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 財年第四季業績電話會議。我叫 Tamia，今天將擔任主持人。 （操作員指示）

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

現在，我很高興將會議交給主持人、投資者關係副總裁 Doug Clark。請繼續。

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，歡迎參加SentinelOne截至1月31日的2023財年第四季及全年業績電話會議。今天出席會議的有執行長Tom Weingarten和財務長Dave Bernhardt。我們的新聞稿和致股東的信已於今天早些時候發布，並已發佈在我們網站上。本次電話會議將透過網路直播。電話會議結束後，我們將在網站的「投資者關係」版塊提供音訊回放。

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.

在開始之前，我想提醒大家，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2024財年第一季和全年業績的預期，以及某些長期財務目標。我們在此提醒大家，此類陳述是基於我們目前已知因素的最佳判斷，實際事件或結果可能有重大差異。

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 (SEC) 提交的文件，尤其是我們的 10-K 表格年度報告和 10-Q 表格季度報告。這些文件包含並明確了可能導致我們的實際結果與前瞻性陳述產生重大差異的重要風險因素和其他資訊。

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

本次電話會議中所做的任何前瞻性陳述均截至今日為止。如果在今日之後重播或查看本次電話會議，電話會議中提供的資訊可能不包含最新或準確的資訊。除法律要求外，即使未來有新的資訊可用，我們也不承擔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存在重大差異的原因的義務。

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.

除非另有說明，本次電話會議期間我們將討論非公認會計準則 (Non-GAAP) 財務指標。這些非公認會計準則 (Non-GAAP) 財務指標並非依照公認會計準則 (GAAP) 編製。 GAAP 和非 GAAP 業績的對帳表已在今天的新聞稿和股東信中提供。這些非 GAAP 指標並非旨在取代 GAAP 業績。

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股票薪酬費用、雇主工資稅和員工股票交易、收購無形資產的攤銷費用以及收購相關的薪酬成本，這些目前無法確定，因此在今天的新聞稿中沒有得到協調。

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

現在，讓我將話題交給 SentinelOne 執行長 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，感謝大家參加我們第四季財報電話會議。我們報告了強勁的業績，所有關鍵指標（包括年度經常性收入 (ARR)、收入、毛利率和營業利潤率）均超出預期。我們實現了高速成長，利潤率也大幅提升。

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.

宏觀經濟逆風持續存在，但我們實現了兩個重要的里程碑：年度經常性收入 (ARR) 突破 5 億美元，全球客戶群突破 1 萬戶。就我們實現這一目標的規模和速度而言，這都是巨大的進步。我們的站點數量也大幅增加。這些績效反映了我們在終端和雲端安全市場的強大執行力和競爭優勢。

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.

我們在三大產業評估、MITRE、Gartner 魔力像限中都是公認的技術領導者，並且在 Gartner 端點保護關鍵功能中名列前茅，這表明 SentinelOne 是各種規模和複雜程度的企業的首選。

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，實現更佳業務成果，並利用機器速度自動化的力量，實現安全堆疊的現代化。我們的奇點平台旨在實現現有解決方案無法比擬的成本效益。我們平台涵蓋終端、雲端、身分和數據，為客戶提供一流的安全性和價值，並為跨多個大型 TAM 的業務帶來多樣化的成長機會。

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.

像往常一樣，請閱讀我們在投資者關係網站上發布的致股東信，其中提供了更多詳細資訊。在今天的電話會議上，我將討論三個關鍵領域：第一，我們季度業績的詳情，顯示所有關鍵指標均表現出色，執行力更強，競爭地位也更強；第二，我們將重點投資和規劃關鍵技術差異化、巨大的潛在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。我們致力於實現高成長，持續提高利潤率，並實現長期獲利。

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.

首先，我們來談談我們的季度業績。由於奇點平台在終端雲端識別和相關解決方案領域的持續應用，我們實現了強勁的收入和年度經常性收入 (ARR) 成長。全年營收成長 106%。我們的團隊在財年結束時的表現超出了我的預期。我們正在搶佔市場份額，並在第四季度再次顯著超越了「50 法則」。

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.

我們始終將快速成長與顯著的利潤率提升相結合，展現出我們強大的單位經濟效益和業務模式的可擴展性。我們的毛利率創下新高，第四季的營業利潤率成長了30%以上。整體而言，我們已連續六季實現營業利潤率年增超過25%。這些成績非常出色。我為全球Sentinel員工的奉獻和辛勤工作感到自豪，是他們成就了這一切。

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.

第四季是我們贏單率和新增客戶數量表現最強勁的季度之一，其中包括年度經常性收入 (ARR) 超過 100 萬美元的企業客戶。本季我們新增了近 750 名客戶，客戶總數較去年同期成長約 50%，超過 1 萬名。需要注意的是，這個數字被大大低估了，因為我們沒有計算 MSSP 合作夥伴提供的客戶服務。

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.

我們年經常性收入 (ARR) 超過 10 萬美元的客戶年增 74%。本季度，我們新增的全球 2000 強企業數量創歷史新高，涵蓋美國主要聯邦機構、全球金融機構以及終端和雲端技術先鋒。綜合來看，我們每位客戶的 ARR 持續成長，展現了我們在大型企業中的成功，也體現了我們平台解決方案的日益普及。

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.

現有客戶正在加倍投入，並不斷鞏固我們奇點平台。由於覆蓋範圍的擴大和模組的採用，我們的總留存率環比提升，淨留存率保持在130%以上。奇點雲正加速退出，並在第四季度再次成為我們成長最快的解決方案，其次是資料保留、警戒MDR和身分安全等其他相關功能的強勁貢獻。全年來看，我們的新興功能佔訂單總額的三分之一以上，這表明終端和相關解決方案均實現了強勁增長，為未來提供了另一個成長動力。

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.

我們合作夥伴支持的市場推廣模式持續釋放出巨大的規模，並提升了我們的市場地位。我們的MSSP合作夥伴業務正日益轉向託管安全保護，我們在本季實現了顯著成長。許多領先的MSSP提供者已在我們的Singularity平台上建構了成功的實踐。我們也開始看到MSSP通路早期採用模組，為通路增添了另一個成長動力。我們攜手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.

讓我們來看看雲端安全市場和我們的成功。雲端工作負載保護是企業的關鍵需求，擁有無限的潛在市場機會。雲端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，雲端安全市場有可能變得比終端市場還要大。隨著企業迅速將員工遷移到雲端，日益增加的雲端攻擊也讓人們意識到了這項關鍵的企業需求。

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.

第四季是我們雲端安全業務表現最強勁的一個季度。它貢獻了我們季度平均銷售額（ACV）的約15%，環比增長了一倍以上。我們雲端工作負載保護解決方案的成長得益於客戶採用率的提高以及在關鍵競爭產品替換中贏得數百萬美元的訂單。

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，這家全球網路平台以數百萬美元的一對一收購價格，將競爭對手的雲端安全解決方案替換為 SentinelOne。此競爭對手的解決方案有明顯的架構缺陷，導致 Linux 環境中的生產服務中斷，並且由於代理資源過度消耗而導致成本過高。該企業轉而選擇 SentinelOne，尋求卓越的技術和經驗。與我們的終端同類產品相比，Singularity Cloud 擁有顯著的安全效能優勢和營運穩定性。

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，無論終端在位情況如何，雲端服務都在為我們帶來新的客戶機會。其成長潛力大。我很高興地告訴大家，我們與雲端安全態勢管理 (CSPM) 領域的領導者 Wiz 的合作將使客戶能夠透過新增的雲端安全態勢管理獲得更全面的雲端保護。這項組合將打造出遠超過市場上任何其他單一供應商的卓越雲端安全產品。

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.

讓我們來看看更廣泛的競爭格局。第四季是我們表現最強勁的季度之一。我們的整體勝率有所提升，包括與大型下一代供應商的競爭。我們在絕大多數競爭中都取得了勝利，平均售價保持穩定，我們預計這一趨勢將持續下去。我們專注於拓展產品線，充分利用管道，並創造更多機會。

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.

舉個例子，一家大型金融機構從微軟遷移到 SentinelOne，這是一個穩固的平台勝利，我們幫助客戶整合了跨終端雲端和許多其他相關模組的單點解決方案。在經歷了技術限制和高昂的整體擁有成本帶來的不愉快體驗後，客戶意識到預期與結果之間存在巨大差異。在經歷了多年的安全漏洞和操作困難之後，客戶最終將微軟替換為 SentinelOne。我們能夠透過單一平台提供更廣泛的覆蓋範圍。我們一次又一次地見證了這一點。

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 的原因在於其領先的安全性能和廣度、易用性和更高的平台價值。我們基於人工智慧的安全和統一資料架構提供了效能優勢和成本結構，使我們能夠保持高度競爭力，從而擴大交易規模並提高毛利率，同時為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.

我們的競爭優勢也延伸至我們的合作夥伴生態系統。多年來，我們始終秉持著合作夥伴友善的行銷策略，協助合作夥伴的業務發展，而非與他們競爭。這對於像託管服務提供者 (MSSP) 這樣的策略合作夥伴尤其重要。

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.

我們架構性地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存取控制。我們培育了一個廣泛而多樣化的通路合作夥伴網絡，這是難以複製的。這不僅僅是一個套餐設計，而是一個真正具有競爭力的技術護城河。我們透過數千項認證和技術培訓為合作夥伴提供支持，這些措施推動了更多的管道參與、更多的交易註冊、更廣泛的管道，並持續擴展 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，就像許多安全和軟體領域一樣。一直以來都是如此。我們持續在贏單率和市場份額方面取得成功。我們正在應對多個大型TAM（潛在市場）和成長機會。我們的客戶重視SentinelOne的信任和透明文化，這也是我們為每個潛在合作帶來的理念。正面的客戶體驗和回饋能夠穿透任何行銷噪音，不言而喻。我們在Gartner終端和雲端安全同行評審中處於領先地位，憑藉其強大的功能、平台價值和卓越的業務成果而備受認可。

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.

讓我們把主題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打造更具韌性企業的基礎。一個平台的優劣取決於其各個部分的總和，我們致力於在平台的各個方面保持領先地位。我們正在追求公司歷史上最專注的路線圖，確保客戶需求、產品開發和市場推廣之間的協調一致。

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.

在新的財年，我們將專注於三個核心創新和產品開發領域：一是提升我們在終端安全領域的領導地位；二是增強我們的雲端安全優勢；三是拓展我們的平台能力和市場機會。為什麼選擇這三個領域？因為每個領域都代表著一個核心的技術差異化領域，擁有龐大的市場拓展潛力，並能滿足關鍵的企業安全需求。我們的平台涵蓋終端、雲端、身分和資料。這涵蓋了多個不斷增長的潛在市場規模 (TAM)，這些市場規模在未來幾年可能超過 1000 億美元。

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當前和未來都安全無虞。我們連續三年在微攻擊評估中保持領先地位，致力於在威脅情勢、對手和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。我們入選魔力像限，充分證明了我們卓越的市場執行力以及基於人工智慧的現代網路安全願景。更重要的是，在 Gartner 端點保護平台關鍵功能評估中，我們在所有三個客戶用例中均名列前茅。這些頂級排名凸顯了我們卓越的平台深度、廣度以及對各種規模、成熟度和行業的組織的相關性。我們正在履行我們的使命，成為一支向善的力量，以機器速度增強客戶對最複雜威脅的防禦能力。

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拓展雲端安全優勢。正如我之前所討論的，我們在第四季度的雲端安全成長和大客戶訂單方面取得了新的高度。這些訂單規模龐大，包括幾筆數百萬美元的交易，其規模足以匹敵甚至超過這些客戶的終端部署規模。 Singularity 的雲端架構、營運穩定性、資源效率和領先的防護能力在競爭中脫穎而出。我們正處於有利地位，可以抓住關鍵且快速成長的全新機會。

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.

我們與雲端安全態勢管理領域的領導者 Wiz 強強聯手，進一步拓展了我們的雲端安全優勢。透過此次獨家市場合作，我們將整合市場上兩大領先的雲端安全資產，為企業提供端到端雲端安全全面覆蓋，打造無與倫比的選擇。我們共同的客戶群和新客戶都將受益於 Singularity Cloud 領先的工作負載保護功能（用於即時執行時間保護）及其領先的態勢管理功能（用於偵測和修復跨不同雲端環境的錯誤配置）。

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，我們將繼續擴展平台功能的廣度，特別是在安全資料湖、身分安全和漏洞管理方面。我們的平台方法可協助企業整合單點解決方案，並獲得有利的整體擁有成本。這些創新將在未來幾年增強我們的競爭優勢。

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.

舉一個創新的例子，我們是第一個也是唯一一個透過統一且完全整合的安全資料湖來保護多效介面的安全平台。能夠將所有企業資料透過單一管理平台整合到一處，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 的真正進化，由卓越的性價比和規模所驅動。我們完全整合的資料架構無需多種查詢語言，也無需將 SIEM 外包給登入解決方案。這帶來了優於現有數據分析解決方案的卓越成果和顯著優勢。其影響是實質的：更快的速度、更低的成本、更容易部署和使用。率先進入市場使我們比同業更具優勢。我們才剛觸及一個巨大且亟待顛覆的安全資料市場機會的皮毛。

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，讓我們轉向需求環境。我們致力於實現高成長，持續提高利潤率並實現長期獲利。全球經濟狀況與上季相似。我們持續看到客戶的成本意識和對IT預算的審慎態度，這導致了更長的銷售週期和交易規模的最佳化。我們預計這些趨勢將持續下去。客戶正在評估交易，以確保他們以合理的價格獲得最佳的產品和價值。

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.

從根本上講，企業對網路安全的需求仍然至關重要。我們的平台解決方案，包括終端雲端身分和安全數據，是IT支出的首要重點。我們基於人工智慧的安全和平台方法使我們能夠靈活地滿足多樣化的預算需求，並為客戶提供具有競爭力的擁有成本，這在當今環境下尤其重要。

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.

我對年初以來我們新增的待開發項目以及第一季迄今創紀錄的待開發項目成長感到非常鼓舞。我們的待開發案年增近一倍。最重要的是，我們的成功率有所提升，客戶留存率和擴張率都很高，我們的團隊也表現出色。我們專注於維持高成長，預計今年的營收成長將達到51%。這使我們躋身於少數高成長安全公司之列，成長遠超行業和同行。

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.

我們在短時間內也在利潤率提升方面取得了巨大進展。在第四季度，由於規模擴張和數據驅動的效率提升，我們的毛利率創下了歷史新高。幾個季度前，我們完成了整個後端向資料集的遷移。這使我們能夠在繼續擴大規模和提高毛利率的同時，更好地控制遠期成本結構。此外，第四季營業利潤率的顯著提升，清楚地展現了我們敏捷的成本管理能力和對成本管理的高度重視。

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，我們將保持活力，對關鍵成長領域進行策略性投資，確保獲利之路不會因不同的經濟狀況而出現偏差。我們預計今年的營業利潤率將再次大幅提升，並繼續朝著2025財年實現獲利的目標邁進。

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狀況和前景細節之前，我想分享一下我們近期為提升執行力和優化團隊結構而採取的舉措的進展。正如上個季度所討論的，我們團隊的重點是提升執行力和績效管理。這些都是擴大業務規模的重要因素。

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Sentinels執行力的提升感到非常滿意，這從我們第四季各方面的出色表現中可見一斑。我們的員工總保留率比行業平均高出約10%。如果僅從銷售部門的子集團層級來看，情況也是如此。在我們的主要競爭對手正在進行多輪裁員的時期，這絕非易事。我們已刻意改進，並將績效管理納入運營，這已經對我們的交付、創新路線圖和財務業績產生了積極影響。

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，我們決定整合產品和工程部門，將首席產品長 (CPO) 和首席技術長 (CTO) 的職位整合到一位領導者 Ric Smith 的領導下。這使我們能夠實現更好的協調和更高的速度。在過去幾個季度，我們透過幾位高階主管的加入加強了領導力，他們帶來了超越終端市場的規模、經驗和技術專長，這對 SentinelOne 的未來至關重要。隨著我們從終端發展到更廣泛的安全平台，涵蓋終端雲端身分和數據，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.

我們致力於營造高效率、互惠互利的企業文化，我們的努力也取得了顯著成效。我們的 Glassdoor 評分接近完美，達到 4.9 分，在同行中遙遙領先。 SentinelOne 在《財星》雜誌 2022 年美國最佳科技工作場所榜單中榮獲殊榮，對此我深感自豪。我們的員工是業界頂尖人才，積極性極高。

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、經濟和技術層面上經歷變革。想想過去幾個月人工智慧的演變。就在我們眼前，我們見證了人工智慧的快速發展，在無數應用領域中釋放出巨大的機會。人工智慧是一個巨大的顛覆者，但我們所有人都應該意識到創新的益處和風險。這不僅將巨大的權力和影響力賦予某些科技公司，也賦予了那些試圖造成傷害的人。

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，可能會產生嚴重且潛在危險的外部影響。責任、良好的商業實務和保障營運至關重要。我們也應注意其深遠的社會影響以及人類思維演化中日益擴大的差距，尤其是在人工智慧輔助的現實中。再加上在全球社交媒體、虛假資訊和深度偽造技術充斥的時代，可信資訊的脆弱性，人工智慧可能被用來破壞世界秩序，塑造虛假敘事，從而嚴重擾亂我們的生活方式。

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.

反過來，人工智慧也可以用來保障網路安全。正因如此，我們以定向、結構化和有針對性的方式運用人工智慧。從一開始，我們就開發了一個基於人工智慧的全自動安全平台，整合神經網路來服務特定的用例和功能，從而抵禦網路攻擊，保護我們的數位生活方式，這是有益的力量。

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.

我們不斷致力於改進我們的模型，並為全球客戶提供尖端功能，同時負責任地確保安全和道德規範。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.

說完這些，我將把電話轉給我們的財務長戴夫‧伯恩哈特 (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，並提供更多關於我們第一季和2024財年業績指引的背景資訊。提醒一下，除非另有說明，所有比較均為同比數據，所有討論的利潤率均為非公認會計準則利潤率。

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.

我們第四季的業績全面超出預期。我們實現了高成長，利潤率大幅提升。第四季營收成長92%，全年成長106%。我們的年度經常性收入（ARR）成長88%，達到5.49億美元，突破5億美元，這是一個重要的里程碑。本季度，我們再次顯著超越了“50法則”，彰顯了我們強大的競爭地位和單位經濟效益。

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.

國際市場收入成長125%，佔總營收的35%。我們才剛開始挖掘全球成長潛力。宏觀經濟逆風依然存在，但我們本季新增淨ARR 6,100萬美元，季增25%。每位客戶ARR環比成長，反映出大型企業持續成長的勢頭，以及客戶對我們平台的採用率不斷提高，尤其是在雲端安全領域。

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.

我們持續保持新客戶和現有客戶擴張的健康組合。隨著我們的毛留存率環比提升，現有客戶對 SentinelOne 的依賴度也隨之翻倍。此外，由於強勁的訂閱成長和相關解決方案的交叉銷售，我們的淨留存率保持在 130% 以上，遠高於 120% 的目標。事實證明，我們與現有客戶和託管服務供應商 (MSSP) 合作夥伴的平台擴展具有持久性和韌性，無論外部環境如何，都能為我們的穩健成長奠定堅實的基礎。

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.

談到我們的成本和利潤率。第四季度，我們的毛利率創下75%的新高，較去年同期成長了9%。這反映了我們在過去12個月中取得的巨大進步，也反映了我們「落地並擴張」策略和平台單位經濟效益的成功——我們只需收集一次數據，即可實現越來越多的功能。

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.

這也凸顯了我們全面整合的資料分析後端的重要性和優勢。經某些非經常性收益調整後，我們第四季的利潤率約為73.5%，季增約2個百分點，且高於我們的預期。這些項目包括先前雲端託管協議下的對帳和未償信貸收益。

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.

由於規模不斷擴大，我們最近與一家雲端託管合作夥伴簽署了一項新協議。展望未來，我們預期這項新協議將提升成本效率，並支持2024財年及以後利潤率的進一步提升。

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.

縱觀我們其他的損益表，第四季我們的營業利潤率年增了31個百分點，降至負35%。這標誌著我們連續第六個季度實現超過25個百分點的利潤率提升。以美元計算，第四季我們的營業虧損也較上季減少。全年營業利益率提升了36個百分點。我們對成本控制的重視持續顯現出我們朝著獲利目標邁出了有意義的一步。

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.

談到我們對第一季及2024財年全年的業績預期。我們預計第一季營收約1.37億美元，年增75%。全年營收預計在6.31億美元至6.4億美元之間，年增率中位數為51%。我們預期宏觀經濟相關的不確定性將持續影響全年，在當前環境下，對營收和年度經常性收入（ARR）的預期保持保守是明智之舉。

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.

我們擁有實現第一季和全年目標所需的原材料。我們的產品線年增近一倍，並且在整個第一季度，我們繼續以創紀錄的速度建立產品線，同時提升我們的品牌形象。我們贏得了新客戶，現有客戶也繼續採用更多授權和更廣泛的平台功能。我們面前多元化且巨大的成長機會令我們備受鼓舞。

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.

談到利潤率前景。作為一家公司，我們已邁出了重要一步，距離75%至80%或更高的長期毛利率目標更近一步。我們受益於業務模式和平台化營運中固有的數據效率。我們預計第一季毛利率約為73.5%，較第四季的穩定水準略有提升，年增超過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.

我們預計全年毛利率將在73.5%至74.5%之間，年比中位數成長約2個百分點。我們預期規模擴張和資料處理效率提升帶來的效益將持續。

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，就營業利潤率而言，我們預期第一季營業利潤率為-41%，這意味著年比將提高30個百分點以上。我們預計全年營業利益率將介於-29%至-25%之間，與23財年中位數相比，年比將提高約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投入了大量資金。這為我們實現產品路線圖和成長目標提供了充足的空間。隨著我們控制員工人數成長，並在2024財年繼續釋放生產力並逐步實現獲利，我們預計將受益於營運槓桿。

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.

我們無意犧牲成長或市場佔有率。我們的投資策略將保持高度選擇性，並專注於關鍵的競爭優勢領域。無論宏觀環境如何變化，我們都將保持活力，並致力於提高利潤率。我們已經並將繼續根據成長調整投資節奏。我們的資產負債表非常強勁，擁有12億美元的現金、現金等價物和投資，且沒有債務。這相當可觀。需要說明的是，我們對矽谷銀行破產的風險敞口很小，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、靈活性以及產生正現金流的途徑。我們的目標仍然是在年底前實現正自由現金流，具體取決於全球經濟狀況。我們將繼續致力於在強勁的營收成長與持續的利潤率提升之間取得平衡，並致力於在2025財年實現盈利。

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，我們第四季的業績為2023財年畫下了圓滿的句點。我們預計2024財年將持續維持超越市場的成長勢頭，並逐步實現獲利。我們正在進軍多個大型市場，為未來的成長和成功提供多種途徑。

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

感謝大家今天的參與。現在我們可以開始提問了。接線生，請您接電話好嗎？謝謝。

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

（操作員指示）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，我想問您能否深入探討毛利率。我注意到您提到了毛利率有一些調整。我認為本季投資者對他們聽到的關於價格競爭加劇或定價方面競爭加劇的消息有些擔憂。能否稍微解釋一下？毛利率有多少是信用額度？

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，即使撤回調整，它仍然相當強勁，這在某種程度上可以反駁任何關於價格壓力的評論。那麼，我們如何從規模而非資料遷移效率的角度來看待這個問題，以及您對明年的指導意見呢？

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說法在哪裡。我們經常聽到這種說法，但我們實際上並沒有看到它。本季我們的平均售價保持穩定。至於百分比——如果我們想稱之為現有合約結束時的對帳——或者在我們簽署新合約時，先前合約結束時的對賬，我想，我們必須將一些使用量與我們在現有合約下獲得的積分進行對帳。這個比例略低於1.5個百分點。

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，這將使我們的穩定利潤率達到73.5%左右，這是我們第一季預期的低端，也是我們明年預期的低端。因此，我們認為這能夠讓我們繼續提高毛利率。 73%到74.5%的毛利率已經非常接近我們之前給大家的75%的長期預測了。

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?

太好了。湯姆，關於與 Wiz 的合作，您能否稍微介紹一下——您提到了某種市場合作，或者說在新標誌和現有客戶方面採取的策略。能否介紹一下目前兩家公司客戶群的重疊情況？

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?

那麼，這種初期容易達成的目標，基本上就是先把產品賣給你們各自不重疊的客戶，然後再去爭取新的客戶嗎？或許可以，請您跟我們講講您認為會如何發展。接下來，戴夫，作為後續問題，這是否已經融入你們對這種合作關係以及2024財年前景的總體預期中了？

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。這是一次很棒的合作。它使我們能夠從安全態勢管理（顯然 Wiz 是業內最優秀的公司之一）提供端到端的雲端安全，而對於我們來說，在工作負載保護方面，我們為任何類型的工作負載提供運行時保護。因此，這是一對互補的功能組合。

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.

就市場推廣而言，顯然，我們擁有大量不重疊的客戶，這也是我們對這項合作感到興奮的原因。這是一種雙向合作，這意味著 Wiz 可以轉售我們一流的工作負載保護產品，並將其推廣給他們的客戶群；我們也可以將其領先的 CSPM 功能帶給我們的客戶群。我認為雙方都對彼此的產品高度滲透。

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，顯然，我們的工作負載保護平台取得了巨大的成功。他們的CSPM產品和解決方案也取得了巨大的成功。所以對我們來說，這只是兩個相鄰功能的完美結合，雙方的客戶群都在尋求這些功能。而且，這完全是互惠互利的。

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.

就我們對此的預期而言，雙方的合作還處於非常早期的階段。我認為，我們目前主要將其視為一種積極的潛力，畢竟這種合作關係才剛起步。它有可能帶來變革，但現在下結論還為時過早。如果我們發現情況有立即變化，我們會及時向大家通報。

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。太好了。戴夫，如果可以的話，我有兩個基本問題想問你。只是為了澄清一下。第一個問題是——如果我沒注意到的話，請原諒，但我們只是對今年的年度經常性收入（ARR）指南發表了評論嗎？其次，我認為今年的利潤率指南——很高興看到營業虧損收窄。我想你的目標是擴張25個百分點，就像我們之前討論過的。我記得你說的這個目標是22個百分點左右，從費用支出的時間點來看，有什麼需要注意的嗎？或者我們應該把它看作是今年年初的一個好起點？

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.

就我們目前的狀況和保守估計而言，我認為22%的增速大致相當於我們年初的預期。顯然，我們一直在努力提高這一水平。就ARR成長而言，我們以收入為導向。

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.

我們的預期是營收中期成長51%。顯然，收入和年度經常性收入（ARR）密切相關。這其實只是我們基於當前宏觀環境所採取的謹慎保守的策略。我們預計這種狀況將持續全年。

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（年度經常性收入）將相對持平。這意味著ARR成長率約為47%。 50%的ARR成長率仍然是可以實現的，我們正在努力實現這一目標，但我們希望在業績指引方面保持謹慎。

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，這只是一個相當高層次的問題。當你們開始考慮2023年的一些安全預算時，它們比你們預期的今年會更好還是更差？與去年相比，作為今年預算中的優先事項，端點安全有什麼變化嗎？如果有的話？還有一個快速的後續問題。您剛剛確認今年的年度經常性收入（ARR）成長率仍為50%嗎？

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.

我認為官方數據是47%。 50%顯然是我們的目標，而且是可以實現的。我們只是還有很多工作要做才能實現。就目標而言，這無疑是我們不斷上升的軌跡。

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。就終端預算而言，我認為它是一個非常持久的TAM（潛在市場）。對於大多數企業來說，它仍然是優先支出項目。值得一提的是，我們看到越來越多的案例表明，我們能夠提供一個完全現代化的平台，幾乎完全涵蓋他們現有的預算和傳統供應商的支出。所以，從本質上講，我們能夠為當今的客戶提供更有價值的平台，而無需過度增加他們的預算。

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，預算可能會增加。但就實際的核心終端市場而言，我們對預算非常滿意。我們對我們的價格點以及我們能夠完全取代和整合現有解決方案的能力感到非常滿意，這些解決方案新增了我們在先前電話會議上提到的功能，例如漏洞管理和多重資料復原 (MDR)。我的意思是，這些只是您現在可以從單一供應商獲得的增強功能。

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，再次強調，都提供了卓越的成本整合。因此，我們認為自己不僅有能力在終端市場持續成長，還能以更具宏觀韌性的方式成長。這實際上與現有預算以及他們與現有供應商的現有支出有關，但現在他們可以獲得一個現代化的平台，並且與使用傳統供應商相比，顯然可以降低巨大的風險。

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.

所以所有這些趨勢都對我們這樣的平台有利。我認為，從這些方面來看，未來幾年的擴張路線，以及我們從這些客戶那裡獲得的終身價值，加上我們領先的毛留存率，顯然對我們來說，這又創造了一種能夠持續增長的動力。

The next question comes from Jonathan Ho with William Blair.

下一個問題來自 William Blair 的 Jonathan Ho。

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，我想問一下，在我們開始考慮明年的ARR指引時，淨留存率會如何改變？我們該如何考慮這些指標在未來會如何改變？

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.

我們預計它們總體上會維持在目前的水平。我們確實在內部計劃中考慮了更低的淨留存率。但總體而言，我們看到它們在相當多的季度中表現出驚人的韌性和穩定性。

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，客戶正在選擇我們更多的模組和功能。即使客戶正在根據自身需求調整規模，節點擴展仍然在進行中。當他們發展壯大，需要更大的覆蓋範圍，發現更多終端時，這顯然會帶來成長。因此，我們非常有信心能夠維持目前的水準。你可以想像，這可以貢獻或將貢獻我們明年所需的整體淨新增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.

所以，考慮到所有這些因素，我們認為這是對明年相對保守的預期。它實際上是基於我們今年的業績。我們只是在尋找一種自信的方式，在高度不確定的時期指引未來。我們選擇遵循這種指引。正如戴夫所說，我們正在竭盡全力。我們相信我們能夠超額完成目標。但目前，我們想提供一些我認為可以讓我們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?

太好了。是的，祝賀您取得如此穩健的業績。我想問一下，考慮到宏觀經濟的不利因素，您能否談談整個季度的線性成長？能否談談二月到三月初的趨勢？

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.

線性度比第三季好得多。這是我唯一能說的。我認為部分原因也在於我們執行力的提升，以及我們能夠快速適應銷售週期的管理方式。總而言之，我們看到了相當正常的線性度，與典型的季節性情況基本一致。

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，第一季的情況也是如此。我認為我們現在關注的其實只是季節性的線性。同樣，很多我們能夠控制的事情，我們現在控制得更好了，這使得業績表現與我們的預期一致。可預測性更高了，我們對季度和全年的線性表現都感到相當滿意。

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?

托默，你之前提到過這個問題，但我只是想更詳細地闡述一下。過去六個月左右，有一些管理層離職。這對銷售部門的下游部門有什麼影響嗎？能不能談談與一兩個季度前相比，整體銷售人員的流失率？

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。我相信我們已經做到了。我想在之前的電話會議上，我們確實談到了員工的留任率。我的意思是，我們的員工留任率仍然是業界頂尖的，包括銷售部門。我們在兩個季度前也提到過，我們將著手實施績效管理，以專門針對銷售部門進行改進。我們現在已經這樣做了。

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.

銷售部門目前的執行情況其實更好了。我們沒有發現銷售部門出現任何不必要的人員流失。我想，如果你看看我們的執行團隊，你會發現——我們在之前的演講中再次強調——我們已經將產品部門整合到了技術部門。我們取消了首席產品長（CPO）的職位。所以，我們所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.

我認為，如果你看看我們的行銷團隊，顯然，目前對我們來說，一切都是為了改進和提升。如果你查看Gartner的《端點保護魔力像限》，你會發現Gartner指出了不同供應商面臨的不同挑戰。他們提到的我們面臨的唯一挑戰實際上是行銷和品牌形象。

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，當我看到這件事時，或許這是因禍得福，但我們通常只是把這些事情當作一個改進的機會，一個變得更好的機會。而且，我們感覺我們已經在執行得更好了。我們已經在為公司找到新行銷長方面取得了重大進展。總而言之，這件事對我們的影響微乎其微，而且我們仍然有改進的空間。

The next question comes from Roger Boyd with UBS.

下一個問題來自瑞銀的羅傑·博伊德。

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?

好的。我只想簡單問一下高層的問題。隨著你們不斷擴展單一平台的功能，你們對合作夥伴建構的決策有何看法？在當前環境下，這個框架是否有任何變化？

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.

這個問題問得很好，而且有很多因素要考慮。我認為我們仍在尋找潛在的機會。我的意思是，顯然，這個市場對一些私人公司來說並不那麼好，這些公司在未來幾年可能擁有一些非常非常有吸引力的能力。

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，我們也需要非常謹慎地考慮在建立新功能方面的投入。我們認為，到目前為止，我們擁有相當豐富的功能組合。因此，目前我們的主要精力都集中在將產品推向市場，並持續在雲端安全、安全資料湖等領域取得成長。目前，它是市場上第一個也是唯一一個能夠整合來自企業其他相鄰組件的更多資料的統一安全資料湖。

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，在探索更多能力之前，我們需要先真正磨練目前所做的事情。但同時，我們也將探索更多能力，這些能力將為我們未來的工作奠定基礎。

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，如果您再次回頭看看 Gartner 魔力像限和 Gartner 關鍵能力研究論文，您會發現 SentinelOne 在功能的數量、廣度和深度以及與每一種客戶類型（從最小的客戶到最大的客戶）的相關性方面均名列第一。

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的數據，我們目前是市場上最廣泛、最相關的平台。因此，對我們來說，我們現在做的許多工作實際上是在展望未來三年，以及我們也希望在我們的產品組合中增加哪些功能，以真正完善我們對企業安全應有的理解。

The following question comes from Brad Zelnick with Deutsche Bank.

以下問題來自德意志銀行的布拉德‧澤爾尼克 (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?

太好了。 Tomer，您在發言中提到第四季的勝率有所提高，這真是太好了。具體是什麼推動了這項成長？是針對某個特定的市場領域，還是針對某個特定的競爭對手？

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.

所有競爭對手都存在這種情況，在高端市場尤其明顯。這很大程度上得益於我們內部的努力，我們不斷完善流程，在企業銷售方面引入新的紀律和方法。我認為，訊息傳遞方式的轉變也起了很大的作用。總而言之，我對銷售團隊的表現感到非常鼓舞。

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.

正如我們所提到的，我們迎來了美洲區的新領導。這對於我們在這個市場領域，特別是企業市場的發展而言，是一個重大的進步。總而言之，我們堅信這種趨勢將會持續下去。

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.

我們的贏單率一直很高，這點值得記住。而看到第四季的贏單率甚至更高，這再次證明了我們在過去幾季所引領的變革。總而言之，所有競爭對手的表現都非常令人鼓舞。我們看到了一些競爭對手的取代，我認為，微軟的取代比以往任何時候都多。總而言之，我覺得我們的技術真的開始閃耀光芒，客戶也開始越來越理解，他們可以從 SentinelOne 獲得比市場上任何其他產品都更卓越的價值。

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?

很高興聽到這個消息。托默，我可以跟進一下嗎？有幾個投資人問我一個問題，我覺得這些問題應該要公開提出來。我想大家只是想理解你上個季度的言論：你提到今年50%的年化經常性收入（ARR）是最低標準，對第四季也持樂觀態度，第一季的銷售管道很棒，平均售價穩定，線性度也很好。但現在你提到的ARR指引略低於最低標準。那麼，90天後──也就是90天前──發生了什麼變化呢？你會讓我們關注哪些變化，讓我們只考慮增量？

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。我認為就我們而言，其實什麼都沒變。我覺得這個世界看起來更不確定了，我們只是想找到一種方法，讓人們對我們的工作完全確定。我認為，以我們今年新增的ARR（年度經常性收入）為例，這給了我們一個很好的工作基準，而且與之前相比，這並不是一個重大的調整。

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，正如戴夫所提到的，我的意思是，我們以收入為導向，而收入才是我們真正的目標。總而言之，我們仍然具備業務所需的所有要素，擁有業務所需的所有能力，能夠真正實現我們所說的一切以及我們計劃實現的一切。但話雖如此，你不能忽視三天前發生的銀行擠兌，這可能會為經濟帶來比現在更糟糕的後果。

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.

所以，所有這些都最終匯聚成一個非常不確定的宏觀環境，我們只想嘗試以純粹的事實證據為基礎，來判斷我們能夠實現什麼，而不是提供任何形式的未來指引。我們對此感到安心。我們覺得這件事情不需要大張旗鼓地宣傳，而且我認為我們可以把它推得更高。我認為我們可以超額完成目標。我想這正是戴夫之前所說的。

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.

這非常公平，非常清晰。很高興看到你們在市場上比其他人發展得更好。所以，繼續努力吧。

Our next question comes from Ray McDonough with Guggenheim.

我們的下一個問題來自古根漢的雷·麥克多諾。

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?

托默，我們聽說你們在歐洲、中東和非洲地區（EMEA）的一些合作夥伴發展勢頭良好。正如戴夫所說，你們似乎在國際市場滲透還處於起步階段，並且意識到其中一些合作夥伴關係建立的時間相對較早。能否談談你們在海外，特別是在歐洲、中東和非洲地區的表現？你們正在採取哪些措施來增強那裡的管道，或加速該地區的整體成長？

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.

絕對是如此。這絕對是我們越來越關注的領域。我們的合作夥伴生態系統取得了巨大的成功，尤其是在歐洲、中東和非洲地區，但也在該地區以外。多年來，這些合作夥伴一直在我們的平台上建立功能。因此，他們在 SentinelOne 平台上已經完全標準化。

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，我們已經在橫向覆蓋了許多不同的合作夥伴生態系統，我們希望進一步深入。我們希望更垂直地深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事情。我們正在推出越來越多的項目，以在我們的客戶和合作夥伴群體中建立更多的承諾。

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，多年來，與我們最大的經銷商之一建立獨家網路一直是我們非常成功的合作夥伴關係。但這種合作關係才剛起步。我們現在正在努力幫助越來越多的經銷商在整個歐洲大陸獲得更廣泛的覆蓋範圍。

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.

我們約有30%的收入來自歐洲、中東和非洲地區，這個比例非常非常可觀。我們也在其他地方看到了這種趨勢，即深化與通路生態系的合作關係，使其利潤更高，而通路生態系統也透過通路生態系賦能更多模組單元。如今，任何通路合作夥伴實際上都可以透過SentinelOne銷售更多產品，這提高了他們的平均售價和平均交易規模，使他們能夠涵蓋企業更多領域，並整合其他一些現有解決方案。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。我們會持續成長。這是我們進入市場的關鍵環節，我們正在加倍加強與全球各地從託管服務供應商 (MSSP) 到增值轉售商 (VAR) 和增值投放設備 (VAD) 的關係。

The following question comes from Andrew Nowinski with Wells Fargo.

以下問題來自富國銀行的 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。太好了。我想問一下關於雲端安全的問題。你們一直擁有一流的雲端安全解決方案，而這次發布的Wiz，我認為讓它更加強大。我知道你說它佔了ACV的15%，但這能很好地代表它對淨新ARR的貢獻嗎？我問這個問題是因為淨新ARR已經連續兩季下降到10%。我只是想知道背後的原因是什麼？

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.

我不確定是否如此。但整體而言，雲端安全確實對淨新增ARR（平均經常性收入）貢獻頗大。這絕對是我們明年會看到越來越多的事情。我們曾多次表示，我們認為雲端安全領域的機會可能與終端安全領域一樣大，甚至更大。我們正在規劃我們的市場佈局，以便在未來幾年內把握並利用這一機會。

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方面。我認為，我們現在能夠圍繞雲端實現更全面的市場推廣，這在業界非常獨特，我們已經看到大量客戶的興趣，但這在終端領域尚不成熟。我認為在很多情況下，我們將其視為從終端到雲端的一次原生完整銷售。但話雖如此，正如我們之前提到的，雲端獨立交易實際上為我們開闢了一條新途徑，並解鎖了許多原本可能已經擁有終端業務的客戶。

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，這對我們來說是一個策略性的市場佈局，不僅體現在雲端運算方面，也體現在它能夠讓我們在終端領域佔據更有利的位置。在所有這些不同的領域，我們將繼續看到它與我們的終端業務、數據業務並駕齊驅，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派崔克‧科爾維爾。

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，Patrick 為您播報。您能否詳細解釋一下，與其他一些工作負載保護產品相比，Singularity Cloud 有哪些獨特的優勢吸引人們選擇？企業通常在遷移到雲端的過程中的哪個階段購買該產品？

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，主要有兩大優勢。總的來說，該解決方案部署極為簡單，而且非常非侵入式。它不需要在這些環境中進行任何深度核心開發。所以，這就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.

我們在運行時保護方面所做的另一個非常有趣的元素是，我們將相同的基於人工智慧的行為檢測模組融入這些用於保護雲端安全的運行時模型中。所以，我們現在談論的是一種高效能、原生整合的雲端工作負載保護，可以融入各種類型的環境，從容器化的 Kubernetes 環境，一直到託管在雲端中的虛擬伺服器。

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.

涵蓋範圍涵蓋上述所有內容，運行時保護也涵蓋上述所有內容。無需部署到核心層級或進行任何類型的繁瑣部署，並且能夠擁有完整的效能控制能力，從而允許客戶精確地限制他們所需的安全性，避免在生產環境中出現一個肆意妄為的代理程式。

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，這些環境屬於最敏感的環境之一，正如我們之前提到的，這些環境的置換成本高達數百萬美元，而其他一些產品雖然承諾提供運行時保護，但卻以犧牲性能和靈活性為代價。而這在生產環境中是絕對不允許的。

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，將所有這些不同因素結合在一起，現在，許多組織，尤其是雲端原生組織，都傾向於一種他們可以控制的架構、他們可以信任的架構以及一種透過將人工智慧模型注入運行時保護而真正提供卓越安全性的架構，而不僅僅是等待檢測，不僅僅是識別漏洞，而是真正轉移來自這些工作負載的攻擊。

And our final question is from Joseph Gallo with Jefferies.

我們的最後一個問題來自 Jefferies 的 Joseph Gallo。

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?

非常感謝你的提問，很高興聽到你們的銷售管道翻了一番。你能談談品質嗎？你的客戶最終設定了2023年的預算，你有沒有看到任何週期效益？然後，如果可以的話，我可以更直白地問一下Brad的問題：我們是否應該認為2024財年的ARR指南比90天前的風險更大還是更小？

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.

後半部問題讓戴夫來回答。從通路來看，我認為我們看到市場各個細分領域都出現了令人難以置信的成長。對我來說，這是最鼓舞人心的部分。我們看到了向高端企業銷售產品的能力。我們看到了與中型企業一起成長的能力，我認為這是端點安全市場的長尾。顯然，我們也在建構越來越多的MSP生態系。總而言之，從目前的管道來看，仍然以終端為主導，但我們也看到許多管道開始專門為雲端安全機會而建置。

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.

這是我們一個季度前做出的改變，當時我們開始更加重視純雲端管道或以雲端為主的管道，這有助於我們建立整體管道。所以，今年將是我們真正依規程處理管線產生的第一年，也就是一個端點安全的整體管線。你可以想像，這將帶來大量的新機會。它真正地切入了不同的潛在市場 (TAM)，並為整個公司創造了更大的機會。這就是我們感到鼓舞的原因。這就是為什麼我們感覺我們現在在管道生成方面有了不同的步伐。我們現在正在開拓不同的市場。我們不再只談論端點。

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，我想請大家關注收入指引，我們認為這個指引強勁且可實現。至於當前環境下的年度經常性收入 (ARR)，我們只是保持謹慎。我認為這也是我們試圖在本指引中傳達的訊息。

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

現在我將把它交還給管理團隊，請他們作最後發言。

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

謝謝大家！感謝大家今天抽出時間，期待新的一年。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。現在您可以掛斷電話了。