SentinelOne Inc (S) 2023 Q4 法說會逐字稿

Good afternoon, and thank you for attending today's SentinelOne Q4 FY 2023 Earnings Conference Call. My name is Tamia, and I will be your moderator for today. (Operator Instructions)

下午好，感謝您參加今天的 SentinelOne 2023 財年第四季度收益電話會議。我叫 Tamia，今天我將擔任你們的主持人。 （操作員說明）

It is now my pleasure to pass the conference over to your host, Doug Clark, Vice President, Investor Relations. You may proceed.

現在我很高興將會議轉交給你的主持人，投資者關係副總裁道格克拉克。你可以繼續。

Good afternoon, everyone, and welcome to SentinelOne's Earnings Call for the Fourth Quarter and Fiscal Year 2023 ended January 31. With us today are Tom 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 section of our website.

大家下午好，歡迎來到 SentinelOne 截至 1 月 31 日的第四季度和 2023 財年財報電話會議。今天和我們在一起的是首席執行官 Tom 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”部分將提供音頻重播。

Before we begin, I would like to remind you that during today's call, we'll be making forward-looking statements regarding future events and financial performance, including our guidance for the first fiscal quarter and full fiscal year '24 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.

在我們開始之前，我想提醒您，在今天的電話會議上，我們將就未來事件和財務業績做出前瞻性陳述，包括我們對第一財季和整個 24 財年以及某些長期的指引- 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 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. 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。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 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大不相同的原因，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. These non-GAAP measures are not intended to be a substitute for GAAP results.

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。這些非 GAAP 措施無意替代 GAAP 結果。

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

我們今天提供的財務展望不包括基於股票的補償費用、雇主工資稅和員工股票交易、已收購無形資產的攤銷費用和與收購相關的補償費用，這些目前無法確定，因此無法核對在今天的新聞稿中。

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

然後，讓我把它交給 SentinelOne 的首席執行官 Tomer Weingarten。

Good afternoon, everyone, and thank you for joining our fiscal fourth quarter earnings call. We reported a strong close to the year and exceeded expectations across all key metrics, including ARR, revenue, gross margin and operating margin. We're delivering high growth with substantial margin improvement.

大家下午好，感謝您參加我們的第四財季財報電話會議。我們報告了今年年底的強勁表現，並超出了所有關鍵指標的預期，包括 ARR、收入、毛利率和營業利潤率。我們正在實現高增長，利潤率大幅提高。

Macroeconomic headwinds remain consistent, yet we achieved 2 significant milestones: we crossed $0.5 billion in ARR and our global customer base now exceeds the 10,000 mark. This is tremendous progress in terms of the scale and speed in which we achieved it. Our sites are much higher. These results reflect strong execution and competitive position across both endpoint and cloud security markets.

宏觀經濟逆風依然存在，但我們實現了 2 個重要的里程碑：我們的 ARR 超過 5 億美元，我們的全球客戶群現已超過 10,000 個大關。就我們實現它的規模和速度而言，這是巨大的進步。我們的網站要高得多。這些結果反映了端點和雲安全市場的強大執行力和競爭地位。

We're a proven technology leader in all 3 major industry valuations, MITRE, Gartner Magic Quadrant and the top ranking in each Gartner critical capabilities for endpoint protection, signifying that SentinelOne is a top choice for businesses of all sizes and complexities.

我們在所有 3 個主要行業估值、MITRE、Gartner 魔力像限和端點保護的每個 Gartner 關鍵功能中均名列前茅，這表明 SentinelOne 是各種規模和復雜性企業的首選。

Our technology is helping enterprises consolidate point solutions, realize better business outcomes and modernize their security stack to the power of machine speed automation. Our singularity platform is designed to be cost efficient in ways that incumbent solutions can't match. Our platform breadth across endpoint, cloud, identity and data delivers best-in-class security and value for our customers and diverse growth opportunities for our business across multiple large TAMs.

我們的技術正在幫助企業整合單點解決方案，實現更好的業務成果，並利用機器速度自動化的力量對其安全堆棧進行現代化改造。我們的奇點平台旨在以現有解決方案無法比擬的方式實現成本效益。我們跨端點、雲、身份和數據的平台廣度為我們的客戶提供一流的安全性和價值，並為我們跨多個大型 TAM 的業務提供多樣化的增長機會。

As always, please read our shareholder letter published on the Investor Relations website, which provides a lot more detail. On today's call, I'll cover 3 key areas: one, details of our quarterly performance showing outperformance on all key metrics, better execution and stronger competitive position; two, we're focusing our investments and road map in areas of key technology differentiation, large addressable markets and critical enterprise needs; three, I'll discuss the broader demand environment. We're committed to delivering high growth with continued margin improvement and long-term profitability.

一如既往，請閱讀我們在投資者關係網站上發布的股東信，其中提供了更多詳細信息。在今天的電話會議上，我將介紹 3 個關鍵領域：一是我們季度業績的詳細信息，顯示所有關鍵指標都表現出色，執行力更好，競爭地位更強；第二，我們將投資和路線圖集中在關鍵技術差異化、大型可尋址市場和關鍵企業需求領域；第三，我將討論更廣泛的需求環境。我們致力於通過持續提高利潤率和長期盈利能力來實現高增長。

Let's first turn the discussion to our quarterly performance. We delivered strong revenue and ARR growth driven by continued adoption of our singularity platform across endpoint cloud identity and adjacent solutions. For the full year, we achieved 106% revenue growth. Our teams executed beyond my expectations to close the year. We're taking market share, and we significantly exceeded the Rule of 50 again in the fourth quarter.

讓我們首先將討論轉向我們的季度業績。我們在端點雲身份和相鄰解決方案中持續採用我們的奇異平台，推動我們實現了強勁的收入和 ARR 增長。全年，我們實現了 106% 的收入增長。我們團隊的表現超出了我對結束這一年的預期。我們正在搶占市場份額，我們在第四季度再次大大超過了 50 條規則。

We've consistently combined rapid growth with meaningful margin improvement, showcasing strong unit economics and scalability of our business model. Our gross margin reached a new record, and our operating margin expanded over 30 percentage points in Q4. Overall, we've expanded operating margin by more than 25 percentage points year-over-year for 6 consecutive quarters. These are great results. I'm proud of the dedication and hard work of Sentinels around the world who make this all possible.

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。我們的毛利率創下新高，營業利潤率在第四季度增長了 30 個百分點以上。總體而言，我們連續 6 個季度的營業利潤率同比增長超過 25 個百分點。這些都是很好的結果。我為世界各地的 Sentinels 的奉獻精神和辛勤工作感到自豪，是他們讓這一切成為可能。

Q4 was one of our strongest quarters of win rates and new customer additions, including enterprises with ARR of over $1 million. We added nearly 750 new customers in the quarter, and our total customer count grew about 50% year-over-year, exceeding 10,000. Keep in mind, this is dramatically understated as we don't count the customer service by our MSSP partners.

第 4 季度是我們贏得率和新客戶增加的最強季度之一，其中包括 ARR 超過 100 萬美元的企業。本季度我們增加了近 750 名新客戶，客戶總數同比增長約 50%，超過 10,000 名。請記住，由於我們不計算 MSSP 合作夥伴的客戶服務，因此這被大大低估了。

Our customers with ARR over $100,000 grew 74% year-over-year. We added a record number of Global 2000 enterprises in the quarter, spanning major U.S. federal agencies, global financial institutions and technology pioneers for both endpoint and cloud footprints. Putting this all together, our ARR per customer continued to increase, showing our success with large enterprises and increasing adoption of our platform solutions.

ARR 超過 100,000 美元的客戶同比增長 74%。我們在本季度增加了創紀錄數量的全球 2000 強企業，涵蓋美國主要聯邦機構、全球金融機構和端點和雲足蹟的技術先驅。綜上所述，我們每位客戶的 ARR 持續增加，表明我們在大型企業中取得了成功，並且越來越多地採用我們的平台解決方案。

Existing customers are doubling down on their commitment and consolidating on our singularity platform. Our gross retention rate improved sequentially and net retention rate remained above 130%, driven by footprint expansion and module adoption. Singularity cloud is hitting exit velocity, and once again remained our fastest-growing solution in Q4, followed by strong contributions from other adjacent capabilities like data retention, vigilance MDR and identity security. For the full year, our emerging capabilities represented over 1/3 of bookings demonstrating strong growth from both endpoint and adjacent solutions, providing another growth vector for the future.

現有客戶正在加倍履行他們的承諾，並鞏固我們的奇點平台。在佔地面積擴張和模塊採用的推動下，我們的總保留率環比提高，淨保留率保持在 130% 以上。奇點雲正在達到退出速度，並再次成為我們在第四季度增長最快的解決方案，其次是數據保留、警戒 MDR 和身份安全等其他相鄰功能的強大貢獻。全年，我們的新興能力佔預訂量的 1/3 以上，顯示端點和相鄰解決方案的強勁增長，為未來提供了另一個增長方向。

Our partners supported go-to-market model continues to unlock meaningful scale and enhance our market position. We achieved another quarter of standout growth from our MSSP partners who's businesses are increasingly turning to managed security protection. Many of the leading MSSP providers have built successful practices on top of our singularity platform. We're also starting to see the early adoption of modules to the MSSP channel, adding another growth driver in this channel. Together, we're providing enterprise-grade protection to customers of all sizes.

我們的合作夥伴支持的上市模式繼續釋放有意義的規模並提高我們的市場地位。我們的 MSSP 合作夥伴又實現了四分之一的顯著增長，他們的業務越來越多地轉向託管安全保護。許多領先的 MSSP 提供商已經在我們的奇點平台之上建立了成功的實踐。我們也開始看到模塊在 MSSP 渠道中的早期採用，為該渠道增加了另一個增長動力。我們共同為各種規模的客戶提供企業級保護。

Let's turn to the cloud security market and our success. Cloud workload protection is a critical enterprise need with a potentially unbounded greenfield market opportunity. The number of cloud workloads can easily surpass the number of employees at any enterprise. The cloud security market has the potential to become even larger than the endpoint market over time. As enterprises are rapidly shifting workers to the cloud, rising cloud-based attacks are bringing awareness to this critical enterprise need.

讓我們轉向雲安全市場和我們的成功。雲工作負載保護是一項關鍵的企業需求，具有潛在無限的綠地市場機會。雲工作負載的數量很容易超過任何企業的員工數量。隨著時間的推移，雲安全市場有可能變得比端點市場更大。隨著企業迅速將員工轉移到雲端，不斷增加的基於雲的攻擊正在讓人們意識到這一關鍵的企業需求。

Q4 was our strongest ever quarter for cloud security. It contributed about 15% of our quarterly ACV and more than doubled quarter-over-quarter. The growth of our cloud workload protection solution is being propelled by rising customer adoption, multiple million dollar wins in critical competitive replacements.

第 4 季度是我們有史以來最強勁的雲安全季度。它貢獻了我們季度 ACV 的 15% 左右，環比增長了一倍多。我們的雲工作負載保護解決方案的發展受到越來越多的客戶採用、數百萬美元的關鍵競爭替代品的推動。

In the fourth quarter, the global Internet platform ripped out a competitive cloud security solution and replaced it with SentinelOne in a multimillion dollar one-to-one takeout. There were clear architectural shortcomings in the competitive solution. It was breaking production services in Linux environment and was cost-prohibitive due to their agents' resource overconsumption. The enterprise turned to SentinelOne for superior technology and experience. Singularity Cloud has distinct security performance benefits and operational stability compared to our endpoint peers.

第四季度，全球互聯網平台以數百萬美元的一對一外賣，淘汰了具有競爭力的雲安全解決方案，並用 SentinelOne 取而代之。競爭解決方案存在明顯的架構缺陷。它破壞了 Linux 環境中的生產服務，並且由於代理的資源過度消耗而成本過高。該企業轉向 SentinelOne 尋求卓越的技術和經驗。與我們的端點同行相比，Singularity Cloud 具有明顯的安全性能優勢和操作穩定性。

In general, cloud is opening new customer opportunities for us regardless of endpoint incumbency. The growth potential is substantial. And I'm excited to share that our partnership with Wiz, the leader in CSPM, will allow customers to get more comprehensive cloud protection through the addition of cloud security posture management. This combination creates a far superior cloud security offering more than any other single vendor on the market.

總的來說，無論端點在職情況如何，雲都為我們打開了新的客戶機會。增長潛力巨大。我很高興與大家分享我們與 CSPM 領導者 Wiz 的合作夥伴關係，這將使客戶能夠通過添加雲安全態勢管理獲得更全面的雲保護。這種組合創造了比市場上任何其他單一供應商都更卓越的雲安全產品。

Let's look at the broader competitive landscape. Q4 was one of our strongest quarters. Our overall win rates improved, including against large next-gen vendors. We're winning in a significant majority of competitive situations and our ASPs remained stable, and we expect this trend to continue. We are focused on expanding our pipeline, leveraging our channel and generating more at-bats.

讓我們看看更廣泛的競爭格局。第四季度是我們最強勁的季度之一。我們的整體獲勝率有所提高，包括對抗大型下一代供應商。我們在絕大多數競爭環境中獲勝，我們的 ASP 保持穩定，我們預計這種趨勢將繼續下去。我們專注於擴大我們的管道，利用我們的渠道並產生更多的擊球機會。

Let me share an example of a large financial institution that moved away from Microsoft to SentinelOne, a solid platform win where we helped the customer consolidate point solutions across endpoint cloud and many other adjacent modules. After an unpleasant experience with technological limitations and high total cost of ownership, the customer realized the huge difference between expectations and outcomes. After years of security gaps and difficult operability, the customer replaced Microsoft with SentinelOne. We were able to deliver a broader coverage from a single platform. We see this time and time again.

讓我分享一個大型金融機構的示例，該機構從 Microsoft 遷移到 SentinelOne，這是一個堅實的平台勝利，我們幫助客戶跨端點雲和許多其他相鄰模塊整合點解決方案。在經歷了技術限制和高總擁有成本的不愉快經歷之後，客戶意識到期望與結果之間的巨大差異。經過多年的安全漏洞和困難的可操作性，客戶用 SentinelOne 取代了 Microsoft。我們能夠從單一平台提供更廣泛的覆蓋範圍。我們一次又一次地看到這種情況。

Customers most commonly select SentinelOne for leading security performance and breadth, ease of use and better platform value. Our AI-based security and unified data architecture provides performance benefits and a cost structure that allows us to remain highly competitive, enabling us to increase deal sizes and expand our gross margins while consolidating costs and reducing complexity for our customers.

客戶最常選擇 SentinelOne 是因為其領先的安全性能和廣度、易用性和更好的平台價值。我們基於 AI 的安全性和統一數據架構提供了性能優勢和成本結構，使我們能夠保持高度競爭力，使我們能夠增加交易規模並擴大我們的毛利率，同時為我們的客戶整合成本並降低複雜性。

Our competitive advantages also extend to our partner ecosystem. For years, we've taken a partner-friendly go-to-market approach, where we enable their business instead of competing against them. This is especially important for strategic partnerships like MSSPs.

我們的競爭優勢還延伸到我們的合作夥伴生態系統。多年來，我們一直採用對合作夥伴友好的上市方法，我們支持他們的業務，而不是與他們競爭。這對於 MSSP 等戰略合作夥伴關係尤為重要。

We've architecturally designed capabilities that enhance these relationships like multi-tenancy, automation and role-based access control. We've cultivated an extensive and diverse network of channel partners that's very hard to replicate. It's not just a package design, but a true competitive technology moat. We're enabling our partners through thousands of accreditations and technical training, and these initiatives drive more channel engagement, more deal registrations, larger pipeline and continue to expand the SentinelOne brand and platform.

我們在架構上設計了增強這些關係的功能，例如多租戶、自動化和基於角色的訪問控制。我們已經培養了一個廣泛而多樣化的渠道合作夥伴網絡，這是很難復制的。它不僅僅是一個封裝設計，而是一條真正具有競爭力的技術護城河。我們通過數以千計的認證和技術培訓為我們的合作夥伴提供支持，這些舉措推動了更多的渠道參與、更多的交易註冊、更大的管道，並繼續擴展 SentinelOne 品牌和平台。

I want to be clear, this is a large and competitive market, like many areas of security and software. It always has been. We continue to succeed with win rates and share gains. We're addressing multiple large TAMs and opportunities for growth. Our customers value SentinelOne's culture of trust and transparency, a philosophy we bring to every potential relationship. Positive customer experience and feedback cuts through any marketing noise and speaks for itself. We lead in Gartner peer reviews for both endpoint and cloud security, where we're recognized for capabilities, platform value and superior business outcomes.

我想明確一點，這是一個龐大且競爭激烈的市場，就像許多安全和軟件領域一樣。一直都是。我們繼續以贏率和分享收益取得成功。我們正在解決多個大型 TAM 和增長機會。我們的客戶重視 SentinelOne 的信任和透明文化，這是我們為每一個潛在關係帶來的理念。積極的客戶體驗和反饋可以消除任何營銷噪音並說明一切。我們在端點和雲安全方面的 Gartner 同行評審中處於領先地位，我們在這些方面的能力、平台價值和卓越的業務成果得到認可。

Let's turn the discussion to our innovation and product road map. Superior technology is the foundation of how we help our partners and our customers build more resilient enterprises. A platform is only as good as the sum of its parts, and we intend to remain best of breed in all aspects of our platform. We're pursuing the most focused road map we've had as a company. It ensures alignment amongst customer needs, product development and go-to-market.

讓我們將討論轉向我們的創新和產品路線圖。卓越的技術是我們幫助合作夥伴和客戶建立更具彈性的企業的基礎。一個平台的好壞取決於其各個部分的總和，我們打算在我們平台的各個方面保持同類最佳。作為一家公司，我們正在追求最集中的路線圖。它確保客戶需求、產品開發和上市之間的一致性。

In the new fiscal year, we're focusing on 3 core areas of innovation and product development: one, advancing our leadership in endpoint security; two, strengthening our cloud security advantage; three, expanding our platform capabilities and market opportunity. Why these? Each one represents a core area of technology differentiation, significant market expansion potential and addresses critical enterprise security needs. Our platform extends across endpoint, cloud, identity and data. This cuts across multiple growing TAMs that are likely to exceed $100 billion in the coming years.

在新的財政年度，我們將重點關注創新和產品開發的 3 個核心領域：一是提升我們在端點安全方面的領先地位；二、加強我們的雲安全優勢；第三，擴大我們的平台能力和市場機會。為什麼這些？每一個都代表了技術差異化的核心領域、巨大的市場擴展潛力並解決了關鍵的企業安全需求。我們的平台跨越端點、雲、身份和數據。這涵蓋了未來幾年可能超過 1000 億美元的多個不斷增長的 TAM。

Our top priority is to ensure enterprises are secure and protected today and for the future. Building upon 3 consecutive years of leading in the micro attack evaluations, we're committed to staying ahead of the threat landscape, adversaries and our competitors. Once again, Gartner recognized SentinelOne as a leader in the Magic Quadrant for Endpoint Protection Platform. Our placement in the Magic Quadrant validates our go-to-market execution and vision of AI-based modern cybersecurity. More importantly, we are ranked the highest across all 3 customer use cases in the Gartner critical capabilities for endpoint protection platforms. These top rankings emphasize our superior platform depth, breadth and relevance for organizations of every size, maturity and industry. We're delivering on our mission to be a force for good, fortifying customer defenses against the most sophisticated threats at machine speed.

我們的首要任務是確保企業在今天和未來都安全並受到保護。在連續 3 年領先於微攻擊評估的基礎上，我們致力於在威脅形勢、對手和我們的競爭對手中保持領先地位。 Gartner 再次將 SentinelOne 評為端點保護平台魔力像限的領導者。我們在魔力像限中的位置驗證了我們的上市執行和基於 AI 的現代網絡安全的願景。更重要的是，在端點保護平台的 Gartner 關鍵功能中，我們在所有 3 個客戶用例中排名最高。這些頂級排名強調了我們卓越的平台深度、廣度和與各種規模、成熟度和行業的組織的相關性。我們正在履行我們的使命，成為一股向善的力量，以機器的速度加強客戶對最複雜威脅的防禦。

Our second area of focus is to extend our cloud security advantage. As I discussed, we achieved new highs in cloud security growth and large customer wins in Q4. These are sizable deals, including several multimillion dollar wins and can easily match or exceed the size of the endpoint deployment for these customers. Singularity cloud architecture, operational stability, resource efficiency and leading protection stand out clearly from the competition. We're in an excellent position to address a critical and rapidly growing greenfield opportunity.

我們的第二個重點領域是擴展我們的雲安全優勢。正如我所討論的，我們在第四季度實現了雲安全增長和大客戶贏得的新高。這些都是相當大的交易，包括數百萬美元的勝利，可以輕鬆匹配或超過這些客戶的端點部署規模。奇點雲架構、運行穩定性、資源效率和領先的保護在競爭中脫穎而出。我們處於一個很好的位置來應對一個關鍵的和快速增長的綠地機會。

We're extending our cloud security advantage by combining forces with Wiz, the leader in cloud security posture management. Through this exclusive go-to-market partnership, we're combining two of the leading cloud security assets in the market and creating an unbeatable choice for enterprises delivering full coverage with end-to-end cloud security. Our joint customer base and new prospects will benefit from having both singularity cloud leading workload protection for real-time runtime protection and with its leading posture management capabilities, to detect and remediate misconfigurations across diverse cloud environments.

通過與雲安全態勢管理領域的領導者 Wiz 聯合，我們正在擴大我們的雲安全優勢。通過這種獨家上市合作夥伴關係，我們將市場上兩個領先的雲安全資產結合起來，為企業提供無與倫比的選擇，提供端到端雲安全的全面覆蓋。我們的共同客戶群和新的潛在客戶將受益於具有實時運行時保護的奇點雲領先工作負載保護及其領先的狀態管理功能，以檢測和修復跨不同雲環境的錯誤配置。

And lastly, we'll continue to expand the breadth of our platform capabilities, specifically around security data lake, identity security and vulnerability management. Our platform approach helps enterprises consolidate point solutions and gain favorable total cost of ownership. These innovations will magnify our competitive advantage in the coming years.

最後，我們將繼續擴展我們平台功能的廣度，特別是圍繞安全數據湖、身份安全和漏洞管理。我們的平台方法可幫助企業整合單點解決方案並獲得有利的總擁有成本。這些創新將在未來幾年擴大我們的競爭優勢。

As one innovation example, we are the first and only security platform protecting multiple-effect surfaces with a unified and fully integrated security data lake. The ability to integrate all enterprise data in one place with a single pane of glass is critical for securing a modern enterprise parameter.

作為一個創新示例，我們是第一個也是唯一一個使用統一且完全集成的安全數據湖保護多效表面的安全平台。使用單一管理平台將所有企業數據集成到一個地方的能力對於保護現代企業參數至關重要。

This is the true evolution of XDR, driven by superior cost performance and scale. Our fully integrated data architecture eliminates the need for multiple query languages and outsource SIEM for log-in solutions. This provides for superior outcomes and meaningful advantage over incumbent data analytics solutions. The impact is material: faster speeds, lower cost, and easier to deploy and to use. Being first to market gives us an edge over peers. We're just scratching the surface of a massive security data market opportunity ripe for disruption.

這是 XDR 的真正演變，由卓越的性價比和規模驅動。我們完全集成的數據架構消除了對多種查詢語言和外包 SIEM 的登錄解決方案的需要。與現有數據分析解決方案相比，這提供了卓越的結果和有意義的優勢。影響是實質性的：更快的速度、更低的成本以及更易於部署和使用。率先進入市場使我們比同行更具優勢。我們只是觸及了一個即將被顛覆的龐大安全數據市場機會的皮毛。

Finally, let's shift gears to the demand environment. We're committed to delivering high growth with continued margin improvement and long-term profitability. Global economic conditions remain similar to last quarter. We continue to see customer cost consciousness and prudence around IT budgets, which has led to longer sales cycles and deal rightsizing. We expect these dynamics to continue. Customers are evaluating deals to ensure they are getting the best product and value at a rational price.

最後，讓我們換檔到需求環境。我們致力於通過持續提高利潤率和長期盈利能力來實現高增長。全球經濟狀況與上一季度相似。我們繼續看到客戶對 IT 預算的成本意識和審慎態度，這導致了更長的銷售週期和交易規模調整。我們預計這些動態將繼續下去。客戶正在評估交易以確保他們以合理的價格獲得最好的產品和價值。

Fundamentally, the enterprise need for cybersecurity remains mission-critical. Our platform solutions, including endpoint cloud identity and security data are among the top IT spending priorities. Our AI-based security and platform approach allows us to be flexible in meeting diverse budgetary needs and deliver our customers a favorable cost of ownership, especially important in today's environment.

從根本上說，企業對網絡安全的需求仍然是關鍵任務。我們的平台解決方案，包括端點雲身份和安全數據，是 IT 支出的重中之重。我們基於人工智能的安全和平台方法使我們能夠靈活地滿足不同的預算需求，並為我們的客戶提供有利的擁有成本，這在當今環境中尤為重要。

I'm incredibly encouraged by our pipeline entering the year as well as our record pipeline generation so far in Q1. Our pipeline has nearly doubled year-over-year. Most importantly, our win rates increased, we're seeing high retention and expansion from customers and our teams are executing well. We're focused on maintaining high growth, and we expect to deliver 51% revenue growth this year. This puts us in a rare category of high-growth security companies, substantially outgrowing our industry and peers.

我對我們進入今年的管道以及我們在第一季度迄今為止創紀錄的管道生成感到非常鼓舞。我們的渠道同比增長了近一倍。最重要的是，我們的贏率增加了，我們看到客戶的高保留率和擴張，我們的團隊執行良好。我們專注於保持高增長，我們預計今年的收入將增長 51%。這使我們成為罕見的高增長安全公司類別，大大超過了我們的行業和同行。

We've also made tremendous progress on margin improvement in a short period of time. In Q4, we delivered record gross margin driven by increasing scale and data-enabled efficiencies. We completed the migration of our entire back end into data set a couple of quarters ago. This gives us more control into our forward cost structure as we continue to scale and improve gross margins. In addition, our significant operating margin improvement in Q4 clearly shows our agility and sharp focus on cost management.

我們也在短時間內在提高利潤率方面取得了巨大進展。在第四季度，我們實現了創紀錄的毛利率，這得益於不斷擴大的規模和數據支持的效率。幾個季度前，我們完成了將整個後端遷移到數據集中的工作。隨著我們繼續擴大規模和提高毛利率，這使我們能夠更好地控制我們的遠期成本結構。此外，我們在第四季度的營業利潤率顯著提高清楚地表明了我們對成本管理的敏捷性和高度重視。

Looking ahead, we'll remain dynamic by strategically investing in key growth areas and ensuring that our path to profitability does not deviate across different economic scenarios. We expect to deliver another year of significant operating margin improvement and continue our progress towards achieving profitability in fiscal year '25.

展望未來，我們將通過戰略投資於關鍵增長領域並確保我們的盈利之路不會因不同的經濟情景而偏離，從而保持活力。我們預計將在另一年實現營業利潤率的顯著提高，並繼續在 25 財年實現盈利。

Before handing the call over to Dave to discuss the details of our financials and outlook, I'd like to share progress on our recent initiatives undertaken to elevate execution and enhance team structures. As discussed last quarter, our focus as a team has been to elevate our execution and performance management. These are important ingredients to scale the business.

在將電話交給戴夫討論我們的財務和前景的細節之前，我想分享一下我們最近為提高執行力和加強團隊結構而採取的舉措的進展情況。正如上個季度所討論的那樣，我們作為一個團隊的重點一直是提升我們的執行和績效管理。這些是擴展業務的重要因素。

I'm extremely pleased with improving execution of Sentinels, which is clearly demonstrated by our fourth quarter outperformance across all aspects. Our total employee retention is about 10% better than the industry average. This is also true if you just look at the sales organization at a subgroup level. This is not trivial during a time when our key competitors are instituting multiple rounds of layoffs. We have intentionally made enhancements and incorporated performance management into our operations, and it's already having a positive impact on our delivery, innovation road map and financial performance.

我對提高 Sentinels 的執行力感到非常高興，我們第四季度在各個方面的出色表現清楚地證明了這一點。我們的總員工保留率比行業平均水平高出約 10%。如果您僅在子組級別查看銷售組織，情況也是如此。在我們的主要競爭對手進行多輪裁員的時候，這並非微不足道。我們有意識地進行了改進，並將績效管理納入了我們的運營，它已經對我們的交付、創新路線圖和財務績效產生了積極影響。

Two quarters ago, we decided to unify the product and engineering organizations, consolidating the CPO and CTO roles under a single leader, Ric Smith. This allows us to achieve better alignment and higher velocity. We strengthened our leadership in the past few quarters with several executive additions that bring scale, experience and technology expertise that span beyond the endpoint market that are important for the future of SentinelOne. These are the right moves as we evolve from endpoint to a broader security platform, covering endpoint cloud identity and data.

兩個季度前，我們決定統一產品和工程組織，將 CPO 和 CTO 的角色整合到一個領導者 Ric Smith 的領導下。這使我們能夠實現更好的對齊和更高的速度。我們在過去幾個季度加強了我們的領導地位，增加了幾位高管，帶來了超越端點市場的規模、經驗和技術專長，這對 SentinelOne 的未來很重要。隨著我們從端點發展到更廣泛的安全平台，涵蓋端點雲身份和數據，這些都是正確的舉措。

We strive to foster a productive and rewarding culture, and our efforts show results. Our Glassdoor ratings are near perfect at 4.9 and easily the highest among peers. I'm proud of SentinelOne being named as the Best Workplace in Technology on Fortune's U.S. ranking for 2022. Our people are some of the best in the business and are highly motivated.

我們努力培養富有成效和回報豐厚的文化，我們的努力取得了成果。我們的 Glassdoor 評級接近完美，達到 4.9，輕鬆成為同行中最高的。我為 SentinelOne 在《財富》美國 2022 年排名中被評為技術最佳工作場所而感到自豪。我們的員工是業內最優秀的，而且積極性很高。

In closing, the world is going to see change on geopolitical, economic and technological fronts. Just think about the evolution of AI in the past few months. Right before our eyes, we've seen AI grow significantly, unlocking massive opportunities across endless applications. AI is a tremendous disruptor, but all of us should be mindful of the benefits and risks of innovation. This puts massive power and influence in the hands of certain technology companies, but also in the hands of those that seek to inflect harm.

最後，世界將在地緣政治、經濟和技術方面發生變化。想想過去幾個月人工智能的發展。就在我們眼前，我們已經看到 AI 顯著增長，在無窮無盡的應用程序中釋放了大量機會。人工智能是一個巨大的顛覆者，但我們所有人都應該注意創新的好處和風險。這使巨大的權力和影響力掌握在某些科技公司手中，但也掌握在那些試圖轉移傷害的人手中。

How that power is used is a choice. Left unchallenged, there can be serious and potentially dangerous externalities. Responsibility, good business practices and safeguarding operations are essential. We should also be mindful of the deep societal impact and widening gap in the evolution of the human mind, especially in an AI-assisted reality. Coupled with the fragility of trustworthy information in the age of global social media, disinformation and Deepfake technologies, AI can be used to undermine world order and shape false narrative that can severely disrupt our way of life.

如何使用這種力量是一種選擇。如果不加以挑戰，可能會出現嚴重且具有潛在危險的外部性。責任、良好的商業慣例和保障運營是必不可少的。我們還應該注意人類思維進化的深刻社會影響和不斷擴大的差距，尤其是在人工智能輔助的現實中。再加上全球社交媒體、虛假信息和 Deepfake 技術時代可信信息的脆弱性，人工智能可用於破壞世界秩序並塑造可能嚴重擾亂我們生活方式的虛假敘述。

Inversely, AI can also be harnessed to help with cybersecurity and safety. This is why we're using AI in a directed, structured and targeted way. From early on, we developed a fully automated AI-based security platform, integrating neural networks to serve a specific use case and function, combating cyberattacks and protecting our digital way of life is the force for good.

相反，人工智能也可以用來幫助網絡安全。這就是我們以定向、結構化和有針對性的方式使用 AI 的原因。從一開始，我們就開發了一個完全自動化的基於人工智能的安全平台，集成神經網絡來服務於特定的用例和功能，打擊網絡攻擊和保護我們的數字生活方式是一種永遠的力量。

We continuously work to evolve our models and provide cutting-edge capabilities to customers around the world while responsibly ensuring safety and ethics. Our growth and innovation journey continues. I want to thank all Sentinels, our customers, partners and shareholders for their contributions and support.

我們不斷努力改進我們的模型並為世界各地的客戶提供尖端功能，同時負責任地確保安全和道德。我們的成長和創新之旅仍在繼續。我要感謝所有 Sentinels、我們的客戶、合作夥伴和股東的貢獻和支持。

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 financials and provide additional context around our guidance for Q1 and fiscal year '24. As a reminder, all comparisons are year-over-year and 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狀況，並圍繞我們對第一季度和 24 財年的指導提供更多背景信息。提醒一下，除非另有說明，否則所有比較均為同比，所有討論的利潤率均為非 GAAP。

Our fourth quarter results exceeded expectations across the board. We delivered high growth and substantial margin expansion. Revenue grew 92% in the fourth quarter and 106% for the full year. Our ARR grew 88% to $549 million, crossing $0.5 billion, a significant milestone. Once again, we meaningfully exceeded the Rule of 50 in the quarter, indicating the strength of our competitive position and unit economics.

我們第四季度的業績全面超出預期。我們實現了高增長和顯著的利潤率擴張。第四季度收入增長 92%，全年增長 106%。我們的 ARR 增長了 88%，達到 5.49 億美元，超過 5 億美元，這是一個重要的里程碑。我們再次在本季度有意義地超過了 50 條規則，表明我們的競爭地位和單位經濟實力。

Revenue from international markets grew 125% and represented 35% of revenue. We are just beginning to tap into our global growth potential. Macro headwinds remained, yet we added net new ARR of $61 million in the quarter, reflecting sequential growth of 25%. Our ARR per customer increased sequentially, reflecting the continued momentum from large enterprises and a higher customer adoption of our platform, notably in cloud security.

來自國際市場的收入增長了 125%，佔收入的 35%。我們才剛剛開始挖掘我們的全球增長潛力。宏觀逆風依然存在，但我們在本季度增加了 6100 萬美元的淨新 ARR，反映了 25% 的環比增長。我們每個客戶的 ARR 依次增加，反映了大型企業的持續增長勢頭和更高的客戶對我們平台的採用，特別是在雲安全方面。

We continue to see a healthy mix of new customers and existing customer expansion. Existing customers are doubling down with SentinelOne as our gross retention rate improved sequentially. Plus our net retention rate remained north of 130%, well above our target of 120%, driven by strong subscription expansion and cross-sell of adjacent solutions. Expansion of our platform with existing customers and MSSP partners has proven to be durable and resilient, fueling a solid base of growth regardless of broader conditions.

我們繼續看到新客戶和現有客戶擴展的健康組合。隨著我們的總保留率連續提高，現有客戶正在加倍使用 SentinelOne。此外，由於強勁的訂閱擴展和相鄰解決方案的交叉銷售，我們的淨保留率保持在 130% 以上，遠高於我們 120% 的目標。我們的平台與現有客戶和 MSSP 合作夥伴的擴展已被證明是持久和有彈性的，無論更廣泛的條件如何，都能為增長奠定堅實的基礎。

Turning to our costs and margins. Our gross margin reached a new record of 75% in Q4, reflecting an increase of 9% versus last year. This demonstrates our tremendous progress within the past 12 months. It shows the success of our land-and-expand strategy and platform unit economics where we collect data once and enable more and more capabilities.

轉向我們的成本和利潤。我們的毛利率在第四季度達到了 75% 的新紀錄，比去年增長了 9%。這表明我們在過去 12 個月內取得了巨大進步。它顯示了我們的土地擴張戰略和平台單位經濟的成功，我們收集一次數據並啟用越來越多的功能。

It also underscores the importance and benefit from our fully integrated data analytics back end. Adjusted for certain nonrecurring benefits, our Q4 margin was about 73.5%, up about 2 percentage points sequentially and above our guidance. These items included reconciliations and benefits of outstanding credits under a prior cloud hosting agreement.

它還強調了我們完全集成的數據分析後端的重要性和好處。針對某些非經常性收益進行調整後，我們的第四季度利潤率約為 73.5%，比上一季度高出約 2 個百分點，高於我們的指引。這些項目包括根據先前的雲託管協議對賬和未償信用的好處。

We recently signed a new agreement with one of our cloud hosting partners as a result of our increasing scale. Going forward, we expect this new agreement to enhance cost efficiency and support further margin improvement in fiscal '24 and beyond.

由於我們的規模不斷擴大，我們最近與我們的一個雲託管合作夥伴簽署了一項新協議。展望未來，我們預計這項新協議將提高成本效率，並支持在 24 財年及以後進一步提高利潤率。

Looking at the rest of our P&L, we delivered 31 percentage points of operating margin improvement year-over-year to negative 35% in Q4. This marks the sixth consecutive quarter of over 25 points of margin improvement. On a dollar basis, we also reduced our operating losses sequentially in Q4. For the full year, we achieved 36 percentage points of operating margin improvement. Our focus on cost discipline continues to show meaningful progress towards our profitability targets.

看看我們其他的損益表，我們在第四季度實現了營業利潤率同比增長 31 個百分點至負 35%。這標誌著利潤率連續第六個季度提高超過 25 個百分點。按美元計算，我們還在第四季度連續減少了經營虧損。全年，我們的營業利潤率提高了 36 個百分點。我們對成本紀律的關注繼續顯示出在實現我們的盈利目標方面取得了有意義的進展。

Moving to our guidance for Q1 and the full fiscal year '24. In Q1, we expect revenue of about $137 million, reflecting growth of 75% year-over-year. For the full year, we expect revenue to be between $631 million and $640 million, reflecting annual growth of 51% at the midpoint. We expect the macro-related uncertainties to persist for the full year, and a conservative view on revenue and ARR expectations is prudent in today's environment.

轉向我們對第一季度和整個 24 財年的指導。第一季度，我們預計收入約為 1.37 億美元，同比增長 75%。對於全年，我們預計收入將在 6.31 億美元至 6.4 億美元之間，中點年增長率為 51%。我們預計與宏觀相關的不確定性將持續一整年，在當今環境下，對收入和 ARR 預期的保守看法是謹慎的。

We have the raw materials to deliver against Q1 and our full year targets. Our pipeline has nearly doubled year-over-year, and throughout Q1, we've continued to build pipeline at a record pace while elevating our brand. We are winning with new customers and our existing customers continue to adopt more licenses and broader platform capabilities. We're encouraged by the diverse and large growth opportunities in front of us.

我們有原材料可以交付給第一季度和我們的全年目標。我們的渠道同比增長近一倍，在整個第一季度，我們繼續以創紀錄的速度建設渠道，同時提升我們的品牌。我們贏得了新客戶，我們的現有客戶繼續採用更多許可證和更廣泛的平台功能。我們對擺在我們面前的多樣化和巨大的增長機會感到鼓舞。

Turning to the outlook for margins. We've taken a major step forward as a company, moving closer to our long-term gross margin target of 75% to 80% or higher. We're benefiting from data efficiencies inherent in our business model and our platform approach. We expect Q1 gross margin to be about 73.5%, a slight increase compared to steady-state Q4 levels and over 5 percentage points of year-over-year expansion.

轉向利潤率前景。作為一家公司，我們向前邁出了重要一步，更接近我們 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數據效率。我們預計一季度毛利率約為 73.5%，與四季度穩態水平相比略有上升，同比擴張超過 5 個百分點。

For the full year, we expect gross margin to be between 73.5% and 74.5%, up about 2 percentage points year-over-year at the midpoint. We expect benefits from our increasing scale and improving data processing efficiencies to continue.

對於全年，我們預計毛利率將在 73.5% 至 74.5% 之間，按中點計算同比增長約 2 個百分點。我們希望繼續從我們不斷擴大的規模和提高數據處理效率中獲益。

Finally, for operating margin, we expect negative 41% in Q1, implying an improvement of over 30 percentage points year-over-year. For the full year, we expect operating margin to be between negative 29% and negative 25%, an improvement of about 22 points at the midpoint compared to fiscal year '23.

最後，對於營業利潤率，我們預計第一季度為負 41%，這意味著同比改善超過 30 個百分點。對於全年，我們預計營業利潤率將在負 29% 和負 25% 之間，與 23 財年相比中點提高約 22 個百分點。

We've made significant investments in innovation and talent over the past few years. This gives us ample runway to deliver against our product road map and growth targets. We expect to benefit from operating leverage as we moderate head count growth and continue to unlock more productivity in fiscal year '24 and progress towards profitability.

過去幾年，我們在創新和人才方面進行了大量投資。這為我們提供了充足的跑道來實現我們的產品路線圖和增長目標。隨著我們緩和員工人數增長並在 24 財年繼續釋放更多生產力並在盈利方面取得進展，我們預計將從經營槓桿中受益。

We don't intend to sacrifice growth or market share. Our investment approach will remain highly selective and focused on key areas of competitive strength. We will remain dynamic and are committed to delivering on our margin improvement regardless of how the broader macro environment unfolds. We have and will continue to pace our investments with our growth. We have a very strong balance sheet with $1.2 billion in cash, cash equivalents and investments and no debt. That's substantial. As a note, our exposure to Silicon Valley Bank's insolvency was immaterial, and we have no financial risks associated with them.

我們不打算犧牲增長或市場份額。我們的投資方法將保持高度選擇性，並專注於具有競爭力的關鍵領域。無論更廣泛的宏觀環境如何發展，我們都將保持活力並致力於提高利潤率。我們已經並將繼續隨著我們的增長而調整我們的投資。我們的資產負債表非常強勁，有 12 億美元的現金、現金等價物和投資，沒有債務。那是很重要的。請注意，我們對矽谷銀行破產的風險並不重要，我們也沒有與之相關的財務風險。

Our balance sheet provides us with the durability, flexibility and the path to generating positive cash flow. Our goal remains to deliver positive free cash flow by the end of the year, subject to global economic conditions. And we remain committed to balancing compelling top line growth with consistent margin improvement and to our goal of achieving profitability in fiscal year '25.

我們的資產負債表為我們提供了持久性、靈活性和產生正現金流的途徑。我們的目標仍然是根據全球經濟狀況，在年底前實現正的自由現金流。我們仍然致力於平衡引人注目的收入增長與持續的利潤率改善以及我們在 25 財年實現盈利的目標。

In summary, our Q4 performance was a strong end to a strong fiscal year '23. We expect to continue to outgrow the market in fiscal year '24 while progressing towards profitability. We're addressing multiple large markets, providing multiple vectors for future growth and success.

總而言之，我們第四季度的業績為強勁的 23 財年畫上了圓滿的句號。我們預計在 24 財年繼續超越市場，同時實現盈利。我們正在處理多個大型市場，為未來的增長和成功提供多種載體。

Thank you all for joining us today. We can now take questions. Operator, can you please open up the line? Thank you.

感謝大家今天加入我們。我們現在可以提問了。接線員，你能開通線路嗎？謝謝。

(Operator Instructions) The first question comes from Brian Essex with JPMorgan.

（操作員說明）第一個問題來自摩根大通的 Brian Essex。

Dave, I was wondering if you could dig in a little bit into the gross margins. I caught you that there were some adjustments there. I think investors this quarter were a little bit concerned about what they heard was increased pricing competition or competitiveness on the pricing front. Could you maybe unpack that a little bit? How much of this gross margin is credit?

戴夫，我想知道你是否可以深入了解一下毛利率。我發現你那裡有一些調整。我認為本季度的投資者有點擔心他們聽到的定價競爭加劇或定價方面的競爭力。你能把它拆開一點嗎？這個毛利率中有多少是信貸？

It looks like even backing out adjustments, it was still pretty robust, which would kind of refute any kind of pricing pressure commentary out there. And then how do we think about that from a -- I guess from a scale over data migration efficiency perspective with regard to your guidance for next year?

看起來即使退出調整，它仍然非常強勁，這會在某種程度上駁斥那裡的任何定價壓力評論。然後我們如何從 - 我想從數據遷移效率的角度考慮你明年的指導？

I don't know where the narrative about the pricing pressure. We hear it a lot, but we're really not seeing it. We had stable average selling prices during the quarter. And in terms of the percentage, I guess, of -- if we want to call it a reconciliation at the end of the existing -- or end of the prior contract as we signed the new one, we had to reconcile some usage against the credits that we earned under the existing contract. That was a little less than about 1.5 points.

我不知道關於定價壓力的敘述在哪裡。我們聽到很多，但我們真的沒有看到。本季度我們的平均售價穩定。就百分比而言，我猜，如果我們想在現有合同結束時稱之為對賬 - 或者在我們簽署新合同時在先前合同結束時，我們必須將一些用法與我們根據現有合同獲得的積分。那比大約 1.5 點少一點。

Obviously, that would have put us around 73.5% margin on a steady-state basis, which is the low end of what we're guiding for Q1 and the low end of what we're guiding for next year. So we're looking at this as the ability to continue our expansion of gross margin. 73% to 74.5% is getting a lot closer to the 75% that we've given everyone as a long-term forecast.

顯然，這將使我們在穩態基礎上獲得 73.5% 左右的利潤率，這是我們為第一季度指導的低端和我們明年指導的低端。因此，我們將此視為繼續擴大毛利率的能力。 73% 到 74.5% 越來越接近我們作為長期預測給每個人的 75%。

The next question comes from Trevor Walsh with JMP Securities.

下一個問題來自 JMP Securities 的 Trevor Walsh。

Great. Tom, regarding the partnership with Wiz, can you give us a little color around -- you mentioned kind of some go-to-market partnership or kind of strategies there in both kind of new logo and current customers. Can you give us a sense of the current overlap between the 2 customer bases?

偉大的。湯姆，關於與 Wiz 的合作夥伴關係，你能給我們一些顏色嗎 - 你提到了一些進入市場的合作夥伴關係或在新徽標和現有客戶方面的戰略。您能否讓我們了解這兩個客戶群之間目前的重疊情況？

And is the kind of initial low-hanging fruit to basically sell into your respective kind of nonoverlapping accounts and then go after new logos? Just maybe, just give us some color on how you see that playing out. And then maybe for Dave, as a follow-up, is that baked into the guidance at all around kind of how you guys are looking at that partnership and heading into FY '24?

並且是那種基本上可以賣到你們各自的非重疊賬戶然後追求新標誌的最初低垂的果實嗎？也許，只是給我們一些關於你如何看待它的顏色。然後也許對於戴夫來說，作為後續行動，這是否融入了你們如何看待這種夥伴關係並進入 24 財年的指導？

Of course. It's a great partnership. It's something that allows us to deliver end-to-end cloud security from the security posture management, which obviously Wiz is one of the best companies out there, and for us, on the workload protection side, where we deliver runtime protection for workloads of any kind. So it's a great complementary capability set.

當然。這是一個很好的伙伴關係。它使我們能夠從安全態勢管理中提供端到端的雲安全，這顯然 Wiz 是最好的公司之一，對我們來說，在工作負載保護方面，我們為工作負載提供運行時保護任何一種。所以這是一個很好的互補能力集。

In terms of the go-to-market element of it, obviously, there's a high degree of nonoverlapping customers, which is why we're very excited about the partnership. It's a 2-way partnership, which means that Wiz can resell and take our best-of-breed workload protection to their customer base, and we can take their leading CSPM capability set into our customer base, which I think on both ends is highly penetrated on each other's offerings.

就其進入市場的要素而言，顯然，存在高度不重疊的客戶，這就是我們對合作夥伴關係感到非常興奮的原因。這是一種雙向合作夥伴關係，這意味著 Wiz 可以轉售我們最好的工作負載保護並將其帶給他們的客戶群，我們可以將他們領先的 CSPM 功能集帶入我們的客戶群，我認為這在兩端都非常重要滲透在彼此的祭品上。

I mean obviously, we're seeing great success with our workload protection platform. They're enjoying massive success with their CSPM product and solution. So to us, I mean, this is just a great marriage of 2 adjacent capabilities that both customer sets are looking for. And again, it's completely reciprocal.

我的意思是，很明顯，我們的工作負載保護平台取得了巨大成功。他們的 CSPM 產品和解決方案取得了巨大的成功。所以對我們來說，我的意思是，這只是兩個客戶群都在尋找的 2 個相鄰功能的完美結合。再一次，它是完全互惠的。

And in terms of how this is considered within our guidance, this is very early in the partnership. I'd say we currently view it mostly as upside potential, just how nascent the partnership is. It has the potential to be transformative, but it's so early to tell right now that we would update you guys if we saw an immediate change in that.

就我們的指導中如何考慮這一點而言，這是合作夥伴關係的早期階段。我想說的是，我們目前主要將其視為上行潛力，合作夥伴關係是多麼新生。它具有變革的潛力，但現在下結論還為時過早，如果我們看到立即發生變化，我們會及時通知你們。

The following question comes from Saket Kalia with Barclays.

以下問題來自巴克萊銀行的 Saket Kalia。

Okay. Great. Dave, maybe 2 housekeeping questions for you, if I may here. Just to clarify things. So the first one is -- apologies if I missed it, but did we comment at all just on the ARR guide for this year? And then secondly, I think the margin guide for this year -- great to see the operating loss narrowing. I think you were targeting about 25 points of expansion as we talked about in the past. I think you talked about this being about 22, anything to note there just from a timing of expenses? Or maybe should we just think about that as maybe a good starting point at this early point in the year?

好的。偉大的。戴夫，如果可以的話，也許有 2 個內務問題要問你。只是為了澄清事情。所以第一個是——如果我錯過了，我們深表歉意，但我們是否只對今年的 ARR 指南發表了評論？其次，我認為今年的利潤率指南——很高興看到經營虧損縮小。我認為您的目標是我們過去談到的大約 25 個擴展點。我想你說過這大約是 22 歲，從支出時間上有什麼需要注意的嗎？或者我們是否應該將其視為今年年初的一個很好的起點？

And in terms of where we're at and conservatism, I think that 22% is roughly where we think it is early in the year. Obviously, we always look to improve that. In terms of the ARR growth, we guide to revenue.

就我們所處的位置和保守主義而言，我認為 22% 大致是我們認為今年年初的水平。顯然，我們總是希望改進這一點。在 ARR 增長方面，我們指導收入。

Our guidance is for revenue to grow 51% at the midpoint. And obviously revenue and ARR track closely. This is really just us taking a prudent and conservative approach based on the current macro environment. And we expect these conditions to continue throughout the year.

我們的指導意見是收入在中點增長 51%。顯然，收入和 ARR 密切相關。這實際上只是我們根據當前的宏觀環境採取了一種謹慎和保守的做法。我們預計這些情況將持續一整年。

We're expecting relatively flat net new ARR for the year. That would imply about 47% ARR growth. And 50% ARR growth is still achievable, and we're working towards that, but we want to be prudent in terms of our guidance.

我們預計今年的淨新 ARR 相對持平。這意味著大約 47% 的 ARR 增長。 50% 的 ARR 增長仍然可以實現，我們正在努力實現這一目標，但我們希望在我們的指導方面保持謹慎。

The next question comes from Gabriela Borges with Goldman Sachs. The next question comes from Josh Tilton with Wolfe Research.

下一個問題來自高盛的 Gabriela Borges。下一個問題來自 Wolfe Research 的 Josh Tilton。

Just a pretty high level one for me, actually. As you guys start to sell maybe into some of these 2023 security budgets, are they better or worse than what you thought they were going to be headed into the year? And maybe how does endpoint security as a priority within this budget changed, if at all, when compared to last year? And just a quick follow-up. Did you just confirm that you're still guiding that 50% ARR growth for this year?

實際上，對我來說只是一個相當高的水平。當你們開始推銷這些 2023 年安全預算中的一些時，它們比您認為的今年要好還是差？與去年相比，端點安全作為該預算中的優先事項可能發生了怎樣的變化（如果有的話）？并快速跟進。您是否剛剛確認您仍在指導今年 50% 的 ARR 增長？

Officially, I think it's 47%. 50% is clearly a target for us and is achievable. We just have a lot of work to do to get there. That's certainly our upwards trajectory in terms of the goal.

官方來說，我認為是 47%。 50% 顯然是我們的目標並且是可以實現的。我們只是有很多工作要做才能到達那裡。就目標而言，這當然是我們的上升軌跡。

Yes. In terms of endpoint budgets, I think it's an incredibly durable TAM. It's still a priority spend item for most enterprises out there. I think what's also interesting to note is that we're seeing it more and more cases where we're able to come in with a fully modernized platform and really almost shoo-in into their current budget and spend with legacy providers. So in essence, we're able to provide customers today with a better value platform, but without expanding their budget too much.

是的。就端點預算而言，我認為這是一個非常耐用的 TAM。它仍然是大多數企業的優先支出項目。我認為還有一點值得注意的是，我們看到越來越多的案例，我們能夠引入一個完全現代化的平台，並且幾乎完全投入到他們當前的預算中，並與傳統供應商一起支出。所以從本質上講，我們今天能夠為客戶提供一個更有價值的平台，但不會過多地增加他們的預算。

Obviously, if they're opting for more capabilities, that's where budget expansion could happen. But as far as it pertains to the actual core endpoint market, we feel really good about the budgeting. We feel really good about our price point and our ability to come in, completely displace, consolidate the way some incumbent solutions out there with added capabilities that we kind of mentioned on the call earlier, like vulnerability management, MDR. I mean these are just increased capabilities that you can now get from a single vendor.

顯然，如果他們選擇更多功能，預算就會增加。但就實際核心端點市場而言，我們對預算編制感到非常滿意。我們對我們的價格點和我們進來的能力感到非常滿意，完全取代，鞏固一些現有解決方案的方式，以及我們之前在電話會議上提到的附加功能，比如漏洞管理，MDR。我的意思是，這些只是您現在可以從單一供應商處獲得的增強功能。

I mean, all of these, again, provide for just superior cost consolidation. So we feel we are well positioned to not only continue to grow within the endpoint market, but really do it in a fashion that is a bit more macro resilient. It's actually something that talks to the existing budget, to the existing spend that they have with their incumbent vendors, but only now they can get a modernized platform and obviously reduce the huge amount of risk versus using a legacy vendor.

我的意思是，所有這些再次提供了卓越的成本整合。因此，我們認為我們處於有利地位，不僅可以在端點市場中繼續增長，而且可以真正以更具宏觀彈性的方式做到這一點。這實際上與現有預算有關，與現有供應商的現有支出有關，但只有現在他們才能獲得現代化的平台，並且與使用傳統供應商相比明顯降低了巨大的風險。

So all these trends, they play favorably towards a platform like ours. And I think from there, the routes to expand through the years, the lifetime value we get from these customers kind of with our leading gross retention rate, obviously, for us, it's again creating a dynamic where we can continue and grow.

因此，所有這些趨勢都對像我們這樣的平台有利。我認為從那裡開始，這些年來擴展的路線，我們從這些客戶那裡獲得的終身價值，以及我們領先的總保留率，顯然，對我們來說，這再次創造了我們可以繼續發展的動力。

The next question comes from Jonathan Ho with William Blair.

下一個問題來自 Jonathan Ho 和 William Blair。

So just wanted to, I guess, ask about net retention rates as we start to contemplate the ARR guidance for next year. How should we think about where those will head over time?

所以我想，在我們開始考慮明年的 ARR 指南時，我想問一下淨保留率。我們應該如何考慮隨著時間的推移它們將走向何方？

Largely, we expect them to stay right around the level that they're at. We do factor into our own internal plans even lower rates of net retention rate. But generally speaking, we've seen them be incredibly resilient, very consistent for quite a few quarters now.

在很大程度上，我們希望他們保持在他們所處的水平附近。我們確實將更低的淨保留率納入了我們自己的內部計劃。但總的來說，我們已經看到它們具有令人難以置信的彈性，現在已經有好幾個季度非常穩定了。

It's very clear that customers are opting for more of our modules and capabilities. It's very clear that node expansion is still out there, even though customers are rightsizing to what they need. When they grow, when they need more coverage, when they discover more endpoints, that's obviously something that results in growth. So we're quite confident that we can stay at these levels. And as you can imagine, that can contribute or will contribute about 50% of the overall net new ARR that we need for next year.

很明顯，客戶正在選擇我們的更多模塊和功能。很明顯，節點擴展仍然存在，即使客戶正在根據他們的需要調整規模。當他們成長時，當他們需要更多覆蓋時，當他們發現更多端點時，這顯然會導致增長。所以我們非常有信心我們可以保持在這些水平。正如您所想像的那樣，這可以貢獻或將貢獻我們明年所需的總體淨新 ARR 的 50% 左右。

So when you factor all of that in, we feel this is a relatively conservative guidance for next year. It's really built on what we've done this year. We're just looking for a confident way to guide forward in highly uncertain times. And we've chosen to go with that guide. As Dave mentioned, we're pushing as much as we can. We believe we can overachieve that. But right now, we want to provide I think something that we can just go forward with confidence.

因此，當您將所有這些因素考慮在內時，我們認為這是對明年的相對保守的指導。它真的建立在我們今年所做的事情之上。我們只是在尋找一種自信的方式來在高度不確定的時期指引前進。我們選擇遵循該指南。正如 Dave 提到的，我們正在盡我們所能。我們相信我們可以超越這一目標。但是現在，我們想提供一些我認為我們可以充滿信心地前進的東西。

The next question comes from Gray Powell with BTIG.

下一個問題來自 BTIG 的 Gray Powell。

Great. So yes, congratulations on the solid results. And I was just wondering, given macro headwinds, can you talk about the linearity you saw throughout the quarter? And is there anything you can say just on trends that you've seen so far in February and through early March?

偉大的。所以是的，祝賀你取得了不錯的成績。我只是想知道，鑑於宏觀逆風，你能談談你在整個季度看到的線性嗎？關於您在 2 月份和 3 月初看到的趨勢，您有什麼可以說的嗎？

Linearity has been much better than Q3. That's the one thing I can say. I think part of it is also our elevated execution and our ability to really adapt quickly to how sales cycles are managed. So all in all, we've seen pretty normal linearity, much in line with what we see in typical seasonality.

線性比 Q3 好得多。這是我能說的一件事。我認為部分原因還在於我們提升了執行力，以及我們真正快速適應銷售週期管理方式的能力。所以總而言之，我們看到了非常正常的線性，與我們在典型的季節性中看到的非常一致。

And same goes for Q1 thus far, I think we're looking at really just seasonal linearity right now. Again, a lot of what we can control, we're now doing a better job in controlling and that results in just in line performance to what we expect. Predictability is higher, and we feel pretty good about linearity quarterly and also through the year.

到目前為止，第一季度也是如此，我認為我們現在只關注季節性線性。同樣，很多我們可以控制的東西，我們現在在控制方面做得更好，這導致性能符合我們的預期。可預測性更高，我們對季度和全年的線性感覺都很好。

The following question comes from Hamza Fodderwala with Morgan Stanley.

以下問題來自摩根士丹利的 Hamza Fodderwala。

Tomer, you touched on this earlier, but I just wanted to put a finer point on it. So there have been some management departures in the last 6 months or so. Has that had any at all sort of affect downstream within the sales organization? And can you just comment on overall sales force attrition rates relative to, let's say, 1 or 2 quarters ago?

Tomer，你之前提到過這個，但我只是想更詳細地說明一下。因此，在過去 6 個月左右的時間裡，有一些管理層離職。這對銷售組織內的下游有任何影響嗎？您能否評論一下相對於 1 或 2 個季度前的整體銷售人員流失率？

Sure. And I believe we've had. I think in our -- earlier on the call, we touched exactly on the retention rates that we have for employees. I mean it's still some of the best in the business, including the sales organization. We've also mentioned 2 quarters ago that we'll be embarking on performance management as a way to hone in on our sales organization specifically. And that's what we've done.

當然。我相信我們已經擁有了。我認為在我們 - 早些時候的電話會議中，我們確切地談到了我們對員工的保留率。我的意思是它仍然是業內最好的，包括銷售組織。我們在兩個季度前還提到，我們將著手進行績效管理，以此作為專門磨練我們的銷售組織的一種方式。這就是我們所做的。

The sales organization is actually executing better right now. We've seen no undesired attrition in the sales organization. I think if you look at our executive team as well, and we again repeated that on the earlier remarks, we've consolidated our product organization into the technology organization. We've eliminated the CPO role. So a lot of what we've been doing has been completely deliberate.

銷售組織現在實際上執行得更好。我們在銷售組織中沒有發現不希望有的人員流失。我想如果你也看看我們的執行團隊，我們再次在之前的評論中重複了這一點，我們已經將我們的產品組織整合到技術組織中。我們取消了 CPO 角色。所以我們一直在做的很多事情都是經過深思熟慮的。

I think if you look at the marketing organization, obviously, for us, right now, it's all about improving and getting better. If you looked at the Gartner Magic Quadrant for Endpoint Protection, Gartner cites different challenges for different vendors. The only challenge that they cited for us was actually on our marketing and our brand presence.

我想如果你看看營銷組織，顯然，對我們來說，現在，一切都是為了改進和變得更好。如果您查看 Gartner 端點保護魔力像限，Gartner 列舉了不同供應商面臨的不同挑戰。他們為我們列舉的唯一挑戰實際上是我們的營銷和品牌形象。

So to me, when I look at this, maybe this is a blessing in disguise, but we typically treat these things as just an opportunity to improve, an opportunity to be better. And again, we feel like we're already executing better. We're already making significant strides with the latent of securing a new CMO for the company. So all in all, this had minimal effect on us and again, room for improvement.

所以對我來說，當我看這個時，也許這是因禍得福，但我們通常將這些事情視為改進的機會，一個變得更好的機會。再一次，我們覺得我們已經執行得更好了。我們已經在為公司爭取新的 CMO 方面取得了重大進展。所以總而言之，這對我們的影響很小，而且還有改進的餘地。

The next question comes from Roger Boyd with UBS.

下一個問題來自瑞銀集團的 Roger Boyd。

Great. Just a quick high level one for me. As you continue to expand the functionality of the singular platform, what's your perspective on a build by partner decisions? And has that framework shifted to any direction in the current environment?

偉大的。對我來說只是一個快速的高級。隨著您繼續擴展單一平台的功能，您對合作夥伴決策的構建有何看法？在當前環境下，該框架是否已轉向任何方向？

It's a great question, and it has many factors into it. I think we're still out there looking at potential opportunities. I mean, obviously, this market is not so great for some of the private companies out there that might have some really, really interesting capabilities for the years to come.

這是一個很好的問題，它有很多因素。我認為我們仍在尋找潛在的機會。我的意思是，顯然，對於一些在未來幾年可能擁有一些非常非常有趣的能力的私營公司來說，這個市場並不是那麼好。

And on the flip side, obviously, as we're striving towards profitability, we also want to be very mindful as to how much we invest in building new capabilities. We feel we have a fairly substantial portfolio of capabilities through to today. So for us right now, a lot of it is about putting into market and continuing our growth in areas like cloud security, the security data lake capability, which today, it's a first and only in the market for unified security data lake that can consolidate more data from other adjacent components in the enterprise.

另一方面，顯然，在我們努力實現盈利的同時，我們也希望非常注意我們在建設新能力方面的投資。直到今天，我們認為我們擁有相當豐富的能力組合。所以現在對我們來說，很多都是關於投入市場並繼續我們在雲安全、安全數據湖能力等領域的增長，今天，這是市場上第一個也是唯一一個可以整合的統一安全數據湖來自企業中其他相鄰組件的更多數據。

So for us, it's the capability to really hone in on what we've been doing today before we run into more capabilities. But at the same time, we are going to be looking into more capabilities that's going to underscore what we do into the future.

所以對我們來說，這是在我們遇到更多功能之前真正磨練我們今天所做的事情的能力。但與此同時，我們將研究更多的功能，這些功能將強調我們在未來所做的事情。

Last point about that, if you again go back and look at the Gartner Magic Quadrant and the Gartner Critical Capabilities' research paper, SentinelOne was highlighted #1 in the amount, breadth and depth of capabilities it has and its relevance to each and every customer type out there, from the smallest customers to the biggest customers.

關於這一點的最後一點，如果您再次回顧並查看 Gartner 魔力像限和 Gartner 關鍵能力的研究論文，SentinelOne 在其擁有的功能的數量、廣度和深度以及與每一位客戶的相關性方面被強調為第一在那裡打字，從最小的客戶到最大的客戶。

We are today the broadest, most relevant platform out there according to Gartner. So to us, a lot of what we do now is really look into the future into the next 3 years, and what else do we want to have in our portfolio to really complete the image of what we feel enterprise security should look like.

根據 Gartner 的說法，我們今天是最廣泛、最相關的平台。所以對我們來說，我們現在所做的很多事情實際上是展望未來 3 年的未來，我們還希望在我們的產品組合中擁有什麼來真正完成我們認為企業安全應該是什麼樣子的形象。

The following question comes from Brad Zelnick with Deutsche Bank.

以下問題來自德意志銀行的 Brad Zelnick。

Great. Tomer, in your remarks, you said that win rates had increased in Q4, which is great to hear. What exactly is driving that? Is it in any particular area of the market or against any particular competitors that you'd call out?

偉大的。 Tomer，在你的評論中，你說第 4 季度的勝率有所增加，這很高興聽到。究竟是什麼驅動了它？它是在市場的任何特定領域還是針對您要召集的任何特定競爭對手？

It's been across all competitors, and it's been more evident in the high end of the market. A lot of it is just the work that we've done internally to hone in on our processes, put new discipline, new methodology as to how we go about enterprise sales. I think shifting our messaging has also helped significantly. All in all, I'm very, very encouraged by the performance of the sales team specifically.

它已經跨越了所有競爭對手，並且在高端市場上更為明顯。其中很多只是我們在內部完成的工作，以磨練我們的流程，將新紀律和新方法用於我們如何進行企業銷售。我認為改變我們的消息傳遞也有很大幫助。總而言之，我對銷售團隊的表現感到非常非常鼓舞。

As we mentioned, we have a new leader for the Americas. That's been just a great progression on how we go about that segment of the market, specifically, the enterprise. So all in all, we definitely think this is a trend that's here to stay.

正如我們提到的，我們有一位新的美洲領導人。這只是我們如何進入該市場領域，特別是企業領域的一大進步。所以總而言之，我們絕對認為這是一種會持續下去的趨勢。

Our win rates have always been high, that's something to remember and seeing them go even up, up and above in Q4, has again been just a testament to the changes that we've been leading in the past couple of quarters. So all in all, very encouraging across all competitors. We've seen some competitive displacement, I think, more than ever before, seen more displacements of Microsoft. So all in all, I feel like our technology is really starting to shine and customers are starting to understand better and better that they can just get superior value out of SentinelOne versus anybody else in the market.

我們的勝率一直很高，這是值得記住的事情，看到他們在第四季度甚至上升甚至更高，再次證明了我們在過去幾個季度一直引領的變化。總而言之，所有競爭對手都非常鼓舞人心。我們已經看到了一些競爭性的取代，我認為，比以往任何時候都更多，看到了更多的微軟取代。所以總而言之，我覺得我們的技術真的開始大放異彩，客戶開始越來越了解他們可以從 SentinelOne 中獲得比市場上任何其他產品更高的價值。

Great to hear. And if I could just follow up, Tomer, I've got a couple of investors pinging me on a question that I figure will just ask out in the open. I think people are just trying to reconcile your comments from last quarter talking about 50% ARR for the year as a floor, the bullish comments about Q4, the great pipeline in Q1, stable ASP, good linearity, but now you're talking about an ARR guide that's a little bit below the floor. Just what is it that's changed in 90 -- from 90 days ago that you'd point our attention to, to just think about the delta?

很高興聽到。如果我能跟進一下，Tomer，我有幾個投資者就一個我認為只會公開提出的問題詢問我。我認為人們只是在試圖調和你上個季度的評論，談論今年 50% 的 ARR 作為底線，對第四季度的樂觀評論，第一季度的巨大管道，穩定的 ASP，良好的線性，但現在你在談論一個略低於地板的 ARR 指南。 90 年發生了什麼變化——從 90 天前你會指出我們的注意力，只是想想三角洲？

Yes. I think that nothing really changed as it pertains to us. I think the world looks a bit more uncertain, and we're just trying to find a way to give people complete certainty in what we do. I think pointing to the same ARR addition that we've had this year gives us a great baseline to work off of, and it's not a major adjustment from where we were.

是的。我認為與我們有關的一切都沒有真正改變。我認為世界看起來更加不確定，我們只是想找到一種方法讓人們對我們所做的事情完全確定。我認為指出我們今年增加的相同 ARR 為我們提供了一個很好的工作基準，並且這並不是我們所處位置的重大調整。

Lastly, as Dave mentioned, I mean, we are guiding to revenue, and revenue is really where we point our sights. So all in all, we still have all the ingredients in the business, all the capacity in the business to really achieve everything we said and everything we intend to achieve. But with that said, you can't ignore there was literally a bank run 3 days ago that could have bode incredibly worse to the economy than it had been playing out.

最後，正如 Dave 提到的，我的意思是，我們正在引導收入，而收入確實是我們瞄準的地方。所以總而言之，我們仍然擁有業務中的所有要素，業務中的所有能力來真正實現我們所說的一切和我們打算實現的一切。但話雖如此，你不能忽視 3 天前確實發生了一次銀行擠兌，這對經濟來說可能比實際情況要糟糕得多。

So all of that just funnels into a very uncertain macro, and we just want to try and base what we do on pure factual evidence as to what we can achieve versus giving you any type of futuristic guidance. We feel comfortable with this. We feel this is something that we can do with not much fanfare and I think we can push it higher. I think we can overachieve. And I think that's exactly what Dave was also saying earlier.

因此，所有這些都匯集到一個非常不確定的宏觀環境中，我們只是想嘗試將我們所做的事情建立在我們可以實現的純粹事實證據的基礎上，而不是給你任何類型的未來指導。我們對此感到滿意。我們覺得這是我們可以不大張旗鼓地做的事情，我認為我們可以把它推得更高。我認為我們可以超額完成。我認為這正是 Dave 之前所說的。

That's very fair, very clear, and it's good to see you growing stronger than others in the market. So keep up the good work.

這很公平，很明確，很高興看到你在市場上變得比其他人更強大。所以繼續做好工作。

Our next question comes from Ray McDonough with Guggenheim.

我們的下一個問題來自古根海姆的 Ray McDonough。

Tomer, we've heard of momentum with some of your partners in EMEA. And as Dave mentioned, it seems you're early on in your penetration in international markets and recognizing some of those partnerships are relatively early. Can you talk about the performance abroad, specifically in EMEA? And if there's anything that you're doing to either enable the channel there or accelerate growth in that region in general?

Tomer，我們聽說了您在 EMEA 的一些合作夥伴的發展勢頭。正如 Dave 提到的那樣，您似乎很早就進入了國際市場，並且認識到其中一些合作夥伴關係相對較早。你能談談在國外的表現嗎，特別是在 EMEA？如果您正在做任何事情來啟用那裡的渠道或加速該地區的總體增長？

Absolutely. It's definitely a place where we are putting more and more focus. We're seeing great success with our partner ecosystem, definitely in EMEA, but also outside of it. These partners have been, through the years, building capabilities on top of our platform. So they're completely standardized on the SentinelOne platform.

絕對地。這絕對是我們越來越關注的地方。我們看到我們的合作夥伴生態系統取得了巨大成功，尤其是在歐洲、中東和非洲地區，但也在歐洲、中東和非洲之外。多年來，這些合作夥伴一直在我們的平台上構建能力。所以它們在 SentinelOne 平台上是完全標準化的。

Now for us, having this horizontal reach across many different partner ecosystems, we want to go deeper. We want to go more vertically into these different partner ecosystems. And that's what we're doing right now. We're putting more and more programs to build more commitment throughout our customer and partner base.

現在對我們來說，在許多不同的合作夥伴生態系統中都有這種橫向影響，我們想要更深入。我們希望更垂直地進入這些不同的合作夥伴生態系統。這就是我們現在正在做的。我們正在實施越來越多的計劃，以在我們的客戶和合作夥伴群中建立更多的承諾。

In EMEA, having exclusive networks with one of our biggest distributors has been just a great partnership for us over the years. But we are just in the beginnings of that partnership. We are now going through and enabling more and more of their resellers to get that wider reach throughout the continent.

在歐洲、中東和非洲地區，與我們最大的分銷商之一建立獨家網絡多年來一直是我們的良好合作夥伴關係。但我們才剛剛開始這種夥伴關係。我們現在正在經歷並使越來越多的經銷商能夠在整個非洲大陸獲得更廣泛的影響。

About 30% of our revenue comes from EMEA, very, very healthy. And that trend is something that we're seeing elsewhere in terms of deepening the relationship with the channel ecosystem becoming more lucrative, with the channel ecosystem enabling more module cells through the channel ecosystem. Today, any given channel partner can actually sell so much more out of SentinelOne, and that increases their ASPs, their average deal sizes in a manner where they can cover more parts of the enterprise, consolidate the way some of these other incumbent solutions. But obviously, that becomes a better outcome for them.

我們大約 30% 的收入來自 EMEA，非常非常健康。這種趨勢是我們在其他地方看到的，即加深與渠道生態系統的關係變得更有利可圖，渠道生態系統通過渠道生態系統啟用更多模塊單元。今天，任何給定的渠道合作夥伴實際上都可以從 SentinelOne 中賣出更多的東西，這會增加他們的平均售價，他們的平均交易規模可以覆蓋企業的更多部分，鞏固其他一些現有解決方案的方式。但顯然，這對他們來說是一個更好的結果。

So for us, it's an opportunity. We keep on growing. It's a critical part of our go-to-market, and we're absolutely doubling down our relationships from MSSPs and all the way to VARs and VADs across the world.

所以對我們來說，這是一個機會。我們不斷成長。這是我們進入市場的關鍵部分，我們絕對會加倍加強我們從 MSSP 到全球 VAR 和 VAD 的關係。

The following question comes from Andrew Nowinski with Wells Fargo.

以下問題來自 Wells Fargo 的 Andrew Nowinski。

Okay. Great. So I want to ask about cloud security. You've always had a best-in-class cloud security solution, and this Wiz announcement, I think, makes it even stronger. And I know you said it accounted for 15% of ACV, but is that a good proxy for the contribution to net new ARR? And I asked because net new ARRs decelerated now for 2 straight quarters down to 10%. I'm just wondering maybe what was the driver of that?

好的。偉大的。所以想問一下云安全。您一直擁有一流的雲安全解決方案，而我認為，此次 Wiz 公告使其更加強大。我知道你說它佔 ACV 的 15%，但這是對淨新 ARR 貢獻的一個很好的代表嗎？我問是因為淨新 ARR 現在連續兩個季度減速至 10%。我只是想知道這可能是什麼驅動因素？

I'm not sure that's the case. But in general, cloud security does contribute fairly into net new ARR. It's definitely something that we're going to be seeing more and more of next year. We've said on many occasions that we feel like the opportunity in cloud security could be as big or even bigger than endpoint security. And we're definitely designing our go-to-market to enjoy and work through that opportunity in the years to come.

我不確定是不是這樣。但總的來說，雲安全確實對淨新 ARR 做出了相當大的貢獻。這絕對是我們明年會越來越多地看到的東西。我們曾多次表示，我們認為雲安全的機會可能與端點安全一樣大，甚至更大。我們肯定會設計我們的上市計劃，以便在未來幾年享受並利用這個機會。

Our technical advantage is one thing. Our ability now to strike, I think, a more comprehensive go-to-market around cloud is highly unique in the space, already seeing a ton of customer interest but it doesn't come in place over endpoint. I think in many cases, we see this as one native complete sales from the endpoint and all the way to the cloud. But with that said, and as we mentioned earlier on, cloud stand-alone deals actually open a new avenue for us and unlock many accounts that otherwise might have already an endpoint incumbent.

我們的技術優勢是一回事。我認為，我們現在有能力圍繞雲更全面地進入市場，這在該領域是非常獨特的，已經引起了大量客戶的興趣，但端點還沒有到位。我認為在很多情況下，我們將其視為從端點一直到雲端的原生完整銷售。但話雖如此，正如我們之前提到的，雲獨立交易實際上為我們開闢了一條新途徑，並解鎖了許多可能已經擁有端點的賬戶。

So it's a strategic go-to-market motion for us, not only in its cloud regard, but also in its ability to position us better in endpoint. And across all these different vectors, we will continue to see it grow side-by-side with our endpoint business, with our data business, and we treat all of those as competitive advantages.

因此，這對我們來說是一項戰略性的上市行動，不僅在雲方面，而且在端點方面也能更好地定位我們。在所有這些不同的向量中，我們將繼續看到它與我們的端點業務、數據業務並肩成長，我們將所有這些視為競爭優勢。

The next question comes from Patrick Colville with Scotiabank.

下一個問題來自豐業銀行的 Patrick Colville。

This is Joe Vandrick on the line for Patrick. Can you expand on the differentiating factors that are pulling people towards singularity cloud over some of the other workload protection products out there? And then at what point in an organization's journey to the cloud are they typically purchasing the product?

我是 Joe Vandrick，接聽 Patrick 的電話。您能否詳細說明將人們吸引到奇點雲而不是其他一些工作負載保護產品的差異化因素？那麼，在組織的雲之旅中，他們通常會在什麼時候購買產品？

For us, there are 2 main advantages. Overall, the solution is incredibly easy to deploy and it's very noninvasive. It's one that doesn't need any type of deep kernel [effort] into these environments. So this is an architectural advantage that we have over our direct competitor.

對我們來說，有兩個主要優勢。總的來說，該解決方案非常易於部署，而且非常無創。它不需要任何類型的深度內核 [努力] 進入這些環境。因此，這是我們相對於直接競爭對手的架構優勢。

The other very interesting element in what we do for runtime protection is that we've infused our same AI-based behavioral detection modules into these runtime models for securing the cloud. So now we're talking about a highly performant, natively integrated cloud workload protection into every type of an environment from containerized Kubernetes environment, but all the way to just virtual servers hosted into the cloud.

我們為運行時保護所做的另一個非常有趣的元素是，我們將相同的基於 AI 的行為檢測模塊注入到這些運行時模型中以保護雲。因此，現在我們談論的是一種高性能的、本地集成的雲工作負載保護，從容器化的 Kubernetes 環境到各種類型的環境，一直到託管在雲中的虛擬服務器。

Coverage is for all of the above, runtime protection for all of the above. No need to deploy into the kernel level or any type of cumbersome deployment and having the ability to have complete performance controls that then allow customers to constrain exactly what they want to have for security versus having a rampage agent running wild in their production environment.

涵蓋所有上述內容，運行時保護上述所有內容。無需部署到內核級別或任何類型的繁瑣部署，並且能夠擁有完整的性能控制，然後允許客戶準確地限制他們想要的安全性，而不是讓代理在他們的生產環境中瘋狂運行。

So these are some of the most sensitive environments out there, which is not a surprise to see what we mentioned on the earlier remarks, having a multimillion-dollar displacement one-to-one from some of these other offerings that I think have promised runtime protection, but at the expense of performance and the expense of flexibility. And that is just something that you can't allow for a production environment.

因此，這些是一些最敏感的環境，看到我們在前面的評論中提到的內容並不奇怪，與我認為已承諾運行時間的其他一些產品一對一地發生了數百萬美元的位移保護，但以犧牲性能和靈活性為代價。而這正是生產環境所不允許的。

So coupling all these different factors together, right now, many organizations, especially the cloud-native ones, are leaning towards an architecture they can control, an architecture they can trust and an architecture that truly provides for superior security by infusing AI models into runtime protection not just waiting for detection, not just identifying vulnerabilities, but truly deflecting attacks from some of these workloads.

因此，將所有這些不同的因素結合在一起，現在，許多組織，尤其是雲原生組織，都傾向於他們可以控制的架構，他們可以信任的架構以及通過將 AI 模型注入運行時來真正提供卓越安全性的架構保護不僅僅是等待檢測，不僅僅是識別漏洞，而是真正轉移來自其中一些工作負載的攻擊。

And our final question is from Joseph Gallo with Jefferies.

我們的最後一個問題來自 Joseph Gallo 和 Jefferies。

Really appreciate the question, and great to hear your pipeline doubled. Can you just speak to the quality there? And have you seen any cycle benefits from your customers having finally set their calendar '23 budgets? And then maybe if I could, to ask Brad's question even more bluntly, should we consider fiscal '24 ARR guide more or less risky than 90 days ago?

非常感謝這個問題，很高興聽到您的管道翻了一番。你能談談那裡的質量嗎？您是否看到您的客戶最終設定了他們的 23 年日曆預算而帶來的任何週期收益？然後也許如果可以的話，更直截了當地問布拉德的問題，我們是否應該考慮比 90 天前更多或更少的財政 '24 ARR 指南？

I'll let Dave answer the latter part of the question. When we look at pipeline, I think we're seeing just incredible growth throughout every segment of the market. And that, to me, is the part that's most encouraging. We're seeing the ability to sell into the high end of the enterprise. We're seeing the ability to grow with mid-enterprise, which I would say is the long tail of the endpoint security market. And obviously, we're generating more and more whether MSP ecosystem as well. So all in all, when you look at pipeline today, still predominantly endpoint-oriented, but we're seeing also a lot of pipeline starting to build specifically for cloud security opportunities.

我會讓戴夫回答問題的後半部分。當我們審視管道時，我認為我們在市場的每個部分都看到了令人難以置信的增長。對我來說，這是最令人鼓舞的部分。我們看到了向企業高端銷售的能力。我們看到了與中型企業一起成長的能力，我想說這是端點安全市場的長尾。顯然，我們也在生成越來越多的 MSP 生態系統。所以總而言之，當你今天看管道時，仍然主要面向端點，但我們也看到很多管道開始專門為雲安全機會而構建。

This is a change that we've made a quarter ago when we started putting more emphasis on cloud-only pipeline or cloud-mainly pipeline, and that contributes to the overall pipeline that we can generate. So this year is going to be the first year where we actually treat pipeline generation by discipline, just an overall pipeline for endpoint security. As you can imagine, that opens up a host of new opportunities. It cuts through a different TAM in earnest, and it creates a much bigger opportunity size for the company as a whole. That's why we're encouraged. That's why we feel we're now on a different pace in pipeline generation. We're now tapping different markets. We're not just talking in endpoint sense.

這是我們在一個季度前所做的更改，當時我們開始更加重視僅雲管道或以雲為主的管道，這有助於我們生成的整體管道。所以今年將是我們真正按紀律處理管道生成的第一年，只是端點安全的整體管道。可以想像，這會帶來許多新機會。它認真地切入了不同的 TAM，並為整個公司創造了更大的機會規模。這就是我們受到鼓舞的原因。這就是為什麼我們覺得我們現在在管道生成方面處於不同的步伐。我們現在正在開拓不同的市場。我們不只是在端點意義上談論。

And as far as comparing versus the last 90 days, I think what I'd ask you to do is to focus on the revenue guide, which we believe is strong and achievable. And in terms of just the ARR in the current environment, we're just being prudent around it. And I think that's what we're trying to get out within this guidance.

至於與過去 90 天的比較，我想我會要求你做的是關注收入指南，我們認為這是強大且可以實現的。就當前環境下的 ARR 而言，我們只是謹慎對待它。我認為這就是我們在本指南中試圖解決的問題。

I will now pass it back to the management team for closing remarks.

我現在將把它傳回給管理團隊作結束語。

Thanks, everybody. Appreciate your time today, and looking forward for a great year. Thank you.

謝謝大家。感謝你今天的時間，並期待著美好的一年。謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開線路。