待這個問題的方式，以反映圍繞第四季度的更保守的指導，我們希望以此為基礎。

Yes. Just to add to that, I mean, we feel like we've got all the raw materials to get there. And right now, we're just kind of re-rating on our ARR. So to us, it feels like we're taking the right step to make sure that we're guiding towards what we feel is absolutely doable. That's the right thing to do. And with that, as Dave mentioned, record pipelines entering into the quarter, better linearity than last quarter that I mentioned just a few moments ago. All of those give us increased confidence that we can hit the Q4 number, potentially even do better.

是的。只是為了補充一點，我的意思是，我們覺得我們已經擁有了到達那裡的所有原材料。而現在，我們只是對我們的 ARR 進行重新評級。所以對我們來說，感覺我們正在採取正確的步驟，以確保我們正在朝著我們認為絕對可行的方向發展。這是正確的做法。正如 Dave 提到的那樣，進入本季度的記錄管道比我剛才提到的上個季度更好的線性。所有這些都讓我們更有信心達到第四季度的數字，甚至可能做得更好。

And I think another thing to consider is that we've never been benefits of a budget flush. I think we've just traditionally seen deals that closed. We've never been a company, I think, that have companies just come to us and say, "Hey, I've got a bunch of budget I need to spend it." When customers work with us, we're trying to do what's best for the customer, and we're trying to make sure that we provide a solution for them. So the idea of a budget flush just isn't something that we're expecting will affect us.

我認為另一件需要考慮的事情是，我們從來沒有從預算充裕中受益。我認為我們傳統上只是看到交易結束了。我認為，我們從來都不是這樣一家公司，他們只是來找我們說，“嘿，我有一大筆預算需要花掉。”當客戶與我們合作時，我們會努力為客戶做最好的事情，我們會努力確保為他們提供解決方案。因此，預算充裕的想法並不是我們預期會影響我們的事情。

Yes. I concur, by the way. We've never seen that phenomenon for better or for worse.

是的。順便說一句，我同意。我們從未見過這種現像是好是壞。

Our next question comes from Gray Powell with BTIG.

我們的下一個問題來自 BTIG 的 Gray Powell。

So a lot of good detail in here so far. So when we think through your outlook for 50% ARR growth next year, how do you think linearity plays out relative to this year and prior years? Should we expect that the net adds next year to be more back-end loaded?

到目前為止，這裡有很多很好的細節。因此，當我們仔細考慮您對明年 ARR 增長 50% 的展望時，您認為相對於今年和往年的線性表現如何？我們是否應該期望明年的淨增加更多的後端負載？

I think generally, I mean, it will be typical to our business. I mean I wouldn't expect any major departure from how we've been operating in the past couple of years. It might be a bit more smoothened out. But again, at large, I would say it remains relatively the same.

我認為一般來說，我的意思是，這對我們的業務來說是典型的。我的意思是，我預計我們過去幾年的運營方式不會有任何重大變化。它可能會更平滑一些。但總的來說，我會說它仍然相對相同。

Okay. Great. And then just my other question would be, I know you're not breaking out Attivo anymore, but just how has growth there been relative to your original expectations? And as you get that product more into your sales motion, do you see an opportunity to accelerate growth in the product from that original 50% growth rate that we were talking about at the beginning of the year?

好的。偉大的。然後我的另一個問題是，我知道你不再突破 Attivo，但與你最初的預期相比，增長情況如何？隨著您將該產品更多地納入您的銷售活動，您是否看到了從我們年初談論的最初 50% 的增長率加速產品增長的機會？

As we look into next year, we believe that's going to be one of our stronger propositions. I mean to us, being still in the early days of our integration, we believe we haven't fully unlocked the potential in that acquisition and in identity security in general. We've generated record pipeline for identity security this past quarter. So we feel better about the overall prospectus of what this could look like in the years to come.

當我們展望明年時，我們相信這將是我們更有力的主張之一。我的意思是對我們來說，仍處於整合的早期階段，我們相信我們還沒有完全釋放那次收購和身份安全的潛力。我們在上個季度為身份安全生成了記錄管道。因此，我們對未來幾年的整體招股說明書感覺更好。

With that, obviously, macro impacts everything and identity is no different. We always expect highly and we maybe expected more. But generally speaking, as we go into next year with a fully-integrated offering, we feel that's the best way to unlock the identity perspective, both in terms of the go-to-market and our sellers being able to sell identity as a holistic part of the platform.

顯然，宏觀影響一切，身份也不例外。我們總是期望很高，我們可能期望更多。但總的來說，隨著我們進入明年的完全集成產品，我們認為這是解鎖身份視角的最佳方式，無論是在上市方面還是我們的賣家都能夠將身份作為一個整體進行銷售平台的一部分。

And also technologically speaking, the product will be completely integrated into our endpoint technology. So it wouldn't require any additional configuration, and that would again unlock and remove more friction.

而且從技術上講，該產品將完全集成到我們的端點技術中。所以它不需要任何額外的配置，這將再次解鎖並消除更多的摩擦。

Our next question comes from Joseph Gallo with Jefferies.

我們的下一個問題來自 Jefferies 的 Joseph Gallo。

Really appreciate the question. How should we think about macro impact at the lower end of the market? I know you said the large deals is where it was more pronounced. Is the lower end of the market seeing strength? Or is that partially being masked by the MSSP channel?

非常感謝這個問題。我們應該如何看待低端市場的宏觀影響？我知道你說過大宗交易更明顯。低端市場看到力量了嗎？還是部分被 MSSP 頻道掩蓋了？

It could be. It's a bit hard to tell. I mean, just given that dynamic that MSSP to an extent masks some of these things from us. But as we look at our own direct contribution in MSSP, it remained relatively in line with past trends. So we haven't seen anything too dramatic going in, in SMB. But what we've definitely seen is MSSP on the rise, MSSP taking more customers from the direct business. So even if you look at kind of our customer count as an example, a lot of these customers that we've added in the quarter are actually masked by 1 master MSSP service provider that basically onboards all of these customers. So all in all, we feel that between MSSP and our direct strength in SMB, we've seen largely consistent execution. And we feel that should continue into the future as well.

它可能是。有點不好說。我的意思是，考慮到 MSSP 在一定程度上掩蓋了我們的一些事情。但當我們審視我們自己在 MSSP 中的直接貢獻時，它仍然相對符合過去的趨勢。因此，在 SMB 中，我們還沒有看到任何太過戲劇化的事情發生。但我們肯定看到的是 MSSP 正在崛起，MSSP 從直接業務中獲得了更多客戶。因此，即使您以我們的客戶數量為例，我們在本季度添加的許多客戶實際上都被 1 個主要的 MSSP 服務提供商所掩蓋，該服務提供商基本上包含了所有這些客戶。因此，總而言之，我們認為在 MSSP 和我們在 SMB 方面的直接優勢之間，我們看到了基本一致的執行。我們認為這也應該持續到未來。

Awesome. I appreciate those comments. And then a lot of the convos we've had with cyber professionals, has just been around -- the next real frontier is IoT, which remains the Wild West. Can you just give an update on Ranger? And is that viewed as a must-have or a nice to have in an intensifying macro environment?

驚人的。我很欣賞這些評論。然後，我們與網絡專業人士進行的許多討論剛剛開始——下一個真正的前沿是物聯網，它仍然是狂野的西部。你能介紹一下 Ranger 的最新情況嗎？在日益加劇的宏觀環境中，這被視為必備品還是錦上添花？

Sure. If you ask me, it's a must-have, I don't know that's the same in the eyes of customers just yet. I think there's still a lot to still work on in terms of security fundamentals and EDR and EPP are still not prevalent enough. In the frontier, the real frontier is still with EDR and EPP. With that, we are seeing good traction with Ranger. We have been seeing traditionally good traction with Ranger. I think market education always lags a tiny bit the threat landscape. But we believe that as you kind of go into more and more of this need to actually map out your entire asset environment, all your devices and get a grasp on your entire network, Ranger is one of these imperatives that can help customers fast to map out their environment and then provide for better protection and better hygiene. So it remains, again, a leading module for us and one that I hope we'll see even more contribution in the next couple of years.

當然。如果你問我，它是必須的，我不知道在客戶眼中是不是一樣。我認為在安全基礎方面還有很多工作要做，EDR 和 EPP 仍然不夠普遍。在前沿，真正的前沿還是EDR和EPP。有了這個，我們看到了 Ranger 的良好牽引力。傳統上，我們一直看到 Ranger 的良好牽引力。我認為市場教育總是滯後於威脅形勢。但我們相信，隨著您越來越多地需要實際繪製整個資產環境、所有設備並掌握整個網絡，Ranger 是可以幫助客戶快速繪製地圖的必要條件之一走出他們的環境，然後提供更好的保護和更好的衛生。因此，它仍然是我們的領先模塊，我希望我們能在未來幾年看到更多的貢獻。

Our next question comes from Roger Boyd with UBS Securities.

我們的下一個問題來自瑞銀證券的 Roger Boyd。

Tomer, lots going on with macro, but I'd love an update on what you're seeing in terms of customer interest around the broader XDR strategy and the DataSet product. And as we look to calendar '23, where do you think those kind of security analytics projects stack up in terms of CSO priorities?

Tomer，宏觀方面發生了很多事情，但我很想了解您對更廣泛的 XDR 戰略和 DataSet 產品的客戶興趣方面的最新情況。當我們展望 23 年日曆時，您認為這些類型的安全分析項目在 CSO 的優先級方面處於什麼位置？

Absolutely. It's actually one of the top most priority for a lot of enterprises out there just on the account that these XDR projects when they deal with true data ingestion, like the proposition that we have with Singularity XDR, are actually means to offset cost away from legacy data processing solutions. So we have a lot of conversations out there to leverage the already preexisting platform that they own in Singularity XDR and into a full log ingestion mechanism that offsets costs away from traditional SIEM providers.

絕對地。它實際上是許多企業的首要任務之一，因為這些 XDR 項目在處理真正的數據攝取時，就像我們對 Singularity XDR 的提議一樣，實際上是為了抵消遺留成本數據處理解決方案。因此，我們進行了很多對話，以利用他們在 Singularity XDR 中擁有的已經存在的平台，並進入一個完整的日誌攝取機制，以抵消傳統 SIEM 提供商的成本。

So especially in this macro environment, for true XDR data down solution, and especially if it's one that already exists in your environment, if you are a user for Singularity XDR or for our EDR or for EPP, you can start ingesting data into it and save cost.

因此，特別是在這個宏觀環境中，對於真正的 XDR 數據向下解決方案，特別是如果它已經存在於您的環境中，如果您是 Singularity XDR 或我們的 EDR 或 EPP 的用戶，您可以開始將數據攝取到其中並且節約成本。

We're now building more and more into a holistic business value proposition that ranges from endpoint protection and consolidating away the endpoint security controls that you have now and all the way to cost saving on the log analytics side for security analytics. So expect more of that to happen. Still very, very early in that cycle, still applicable to just a narrow band of use cases. But as we go and execute towards next year, we're adding more and more use cases for customers to be able to enjoy the cost benefit. But now also make sure that there's a business outcome that's associated with it across security and all the way to finance and business operations.

我們現在正在越來越多地構建一個整體的業務價值主張，其範圍從端點保護和整合您現在擁有的端點安全控制，一直到用於安全分析的日誌分析方面的成本節約。所以期待更多這樣的事情發生。仍然處於那個週期的非常非常早的階段，仍然只適用於一小部分用例。但隨著我們明年開始執行，我們正在為客戶添加越來越多的用例，以便能夠享受成本效益。但現在還要確保在安全性以及財務和業務運營方面都有與之相關的業務成果。

Our next question comes from Andrew Nowinski with Wells Fargo.

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

Okay. So I have a question on the FY '24 guidance. So you talked about gaining market share, seeing more Microsoft displacements, your pipeline is at an all-time high, yet your preliminary outlook for ARR suggests that net new ARR is only going to grow about 8%. Can you just talk about the factors that you think are going to get worse next year than they were this year to where that net new only grows 8%?

好的。所以我對 FY '24 指南有疑問。所以你談到了獲得市場份額，看到更多的微軟取代，你的管道處於歷史最高水平，但你對 ARR 的初步展望表明，淨新 ARR 只會增長約 8%。你能談談你認為明年會比今年更糟的因素，以至於淨新增僅增長 8% 嗎？

Yes. I mean, a, we're really, really looking to put some form of a conservative prediction at a time where we don't believe we can predict anything really. We don't have a crystal ball. We don't have a way to know how the economy would look like. Our assumption is that things are not going to get better anytime soon. And just on the account of that, we want to make sure that we don't put too aspirational target out there for our growth.

是的。我的意思是，我們真的非常希望在我們不相信我們可以真正預測任何事情的時候進行某種形式的保守預測。我們沒有水晶球。我們沒有辦法知道經濟會是什麼樣子。我們的假設是情況不會很快好轉。正因為如此，我們希望確保我們不會為我們的增長設定太高的目標。

And as Dave mentioned, to us, we've always been incredibly nimble, incredibly agile in how we spend and how we extract growth, and we'll continue keeping an eye as to when we can maybe press more on the gas pedal and maybe accelerate growth versus taking a more prudent and conservative approach to our growth. So all in all, this just to us means that we want to make sure that we're being responsible custodians and are giving the conservative view of the most that we can see. And right now, to be perfectly honest, there's not much that we can predict to next year. So we're taking that view.

正如 Dave 提到的，對我們來說，我們在如何支出和如何提取增長方面一直非常靈活，非常敏捷，我們將繼續關注何時可以踩下油門踏板，也許加速增長，而不是對我們的增長採取更謹慎和保守的方法。所以總而言之，這對我們來說意味著我們要確保我們是負責任的保管人，並給出我們能看到的最多的保守觀點。現在，說實話，我們對明年的預測不多。所以我們採納了這種觀點。

Okay. Fair enough. And then on the Fed side, you said you secured 3 new agencies. I'm just wondering, are those agencies exclusively using SentinelOne for endpoint protection? Or might they be using other vendors as well? I'm just trying to understand the magnitude of those 3 deals in the Fed you mentioned.

好的。很公平。然後在美聯儲方面，你說你獲得了 3 個新機構。我只是想知道，這些機構是否專門使用 SentinelOne 進行端點保護？或者他們也可能使用其他供應商？我只是想了解你提到的美聯儲的那三筆交易的規模。

Of course. Each one of them is slightly different. Some of them do use another vendor out there. Some of them use us exclusively. For all of those, I mean, this is an initial land. I mean, obviously, these agencies are sometimes just incredibly sizable. And for us, I mean, even the initial land is a massive deal but all of them are just initial lands that will grow over time. For some, there's another vendor out there. But to us, it's just a massive, massive win, and we continue to see traction in the federal, which is the most important part.

當然。他們每個人都略有不同。他們中的一些人確實使用了其他供應商。他們中的一些人專門使用我們。對於所有這些，我的意思是，這是一塊初始土地。我的意思是，很明顯，這些機構有時規模非常大。對我們來說，我的意思是，即使是最初的土地也是一筆大買賣，但所有這些都只是會隨著時間的推移而增長的初始土地。對於一些人來說，那裡有另一個供應商。但對我們來說，這只是一場巨大的勝利，我們繼續看到聯邦政府的牽引力，這是最重要的部分。

Our last question comes from Rudy Kessinger with D.A. Davidson.

我們的最後一個問題來自 D.A. 的 Rudy Kessinger。戴維森。

Really just one for me. You talked about customers kind of rightsizing deal sizes and taking the number of endpoints they really need today as opposed to kind of buying more endpoint coverage based on some prediction of what they'll need in the future. But I guess I'm curious, are you also seeing customers maybe taking Singularity Core or Control as opposed to Complete? And then as you look at the emerging products, it certainly it sounds like cloud security remains very hot. But if you just had to look at cloud, identity, Ranger, IoT, data protection, just kind of rank order which products are still seeing the most demand versus which have seen maybe a bigger impact due to the macro and are getting pushed to the side.

對我來說真的只有一個。你談到了客戶對交易規模進行合理調整併獲取他們今天真正需要的端點數量，而不是根據對未來需求的一些預測來購買更多的端點覆蓋範圍。但我想我很好奇，您是否也看到客戶可能選擇 Singularity Core 或 Control 而不是 Complete？然後，當您查看新興產品時，聽起來雲安全肯定仍然很熱門。但是，如果您只需要查看雲、身份、Ranger、物聯網、數據保護，只是一種排名順序，哪些產品仍然看到最多的需求，哪些產品可能由於宏觀影響而受到更大的影響，並被推到邊。

Singularly Control is still the #1 package we have, and we haven't seen people shift away to Singularity Core or -- I'm sorry, Singularity Complete is the #1 package that we have. We haven't really seen anybody move into Singularity Core or Control. To us, it really is about the adjacent modules on top of Singularity Complete but sometimes folks would choose to not spend on right now. These could be adjacent capabilities like remote script execution, endpoint firewall controls, that are not always the bare necessities. But when you look at the core needs, obviously, EPP and EDR remain front and center.

Singularly Control 仍然是我們擁有的排名第一的軟件包，我們還沒有看到人們轉向 Singularity Core 或者——對不起，Singularity Complete 是我們擁有的排名第一的軟件包。我們還沒有真正看到任何人進入 Singularity Core 或 Control。對我們來說，這實際上是關於 Singularity Complete 之上的相鄰模塊，但有時人們會選擇現在不花錢。這些可能是相鄰的功能，如遠程腳本執行、端點防火牆控制，這些功能並不總是必需的。但是，當您查看核心需求時，顯然，EPP 和 EDR 仍然是最重要的需求。

And the second part there is that, obviously, anybody that has transitioned or started transitioning to the cloud and is now using the cloud as a production environment must deploy workload protection, run-time protection into those. So those become a must-have. So across these 2 functions as well as more demand for MDR services and managed services. Those are kind of the, call it, the bread and butter of what we sell on today.

第二部分顯然，任何已經過渡或開始過渡到雲並且現在將雲用作生產環境的人都必須在其中部署工作負載保護和運行時保護。因此，這些成為必備品。因此，跨越這 2 個功能以及對 MDR 服務和託管服務的更多需求。這些就是我們今天銷售的麵包和黃油。

Data retention is one that I highlight as well. Again, that's actually a cost saver to many folks out there where they can retain data with the Singularity platform versus maybe putting it in another costly data lake. So those to us have seen the most success and continue to grow. I think for some of the other offerings that we've had, especially as you kind of look into endpoint management, that's where sometimes people choose to pause and really focus on the ones that matters most.

數據保留也是我強調的一項。同樣，對於許多人來說，這實際上可以節省成本，他們可以使用 Singularity 平台保留數據，而不是將數據放在另一個昂貴的數據湖中。因此，對我們來說，那些人已經取得了最大的成功並繼續成長。我認為對於我們已經擁有的其他一些產品，尤其是當您研究端點管理時，有時人們會選擇暫停並真正專注於最重要的產品。

And our final question is from Tai (sic) [Tal] Liani with Bank of America.

我們的最後一個問題來自美國銀行的 Tai (sic) [Tal] Liani。

I have 2 questions. The first one is, if I look at prior down cycles, there was always an issue for smaller companies to maintain the pace because some customers are looking at balance sheet strength and are looking at cash flow, cash burn, losses and are shifting business to companies who are more financially stable. Your case is a little bit different because you're a leader in your space. And I'm wondering if you had this kind of discussion with your customers or if you had this kind of concern, how you address them if it's a consideration at all? That's my first question.

我有兩個問題。第一個是，如果我看一下之前的下行週期，小公司總是很難保持步伐，因為一些客戶正在關注資產負債表的實力，關注現金流、現金消耗、虧損，並正在將業務轉移到財務更穩定的公司。你的情況有點不同，因為你是你所在領域的領導者。我想知道您是否與您的客戶進行過這種討論，或者您是否有過這種擔憂，如果需要考慮，您將如何解決這些問題？這是我的第一個問題。

My second question is about large customers. We are seeing across the board that companies are talking about slowdown from smaller customers or push outs, and push out is always the first step before slowdown. And the question is, are you concerned that what you're seeing today is only the short term, meaning smaller companies just react really quickly to what's happening in the market and slowing spending, and we could see larger customers doing the same thing at the beginning of the year. So that means we haven't hit the bottom yet in terms of spending.

我的第二個問題是關於大客戶的。我們全面看到，公司正在談論小型客戶的放緩或退出，而退出始終是放緩之前的第一步。問題是，你是否擔心你今天看到的只是短期的，這意味著較小的公司只是對市場上正在發生的事情和支出放緩做出真正快速的反應，我們可以看到更大的客戶在做同樣的事情今年年初。所以這意味著我們在支出方面還沒有觸底。

So the question is as much as you can say, it's not qualitative -- it's not a quantitative question, it's more qualitative. As much as you could see, how do you -- what's your view of larger companies, those who are working on annual budgets, what kind of discussions you have with them when it comes to how will next year look like?

所以這個問題就像你可以說的那樣，它不是定性的——這不是一個定量問題，它更像是一個定性問題。正如你所看到的，你如何 - 你對大公司有什麼看法，那些正在製定年度預算的公司，你與他們就明年的情況進行了什麼樣的討論？

First, on the first question, honestly, we haven't seen that. And our cash balance is incredibly strong by, I think, any degree. So we haven't heard that from customers at all. I think customers still look at us as a very cost-effective solution and one that on the TCO perspective helps them more than almost any other vendor out there. And that comes again on the back of a public company with transparent financials and that has been, I think, just a stellar force in cybersecurity.

首先，關於第一個問題，老實說，我們還沒有看到。我認為，我們的現金餘額在任何程度上都非常強勁。所以我們根本沒有從客戶那裡聽說過。我認為客戶仍然將我們視為一種非常具有成本效益的解決方案，並且從 TCO 的角度來看，與幾乎任何其他供應商相比，我們對他們的幫助更大。這又是在一家擁有透明財務的上市公司的支持下發生的，我認為，這一直是網絡安全領域的一股強大力量。

To the second question, I think we are seeing large enterprises react and they react by really rightsizing. I think if you couple the pipeline, you really understand that the customer intent is still there. Cybersecurity is not something they can push or punt. They actually want to buy it, but they want to optimize on costs at the same time. So if you couple the pipeline strength and you couple the trends in deal rightsizing, I think that's the right dynamic that you're going to see. And it's something that we've seen, I think even starting a little bit last quarter, it did show up this quarter even in a more pronounced way. And now we're kind of factoring it in.

對於第二個問題，我認為我們正在看到大型企業做出反應，他們的反應是真正精簡。我認為如果你耦合管道，你就會真正理解客戶的意圖仍然存在。網絡安全不是他們可以推動或賭注的東西。他們實際上想購買它，但同時又想優化成本。因此，如果你將管道實力與交易規模調整的趨勢結合起來，我認為這就是你將要看到的正確動態。這是我們已經看到的，我認為即使從上個季度開始一點點，它也確實在本季度以更明顯的方式出現。現在我們正在考慮它。

So all in all, I don't feel like you're going to see large enterprises saying, "I don't want to spend on security." They have to spend on the security, whether it's with the incumbent that they currently have, or with a new vendor that can supply better security, probably right around the same cost structure, they're going to have to spend it. So I don't foresee any further tapering or any further slowdown in how they're thinking about purchasing. I think we will see a continued trend to rightsize deals. And I think that SentinelOne is very well positioned to deal with that. We've always been the more cost-optimized solution in the market. It bodes incredibly well with our business model. That's why you see us, even in this macro environment, improving on gross margin. That couldn't have happened if we haven't had really robust and healthy pricing to couple with that.

所以總而言之，我覺得你不會看到大型企業說：“我不想在安全上花錢。”他們必須在安全性上花錢，無論是與他們目前擁有的現有供應商合作，還是與可以提供更好安全性的新供應商合作，可能就在相同的成本結構附近，他們將不得不花錢。因此，我預計他們對購買的看法不會進一步縮減或進一步放緩。我認為我們將看到調整交易規模的持續趨勢。我認為 SentinelOne 非常適合處理這個問題。我們一直是市場上成本優化程度更高的解決方案。這預示著我們的商業模式非常好。這就是為什麼你看到我們，即使在這種宏觀環境下，毛利率也在提高。如果我們沒有真正穩健和健康的定價來與之相結合，那是不可能發生的。

There are no more questions. I'll pass the call back over to the management team for closing remarks.

沒有問題了。我會將電話轉回給管理團隊，讓他們發表結束語。

Thank you, everybody. Really appreciate your time today.

謝謝大家。真的很感謝你今天的時間。

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。您現在可以斷開線路。