SentinelOne Inc (S) 2025 Q4 法說會逐字稿

Good afternoon. Thank you for attending today's SentinelOne Q4 fiscal-year 2025 earnings conference call. My name is Jaylen. I'll be a moderator for today. (Operator Instructions)

午安.感謝您參加今天的 SentinelOne 2025 財年第四季財報電話會議。我叫傑倫。今天我將擔任主持人。（操作員指令）

I'd now like to turn the conference over to our host, Doug Clark, the Vice President of Investor Relations. Doug, you may proceed.

現在，我想將會議交給我們的主持人、投資者關係副總裁 Doug Clark。道格，你可以繼續了。

Good afternoon, everyone, and welcome to SentinelOne's earnings call for the fourth quarter of fiscal year 2025, which ended January 31, 2025. With us today are Tomer Weingarten, CEO; and Barbara Larson, CFO. Our press release and an earnings presentation were issued earlier today and are being posted on the Investor Relations section of our website. This call and accompanying slides are being broadcast live via webcast, and a replay will be available on our website after the call concludes.

大家下午好，歡迎參加 SentinelOne 2025 財年第四季（截至 2025 年 1 月 31 日）財報電話會議。今天與我們在一起的有執行長 Tomer Weingarten；以及財務長 Barbara Larson。我們的新聞稿和收益報告已於今天早些時候發布，並發佈在我們網站的投資者關係部分。本次電話會議和隨附的幻燈片將透過網路直播，電話會議結束後將在我們的網站上提供重播。

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 first fiscal quarter and full fiscal year 2026, as well as long-term financial targets. We caution you that such statements reflect our best judgment based on factors currently known to us, and that our actual events or results could differ materially.

在我們開始之前，我想提醒您，在今天的電話會議中，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 2026 財年第一季和全年的指引，以及長期財務目標。我們提醒您，此類聲明反映了我們根據目前已知的因素做出的最佳判斷，而我們的實際事件或結果可能存在重大差異。

Please refer to the documents we file from time to time with the SEC, in particular, our annual report on Form 10-K and our quarterly reports on Form 10-Q. These documents contain and identify important risk factors and other information that may cause our actual results to differ materially from those contained in our forward-looking statements.

請參閱我們不時向美國證券交易委員會提交的文件，特別是我們的 10-K 表年度報告和 10-Q 表季度報告。這些文件包含並識別了可能導致我們的實際結果與前瞻性陳述中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. 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。如果今天之後重播或審查此通話，通話期間提供的資訊可能不包含最新或準確的資訊。除法律要求外，我們不承擔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存在重大差異的原因的義務，即使將來出現新的資訊。

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, other than with respect to our non-GAAP financial outlook, is provided in today's press release and in our earnings presentation. These non-GAAP measures are not intended to be a substitute for our GAAP results. 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.

在本次電話會議中，我們將討論非公認會計準則財務指標，除非另有說明。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。今天的新聞稿和我們的收益報告中提供了 GAAP 和非 GAAP 結果的對帳表（非 GAAP 財務展望除外）。這些非公認會計準則指標並非旨在取代我們的公認會計準則結果。我們的財務前景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、收購相關的薪酬成本、重組費用以及戰略投資收益，這些費用目前無法確定，因此未在今天的新聞稿中予以核對。

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 fourth quarter earnings call. Fiscal year '25 was a transformative year for SentinelOne ending with a strong Q4 that exceeded our expectations across all guided metrics.

大家下午好，感謝大家參加我們的第四財季財報電話會議。25 財年對 SentinelOne 來說是變革之年，第四季業績表現強勁，所有指導指標都超出我們的預期。

For the full year, we also successfully met or exceeded the guidance targets that we set at the start of last year. Notably, we re-accelerated second half net new ARR growth back into positive territory. This performance was fueled by strong win rates, disciplined execution, and the growing adoption of our platform solutions, particularly in data, AI, and cloud.

就全年而言，我們也成功達到或超越了去年年初設定的指導目標。值得注意的是，我們重新加速了下半年淨新ARR成長，使其回到正值區域。這一業績得益於強勁的勝率、嚴格的執行力以及我們平台解決方案（特別是在數據、人工智慧和雲端運算領域）的日益普及。

Once again, we delivered industry leading revenue growth and margin improvement. We were one of the only software companies at scale to achieve over 30% top line growth while driving over 15 percentage points of operating margin expansion.

我們再次實現了行業領先的收入成長和利潤率提高。我們是唯一一家實現超過 30% 營收成長、同時營業利潤率成長超過 15 個百分點的規模軟體公司之一。

Additionally, we set a new customer growth record and scaled our emerging platform solutions to new highs with non endpoint solutions crossing 50% of our full year bookings. We successfully transformed our business from an endpoint focused model to a comprehensive leading AI native cybersecurity platform.

此外，我們創下了新的客戶成長記錄，並將我們的新興平台解決方案擴展到新的高度，非端點解決方案占我們全年預訂量的50％以上。我們成功地將業務從以端點為中心的模式轉變為全面領先的人工智慧原生網路安全平台。

At the same time, we accelerated our time to profitability through focused investments and discipline. We achieved significant profitability milestones including our first quarter of positive operating income in Q4, well ahead of our expectations, our first full year of positive net income and earnings per share, and our first full year of positive free cash flow.

同時，我們透過集中投資和紀律加快了獲利時間。我們實現了重要的獲利里程碑，包括第四季度第一季實現正營業收入，遠超預期，第一年全年實現正淨收入和每股收益，以及第一年全年實現正自由現金流。

With these results, we've crossed the key inflection point, and we believe the company is well positioned for sustained growth and profitability at scale. We expect to surpass $1 billion in both ARR and revenue this year, an important milestone in our growth journey.

憑藉這些業績，我們已經跨越了關鍵的轉折點，並且我們相信公司已準備好實現持續成長和規模獲利。我們預計今年的 ARR 和營收都將超過 10 億美元，這是我們成長歷程中的一個重要里程碑。

We also expect to achieve full year operating income profitability while continuing to invest in our platform and future opportunities. In fiscal year '26, we remain focused on execution and advancing Singularity as the preeminent AI powered cybersecurity platform for the future which brings me to the state of the market.

我們也希望實現全年營業收入獲利，同時繼續投資於我們的平台和未來機會。在 26 財年，我們將繼續專注於執行和推動 Singularity 成為未來卓越的人工智慧網路安全平台，這讓我了解了市場的狀況。

In many ways, the cybersecurity status quo was a disappointment in 2024. More breaches, more costs, and more data was stolen than ever before. Personal data, financial data, healthcare data, and the list goes on. Our entire world is now digital, and these breaches are challenging at the very basic fabric.

從許多方面來看，2024 年的網路安全現狀令人失望。違規行為、成本和被盜資料都比以往更多。個人資料、財務資料、醫療保健資料等等。我們的整個世界現在都是數位化的，而這些漏洞對於最基本的結構來說是一種挑戰。

Furthermore, AI is no longer experimental, and in the hands of attackers, it's a real threat. The scale, automation, and speed of attacks are accelerating. Looking ahead, we must redefine the security landscape with a modern approach.

此外，人工智慧不再只是實驗性的，在攻擊者的手中，它就是真正的威脅。攻擊的規模、自動化程度和速度正在加快。展望未來，我們必須以現代化的方式重新定義安全格局。

Our industry cannot afford to rely on the same outdated approaches over the past two decades. They simply don't work. Our AI native autonomous security is fundamentally redefining how cybersecurity challenges are addressed, setting us apart in the industry.

我們的產業不能依賴過去二十年同樣的過時方法。它們根本不起作用。我們的 AI 原生自主安全從根本上重新定義了應對網路安全挑戰的方式，使我們在業界中脫穎而出。

Enterprise-wide security, unified data, and AI are the core pillars of every solution within the Singularity platform. Today, I'm excited to announce that we're the first company to embed foundational generative AI capabilities into every platform solution by default, endpoint, cloud, data solutions, and more.

企業範圍的安全性、統一的資料和 AI 是 Singularity 平台內每個解決方案的核心支柱。今天，我很高興地宣布，我們是第一家預設將基礎生成 AI 功能嵌入到每個平台解決方案、端點、雲端、資料解決方案等的公司。

From the beginning, we introduced an AI-based approach to endpoint security. A decade later, we remain at the forefront of innovation, pioneering the use of generative and agentic AI to transform enterprise-wide security applications.

從一開始，我們就引入了基於人工智慧的端點安全方法。十年後，我們仍然站在創新的前沿，率先使用生成性和代理性人工智慧來改變企業範圍的安全應用程式。

We're harnessing AI to empower humans and automate defenses at scale. This is how we elevate cybersecurity for enterprises and help them become exponentially better. As a company, we are nimble and adaptive, a key competitive advantage compared to other incumbents.

我們正在利用人工智慧來增強人類的能力並大規模實現防禦自動化。這就是我們提升企業網路安全並幫助其不斷進步的方式。作為一家公司，我們靈活且適應性強，這是與其他現有企業相比的關鍵競爭優勢。

We can leap, not just take steps forward. And this year, we're leaping forward to where the future is going to be. We have an incredible opportunity ahead to collaborate with our customers, partners, and enterprises worldwide to usher in the new era of cybersecurity with Singularity.

我們可以跨越，而不只是踏開步伐。今年，我們正向未來邁進。我們擁有絕佳的機會與全球客戶、合作夥伴和企業合作，與 Singularity 一起迎來網路安全的新時代。

Our success stems from our focused innovation strategy and technology leadership. Let me cover that in more detail. Three things set our Singularity platform apart. One, unified defenses, the only open unified AI AI security platform integrating data, endpoint, cloud, identity, and third party solutions for broad and complete coverage and protection.

我們的成功源自於我們專注的創新策略和技術領先地位。讓我更詳細地介紹一下這一點。有三個特點使得我們的 Singularity 平台與眾不同。一、統一防禦，唯一開放的統一AI人工智慧安全平台，整合資料、端點、雲端、身分、第三方解決方案，提供廣泛而全面的覆蓋和保護。

Two, outpace threats. Autonomous security and industry leading signal to noise ratio delivers real-time protection and actionable insights to stay ahead of threats. And three, enhanced security analysts. Our generative and agentic AI set the standard in defending against modern threats designed to evolve and constantly adapt, Singularity helps move faster, more efficiently, and save cost.

二、超越威脅。自主安全性和領先業界的信噪比可提供即時保護和可操作的見解，從而始終領先於威脅。第三，增強安全分析師的能力。我們的生成性和代理性人工智慧為防禦旨在發展和不斷適應的現代威脅設定了標準，Singularity 有助於更快、更有效率地行動並節省成本。

Take a look at the latest MITRE ATT&CK evaluations, the industry's gold standard for comparing and contrasting performance across security vendors. For the fifth consecutive year, Singularity achieved a 100% detection. It's also important to take a more detailed look at MITRE results beyond the detection score.

查看最新的 MITRE ATT&CK 評估，這是業界比較和對比安全供應商之間性能的黃金標準。Singularity 連續第五年實現了 100% 的檢測率。除了檢測分數之外，更詳細地了解 MITRE 的結果也很重要。

This is where the true differentiation emerges. The latest MITRE evaluation introduced new performance criteria for both detection delays and alerts. Singularity delivered zero detection delays and 88% fewer alerts compared to competing solutions.

真正的差別就在於此。最新的 MITRE 評估為檢測延遲和警報引入了新的性能標準。與競爭解決方案相比，Singularity 實現了零檢測延遲並且警報減少了 88%。

The relative outperformance of Singularity is impressive. Competing vendors required 4 times, 8 times, or in one case, 9,000 times more alerts. With SentinelOne's industry leading signal to noise ratio, enterprises don't have to compromise between protection, reliability, and noise.

Singularity 的相對優異表現令人印象深刻。競爭供應商所需的警報數量是原來的 4 倍、8 倍，甚至有一個供應商要求 9,000 倍。憑藉 SentinelOne 業界領先的信噪比，企業不必在保護、可靠性和噪音之間做出妥協。

Detections are real-time with the Singularity platform, eliminating gaps and ensuring enterprises stay ahead of evolving threats. Our emphasis on quality over quantity minimizes alert fatigue and enables security teams to remain focused and effective against adversaries.

透過 Singularity 平台進行即時偵測，消除了漏洞並確保企業始終領先於不斷演進的威脅。我們注重品質而非數量，從而最大限度地減少警報疲勞，並使安全團隊能夠保持專注並有效地對抗對手。

Put simply, our AI driven security approach simplifies and streamlines operations. We're focused on delivering the best solutions that address the most critical enterprise needs. Our platform solutions fall into seven key categories, namely AI and automation, data, endpoint, cloud and identity security, exposure management and threat services.

簡而言之，我們的人工智慧驅動的安全方法簡化並精簡了操作。我們專注於提供滿足最關鍵企業需求的最佳解決方案。我們的平台解決方案分為七個主要類別，分別是人工智慧和自動化、資料、端點、雲端和身分安全、風險管理和威脅服務。

Each of these seven solution categories encompasses multiple individual product offerings, collectively addressing over 30 distinct use cases. As an example, our cloud security solutions represent one of the broadest portfolios in the industry, covering cloud workload protection, CSPM, CIM, AI-SPM, cloud data security, and more.

這七個解決方案類別中的每一個都包含多個單獨的產品，共同解決 30 多個不同的用例。例如，我們的雲端安全解決方案是業界最廣泛的產品組合之一，涵蓋雲端工作負載保護、CSPM、CIM、AI-SPM、雲端資料安全性等。

This extensive coverage highlights the depth and versatility of the Singularity platform, delivering AI native cybersecurity across diverse environments. Importantly, all of our platform offerings are powered by the unified Singularity data lake and integrated with AI and hyperautomation capabilities.

這項廣泛的報告凸顯了 Singularity 平台的深度和多功能性，可在不同的環境中提供 AI 原生網路安全性。重要的是，我們所有的平台產品都由統一的 Singularity 資料湖提供支持，並整合了 AI 和超自動化功能。

We've experienced robust adoption and expansion of our platform solutions over the past two years. As of this quarter, we've tripled the number of customers with three or more solution categories and quadrupled the number of customers with four or more solutions.

在過去的兩年中，我們的平台解決方案得到了廣泛的採用和擴展。截至本季度，我們擁有三種或更多解決方案類別的客戶數量增加了兩倍，擁有四種或更多解決方案的客戶數量增加了四倍。

I'm also excited to share that about 40% of our enterprise customers have adopted three or more platform solutions and about 20% have adopted four or more solutions. This incredible progress and customer receptivity illustrates the diversity and growth potential of our business.

我也很高興地告訴大家，我們大約 40% 的企業客戶採用了三個或更多的平台解決方案，大約 20% 的企業客戶採用了四個或更多的解決方案。這一令人難以置信的進步和客戶接受度體現了我們業務的多樣性和成長潛力。

In fiscal year '25, over 50% of our bookings came from non endpoint solutions. This milestone shows our ability and momentum to disrupt large markets with leading technology. We've just begun to scratch the surface of an immense $100 billion market opportunity.

在25財年，我們超過50%的訂單來自非端點解決方案。這一里程碑彰顯了我們以領先技術顛覆大型市場的能力和動力。我們才剛開始觸及 1000 億美元的巨大市場機會的表面。

In Q4, we achieved record bookings contribution from our data, cloud and AI security solutions, once again showing the accelerating adoption of our broader platform. Data and AI were our fastest growing solutions fueled by adoption of our Singularity AI SIEM.

在第四季度，我們的數據、雲端和人工智慧安全解決方案實現了創紀錄的訂單貢獻，再次表明我們更廣泛平台的採用正在加速。數據和人工智慧是我們成長最快的解決方案，這得益於我們採用 Singularity AI SIEM。

Our AI SIEM is redefining security data management with enhanced visibility, real-time detection, on streaming data, accelerated investigations, and autonomous responses. Many of our largest and most strategic wins in the quarter included AI SIEM alongside broader platform solutions.

我們的 AI SIEM 正在透過增強的可視性、即時偵測、串流資料、加速調查和自主回應重新定義安全資料管理。我們在本季取得的許多最大、最具戰略意義的勝利都包括 AI SIEM 以及更廣泛的平台解決方案。

Let's look at a few examples. A customer with an eight figure total deal value in the APAC region expanded endpoint and cloud coverage, added CNAPP and fully replaced the legacy SIEM with AI SIEM, a true platform win.

我們來看幾個例子。亞太地區一位總交易價值達八位數的客戶擴展了端點和雲端覆蓋範圍，添加了 CNAPP，並用 AI SIEM 完全取代了傳統 SIEM，這是一個真正的平台勝利。

Next, a leading financial institution switched from Splunk to AI SIEM, reducing costs and improving performance. The multi-million dollar deal increased the customer size by 5x. Finally, in another multi-million dollar expansion, one of the largest retailers in its category selected AI SIEM to replace an incumbent vendor, which resulted in savings of more than $1 million per year for this customer.

接下來，一家領先的金融機構從 Splunk 轉向 AI SIEM，降低了成本並提高了效能。這筆數百萬美元的交易使客戶規模增加了 5 倍。最後，在另一項耗資數百萬美元的擴張中，同類中最大的零售商之一選擇了 AI SIEM 來取代現任供應商，這為該客戶每年節省了 100 多萬美元。

By combining AI SIEM with adjacent Singularity solutions, this enterprise can now detect and respond to incidents up to 12 hours faster than before. Customers are starting to migrate away from legacy SIEM products and modernize their infrastructures.

透過將 AI SIEM 與相鄰的 Singularity 解決方案結合，該企業現在可以比以前快 12 小時檢測和回應事件。客戶開始放棄傳統的 SIEM 產品並對其基礎設施進行現代化改造。

We're partnering with them at their pace. The momentum is clear. As we engage in more strategic large enterprise conversations, we're building trust in long term relationships. We're listening to customers' objectives and helping them solve their security and data challenges.

我們正在按照他們的步調與他們合作。這種勢頭是顯而易見的。隨著我們參與更具策略性的大型企業對話，我們正在建立長期關係中的信任。我們傾聽客戶的目標並幫助他們解決安全和資料挑戰。

In Q4, we welcomed one of the largest airlines in the world, the Fortune 100 company that chose SentinelOne to replace their incumbent endpoint vendor. After six months of engagement and support by the SentinelOne team, this enterprise adopted the Singularity platform across their network to improve security and resilience.

第四季度，我們迎來了世界上最大的航空公司之一，這家財富 100 強公司選擇 SentinelOne 取代其現任端點供應商。經過 SentinelOne 團隊六個月的參與和支持，該企業在其網路中採用了 Singularity 平台來提高安全性和彈性。

Q4 was one of our strongest quarters of competitive displacements. Still, large scale security decisions, evaluations, and deal engagements take time and careful consideration. The market interest and customer engagements are strong, opening new opportunities for SentinelOne, all contributing to our expanding pipeline.

第四季是我們競爭置換最強勁的季度之一。然而，大規模的安全決策、評估和交易需要時間和仔細考慮。市場興趣和客戶參與度強勁，為 SentinelOne 帶來了新的機遇，所有這些都有助於我們不斷擴大產品線。

Turning to our partners. We're also seeing increased interest from managed security, incident response, and insurance providers for our broader platform solutions. In Q4 alone, more than a dozen large partners started adopting AI SIEM, Purple AI, CNAPP, and more.

轉向我們的合作夥伴。我們也看到託管安全、事件回應和保險提供者對我們更廣泛的平台解決方案的興趣日益濃厚。光是第四季度，就有十多家大型合作夥伴開始採用 AI SIEM、Purple AI、CNAPP 等。

In particular, MSSPs remain a strong driver of growth and opportunity. They're doubling down with SentinelOne, embracing more of the platform and establishing longer term contracts. This benefits us and our partners with more visibility and predictability into future growth.

特別是，MSSP 仍然是成長和機會的強大推動力。他們正加倍努力地與 SentinelOne 合作，採用該平台的更多功能並建立更長期的合約。這使我們和我們的合作夥伴對未來成長有更高的可見度和可預測性。

Our long standing partnerships with managed service providers are built on collaboration and innovation, multi-tenancy, automated response tools, and rollback capabilities enhance their own service offerings. Now with AI SIEM, Purple AI, and CNAPP, we're taking this to the next level, helping them consolidate security coverage into a single console powered by our leading AI innovations and highly efficient data ingestion and analytics.

我們與託管服務提供者的長期合作夥伴關係建立在協作和創新的基礎上，多租戶、自動回應工具和回滾功能增強了他們自己的服務產品。現在，借助 AI SIEM、Purple AI 和 CNAPP，我們將這一目標提升到新的水平，幫助他們將安全覆蓋範圍整合到一個控制台中，該控制台由我們領先的 AI 創新和高效的數據提取和分析提供支援。

Let's also discuss the latest innovations across our solutions starting with Purple AI. We believe every customer should be able to leverage generative AI's foundational abilities for security applications. After a year of customers selecting and using Purple AI, it's clear how much it can scale and automate time consuming human tasks.

讓我們也討論一下從 Purple AI 開始的解決方案的最新創新。我們相信每個客戶都應該能夠利用生成式人工智慧的基礎能力來實現安全應用。經過客戶選擇和使用 Purple AI 一年的時間，很明顯地它可以擴展和自動化耗時的人工任務。

We're now the first security company to include foundational GenAI security capabilities like natural language queries and auto generated summaries across our platform by default. This is just the first step in redefining today's categories of EDR, cloud security, and SIEM to be AI powered, bringing advanced agentic capabilities to not just hundreds of enterprises but thousands.

我們現在是第一家在整個平台上預設包含基礎 GenAI 安全功能（如自然語言查詢和自動產生摘要）的安全公司。這只是重新定義當今的 EDR、雲端安全和 SIEM 類別並由 AI 驅動的第一步，它將為數百家企業甚至數千家企業帶來先進的代理功能。

The inclusion of Purple AI foundations across the Singularity platform sets the baseline for AI usage, driving immediate engagement and fueling adoption of more platform solutions. More advanced agentic AI workflows of Purple are available to further enhance speed and performance.

Singularity 平台上 Purple AI 基礎的納入為 AI 的使用設定了基線，推動了立即參與並推動了更多平台解決方案的採用。Purple 提供更先進的代理 AI 工作流程，以進一步提高速度和效能。

Additionally, we're extending the power of Purple AI across a wider range of security data. We've added support for third party solutions including Zscaler, Okta, Palo Alto Networks, Fortinet, Microsoft, and others. By breaking data silos, customers can unleash the full power of Purple AI across their entire security infrastructure.

此外，我們正在將 Purple AI 的功能擴展到更廣泛的安全資料領域。我們增加了對第三方解決方案的支持，包括 Zscaler、Okta、Palo Alto Networks、Fortinet、Microsoft 等。透過打破資料孤島，客戶可以在整個安全基礎設施中釋放 Purple AI 的全部威力。

We're committed to an open platform that can seamlessly coexist and orchestrate a broader ecosystem of security solutions. Purple is already the first and only scaled agentic AI for cybersecurity. Purple plus hyperautomation are the bedrock for agentic AI in cybersecurity.

我們致力於建立一個可以無縫共存並協調更廣泛的安全解決方案生態系統的開放平台。Purple 已經是第一個也是唯一一個針對網路安全的規模化代理 AI。紫色加上超自動化是網路安全中代理人工智慧的基石。

We believe this will become tables sticks for autonomous security in the coming years. This is the future, and we're extending our lead. In cloud security, we continue to gain traction with new and existing capabilities.

我們相信，這將成為未來幾年自主安全的支柱。這就是未來，我們正在擴大領先優勢。在雲端安全領域，我們繼續透過新的和現有的功能獲得發展。

More enterprises are securing their cloud environments with our leading cloud workload security and CNAPP capabilities. In Q4, we secured our largest CNAPP deal since the acquisition of PingSafe. In a multi-million dollar opportunity, a leading software company adopted several platform solutions including workload security and CNAPP after rigorous competitive evaluation.

越來越多的企業正在利用我們領先的雲端工作負載安全性和 CNAPP 功能來保護他們的雲端環境。第四季度，我們獲得了自收購 PingSafe 以來最大的 CNAPP 交易。在一個價值數百萬美元的商機中，一家領先的軟體公司經過嚴格的競爭評估後採用了包括工作負載安全和 CNAPP 在內的多種平台解決方案。

Singularity was selected for business in class performance, unified capabilities, and lower cost of ownership compared to point solutions. The success of our cloud security platform is further validated by customer testimonials and third party accolades.

Singularity 之所以被選中，是因為與點解決方案相比，它具有一流的業務性能、統一的功能以及更低的擁有成本。客戶的評價和第三方的讚譽進一步證明了我們的雲端安全平台的成功。

During the quarter, SentinelOne was named the 2024 Gartner Peer Insights Customer Choice for CNAPP. We received the highest number of customer responses in the voice of the customer with 98% of customers saying they would recommend us to their peers.

本季度，SentinelOne 被評為 2024 年 Gartner Peer Insights CNAPP 客戶選擇獎。我們在「客戶之聲」中收到了最多客戶的回應，其中 98％ 的客戶表示會向同行推薦我們。

We were also awarded the best overall cloud and application security offering in CRN's 2024 Product of the Year. As we turn to a new fiscal year, let's look at the broader market dynamics and our strategic focus for the path forward.

我們也在 CRN 2024 年度產品中榮獲最佳整體雲端和應用安全產品獎。當我們進入新的財政年度時，讓我們看看更廣泛的市場動態和我們前進的策略重點。

Our technology, scale, and market presence are better than ever. We delivered consistent improvement throughout the year in customer growth, retention and platform adoption, and we're seeing increased partner and customer interest in SentinelOne.

我們的技術、規模和市場影響力比以往更好。我們全年在客戶成長、保留和平台採用方面取得了持續的進步，我們看到合作夥伴和客戶對 SentinelOne 的興趣日益濃厚。

Broadly, AI is impacting how companies make decisions and implement technology. It's appending what we know about software and software development. The world of technology and software is rapidly evolving, and so are we as a company to lead in the future of AI powered cybersecurity.

從廣義上講，人工智慧正在影響公司的決策和實施技術的方式。它附加了我們對軟體和軟體開發的了解。科技和軟體世界正在迅速發展，我們作為一家引領未來人工智慧網路安全的公司也在迅速發展。

This involves focusing our resources and aligning teams toward key growth areas. We're sharpening our innovation focus toward AI native data and security solutions. We must also remain mindful of the macro environment.

這涉及集中我們的資源並調整團隊以專注於關鍵成長領域。我們正將創新重點轉向人工智慧原生資料和安全解決方案。我們也必須留意宏觀環境。

For many organizations, economic and political uncertainty continues to impact budgets, timing, and business decisions. As we enter fiscal year '26, our product sales and marketing teams are fully aligned to expand on the reach and scale of our platform through new customer growth and expansions.

對許多組織而言，經濟和政治的不確定性持續影響預算、時間表和商業決策。隨著我們進入26財年，我們的產品銷售和行銷團隊已完全一致，將透過新客戶的成長和擴張來擴大我們平台的覆蓋範圍和規模。

We're focused on strong execution and deeper engagements across our partner ecosystem. We believe this positions us well to drive premium growth while continuously improving margins in the years to come. We've achieved a lot in the past year from delivering industry leading growth and margin improvements to bringing cutting edge innovations to the market and most importantly, keeping our customers secure.

我們專注於整個合作夥伴生態系統的強大執行力和更深入的參與。我們相信，這將使我們在未來幾年中能夠更好地推動保費成長，同時不斷提高利潤率。過去的一年，我們取得了許多成就，包括實現業界領先的成長和利潤提高，將尖端創新推向市場，最重要的是保障客戶的安全。

I'm proud of all Sentinels for their dedication and relentlessness over the past year and for their enthusiasm for what's to come.

我為所有哨兵在過去一年中的奉獻和堅持以及對未來的熱情感到自豪。

In closing, I want to extend my thanks and gratitude to our customers and partners for their trust in SentinelOne. Congratulations to all Sentinels. Their hard work and commitment drives our success and helps secure tens of thousands of businesses around the world.

最後，我要向我們的客戶和合作夥伴對 SentinelOne 的信任表示感謝。祝賀所有哨兵。他們的辛勤工作和承諾推動了我們的成功並幫助確保了全球成千上萬的企業的安全。

And thanks to our shareholders for their continued support. Our mission to be a Force For Good remains unwavering.

並感謝我們的股東一直以來的支持。我們的使命是成為一股向善的力量，這項使命始終堅定不移。

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

接下來，我想將電話轉給我們的財務長芭芭拉·拉爾森 (Barbara Larson)。

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

謝謝你，托默，也謝謝大家今天的參加。

Let's review the details of our Q4 and fiscal year '25 financial performance and our guidance for Q1 and fiscal year '26.

讓我們回顧一下我們 25 財年第四季和年度的財務表現詳情以及我們對 26 財年第一季和年度的指引。

As a reminder, all comparisons are year over year and financial measures discussed here are non-GAAP, unless otherwise noted. We continued to deliver industry leading growth and margin expansion in fiscal year '25.

提醒一下，除非另有說明，所有比較都是同比的，並且此處討論的財務指標都是非 GAAP。我們在25財年繼續實現業界領先的成長和利潤率擴大。

Our revenue grew 32% to $821 million, while gross margin reached a new full year high and operating margin improved by 16 percentage points year over year. In addition, we crossed two important profitability milestones this year, delivering a positive net income margin of 2% and a positive free cash flow margin of 1% for the full year.

我們的營收成長32％，達到8.21億美元，毛利率創下全年新高，營業利潤率較去年同期提高16個百分點。此外，我們今年跨越了兩個重要的獲利里程碑，全年淨收入利潤率達到 2%，自由現金流利潤率達到 1%。

Our profitability improvements are driven by increasing scale, operational efficiencies, and a disciplined investment strategy. We will continue to build on this and improve our profit and free cash flow margins in fiscal year '26.

我們的獲利能力提高得益於規模的擴大、營運效率的提高以及嚴謹的投資策略。我們將繼續在此基礎上再接再厲，提高26財年的獲利和自由現金流利潤率。

Turning to our fourth quarter results. Our overall performance signifies a strong competitive position and demand for SentinelOne's best in class cybersecurity solutions. We are taking market share and mindshare from incumbents and next gen vendors alike.

談談我們第四季的業績。我們的整體表現體現了強大的競爭地位以及對 SentinelOne 一流網路安全解決方案的需求。我們正在從現有企業和下一代供應商手中奪取市場份額和心智份額。

Q4 revenue of $226 million grew 29% year over year and exceeded our expectations. This outperformance was driven by strong new business growth and linearity in the quarter. Revenue from international markets grew 36% and represented 37% of our quarterly revenue.

第四季營收 2.26 億美元，年增 29%，超出我們的預期。這一優異表現得益於本季強勁的新業務成長和線性成長。來自國際市場的收入成長了36％，占我們季度收入的37％。

In Q4, we added net new ARR of $60 million, and our total ARR grew 27% to $920 million. We delivered on our goal to re-accelerate net new ARR growth in the second half of the year, achieving 2% growth, an improvement of 12 percentage points compared to the first half of the year.

第四季度，我們增加了 6,000 萬美元的淨新 ARR，我們的總 ARR 成長了 27%，達到 9.2 億美元。我們實現了下半年重新加速淨新ARR成長的目標，實現2%的成長，比上半年提高了12個百分點。

This performance improvement was driven by improved execution, a stronger competitive position, and success across our platform solutions, notably cloud, data and AI. Our Q4 competitive win rates were strong and improved compared to prior quarters.

這項業績提升得益於執行力的提升、更強的競爭地位以及我們平台解決方案（尤其是雲端、數據和人工智慧）的成功。我們第四季的競爭勝率強勁，與前幾季相比有所提高。

Exiting fiscal year '25, we're now protecting over 14,000 direct customers. Keep in mind, this does not include the thousands of businesses served by our strategic partners like MSSPs. In Q4, we continue to solidify our leadership position with MSSPs.

在 25 財年即將結束時，我們目前保護超過 14,000 名直接客戶。請記住，這不包括我們的策略合作夥伴（如 MSSP）服務的數千家企業。在第四季度，我們繼續鞏固我們在 MSSP 中的領導地位。

We have established deeper relationships and long-term growth commitments with leading MSSP partners. These strategic partnerships provide visibility into our mutual growth and success. This contributed to the strong RPO growth in the quarter, which re-accelerated to 30% growth and reached a new record of $1.2 billion.

我們與領先的 MSSP 合作夥伴建立了更深的關係和長期成長承諾。這些策略夥伴關係使我們看到了我們共同的成長和成功。這推動了本季 RPO 的強勁成長，再次加速至 30% 的成長，達到 12 億美元的新紀錄。

In addition, we're seeing success with both new and existing customers. Customers with ARR of $100,000 or more grew 25% year over year in Q4 to 1,411. This reflects more than 100 customer additions quarter over quarter, the largest net adds for the year.

此外，我們看到新舊客戶都取得了成功。第四季度，ARR 為 10 萬美元或以上的客戶數量年增 25%，達到 1,411 名。這意味著每季的客戶數量增加了 100 多個，是今年最大的淨增數。

Our average deal size and ARR per customer continue to increase as well, highlighting our platform momentum and ongoing move upmarket. We continue to maintain healthy expansion rates, and for the full year, we achieved a dollar-based net retention rate of 110%.

我們每位客戶的平均交易規模和 ARR 也持續增加，凸顯了我們平台的發展動能和持續的高端市場邁進。我們繼續保持健康的擴張率，全年實現了 110% 的美元淨留存率。

Even as enterprises navigate a challenging macro environment, they continue to embrace more of the Singularity platform. Beyond the top line growth and customer momentum, we delivered record profit margins in Q4.

即使企業在充滿挑戰的宏觀環境中前行，他們仍會繼續更多地採用 Singularity 平台。除了營業額成長和客戶成長動能之外，我們在第四季度還實現了創紀錄的利潤率。

We achieved our first quarter of positive operating margin, outperforming our prior guidance by over 400 basis points. This outperformance was driven by cost to discipline in the quarter and our focused investment strategy.

我們第一季實現了正營業利潤率，比之前的預期高出 400 個基點以上。這一優異表現得益於本季的成本控制和我們重點關注的投資策略。

Turning to our guidance for Q1 and fiscal year '26. This year, we expect to surpass $1 billion in both ARR and revenue. We also expect to deliver our first full year of positive operating margin. To be specific, we anticipate revenue of $1,007 billion to $1,012 billion, representing 23% growth.

談到我們對 26 年第一季和財年的指導。今年，我們預計 ARR 和收入都將超過 10 億美元。我們也預計，第一年將全年實現正營業利潤率。具體來說，我們預計營收為 10,070 億美元至 10,120 億美元，成長 23%。

While we typically do not comment on an ARR outlook, this quarter, we believe it may provide helpful context around our growth expectations. For fiscal year '26, we expect to deliver approximately $200 million in net new ARR, growing about 2% year over year.

雖然我們通常不會對 ARR 前景發表評論，但本季我們認為它可能為我們的成長預期提供有用的背景資訊。在 26 財年，我們預計實現約 2 億美元的淨新 ARR，年增約 2%。

This positive trajectory builds on our re-acceleration in recent quarters, continuing our growing market presence and platform adoption. At the same time, we're mindful of macroeconomic conditions, deal timing, and federal spending uncertainty.

這一積極的軌跡建立在我們最近幾季的重新加速的基礎上，繼續提高我們的市場佔有率和平台採用率。同時，我們也關注宏觀經濟狀況、交易時機和聯邦支出的不確定性。

In addition, we're focused on delivering efficiencies, and that means prioritizing our investments in data, cloud, and especially AI. As a result, we made the strategic decision to retire our legacy Deception solution. Our outlook includes up to $10 million of expected churn from the retirement of Deception, with nearly half of that impacting Q1.

此外，我們專注於提高效率，這意味著優先投資數據、雲，尤其是人工智慧。因此，我們做出了策略決策，淘汰傳統的欺騙解決方案。我們的預測包括 Deception 退休後預計造成高達 1000 萬美元的損失，其中近一半將影響第一季。

Excluding this impact, we expect our full year net new ARR would increase by a mid to high single digit percentage year over year. For Q1, we expect revenue of approximately $228 million, growth of 22% or 24% when normalizing for the leap year benefit from last Q1.

除去此影響，我們預計全年淨新 ARR 將比去年同期成長中高個位數百分比。對於第一季度，我們預計營收約為 2.28 億美元，成長 22% 或 24% (如果考慮到去年第一季的閏年效益的話)。

Additionally, we expect Q1 net new ARR in the low $30 million range. Our Q1 expectations include the impact of the retirement of our legacy Deception solution. Excluding this impact, we would expect our net new ARR to be approximately flat year over year.

此外，我們預計第一季淨新 ARR 在 3000 萬美元左右。我們的第一季預期包括我們原有的欺騙解決方案退休的影響。除去這一影響，我們預計我們的淨新 ARR 將與去年同期基本持平。

Turning to our outlook for margins. We expect to maintain industry-leading gross margins as we grow our customer and platform base. We expect Q1 gross margin to be about 79%. And for the full year, we expect gross margin to be between 78.5% and 79.5%.

談談我們對利潤的展望。隨著客戶和平台基礎的擴大，我們預計將保持業界領先的毛利率。我們預計第一季的毛利率約為79%。我們預計全年毛利率在 78.5% 至 79.5% 之間。

For operating margin, we expect Q1 to be about negative 2%, implying a year over year improvement of approximately 400 basis points. For the full year, we expect operating margin to be between positive 3% and 4%, an improvement of over 650 basis points at the midpoint compared to fiscal year '25.

對於營業利潤率，我們預期第一季的利潤率約為負2%，這意味著年增約400個基點。我們預計全年營業利益率將在正 3% 至 4% 之間，與 25 財年相比中位數提高 650 個基點以上。

In addition, we expect our full year free cash flow margin to be several percentage points higher than operating margin, as we continue to improve our profitability and cash flow profile. As we shift towards generating more meaningful positive free cash flow, we still have over $1.1 billion in cash and cash equivalents, which provides ample flexibility as we invest in and scale the business.

此外，隨著我們繼續改善獲利能力和現金流狀況，我們預計全年自由現金流利潤率將比營業利潤率高出幾個百分點。隨著我們轉向產生更有意義的正自由現金流，我們仍然擁有超過 11 億美元的現金和現金等價物，這為我們投資和擴大業務提供了充足的靈活性。

Taking a step back. Our momentum, technology leadership, and competitive position remains strong, and we're committed to delivering ongoing leverage in the business as we execute our growth strategy. 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 multi-billion dollar business.

退一步。我們的勢頭、技術領先地位和競爭地位依然強勁，我們致力於在執行成長策略的同時，持續發揮業務優勢。我們的投資方法在最大化長期成長機會與保持強勁、負責任和盈利的財務狀況之間取得了深思熟慮的平衡，這一策略是將 SentinelOne 擴展為價值數十億美元的企業的關鍵。

At the same time, we're installing operational discipline by identifying ways to enhance efficiency and productivity. One example is the prioritization of investments towards AI powered security and data. In addition, we are optimizing our facilities footprint and aligning resources to strategic growth areas.

同時，我們正在透過尋找提高效率和生產力的方法來建立營運紀律。其中一個例子就是優先對人工智慧驅動的安全和數據進行投資。此外，我們正在優化我們的設施佈局並將資源分配到策略成長領域。

These enhancements make us more nimble while freeing up investments in our key growth priorities of data, cloud, and AI, all while delivering additional margin expansion this year.

這些增強功能使我們更加靈活，同時釋放了對數據、雲端和人工智慧等關鍵成長重點的投資，同時在今年實現了額外的利潤率擴大。

Our goal is to deliver growth at scale, while continuously improving operating and free cash flow margins over time.

我們的目標是實現規模成長，同時不斷提高營業利潤率和自由現金流利潤率。

Thank you all for joining us today.

感謝大家今天的參與。

We will now take questions.

我們現在開始回答問題。

Operator, please open up the line.

接線員，請接通線路。

(Operator Instructions)

（操作員指令）

Adam Tindle, Raymond James.

亞當廷德爾、雷蒙詹姆斯。

Okay. Thanks. I'm going to ask one, but it's going to be multi-part. I'm going to try to beat up net new ARR right out of the box here, so bear with me. Appreciate the highlight that net new ARR flip back to positive for the back half, but if we're looking at just Q4, it was flattish on an easier comparison. So just rationale for that in Q4. And then Barbara, as we look to fiscal '26, it was helpful to get that color on total ARR growth.

好的。謝謝。我要問一個問題，但這個問題會分成多個部分。我將嘗試在這裡立即擊敗淨新 ARR，所以請耐心等待。感謝大家對淨新 ARR 在下半年回升至正值的強調，但如果我們只看第四季度，那麼更容易進行比較，它是持平的。所以這只是第四季的理由。然後芭芭拉，當我們展望26財年時，了解整體ARR成長的情況是有幫助的。

I guess the question would be on that, starting kind of flattish, I think if I backed out the retirement of the product you mentioned and needing to grow low single digits for the year as the comparisons get tougher throughout the year, what kind of gives you the confidence to come out here with that back-half tougher comparisons and with this ramp throughout the year? Thank you.

我想問題在於，一開始有點平緩，我想如果我放棄你提到的產品退役，並且需要在今年實現低個位數增長，因為全年的比較變得越來越艱難，那麼什麼能給你信心來應對後半段更加艱難的比較以及全年的這種增長？謝謝。

Thanks, Adam. So let me actually address that first. So, look, in fiscal year '25, we delivered revenue growth over 30%. That's industry leading with full-year profitability, with really strong win rates, pipeline growing, interest from new, larger enterprises, that just means more awareness for SentinelOne, and we're seeing very strong adoption from all of our platform capabilities.

謝謝，亞當。因此，讓我先解決這個問題。所以，你看，在25財年，我們的營收成長了30%以上。這是業界領先的全年獲利能力，具有非常強勁的成功率、通路不斷增長、新的大型企業的興趣，這意味著人們對 SentinelOne 的知名度更高，而且我們看到我們所有平台功能的採用率都非常高。

If you kind of think about that with successfully accelerating our netting ARR growth in the second half of the year, for FY26, we expect to grow that meaningfully and if you adjust it for the deception end of sale. That'll be mid to high growth -- single digits.

如果您想一想，我們在下半年成功加速了淨 ARR 的成長，那麼對於 2026 財年，我們預計這一數字將顯著增長，如果您根據銷售欺騙的結束對其進行調整。這將實現中高速成長——個位數。

So we feel confident in the opportunity and the trajectory. I think the underlying strength of the business is somewhat masked by that end-of-life decision, which we believe is the right decision longer term. And all in all, the guide gives, I think, a good, achievable starting point for us as we execute throughout the year.

因此，我們對這個機會和發展軌跡充滿信心。我認為，終止業務的決定在一定程度上掩蓋了業務的根本優勢，但我們認為，從長遠來看，這是正確的決定。總而言之，我認為該指南為我們全年執行工作提供了一個良好且可實現的起點。

And then I'll just follow up with the question on Q4 '25. We did have some impact from churn in this Q4 related to deception. And if we adjust that out, our Q4 net new ARR would have grown in mid single digits.

然後我將繼續回答有關 25 年第四季的問題。我們在第四季度確實受到了與欺騙相關的客戶流失的影響。如果我們對此進行調整，我們第四季的淨新 ARR 將成長中等個位數。

Brian Essex, JPMorgan.

摩根大通的布萊恩‧艾塞克斯 (Brian Essex)。

Hi, good afternoon. Thank you for taking the question. I was wondering if -- maybe sticking on the topic of ARR or net new ARR, how you're thinking about contribution from Lenovo. Are you starting to see some traction? Are they selling devices? I think you previously talked about maybe in the back half of the year, just wondering about visibility into that relationship and how that might impact how you're thinking about guide for the year.

嗨，下午好。感謝您回答這個問題。我想知道——也許堅持 ARR 或淨新 ARR 的話題，您如何看待聯想的貢獻。你開始看到一些進展了嗎？他們賣設備嗎？我覺得您之前談過可能是在今年下半年，只是想知道這種關係的可見性以及這將如何影響您對今年指南的看法。

We're working very closely with the Lenovo team. All of the go-to-market elements are now being put in place. And as I've said before, we expect that impact to be much more back-end loaded mostly, I would say, even in the next fiscal year as more on-the-box shipments are starting to get out the door. So everything we know, understand, and want to take into this year is factored in the guidance. We believe the Lenovo, which is a multi-year relationship with ramp baked into it, is going to be much more meaningful in the out years versus in the immediate fiscal year.

我們正在與聯想團隊密切合作。所有進入市場的要素現在都已經到位。正如我之前所說，我們預計這種影響將主要集中在後端，即使在下一個財年，隨著越來越多的現成貨物開始出貨。因此，我們所知道、理解和希望在今年考慮的一切都已納入指導之中。我們相信，與聯想建立多年的合作關係將在未來幾年比當前財年更有意義。

Gray Powell, BTIG.

格雷·鮑威爾（Gray Powell），BTIG。

Great. Thanks for taking the question. So maybe one for Barbara. You've been at SentinelOne a little over six months now. It's your first time owning the guide for the full year. Are there any material changes that you're making? Are you looking at any different KPIs? Or just any difference with regards to your guidance philosophy versus your predecessor?

偉大的。感謝您回答這個問題。所以也許有一個是給芭芭拉的。您加入 SentinelOne 已經六個多月了。這是您第一次擁有全年指南。您正在做任何實質的改變嗎？您是否正在關注任何不同的 KPI？或是您的指導理念與前任相比有什麼不同？

Yeah. Greg, thanks so much for the question. In terms of the guide, we really feel like this is the right starting point for the year. We're focused on setting reasonable expectations that reflect the potential that we see in the business. Of course, it's based on what we have line of sight to, pipeline activity, contributions from new products, anticipated conversions, and win rates.

是的。格雷格，非常感謝你提出這個問題。就指南而言，我們確實覺得這是今年的正確起點。我們專注於設定合理的期望，以反映我們在業務中看到的潛力。當然，這是基於我們的視線、通路活動、新產品的貢獻、預期轉換和贏率。

We're mindful of the macro as well. It's not extremely different than what we've seen recently. It just continues to persist; it's still volatile. It's almost like it's the new normal. But we do believe this is the right starting point for this year.

我們也關注宏觀因素。這與我們最近看到的並沒有什麼不同。它只是繼續存在著；它仍然不穩定。這幾乎就像是新常態。但我們確實相信這是今年的正確起點。

Joseph Gallo, Jefferies.

傑富瑞的約瑟夫·加洛。

Hi, guys. This is [Anne Faman] on for Joe Gallo. Tomer, you guys have put a ton of work into your go-to-market engine, and I'm just curious if there's any more tweaks as you begin to work through FY26. And how do you think about capacity and hiring in the context of looking to reach over a billion in ARR this year?

嗨，大家好。我是 [Anne Faman]，為 Joe Gallo 主持節目。托默，你們為行銷引擎投入了大量的工作，我只是好奇，當你們開始完成 FY26 工作時是否還會進行任何調整。在力爭今年 ARR 達到 10 億以上的背景下，您如何看待產能和招募問題？

Thank you for the question. There's always evolution happening. I mean we are working on better productivity. We've improved productivity year over year. We are gearing towards more platform sales were adjusting our pricing structures. I mean we're allowing for even more flexibility for our customers. We're aligning with some of the pricing structures that we're seeing out there.

感謝您的提問。進化總是在發生。我的意思是我們正在努力提高生產力。我們的生產效率逐年提高。我們正致力於透過調整定價結構來拓展平台銷售。我的意思是我們為客戶提供更多的靈活性。我們正在與目前看到的一些定價結構保持一致。

So all in all, we're in this evolution of go-to-market. Every indicator that we track is looking better, and that's reflected through win rates. That's reflected through channel contribution. And we're obviously working with more and more automation throughout pretty much every avenue we have. All of those should be somewhat of contributors in this fiscal year, but the vast majority of it is really a poor contribution for the out years and strategic decisions we're taking right now continue and sustain growth in the years to come.

總而言之，我們正處於市場進入的演變過程中。我們追蹤的每個指標看起來都更好，這透過勝率反映出來。這透過通路貢獻體現出來。顯然，我們在幾乎所有領域都越來越多地採用自動化手段。所有這些都應該會在本財年做出一定貢獻，但絕大多數對未來幾年來說貢獻實際上很小，而我們現在所做的策略決策將在未來幾年繼續並維持成長。

Operator, I want to jump in here for a second. We're under the impression that folks on the webcast could not hear the first question or the response. So I just want to repose it and allow Tomer and Barbara to answer. It was a question about ARR growth expectations for fiscal '26 as well as Q4 fiscal '25. Tomer, if you want to address that again?

接線員，我想插話一下。我們的印像是，網路直播中的觀眾聽不到第一個問題或回答。所以我只想把它擱置，讓托默和芭芭拉回答。這是關於 26 財年以及 25 財年第四季 ARR 成長預期的問題。托默，你想再談談這個問題嗎？

Yes, of course. So in fiscal '25, as I mentioned, we continue to deliver leading revenue growth in the industry, over 30%. Win rates remained really strong, and our pipeline is growing even further. We see a lot of interest from new and larger enterprises, and this just means more awareness for SentinelOne than ever before.

是的當然。因此，正如我所提到的，在 25 財年，我們將繼續實現領先業界的營收成長，超過 30%。勝率依然保持強勁，而且我們的通路還在進一步成長。我們看到許多新創企業和大型企業表現出濃厚興趣，這意味著 SentinelOne 的知名度比以往任何時候都要高。

There's strong adoption of our platform solutions. We've quadrupled the number of customers on the enterprise that are using one or more -- sorry -- four or more modules by SentinelOne.

我們的平台解決方案得到了廣泛的採用。我們企業中使用一個或多個（抱歉，是四個或更多）SentinelOne 模組的客戶數量增加了四倍。

We successfully reaccelerated and improved net new ARR growth in the second half of full year '25. In FY26, we expect to grow net ARR as well. And if you adjusted for the end-of-sale decision that we're taking here will actually be up mid- to high-single digits. So we feel very confident in the opportunity and the trajectory. I just feel like the underlying strengths of the business, if you kind of think about it as new and upsell is just very strong. It's being masked a bit by that end-of-life decision, which is a longer-term decision that we believe is necessary.

我們成功地在 25 年下半年重新加速並提高了淨新 ARR 成長。在 26 財年，我們預計淨 ARR 也將成長。如果您根據我們在此採取的銷售終止決定進行調整，那麼實際成長幅度將達到中高個位數。因此，我們對這個機會和發展軌跡非常有信心。我只是覺得，如果你把它看作是新的業務，那麼追加銷售的潛在優勢就非常強大。它被生命終結決定所掩蓋，我們認為這是一個必要的長期決定。

There's a lot of change happening in software today. But I feel like for us, this focus on data and AI mandate is starting to pull away some of the legacy capabilities. I believe a lot of companies will be going down that path. So for us, that's the focus, the underlying strength of the business, coupled with obviously strategic long-term decisions.

當今軟體領域發生了很多變化。但我覺得對我們來說，這種對數據和人工智慧的關注正在開始削弱一些遺留能力。我相信很多公司都會走這條路。所以對我們來說，這就是重點，是業務的根本優勢，加上明顯的策略性長期決策。

And then following up on Q4 '25, we delivered flat year-over-year net new ARR in Q4 as planned. We did have some impact from churn related to the retirement of our legacy deception solution. To think that we adjust that out, our Q4 net new ARR would have grown in mid-single digits in Q4 '25.

然後，繼 25 年第四季之後，我們按計劃在第四季度實現了與去年同期持平的淨新 ARR。我們確實受到了與傳統欺騙解決方案的退役相關的客戶流失的影響。如果我們對此進行調整，那麼 25 年第四季的淨新 ARR 將會以中等個位數成長。

Thank you, operator. We can go to the next question, please.

謝謝您，接線生。請讓我們進入下一個問題。

John DiFucci, Guggenheim Securities.

古根漢證券的約翰‧迪富奇 (John DiFucci)。

Thank you. So this quarter, forgetting even about the deception product and some attrition because of that, if I look at just new ARR and I take into account normal attrition, which I know is really small, it actually grew a little bit, which is I think about half of our companies actually showed growth in new ARR, only about half.

謝謝。因此，本季度，甚至忘記了欺騙產品和因此產生的一些人員流失，如果我只看新的 ARR，並考慮到正常的人員流失，我知道這真的很小，它實際上增長了一點，我認為大約有一半的公司實際上實現了新 ARR 的增長，只有大約一半。

And Barbara, thanks for all that color on the guide, which makes me think I might be able to answer this, but let me ask it anyway. You talked about the assumptions on the demand environment or the macro when you said about new normal. And so I'm thinking you're thinking, okay, the backdrop is consistent.

芭芭拉，謝謝你在指南中提供的各種信息，這讓我認為我可能能夠回答這個問題，但我還是想問一下。您談到新常態時，談到了對需求環境或宏觀的假設。所以我想你會想​​，好吧，背景是一致的。

But this implies your guidance that you expect SentinelOne to perform better against that backdrop, a little bit, not a ton. And I know you want to beat your number -- keep your goals or exceed them. So can you expand a little bit more, just a little more color as to why you think you're going to perform a little bit better this year than you did last year? And I'm thinking about new ARR. Thanks.

但這意味著您的指導是，您期望 SentinelOne 在這種背景下表現得更好，只是一點點，而不是很多。我知道你想打破自己的記錄——保持或超越你的目標。那你能否再詳細解釋一下，為什麼你認為今年的表現會比去年好？我正在考慮新的 ARR。謝謝。

Thanks, John. I appreciate the question. So if you kind of step back a little bit and look first at fiscal year '25, we did improve our new business growth in the second half of fiscal '25. We expect this trend to continue into FY26, where we expect full-year net new ARR to be up 2% year over year, so at around 200. And that is including impact of the $10 million -- about $10 million of churn related to deception.

謝謝，約翰。我很感謝你提出這個問題。因此，如果你稍微回顧一下，先來看看25財年，我們確實在25財年下半年提高了新業務的成長。我們預計這一趨勢將持續到 26 財年，我們預計全年淨新 ARR 將年增 2%，達到 200 左右。這包括 1000 萬美元的影響——與欺騙相關的約 1000 萬美元的客戶流失。

So deception is a bit of a headwind. More than -- or about half of that will occur in Q1, so a headwind kind of front-loaded. And then we would expect our net new ARR growth sequentially to to improve from thereafter.

因此，欺騙有點不利。其中超過一半或大約一半將在第一季發生，因此前期會形成一種逆風。然後我們預計我們的淨新 ARR 成長將從那時起逐步改善。

Yeah. And let me add a couple of points there, John. I mean the one thing that obviously is very different for us, it's just the adoption of the platform modules. And if you couple that with the ramped sales force, I think we're entering this year on a much stronger note. AI is going to be a tremendous driver, and I think everybody understands already.

是的。約翰，讓我補充幾點。我的意思是，對我們來說，顯然非常不同的事情就是採用平台模組。如果再加上不斷壯大的銷售隊伍，我認為我們今年的業績將會更加強勁。人工智慧將成為一個巨大的推動力，我想每個人都已經明白這一點。

Just to give you some context there, we've done more than 300 AI deals in Q4. I mean that is most likely more than any other security vendor out there. And we definitely see more traction for these solutions. Now obviously, we're accounting for some of the things that we are tuning away. But all in all, we feel like there's quite a bit of momentum in the business.

只是為了給你一些背景信息，我們在第四季度完成了 300 多筆 AI 交易。我的意思是，這很可能比其他任何安全供應商都要多。我們確實看到這些解決方案越來越受到青睞。現在顯然我們正在考慮一些我們正在忽略的事情。但總的來說，我們覺得業務發展勢頭強勁。

Our pipelines all point to that, again, the maturity of the sales force; all of those, I think, are contributing factors. And then I think that would allows Barbara put forward in [year-end] to really put kind of an achievable bar or a good starting point for the year for us.

我們的管道全部表明，銷售團隊已經非常成熟；我認為，所有這些都是促成因素。然後我認為這將允許芭芭拉在 [年底] 提出真正為我們設定一個可實現的標準或一個好的起點。

Jonathan Ho, William Blair.

喬納森·何、威廉·布萊爾。

Hi. Good afternoon. Could you maybe give us a little bit of additional color in terms of your exposure on the federal government side and perhaps what you're seeing in terms of what your customers are saying or what your sales force is saying ther? Thank you.

你好。午安.您能否向我們提供一些額外的信息，例如您在聯邦政府方面的曝光率，以及您從客戶或銷售人員那裡了解到的情況？謝謝。

Yeah. There's definitely a level of unknown and uncertainty. There's no question that there's a lot of change that's happening. With that, we've actually seen our federal pipeline expand. So there's definite -- it's a definite source of demand for us.

是的。肯定存在一定程度的未知性和不確定性。毫無疑問，很多改變正在發生。這樣，我們實際上就看到我們的聯邦管道擴大了。所以這肯定是——這對我們來說是一個明確的需求來源。

I would also say for the type of offering that we can cater to for federal agencies and especially given that we're one of the only security vendors that can sell AI into a federal high type of an environment, in many cases, we actually create cost synergies we allow. We allow these agencies to actually save on their data ingestion costs. We allow them to save on operational costs, and that positions us really well, even in a macro -- in that arena that calls for more cost saving and prudence.

我還想說，對於我們可以為聯邦機構提供的產品類型，特別是考慮到我們是唯一能夠將人工智慧銷售到聯邦高級環境的安全供應商之一，在許多情況下，我們實際上創造了我們允許的成本協同效應。我們幫助這些機構真正節省了資料收集成本。我們幫助他們節省了營運成本，這使我們處於非常有利的地位，即使從宏觀角度來看——在需要更多成本節約和審慎的領域。

So all in all, I think we're still treating federal as a source of strength. At the same time, I would say there's maybe some unclarity on the timings and budgets, and we're just working at the pace of the customer, but demand remains strong.

總而言之，我認為我們仍然將聯邦視為力量的來源。同時，我想說，時間和預算方面可能存在一些不明確之處，我們只是按照客戶的步調開展工作​​，但需求仍然強勁。

Shaul Eyal, TD Cowen.

沙烏爾·埃亞爾（Shaul Eyal），TD Cowen。

Thank you. Hi, good afternoon. Tomer, I had a question on deception. What's driving that decision? And maybe some of deception capabilities from a product perspective are being displaced by some of the singularity AI-driven capabilities.

謝謝。嗨，下午好。托默，我有一個關於欺騙的問題。是什麼促使了這個決定？也許從產品角度來看，一些欺騙能力正被一些奇點人工智慧驅動的能力所取代。

Yes. Thanks for the question, Shaul. The biggest thing with deception is it's a legacy code base that we acquired with the TiVo. As a matter of fact, it actually has even hardware components. For us, that's obviously not a long-term business we want to be in. And the cost of maintenance is creeping up while the ROI is not really showing up.

是的。謝謝你的提問，Shaul。欺騙的最大問題是它是我們從 TiVo 獲得的遺留程式碼庫。事實上，它甚至有硬體組件。對我們來說，這顯然不是我們想長期從事的業務。維護成本正在上升，而投資報酬率卻沒有真正顯現出來。

So for us, it's a very simple decision of realigning resources into the high-yielding elements of our business. And to the latter part of your question, AI is most definitely going to be a consolidator of capabilities, and I think deception is one of them to a certain extent. You can think about identity. You can think about many elements of the broader security platforms you're seeing out there as capabilities that can be delivered as agentic AI instead of a fully fledged product.

因此對我們來說，將資源重新分配到業務的高收益要素上是一個非常簡單的決定。對於你問題的後半部分，人工智慧肯定會成為能力的整合者，我認為在某種程度上欺騙就是其中之一。你可以思考身份。您可以將目前看到的更廣泛的安全平台的許多元素視為可以作為代理 AI 而不是成熟產品來提供的功能。

And I think that's what we're seeing is the progression, at least of our Purple AI capability set. That's why we're already including it in most of our singularity offerings. We believe philosophically that AI -- GenAI capabilities for software products are going to become table stakes. If you're not going to have them, you're going to be much less relevant.

我認為這就是我們所看到的進步，至少是我們的 Purple AI 能力集的進步。這就是為什麼我們已經將其納入我們的大多數奇點產品之中。我們從哲學上相信，AI－軟體產品的GenAI功能將成為必備條件。如果你不擁有它們，你的存在就會變得不再那麼重要。

And we're using that to seed growth, to kind of get customers accustomed to it, and to drive more usage while we build more and more tiers and more and more agentic capabilities. So that's what we see for the coming fiscal year. And that's how we kind of couch all of it with that that base.

我們利用它來促進成長，讓客戶習慣它，並在我們建立越來越多的層級和越來越多的代理能力的同時推動更多的使用。這就是我們對下一財年的預期。這就是我們如何用這個基礎來構思一切。

The majority of it is deception. There's a couple of other small components in there, but that's just, I think, in a broader sense how we're thinking about the shift from legacy code bases to newer offerings, AI-based, which is something again I think you'll start seeing a lot of other companies go down the path of.

大部分都是欺騙。其中還有其他幾個小組件，但我認為，從更廣泛的意義上講，這只是我們如何考慮從遺留程式碼庫轉向基於人工智慧的新產品，我認為你會開始看到很多其他公司走上這條道路。

Shrenik Kothari, Baird.

什雷尼克·科塔里，貝爾德。

Great. Hi. This is Zach Schneider on for Shrenik. Thanks for taking the question. So obviously, your emerging product portfolio is becoming an increasingly critical growth driver. And you highlighted data in AI as your fastest-growing solution.

偉大的。你好。這是 Zach Schneider 為 Shrenik 所做的報導。感謝您回答這個問題。因此顯然，您的新興產品組合正在成為越來越重要的成長動力。您強調人工智慧中的數據是您成長最快的解決方案。

But maybe are there any specific solutions that stand out in terms of adoption velocity, cross sell success? Have there been any surprises either outperformers that are scaling faster than expected or areas where traction has been slower than anticipated? Would love to just get a sense of what's working best and where there's still white space to accelerate adoption. Thanks.

但也許在採用速度、交叉銷售成功率方面，存在一些脫穎而出的具體解決方案嗎？是否有任何意外情況，例如某些領域的擴張速度超出預期，或某些領域的發展速度低於預期？很想了解什麼方法最有效，以及哪些方面還有空白可以加速採用。謝謝。

I definitely mentioned AI is one of these -- Purple AI, the capability, 300 deals in the quarter plus. I mean, that is remarkable. With that, AI SIEM, for us, has also been a source of strength. So the coupling of these two also just makes us much more strategic for these types of customers. So I would definitely call out AI SIEM and Purple AI as the two main drivers of growth.

我確實提到過 AI 就是其中之一——Purple AI，其能力在本季度完成了 300 多筆交易。我的意思是，這太了不起了。對我們來說，AI SIEM 也是我們的力量來源。因此，這兩者的結合也使我們對這些類型的客戶更具策略性。因此，我肯定會將 AI SIEM 和 Purple AI 列為成長的兩個主要驅動力。

Cloud security, for us -- I mean we started selling the complete unified cloud security suite for us. We've done a record deal with cloud security in Q4. So all of those are really progressing nicely, and we will continue -- I think continue to drive those as the most strategic touch points with customers.

對我們來說，雲端安全性——我的意思是我們開始銷售完整的統一雲端安全套件。我們在第四季度與雲端安全達成了創紀錄的協議。所以所有這些都進展順利，我們將繼續進行——我認為繼續推動它們作為與客戶最具策略性的接觸點。

Rudy Kessinger, D.A. Davidson.

凱辛格（Rudy Kessinger），地方檢察官戴維森。

Hey, guys. Thanks for taking my questions. I'm curious if you look at the second half of this year and net new ARR, obviously, improved quite a bit from the first half. But if you were to maybe strip out some of the benefit from the displacements from CrowdStrike that were specifically due to the outage that would have otherwise likely not have occurred, what would that second half net new ARR growth have looked like?

嘿，大家好。感謝您回答我的問題。我很好奇，如果你看看今年下半年，淨新 ARR 顯然比上半年有了很大改善。但是，如果你可能要去掉 CrowdStrike 帶來的一些好處，而這些好處正是因為中斷而導致的，否則中斷可能不會發生，那麼下半年的淨新 ARR 成長將會是什麼樣的呢？

I'm not sure we can strip out, and I'm not sure that you can think about it in such a distinct way. To us, and I mentioned it in the opening question, what is changing the most is consideration. And even customers that maybe chose to stay with the incumbent, they're still entertaining and considering what they're going to do next.

我不確定我們是否可以剝離它，而且我不確定你是否可以用如此獨特的方式思考它。對我們來說，我在開頭的問題中就提到過，變化最大的是考慮。即使那些選擇繼續使用現有產品的客戶，他們仍然在考慮下一步該怎麼做。

So a lot of folks aren't doing anything in an unplanned fashion. But once they go through that cycle -- and it could be one year or two year out sometimes -- the consideration is very different. So as I mentioned, to us, the way we look at it is something structurally had shifted.

因此，很多人不會無計劃地做任何事。但是一旦他們經歷了這個週期——有時可能要一年或兩年——考慮的事情就會非常不同。正如我所提到的，對我們來說，我們看待這個問題的方式在結構上已經發生了轉變。

I think that creates more consideration for SentinelOne. And all in all, I think that what we've seen is somewhat of incremental contribution. I think it's much more smoothened out than one would imagine. I think maybe folks were expecting some upticks. It's not an uptick type contribution. It's smoothened; it's gradual. And we believe it's also here to stay, which is the most important part.

我認為這為 SentinelOne 帶來了更多的考慮。總而言之，我認為我們所看到的是某種程度的增量貢獻。我認為它比人們想像的要順暢得多。我想也許人們正在期待一些上漲。這不是一種上漲類型的貢獻。它變得平滑了；它是漸進的。我們相信它會繼續存在，這是最重要的部分。

Tal Liani, Bank of America.

美國銀行的塔爾·利阿尼 (Tal Liani)。

Hi, guys. I wanted to just understand the guidance. So your guidance is about $7 million, $8 million below the consensus and $20 million for the year. Guidance for the next quarter is [7,8] or below. And part of it is because of deception, part of it is -- I'm trying to understand. So can you quantify the deception -- first of all, the deception impact on the guidance on the revenues, not on the ARR?

嗨，大家好。我只是想了解指導。因此，您的指導金額約為 700 萬美元，比普遍預期低 800 萬美元，全年為 2000 萬美元。下一季的預期為 [7,8] 或以下。部分原因是欺騙，部分原因是──我正在努力去理解。那麼，您能能量化欺騙行為嗎——首先，欺騙行為對收入指導的影響，而不是對 ARR 的影響？

And then second, what are the good things and the bad things that drove you to kind of guide slightly below the Street. Because your message is very strong, and I can see the numbers in the historicals, but the numbers are slightly weaker. Thanks.

第二，是什麼好事和壞事促使你做出略低於華爾街的指導。因為你的資訊非常強烈，而且我可以看到歷史上的數字，但是這些數字稍微弱一些。謝謝。

So from a deception perspective, I'll first cover that for net new ARR. So for FY26, the impact is about $10 million of term for the year, and Q1 is about half of that. On a revenue perspective for the full year, deception has about a 1 point headwind on FY26 revenue.

因此，從欺騙的角度來看，我將首先介紹淨新 ARR。因此對於 FY26 而言，影響約為全年 1000 萬美元，而 Q1 約為其一半。從全年收入角度來看，欺騙對 FY26 收入造成約 1 個百分點的阻力。

Got it. So the rest of it -- the rest of the guidance like the slight weakness versus the Street, is there anything you want to highlight why you're guiding below the Street? The growth rate is decelerating from last year, so what's the source of acceleration?

知道了。那麼其餘的部分——其餘的指導意見，例如相對於華爾街的略微疲軟，有什麼您想強調的嗎？為什麼您的指引低於華爾街？增速較去年同期放緩，那麼加速的根源在哪裡呢？

I think what we're trying to factor at the end of the day is just the unknowns. And we truly believe this is a good starting point for us. There's a lot of factors in play. There's a lot of shifts happening in software. We believe we're making the right responsible decisions here.

我認為，我們最終試圖考慮的只是未知因素。我們真誠地相信，這對我們來說是一個好的起點。有很多因素在起作用。軟體領域正在發生很多轉變。我們相信我們在此做出的決策是正確且負責任的。

So all in all, we're just factoring in everything that we believe and know. And obviously, our goal is always to overachieve, and that's going to be my job. Barbara sets the guidance; I try to overachieve it. But all in all, we believe, again, that captures everything we know today.

總而言之，我們只是將我們所相信和知道的一切考慮在內。顯然，我們的目標始終是超額完成，而這正是我的職責。芭芭拉 (Barbara) 設定指導；我盡力超越它。但總而言之，我們再次相信，這涵蓋了我們今天所知道的一切。

Eric Heath, KeyBanc.

艾瑞克‧希思（Eric Heath），KeyBanc。

Hey. Thanks for taking the question. Maybe just one housekeeping one. Just wanted to clarify deception and the decision to end of life that was factored in the guidance as of last quarter. And then, Tomer, the question I wanted to ask is on pricing. You called out some adjustments to pricing. So just curious if you could elaborate a little bit more about what that means and if it's some sort of credit model that we're seeing a lot of vendors do to enable more adoption of more modules across the platform. Thanks.

嘿。感謝您回答這個問題。也許只是一個家事。只是想澄清欺騙行為和終止生命的決定，這些已被納入上個季度的指導之中。然後，托默，我想問的問題是關於定價。您要求對價格進行一些調整。我只是好奇您是否可以詳細說明這意味著什麼，以及這是否是某種信用模式，我們看到許多供應商都在這樣做，以便在整個平台上採用更多的模組。謝謝。

So I'll cover the first one. We did factor that into the guidance. There was some churn in Q4.

因此我將介紹第一個。我們確實將其考慮進了指導之中。第四季出現了一些客戶流失。

And as for pricing, I mean, the first thing I'll open and say is that pricing has been very stable for us. So it's not about discounting; it's not about needing to tweak our pricing model. But obviously, customers are looking for more flexible ways to procure. And I think that's where we don't see a lot of downside in going down the path of allowing some of these more flexible terms, given that the expansion -- the expansion that you've seen in our capabilities is significant.

至於定價，我首先要說的是，我們的定價一直都非常穩定。所以這與折扣無關；這並不是需要調整我們的定價模式。但顯然，客戶正在尋找更靈活的採購方式。我認為，考慮到我們的能力的擴展——你們已經看到，擴展是顯著的，因此，我們在允許這些更靈活的條款的道路上不會看到太多的不利之處。

Our platform today is 7 capabilities with about 30-something modules; that's a lot. And customers like to try out a lot of different capabilities that we have. So moving into a pricing model that allows them access to the entire platform is something that, we believe, is going to be a beneficial, and that's the direction that we're heading towards.

我們今天的平台有7個功能，大概有30多個模組；那太多了。客戶喜歡嘗試我們許多不同的功能。因此，我們相信，採用允許他們訪問整個平台的定價模式是有益的，這也是我們努力的方向。

Trevor Walsh, Citizens.

特雷弗·沃爾什（Trevor Walsh），公民。

Great. Thanks for taking the questions. Tomer and team, appreciate the new kind of disclosures around a module or solutionary adoption that you overlaid across the seven. It's great to see. Just curious if that's just more reporting for us here on this call or if you kind of aligned the more solution selling kind of orientation for the sales team and what playbooks you're maybe kind of running around, grouping those together.

偉大的。感謝您回答這些問題。托默 (Tomer) 和團隊非常欣賞您在七個模組或解決方案採用方面提出的新揭露方式。很高興看到。我只是好奇這是否只是我們在這次電話會議上提供的更多報告，或者您是否為銷售團隊提供了更多的解決方案銷售導向，以及您可能正在使用的劇本，將它們組合在一起。

And then kind of on related lines, one of your peers/competitors kind of has about within cloud security, things moving more towards detection response, SIEM -- SOC taking over more of, I guess, like that whole kind of piece of the pie, and that benefiting them and others like you have maybe in more run-time agent-based approach. So kind of along the lines of just selling multiple pieces of the platform.

然後從相關角度來說，您的一位同行/競爭對手在雲端安全領域中，事情正朝著檢測響應的方向發展，SIEM - SOC 接管了更多的部分，我想，就像整個蛋糕的一部分，這讓他們和其他人受益，例如您，也許採用了更多的基於運行時代理的方法。因此，這有點像是只銷售平台的多個部分。

Do you agree with where the things are going there in security? There's cloud security specifically and how that kind of all kind of aligns to kind of again what you're doing from a larger selling and multiple solutions across the platform. Thanks.

您是否同意那裡的安全狀況？具體來說，有雲端安全，以及這一切如何與您從更大的銷售和跨平台的多種解決方案所做的事情保持一致。謝謝。

I think the biggest thing is the we want to provide flexibility. I think unlike some other vendors, we don't force customers to take kind of an all-or-nothing approach. So we have all the capabilities. We can, as an example, sell you a fully fledged cloud security suite that contains all the CNAPP capabilities and best-of-breed run-time workload protection. At the same time, we don't mind going into environment and delivering best-of-breed worker protection and working in tandem with another CNAPP provider.

我認為最重要的是我們希望提供靈活性。我認為與其他一些供應商不同，我們不會強迫客戶採取「全有或全無」的做法。因此我們擁有所有的能力。例如，我們可以向您出售包含所有 CNAPP 功能和最佳運行時工作負載保護的功能齊全的雲端安全套件。同時，我們也不介意進入環境領域並提供一流的工人保護並與其他 CNAPP 提供者合作。

To us, it's really about flexibility. And we're seeing customers adopt more and more of our capabilities once they've experimented with at least one capability, Typically, when you look at what we do, it's almost always best of breed. I mean you're talking about Gartner Customer Choice for endpoint protection and Gartner Customer Choice for cloud security and Gartner Customer Choice for MDR and product of the year for AI. So obviously, what we do is at the forefront in each and every one of these fields. And we have fully inclusive capabilities that are akin to every other platform -- in every other leading platform, I should say, in the market today.

對我們來說，這實際上是關乎靈活性。我們看到，客戶一旦嘗試了至少一種功能，就會採用越來越多的功能。通常，當您查看我們所做的事情時，它幾乎總是最好的。我的意思是，您談論的是 Gartner 端點保護客戶選擇獎、Gartner 雲端安全客戶選擇獎、Gartner MDR 客戶選擇獎和年度 AI 產品獎。顯然，我們所做的一切都處於每個領域的最前沿。我們擁有與當今市場上所有其他領先平台類似的全面能力——我應該說，與所有其他平台類似。

But the emphasis is sell what customers need, sell to the need, and sell to what they want to address today versus trying to deal with future. We're definitely seeing the expansion coming as evidenced in the numbers, and that's why we're also moving towards those more flexible pricing platform structures that can allow customers to then over time, consume more from our capability set.

但重點是銷售客戶需要的產品、滿足需求的產品以及銷售他們今天想要解決的產品，而不是試圖解決未來的問題。正如數字所證明的那樣，我們確實看到了擴張的到來，這就是為什麼我們也正在轉向那些更靈活的定價平台結構，這些結構可以讓客戶隨著時間的推移，從我們的能力集中消費更多。

Andrew Nowinski, Wells Fargo.

富國銀行的安德魯‧諾溫斯基 (Andrew Nowinski)。

Thank you for squeezing me in. Just maybe two quick housekeeping questions. First, did the deception products have an impact on the decline in your NRR when it went down to 110 this quarter? And then second, you gave the cloud and data analytics ARR of 170 back in Q2. And given that it's a high priority for your investments, I'm just wondering if you could break those two out again in Q4 here or perhaps tell us how much you expect them to contribute to that $200 million in net new ARR for FY26. Thank you.

感謝您抽出時間。我只想問兩個簡單的問題。首先，欺騙產品是否對你們本季的 NRR 下降至 110 產生了影響？其次，您在第二季給出了 170 的雲端和資料分析 ARR。鑑於這是您投資的重中之重，我只是想知道您是否可以在第四季度再次將這兩項業務分開，或者告訴我們您預計它們將為 2026 財年的 2 億美元淨新 ARR 貢獻多少。謝謝。

So we're not going to be disclosing per product ARR at this point. We will give an update potentially later on in the year. On the NRR front, there was no, I would say, material impact on Q4 NRR. We do expect that that's going to be a headwind to NRR, the deception in wholesale, specifically in Q1. And I think once we clear that headwind, I think you'll see NRR maybe in a more healthy place. So that, I think, kind of is the way that we're looking at it today.

因此我們目前不會揭露每個產品的 ARR。我們可能會在今年稍後發布最新消息。在 NRR 方面，我認為對第四季的 NRR 沒有產生實質影響。我們確實預計這將對 NRR、批發業務的欺騙行為造成不利影響，特別是在第一季。我認為，一旦我們消除了這種不利因素，你就會看到 NRR 處於更健康的狀態。所以，我想，這就是我們今天看待這個問題的方式。

I would now like to pass the conference back over to Tomer Weingarten for closing remarks. Tomer, you may proceed.

現在，我想將會議交還給托默·溫加滕 (Tomer Weingarten)，請他作結束語。托默，你可以繼續了。

Thank you. We delivered a strong end to fiscal year '25 and see significant opportunity ahead in fiscal '26. We continue to lead the industry with best-in-class. I'm especially pleased with our AI innovations, which we believe will transform cybersecurity in the coming years.

謝謝。我們以強勁的業績結束了 25 財年，並看到了 26 財年的巨大機會。我們繼續以一流的水平引領業界。我對我們的人工智慧創新感到特別高興，我們相信它將在未來幾年改變網路安全。

We're at the forefront of an AI revolution, driving the next wave of security innovation. Our product and go-to-market strategy are fully aligned to deliver premier AI cybersecurity. And this is driving broader platform adoption among new and existing customers.

我們正處於人工智慧革命的前沿，推動下一波安全創新浪潮。我們的產品和行銷策略完全一致，旨在提供一流的人工智慧網路安全。這將推動新舊客戶更廣泛地採用該平台。

We're delivering strong revenue growth and margin expansion and achieved new profitability milestones with more to come. Thank you, again, to our customers, partners, shareholders and Sentinels around the world.

我們實現了強勁的營收成長和利潤擴大，並達到了新的獲利里程碑，未來還會有更多。再次感謝我們遍佈全球的客戶、合作夥伴、股東和哨兵。

That will conclude today's conference call. Thank you for your participation, and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與，祝您今天過得愉快。