SentinelOne Inc (S) 2024 Q1 法說會逐字稿

Good afternoon, and thank you for joining the SentinelOne First Quarter Fiscal Year 2024 Earnings Conference Call. My name is Elissa, and I will be your moderator for today's call. (Operator Instructions). I would now like to pass the conference over to your host, Doug Clark, Head of Investor Relations. Mr. Clark, you may proceed.

下午好，感謝您參加SentinelOne 2024財年第一季財報電話會議。我叫Elissa，將擔任今天電話會議的主持人。 （操作員指示）。現在，我想將會議交給主持人、投資者關係主管Doug Clark。 Clark先生，您可以繼續了。

Good afternoon, everyone, and welcome to SentinelOne's earnings call for the first quarter and fiscal year '24 ended April 30. With us today are Tomer Weingarten, CEO; and Dave Bernhardt, CFO. Our press release and the shareholder letter were issued earlier today and are posted on our Investor Relations section of our website.

大家下午好，歡迎參加SentinelOne截至4月30日的2024財年第一季及全年業績電話會議。今天出席會議的有執行長Tomer Weingarten和財務長Dave Bernhardt。我們的新聞稿和股東信已於今天早些時候發布，並已發佈在我們網站的投資者關係板塊。

This call is being broadcast live via webcast, and an audio replay will be made available on our website after the call concludes. Before we begin, I would like to remind you that during today's call, we will be making forward-looking statements about future events and financial performance, including our guidance for the second quarter and full fiscal year '24 as well as long-term financial targets.

本次電話會議將透過網路直播，音訊回放將在會議結束後發佈在我們的網站上。在開始之前，我想提醒大家，在今天的電話會議上，我們將對未來事件和財務業績做出前瞻性陳述，包括我們對第二季度和2024財年全年的業績指引以及長期財務目標。

We caution you that such statements reflect our best judgment based on the factors currently known to us and that our actual events or results could differ materially. 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 report on Form 10-Q. These documents contain and identify important risk factors and other information that may cause our actual results to differ materially from those contained in our forward-looking statements.

我們提醒您，此類陳述反映我們基於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。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有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, we will discuss non-GAAP financial measures, unless otherwise stated. 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，本次電話會議中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。這些非公認會計準則 (Non-GAAP) 指標並非旨在取代 GAAP 績效。

Our financial outlook excludes stock-based compensation expense, employer payroll tax on 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.

我們的財務展望不包括股票薪酬費用、員工股票交易的雇主工資稅、收購無形資產的攤銷費用和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進行核對。

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

現在，請允許我將電話轉給 SentinelOne 執行長 Tomer Weingarten。

Good afternoon, everyone, and thank you for joining our fiscal first quarter earnings call. We delivered another quarter of significant revenue growth and margin improvement. Customer retention and expansion remains strong and above our long-term targets. We continue to achieve high win rates with stable pricing. The most discerning enterprises are consolidating their security on our best-of-breed platform, which now includes half of the Fortune 10 companies.

大家下午好，感謝大家參加我們第一財季的財報電話會議。我們又一個季度實現了顯著的營收成長和利潤率提升。客戶保留和客戶拓展依然強勁，並且超越了我們的長期目標。我們繼續以穩定的定價實現高贏單率。最具眼光的企業正在我們一流的平台上整合他們的安全保障，目前該平台已覆蓋了一半的《財富》十大企業。

We continued our progress towards profitability in the first quarter, making a seventh consecutive quarter of more than 25 percentage points of operating margin improvement. Despite many underlying business trends, our first quarter top line growth was lower than we expected as global macroeconomic pressures continue to persist. Succeeding in this environment requires a sharpened focus on go-to-market execution. Furthermore, we're taking actions to fortify our business by improving our cost structure and ensuring our path to profitability. We believe these measures will drive growth efficiencies across our business.

我們在第一季持續努力獲利，連續第七個季度營業利潤率提升超過25個百分點。儘管存在許多潛在業務趨勢，但由於全球宏觀經濟壓力持續存在，我們第一季的營收成長低於預期。在這種環境下取得成功，需要更加重視市場執行力。此外，我們正在採取措施，透過改善成本結構和確保獲利能力，鞏固業務。我們相信，這些措施將推動整個業務的成長效率。

Cybersecurity is mission-critical and a must-have for all enterprises, especially with the world going through a digital transformation. We're leading the charge in security AI innovation and building the enterprise security platform for the future. On today's call, I'll focus on 2 key areas: one, details of our quarterly performance and external market dynamics; two, how we're continuously optimizing our business and ensuring progress towards profitability, which includes our recent cost-saving measures.

網路安全至關重要，對所有企業都至關重要，尤其是在全球數位轉型的當下。我們正引領安全人工智慧創新，並建構面向未來的企業安全平台。在今天的電話會議上，我將重點討論兩個關鍵領域：第一，我們的季度業績和外部市場動態；第二，我們如何持續優化業務並確保盈利能力的提升，其中包括我們近期採取的成本節約措施。

Before we move on, let me briefly address the onetime adjustment we made to our ARR throughout fiscal year '23. We believe making this change will reduce ARR volatility and better align growth with revenue. This adjustment did not impact our historical revenue or bookings. All of our Q1 reported ARR-related metrics and forward-looking statements include the impact of this onetime adjustment. Dave will provide more detail on this.

在繼續之前，我想先簡單介紹一下我們在2023財年對年度經常性收入（ARR）進行的一次性調整。我們相信，這項調整將降低ARR的波動性，並使成長與收入更好地協調一致。此次調整並未影響我們的歷史收入或訂單量。我們所有第一季報告的ARR相關指標和前瞻性聲明均已包含此一次性調整的影響。 Dave將提供更多詳細資訊。

Now let's dive into the details of our Q1 performance and demand environment. We delivered revenue growth of 70%, a strong growth rate in any economic environment. We added net new ARR of $42 million, driven by continued adoption of our Singularity platform across endpoint, cloud and adjacent solutions. We achieved a record high gross margin of 75% supported by data efficiency and strong unit economics.

現在，讓我們深入了解我們第一季的業績和需求環境。我們的營收成長了70%，在任何經濟環境下都維持了強勁的成長動能。由於採用Singularity平台在終端機、雲端和相關解決方案領域的持續應用，我們新增了4,200萬美元的淨年度經常性收入（ARR）。由於數據效率和強勁的單位經濟效益，我們的毛利率達到了創紀錄的75%。

Our operating margin expanded by 35 percentage points in Q1. Let me double-click on that. We're making rapid progress toward our profitability targets. We also significantly improved our free cash flow margin, showing a year-over-year improvement of 46 percentage points. In absolute dollar terms, we reduced our operating losses and free cash flow outflows significantly.

我們第一季的營業利潤率成長了35個百分點。讓我再強調一下。我們正在快速推進獲利目標。我們的自由現金流利潤率也顯著提高，年增了46個百分點。以絕對美元計算，我們的營業虧損和自由現金流流出大幅減少。

With that said, our Q1 revenue and ARR growth fell short of our internal expectations. Let me address the 2 key factors head on that impacted our Q1 results.

話雖如此，我們第一季的營收和年度經常性收入 (ARR) 成長低於內部預期。讓我來談談影響我們第一季業績的兩個關鍵因素。

First, macroeconomic conditions are further impacting both deal sizes and sales cycles. Incrementally, budgetary scrutiny is leading to deal size adjustments for new customers and renewal contracts. We're seeing customers evaluate usage and rightsize on renewals. Some enterprises are taking a wait-and-see approach by deferring purchase decisions. While not entirely new, the impact from these conditions was more pronounced this quarter.

首先，宏觀經濟狀況正在進一步影響交易規模和銷售週期。預算審查逐漸導致新客戶和續約合約的交易規模調整。我們看到客戶正在評估使用情況，並在續約時進行規模調整。一些企業正在採取觀望態度，推遲購買決策。雖然這些情況並非新近出現，但其影響在本季更為明顯。

Second, operating in this environment raises the bar for execution. We were disappointed with some late-stage contract execution challenges on large deals that caused a few deals to slip to next quarter. For example, a multimillion-dollar deal with a customer who had already fully deployed our solution could not close in Q1 due to contract delays.

其次，在這種環境下營運提高了執行標準。我們對一些大型交易在後期合約執行方面遇到的挑戰感到失望，導致一些交易推遲到下個季度。例如，一位客戶已經全面部署了我們的解決方案，一筆價值數百萬美元的交易卻因合約延遲而無法在第一季完成。

At our scale, we have the opportunity to adapt quickly. We're focused on further enhancing our execution, including streamlining our closing process and up-leveling our enterprise platform go-to-market approach. In particular, we've incorporated factors like deal rightsizing and lower pipeline conversion as well as a higher emphasis on efficient growth into our outlook. There is no fundamental change in the business or opportunity, and our win rates remain strong, but the selling environment is more difficult. We're assuming a worsening macro environment. We now expect full year revenue to grow 41% at the midpoint.

鑑於我們的規模，我們有機會快速適應。我們專注於進一步提升執行力，包括精簡成交流程，並提升企業平台的市場推廣方式。具體而言，我們將交易規模優化、降低通路轉換率以及更加重視高效成長等因素納入了我們的展望中。業務或機會沒有根本性變化，我們的成功率依然強勁，但銷售環境更加艱困。我們預計宏觀環境將持續惡化。我們目前預計全年營收中位數將成長41%。

To be clear, we are still adding significant new business and expanding with existing customers. These assumptions recalibrate our growth outlook and give us a solid foundation for the future. We're operating at record gross margins and winning significant majority of competitive opportunities. As we scale our business toward $1 billion in ARR and beyond, we believe our business will continue to become even more durable and resilient. We continue our expansion into adjacent domains such as security analytics and cloud security. We're early in this journey, and we remain focused on the long-term opportunity.

需要明確的是，我們仍在積極拓展重要的新業務，並不斷拓展現有客戶。這些假設重新調整了我們的成長前景，為我們的未來奠定了堅實的基礎。我們的毛利率創歷史新高，並贏得了絕大多數競爭機會。隨著我們業務規模向10億美元及以上的年度經常性收入（ARR）目標邁進，我們相信我們的業務將變得更加持久和富有韌性。我們將繼續向安全分析和雲端安全等相關領域擴張。我們正處於這一征程的早期階段，我們將繼續專注於長期機會。

We're bringing innovative technology to a $100 billion addressable market composed of legacy solutions and ripe for disruption. The only way for companies to stay protected from cyber attacks is to have the best security. At SentinelOne, we leverage AI to deliver leading protection and value to enterprises of all sizes.

我們正在將創新技術帶入一個價值 1000 億美元的潛在市場，該市場由傳統解決方案組成，隨時可能被顛覆。企業抵禦網路攻擊的唯一方法是擁有最佳的安全保障。在 SentinelOne，我們利用人工智慧 (AI) 為各種規模的企業提供領先的保護和價值。

Digging deeper into our Q1 results, we are encouraged by several important strengths across our business. Customers of all sizes and geographies continue to treat SentinelOne for industry-leading technology and superior platform value. We added more than 700 new customers in the quarter, and total customer count grew about 43% year-over-year, exceeding 10,680.

深入研究我們第一季的業績，我們業務中的幾個重要優勢令我們備受鼓舞。各種規模和地域的客戶繼續青睞 SentinelOne，因為它擁有業界領先的技術和卓越的平台價值。本季度，我們新增了 700 多家客戶，客戶總數較去年同期成長約 43%，超過 10,680 家。

As you know, our customer count does not include the customers served by our MSSP partners so the number is dramatically understated. Customers with over $100,000 in ARR grew 61% year-over-year, much faster than our total customer growth. Customers above the $1 million mark grew even faster. In Q1, we added a new Fortune 10 customer, and we're now the cyber security platform of choice for half of the Fortune 10.

如您所知，我們的客戶數量不包括MSSP合作夥伴服務的客戶，因此實際數字被嚴重低估。年經常性收入（ARR）超過10萬美元的客戶年增61%，遠高於我們客戶總數的成長速度。年經常性收入超過100萬美元的客戶成長速度更快。第一季度，我們新增了一位《財星》十大企業客戶，現在我們已成為半數《財星》十大企業首選的網路安全平台。

Our Singularity platform scales with the world's largest enterprises and outperforms in the most stringent security requirements from detection to manageability to privacy and controls, other prominent customer wins, spend endpoint and cloud footprints, ranging from global financial institutions to iconic retail brands. Our momentum across mid-market enterprises remained particularly strong in Q1. Even with budgetary pressure and some downsizing, our ARR per customer increased by more than 20 percentage points year-over-year, demonstrating our success with large enterprises as well as increasing adoption of broader platform offerings.

我們的 Singularity 平台可與全球最大的企業一起擴展，並在從檢測到可管理性、隱私和控制等最嚴格的安全要求方面表現出色，贏得了其他知名客戶，並在從全球金融機構到標誌性零售品牌的消費終端和雲端足跡方面擁有卓越的表現。我們在第一季在中型企業市場的發展勢頭尤為強勁。即使面臨預算壓力和規模縮減，我們的每位客戶年平均收益 (ARR) 仍同比增長超過 20 個百分點，這證明了我們在大型企業市場的成功，以及更廣泛的平台產品的採用率不斷提高。

Our land and expand strategy is working as customer retention and expansion remains resilient. Our NRR exceeded 125%. This expansion was driven by footprint expansion and module adoption. Our emerging capabilities represented more than 1/3 of quarterly bookings in Q1, demonstrating strong momentum of our adjacent solutions. Singularity cloud remained our fastest-growing solution, followed by meaningful contributions from other adjacent capabilities such as Vigilance, MDR and Ranger.

我們的「落地並擴張」策略正在奏效，客戶留存和業務拓展保持強勁。我們的淨利率 (NRR) 超過 125%。此次擴張得益於業務覆蓋範圍的擴大和模組的採用。我們的新興功能在第一季佔據了季度訂單量的三分之一以上，展現了我們相關解決方案的強勁成長勢頭。 Singularity 雲端仍然是我們成長最快的解決方案，其次是 Vigilance、MDR 和 Ranger 等其他相關功能也做出了重要貢獻。

Our customer estate remains underpenetrated in terms of module adoption. There is clear opportunity to increase our platform expansion and improve our business durability. Our partner-supported go-to-market model continues to unlock scale and enhance our market position. We achieved another quarter of resilient growth from our MSSP partners in Q1 as businesses increasingly turned to managed security protection.

就模組採用率而言，我們的客戶群滲透率仍然不足。我們顯然有提昇平台擴展和業務持久性的機會。我們由合作夥伴支持的市場推廣模式持續擴大規模，並提升我們的市場地位。隨著企業越來越多地轉向託管安全保護，我們在第一季實現了來自MSSP合作夥伴的另一個季度的強勁成長。

Beyond endpoint license expansions, our MSSP partners have started to adopt broader platform modules such as Vigilance, MDR, Ranger and many others. We expect continued MSSP share gains, installed base replacement and module attach to drive meaningful growth going forward. Our autonomous security, multi-tenancy and fully customizable access control makes SentinelOne a critical partner for large MSSPs.

除了終端授權擴充外，我們的MSSP合作夥伴已開始採用更廣泛的平台模組，例如Vigilance、MDR、Ranger等。我們預計，MSSP份額的持續成長、現有客戶群的替換以及模組的增設將推動未來業務的顯著成長。我們的自主安全、多租戶和完全可自訂的存取控制使SentinelOne成為大型MSSP的關鍵合作夥伴。

Together, we're providing enterprise-grade protection to customers of all sizes. Expanding upon our cloud security partnership with Wiz, we've enhanced the customer experience through deeper technology integration. Now our integrated cloud security platform provides enterprises with complete visibility into their cloud-hosted infrastructure and allows them to protect against cloud-based threats at machine speed.

我們攜手為各種規模的客戶提供企業級保護。在與 Wiz 拓展雲端安全合作夥伴關係的基礎上，我們透過更深入的技術整合提升了客戶體驗。現在，我們的整合式雲端安全平台為企業提供對其雲端託管基礎架構的全面可視性，並使其能夠以機器速度防禦基於雲端的威脅。

Our recently launched cloud security marketing campaign is creating strong momentum, increasing customer and partner interest in Singularity cloud. Looking at the competitive landscape, we continue to maintain strong win rates without having to compromise on pricing. This hasn't changed, and our disciplined pricing and value is reflected in our record gross margins. Our ASPs remain stable, and we continue to win against legacy and next-gen vendors in significant majority of competitive evaluations.

我們近期啟動的雲端安全行銷活動勢頭強勁，提升了客戶和合作夥伴對 Singularity 雲端的興趣。縱觀競爭格局，我們持續保持強勁的贏單率，且無需在價格上做出任何妥協。這一點始終沒有改變，我們嚴謹的定價和價值體現在我們創紀錄的毛利率上。我們的平均售價保持穩定，在絕大多數競爭評估中，我們繼續戰勝傳統供應商和新一代供應商。

And we expect these trends to continue. Customers value SentinelOne's culture of trust and transparency, which is a philosophy we bring to every relationship. We're focused on expanding our pipeline, leveraging our channel ecosystem and refining our execution.

我們預計這些趨勢將會持續下去。客戶重視 SentinelOne 的信任與透明文化，也是我們融入每段關係的概念。我們專注於拓展管道，充分利用我們的通路生態系統，並優化執行力。

SentinelOne's platform is purpose-built to help customers optimize security and cost with coverage across diverse operating systems and cloud environments. We're helping enterprises consolidate multiple point solutions, enabling them to realize better security and business outcomes using fewer resources.

SentinelOne 平台旨在協助客戶優化安全性和成本，並涵蓋各種作業系統和雲端環境。我們致力於協助企業整合多點解決方案，使其能夠以更少的資源實現更佳的安全性和業務成果。

Let me share how we're balancing our investments and taking specific actions to ensure our path towards profitability.

讓我分享一下我們如何平衡投資並採取具體行動以確保我們走向獲利。

In the current economic landscape, it is vital that we adapt and optimize our resources accordingly. By acting swiftly, we can enhance our execution and drive operational improvements. We're reiterating our commitment to delivering margin expansion regardless of current economic scenarios as demonstrated by our Q1 margin improvement and overachievement.

在當前的經濟情勢下，我們必須相應地調整和優化資源。透過迅速採取行動，我們可以提升執行力並推動營運改善。我們重申無論當前經濟狀況如何，我們都致力於實現利潤率成長，這一點已從我們第一季利潤率的提升和超額完成的業績中得到證明。

As a result, we're adjusting our cost as needed to drive more efficient growth, enhance resiliency and ensure our path to profitability. Let me provide a few specific examples.

因此，我們正在根據需要調整成本，以推動更有效率的成長，增強韌性，並確保獲利。我來舉幾個具體的例子。

First, we're implementing a plan to optimize our workforce that is expected to impact about 5% of our current employees in pace of our future headcount growth plans. We also see opportunities to leverage AI tools to make our teams more productive and help drive operational efficiencies for the company.

首先，我們正在實施一項優化員工隊伍的計劃，預計該計劃將影響約5%的現有員工，以配合我們未來的員工成長計劃。我們也看到了利用人工智慧工具提高團隊生產力並幫助提升公司營運效率的機會。

Second, we're sharpening our focus on cost discipline. This includes reducing variable spend to business-critical needs as well as optimizing talent locations and facilities. We're prioritizing core products that offer the greatest potential for delivering substantial business and customer value. We believe these initiatives more closely align our cost structure with our current outlook without sacrificing long-term growth potential and market opportunities. These are the right steps to streamline our business. We are continuing to maintain a balance between growth and profitability.

其次，我們正在加強對成本控制的關注。這包括減少用於關鍵業務需求的可變支出，以及優化人才配置和設施。我們優先考慮那些最有可能帶來巨大業務和客戶價值的核心產品。我們相信，這些措施將使我們的成本結構與當前前景更加契合，同時又不會犧牲長期成長潛力和市場機會。這些都是精簡業務的正確舉措。我們將繼續在成長和獲利之間保持平衡。

Reflecting upon last few years, SentinelOne has evolved from an endpoint security solution to a comprehensive enterprise security platform. Our endpoint solution has been a source of tremendous growth, and we expect this to continue in the coming years. Beyond our endpoint market success, growth of our emerging solutions have diversified our business mix across endpoint cloud identity and data. Our leading innovations and holistic approach to cybersecurity put us in a strong position for long-term growth across multiple large addressable markets.

回顧過去幾年，SentinelOne 已從單一終端安全解決方案發展成為一個全面的企業安全平台。我們的終端解決方案一直是我們業務強勁成長的源泉，我們預計未來幾年將繼續保持這一勢頭。除了終端市場的成功之外，新興解決方案的成長也使我們的業務組合更加多元化，涵蓋終端雲端身分和資料領域。我們領先的創新和全面的網路安全方案，使我們在多個大型潛在市場中佔據了長期成長的有利地位。

We're in the midst of a paradigm shift among enterprise security and operations. Technological advancements are changing what was once imagined possible for cybersecurity. Artificial intelligence is among the most disruptive technologies of our time and has the potential to scale cybersecurity in a completely new way, and we are leading the charge through innovation.

我們正處於企業安全和營運範式轉變的浪潮之中。科技進步正在改變網路安全曾經的想像。人工智慧是當今時代最具顛覆性的技術之一，它有可能以全新的方式擴展網路安全，而我們正透過創新引領這項變革。

From early on, we developed a fully automated AI-based security platform, integrating neural networks to serve a specific use case, combating cyber attacks and protecting our digital way of life as a force for good. Our Singularity platform is powered by a single proprietary security data lake to protect multiple attack surfaces. Our AI-based approach delivers best-in-class autonomous protection, where we've consistently led in third-party evaluations in Gartner Critical Capabilities.

我們從早期就開發了一個基於人工智慧的全自動安全平台，該平台整合了神經網絡，服務於特定用例，旨在抵禦網路攻擊，並保護我們的數位生活方式，使其成為一股向善的力量。我們的 Singularity 平台由一個專有的安全資料湖提供支持，可保護多個攻擊面。我們基於人工智慧的方法可提供一流的自主防護，並在 Gartner 關鍵能力第三方評估中持續領先。

Our success is also proven in real-world experiences, whether that be the global scale Sunburst attack a few years ago when we had 0 customers impacted, or more recently, the SmoothOperator global supply chain attack. Here again, our Singularity platform successfully prevented the attack from executing well before the threat was discovered and identified by other security vendors. This is the true potential of SentinelOne's leading security, real-time AI-based autonomous protection.

我們的成功也得到了實際經驗的證明，無論是幾年前全球規模的 Sunburst 攻擊（當時我們沒有客戶受到影響），還是最近 SmoothOperator 全球供應鏈攻擊。同樣，我們的 Singularity 平台在其他安全供應商發現和識別威脅之前就成功阻止了攻擊的發生。這充分展現了 SentinelOne 領先的安全性、基於 AI 的即時自主防護的真正潛力。

And once again, we're leading the industry by incorporating generative AI into cybersecurity. We recently launched Purple AI, a one-of-a-kind innovation in cybersecurity that supercharges users to control all aspects of enterprise security from visibility to response with unmatched speed and efficiency. This is much more than a sidecar assistant. It can upgrade any security analyst to superhuman levels. Customers and prospects were given hands-on access to a live demo of Purple AI at RSA, the world's largest cybersecurity event.

我們再次引領業界，將生成式人工智慧融入網路安全。我們最近推出了 Purple AI，這是網路安全領域獨一無二的創新，它能夠以無與倫比的速度和效率，為用戶提供從可見性到響應能力的全方位企業安全管控。它遠不止是一個輔助助手，它能夠將任何安全分析師提升到超人的水平。在全球最大的網路安全盛會 RSA 上，客戶和潛在客戶有機會親身體驗 Purple AI 的現場演示。

And feedback was extremely positive. The Wall Street Journal called us out as an AI innovator. CRN put us on the top of the list of 10 cool new cybersecurity tools announced at RSA 2023. And CSO magazine named us one of the most interesting products to see at RSA Conference 2023. We are well positioned to bring more AI to customers. SentinelOne's AI-based detection engine has always been a differentiator. Now with Purple, we're taking a big step in bringing generative AI to security professionals, making security operations easier, faster and efficient across petabytes of data from any source.

反饋非常正面。 《華爾街日報》稱讚我們是人工智慧創新者。 CRN 將我們列為 RSA 2023 大會上發布的十大酷炫新型網路安全工具之首。 《CSO》雜誌將我們評為 2023 年 RSA 大會上最值得關注的產品之一。我們已做好準備，為客戶帶來更多人工智慧。 SentinelOne 基於人工智慧的偵測引擎一直是我們與眾不同的利器。現在，憑藉 Purple，我們正朝著將生成式人工智慧帶給安全專業人員邁出重要一步，使安全操作能夠更輕鬆、更快速、更有效率地處理來自任何來源的 PB 級資料。

Importantly, we are committed to ensuring our cutting-edge technologies are used ethically, safely and responsibly. Our Singularity platform allows customers to maintain complete control of their data, reinforcing our dedication to keeping sensitive information in the hands of its rightful owners.

更重要的是，我們致力於確保我們的尖端技術以合乎道德、安全和負責任的方式使用。我們的 Singularity 平台讓客戶能夠完全掌控自己的數據，這進一步彰顯了我們致力於將敏感資訊交到其合法所有者手中的決心。

Before concluding my remarks, let me mention an exciting development. Sally Jenkins joined SentinelOne in April as our new Chief Marketing Officer. Sally's marketing leadership will help further define our value proposition, expand our brand presence and solidify our leading growth across multiple market segments. She brings over 30 years of experience, amplifying brands at high growth and scaled companies. We welcome Sally to the SentinelOne leadership team.

在結束我的演講之前，我想提一下一項令人振奮的進展。 Sally Jenkins 於四月加入 SentinelOne，擔任我們的新任行銷長。 Sally 的行銷領導力將有助於進一步明確我們的價值主張，擴大我們的品牌影響力，並鞏固我們在多個細分市場的領先成長。她擁有超過 30 年的經驗，曾在高成長和規模化公司中提升品牌影響力。我們歡迎 Sally 加入 SentinelOne 領導團隊。

In conclusion, we believe today's macro challenges are not permanent and that enterprise transformation is in its infancy. We're well positioned to address critical enterprise needs leading next-generation security across endpoint, cloud and security data analytics.

總而言之，我們相信當今的宏觀挑戰並非永久性的，企業轉型尚處於起步階段。我們已做好準備，滿足關鍵企業需求，引領涵蓋終端、雲端和安全資料分析的下一代安全。

We also believe the market will continue to convert towards enterprise-wide cybersecurity platform driven by AI, an approach we pioneered and lead. We're committed to innovation, improving our operating performance and empowering customers with the best enterprise security resources.

我們也相信，市場將繼續轉向由人工智慧驅動的企業級網路安全平台，而這正是我們率先引領的。我們致力於創新，提升營運績效，並為客戶提供最優質的企業安全資源。

Ultimately, companies win when they continue to adapt, innovate and deliver value for all stakeholders, and this is our North Star. I thank you and all stakeholders, especially our Sentinel customers, partners and shareholders, for your continued support and commitment. With that, let me turn the call over to Dave Bernhardt, our Chief Financial Officer.

最終，只有不斷適應、創新並為所有利益相關者創造價值，企業才能獲得成功，這就是我們的「北極星」。感謝各位以及所有利害關係人，尤其是我們的Sentinel客戶、合作夥伴和股東，感謝你們一直以來的支持和承諾。接下來，請允許我將電話會議交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 about our guidance for Q2 and fiscal year '24. As a reminder, all comparisons made are year-over-year and all margins discussed are non-GAAP, unless otherwise stated. Before digging into the Q1 results, I will discuss the details of a onetime adjustment we made to our ARR for fiscal year '23.

托默，謝謝。我將討論我們的季度財務狀況，並提供更多關於我們第二季和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 (non-GAAP)。在深入探討第一季業績之前，我將先討論我們對2023財年年度經常性收入 (ARR) 進行的一次性調整的細節。

First, some context. In the past few years, we had seen steadily increasing usage and consumption patterns by our large customers, which we accounted for real-time in quarterly ARR. However, as the first quarter progressed, we experienced a notable decline in usage, which continued in May. In light of the current macro environment, we expect these lower usage and consumption trends to persist.

首先介紹一下背景。過去幾年，我們注意到大客戶的使用量和消費模式穩步增長，並在季度平均經常性收入 (ARR) 中進行了即時核算。然而，隨著第一季的推進，我們的使用量顯著下降，並在5月持續下降。鑑於當前的宏觀環境，我們預期這種使用量和消費量下降的趨勢將持續下去。

Due to this new dynamic, we elected to tighten the methodology for calculating ARR for consumption and usage-based agreements to reflect committed contract values. This provides a cleaner view of growth for fiscal '24 and beyond. By making this change now, we expect ARR and revenue to be more closely aligned. It should also reduce volatility in ARR compared to the prior methodology, where usage and consumption changes could have a magnified impact on ARR.

鑑於這一新形勢，我們決定收緊基於消費和使用情況協議的年收益 (ARR) 計算方法，以反映承諾的合約價值。這能更清楚展現 2024 財年及以後的成長。現在進行此項調整後，我們預期 ARR 和收入將更加一致。與先前的方法相比，此方法還能降低 ARR 的波動性，因為先前的方法中，使用情況和消費情況的變化可能會對 ARR 產生更大的影響。

As we reviewed the methodology, we also discovered historical upsell and renewal recording inaccuracies relating to ARR on certain subscription and consumption contracts, which are now corrected. After considering these factors, this adjustment resulted in a onetime ARR reduction of $27 million or approximately 5% of ARR, resulting in Q4 fiscal '23 ending ARR of $522 million.

在審查計算方法的過程中，我們還發現某些訂閱和消費合約中，追加銷售和續約記錄的歷史數據存在與年度經常性收入 (ARR) 相關的錯誤，這些錯誤現已得到糾正。考慮到這些因素後，此次調整導致 ARR 一次性減少 2,700 萬美元，約佔 ARR 的 5%，最終導致 2023 財年第四季期末 ARR 為 5.22 億美元。

We are applying a comparable estimated adjustment to the remaining quarters in fiscal year '23, which we believe is a reasonable approximation of the impact in those periods. Importantly, this adjustment did not impact historical revenue or bookings. We wanted to be transparent to address this upfront and move forward on a clearer path.

我們正在對2023財年剩餘季度進行類似的預估調整，我們認為這合理地反映了這些時期的影響。重要的是，此次調整併未影響歷史收入或訂單量。我們希望以透明的方式提前解決這個問題，並朝著更清晰的方向前進。

Now moving on to our Q1 results. Revenue grew 70% to $133 million, with international revenue growing 84% year-over-year and representing 35% of total revenue. We added net new ARR of $42 million and ended the quarter with total ARR of $564 million. This did not meet our expectations. Customers continue to tighten budgets and deal sizes. While these factors are not entirely new, they were more pronounced in Q1, and we have the opportunity to execute better.

現在來看看我們第一季的業績。營收成長70%，達到1.33億美元，其中國際營收年增84%，佔總營收的35%。我們新增淨年度經常性收入（ARR）4,200萬美元，本季末總年度經常性收入（ARR）為5.64億美元。這未達到我們的預期。客戶繼續縮減預算和交易規模。雖然這些因素並非新近出現，但在第一季表現得更為突出，我們有機會做得更好。

Looking beyond the top line growth, our Q1 performance showcased many areas of strength across the business. We continue to see a healthy mix of new customers and expanding business from existing customers. Our dollar-based net retention rate remains north of 125%. Also, our ARR per customer increased more than 20% compared to last year, reflecting strong business momentum among large enterprises and growing adoption of our Singularity platform.

除了營收成長之外，我們第一季的業績展現了公司許多領域的強勁成長。我們持續保持良好的新客戶組合，現有客戶的業務也不斷拓展。我們的淨留存率維持在125%以上。此外，我們的每位客戶年平均收益（ARR）較去年同期成長了20%以上，反映出大型企業業務的強勁成長動能以及我們Singularity平台的日益普及。

We achieved another quarter of resilient growth from our MSSP partners in Q1 as businesses increasingly turn to manage security protection. Our broader platform adoption by our existing customers and partners remains durable and resilient, fueling a solid base for growth regardless of broader conditions.

隨著企業越來越多地轉向安全管理防護，我們在第一季憑藉MSSP合作夥伴再次實現了強勁成長。現有客戶和合作夥伴對我們平台的廣泛採用依然保持著持久而強勁的勢頭，無論外部環境如何，這都為成長奠定了堅實的基礎。

Turning to our costs and margins. In the quarter, we achieved better gross and operating margin and narrowed our operating loss and free cash flows, all despite lower top line growth. We delivered a record gross margin of 75%, an increase of 7 percentage points year-over-year. Just 2 years after setting our long-term gross margin target, we're already operating within the range of 75% to 80%. This demonstrates great progress. We're seeing continued benefits from economies of scale, data processing efficiencies and cross-sell from adjacent solutions.

談到我們的成本和利潤率。本季度，儘管營收成長放緩，但我們實現了更高的毛利率和營業利潤率，並縮減了營業虧損和自由現金流。我們的毛利率創歷史新高，達到75%，較去年成長7個百分點。在設定長期毛利率目標僅僅兩年後，我們的毛利率就已達到75%至80%的區間。這體現了我們所取得的巨大進步。我們持續受益於規模經濟、數據處理效率的提升以及鄰近解決方案的交叉銷售。

This also underscores the importance and benefits of our fully integrated security data analytics back end, where we collect data once to enable more and more capabilities. We also delivered substantial operating margin improvement, expanding 35 percentage points year-over-year to negative 38%. As market conditions have evolved, we have become more selective about investments. We've taken important steps to align our cost structure with our updated growth outlook.

這也凸顯了我們全面整合的安全數據分析後端的重要性和優勢，我們只需收集一次數據，即可啟用更多功能。我們的營業利益率也大幅提升，較去年同期擴大35個百分點，降至-38%。隨著市場環境的變化，我們在投資方面也更加謹慎。我們已採取重要措施，確保成本結構與最新的成長前景一致。

We've also improved our cash conversion in the first quarter. On a dollar basis, we reduced our operating losses year-over-year in Q1. We also reduced our free cash outflow from $55 million in Q1 of last year to $31 million this quarter, reflecting a free cash flow margin improvement of 46 percentage points.

我們第一季的現金週轉率也得到了改善。以美元計算，我們第一季的營運虧損年減。我們的自由現金流出也從去年第一季的5,500萬美元減少至本季的3,100萬美元，反映出自由現金流利潤率提高了46個百分點。

Moving to our guidance for Q2 and the full fiscal year '24. We are maintaining strong competitive win rates, stable pricing, and we're generating strong pipeline momentum. At the same time, we expect macro conditions to worsen, impacting enterprise budgets and sales cycles. It's a more difficult selling environment. We are assuming lower pipeline conversion for the remainder of the year as well as further deal downsizing. We strongly believe this does not change our competitive position or our long-term opportunity. The only way for companies to stay protected from cyber attacks is with the best security protection, and SentinelOne offers that, leading security and platform value.

談到我們對第二季及2024財年全年的預期。我們保持著強勁的競爭性贏單率和穩定的定價，並且正在創造強勁的銷售通路成長動能。同時，我們預期宏觀經濟情勢將惡化，影響企業預算和銷售週期。銷售環境將更加艱困。我們預計今年剩餘時間的銷售管道轉換率將有所下降，交易規模也將進一步縮減。我們堅信，這不會改變我們的競爭地位或長期機會。企業抵禦網路攻擊的唯一方法是採用最佳的安全防護，而SentinelOne正是提供這種防護，並具備領先的安全性和平台價值。

For the second quarter, we expect revenue of about $141 million, up 38% year-over-year, and we expect net new ARR in the low $40 million range, consistent with Q1. We expect second half net new ARR to be higher than the first half, consistent with typical seasonality. For the full year, we expect revenue of $590 million to $600 million, growing 41% at the midpoint.

我們預計第二季營收約1.41億美元，年增38%，淨新增ARR預計在4,000萬美元出頭，與第一季持平。我們預計下半年淨新增ARR將高於上半年，符合典型的季節性特徵。我們預計全年營收為5.9億至6億美元，中位數成長41%。

We now expect full year ARR to grow in the mid-30% range from the adjusted fiscal year '23 ending ARR of $522 million. While lower than our previous expectations, we expect continued growth and rapid progress towards our profitability targets.

我們目前預計，全年ARR將較2023財年調整後年均營收5.22億美元成長30%左右。雖然低於我們先前的預期，但我們預計全年ARR將繼續成長，並快速邁向獲利目標。

Turning to the outlook for margins. In Q2, we expect gross margin to be about 74.5%, an improvement of 10 percentage points year-over-year. We expect gross margin to remain relatively consistent in the remainder of the year. As a result, we are increasing our full year gross margin guidance to 74% to 75%, up over 2 percentage points year-over-year at the midpoint. We expect our increasing scale and improving data processing efficiencies to continue benefiting our results.

關於利潤率的展望。我們預計第二季毛利率約為74.5%，年增10個百分點。我們預計今年剩餘時間毛利率將維持相對穩定。因此，我們將全年毛利率預期上調至74%至75%，中位數年增率超過2個百分點。我們預計，規模的擴大和資料處理效率的提升將繼續促進我們的績效成長。

Finally, we expect our Q2 operating margin to be negative 36%, implying an improvement of more than 20 percentage points year-over-year. Despite a lower growth expectation for the year, we are reiterating our operating margin guidance of between negative 29% and negative 25%, an improvement of about 22 points at the midpoint compared to fiscal year '23.

最後，我們預期第二季營業利潤率為-36%，這意味著年增超過20個百分點。儘管全年成長預期較低，但我們重申營業利潤率指引，即-29%至-25%之間，與23財年中位數相比，同比改善約22個百分點。

We're focused on improving our execution and operating the business efficiently through evolving economic conditions. We must adapt, execute better and will emerge as a stronger company in the years ahead. Every dollar we invest must generate a positive return. To that end, we are taking measured steps to align our cost structure with the pace of growth this year, including decreases in variable spend and cloud hosting costs, optimizing talent and facility locations, lower forward hiring and approximately a 5% total headcount reduction.

我們專注於提升執行力，並在不斷變化的經濟環境下高效地經營業務。我們必須適應變化，更好地執行，並在未來幾年成為更強大的公司。我們投入的每一美元都必須產生正回報。為此，我們正在採取審慎的措施，使我們的成本結構與今年的成長速度保持一致，包括降低可變支出和雲端託管成本、優化人才和設施位置、降低前期招募成本，以及裁減約5%的員工總數。

These efforts will increase performance accountability and operating efficiency, driving expected cost savings of about $40 million once fully executed. We believe these are the right steps to optimize our long-term market and growth potential while remaining on track to achieve breakeven profitability in fiscal year '25.

這些措施將提升績效問責制和營運效率，預計全面實施後將節省約4,000萬美元的成本。我們相信，這些舉措是優化我們長期市場和成長潛力的正確舉措，同時確保在2025財年實現損益平衡。

We have a very strong balance sheet with $1.1 billion in cash, cash equivalents and investments and no debt. This is a substantial war chest. It provides longevity, flexibility and ample runway to achieve our profitability targets.

我們的資產負債表非常強勁，擁有11億美元的現金、現金等價物和投資，且沒有債務。這是一筆可觀的資金。它為我們實現獲利目標提供了長久的生存力、靈活性和充足的後勁。

Before we open for Q&A, I want to take a minute to summarize everything we covered here today, which has been a lot.

在我們開始問答之前，我想花一點時間總結我們今天討論的所有內容，內容很多。

We achieved many positive results. 70% revenue growth and delivered upside to margins with significant free cash flow improvements. Demand in our pipeline remain healthy. On the other hand, customers are heavily scrutinizing deals, and we have the opportunity to elevate our execution. We also experienced a slowdown in consumption and usage among certain customers, which led us to adjust our ARR to better align with revenue and mitigate further fluctuations.

我們取得了許多正面的成果。營收成長了70%，利潤率也實現了上升，自由現金流也顯著改善。我們現有產品線的需求依然強勁。另一方面，客戶正在嚴格審查交易，我們有機會提升執行力。我們也經歷了部分客戶消費和使用量的放緩，這促使我們調整了年度經常性收入 (ARR)，使其更好地與收入保持一致，並緩解進一步的波動。

Finally, we're executing workforce reduction and cost optimization actions to ensure we meet our fiscal year '24 margin targets and continue to deliver disciplined growth. Thank you all for joining us today. We will now take questions. Operator, please open up the line.

最後，我們正在實施裁員和成本優化措施，以確保我們實現24財年的利潤率目標，並繼續保持穩健的成長。感謝各位今天的參與。現在我們將開始提問。接線員，請打開電話。

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

（操作員指示）第一個問題來自摩根大通的 Brian Essex。

I guess, Dave, just want to address this adjustment and get a little bit of clarity there. You just alluded to the slowdown in consumption and usage. Is this for kind of storage and query? Maybe you can explain the underlying product that's related to this consumption-based revenue. And then as we look in our models and try to forecast out the revenue generated from ARR, is this going to be -- does this basically remain out of the ARR equation now? So it's kind of an extra layer of revenue we need to consider that's more variable in nature? Maybe a little bit of color there will help.

戴夫，我想先談談這個調整，並且稍微澄清一下。您剛才提到了消費和使用量的放緩。這是指儲存和查詢嗎？或許您可以解釋一下與這種基於消費的收入相關的底層產品。然後，當我們查看模型並嘗試預測ARR產生的收入時，這部分收入現在基本上不包含在ARR公式中了嗎？所以，這部分收入是我們需要考慮的一層額外的收入，其性質更具可變性？或許稍微解釋一下會有所幫助。

Yes, happy to discuss this. So what's happened is we had a $27 million onetime adjustment. It's about 5% of the ending ARR that we decided to be more conservative on and restate as of Q4 of last year. It's two parts. One, we've changed the methodology of calculating the ARR and consumption and usage-based agreements to reflect the committed contract value.

是的，很高興討論這個問題。具體情況是，我們進行了2700萬美元的一次性調整，約佔期末ARR的5%。我們決定採取更保守的策略，並在去年第四季進行了重新調整。調整分為兩部分。首先，我們改變了ARR以及基於消費和使用情況的協議的計算方法，以反映承諾的合約價值。

When you asked specifically what's that about, it's about the data ingestion and the security data lake and the data set consumption products. So those are approximately single digit of our total ARR. But what we had been seeing historically was we were seeing customers that were signing up for contracts, using the data in excess of what they were committed to, renewing early, and we were reflecting that in the ARR balance.

你問具體是什麼，我說的是資料收集、安全資料湖和資料集消費產品。所以這些大約只占我們總ARR的個位數。但我們過去看到的情況是，有些客戶簽訂了合同，使用的數據量超出了承諾量，提前續約，而這些情況都反映在ARR餘額中。

As something that we've seen going into late Q4 and early Q1 and then throughout Q1, even into May and likely into June, we're seeing a decrease in that and customers rightsizing their spend to get back to committed total. So we were seeing an outsized swing to the opposite end that we had seen prior. So what had happened was we're -- by doing this, we're trying to tighten the definition of ARR to eliminate these swings to our favor or to our detriment and basically lock it to the committed contract.

我們看到，從第四季末到第一季初，再到整個第一季度，甚至到五月，甚至可能到六月，ARR 都在下降，客戶也在調整支出規模，以回到承諾的總額。所以我們看到了一個與之前相反的巨大波動。所以，我們這樣做是為了——透過這樣做，我們試圖收緊 ARR 的定義，以消除這些對我們有利或不利的波動，並將其基本上鎖定在承諾的合約上。

So we believe that this is -- this, going forward, it's going to reduce the quarterly ARR fluctuations. It's going to more correlate ARR and revenue. And that's the reason that we did this. The reason it doesn't change any historical bookings, in terms of the other side of this, which was historical upsell and renewal inaccuracies, what we were seeing was we had upsell motions that included a renewal, and we were adding that to the historical ARR versus adding just the upsell component of it. This was an error in our CRM. We have fixed this and should not have that error going forward. That's why it didn't affect revenue, didn't affect overall total bookings, didn't affect cash flows, didn't affect the income statement. But what it did do is it set external expectations for what revenue should be going forward, both externally and internally, that's why we made this adjustment now.

所以我們相信，從長遠來看，這將減少季度ARR的波動，使ARR和收入更加關聯。這就是我們這樣做的原因。它不會改變任何歷史預訂量，就另一方面而言，也就是歷史上的追加銷售和續訂數據不准確而言，我們看到的是，我們有一些包含續訂的追加銷售動議，我們將其添加到歷史ARR中，而不是只添加其中的追加銷售部分。這是我們CRM中的一個錯誤。我們已經修復了這個問題，以後應該不會再出現這個錯誤。這就是為什麼它沒有影響收入，沒有影響總預訂量，沒有影響現金流，也沒有影響損益表。但它確實設定了外部對未來收入的預期，包括內部和外部，這就是我們現在做出這項調整的原因。

Okay. And maybe to follow up. How should we -- is there a way we can understand the practical use case around how an enterprise might be managing their security posture and choose to maybe ingest and store less data? What is the thought process that goes along with that? And what is the risk reward kind of trade-off of their decision to ingest less data to save costs when your kind of security posture's at risk?

好的。接下來我想問一下。我們該如何理解企業管理其安全態勢，並選擇減少資料擷取和儲存的實際用例？這其中的思考過程是怎麼樣的呢？當企業的安全態勢面臨風險時，為了節省成本而減少資料收集的決定，其風險與報酬的權衡又是什麼？

We're seeing this in two different areas. I think that, one, that's something that you see, I think, with a lot of consumption-based companies. I mean, when people look at log analytics and generally trying to ingest data, they now take a more prudent approach to what they want to store. So you see them filtering out a lot of the data that they don't feel is useful.

我們在兩個不同的領域看到了這一點。首先，我認為很多消費型公司都存在這種情況。我的意思是，當人們查看日誌分析並嘗試提取資料時，他們現在對想要儲存的內容採取了更謹慎的方法。所以你會看到他們過濾掉了很多他們認為沒用的數據。

To us, that's one thing that we saw through the dataset user base happening where they downsize, rightsize some of the logs that they wanted to keep. I think a lot of companies are kind of going through that same exercise now, whether with us or other vendors, which was really why we elected to just remove that consumption part from our ARR to prevent that from kind of being something we consider into the future.

對我們來說，這是我們透過資料集使用者群觀察到的一件事，他們會縮減或調整一些他們想要保留的日誌。我認為現在很多公司都在經歷同樣的情況，無論是與我們合作還是與其他供應商合作，這也是我們選擇將消費部分從ARR中移除的原因，以防止它成為我們未來需要考慮的問題。

And obviously, if something kind of aligns to the better, obviously, that becomes upside. The other side of it is when you look at security data, it's much of the same story. Some log sources are not as useful for customers, and they're now scrutinizing what they put into the platform, generally very healthy. Just when it comes after 2 years of putting everything they could into the platform, I think now we're seeing, obviously, the inverse behavior, which we felt, again, something prudent to do here is just remove that volatility from ARR, and that's the result.

顯然，如果某些東西朝著好的方向發展，那顯然就是好處。另一方面，當你查看安全資料時，情況也大同小異。一些日誌來源對客戶來說不那麼有用，他們現在正在仔細審查他們投入平台的內容，總體來說，這些內容非常健康。就在他們把所有能投入到平台上的兩年之後，我認為現在我們顯然看到了相反的行為，我們再次認為，謹慎的做法是消除ARR的波動性，這就是結果。

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

下一個問題來自美國銀行的塔爾·利阿尼 (Tal Liani)。

I hope you can hear me.

我希望你能聽到我的聲音。

We're here. We're not sure what's happening...

我們到了。我們不知道發生了什麼事…

I know. I know. It's not you. I know. So hopefully, she can hear us. So I want to ask a question about certain things you said. On one hand, you're saying that this is a slippage of contracts from Q1 on to the next few quarters. On the other hand, if this is just slippage, why are you reducing second quarter guidance and full year guidance? And then why are you reducing workforce and other expenses? It seems to me from -- just from your actions into the guidance and into the expenses, that it's more than just slippage. That something in the environment in -- is worse. And the question I have is first about quarter linearity.

我知道。我知道。不是你。我知道。所以希望她能聽到我們說的話。我想就你所說的一些事情問個問題。一方面，你說這是合約從第一季到接下來幾季的下滑。另一方面，如果這只是下滑，為什麼你要下調第二季和全年的業績預期？然後，為什麼你要削減員工人數和其他開支？在我看來，從你在業績預期和開支方面採取的行動來看，這不僅僅是下滑那麼簡單。環境因素正在惡化。我首先要問的是季度線性。

I think, in April, you said that things are fine. So does it mean that it deteriorated right after? And I want to ask you something about competition. The question is, is it more related to competition? Did you have greater loss rate of contracts or things that impacted the guidance, the lower guidance? Or is it really strictly about spending? It's hard for me just to see the same spending comments from other companies. And I'm trying to triangulate kind of what the data points from other companies on the space.

我記得您在四月說過情況還好。那麼，這是否意味著情況之後就惡化了？我想問您一些關於競爭的問題。問題是，這是否與競爭更相關？合約損失率更高，或其他因素影響了業績指引，導致業績指引下調？還是僅僅與支出有關？我很難從其他公司看到相同的支出評論。我正在嘗試分析其他公司在該領域的數據指向什麼。

Of course. It's not just deal slippage. I think we tried making that clear. I think deal slippage is something that, obviously, we witnessed as early as Q3 and Q4 of last year. So some of it was known. And I think that generally, we factored some of that into how we convert pipeline. I think we have had a couple of execution hiccups where some deals that just were not supposed to slip, this is not specifically macro related, we just weren't able to execute these contracts in time. And that was unfortunate, and that's something that we need to do better. So to me, this is not bill slippage. It's our own execution.

當然。這不僅僅是交易延誤。我想我們已經盡力澄清了這一點。顯然，早在去年第三季和第四季，我們就見證了交易延誤的現象。所以部分情況是已知的。我認為，我們通常會將部分因素納入專案轉換流程。我認為我們遇到了一些執行方面的小問題，一些原本不應該延誤的交易，這與宏觀經濟無關，只是我們未能及時執行這些合約。這很遺憾，我們需要在這方面做得更好。所以對我來說，這不是帳單延誤，而是我們自身的執行問題。

The other factor and why we're taking a more cautious approach is just generally, we feel this environment, customers are not really at the end of the contract, reflecting what they intend to buy was in the beginning of entry to the pipeline. So if we take a more cautious look into our pipeline, which are very healthy, it's just you don't always are able to predict what that deal size is going to be at the end of it all. So to us, I mean, we're just taking a more prudent approach.

我們採取更謹慎態度的另一個原因是，我們總體上認為，在這種環境下，客戶合約尚未真正到期，這反映出他們打算購買的產品在進入通路之初就已存在。因此，如果我們更謹慎地審視我們的管道（這些管道非常健康），你可能無法總是預測最終的交易規模。所以對我們來說，我的意思是，我們只是採取了更謹慎的做法。

The third factor that we see in play is that consumption dynamic. I mean consumption is something that we've had in our ARR. It's something that is part of our ongoing operations, obviously. So taking out consumption from ARR obviously forces us to also take the guide down and really not consider consumption as part of our go-forward but only as upside, as I mentioned.

我們看到的第三個因素是消費動態。我的意思是，消費是我們ARR（年度經常性收入）的一部分。它顯然是我們持續運作的一部分。因此，從ARR中剔除消費，顯然會迫使我們下調預期，並且實際上不再將消費視為我們未來發展的一部分，而只是將其視為上行潛力，正如我之前提到的。

So these are the 3 factors that go into it. The competitive environment remains pretty much the same. Our win rates have been stabilized over the past few quarters and even before. I don't think we're seeing anything out of the ordinary there. We definitely see some of these providers that we compete against, I mean, become more aggressively defensive, especially when we come for their estates. I mean we're the up-and-comer here. We gun for their estates, and sometimes they become highly aggressive to the point of $0-deal types of transactions that we just don't do and will not do. But outside of that, which I would kind of call on the outline or kind of the outskirts of things, things are pretty normalized on the competition front.

所以，以上就是影響因素的三個面向。競爭環境基本保持不變。我們的勝率在過去幾季甚至更早之前就保持穩定。我認為我們並沒有看到任何異常情況。我們確實看到一些競爭對手，我的意思是，他們變得更加積極地防守，尤其是當我們爭奪他們的資產時。我的意思是，我們是這方面的後起之秀。我們努力爭奪他們的資產，有時他們會變得非常激進，甚至會進行一些零交易，而我們不會做，也不會做。但除此之外，我稱之為大致情況或邊緣情況，競爭方面的情況相當正常。

And Tal, to build on that further and talk about some of the cost initiatives we've put in place. With these lowered expectations for revenue and ARR leading into the latter part of this year, we've said from the beginning, our goal was to get to breakeven or better for fiscal '25. These are things we have to do to make that -- to enable that to happen.

Tal，我想在此基礎上進一步談談我們實施的一些成本控制措施。由於今年下半年收入和年度經常性收入 (ARR) 的預期有所下調，我們從一開始就說過，我們的目標是在 2025 財年實現收支平衡或更好。為了實現這一目標，我們必須採取這些措施。

So we said we were going to sharpen our pencils. We've said that everything we were going to do was focused on achieving those bottom line results no matter what the growth was. Everything we're doing in this action and what we've been doing earlier in the year when we've made similar actions that were smaller and kind of cuts around the edges, everything has been to prime us to be ready for that longer term, and that's why we made those decisions that we've made over the past week and really set forth today.

所以我們說過要精益求精。我們說過，無論成長如何，我們所做的一切都是為了實現最終目標。我們這次行動中所做的一切，以及我們今年稍早採取的類似行動，雖然規模較小，但都是為了精簡開支，一切都是為了讓我們為更長遠的目標做好準備。這就是為什麼我們在過去一周做出了這些決定，並在今天正式實施。

Our next question comes from the line of Saket Kalia with Barclays.

我們的下一個問題來自巴克萊銀行的 Saket Kalia。

It's Saket. Sorry, can you hear me?

我是 Saket。抱歉，你聽見我說話嗎？

Yes.

是的。

I'm so sorry. Was just hopping off and between calls a little bit. Tomer, very helpful response on the last question. Maybe just to dig into the competitive part of that response a little bit. I was wondering if you could just double-click on Microsoft specifically. I mean, a lot of times, there have been questions around just how competitive or how effective the product is, but it's obviously very easy to buy. I mean any views on just how you're faring specifically versus them competitively?

非常抱歉。剛才有點斷斷續續地打電話。 Tomer，你對最後一個問題的回答非常有幫助。或許我可以稍微深入探討你剛剛回答中關於競爭的部分。我想請你具體談談微軟。很多時候，人們會問到微軟的產品有多具競爭力或有多高效，但顯然它很容易買到。請問你對微軟在競爭方面的表現有何看法？

Sure. Look, Microsoft is a formidable competitor. I mean this is not a legacy signature-based solution. Obviously, they have a fairly expanded security portfolio. With that said, I think that 4 customers that are looking for the security capabilities and the coverage that a pure-play vendor can provide, Microsoft just doesn't cut it.

當然。你看，微軟是個強大的競爭對手。我的意思是，這不是一個基於傳統簽名的解決方案。顯然，他們擁有相當廣泛的安全產品組合。話雖如此，我認為對於那些尋求純供應商所能提供的安全功能和覆蓋範圍的客戶來說，微軟根本無法滿足他們的需求。

So I think in certain parts of the market, you can see them a bit more palatable for security teams. But as a whole, I think that doesn't really translate into these more discerning customers. Moreover, I think that when you look at what capabilities customers are opting right now for, cloud security would be one that I mentioned, triple-digit growth for us year-over-year on cloud security. That is something where obviously Microsoft is not as, I would say, prominent in their capability set. So all in all, they're still there. We see time and time again that when people eventually do go with Microsoft, that's a CFO-type led decision. And I think that more and more people are kind of shying away from that approach.

所以我認為在某些市場領域，你會發現它們對安全團隊來說更容易接受。但總的來說，我認為這並不能真正轉化為那些更挑剔的客戶。此外，我認為，當你看到客戶目前選擇的功能時，雲端安全就是我提到的功能之一，我們的雲端安全業務比去年同期成長了三位數。在這方面，微軟的能力顯然沒那麼突出。所以總的來說，他們仍然存在。我們一次又一次地看到，當人們最終選擇微軟時，那是一個CFO式的決定。我認為越來越多的人正在迴避這種方法。

The last thing I'll say there is we're targeting now between all the different offerings we have in our portfolio, about $100 billion of addressable market. Even if you look at Microsoft as one of the leading cybersecurity providers with $20 billion of revenue overall, I mean, I think you're looking at about 1/5 of that market. So a lot of it is still up and up for grabs. And we feel pretty good about our ability to compete with Microsoft, especially with security-savvy professional, especially with MSSPs that are looking for more automated, more OpEx-driven solutions. So we feel well positioned, but obviously, Microsoft, they're a formidable vendor out there.

最後我想說的是，我們目前的目標是，透過我們產品組合中所有不同的產品，我們的目標是一個大約1000億美元的潛在市場。即使微軟是領先的網路安全供應商之一，總收入達到200億美元，我認為我們也只佔了該市場的五分之一左右。所以，很多市場仍有待爭取。我們對自己與微軟競爭的能力充滿信心，尤其是在面向精通安全的專業人士，以及尋求更自動化、更注重營運成本的解決方案的託管安全服務提供者（MSSP）方面。因此，我們覺得自己處於有利地位，但顯然，微軟是一家強大的供應商。

Our next question comes from the line of Adam Tindle with Raymond James.

我們的下一個問題來自 Raymond James 的 Adam Tindle。

Tomer, I just wanted to start to understand a lot of the concentration of the negative surprise here is in the data ingestion piece. And I know it's a smaller part of the business. But if we think about that, the narrative would be that there's perhaps concerns that, that could be a leading indicator for broader challenges coming in the business with the logic saying, hey, it's easier to shut off consumption quickly, and we'll get to the contractual stuff later and ultimately start shutting that off.

托默，我只是想了解一下，這裡很多負面意外都集中在資料收集部分。我知道這部分業務只佔很小一部分。但如果我們仔細想想，就會發現，人們或許會擔心，這可能是業務面臨更廣泛挑戰的先行指標，邏輯上是這樣的：嘿，快速停止消費更容易，我們稍後再處理合約事宜，最終開始停止消費。

Just wondering, with that kind of narrative or potential bear case, how you're thinking about preventing that or what you would say to investors that would be concerned about that.

我只是想知道，對於這種敘述或潛在的熊市情況，您打算如何防止這種情況發生，或者您會對擔心這種情況的投資者說些什麼。

I think these are two completely separate things. I mean, at the end of the day, if you look at our GRR, it remained stable across many quarters. We don't churn customers, customers don't leave SentinelOne. At the end of the day, even when we look at the rightsizing of licenses, which I think is what you kind of referring to, I mean, that looks very same to us. I mean these are just getting aligned to the workforce that they have. So I don't think there's anything material with what's happening with licensing for us.

我認為這是兩件完全不同的事情。我的意思是，歸根結底，如果你看看我們的總營收（GRR），它會在多個季度保持穩定。我們不會流失客戶，客戶也不會離開SentinelOne。歸根結底，即使我們考慮許可證的合理規模（我想這就是你提到的），情況對我們來說也是一樣的。我的意思是，這些只是根據他們現有的員工隊伍進行調整。所以我認為許可證方面的進展對我們來說沒有什麼實質的影響。

Consumption, in its nature, is just more volatile. And I think that for companies out there, when they're under the gun to save, obviously, something as intangible as data is something that they can start thinking twice about. That's not the same for their core security posture, and that is something that we've seen very, very stable over time.

消費本質上就更具波動性。我認為，對於企業來說，當他們面臨節省的壓力時，顯然，像數據這樣無形的東西是他們需要三思而後行的。這與他們的核心安全態勢不同，我們發現，長期以來，核心安全態勢一直非常穩定。

Even if we imply some factor of rightsizing into it, that doesn't create that same volatility that an ad hoc consumption model would have. Obviously, these are multiyear contracts. Obviously, these are tied specifically to the amount of people you have in the organization. Even if you have some volatility in that, it is not even close to the volatility that you can have with data volumes. And that's why, once again, to kind of remove that volatility, we remove that from our ARR projections.

即使我們考慮了一些精簡因素，也不會像臨時消費模式那樣產生波動。顯然，這些都是多年期合約，而且這些合約與組織內的人員數量密切相關。即使這其中存在一些波動，也遠不及數據量帶來的波動。因此，為了消除這種波動，我們再次將其從 ARR 預測中剔除。

Okay. And Dave, maybe just a quick follow-up. I'm sorry if I missed it, but did you size that -- the consumption business? I know Scalyr, years ago, you talked about $10 million for that piece of it. What's the size that we're looking at? And any changes looking at from a contractual basis or anything like that moving forward?

好的。戴夫，我再跟進。抱歉，如果我沒注意到，請問您對消費業務的規模做了評估嗎？我知道 Scalyr，幾年前您曾談到要為這部分業務投資 1000 萬美元。我們現在的規模是多少？從合約基礎或類似方面來看，未來會有什麼變化嗎？

It's single-digit percentage of total ARR so -- or single-digit percentage of total ARR. We shouldn't expect these fluctuations going forward as we've moved to contractual. What we're -- everything we're doing is anchoring around having this be as conservative a number and removing the fluctuations either side going forward.

它佔總ARR的個位數百分比，或者說，佔總ARR的個位數百分比。由於我們已經轉向合約制，我們不應該預期未來會出現這些波動。我們所做的一切都是為了確保這個數字盡可能保守，並消除未來左右波動的影響。

The next question comes from the line of 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 Lory again on for Patrick. Can you guys all hear me?

我是 Lory，再次代表 Patrick 發言。大家聽得到我說話嗎？

Yes.

是的。

So I just want to ask the cloud security product. Last quarter, you had a very good traction, you mentioned. And how's this quarter? And can you share with us any update on partnership with Wiz?

所以我只想問一下雲端安全產品。上個季度，你們的業績表現非常好，正如你所提到的。這個季度怎麼樣？能和我們分享一下與 Wiz 合作的最新進展嗎？

Of course. It's been great growth for us on the cloud side. And this quarter, once again, remain that same proportion of contribution for ACV, which represents, again, triple-digit growth year-over-year for cloud security. The Wiz partnership, I mean, we see a ton of pipeline movement from existing customers and also from new shared opportunities. All in all, it's early days with that partnership. But we've tightened up the technical integration part of it. We're kind of after phase 1. And all in all, I mean it shows great signs of progression.

當然。我們在雲端業務方面取得了巨大的成長。本季度，ACV 的貢獻比例再次保持不變，這意味著雲端安全業務比去年同期成長了三位數。與 Wiz 的合作，我們看到大量來自現有客戶和新共享機會的管道流動。總而言之，這項合作還處於早期階段。但我們已經加強了技術整合部分。我們差不多已經完成第一階段的工作了。總而言之，它顯示出了良好的發展跡象。

Generally speaking, we're not dependent on that partnership whatsoever to continue to grow our cloud business, and we're generating more and more cloud pipeline. With every quarter that passes, we have a dedicated campaign for cloud security. We have dedicated sales force for cloud security. So we're also maturing our sales force to kind of expand and evolve from an endpoint company to a platform company in cloud is obviously the tip of the spear for us.

總的來說，我們並不完全依賴這種合作關係來繼續發展我們的雲端業務，而且我們正在建立越來越多的雲端管道。每個季度，我們都會推出專門的雲端安全活動。我們有專門的雲端安全銷售團隊。因此，我們也在不斷完善我們的銷售團隊，以便從一家終端公司向一家雲端平台公司進行擴展和發展，這顯然是我們業務的重中之重。

The next question comes from Hamza Fodderwala with Morgan Stanley.

下一個問題來自摩根士丹利的 Hamza Fodderwala。

Dave, just a quick one for you. You talked about the $40 million in cost savings from the 5% workforce reduction. Is that reflected in the full year guidance? And would you be willing to sort of reaffirm the expectation for free cash flow breakeven exiting this year?

戴夫，我只想問你一個問題。你提到了透過裁員5%節省了4000萬美元的成本。這是否反映在全年業績指引中？你能否再次確認今年自由現金流將實現損益兩平的預期？

So we're expecting to deliver $40 million cost savings relative to our prior plan. This ensures that we remain on track to achieve our full year EBIT guidance that we provided earlier and then reiterated again today. Specifically, from the [riff], it's about $15 million in annualized savings. I think about $5 million -- say, $3 million to $5 million in severance costs. There's inventory write-offs. We're also looking at facilities and other things that we will have that will continue the savings going forward. That's all contemplated in this guidance.

因此，我們預計相對於先前的計劃將節省4000萬美元的成本。這確保我們能夠繼續實現我們先前提供並於今天再次重申的全年息稅前利潤（EBIT）指引。具體來說，從[riff]來看，年度化節省約為1500萬美元。我認為大約500萬美元——比如說300萬到500萬美元的遣散費。還有庫存核銷。我們也正在考慮將要擁有的設施和其他能夠繼續節省成本的事物。所有這些都已在本指引中進行了考慮。

And then in terms of free cash flow, I think in light of the reduced top line expectations for the year, I think the target for this year, where we said we could potentially hit it in the latter part of this year, say, Q4, I think that's probably better off thinking of that as a fiscal '25 activity just based on the lower top line.

然後就自由現金流而言，我認為鑑於今年的營收預期下降，我認為今年的目標（我們說過我們可能在今年下半年，比如說第四季度）可能實現，但基於較低的營收預期，我認為最好將其視為 25 財年的一項活動。

The next question comes from the line of Joshua Tilton, Wolfe Research.

下一個問題來自 Wolfe Research 的 Joshua Tilton。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

So a lot of the feedback that I'm getting from investors is just that it seems like you guys came across pretty bullish during the quarter. And clearly, the tone is changing here on this call. So I apologize if I missed this, but I'm just trying to understand when exactly did you notice the slowdown in the business really pick up? And maybe even like when did you guys notice the issues with the historical ARR disclosure?

我從投資者那裡得到的許多回饋是，你們似乎在本季表現得相當樂觀。顯然，這次電話會議的基調正在改變。如果我沒注意到這一點，我很抱歉，但我只是想了解一下，你們究竟是什麼時候注意到業務放緩真正開始回升的？甚至你們是什麼時候注意到歷史ARR披露的問題的？

I think generally, when we look at it, we see kind of the end of the quarter is the point where we started noticing more and more pronounced consumption changing. To us, that was a point where couple that with a couple of deals slips and suddenly, you're looking at a very different outcome for the quarter. So I think, generally, if you just look at our new and upsell target for the quarter, it was pretty much in line with what we expected.

我認為，總的來說，我們觀察到季度末是我們開始注意到越來越明顯的消費變化的點。對我們來說，這是一個點，如果再加上一些交易的下滑，那麼本季的結果就會突然變得截然不同。所以，總的來說，如果只看我們本季的新增銷售和追加銷售目標，你會發現它基本上與我們的預期一致。

But when you couple that with that downsizing of consumption, then you just arrive at a very, very different result. And to us, I mean, once again, win rates sustained, revenue still growing about 70%. I think if you take out that consumption element, I mean, things would have looked very, very different. So that, I think, is kind of the reason where parts of the business here are really humming. And suddenly, we saw this, which, frankly, we were surprised by and we were surprised by the magnitude, and that's where we are today.

但當你把這一點與消費規模的縮減結合起來，結果就會截然不同。對我們來說，我的意思是，贏單率再次保持穩定，收入仍然增加了70%左右。我認為，如果剔除消費因素，情況就會截然不同。所以，我認為這就是我們部分業務蓬勃發展的原因。突然之間，我們看到了這樣的情況，坦白說，我們對此感到驚訝，其規模之大也讓我們感到驚訝，這就是我們今天的處境。

And in terms of evaluating the ARR, I guess, rebasing restatement. When we really were diving into that, it was because I was investigating why revenue was coming up as a shortfall. So it started out, and we did a deep dive into revenue. And obviously, you would assume that about 1/4 of ARR goes into revenue absent some churn, absent some slower deployments, things like that, that are typical.

至於評估ARR，我想應該是重新調整基準重述。我們真正深入研究這個問題，是因為我正在調查收入短缺的原因。所以一開始，我們就對收入進行了深入研究。顯然，你會假設大約四分之一的ARR會轉化為收入，除非出現一些客戶流失、部署速度放緩等典型情況。

But I still, obviously, based on our Q1 results, had a shortfall. So to understand that, we did a deeper dive by scrubbing everything in ARR, all 10,700 customers, to evaluate why that was. And that's where we noticed that we essentially had an uplift that we expected because of renewals that had not been essentially moved out of the system because they were treated as upsell.

但根據我們第一季的業績，顯然我還是有些不足。為了弄清楚這一點，我們進行了更深入的研究，並仔細分析了ARR中的所有數據，包括所有10,700名客戶，以評估造成這一現象的原因。我們注意到，由於續訂資料並未移除，而是被視為追加銷售，因此我們的業績成長基本上符合預期。

So I was essentially stacking an upsell on top of an existing renewal without removing the previous renewal. And this was an error in our CRM. We fixed it, but that's where that came up, and that was obviously later on in the quarter and actually post quarter end when we really had fully identified it and been able to scrub all the customers.

所以我實際上是在現有續約的基礎上疊加了追加銷售，而沒有移除先前的續約。這是我們CRM系統的錯誤。我們修復了這個問題，但問題就在這裡出現了，而且顯然是在本季度後期，實際上是在季度末之後，我們才真正完全識別出問題所在，並成功清除了所有客戶。

The next question comes from the line of Gray Powell with BTIG.

下一個問題來自 BTIG 的 Gray Powell。

Great. And I just want to make sure, can you hear me okay?

太好了。我只是想確認一下，你聽得到我說話嗎？

Yes.

是的。

All right, great. This might be a tough one, but I feel like I do have to ask it. And to some extent, you may have already answered it, but I'm just going to give it a shot anyway. So I guess like how should we think about -- like what was the main driver of just you missing the Q1 revenue guidance at $137 million? I mean you guided on March 14 and revenue is mostly ratable, and I know we've talked about the consumption components, but I just want to make sure that I fully understand that dynamic. And then can you just reiterate like why this won't happen again?

好的，太好了。這個問題可能有點難，但我覺得我必須問一下。某種程度上，你可能已經回答過了，但我還是想問一下。那麼，我想我們該怎麼想──比如，導致你們第一季營收未能達到1.37億美元的預期的主要原因是什麼？我的意思是，你們在3月14日給出了預期，而且營收大部分是可分攤的，我知道我們已經討論過消費支出的因素，但我只是想確保我完全理解這種動態。然後，你能不能再重申一下，為什麼這種情況不會再發生？

I'll try and iterate for Dave because it's going to be the third time. But basically, the ARR adjustment that we've done was realizing that both we've had consumption is kind of an ad hoc element to our ARR, which basically drives up ARR as consumption goes up, but it drives down ARR significantly when consumption is not continuing to grow. In the past couple of years, consumption for us was always on the up and up, and it created that overstatement of ARR, so to speak, which created an expectation for revenue for us internally as well.

我會盡量為戴夫重複一遍，因為這將是第三次了。但基本上，我們所做的ARR調整是意識到消費對ARR來說是一種臨時性的因素，當消費增加時，ARR就會上升，而消費沒有持續成長時，ARR就會大幅下降。過去幾年，我們的消費一直在上升，這導致了ARR的誇大，也就是說，這也導致了我們內部對收入的預期。

So when the quarter ended, the dust settled, when he started kind of figuring out, hey, why aren't we seeing that revenue, a big part of it was the ARR was reflecting consumption that was now going down. And that impacted what we should have seen in revenue. And couple that with, again, some CRM inaccuracies that Dave mentioned as well, and that was mainly the reason for the revenue miss.

所以當季度結束時，一切塵埃落定，他開始琢磨，為什麼我們看不到收入呢？很大一部分原因是年度經常性收入（ARR）反映的消費量正在下降。這影響了我們本應看到的收入。再加上戴夫提到的一些客戶關係管理（CRM）方面的不準確之處，這就是收入未達到預期的主要原因。

Outside of that, the ARR for the quarter was roughly in line with what we expected, minus again that consumption downsizing. So all in all, a lot of it was cleaned and will never happen again, given that rebasing of ARR and the removal of consumption from the base.

除此之外，本季的ARR大致符合我們的預期，但又扣除了消費縮減的影響。總而言之，考慮到ARR的重新基準化以及消費從基準中移除，許多問題已經解決，而且不會再發生。

The next question comes from the line of Brad Zelnick with Deutsche Bank.

下一個問題來自德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

Great. Can you guys hear me?

太好了。你們聽得到我說話嗎？

We can.

我們可以。

Awesome. The ARR statement is very unfortunate. The environment is very tough. I think you guys have said it yourselves, and you're being asked a lot of tough questions. So I mean, as long as we're in this forum, I'm going to add to those, which I guess, for you, Tomer, most appropriately, what is your strategic end game?

太棒了。 ARR 的聲明非常令人遺憾。環境非常艱難。我想你們自己也說過了，而且你們被問到了很多棘手的問題。所以，既然我們在這個論壇上，我想補充一下這些問題，我想，對你來說，托默，最合適的問題是，你的策略最終目標是什麼？

You're facing an increasingly hostile macro and competitive end market. You're still burning a good amount of cash. I mean, it just seems like, in a recession, you're in a bit of a tough spot. And you, yourself, I think, said in many different ways that conditions are worsening. So when you think about what you envision for the business years ago, coming to the public market versus where you are today and what you can see a few years out on the horizon, how do you think about the different alternatives out there?

你們正面臨日益激烈的宏觀經濟和競爭激烈的終端市場。你們仍在大量燒錢。我的意思是，在經濟衰退時期，你們的處境似乎有些艱難。我想，你自己也曾以多種不同的方式表示，情況正在惡化。所以，當你回想多年前對公司的設想，對比現在的狀況以及幾年後的發展前景時，你如何看待其他不同的選擇？

Sure. Look, it's a long game. None of us expected to IPO the company and go home. I mean we're here to stay. It's a $100 billion TAM. We've got the most cutting-edge technology in the market. And we're improving our margins to the point that next year, we hope to be profitable. So all in all, I don't see anybody else in the market making such incredible improvements on the margin front. Our progression, I think, have been fairly impressive.

當然。你看，這是一場持久戰。我們誰也沒想過公司上市後就打道回府。我的意思是，我們會一直在這裡。它的潛在市場規模高達1000億美元。我們擁有市場上最先進的技術。而且我們正在提高利潤率，希望明年能夠獲利。總而言之，我認為市場上沒有其他公司能在利潤率方面取得如此驚人的進展。我認為，我們的進步相當令人印象深刻。

Obviously, this is not the best market to operate in for a growth company. And I think what you're seeing is our real-time adjustment for a full on growth -- from a full on growth company and into a more balanced approach, a disciplined growth company. We want to become more efficient. What you're seeing us do in the public eye is making the company more efficient, and we're really setting the stage, I think, for efficient growth.

顯然，對於一家成長型公司來說，這並非最佳的市場環境。我認為，您看到的是我們為了全面成長而進行的即時調整——從全面成長型公司轉變為更平衡、更規範的成長型公司。我們希望提高效率。您在公眾視野中看到的我們所做的，就是提高公司的效率，我認為，我們確實在為高效成長奠定基礎。

This is not the economy to put the pedal to the metal and run fast. This is where we just want to be more efficient, we want to make sure we're doing right by our customers. That's our North Star. That's why we're here. We're going to continue to build our platform. We're adding customers in a pretty rapid clip even in this environment.

現在的經濟情勢不是猛踩油門、快速運轉的時代。我們只想提高效率，確保為客戶提供優質服務。這就是我們的目標，也是我們存在的意義。我們將繼續建立我們的平台。即使在這種環境下，我們的客戶成長速度也相當快。

So all in all, I mean, can't say it's a lot of fun right now, but at the end of the day, we keep on growing. We've got very promising technology. We're a leader in AI. AI in itself is going to disrupt the cybersecurity infrastructure landscape significantly in the next couple of years. All of that translates to an opportunity. And hopefully, our shareholders will see that, too.

總而言之，我的意思是，現在還不能說這很有趣，但最終，我們會持續成長。我們擁有非常有前景的技術。我們是人工智慧領域的領導者。人工智慧本身將在未來幾年顯著顛覆網路安全基礎設施格局。所有這些都轉化為機會。希望我們的股東也能看到這一點。

I think if you look at us on a 3- to 5-year horizon, like let's play this out. If we're a profitable company, still growing at reasonable growth rates, this is a far more valuable company than it is today. And we're not relaxing on technology. We're continuing to advance that. We've been a technological leader, and we're going to continue to do that. So we look at this as it's still early innings in cybersecurity for us. We have a long runway to execute to execute better and to grow this company to be a more sizable company than we are today.

我認為，如果以3到5年的時間跨度來看我們，我們不妨這樣來分析一下。如果我們是一家盈利的公司，並且仍然保持合理的成長率，那麼這家公司的價值將遠高於現在。我們不會放鬆對科技的投入，反而會持續推進。我們一直是技術領導者，並將繼續保持這種領先地位。因此，我們認為網路安全領域對我們來說仍處於起步階段。我們還有很長的路要走，需要做得更好，才能將公司成長壯大，成為一家比現在更具規模的公司。

Our final question comes from the line of Ray McDonough with Guggenheim.

我們的最後一個問題來自古根漢的雷·麥克多諾。

Can you hear me okay?

你聽見我說話嗎？

Yes, we can.

是的，我們可以。

Great. Maybe for you, Dave, and just to finish off. You guys mentioned a couple of times that customers are rightsizing on renewals, but also mentioned that gross retention rates remained stable. And last quarter, I actually think that you mentioned they ticked up. So just to be clear, dollar gross retention remained stable despite those comments.

太好了。戴夫，也許對你來說，最後再說一下。你們幾次提到客戶在續約方面正在精簡，但也提到毛留存率保持穩定。上個季度，我實際上認為你們提到毛留存率有所上升。所以需要明確的是，儘管有這些評論，但美元毛留存率仍然保持穩定。

And I guess, on the flip side of that, I'm trying to decipher the commentary that new and upsell was also in line with expectations and that renewals were stable. Is consumption -- that consumption business that's kind of the headwind here or a lot of the headwind, is that not accounted for in the gross renewal rate? How should we think about where the headwinds, I guess, showed up the most between renewals, expansion and new logos?

另一方面，我想解釋一下那些評論，說新業務和追加銷售也符合預期，續約也保持穩定。消費－消費業務是這裡的阻力，或者說是主要的阻力，這難道沒有被計入總續約率嗎？我想，我們該如何看待在續約、擴張和新標誌之間，阻力最大的是什麼？

If you think about it on a pure NRR rate, we've gone from the 130s into approximately north of 125. So we're still seeing our customers continue to increase their spend with us year-over-year. We expect that to persist. We're expecting 120-plus percent kind of as a floor for us, and we see that for the foreseeable future.

如果單純從淨利率（NRR）來看，我們的淨利率已經從130%左右上升到125%左右。因此，我們仍然看到客戶在我們這裡的支出逐年增加。我們預計這種情況將持續下去。我們預計120%以上的成長率將是我們的一個底線，在可預見的未來，我們預計這一成長率將持續下去。

In terms of how this affects GRR, our GRR has essentially been flat for past 8 quarters or so. I don't think it's deviated more than 1 point. So one of the things that Tomer had talked about is when customers use us, they don't tend to leave us. What we -- in terms of the rightsizing of deals. Historically, we've seen customers that may have signed multiyear deals, and they would have stepped up employee counts for endpoint and say, hey, I'm going to buy this much minimum and I'll step up for a better price for the following year and a better price for the following year based on volume.

至於這對總營收（GRR）的影響，我們的GRR在過去8季左右基本上持平。我認為偏差不超過1個百分點。所以，Tomer提到的一點是，當客戶使用我們的服務時，他們往往不會離開我們。我們所做的事－就交易規模的合理化而言。從歷史上看，我們遇到過一些客戶，他們可能已經簽訂了多年期合同，他們會為了終端客戶增加員工數量，然後說，嘿，我至少要購買這麼多，然後我會根據交易量增加，爭取明年更好的價格，再下一年也可以根據交易量繼續增加。

We're seeing customers now just flatten that out based on the employee count now and then they come back to us if -- at renewal, if they're purchasing a more sizable amount. So we're just not seeing that forward projections from our customers that we were historically seeing.

我們現在看到的客戶只是根據員工人數來調整這個比例，如果他們在續約時購買了更多產品，他們就會回來找我們。所以我們現在看到的客戶預測並沒有像過去那麼準確。

Maybe just something to add to that and maybe that can help you kind of piece it all together. I mean, GRR is stable, and it's what we call planned GRR. And I think the one dynamic that we did see is that, traditionally, we didn't even get to the planned GRR. GRR was even lower than that. And that is something that we started almost taking for granted. And I think in this environment, that is something that you can't take for granted anymore. But once again, I mean, we still are one of the industry best in GRR, definitely in NRR, and we expect that to continue.

也許我只是想補充一點，或許能幫你把所有事情拼湊起來。我的意思是，GRR 是穩定的，也就是我們所說的計畫 GRR。我認為我們確實看到的一種動態是，傳統上我們甚至達不到計劃的 GRR。 GRR 甚至比計劃的還要低。這幾乎是我們一開始認為理所當然的事。我認為在這種環境下，你不能再認為這是理所當然的事了。但我再次強調，我們的 GRR 仍然是業內最好的之一，NRR 更是毋庸置疑，我們預計這種情況會持續下去。

That concludes today's Q&A session. I would now like to pass the conference back over to Tomer for closing comments.

今天的問答環節到此結束。現在，我想將會議交還給托默，請他發表最後評論。

Thank you, everybody, for joining. Appreciate your time.

感謝各位的參與，感謝您抽空。

That concludes today's 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。