SentinelOne Inc (S) 2025 Q3 法說會逐字稿

Good afternoon.

午安.

Thank you for attending today's SentinelOne Q3 fiscal year 2025 earnings conference call.

感謝您參加今日的 SentinelOne 2025 財年第三季財報電話會議。

My name is Jaylin, and I will your moderator for today.

我叫 Jaylin，今天我將擔任你們的主持人。

(Operator Instructions)

（操作員說明）

I'd now like to turn the conference over to our host, Doug Clark.

現在我想將會議交給我們的東道主道格·克拉克。

Doug, you may proceed.

道格，你可以繼續了。

Good afternoon, everyone.

大家下午好。

Welcome to SentinelOne's earnings call for the third quarter of fiscal year '25, which ended October 31, 2024.

歡迎參加 SentinelOne 於 2024 年 10 月 31 日結束的 25 財年第三季的財報電話會議。

With us today are Tomer Weingarten, CEO; and Barbara Larson, CFO.

今天與我們在一起的有執行長托默·溫加滕 (Tomer Weingarten)；和財務長芭芭拉·拉爾森。

Our press release and the shareholder letter were issued earlier today and are posted on the Investor Relations section of our website.

我們的新聞稿和股東信函於今天稍早發布，並發佈在我們網站的投資者關係部分。

This call is being broadcast live via webcast, and an audio replay will be available on our website after the call concludes.

本次通話將透過網路直播進行現場直播，通話結束後我們的網站上將提供音訊重播。

Before we begin, I would like to remind you that during today's call, we'll be making forward-looking statements about future events and financial performance, including our guidance for the fourth fiscal quarter and full fiscal year '25 and as well as long-term financial targets.

在我們開始之前，我想提醒您，在今天的電話會議中，我們將就未來事件和財務業績做出前瞻性陳述，包括我們對第四財季和整個財年 25 以及長期的指導。目標。

We caution you that such statements reflect our best judgment based on factors currently known to us and that actual events or results could differ materially.

我們提醒您，此類陳述反映了我們根據目前已知因素做出的最佳判斷，實際事件或結果可能存在重大差異。

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

請參閱我們不時向 SEC 提交的文件，特別是我們的 10-K 表年度報告和 10-Q 表季度報告。

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.

這些文件包含並確定了可能導致我們的實際結果與前瞻性陳述中包含的結果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.

本次電話會議中所做的任何前瞻性陳述均截至今天。

If this call is replayed or reviewed after today, the information presented during the call may not contain current or accurate information.

如果今天之後重播或查看此通話，則通話期間提供的資訊可能不包含當前或準確的資訊。

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.

除法律要求外，我們沒有義務公開更新這些前瞻性聲明，或更新實際結果可能與前瞻性聲明中預期的結果有重大差異的原因。即使將來有新的資訊可用。

During this call, we will discuss non-GAAP financial measures, unless otherwise stated.

在本次電話會議中，除非另有說明，我們將討論非公認會計準則財務指標。

These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles.

這些非公認會計準則財務指標並非依照公認會計原則編製。

A reconciliation of the GAAP and non-GAAP results other than with respect to our non-GAAP financial outlook, is provided in today's press release and in our shareholder letter.

今天的新聞稿和股東信中提供了除非公認會計原則財務前景之外的公認會計原則和非公認會計原則結果的調節表。

These non-GAAP measures are not intended to be a substitute for our GAAP results.

這些非公認會計準則衡量標準無意取代我們的公認會計準則結果。

Our financial outlook excludes stock-based compensation expense, employer payroll tax on employee stock transactions, amortization expense of acquired intangible assets, acquisition-related compensation costs, restructuring charges, and gains on strategic investments, which cannot be determined at this time and are, therefore, not reconciled in today's press release.

我們的財務前景不包括股票補償費用、員工股票交易的雇主工資稅、收購的無形資產的攤銷費用、收購相關的補償成本、重組費用和戰略投資收益，這些目前無法確定，因此，今天的新聞稿不甘心。

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

接下來，讓我將電話轉給 SentinelOne 執行長 Tomer Weingarten。

Good afternoon, everyone, and thank you for joining our fiscal third-quarter earnings call.

大家下午好，感謝您參加我們的第三季財報電話會議。

Our Q3 results demonstrate strong execution and business momentum.

我們第三季的業績展現了強勁的執行力和業務動能。

We exceeded our top-line growth expectations and continue to deliver year-over-year margin improvement.

我們超越了營收成長預期，並繼續實現利潤率同比改善。

Importantly, our net new ARR growth reaccelerated back to positive territory, driven by solid execution and a record number of customers with ARR of $100,000 or more.

重要的是，在穩健的執行和創紀錄的 ARR 達到或超過 100,000 美元的客戶數量的推動下，我們的新 ARR 淨增長重新加速回到正值區域。

This momentum reflects a stronger competitive position and notable rise in customer interest for SentinelOne.

這一勢頭反映了 SentinelOne 更強大的競爭地位以及客戶興趣的顯著上升。

We continue to bolster our position as a technology leader through constant innovation.

我們透過不斷創新，持續鞏固我們作為技術領導者的地位。

Today, Singularity is a comprehensive cybersecurity platform that delivers best-in-class security and operational resilience.

如今，Singularity 是一個全面的網路安全平台，可提供一流的安全性和營運彈性。

Singularity unified data capabilities and AI-powered security across endpoint cloud identity as well as third-party integrations, all in one single user interface.

Singularity 跨端點雲端身分以及第三方整合統一資料功能和人工智慧驅動的安全性，所有這些都在一個使用者介面中。

Enterprises are increasingly selecting SentinelOne for our ability to provide real-time autonomous security that adapts to the modern threat landscape while simplifying operations.

越來越多的企業選擇 SentinelOne，因為我們能夠提供即時自主安全，適應現代威脅情勢，同時簡化操作。

In a world where cyber threats evolve rapidly, our platform proactive approach is designed to safeguard enterprises today and into the future.

在網路威脅迅速發展的世界中，我們的平台主動方法旨在保護當今和未來的企業。

This Singularity platform empowers customers to bring advanced AI capabilities into their entire security stack from data to operations.

這個奇點平台使客戶能夠將先進的人工智慧功能引入從資料到操作的整個安全堆疊中。

This ability not only sets a new standard in the market but also establishes what we believe is a foundational pillar for the future of cybersecurity, streaming, enterprise-wide security data to be processed and analyzed by advanced AI algorithms and agents that drive real-time autonomous outcomes.

這種能力不僅在市場上樹立了新標準，而且還為我們認為未來網路安全、串流媒體、企業範圍的安全數據奠定了基礎支柱，這些數據將由先進的人工智慧演算法和驅動即時的代理進行處理和分析。

It is clearly a more effective and efficient way to do cybersecurity.

這顯然是一種更有效、更有效率的網路安全方式。

The rapid adoption of our Purple AI suite, now our fastest-growing solution further highlights the value and innovation we bring to our customers.

Purple AI 套件是我們目前成長最快的解決方案，其快速採用進一步凸顯了我們為客戶帶來的價值和創新。

Looking ahead, we're raising our full-year revenue guidance for fiscal year '25.

展望未來，我們將提高 25 財年的全年營收指引。

We now expect to deliver revenue growth of 32% compared to last year, up from our prior guidance of 31% growth.

我們現在預期營收將比去年成長 32%，高於我們先前 31% 的成長預期。

Our confidence stems from a strong pipeline, successful emerging solutions, and an expanding opportunity set driven by increasing customer and partner engagements.

我們的信心源於強大的管道、成功的新興解決方案以及由不斷增加的客戶和合作夥伴參與推動的不斷擴大的機會集。

I want to thank our customers and partners for their trust and collaboration and all sentinels who worked tirelessly to protect our ways of life from cyber threats and disruption.

我要感謝我們的客戶和合作夥伴的信任與合作，以及所有為保護我們的生活方式免受網路威脅和破壞而不懈努力的哨兵。

As always, please read our shareholder letter published on the Investor Relations website, which provides more detail.

像往常一樣，請閱讀我們在投資者關係網站上發布的股東信函，其中提供了更多詳細資訊。

Let's review the details of our quarterly performance.

讓我們回顧一下我們季度業績的細節。

In Q3, total ARR grew 29% and revenue grew 28% year-over-year.

第三季度，總 ARR 年增 29%，營收年增 28%。

Net new ARR of $54 million increased over 20% sequentially, well above our historical third quarter seasonality.

淨新 ARR 為 5,400 萬美元，季增 20% 以上，遠高於第三季的歷史季節性水準。

And Importantly, our net new ARR growth accelerated to 4% year over year.

重要的是，我們的新 ARR 淨成長率年增至 4%。

This return to positive growth is a strong indication of our business momentum and improving market position.

這種恢復正增長有力地表明了我們的業務勢頭和市場地位的改善。

While we continue to operate in a challenging macroeconomic landscape, the strength of our Q3 performance was broad-based across geographies and platform solutions.

雖然我們繼續在充滿挑戰的宏觀經濟環境中運營，但我們第三季的業績優勢是跨地域和平台解決方案的廣泛基礎。

Once again, we delivered best-in-class gross margin of 80%.

我們再次實現了 80% 的同類最佳毛利率。

Operating margin improved by more than 6 percentage points compared to last year.

與去年相比，營業利潤率提高了 6 個百分點以上。

And for a second consecutive quarter, we delivered positive net income with an improving margin profile and a solid balance sheet we have the opportunity to be dynamic and flexible, positioning ourselves for long-term share gains across diverse growth opportunities.

我們連續第二季實現了正淨利潤，利潤率狀況不斷改善，資產負債表穩健，我們有機會保持活力和靈活性，在各種成長機會中實現長期份額收益。

As I mentioned on our last earnings call, the increasing sophistication and intensity of modern cyber threats are exposing the growing shortcomings of incumbent security solutions, even so-called modern technologies are aging faster than ever.

正如我在上次財報電話會議上提到的那樣，現代網路威脅的日益複雜性和強度正在暴露出現有安全解決方案日益增長的缺陷，甚至所謂的現代技術也比以往任何時候都更快地老化。

As a result, customer awareness and interest in our platform in AI-based security have risen.

因此，客戶對我們基於人工智慧的安全平台的認識和興趣有所提高。

We're beginning to see notable strength with new and large customer additions.

我們開始看到新客戶和大客戶的增加所帶來的顯著優勢。

In Q3, we added a record number of $100,000-plus ARR customers, which grew 24% year over year.

第三季度，我們增加了創紀錄的 ARR 超過 10 萬美元的客戶數量，年增 24%。

Our customers with more than $1 million in ARR grew even faster.

我們的 ARR 超過 100 萬美元的客戶成長得更快。

Overall, our success with large enterprises and platform adoption continues to drive higher ARR per customer, which reached a new record in Q3 as well.

總體而言，我們在大型企業和平台採用方面的成功繼續推動每位客戶的 ARR 更高，這在第三季也創下了新紀錄。

In parallel, we continue to maintain healthy expansion rates with our existing customer base.

同時，我們繼續保持現有客戶群的健康擴張率。

We continue to see substantial growth potential with our installed base over the long term.

從長遠來看，我們繼續看到我們的安裝基礎具有巨大的成長潛力。

In October, we hosted our first Investor Day at our OneCon Customer Conference.

10 月，我們在 OneCon 客戶會議上舉辦了第一屆投資者日活動。

It was a terrific event with record attendance, plenty of excitement, and great customer conversations.

這是一場非常棒的活動，出席人數創歷史新高，充滿了興奮感，並與客戶進行了精彩的對話。

A central point of the discussions was the evolution and expansion of singularity from an endpoint-centric solution to now one of the broadest, most performant and reliable enterprise security platforms in the market.

討論的中心點是奇點從以端點為中心的解決方案的演變和擴展，到現在市場上最廣泛、性能最強、最可靠的企業安全平台之一。

Regardless of the size or industry, our customers benefit from our modern data analytics architecture, cutting-edge AI security models, and broad coverage across endpoint, cloud identity, and more.

無論規模或產業如何，我們的客戶都受益於我們的現代資料分析架構、尖端的人工智慧安全模型以及跨端點、雲端身分等的廣泛覆蓋。

The Singularity platform is a prominent recognitions across the industry including being named a leader in Gartner's Magic Quadrant for Endpoint Protection for the fourth consecutive year, leading MITRE evaluations also for four years in a row, a clear demonstration of Singularity's undisputed security efficacy; Cyber SecOps Innovation Award for Purple AI, receiving SC Media's top owners for best enterprise security solution and best endpoint security solution.

Singularity平台獲得了業界的廣泛認可，包括連續第四年被評為Gartner端點保護魔力像限的領導者，連續四年在MITRE評估中領先，清楚地證明了Singularity無可爭議的安全功效； Purple AI 榮獲網路安全營運創新獎，榮獲 SC Media 最佳企業安全解決方案和最佳端點安全解決方案頂級所有者獎。

And just yesterday, Singularity cloud security was recognized as the overall winner for CRM's Cloud Security Product of the Year.

就在昨天，Singularity 雲端安全被公認為 CRM 年度雲端安全產品的總冠軍。

These recognitions are a testament to our innovation leadership and platform differentiation.

這些認可證明了我們的創新領導力和平台差異化。

We're delivering larger platform wins and expansions among both new and existing customers.

我們正在為新舊客戶帶來更大的平台勝利和擴張。

These are powerful security and data capabilities.

這些都是強大的安全和資料功能。

Each of our platform solutions delivers functionality equivalent to deploying multiple modules from competing vendors.

我們的每個平台解決方案提供的功能相當於部署來自競爭供應商的多個模組。

We sell solutions, not an endless list of modules and point features.

我們銷售解決方案，而不是無窮無盡的模組和點功能清單。

Our platform coverage positions SentinelOne as a strategic cybersecurity partner for enterprises.

我們的平台覆蓋範圍使 SentinelOne 成為企業的策略網路安全合作夥伴。

Among many platform wins in Q3, a major international retailer adopted endpoint cloud and identity security, Purple AI and threat hunting services.

在第三季的眾多平台勝利中，一家大型國際零售商採用了端點雲端和身分安全、Purple AI 和威脅狩獵服務。

This broad platform deal was a multimillion dollar expansion that doubled the ARR of the customer.

這項廣泛的平台交易是一項價值數百萬美元的擴張，使客戶的 ARR 翻了一番。

In another example, a leading technology provider selected endpoint and cloud security, network visibility and AI SIEM for a multiyear and multimillion-dollar deal.

在另一個例子中，一家領先的技術供應商選擇了端點和雲端安全、網路視覺性和 AI SIEM 來進行一項為期數年、價值數百萬美元的交易。

Purple AI was a quote, must have.

紫色AI是一句引言，必須引用。

With the Singularity platform, we help enterprises seamlessly aggregate data and leverage industry-leading AI.

透過 Singularity 平台，我們幫助企業無縫聚合資料並利用業界領先的人工智慧。

We continue to see outsized growth from our cloud, data, and AI solutions.

我們繼續看到我們的雲端、數據和人工智慧解決方案的大幅成長。

At OneCon, we detailed the rising scale and opportunity with cloud and data, exceeding $100 million and $70 million in ARR, respectively.

在 OneCon 上，我們詳細介紹了雲端和數據不斷增長的規模和機遇，ARR 分別超過 1 億美元和 7,000 萬美元。

These solutions continue to drive premium growth for our business and represent unbounded opportunities in massive target markets.

這些解決方案持續推動我們業務的優質成長，並代表龐大目標市場的無限機會。

As one of our newer capabilities, Purple AI remains a true source of platform depreciation and growth.

作為我們的新功能之一，Purple AI 仍然是平台折舊和成長的真正來源。

The market response and interest in Purple has been extremely positive.

市場對紫色的反應和興趣非常積極。

In Q3, the attach rate of Purple AI across all eligible endpoints doubled compared to Q2.

在第三季度，所有符合條件的端點上 Purple AI 的連接率與第二季度相比翻了一番。

Purple is one of the fastest-growing solutions in SentinelOne's history and will continue to drive meaningful growth into the future.

Purple 是 SentinelOne 歷史上成長最快的解決方案之一，並將繼續推動未來的有意義的成長。

GenAI for security use cases is a force multiplier for security analysts.

用於安全用例的 GenAI 是安全分析師的力量倍增器。

Customers using Purple AI enjoy real gains in productivity to streamline workflows and more automation.

使用 Purple AI 的客戶可以真正提高生產力，簡化工作流程並提高自動化。

And Purple is continuously getting better.

而紫色也在不斷變得更好。

We recently announced auto alert triage, threat hunting, and investigation capabilities.

我們最近宣布了自動警報分類、威脅搜尋和調查功能。

We're giving security analysts the tools they need to manage hundreds and thousands of alerts in just minutes, giving them the upper hand against threats.

我們為安全分析師提供了在短短幾分鐘內管理數百上千個警報所需的工具，使他們在應對威脅方面佔上風。

Importantly, we are committed to ensuring that our AI capabilities are used ethically, safely, and securely.

重要的是，我們致力於確保我們的人工智慧功能得到合乎道德、安全可靠的使用。

Our AI models provide transparency and ensure that customers maintain complete control of their data within our platform keeping sensitive information in the hands of its rightful owners.

我們的人工智慧模型提供透明度，並確保客戶在我們的平台內保持對其數據的完全控制，將敏感資訊掌握在其合法所有者的手中。

Also at OneCon, we introduced AI SIEM, a foundation for real-time autonomous cybersecurity for the future.

同樣在 OneCon 上，我們推出了 AI SIEM，這是未來即時自主網路安全的基礎。

AI SIEM is so much more than just NextGen SIEM.

AI SIEM 不僅僅是下一代 SIEM。

By ingesting and synthesizing data from across the security ecosystem, our AI SIEM provides full visibility real-time detection and streaming data, exciting investigation, and autonomous responses.

透過攝取和綜合整個安全生態系統的數據，我們的 AI SIEM 提供全面可見的即時偵測和串流數據、令人興奮的調查和自主回應。

We're empowering enterprises to supercharge security operations and fight AI with AI.

我們正在幫助企業加強安全運營，並以人工智慧對抗人工智慧。

Our technology and vision are resonating with customers and partners.

我們的技術和願景與客戶和合作夥伴產生共鳴。

As an example, a major federal agency selected both endpoint and AI SIEM for unified trade visibility in a single platform, proactive threat hunting, and automated rollback capabilities.

例如，一家主要聯邦機構選擇了端點和 AI SIEM，以在單一平台中實現統一的貿易視覺性、主動威脅搜尋和自動回滾功能。

We're also seeing MSSPs expand our platform adoption, with emerging solutions like Purple AI and Singularity Data Lake to reduce costs and improve visibility and security for their customer base.

我們也看到 MSSP 透過 Purple AI 和 Singularity Data Lake 等新興解決方案擴大了我們平台的採用，以降低成本並提高其客戶群的可見度和安全性。

In addition to Purple AI, we're pairing AI SIEM with our recently announced hyperautomation capabilities.

除了 Purple AI 之外，我們還將 AI SIEM 與我們最近宣布的超級自動化功能結合。

SentinelOne is bringing more automation use cases with next-gen SOAR and making it faster and easier to use or without coal.

SentinelOne 正在透過下一代 SOAR 帶來更多自動化用例，並使其更快、更容易使用，甚至無需煤炭。

It's unlike any other data or SIEM solution on the market and will further unlock the legacy SIEM opportunity.

它不同於市場上任何其他數據或 SIEM 解決方案，並將進一步釋放傳統 SIEM 機會。

In Cloud Security, we continue to see strong adoption of our leading cloud workload protection solution and the combination of agent-based and agentless capabilities offers a comprehensive approach to securing the cloud.

在雲端安全方面，我們繼續看到我們領先的雲端工作負載保護解決方案得到廣泛採用，並且基於代理和無代理功能的組合提供了保護雲端安全的全面方法。

Building on our industry-leading CNAPP capabilities, we recently announced AI security portion management to protect and secure the use of GenAI services in the workplace.

基於我們行業領先的 CNAPP 能力，我們最近宣布了 AI 安全部分管理，以保護和保障 GenAI 服務在工作場所的使用。

Singularity AI-SPM gives enterprises visibility into AI services, detecting misconfigurations and vulnerabilities in AI applications and determining potential attack paths.

Singularity AI-SPM 讓企業能夠了解 AI 服務，偵測 AI 應用程式中的錯誤配置和漏洞，並確定潛在的攻擊路徑。

AI-SPM was designed from the ground up to safeguard AI models and pipelines deployed on managed AI services such as Amazon SageMaker, Amazon Bedrock, Azure Open AI, and Google Vertex AI.

AI-SPM 的設計初衷是為了保護部署在託管 AI 服務（例如 Amazon SageMaker、Amazon Bedrock、Azure Open AI 和 Google Vertex AI）上的 AI 模型和管道。

We're enabling enterprises to securely adopt modern AI technologies.

我們使企業能夠安全地採用現代人工智慧技術。

SentinelOne customers can confidently embrace AI transformative benefits and competitive advantages while protecting and securing AI data and applications.

SentinelOne 客戶可以自信地擁抱 AI 變革性優勢和競爭優勢，同時保護 AI 資料和應用程式的安全。

Rounding out the discussion of our platform, endpoint remains a cornerstone of enterprise security and a key driver of our business.

結束對我們平台的討論後，端點仍然是企業安全的基石和我們業務的關鍵驅動力。

In light of the unprecedented IT outage on July 19, enterprises are distinctly more focused on the combination of security performance and reliability.

鑑於7月19日史無前例的IT中斷，企業顯然更加重視安全性能與可靠性的結合。

We're engaging with an increasing number of large enterprises.

我們正在與越來越多的大型企業合作。

Many of them are getting a chance to evaluate and experience our technology and platform breadth for the first time, and they're pleased with what they're seeing.

他們中的許多人第一次有機會評估和體驗我們的技術和平台廣度，他們對所看到的感到滿意。

As a result, we achieved a record number of customer wins against our closest competitor in Q3.

結果，我們在第三季度擊敗了最接近的競爭對手，贏得了創紀錄的客戶數量。

More opportunities equating to more wins.

更多機會等於更多勝利。

In one example, a Fortune 50 company switched to SentinelOne due to the superior platform architecture and efficacy, integration capabilities and productivity enhancements with Purple AI.

在一個例子中，財富 50 強公司由於 Purple AI 卓越的平台架構和功效、整合能力和生產力增強而轉向 SentinelOne。

We also had a number of federal and local government entities switch to SentinelOne after testing our platform against their existing solution.

在針對他們現有的解決方案測試我們的平台後，我們還有許多聯邦和地方政府實體轉向 SentinelOne。

In all of those evaluations, they found a Singularity platform was easier to use and improve their security posture.

在所有這些評估中，他們發現 Singularity 平台更容易使用並改善他們的安全狀況。

Many of these customers are already considering enhancing the performance and experience with Singularity Data Lake and Purple AI, which are unique capabilities, absent from other alternatives.

其中許多客戶已經在考慮使用 Singularity Data Lake 和 Purple AI 來增強效能和體驗，這是其他替代方案所沒有的獨特功能。

Taking a step back, the shortcomings of incumbent solutions are becoming more apparent than ever before. siloed solutions, cost platform architectures and human dependent security solutions simply cannot keep pace with modern threats.

退一步來說，現有解決方案的缺點比以往任何時候都更加明顯。孤立的解決方案、成本平台架構和依賴人的安全解決方案根本無法跟上現代威脅的步伐。

We had one customer that utilized SentinelOne to protect servers and Microsoft for end points.

我們有一位客戶利用 SentinelOne 來保護伺服器，並利用 Microsoft 來保護端點。

After endpoints covered by Microsoft Defender were breached twice in just the past 12 months, this customer turned to SentinelOne for incidence response and recovery and ultimately decided to secure their endpoint footprint with SentinelOne as well.

在 Microsoft Defender 覆蓋的端點在過去 12 個月內兩次遭到破壞後，該客戶轉向 SentinelOne 進行事件回應和恢復，並最終決定也使用 SentinelOne 來保護其端點足跡。

Overall, there is more awareness, consideration, and interest in SentinelOne than ever before.

整體而言，人們對 SentinelOne 的認識、考慮和興趣比以往任何時候都多。

We're now engaging in opportunities that weren't available to us in the past.

我們現在正在抓住過去無法獲得的機會。

This includes some of the largest financial institutions in the world and other strategic opportunities as well as more channel engagement.

這包括世界上一些最大的金融機構和其他策略機會以及更多的管道參與。

This will play out in quarters and years to come.

這將在未來幾個季度和幾年內發揮作用。

As enterprises evaluate, test, and come to renew their incumbent solutions over time.

隨著時間的推移，企業評估、測試並更新其現有解決方案。

The road is open.

道路是開放的。

To maximize our long-term success and scale, we're strategically expanding our market presence.

為了最大限度地提高我們的長期成功和規模，我們正在策略性地擴大我們的市場份額。

Let me provide a few examples.

讓我舉幾個例子。

First, we partnered with Lenovo, the world's largest PC manufacturer together Lenovo will bundle the Singularity platform in Purple AI on new enterprise PC shipments to enhance security and autonomous protection to millions of endpoints across the world in the coming years.

首先，我們與全球最大的 PC 製造商聯想合作，聯想將在新的企業 PC 發貨中捆綁 Purple AI 中的 Singularity 平台，以在未來幾年增強全球數百萬端點的安全性和自主保護。

The agreement showcases how SentinelOne can truly partner and not compete with other industry participants.

該協議展示了 SentinelOne 如何真正與其他行業參與者合作而不是競爭。

We believe partnering with OEMs like Lenovo can drastically increase the reach and scale of Singularity.

我們相信，與聯想等原始設備製造商合作可以大大擴大 Singularity 的覆蓋範圍和規模。

Second, we're expanding our presence in the federal arena, and we recently achieved FedRAMP High for both endpoint security and AI SIEM.

其次，我們正在擴大在聯邦領域的影響力，最近我們在端點安全和 AI SIEM 方面都獲得了 FedRAMP High 認證。

Going through rigorous testing over multiple years, this designation is a testament of our performance and ability to meet the most demanding security requirements.

經過多年的嚴格測試，這項頭銜證明了我們滿足最嚴格安全要求的性能和能力。

Third, we've expanded our partnership with AWS.

第三，我們擴大了與AWS的合作關係。

AWS customers that choose SentinelOne can now run Purple AI on Amazon Bedrock.

選擇 SentinelOne 的 AWS 客戶現在可以在 Amazon Bedrock 上執行 Purple AI。

We will continue to deepen our relationship with Amazon, enabling customers to choose and deploy Singularity to one of the largest cloud providers in the world.

我們將繼續深化與亞馬遜的關係，使客戶能夠選擇 Singularity 並將其部署到全球最大的雲端供應商之一。

Finally, as I mentioned earlier, we're enabling our MSSP partners to adopt more of the Singularity platform like Singularity Data Lake and Purple AI.

最後，正如我之前提到的，我們正在幫助我們的 MSSP 合作夥伴採用更多的 Singularity 平台，例如 Singularity Data Lake 和 Purple AI。

This helps them improve efficiency, enhanced security, and expand their business potential.

這有助於他們提高效率、增強安全性並擴大業務潛力。

We also recently launched our suite of agentless CNAPP solutions for MSSPs, including CSPM, CIEM, and more.

我們最近也推出了適用於 MSSP 的無代理程式 CNAPP 解決方案套件，包括 CSPM、CIEM 等。

All in all, our improving execution, expanding market presence, and leading platform capabilities are driving more customer engagement and interest in SentinelOne than ever before.

總而言之，我們不斷提高的執行力、不斷擴大的市場影響力以及領先的平台能力正在推動更多客戶對 SentinelOne 的參與度和興趣。

It's on us to execute well and convert these tailwinds into customer wins over time.

我們有責任好好執行，並隨著時間的推移將這些有利因素轉化為客戶的勝利。

We're working hand-in-hand with customers and partners to test, trial, and deploy the Singularity platform.

我們正在與客戶和合作夥伴攜手測試、試用和部署 Singularity 平台。

We're focused on building long-lasting relationships and enduring security infrastructure, helping organizations stay ahead of the evolving threat landscape.

我們專注於建立持久的關係和持久的安全基礎設施，幫助組織在不斷變化的威脅情況中保持領先地位。

Security solutions are strategic and mission-critical for enterprises.

安全解決方案對於企業來說具有戰略意義和關鍵任務。

We're constantly innovating in building intelligent autonomous cybersecurity for the future.

我們不斷創新，建構未來的智慧自主網路安全。

Just this week, we were named to Fortune's Future 50 list recognized as a company most likely to adapt, drive, and grow.

就在本週，我們入選《財星》未來 50 大企業名單，被認為是最有可能適應、推動和發展的公司。

We have the right strategy, people, and technology.

我們擁有正確的策略、人才和技術。

I'm encouraged by the growth and momentum we delivered in Q3.

我對我們在第三季度實現的成長和勢頭感到鼓舞。

While early, the investments we're making in expanding our market presence and mine share are fueling one of the highest growth rates in all of software.

雖然還處於早期階段，但我們在擴大市場佔有率和礦山份額方面所做的投資正在推動所有軟體中成長率最高的國家之一。

In this quarter alone, we achieved record contributions across Platform Solutions, returned to positive new business growth, and continued expanding margins.

僅在本季度，我們就在整個平台解決方案中實現了創紀錄的貢獻，恢復了新業務的積極成長，並持續擴大了利潤率。

We are positioning the company for long-term share gains across diverse growth opportunities.

我們將公司定位為透過多元化的成長機會實現長期份額收益。

With that, I would like to welcome and turn the call over to Barbara Larson, our Chief Financial Officer.

在此，我謹歡迎並將電話轉給我們的財務長芭芭拉‧拉森 (Barbara Larson)。

Thank you, Tomer, and thanks to everyone for joining us today.

謝謝你，托默，也謝謝大家今天加入我們。

I'm thrilled to be here.

我很高興來到這裡。

Stepping into this role has been an exciting journey, and it's a privilege to work alongside an incredible team dedicated to transforming cybersecurity.

擔任這項職務是一段令人興奮的旅程，能夠與致力於變革網路安全的出色團隊一起工作是我的榮幸。

Over the past couple of months, I focused my time on listening, learning, and exploring SentinelOne's unique strengths and opportunities.

在過去的幾個月裡，我將時間集中在傾聽、學習和探索 SentinelOne 的獨特優勢和機會。

Our mission is to secure the future through cutting-edge technology.

我們的使命是透過尖端技術保障未來。

From a financial perspective, we're committed to delivering consistent value and building on the strong foundation already in place.

從財務角度來看，我們致力於提供一致的價值並建立在現有的堅實基礎上。

I see clear potential for long-term growth, scale, and operating leverage.

我看到了長期成長、規模和營運槓桿的明顯潛力。

Now, let's review the details of our third-quarter financial performance and our guidance for Q4 and fiscal year '25.

現在，讓我們回顧一下我們第三季度財務業績的詳細資訊以及我們對第四季度和 25 財年的指導。

As a reminder, all comparisons are year over year and financial measures discussed here are non-GAAP unless otherwise noted.

提醒一下，除非另有說明，所有比較都是逐年比較，這裡討論的財務指標都是非公認會計準則的。

We exceeded our third-quarter revenue and ARR growth expectations.

我們超出了第三季營收和 ARR 成長預期。

Revenue increased 28% to $211 million in the quarter with strong momentum across all geographies.

本季營收成長 28%，達到 2.11 億美元，所有地區均呈現強勁勢頭。

Revenue from international markets also grew 28% and represented 37% of our quarterly revenue.

來自國際市場的營收也成長了 28%，占我們季度營收的 37%。

In Q3, our total ARR grew 29% to $860 million. net new ARR of $54 million exceeded our expectations and grew 22% sequentially, significantly outpacing our historical Q3 seasonality.

第三季度，我們的總 ARR 成長了 29%，達到 8.6 億美元。淨新 ARR 達 5,400 萬美元，超出了我們的預期，環比增長 22%，顯著超過了我們歷史上第三季的季節性。

Our Q3 net new ARR increased by 4% year over year, reflecting a 14-percentage-point improvement from the growth rate in Q2.

我們第三季的淨新 ARR 年增 4%，較第二季的成長率提高 14 個百分點。

This reacceleration of new business growth marks a return to positive growth and demonstrates that we are well-positioned to deliver stronger net new ARR growth in the second half of the year compared to the first half.

新業務成長的重新加速標誌著正成長的回歸，並表明我們處於有利位置，可以在今年下半年實現比上半年更強勁的新 ARR 淨成長。

This quarter, we added a record number of customers with ARR of $100,000 or more.

本季度，我們增加了創紀錄的 ARR 達到或超過 100,000 美元的客戶數量。

This reflects our team's strong execution and improved competitive position and broad adoption of our platform solutions.

這反映了我們團隊強大的執行力、提高的競爭地位以及我們平台解決方案的廣泛採用。

The growth of our emerging solutions and success with large enterprises continues to drive higher ARR per customer, which increased by a double-digit percentage year over year and to a new high in Q3.

我們新興解決方案的成長以及與大型企業的成功繼續推動每位客戶的 ARR 上升，比去年同期成長兩位數百分比，並在第三季度創下新高。

Consistent with prior quarters, we continue to maintain healthy expansion rates across our existing customer base.

與前幾季一致，我們現有客戶群持續保持健康的擴張速度。

Beyond top-line growth, our Q3 gross margin of 80% highlights the strong unit economics of our Singularity platform and disciplined pricing.

除了營收成長之外，我們第三季毛利率達到 80%，凸顯了我們 Singularity 平台強大的單位經濟效益和嚴格的定價。

In Q3, our operating margin was negative 5%, reflecting a 6-percentage-point improvement compared to the last year.

第三季度，我們的營業利潤率為負 5%，比去年提高了 6 個百分點。

In Q3, we incurred one-time legal settlement costs and legal fees that are included in our non-GAAP financials.

在第三季度，我們產生了一次性法律和解費用和法律費用，這些費用已包含在我們的非公認會計準則財務數據中。

Excluding these one-time expenses, our operating margin would have been approximately negative 3%, consistent with our Q3 guidance.

排除這些一次性費用，我們的營業利潤率約為負 3%，與我們第三季的指導一致。

For the second consecutive quarter, we delivered positive net income.

我們連續第二季實現正淨利。

We also achieved positive free cash flow on a trailing 12-month basis for the first time in company history.

我們也在公司歷史上首次實現了過去 12 個月的正自由現金流。

Importantly, we're on track to achieve positive free cash flow for fiscal year '25.

重要的是，我們預計在 25 財年實現正的自由現金流。

Our steady progress towards sustained profitability is driven by increasing scale, improved operational efficiencies, and disciplined cost management.

擴大規模、提高營運效率和嚴格的成本管理推動我們在持續獲利方面取得穩步進展。

Overall, we've significantly improved our margin and cash flow profile.

整體而言，我們的利潤率和現金流狀況顯著改善。

At the same time, we are strategically investing to expand our market presence and position ourselves for durable growth.

同時，我們正在進行策略性投資，以擴大我們的市場份額，並為持久成長做好準備。

These investments are already yielding early results, including increased adoption of our new platform solutions, record wins against our closest competitor, and reacceleration of new business growth.

這些投資已經產生了早期成果，包括更多地採用我們的新平台解決方案、戰勝我們最接近的競爭對手，以及重新加速新業務成長。

Our unit economics and financial position remains strong with more than $1 billion in cash, cash equivalents and investments and no debt.

我們的單位經濟和財務狀況仍然強勁，擁有超過 10 億美元的現金、現金等價物和投資，沒有債務。

Moving to our guidance for Q4 and fiscal year '25.

轉向我們對第四季和 25 財年的指導。

Given strong net new ARR in Q3 and solid business momentum, we're raising our full year revenue guidance.

鑑於第三季強勁的淨新 ARR 和穩健的業務勢頭，我們正在提高全年營收指引。

We now expect full-year revenue of approximately $818 million and growth of 32%, an increase from our prior guidance of $815 million and 31% growth.

我們現在預計全年營收約為 8.18 億美元，成長 32%，高於我們先前指引的 8.15 億美元和 31% 成長。

For Q4, we expect revenue of approximately $222 million, reflecting a year-over-year increase of 27%.

對於第四季度，我們預計營收約為 2.22 億美元，年增 27%。

We continue to expect stronger net new ARR growth in the second half of fiscal '25 compared to the first half.

我們繼續預期 25 財年下半年新 ARR 淨成長將較上半年更為強勁。

This outlook is supported by positive trends in new customer acquisition, a healthy pipeline, a solid competitive position, and increasing momentum with our data, cloud, and AI solutions.

這一前景得到了新客戶獲取的積極趨勢、健康的管道、穩固的競爭地位以及我們的數據、雲端和人工智慧解決方案不斷增長的勢頭的支持。

It's also important to note that we're still navigating a challenging macroeconomic environment.

同樣重要的是要注意，我們仍在應對充滿挑戰的宏觀經濟環境。

Organizations continue to focus on cost and efficiency, and we expect these dynamics to continue.

組織繼續關注成本和效率，我們預計這些動態將持續下去。

At the same time, the threat landscape remains intense, with frequent headlines about new breaches and evolving cyber threats.

與此同時，威脅情況仍然嚴峻，有關新漏洞和不斷演變的網路威脅的頭條新聞頻繁出現。

Now, turning to the outlook for margins.

現在，轉向利潤率前景。

For the full year, we continue to expect gross margin of approximately 79%, reflecting an improvement of over 150 basis points compared to last year.

我們繼續預計全年毛利率約為 79%，較去年增加 150 個基點以上。

In Q4, gross margin is also expected to be approximately 79%, an increase of about 100 basis points year over year.

第四季毛利率也預計約為79%，年增約100個基點。

For fiscal year '25, we expect operating margin of approximately negative 4%.

對於 25 財年，我們預期營業利潤率約為負 4%。

Consistent with the midpoint of our prior guidance, and reflecting an improvement of about 15 percentage points compared to fiscal year '24.

與我們先前指導的中點一致，與 24 財年相比提高了約 15 個百分點。

In Q4, we expect operating margin to be about negative 3%, and an improvement of approximately 6 percentage points year over year and an increase of 2 percentage points sequentially.

我們預期第四季營業利潤率約為負3%，年增約6個百分點，較上季提高2個百分點。

Reflecting on my past few months, it's clear we built a solid foundation to take SentinelOne to new heights, from an industry-leading AI security platform to a diverse customer base and robust partner ecosystem.

回顧過去的幾個月，很明顯，我們為將 SentinelOne 推向新的高度奠定了堅實的基礎，從業界領先的人工智慧安全平台到多元化的客戶群和強大的合作夥伴生態系統。

I'm constantly impressed by our talented teams and their dedication to SentinelOne's success.

我們才華橫溢的團隊及其對 SentinelOne 成功的奉獻一直給我留下了深刻的印象。

We're nearing the milestone of crossing $1 billion in ARR, a significant achievement for any company.

我們即將實現 ARR 突破 10 億美元的里程碑，這對任何公司來說都是一項重大成就。

As we expand our reach and strengthen our market presence, SentinelOne is well positioned to protect millions more endpoints and secure tens of thousands of additional businesses across the globe.

隨著我們擴大覆蓋範圍並加強市場佔有率，SentinelOne 已做好充分準備，可以保護數百萬個端點並保護全球數以萬計的其他企業。

We remain committed to delivering ongoing leverage in the business as we execute our growth strategy.

在執行成長策略時，我們仍然致力於在業務中提供持續的影響力。

Our investment approach strikes a thoughtful balance between maximizing long-term growth opportunities and maintaining a strong, responsible, and profitable financial profile, a strategy that's key to scaling SentinelOne to a multibillion-dollar business.

我們的投資方法在最大化長期成長機會和維持強大、負責任和獲利的財務狀況之間取得了深思熟慮的平衡，而這項策略是將 SentinelOne 擴展到數十億美元業務的關鍵。

At the same time, we're instilling operational discipline by identifying ways to enhance efficiency and productivity.

同時，我們透過確定提高效率和生產力的方法來灌輸營運紀律。

Ultimately, our goal is sustainable growth while progressing toward our long-term target of achieving a 20% operating margin over time.

最終，我們的目標是永續成長，同時逐步實現 20% 營業利益率的長期目標。

One thing remains certain; our unwavering focus on customers, partners, and security has always been and will continue to be the backbone of our success.

有一點是確定的：我們對客戶、合作夥伴和安全的堅定關註一直並將繼續成為我們成功的支柱。

I'm incredibly proud of the dedication shown by our team and the progress we've made so far.

我對我們團隊所表現出的奉獻精神以及迄今為止所取得的進步感到無比自豪。

While we've already accomplished a great deal, I'm confident that even greater opportunities lie ahead.

雖然我們已經取得了巨大的成就，但我相信前方還有更大的機會。

Thank you for joining us today.

感謝您今天加入我們。

I look forward to connecting with our analysts, shareholders, and the broader investment community in the days and months to come.

我期待在未來的幾天和幾個月內與我們的分析師、股東和更廣泛的投資界建立聯繫。

With that, we'll now take questions.

接下來，我們將回答問題。

Operator, please open up the line.

接線員，請開通線路。

(Operator Instructions) Brad Zelnick, Deutsche Bank.

（操作員指令）Brad Zelnick，德意志銀行。

Great.

偉大的。

Thanks very much, and good to see the ARR momentum continue to build Tomer, over the last few months, you've been very clear that the benefits you're seeing from market disruption and many of the newer growth levers and execution improvements wouldn't all show up immediately in your financials.

非常感謝，很高興看到 ARR 勢頭繼續增強，Tomer，在過去的幾個月裡，您非常清楚，您從市場顛覆以及許多新的增長槓桿和執行改進中看到的好處將不會”所有這些都會立即顯示在您的財務狀況中。

And the trend is clearly positive from what we can see in Q3 results.

從第三季的結果來看，這一趨勢顯然是正面的。

But what is it that you see in terms of pipeline and the visibility that you have ahead that gives you confidence in acceleration?

但是，您在管道和未來的可見性方面看到的是什麼讓您對加速充滿信心？

And then for Barbara, how does that inform how you might be thinking about next year at this point?

那麼對芭芭拉來說，這對你現在對明年的想法有何影響？

Thank you.

謝謝。

Well, clearly, the July outage added to the strong momentum we're already experiencing.

嗯，很明顯，七月的停電加劇了我們已經經歷的強勁勢頭。

So we're starting to see the benefits and that includes more customer opportunities, record pipeline, and we're still maintaining the same strong win rates.

因此，我們開始看到好處，包括更多的客戶機會、創紀錄的管道，而且我們仍然保持同樣強勁的獲勝率。

So that will translate over time.

所以這會隨著時間的推移而轉化。

In Q3 alone, we've had a record number of wins against our closest competitor.

僅在第三季度，我們就對最接近的競爭對手取得了創紀錄的勝利。

We've added a record number of $100,000-plus customers.

我們新增的價值超過 10 萬美元的客戶數量創歷史新高。

Our endpoint growth actually accelerated in Q3.

我們的端點成長實際上在第三季加速了。

So it really indicates the opportunity is improving, not only across our growth lever with emerging products, but really within our core market of endpoint.

因此，這確實表明機會正在改善，不僅是在我們新興產品的成長槓桿上，而且是在我們的核心端點市場中。

I mean the momentum on all these fronts drove some incremental upside to the ARR in the quarter, and we believe that's going to continue.

我的意思是，所有這些方面的勢頭推動了本季 ARR 的一些增量上漲，我們相信這種情況將持續下去。

Broadly, enterprise is paying more attention to security performance and operational resilience.

從廣義上講，企業越來越關注安全性能和營運彈性。

So I think SentinelOne is proving to be the superior platform offering.

因此，我認為 SentinelOne 被證明是卓越的平台產品。

It is resulting in more consideration for SentinelOne.

這導致人們更多地考慮 SentinelOne。

It is resulting in bigger deals in the pipeline.

這導致了更大的交易正在醞釀中。

It is resulting and just more engagement and it's on us to translate these engagements.

這是結果，只是更多的參與，而我們有責任轉化這些參與。

It's very encouraging.

這非常令人鼓舞。

The type of customers that we're seeing the industries that we're serving, the ability to have these conversations, as we mentioned in the prepared remarks, these are conversations we have not had before.

正如我們在準備好的評論中提到的，我們所服務的行業的客戶類型，進行這些對話的能力，這些是我們以前從未進行過的對話。

So this will be positive for us.

所以這對我們來說是積極的。

It continues to be something we unlock and it's going to translate in the quarters and years to come.

它仍然是我們解鎖的東西，並將在未來幾個季度和幾年內轉換。

And then Brad, in terms of FY26, it's too early to discuss next year's forecast right now.

Brad，就 2026 財年而言，現在討論明年的預測還為時過早。

Our focus is really on executing, innovating and maximizing the opportunity that we have in front of us.

我們的重點實際上是執行、創新和最大化我們面前的機會。

But clearly, we are pleased to see the net new ARR reaccelerate in Q3 and deliver a stronger year-over-year growth in the second half compared to the first half.

但顯然，我們很高興看到第三季淨新 ARR 重新加速，並在下半年實現比上半年更強勁的同比增長。

Okay.

好的。

Thanks for taking my questions.

感謝您回答我的問題。

Gray Powell, BTIG.

格雷·鮑威爾，BTIG。

Great.

偉大的。

Thanks for taking the questions.

感謝您提出問題。

And yeah, I echo Brad's comments, it's great to see the net new ARR get back into positive territory.

是的，我同意 Brad 的評論，很高興看到淨新 ARR 回到正值。

Just in terms of seasonality, maybe I missed this, but what was it that actually drove the stronger quarter-over-quarter growth in Q3 this year that was different than prior years?

就季節性而言，也許我錯過了這一點，但實際上是什麼推動了今年第三季度與往年不同的更強勁的季度環比增長？

And then, just like how should we think about the sustainability of whatever that driver was?

然後，就像我們應該如何考慮驅動因素的可持續性一樣？

It's a combination of two main factors, I'd say.

我想說，這是兩個主要因素的結合。

One is just the leverage we're seeing with our emerging products.

一是我們在新興產品中看到的槓桿作用。

So I think you're seeing more capabilities for us come online, whether it's Purple AI with double the attach rate from past quarters.

所以我認為你會看到我們有更多的功能上線，無論是紫色人工智慧，其附加率是過去幾季的兩倍。

So that's significant.

所以這很重要。

Cloud continues to grow.

雲端持續成長。

Data is coming up online.

數據正在網路上發布。

These are all relatively new capabilities for us.

這些對我們來說都是相對較新的功能。

So as they come online, we expect bigger lands, we expect bigger deals, and we see that evidence in our pipeline.

因此，當它們上線時，我們期望有更大的土地，我們期望更大的交易，並且我們在我們的管道中看到了這些證據。

It was the case going into Q3.

進入第三季就是這種情況。

And obviously, the other factor is just the July 19 outage.

顯然，另一個因素就是 7 月 19 日的停電。

Some of the upside that you're seeing is definitely coming from these customer migrations.

您看到的一些好處肯定來自這些客戶遷移。

We've had more large enterprise displacements than we ever had in the past.

與過去相比，我們經歷了更多的大型企業流離失所。

So those two, I think, just drove into a very different type of seasonality that we've seen from Q2 to Q3.

因此，我認為，這兩個因素導致了我們從第二季到第三季看到的一種非常不同的季節性。

And we believe that trend will continue, we believe, according to the pipeline that we're seeing that this is something that is sustainable.

我們相信這種趨勢將繼續下去，我們相信，根據我們看到的管道，這是可持續的。

We will need to translate that, and we'll repeat that.

我們需要翻譯它，我們會重複這一點。

But in terms of the pipeline, it's there and it's for us to work.

但就管道而言，它就在那裡，供我們工作。

Rob Owens, Piper Sandler.

羅伯歐文斯，派珀桑德勒。

Great.

偉大的。

Thank you for taking my question.

感謝您回答我的問題。

Curious about what you're seeing up market and the success with larger customers and larger deals, just from, I guess, a macro perspective, number one?

對您在市場上看到的東西以及更大客戶和更大交易的成功感到好奇，我想，第一，只是從宏觀角度來看？

And then the motion is you're selling, the multiple elements of the platform and where you're seeing the most success there?

然後，你要銷售的動議是平台的多個元素，以及你在哪裡看到最成功的地方？

Thanks.

謝謝。

Our playbook is definitely evolving.

我們的劇本肯定在不斷發展。

We're lending more with the entire platform or more components of the platform than a single capability than ever before.

我們透過整個平台或平台的更多組件提供的貸款比以往任何時候都多於單一功能。

And I think that is something that is relatively new for us.

我認為這對我們來說是相對較新的事情。

I think we've always had that motion of upselling and cross-selling and attaching more.

我認為我們一直都有追加銷售、交叉銷售和附加更多產品的動議。

But now, it's really clear we're just landing with more we're covering more and that's incredibly important.

但現在，很明顯我們正在涵蓋更多內容，這一點非常重要。

The dialogue with the largest enterprises out there is also very encouraging.

與最大的企業的對話也非常令人鼓舞。

You see that evidenced by the average deal sizes that are on the rise.

平均交易規模的上升就證明了這一點。

You see that with a record number of $100,000 and $1 million customers.

您可以看到，10 萬美元和 100 萬美元的客戶數量創歷史新高。

So our ability to now cater to that higher end of the enterprise, which I believe is gradually being unlocked away from some of these incumbents that were relatively dominant in that part of the market in the past, is going to translate to more presence for SentinelOne in the Fortune 500, in the Fortune 100.

因此，我們現在迎合高端企業的能力（我相信這種能力正在逐漸從過去在該市場部分相對占主導地位的一些現有企業中釋放出來）將轉化為 SentinelOne 的更多存在在財富500 強中，在財富100 強。

The other capability that we have, which is AI SIEM or the data analytics capability we have, is one that is actually a capability that thrives when the macro is, what the macro is.

我們擁有的另一種能力，即 AI SIEM 或我們擁有的數據分析能力，實際上是一種在宏觀是什麼時蓬勃發展的能力。

And I would not say that customers have stopped scrutinizing, I would not say that customers are not very budget oriented, but that actually translates into a very good fit to what our data analytics and data solutions can provide given the immense cost savings that we can create for some of these customers.

我不會說客戶已經停止審查，我不會說客戶不太注重預算，但這實際上非常適合我們的數據分析和數據解決方案可以提供的內容，因為我們可以節省大量成本為其中一些客戶創建。

And obviously, cyber threats are not going away.

顯然，網路威脅不會消失。

So the need for best-of-breed security is structurally there.

因此，從結構上來說，對最佳安全性的需求是存在的。

So those two things combined, even in this macro, which I still think is relatively on par with what we've seen in the past couple of years, it bodes well to our market motion.

因此，這兩件事結合起來，即使在這個宏觀經濟中，我仍然認為與我們過去幾年所看到的情況相當，這對我們的市場走勢來說是個好兆頭。

Saket Kalia, Barclays.

薩基特·卡利亞，巴克萊銀行。

Okay.

好的。

Great, guys.

太棒了，夥計們。

Thanks for taking my questions here.

感謝您在這裡提出我的問題。

Barbara, maybe just to start with you.

芭芭拉，也許只是從你開始。

Tomer talked about broadening the market presence with the Lenovo partnership.

托默談到了透過與聯想合作擴大市場份額。

And it sounds really interesting.

聽起來真的很有趣。

Maybe the question is, how do you think about Lenovo contributing to net new ARR?

也許問題是，您如何看待聯想對淨新ARR的貢獻？

Specifically, when does that sort of kick in?

具體來說，這種情況什麼時候開始？

And is this going to be something that ebbs and flows with Lenovo shipments sort of on a quarterly basis?

這是否會隨著聯想出貨量的季度波動而改變？

Or talk to us about sort of how that layers into the model going forward?

或是和我們談談如何將其融入未來的模型中？

Sure.

當然。

Thanks so much for the question.

非常感謝您的提問。

In terms of Lenovo, it is a multiyear agreement.

對聯想來說，這是一份多年協議。

We're in the early innings.

我們正處於早期幾局。

We're really excited about its long-term potential.

我們對其長期潛力感到非常興奮。

This is a strategic partnership; it's designed to evolve over time.

這是一種策略合作夥伴關係；它被設計為隨著時間的推移而發展。

We're working closely with Lenovo to activate multiple routes to market.

我們正在與聯想密切合作，以激活多種市場途徑。

That includes pre-installations, as well as managed security offerings.

這包括預先安裝以及託管安全產品。

It also builds on the fact that we have an existing reseller agreement today.

它也建立在我們今天擁有現有經銷商協議的事實之上。

So we're really extending deepening our collaboration and we expect the contribution to pick up in the latter part of next year in terms of revenue as Lenovo starts to ship preinstalled units and as we ramp up [cosell] through all of our regions.

因此，我們確實正在深化我們的合作，隨著聯想開始運送預裝設備以及我們在所有地區增加 [cosell]，我們預計明年下半年收入貢獻將會增加。

So I'm not going to talk to specifics on deal and ARR, but that's how we're thinking about it in terms of the contribution to revenue, latter half of next year.

因此，我不會談論交易和 ARR 的具體細節，但這就是我們在明年下半年對收入貢獻的思考方式。

Shaul Eyal, TD Cowen.

紹爾‧埃亞爾 (Shaul Eyal)，TD‧考恩 (TD Cowen)。

Thank you.

謝謝。

Hi.

你好。

Good afternoon.

午安.

Tomer, Barbara, so I know you slightly raised your annual guidance.

托默、芭芭拉，我知道你們略微提升了年度指導。

I know you guys do not guide or discuss RPO metrics.

我知道你們不會指導或討論 RPO 指標。

It was up, I believe, 24% year over year, which I think would imply maybe a deceleration from last year and think just a 4% sequential growth.

我相信，它同比增長了 24%，我認為這可能意味著比去年有所減速，並且環比增長僅為 4%。

Can you talk to us about RPO trends maybe your thoughts on pricing and contract duration?

您能否與我們談談 RPO 趨勢，或者您對定價和合約期限的看法？

Thank you.

謝謝。

Sure.

當然。

Great.

偉大的。

I'll take that.

我會接受的。

So for RPO in Q3, we delivered strong year-over-year growth of 25%.

因此，對於第三季的 RPO，我們實現了 25% 的強勁同比增長。

So that's relatively in line with our total ARR growth.

因此，這與我們的總 ARR 成長相對一致。

Just to keep in mind, in Q3 of last year, we signed several large long-term contracts, including with several of our MSSPs, making this a more difficult year-over-year comparison.

請記住，去年第三季度，我們簽署了幾份大型長期合同，包括與我們的幾個 MSSP 簽訂的合同，這使得同比比較變得更加困難。

So our preferred metric is ARR as RPO can be impacted by contract duration, and ARR removes that variability.

因此，我們的首選指標是 ARR，因為 RPO 可能會受到合約期限的影響，而 ARR 消除了這種可變性。

And just in terms of pricing, I think the ability to sell a full platform right now really changes how you think about pricing.

就定價而言，我認為現在銷售完整平台的能力確實改變了您對定價的看法。

There's no longer a specific price point in the market.

市場上不再有特定的價格點。

Our prices have held steady.

我們的價格一直保持穩定。

You see that reflected in our gross margin, which is definitely best of breed in the market.

您可以看到我們的毛利率反映了這一點，這絕對是市場上最好的。

We're seeing, and I think for the past few years, I've always seen a player or a number of players just go heavy on discounts.

我們看到，我認為在過去的幾年裡，我總是看到一個或多個玩家只享受大量折扣。

So I don't think there's anything out of the ordinary in the way that this market has evolved over the years.

因此，我認為這個市場多年來的發展方式沒有什麼不尋常的地方。

I don't think there's anything too different right now.

我不認為現在有什麼太大的不同。

There's definitely more discounting by vendors who are maybe a bit more mindful of the need to preserve their customers and they're using deep discounts in order to do that.

供應商肯定會提供更多折扣，他們可能更注重保留客戶的需要，並且他們正在使用大幅折扣來做到這一點。

We, on the other hand, have always been flexible, transparent with our pricing and we continue to be that way.

另一方面，我們的定價一直保持靈活、透明，並且我們將繼續如此。

It doesn't stop us from making deals and in many cases, especially in the markets that we play in, price is not the dominant factor.

這並不能阻止我們進行交易，而且在許多情況下，特別是在我們參與的市場中，價格並不是主導因素。

And we always are incredibly focused on the value that we bring and the cost savings that we can extract.

我們始終非常關注我們帶來的價值以及我們可以節省的成本。

So all in all, we're focused on maintaining our pricing.

總而言之，我們的重點是維持我們的定價。

It hasn't changed.

它沒有改變。

Gross margin is very high. is just the realities of the cybersecurity market when it comes down to the different discounting by different vendors.

毛利率非常高。當涉及到不同供應商的不同折扣時，這就是網路安全市場的現實。

Tal Liani, Bank of America.

塔爾·利亞尼，美國銀行。

Yes, hi.

是的，嗨。

How important is vendor financing in the market now?

現在市面上的供應商融資有多重要？

I'm asking it because we've seen Palo Alto doing it very aggressively.

我這麼問是因為我們看到帕洛阿爾託在這方面做得非常激進。

Now, we're seeing CrowdStrike starting it.

現在，我們看到 CrowdStrike 正在啟動它。

Is this something that is required, or do you see higher requirement by customers?

這是必需的，還是您認為客戶有更高的要求？

And the second question is just clarification.

第二個問題只是澄清一下。

You noted a few times that you expect a strong net new ARR for 4Q.

您多次指出，您預計第四季的淨新 ARR 將會強勁。

Is there any number that you have in mind or any growth you have in mind for a net new ARR for 4Q?Thanks.

對於第 4 季的淨新 ARR，您是否有任何預期的數字或任何成長？

As for financing, we don't think that it's something that is showing any outside demand right now.

至於融資，我們認為目前還沒有表現出任何外部需求。

Financing has been always very apparent in this space, typically done by channel partners.

融資在這個領域一直非常明顯，通常由通路夥伴完成。

A lot of our channel partners are helping financing customers.

我們的許多通路合作夥伴正在幫助客戶融資。

We do it every now and then.

我們時不時地這樣做。

I do believe that the focus for every subsequent vendor needs to be on the current capabilities that customers need today.

我確實相信，每個後續供應商都需要將重點放在客戶目前所需的當前功能上。

A lot of these financing commitment deals that you're seeing out there are really dealing with futures.

您看到的許多融資承諾交易實際上都涉及期貨。

They really aiming toward the future possible consumption capabilities that may or may not happen.

他們真正的目標是未來可能發生也可能不會發生的消費能力。

For SentinelOne, we're very focused on giving customers what they need right now.

對於 SentinelOne，我們非常專注於為客戶提供他們現在所需的東西。

If customers require any sort of financing, which I've not seen any uptick of we typically work with a set of partners that can facilitate that.

如果客戶需要任何形式的融資（我沒有看到任何增加），我們通常會與一組可以促進這一點的合作夥伴合作。

So all in all, as a as you're flexible is obviously working with the customer desired ramp.

總而言之，作為一個靈活的人，顯然是在滿足客戶所需的需求。

I think there is no need to do anything out of the ordinary.

我認為沒有必要做任何不尋常的事情。

As for net new ARR, we still maintain that we have great momentum.

至於淨新ARR，我們仍然認為我們有強勁的勢頭。

We still maintain that for the second half of the year, we are going to be growth positive.

我們仍然認為下半年將實現正成長。

So all in all, that's what I can share on net new ARR for Q4.

總而言之，這就是我可以在第四季度的淨新 ARR 上分享的內容。

Thank you.

謝謝。

Brian Essex, JPMorgan.

布萊恩‧艾塞克斯，摩根大通。

Hi, good afternoon, and thank you for taking the question, and great to see the reacceleration on ARR.

大家好，下午好，感謝您提出問題，很高興看到 ARR 重新加速。

I have two questions.

我有兩個問題。

I guess first one for Tomer.

我想第一個是給托默的。

You've talked previously about a focus on new logo adds over expansion within the installed base.

您之前談到了對新徽標添加的關注，而不是對已安裝基礎的擴充功能的關注。

But maybe if you could help us understand where are you keeping your foot off the gas, so to speak, with regard to investing in expansion within the installed base where there's cross-sell upsell and how you think about prioritization or what you're holding back on as you invest in new logo growth?

但也許您可以幫助我們了解您在哪裡保持警惕，可以這麼說，關於投資現有客戶群的擴張，其中存在交叉銷售和追加銷售，以及您如何看待優先級或您所持有的東西當你投資新標誌的成長時，你會回來嗎？

And maybe the follow-up for Barbara, with regard to just the one-time legal settlement costs in the non-GAAP financials, maybe expand on that a little bit, help us understand what they're for?

也許芭芭拉的後續行動，關於非公認會計原則財務中的一次性法律和解成本，也許可以稍微擴展一下，幫助我們理解它們的用途？

And maybe why those point back to non-GAAP?

也許為什麼這些又指向非公認會計準則？

Thank you.

謝謝。

Sure.

當然。

We're not really holding back on anything.

我們並沒有真正阻止任何事情。

I just think that we're letting certain things kind of come online at their own natural time.

我只是認為我們讓某些事情在其自然的時間上線。

Obviously, we still want the majority of our sellers focused on adding new accounts to our estate.

顯然，我們仍然希望大多數賣家專注於為我們的房產添加新帳戶。

So if there is one piece where we're I would say, less focused on driving right now is that upsell and cross sell within the customer base in, I would say, adjacent footprints.

因此，如果我們現在有一個不太關注的領域，那就是在客戶群內進行追加銷售和交叉銷售，我想說的是，相鄰的足跡。

And that to us is something that will gradually start to unlock itself as we put more and more playbooks and frameworks into next year.

對我們來說，隨著我們明年投入越來越多的劇本和框架，這一點將逐漸開始解鎖。

So expect that at some point, becoming another growth lever for us.

因此，預計在某個時候，它將成為我們的另一個成長槓桿。

It's very clear that our customers state is underpenetrated with our adjacent solutions, especially if you look at our core endpoint estate, and that represents an opportunity, revenue opportunity not only for end customers, but also for MSSP partners, OEM partners, many partners that resell our software will have the ability to expand into new markets.

很明顯，我們的客戶狀態對我們的相鄰解決方案的滲透不足，特別是如果您查看我們的核心端點資產，這不僅為最終客戶，而且為MSSP 合作夥伴、OEM 合作夥伴以及許多合作夥伴提供了機會和收入機會。

But with that, as I mentioned, the focus of our sellers is going after new accounts, it's going after competitive accounts with any capability.

但正如我所提到的，我們賣家的重點是追求新帳戶，追求具有任何能力的有競爭力的帳戶。

So we don't really discriminate I'd say, between end point or cloud or data analytics, whatever the customer needs and lever the account would prescribe is where we go in and where we try to usher more value.

因此，我想說，在端點、雲端或資料分析之間，我們並沒有真正的歧視，無論客戶需要什麼，帳戶會規定什麼槓桿，都是我們進入的地方，也是我們試圖帶來更多價值的地方。

So that to us, and you see that evident in the quarter as well, has been the motion.

因此，對我們來說，這項動議在本季也很明顯。

The dominant part of ARR is coming from new accounts.

ARR 的主要部分來自新帳戶。

It's what we want to see, but we are gradually starting to balance that with our desire to also become more efficient with our go-to-market motion.

這是我們希望看到的，但我們正逐漸開始平衡這一點與我們希望透過進入市場的行動變得更有效率的願望。

And obviously, selling into your own customer state is a more efficient go-to-market.

顯然，向自己的客戶所在國銷售是一種更有效的市場進入方式。

So those two things will start showing more impact in the next couple of years.

因此，這兩件事將在未來幾年開始顯現出更大的影響。

And with regards to Q3 operating margin, as I noted in my prepared remarks, this was impacted by onetime legal settlement costs and legal fees of a few million dollars.

至於第三季的營業利潤率，正如我在準備好的發言中指出的那樣，這是受到一次性法律和解成本和數百萬美元法律費用的影響。

Excluding these, our margin would have been negative 3%, so in line with our Q3 guidance.

排除這些，我們的利潤率將為負 3%，因此符合我們第三季的指導。

These legal costs were associated with past M&A activity.

這些法律費用與過去的併購活動有關。

And during the quarter, we proactively made the decision to settle in order to avoid lengthy litigation and also minimize the overall legal costs going forward.

在本季度，我們主動做出了和解決定，以避免冗長的訴訟，並最大限度地減少未來的整體法律成本。

Joe Gallo, Jefferies.

喬·加洛，杰弗里斯。

Hey, guys, thanks for the question.

嘿，夥計們，謝謝你的提問。

Barbara, I know you're not giving guidance for next year yet, but can you just walk us through any changes to process you brought to SentinelOne or just your guidance methodology as a whole as we start to fine-tune our models for next year?

Barbara，我知道您還沒有為明年提供指導，但是您能否向我們介紹一下您對 SentinelOne 流程所做的任何更改，或者在我們開始微調明年的模型時您的指導方法作為一個整體？

And then as a part of that, Tomer, how are customers thinking about their calendar '25 budgets?

Tomer，作為其中的一部分，客戶如何考慮他們的日曆 '25 預算？

Thanks.

謝謝。

Yeah, sure.

是的，當然。

In terms of our guidance philosophy, I would just say, overall, it's to set clear and reasonable expectations that reflects the potential we see in the business, and we based that guidance on what we have line of sight to and what's in our control, things like pipeline activity, contributions from new products, and anticipated conversion and win rates.

就我們的指導理念而言，我只想說，總的來說，是設定清晰合理的期望，反映我們在業務中看到的潛力，並且我們的指導基於我們的視線和我們控制的內容，例如管道活動、新產品的貢獻以及預期的轉換率和獲勝率。

And when we look at budgets, I think what customers are currently focused on is still very much cost savings.

當我們考慮預算時，我認為客戶目前關注的仍然是節省大量成本。

And I think that if you look at most prominent cybersecurity platform providers.

我認為如果你看看最著名的網路安全平台提供者。

It's very clear that it's not only about expanding their presence.

很明顯，這不僅僅是為了擴大他們的影響力。

It's also about creating cost synergies.

它還涉及創造成本協同效應。

Customers are looking for capabilities to fend off AI-based threats, which is a complete new threat vector from the past couple of years.

客戶正在尋求抵禦基於人工智慧的威脅的能力，這是過去幾年出現的全新威脅向量。

Those capabilities are becoming mandatory.

這些能力正在變得強制性。

So customers are looking to invest into solutions that can not only fend off these threats, but really modernize infrastructure as they think about the speed of response and the need to become more resilient, more robust, and fend off any type of disruption.

因此，客戶希望投資的解決方案不僅能夠抵禦這些威脅，而且能夠真正實現基礎設施現代化，因為他們考慮到響應速度以及變得更有彈性、更強大並抵禦任何類型中斷的需要。

So all in all, I would say customers are looking at spending much like they looked at it in the past couple of years.

總而言之，我想說，客戶對支出的看法與過去幾年的看法很相似。

I think there is more emphasis on the ability for certain vendors and certain technologies to actually create cost savings, and that we're also focused where we believe a cloud-native solution set can create significant synergies versus some of the incumbent solutions that you have today, whether on-premise or converted into the cloud, they cannot perform as well as cloud native capabilities.

我認為，人們更加重視某些供應商和某些技術實際節省成本的能力，並且我們也關注我們認為雲端原生解決方案集可以與您擁有的一些現有解決方案相比產生顯著協同效應的地方如今，無論是在本地還是轉換到雲端中，它們的效能都無法達到雲端原生功能。

Matt Dezort, Needham & Co.

馬特·德佐特，李約瑟公司

Thanks for taking the question, and congrats on the results.

感謝您提出問題，並對結果表示祝賀。

Tomer, for you, I think you talked about more enterprise displacements than ever in the past this quarter.

托默，對於您來說，我認為您在本季度談到的企業裁員比以往任何時候都多。

Can you talk about whether pipeline supports continued momentum there, maybe how pricing and discounting are behaving specifically in those conversations?

您能否談談管道是否支持那裡的持續勢頭，也許定價和折扣在這些對話中具體表現如何？

And then on the flip side of that, how are you seeing your ability to win change, if at all, since July 19 in the 50% of the market that is still leveraging legacy AV?

另一方面，自 7 月 19 日以來，在 50% 的市場中仍在利用傳統 AV 的情況下，您如何看待自己贏得變革的能力（如果有的話）？

Thanks.

謝謝。

I mean, we fully believe that the pipeline supports the continued upward trends into enterprise -- into the enterprise market.

我的意思是，我們完全相信該管道支持企業市場的持續上升趨勢。

There is no question that some of the dialogues that we're having are of a different magnitude of the dialogues we've been having in the past.

毫無疑問，我們正在進行的一些對話與我們過去進行的對話的規模不同。

I think that trusting for us has always been our strong suit.

我認為對我們的信任一直是我們的強項。

I think we were always able to play almost at any price point and specifically around endpoint protection.

我認為我們總是能夠在幾乎任何價位上進行遊戲，特別是在端點保護方面。

It's not an issue for us to match anybody in the market; it never has been.

對我們來說，與市場上的任何人競爭都不是問題；從來沒有。

And you still see us operate throughout the years at around the 79% to 80% gross margin, which is obviously best-of-breed.

你仍然會看到我們多年來的毛利率在 79% 到 80% 左右，這顯然是同類中最好的。

So as we look into next year, we're going to continue to be aggressive.

因此，當我們展望明年時，我們將繼續積極進取。

We're going to continue to sustain our gross margin, and we're going to continue having our average contract size be on the rise.

我們將繼續維持毛利率，並且我們的平均合約規模將繼續上升。

I mean, for us, that has been, and we've talked about it, that has been a point of focus.

我的意思是，對我們來說，這一直是一個焦點，我們已經討論過了。

And we believe next year could be quite transformative in that regard.

我們相信明年在這方面可能會發生很大的變化。

We mentioned in the prepared remarks, some of the largest financial institutions, some of the largest companies in the world are looking for ways to address some of the shortcomings that they see with other platforms.

我們在準備好的演講中提到，世界上一些最大的金融機構、一些最大的公司正在尋找方法來解決他們在其他平台上看到的一些缺點。

I think they look at SentinelOne, they see a technology leader, leading MITRE for four years in a row is no easy fit.

我認為他們看到了 SentinelOne，他們看到了一個技術領導者，連續四年領先 MITRE 並不容易。

And I think you're going to see that carry on into the future.

我想你會看到這種情況在未來繼續下去。

So it's not only about pricing.

所以這不只是定價的問題。

It's not only about the July 19 outage.

這不僅與 7 月 19 日的停電有關。

It's about crystallizing the technology leadership that SentinelOne has, especially as it pertains to AI capabilities and you see that evidence both in the acceleration with endpoint protection market share and both with the attach with Purple AI, these are obviously pointing you in a certain direction of where we're seeing the most traction.

這是為了具體化SentinelOne 所擁有的技術領先地位，特別是在人工智慧功能方面，您會看到端點保護市場份額加速成長以及與Purple AI 的結合的證據，這些顯然都為您指明了某個方向：我們看到最具吸引力的地方。

Shrenik Kothari, Baird.

施萊尼克·科塔里，貝爾德。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

Again, great execution on the net new ARR.

再次強調，新 ARR 網路的執行力非常出色。

Tomer, well as Barbara, mentioned ARR per customer, of course, hit a new high this quarter driven, of course, by success in large enterprise and highlighted cross-sell upsell.

Tomer 和 Barbara 提到，當然，每位客戶的 ARR 在本季度創下了新高，這當然是由大型企業的成功和強調的交叉銷售追加銷售推動的。

Could you help unpack how perhaps macro factors like the constrained IT budgets and also the outage dynamic that influences sales in size?

您能否協助我們了解宏觀因素（例如有限的 IT 預算以及停電動態）如何影響銷售規模？

Is there a dynamic of potentially larger deals affecting cycles getting a bit longer?

是否存在潛在的較大交易的動態影響週期變得更長一些？

Then I have a quick follow-up here.

然後我在這裡進行快速跟進。

I think largely, the macro factors are relatively similar.

我認為很大程度上，宏觀因素是相對相似的。

I don't think there's any meaningful or material change in the macro factors or how customers are thinking about those.

我認為宏觀因素或客戶對這些因素的看法沒有任何有意義或實質的變化。

I also would encourage everybody to kind of think about the July 19 outage is just another factor.

我還鼓勵大家想想 7 月 19 日的停電只是另一個因素。

I mean, it's not what's driving business for SentinelOne.

我的意思是，這並不是 SentinelOne 業務的驅動力。

SentinelOne's momentum is what driving the business.

SentinelOne 的動力是業務的推動力。

The technology we have is what's driving the business.

我們擁有的技術是業務的驅動力。

I think this is just more just more consideration that results in.

我認為這只是更多考慮的結果。

The conversations we're having are ones that allow us to showcase our technology first and foremost.

我們正在進行的對話是讓我們首先展示我們的技術的對話。

And I think that's the most important part.

我認為這是最重要的部分。

And as customers see what we can bring to the table I think this is where you're starting to feel more at ease to move away from their incumbent solutions.

當客戶看到我們可以提供什麼時，我認為這就是您開始更輕鬆地放棄現有解決方案的地方。

Now, to your point, larger deals do mean larger and longer sales cycles.

現在，就您的觀點而言，更大的交易確實意味著更大和更長的銷售週期。

And that, I think, is what we're looking at.

我認為這就是我們正在關注的。

This is not a new phenomenon for us.

這對我們來說並不是一個新現象。

I mean, we have been doing large deals in the past.

我的意思是，我們過去一直在做大交易。

We're just seeing more and more of those.

我們看到這樣的情況越來越多。

But we're balancing all of those, I think, with the growth of the business, we're balancing all of those with our wins at any part of this market.

但我認為，隨著業務的成長，我們正在平衡所有這些，我們正在平衡所有這些與我們在這個市場任何部分的勝利。

So all in all, to me, this is a complete net positive for us.

總而言之，對我來說，這對我們來說是完全積極的。

And while sales cycles will take time, we will translate those and we will consider those one of the most strategic elements of our plan going into next year is obviously, it accelerates and catapults our position in the large enterprise market.

雖然銷售週期需要時間，但我們將轉化這些，我們將考慮進入明年的計劃中最具戰略意義的要素之一，顯然，它會加速並提升我們在大型企業市場中的地位。

John DiFucci, Guggenheim.

約翰‧迪福奇，古根漢。

Thank you for some color on that point.

謝謝你在這一點上的一些顏色。

Tomer, on that point, it does take time, right?

托默，在這一點上，確實需要時間，對嗎？

There's sales cycles and especially for the enterprise.

銷售週期是存在的，尤其是對於企業而言。

But for the SMB and the mid-market, you talked a lot about the enterprise, those sales cycles are a lot shorter.

但對於中小企業和中端市場，你談到了很多關於企業的問題，這些銷售週期要短得多。

Now, the results this quarter indicate improving momentum for the business.

現在，本季的業績顯示該業務的勢頭有所改善。

Obviously, there's some investors, I guess, might have expected a little more, but it does indicate that.

顯然，我猜有些投資者的預期可能會更高一些，但這確實表明了這一點。

Can you comment on how the SMB/mid-market performed this quarter?

您能否評論一下中小企業/中階市場本季的表現？

Yeah.

是的。

It's performing well.

它的表現很好。

I mean, I think that we're definitely seeing even increased momentum there.

我的意思是，我認為我們肯定會看到那裡的勢頭增強。

I think we're seeing our MSSP partners continue to grow in a very strong way.

我認為我們看到我們的 MSSP 合作夥伴繼續以非常強勁的方式發展。

So I think it does contribute all across the board.

所以我認為它確實對各個方面都有貢獻。

I can't, I would say, pinpoint exactly what is outage-driven versus our own innate momentum.

我想說，我無法準確指出什麼是停電驅動的，什麼是我們自身固有的動力。

But at the end of the day, we are seeing benefits pretty much everywhere.

但歸根結底，我們幾乎到處都看到了好處。

I mean, both geographically and across the different verticals in the market.

我的意思是，無論是在地理上還是在市場的不同垂直領域。

Whether we want to see less or more, I think we always want to see more.

無論我們想看到更少還是更多，我認為我們總是希望看到更多。

But as I mentioned, our focus is really on extracting more in the enterprise.

但正如我所提到的，我們的重點實際上是在企業中獲取更多利益。

The MSSP ecosystem for us is one that's more self-driven.

對我們來說，MSSP 生態系統是一個更自我驅動的生態系統。

The same goes for kind of the SMB dynamics that we're seeing.

我們所看到的中小企業動態也是如此。

But even there, I think we're just seeing better win rates and some acceleration.

但即便如此，我認為我們也只是看到了更好的勝率和一些加速。

Again, endpoint is one of these very, I would say, core established markets.

我想說，端點是這些非常核心的成熟市場之一。

So when you see an acceleration in that market specifically, years into this journey, I mean, that's very, very encouraging.

因此，當你看到這個市場在經歷數年的加速發展時，我的意思是，這是非常非常令人鼓舞的。

Trevor Walsh, Citizens JMP.

Trevor Walsh，公民 JMP。

Great.

偉大的。

Hi, team.

大家好。

Thanks for taking my questions.

感謝您回答我的問題。

Maybe, Tomer, just following up a little bit on the MSSP portion of your comments that you made just a second ago.

也許，Tomer，只是對您剛才發表的評論中的 MSSP 部分進行了一些跟進。

In the shareholder letter, you talked about kind of expanding the potential of products within the MSSP specifically around CNAPP.

在股東信中，您談到了擴大 MSSP 內產品的潛力，特別是圍繞 CNAPP。

Is there a reason or kind of can you help us understand maybe a little bit more detail as to kind of why it's a more gradual release of products within that space?

您是否可以幫助我們更詳細地了解為什麼在該領域內逐步發布產品？

If it's more just not wanting those partners to get to over their skis in terms of the technical requirements and enablement or some other kind of limiting factor and why not just, I guess, let them go kind of more just broadly all at once on the platform?

如果更多的是不希望這些合作夥伴在技術要求和支援或其他一些限制因素方面超越他們的滑雪板，我想為什麼不讓他們更廣泛地同時進行平台？

Just help us kind of understand those dynamics, that would be great.

只要幫助我們理解這些動態，那就太好了。

Thanks.

謝謝。

Of course.

當然。

It's honestly, I mean, more in our hands.

老實說，我的意思是，這更掌握在我們手中。

We just need to enable them more.

我們只需要為他們提供更多支援。

We also need to make sure that these products adhere to that multi-tenanted approach that we've had over years in kind of the endpoint market.

我們還需要確保這些產品遵循我們多年來在端點市場所採用的多租戶方法。

So we're adapting certain elements of our playbook, certain elements of our training to make sure that our products are the right fit for that part of the market.

因此，我們正在調整我們的行動手冊中的某些元素和培訓中的某些元素，以確保我們的產品適合該部分市場。

I mean, arguably, not every capability that we have is as prevalent in that segment of the market as endpoint was and is.

我的意思是，可以說，並不是我們擁有的每一項功能都像端點過去和現在一樣在該細分市場中流行。

So it's really about making sure that we give customers, the end customers and obviously, the partners themselves the capabilities that they need, but it's on us to enable them.

因此，這實際上是為了確保我們為客戶、最終客戶，當然還有合作夥伴本身提供他們所需的能力，但我們有責任幫助他們實現這些能力。

It's on us to help them articulate the value proposition for these types of customers, and it will happen over time.

我們有責任幫助他們為這些類型的客戶闡明價值主張，隨著時間的推移，這將會實現。

We have expanded our MSSP team just this past quarter in a pretty significant way, and we're now working to extract more both from our data lake technology in the MSSP market as well as Purple AI.

就在上個季度，我們以相當大的方式擴大了我們的 MSSP 團隊，現在我們正在努力從 MSSP 市場的數據湖技術以及 Purple AI 中獲取更多資訊。

Both of those, we believe, are the best fit for that part of the market, even above and beyond, let's say, CNAPP capabilities.

我們相信，這兩者都是最適合該部分市場的，甚至超越了 CNAPP 的能力。

So it's really about what you feel is going to generate the most traction in that segment of the market, which is obviously a bit different than selling to a large enterprise.

所以這實際上是關於你認為什麼會在該市場領域產生最大的吸引力，這顯然與向大型企業銷售有些不同。

Obviously, the amount of workloads they have is different, the amount of staff, they have a different -- the amount of automation.

顯然，他們的工作量、員工數量、自動化程度都不同。

They [require] is different.

他們[要求]不同。

So all of those we are adjusting.

所以我們正在調整所有這些。

We're making sure that we have the best fit possible in these markets and then we will continue to enable these partners to succeed.

我們確保我們在這些市場中擁有最佳的選擇，然後我們將繼續幫助這些合作夥伴取得成功。

At this time, I'd like to pass the conference back over to our hosting team closing remarks.

現在，我想將會議轉交給我們的主辦團隊致閉幕詞。

Thank you, everybody, for joining us today.

謝謝大家今天加入我們。

That will conclude today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

Enjoy the rest of your day.

享受你一天剩下的時間。