SentinelOne Inc (S) 2026 Q1 法說會逐字稿

Hello, and welcome to the SentinelOne Q1 FY2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time. I will now turn the call over to Doug Clark, Vice President, Investor Relations.

您好，歡迎參加 SentinelOne 2026 財年第一季財報電話會議。（操作員指示）提醒一下，今天正在錄製本次會議。如果您有任何異議，請立即斷開連接。現在我將把電話轉給投資人關係副總裁 Doug Clark。

Good afternoon, everyone, and welcome to SentinelOne's earnings call for the first quarter of fiscal year 2026, which ended April 30, 2025. With us today are Tomer Weingarten, CEO; and Barbara Larson, CFO.

大家下午好，歡迎參加 SentinelOne 2026 財年第一季（截至 2025 年 4 月 30 日）財報電話會議。今天和我們在一起的是執行長 Tomer Weingarten；以及財務長 Barbara Larson。

Our press release and an earnings presentation were issued earlier today and are 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.

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，會議結束後，我們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'll be making forward-looking statements about future events and financial performance, including our guidance for the second 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 年第二財季和全年財年的指導以及長期財務目標。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，並且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。這些文件包含並確定了可能導致我們的實際結果與前瞻性陳述中的結果存在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 that call may not reflect current or accurate information. Except as required by law, we assume no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

本次電話會議中所做的任何前瞻性陳述均截至今日為止。如果在今天之後重播或審查此通話，則該通話期間提供的資訊可能無法反映當前或準確的資訊。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，即使將來有新的資訊可用。

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-financial outlook is provided in today's press release and in our earnings presentation.

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。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除非財務展望之外的 GAAP 和非 GAAP 結果的對帳。

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, gains on strategic investments and income tax provision, which cannot be determined at this time and are, therefore, not reconciled in today's press release.

這些非公認會計準則 (non-GAAP) 指標並非旨在取代我們的公認會計準則 (GAAP) 結果。我們的財務展望不包括股票薪酬費用、員工股票交易的雇主工資稅、收購無形資產的攤銷費用、收購相關的薪酬成本重組費用、戰略投資收益和所得稅準備金，這些目前無法確定，因此在今天的新聞稿中沒有進行核對。

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

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

Good afternoon, everyone, and thank you for joining our fiscal first quarter earnings call. Our Q1 performance exceeded our revenue growth expectations, and we continue to deliver strong year-over-year margin improvement and cash generation. We delivered revenue growth of 23%, alongside record free cash flow margin of 20%, demonstrating top-tier growth in operating leverage as we approach $1 billion in scale and sustained profitability and incredible milestone.

大家下午好，感謝大家參加我們第一財季財報電話會議。我們第一季的業績超出了我們的營收成長預期，我們繼續實現利潤率和現金創造的強勁同比增長。我們實現了 23% 的收入成長，同時自由現金流利潤率創下了 20% 的紀錄，隨著我們接近 10 億美元的規模和持續的盈利能力以及令人難以置信的里程碑，證明了經營槓桿的頂級增長。

We continue to solidify our position as a technology leader across key growth categories of AI, cloud, data and endpoint. Our Singularity platform is setting new benchmarks across the industry for AI-powered cybersecurity, delivering industry-leading performance and operational resilience. Let's first turn the discussion to our latest platform innovations and customer momentum. With our land and expand platform strategy, we're protecting more enterprises than ever before. In Q1, we continued to expand our customer base and drive platform adoption across AI, cloud, data and endpoint.

我們繼續鞏固我們在人工智慧、雲端、數據和終端等關鍵成長類別中的技術領先地位。我們的 Singularity 平台正在為整個產業設立人工智慧網路安全的新基準，提供業界領先的效能和營運彈性。讓我們先討論一下我們最新的平台創新和客戶發展勢頭。透過我們的土地和擴展平台策略，我們保護的企業比以往任何時候都多。在第一季度，我們繼續擴大客戶群並推動人工智慧、雲端、數據和終端平台的採用。

We're increasing our market share in each of these categories. For instance, Purple AI achieved triple-digit year-over-year growth in quarterly bookings, underscoring strong market demand and momentum. It also achieved an attach rate that exceeded 25% across subscriptions sold in the quarter. demonstrating a strong start to the year and accelerating customer adoption of our AI security solution.

我們正在增加每個類別的市場份額。例如，Purple AI 的季度預訂量實現了三位數的同比增長，凸顯了強勁的市場需求和發展勢頭。本季銷售的訂閱附加率也超過了 25%。展現今年強勁的開局，並加速客戶對我們人工智慧安全解決方案的採用。

In Q1, we also introduced the unified cloud security suite bringing together cloud workload and run time protection, cloud security posture management, cloud detection and response, cloud data security, cloud identity and AI security posture management into a single fully integrated solution powered by AI and our modern data analytics packing.

在第一季度，我們還推出了統一的雲端安全套件，將雲端工作負載和運行時保護、雲端安全態勢管理、雲端偵測和回應、雲端資料安全、雲端身分和 AI 安全態勢管理整合到一個由 AI 和我們現代資料分析包提供支援的單一完全整合的解決方案中。

We're delivering cloud security that is designed for real-time defense and operations in this most recent launch, makes it more accessible and easier to deploy than ever before. We're seeing strong traction. Among cloud security opportunities, a Fortune 500 industrial leader was seeking to modernize its cloud security posture. This customer wanted to eliminate coverage gaps left by the incumbent solution and looked at SentinelOne CNAPP for a robust AI-driven approach. Our Singularity Cloud Security suite seamlessly met their complex requirements and exceeded product performance expectations. What set us apart was the strength of our cloud security offering as well as the value of our unified platform that delivers comprehensive protection.

我們在最新發布的產品中提供了專為即時防禦和營運而設計的雲端安全，使其比以往更易於存取和部署。我們看到了強勁的吸引力。在雲端安全機會中，財富 500 強工業領導者正在尋求實現其雲端安全態勢的現代化。該客戶希望消除現有解決方案留下的覆蓋空白，並尋求 SentinelOne CNAPP 來獲得強大的 AI 驅動方法。我們的 Singularity Cloud Security 套件無縫滿足了他們的複雜要求，並超越了產品效能預期。我們的獨特之處在於我們提供的雲端安全產品實力以及提供全面保護的統一平台的價值。

I'm also pleased to share that our data solutions surpassed $100 million of ARR in Q1 and among AI SIEM opportunities, a large Fortune 500 retailer faced significant challenges around soaring, plant cost, operational efficiencies and the complexity of managing multiple logging platforms. Singularly directly addressed these challenges by simplifying operations, lowering costs and providing a unified intelligent security experience. This win underscores the momentum of our AI SIEM offering and the increasing preference for our modern AI-driven cloud-native data solution.

我也很高興地告訴大家，我們的數據解決方案在第一季的 ARR 超過了 1 億美元，在 AI SIEM 機會中，一家大型財富 500 強零售商面臨著飆升、工廠成本、營運效率和管理多個日誌平台的複雜性方面的重大挑戰。Singularly 透過簡化操作、降低成本和提供統一的智慧安全體驗直接解決了這些挑戰。此次勝利凸顯了我們的 AI SIEM 產品的發展勢頭以及人們對我們現代 AI 驅動的雲端原生數據解決方案的日益青睞。

Among endpoint opportunities, a leading Fortune 500 financial institution, consolidated multiple security vendors by switching to SentinelOne, reducing overhead and improving performance. Our unified platform and autonomous security were clear differentiators. Overall, our success with large enterprises and platform adoption continues to drive higher ARR per customer, which reached a new record in Q1. In addition to growing our presence with the largest enterprises in the world, we continue to see strong growth in the mid-market. We maintained healthy expansion rates with our existing customer base.

在端點機會中，一家領先的財富 500 強金融機構透過轉換到 SentinelOne 整合了多個安全供應商，從而降低了開銷並提高了效能。我們的統一平台和自主安全是明顯的區別。總體而言，我們在大型企業和平台採用方面取得的成功繼續推動每位客戶的 ARR 不斷提高，並在第一季度創下了新高。除了擴大我們在全球最大企業中的影響力之外，我們還看到中端市場的強勁成長。我們現有客戶群的擴張率保持健康。

Turning to our partner ecosystem. We're constantly deepening engagements, especially amongst our strategic relationships. As AI-driven threats grow more sophisticated, both our partners and our customers are increasingly turning to autonomous security solutions that reduce response time while delivering real-time machine speed protection.

轉向我們的合作夥伴生態系統。我們正在不斷深化合作，特別是戰略關係的合作。隨著人工智慧驅動的威脅變得越來越複雜，我們的合作夥伴和客戶越來越多地轉向自主安全解決方案，以減少回應時間，同時提供即時機器速度保護。

To further support this shift, we're making it easier for our partners and customers to access our platform. In Q1, we launched PartnerOne, an entirely reimagined program for MSSPs, incident responders, VARs and technology partners.

為了進一步支持這一轉變，我們正在使我們的合作夥伴和客戶更容易訪問我們的平台。在第一季度，我們推出了 PartnerOne，這是一個針對 MSSP、事件回應者、增值轉售商 (VAR) 和技術合作夥伴全新設計的計畫。

It features a streamlined tiering structure, performance-based incentives and customized enablement resources. The launch of PartnerOne will enable us to reach more customers, increase flexibility and reinforce our role in the broader cybersecurity ecosystem. In the public sector, we're demonstrating technology leadership and opening new opportunities. Last year, we achieved FedRAMP high authorization for endpoint and AI SIEM. I'm pleased to say that earlier this month, we achieved Fidrum pie authorization for Purple, CNAPP and hyperautomation across the Singularity platform.

它具有精簡的分層結構、基於績效的激勵措施和客製化的支援資源。PartnerOne 的推出將使我們能夠接觸到更多的客戶，提高靈活性，並加強我們在更廣泛的網路安全生態系統中的作用。在公共部門，我們正在展示技術領導並開闢新的機會。去年，我們獲得了端點和 AI SIEM 的 FedRAMP 高授權。我很高興地說，本月早些時候，我們獲得了 Fidrum 的 Purple、CNAPP 和 Singularity 平台超自動化授權。

Purple AI is now the first and only cybersecurity agentic AI solution approved for US government organizations. This milestone is an important competitive differentiator and reflects our deep strategic commitment to safeguarding the US government's most sensitive environments.

Purple AI 目前是第一個也是唯一一個獲得美國政府組織批准的網路安全代理 AI 解決方案。這一里程碑是重要的競爭優勢，反映了我們對保護美國政府最敏感環境的堅定戰略承諾。

Cybersecurity is national security. While near-term uncertainty around federal budget allocation and spending persists, our broader pipeline and opportunity set remains strong. In fact, we closed a 7-figure renewal and expansion deal with a large federal agency in early Q2. We continue to grow our presence in the federal space, though deal time lines may vary in the near term. We're actively partnering with federal, state and local agencies, many of which depend on federal funding and engaging with them at the pace aligned to their considerations.

網路安全就是國家安全。儘管聯邦預算分配和支出的短期不確定性仍然存在，但我們更廣泛的管道和機會仍然強勁。事實上，我們在第二季初與一家大型聯邦機構達成了一項七位數的續約和擴張協議。儘管短期內交易時間表可能會有所不同，但我們將繼續擴大在聯邦領域的影響力。我們正在積極與聯邦、州和地方機構合作，其中許多機構依賴聯邦資金，並以符合他們考慮的步伐與他們合作。

We're proud to support our government institutions and improve the country's cyber defenses. All of this success stems from our focused innovation strategy and technology leadership. Most recently, we earned prominent recognitions across the industry. In April, Frost & Sullivan named SentinelOne the top-performing vendor in both growth and innovation in their 2025 radar for endpoint security. We're also honored to be recognized at the SC Media Awards is both the best endpoint security and the best cloud security.

我們很自豪能夠支持我們的政府機構並改善國家的網路防禦。所有這些成功都源自於我們專注的創新策略和技術領先地位。最近，我們贏得了整個行業的傑出認可。4 月，Frost & Sullivan 將 SentinelOne 評為 2025 年端點安全雷達中成長與創新表現最佳的供應商。我們也很榮幸在 SC 媒體獎中獲得最佳端點安全和最佳雲端安全的認可。

These accolades clearly reflect the strength of our Singularity platform and the innovation our teams are delivering. At RSA, we announced Athena, the next evolution of Purple AI, showcasing our vision to deliver the industry's first true end-to-end Agentic AI platform for cybersecurity. It's time to combine the two most powerful forces in the world, humans and AI. Purple AI understands context, draws connections and act autonomously with speed and precision. We're enabling customers to seamlessly connect to third-party data sources, unlocking the full potential of Purple AI for enterprises regardless of where they are in their data migration journey.

這些榮譽清楚地反映了我們的 Singularity 平台的實力以及我們團隊所提供的創新。在 RSA 上，我們宣布推出 Purple AI 的下一代產品 Athena，展示了我們提供業界首個真正的端到端網路安全 Agentic AI 平台的願景。現在是時候將世界上最強大的兩股力量——人類和人工智慧結合起來了。Purple AI 能夠理解情境、建立連結並快速且精確地自主行動。我們使客戶能夠無縫連接到第三方資料來源，為企業釋放 Purple AI 的全部潛力，無論他們處於資料遷移的哪個階段。

Security teams can get faster response times, broader coverage, and scalable intelligent SecOps. With our latest innovations, Purple leverages trillions of security relevant events resulting in a unique data set that is continuously tuned, refined and optimized in partnership with our elite MDR team, an extensive MDR partner network. Purple AI is auto triage, now generally available helps investigate threats, orchestrate multistep responses and remediate incidents in seconds.

安全團隊可以獲得更快的回應時間、更廣泛的覆蓋範圍和可擴展的智慧 SecOps。憑藉我們的最新創新，Purple 利用數萬億個安全相關事件，形成了一個獨特的數據集，並與我們的精英 MDR 團隊（一個廣泛的 MDR 合作夥伴網絡）合作，不斷調整、完善和優化該數據集。Purple AI 具有自動分類功能，現已普遍可用，可協助調查威脅、協調多步驟回應並在幾秒鐘內補救事件。

Also, generally available is Singularity Hyperautomation. Combined with Purple AI, this allows enterprises to harness no-code automated workflow capabilities to execute novel detection rules autonomously for organizations overwhelmed by thousands of daily alerts and manual operations our autonomous security innovations empower teams to focus on the most critical threats. That shift to the broader demand environment and trends we're seeing in the market. Demand for cybersecurity remains strong and resilient.

此外，Singularity Hyperautomation 也普遍可用。與 Purple AI 結合，這使得企業能夠利用無程式碼自動化工作流程功能，為每天被數千個警報和手動操作所淹沒的組織自主執行新的檢測規則，我們的自主安全創新使團隊能夠專注於最關鍵的威脅。這種轉變體現了我們在市場上看到的更廣泛的需求環境和趨勢。網路安全的需求依然強勁且具彈性。

Given the heightened macro uncertainty in April, we observed elongated sales cycles as certain customers paused their spending decisions impacting our Q1 net new ARR. As a result, we're taking a more measured stance on our full year growth assumptions. Importantly, we haven't seen project cancellations or lost deals, and our win rates remain strong. We're focused on execution and staying nimble. In parallel, cybersecurity is undergoing a fundamental transformation.

鑑於 4 月宏觀不確定性加劇，我們觀察到銷售週期延長，因為某些客戶暫停了他們的支出決策，影響了我們第一季的淨新 ARR。因此，我們對全年成長假設採取了更審慎的立場。重要的是，我們沒有看到專案取消或交易遺失，我們的成功率仍然很高。我們專注於執行並保持靈活。同時，網路安全正經歷根本性的轉變。

Everything from how software is developed or how security is deployed to how outcomes are measured is evolving rapidly. The software model, as we know it, is undergoing an AI-driven transformation. In a world where threats move at machine speed, legacy silo tools or complex platform built around static features are no longer effective.

從軟體開發方式、安全部署方式到結果衡量方式，一切都在快速發展。我們所知的軟體模型正在經歷人工智慧驅動的轉變。在威脅以機器速度移動的世界中，傳統的孤島工具或圍繞靜態功能構建的複雜平台不再有效。

Going forward, cybersecurity also requires a new standard one where software adapts to the need of the business, not the other way around. In our view, the future of cybersecurity will be powered by integrated data visibility and AI-based protection. And that's what we're building at SentinelOne source-agnostic unified security platform powered by the industry's most advanced security AI.

展望未來，網路安全還需要一個新的標準，即軟體適應業務需求，而不是相反。我們認為，網路安全的未來將由整合資料視覺性和基於人工智慧的保護來推動。這就是我們在 SentinelOne 上建構的由業界最先進的安全 AI 提供支援的源無關統一安全平台。

Our goal is to simplify security significantly using AI. As the industry advances, we believe our platform and innovation approach will become increasingly critical for any customer in any deployment model across any environment. For years, we've been at the forefront to lead this shift. We too have undergone a significant shift through platform evolution in recent years now with a platform-wide AI-centric approach. As a primary example, non-endpoint solutions represent approximately half of our quarterly bookings.

我們的目標是利用人工智慧顯著簡化安全性。隨著產業的發展，我們相信我們的平台和創新方法對於任何環境中的任何部署模式的任何客戶都將變得越來越重要。多年來，我們一直站在引領這轉變的最前線。近年來，我們也透過平台演進經歷了重大轉變，現在整個平台都採取了以人工智慧為中心的方法。舉個主要例子，非端點解決方案約占我們季度預訂量的一半。

Going forward, we're making our offerings more flexible and even easier to access, adopt, and deploy. We believe this will increase velocity, drive broader platform adoption and unlock more value for our customers over time. As our offerings evolve, so is our go-to-market, going from a product-centric sales approach to a platform sales strategy. We've made good progress over the past year. And as we look ahead, our training enablement and partnerships will continue to evolve. We are confident these changes will support high growth for years to come.

展望未來，我們將使我們的產品更加靈活，甚至更易於存取、採用和部署。我們相信，這將提高速度，推動更廣泛的平台採用，並隨著時間的推移為我們的客戶釋放更多價值。隨著我們產品的不斷發展，我們的行銷方式也在不斷發展，從以產品為中心的銷售方式轉變為平台銷售策略。過去的一年我們取得了良好的進展。展望未來，我們的培訓支援和合作夥伴關係將繼續發展。我們相信這些變化將支持未來幾年的高成長。

In closing, I want to recognize the incredible team at SentinelOne. Through this dynamic environment, their drive resilience and commitment power everything we do. In particular, our teams are working tirelessly every day with prospects and customers to deliver leading security across the world. I'm also grateful to our customers and partners for the trust they place in us every day. We started the new fiscal year delivering top-tier growth and improving profitability. The future for AI-powered security is approaching or opportunity is vast, and our differentiation is becoming stronger.

最後，我要表彰 SentinelOne 出色的團隊。透過這種充滿活力的環境，他們的動力、韌性和承諾為我們所做的一切提供動力。特別是，我們的團隊每天都在不知疲倦地與潛在客戶和客戶合作，以提供全球領先的安全保障。我也感謝我們的客戶和合作夥伴每天對我們的信任。我們在新的財政年度開始時就實現了頂級成長並提高了獲利能力。人工智慧安全的未來正在臨近，機會巨大，我們的差異化優勢也越來越強。

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. Let's review the details of our Q1 financial performance and our guidance for Q2 and the full fiscal year '26. As a reminder, all comparisons are year-over-year and financial measures discussed here are non-GAAP unless otherwise noted.

謝謝你，托默，也謝謝大家今天加入我們。讓我們回顧一下我們第一季的財務業績細節以及我們對第二季和 26 財年全年的預期。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。

We continue to deliver industry-leading growth and strong margin expansion. Our revenue of $229 million exceeded expectations and grew 23%. Revenue from international markets grew 27% and represented 38% of our quarterly revenue, as we continue to deliver balanced growth across geographies. Our total ARR grew 24% to $948 million. As Tomer mentioned, macro uncertainty was pronounced in April and impacted our Q1 net new ARR. This is a dynamic time, but we believe we're well positioned to navigate evolving market conditions.

我們繼續實現業界領先的成長和強勁的利潤擴張。我們的營收達到 2.29 億美元，超出預期，成長了 23%。我們繼續在各個地區實現均衡成長，來自國際市場的收入成長了 27%，占我們季度營收的 38%。我們的總 ARR 成長了 24%，達到 9.48 億美元。正如托默所提到的，4 月宏觀不確定性凸顯，並影響了我們第一季的淨新 ARR。這是一個充滿活力的時代，但我們相信我們已做好準備，以應對不斷變化的市場狀況。

We continue to gain market share, and we're seeing continued success with platform solutions across endpoint, cloud, data and AI. Customers with ARR of $100,000 or more grew 22% to 1,459. Our average deal size or ARR per customer expanded double digits year-over-year, highlighting our platform momentum across all segments of the market. Remaining performance obligations continue to reaccelerate and grew 33% to $1.2 billion.

我們的市場份額不斷擴大，我們看到跨終端、雲端、數據和人工智慧的平台解決方案不斷取得成功。年平均收入 (ARR) 為 100,000 美元或以上的客戶數量增加了 22%，達到 1,459 人。我們每位客戶的平均交易規模或 ARR 年成長兩位數，凸顯了我們平台在所有市場領域的發展動能。剩餘履約義務持續加速成長，成長 33%，達到 12 億美元。

In addition to larger deal sizes, we're also seeing customers commit to longer-term agreements with SentinelOne. Contract duration for both new and existing customers expanded year-over-year in Q1. This is a testament to the trust we have established with our customers and our commitment to future innovation.

除了交易規模擴大之外，我們還看到客戶與 SentinelOne 簽訂了更長期的協議。第一季新舊客戶的合約期限較去年同期均有所延長。這證明了我們與客戶建立的信任以及我們對未來創新的承諾。

Turning to margins. We continue to deliver margin expansion and free cash flow improvement. In Q1, we maintained an industry-leading gross margin of 79%, and our operating margin expanded over 4 percentage points year-over-year to negative 2%. We also achieved our fourth consecutive quarter of positive net income. This performance was driven by scale, cost discipline and our focused investment strategy. I'm especially pleased with our cash generation, producing a record 20% free cash flow margin for the quarter. On a trailing 12-month basis, our free cash flow margin expanded 5 percentage points.

轉向利潤。我們持續提高利潤率並改善自由現金流。第一季度，我們維持了業界領先的79%的毛利率，營業利潤率較去年同期擴大4個百分點至-2%。我們也實現了連續第四個季度的正淨收入。這一業績是由規模、成本控制和我們重點投資策略所推動的。我對我們的現金創造能力特別滿意，本季的自由現金流利潤率達到了創紀錄的 20%。在過去 12 個月中，我們的自由現金流利潤率擴大了 5 個百分點。

Turning to our guidance for Q2 and fiscal year '26. Our full year outlook reflects Q1 results and the potential impact of heightened macro uncertainty. That said, we remain encouraged by the continued adoption of our new solutions, the shift towards larger, more strategic platform deals, our leadership in AI and the strength of our competitive position. We believe we are well positioned to continue to outpace market growth and create significant long-term value.

談到我們對 2026 年第二季和財年的指導。我們的全年展望反映了第一季的業績以及宏觀不確定性加劇的潛在影響。話雖如此，我們仍然對我們新解決方案的持續採用、向更大、更具策略性的平台交易的轉變、我們在人工智慧領域的領導地位以及我們競爭地位的強勁感到鼓舞。我們相信，我們有能力繼續超越市場成長並創造巨大的長期價值。

For Q2, we expect revenue of approximately $242 million and growth of 22%, driven by sequential net new ARR growth that exceeds typical Q2 seasonality. For the full year, we now expect revenue of $996 million to [$1.1 billion], representing 22% growth top-tier performance, especially against a backdrop of ongoing macro volatility.

對於第二季度，我們預計營收約為 2.42 億美元，成長率為 22%，這得益於連續淨新 ARR 成長超過典型的第二季季節性。就全年而言，我們目前預計營收將達到 9.96 億美元至 11 億美元，代表著 22% 的成長頂級業績，尤其是在宏觀經濟持續波動的背景下。

Turning to our outlook for margins. We expect Q2 gross margin to remain at approximately 79%. We expect full year gross margin to be between 78.5% and 79.5% as we grow our customer and platform base.

談談我們對利潤率的展望。我們預計第二季毛利率將維持在79%左右。隨著客戶和平台基礎的擴大，我們預計全年毛利率將在 78.5% 至 79.5% 之間。

For operating margin, we expect Q2 to be breakeven, implying a year-over-year improvement of approximately 300 basis points. For the full year, we are reiterating our expectation for operating margin to be between positive 3% and 4%, an improvement of over 650 basis points at the midpoint compared to fiscal year '25. In addition, we still expect free cash flow margin to exceed operating margin for the full year by several percentage points.

對於營業利潤率，我們預計第二季將實現損益平衡，這意味著年增約 300 個基點。對於全年，我們重申我們的預期，即營業利潤率將在正 3% 至 4% 之間，與 25 財年相比，中位數將提高 650 個基點以上。此外，我們仍預期全年自由現金流利潤率將超過營業利潤率幾個百分點。

We remain focused on instilling operational discipline and enhancing efficiency across the business. We believe these efforts position us to deliver stronger year-over-year margin improvement in the second half of fiscal year '26 while also continuing to reinvest in the business.

我們始終致力於灌輸營運紀律並提高整個企業的效率。我們相信，這些努力將使我們能夠在 26 財年下半年實現更強勁的同比利潤率成長，同時繼續對業務進行再投資。

Our investment approach strikes a thoughtful balance between maximizing long-term growth opportunities and maintaining a strong, responsible and profitable financial profile. First, we continue to invest in transformative innovation. We're committed to advancing the technologies that are redefining the industry. AI, data, cloud and automation.

我們的投資方法在最大化長期成長機會和維持強勁、負責任和獲利的財務狀況之間取得了深思熟慮的平衡。首先，我們持續投入變革性創新。我們致力於推進重新定義產業的技術。人工智慧、數據、雲端和自動化。

Recent launches like Purple AI Athena, hyperautomation and our cloud security suite represent a glimpse of what's possible. We're still early in helping our existing customers unlock more value from our platform, and we're focused on driving deeper adoption.

最近推出的 Purple AI Athena、超自動化和我們的雲端安全套件等產品讓我們看到了未來的可能性。我們仍處於幫助現有客戶從我們的平台釋放更多價值的早期階段，我們專注於推動更深入的採用。

Second, we're driving profitability and operational efficiency. Our investments in AI and automation will continue to drive operational efficiencies. We've also made solid progress on margin expansion and are taking deliberate steps to build on that momentum. We've been actively aligning teams and resources enforcing greater discipline and reinvesting in the highest impact opportunities.

其次，我們正在提高獲利能力和營運效率。我們在人工智慧和自動化方面的投資將繼續提高營運效率。我們在利潤率擴張方面也取得了紮實的進展，並正在採取謹慎措施來鞏固這一勢頭。我們一直在積極協調團隊和資源，加強紀律，並重新投資於最具影響力的機會。

We're optimizing our facility footprint and personnel needs and remain focused on sustainable and profitable growth. Bringing this all together, we're beginning to generate more meaningful positive free cash flow. And in Q1, our cash, cash equivalents and investments increased to $1.2 billion. This strong financial position provides us with flexibility to allocate capital in ways that support both growth and shareholder value.

我們正在優化我們的設施佈局和人員需求，並繼續專注於可持續和有利可圖的成長。綜合所有這些，我們開始產生更有意義的正自由現金流。第一季度，我們的現金、現金等價物和投資增加至 12 億美元。強勁的財務狀況使我們能夠靈活地以支持成長和股東價值的方式分配資本。

In that context, we're announcing a $200 million open-ended share repurchase authorization. This decision reflects our confidence in the long-term trajectory of the business, in our view that our current stock price does not fully reflect our underlying fundamentals or future potential.

在此背景下，我們宣布授權 2 億美元無限期股票回購。這項決定反映了我們對業務長期發展方向的信心，我們認為目前的股價並未完全反映我們的基本面或未來潛力。

This program gives us the ability to act opportunistically in the market, reduce dilution over time, and continue investing in innovation and strategic priorities, all while maintaining a strong balance sheet. We continue to scale the company on a foundation of strong fundamentals, expanding margins and significant long-term growth potential. Thank you all for joining us today.

該計劃使我們能夠在市場上採取機會行動，隨著時間的推移減少稀釋，並繼續投資於創新和戰略重點，同時保持強勁的資產負債表。我們將繼續在強勁的基本面、不斷擴大的利潤率和巨大的長期成長潛力的基礎上擴大公司規模。感謝大家今天的參與。

We'll now take questions. Operator, please open up the line.

我們現在開始回答問題。接線員，請接通線路。

(Operator Instructions) Joe Gallo, Jefferies.

（操作員指示）喬·加洛，傑富瑞。

Can you just talk a little bit more about incremental ARR in the quarter? You were expecting net new ARR to grow this year, and it was down materially in 1Q. I mean, was there more churn than expected from deception, was this a few large deals that slipped or churn? Maybe just what gives you confidence that this is macro and not competitive.

您能否再多談談本季的增量 ARR 情況？您預計今年淨新 ARR 將會成長，但第一季卻大幅下降。我的意思是，由於欺騙而導致的流失是否比預期的要多，是否有幾筆大型交易失敗或流失？也許正是這一點讓您相信這是宏觀的而不是競爭性的。

Thank you for the question. First of all, I think we're already seeing improved trends in May, and we totally expect the year-over-year net growth in Q2 to improve relative to Q1. And it will imply well above seasonal growth in Q2 compared to last year. So we believe that this was mostly isolated to kind of a Q1 dynamic, if you may. It is more around slip deals than anything else.

謝謝你的提問。首先，我認為我們已經看到 5 月的改善趨勢，我們完全預計第二季的年淨成長率將相對於第一季有所改善。這意味著第二季的季節性成長將遠高於去年同期。因此，我們認為這主要與 Q1 動態有關，如果你願意的話。這更多的是關於滑倒交易而不是其他任何事情。

We've not seen any type of elevated churn a lot of what we've seen and observed in Q1 goes back to just more macro volatility than I think anybody expected. If we kind of think about the second half, I think, in a more holistic way, the opportunities, the engagement we see demand is still strong and pipeline is still strong. So all of that just points us again to fundamentals being intact.

我們並沒有看到任何類型的客戶流失率上升，我們在第一季看到和觀察到的許多情況都歸因於比任何人預期的都要大的宏觀波動。如果我們以更全面的方式考慮下半年，我認為，機會和參與度會讓我們看到需求依然強勁，通路依然強勁。因此，所有這一切再次表明，基本面是完好的。

And I'll just add in terms of deception and your question there on churn, that came in, in line with our expectations.

我只想補充一下關於欺騙和客戶流失的問題，這符合我們的預期。

Brad Zelnick, Deutsche Bank.

德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

Barbara, my question is for you. I just wanted to better understand your guidance assumptions. And does the incremental conservatism assume the April trends persist throughout the year? And just related to that, what did you see in May? And I don't believe in your guidance, you've given us any update for ARR -- but with the revenue cut on the full year, should we also assume that the $200 million plus or minus ARR target no longer stands?

芭芭拉，我的問題是問你的。我只是想更好地理解你的指導假設。漸進式保守主義是否假設四月的趨勢會持續全年？與此相關的是，您在五月看到了什麼？而且我不相信您的指導，您向我們提供了有關 ARR 的任何更新 - 但隨著全年收入的削減，我們是否也應該假設 2 億美元上下的 ARR 目標不再成立？

Yes. Thanks, Brad. Appreciate the question. So just in terms of the broader piece, I would say our outlook is reflecting underlying kind of new business growth as we move through of the year. We definitely are seeing improved trends in May compared to what we saw in April, but we're also trying to be thoughtful about the environment and the potential that there might be further unexpected external disruption. So trying to capture that all in our expectations for FY26. As you noted, our revenue guide, we did decrease that by 1%, and you can assume that -- that means our internal expectations around net new ARR came down a slight bit as well.

是的。謝謝，布拉德。感謝你的提問。因此，就更廣泛的角度來看，我想說我們的前景反映了今年潛在的新業務成長。與四月相比，五月的趨勢確實有所改善，但我們也在努力考慮環境以及可能進一步出現意外外部幹擾的可能性。因此，我們試圖將所有這些都納入我們對 26 財年的預期中。正如您所說，我們的收入指南確實降低了 1%，您可以假設 - 這意味著我們對淨新 ARR 的內部預期也略有下降。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Tomer and Barbara, I was hoping you can give us some more specific commentary on what customers were telling you with the slip deals. We understand the general macro uncertainty, but our customers saying, for example, that they expect to have more certainty later in the year. Are you expecting the slip deals to close in the July quarter? Or is it perhaps going to take longer, help us marry the broad economic commentary to the specific SentinelOne commentary?

托默和芭芭拉，我希望你們能就客戶對滑價交易的回饋給我們一些更具體的評論。我們了解普遍的宏觀不確定性，但我們的客戶表示，他們預計今年稍後會有更多的確定性。您是否預計這些交易將在七月季度完成？或者可能需要更長的時間，幫助我們將廣泛的經濟評論與具體的 SentinelOne 評論結合起來？

Sure. Let's maybe start a bit more high level. The macro backdrop changed in Q1. I think for a lot of folks that was fairly unexpected, especially in April, which is our largest month of the smallest quarter. So we observed longer sales cycle, and I think customers basically paused their spending decisions for a few weeks. We have not seen any deal cancellations I think as we look ahead, unknowns around federal purchasing, global trade, all of that is still present. So we're trying to be mindful and reflect that in our outlook.

當然。讓我們從更高層次開始。第一季宏觀背景發生了變化。我認為對許多人來說這是相當出乎意料的，特別是在四月份，這是我們最小季度中最大的月份。因此，我們觀察到銷售週期變長，我認為客戶基本上會暫停他們的消費決定幾週。我認為，展望未來，我們還沒有看到任何交易取消，聯邦採購、全球貿易等未知因素仍然存在。因此，我們努力保持警惕，並在我們的觀點中反映這一點。

Second, and positively, we do expect 22% growth this year. It's a top tier growth rate, especially in a challenging environment. So our success with large enterprises, the platform adoption continued to drive higher ARR per customer. That actually reached a new record in Q1. So we're seeing many positive factors, but at the same time, it's really clear that we're trying to create some more room to be able to digest better.

第二，積極的一面是，我們確實預計今年的成長率為 22%。這是一個頂級的成長率，尤其是在充滿挑戰的環境中。因此，我們與大型企業合作的成功以及平台的採用繼續推動每位客戶的 ARR 不斷提高。這實際上在第一季創下了新紀錄。因此，我們看到了許多積極因素，但同時，很明顯地我們正在努力創造更多的空間以便更好地消化。

Any potential further disruption. This environment is proving to be very unpredictable on almost a daily or weekly basis. So we're just trying to take a more tapered approach as to our growth expectations. As we mentioned a couple of times, trends have definitely improved in May. Started seeing more and more progression in the enterprise and in federal sales. So that's definitely encouraging.

任何潛在的進一步中斷。事實證明，這種環境幾乎每天或每週都很難預測。因此，我們只是嘗試對我們的成長預期採取更漸進的方法。正如我們多次提到的，五月的趨勢肯定有所改善。開始看到企業和聯邦銷售取得越來越多的進展。這絕對是令人鼓舞的。

Again, the demand overall is still strong. Win rates are strong. And as you see more platform adoption, I think that what gives us the confidence that -- most of the drivers are there, disruption is the part that we cannot just predict on our own accord.

再次，整體需求依然強勁。勝率很高。隨著你看到越來越多的平台被採用，我認為讓我們有信心的是——大多數驅動因素都存在，而顛覆是我們無法僅依靠自身力量來預測的部分。

Ittai Kidron, Oppenheimer & Co.

伊泰‧凱德倫 (Ittai Kidron)，奧本海默公司

I appreciate it. Tom, maybe you could talk about the progression of the productivity and the bundle sale, how is that moving along? Where would you like to see some more improvement and also with respect to the allegated sales cycles, can you be a little bit more specific with with respect to region? Was this just North America or globally and also by vertical? Was this a little bit more pronounced in some verticals versus others?

我很感激。湯姆，也許你可以談談生產力和捆綁銷售的進展情況，進展如何？您希望在哪些方面看到更多改進？另外，關於所謂的銷售週期，您能否更具體地說明一下地區狀況？這僅僅是北美地區還是全球性的並且也是垂直的？與其他垂直產業相比，這種現像在某些垂直產業是否更為明顯？

I'll start with the latter question. I think we've seen it all around in different pockets. Definitely more pronounced, I think, in larger deals than in the enterprise, but definitely globally, mid-market was still very strong for us in the quarter. As to what we're seeing out there, there's no question that -- when we talk to customers today, the breadth and depth of our platform is significant, and we're working to actually make it more flexible and easier for customers to consume more parts of our platform. One example of that could be our Purple AI offering once we've introduced that into our foundation package, it immediately drove more and more adoption and a price uplift.

我先從後一個問題開始。我想我們已經在各個地方見過它了。我認為，大型交易的表現肯定比企業交易中的表現更為明顯，但在全球範圍內，中端市場在本季對我們來說仍然非常強勁。至於我們所看到的情況，毫無疑問——當我們今天與客戶交談時，我們平台的廣度和深度非常重要，我們正在努力使客戶能夠更靈活、更輕鬆地使用我們平台的更多部分。其中一個例子就是我們的 Purple AI 產品，一旦我們將它引入到我們的基礎包中，它就會立即推動越來越多的採用和價格上漲。

So as we progress to the second half of the year, our ability to deploy a complete flexible procurement for our entire platform, we believe is going to drive more adoption of the modules that we have our data business, crossing $100 million in ARR. That's a great milestone for us.

因此，隨著我們進入下半年，我們為整個平台部署完整和靈活採購的能力，我們相信將推動更多人採用我們數據業務的模組，使 ARR 突破 1 億美元。這對我們來說是一個偉大的里程碑。

Both of these parts of our business, AI plus data are growing significantly. They are the major drivers of the business and at this point in time, and we believe that will fuel growth for years to come. So when you couple all of that and you allow customers to consume any part of your platform. I think this we're going to start seeing some meaningful accretion just by changing our bundling structure, moving away from a product-centric approach and into a platform-wide approach.

我們的業務的這兩個部分，人工智慧和數據都在顯著成長。他們是目前業務的主要推動者，我們相信這將推動未來幾年的成長。因此，當您將所有這些結合在一起時，您就允許客戶使用您平台的任何部分。我認為，只要改變我們的捆綁結構，從以產品為中心的方法轉向以平台範圍的方法，我們就會開始看到一些有意義的成長。

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Great. Tomer, maybe for you, maybe just hitting on that data point that you made. Can you just talk a little bit about the SIEM market right now? It just seems like the velocity of competitive displacements are picking up there for you as well as competitors. So how do you sort of think about that and maybe the pipeline of those types of displacements going forward?

偉大的。托默，也許對你來說，也許只是觸及你提出的那個數據點。能簡單談談目前的 SIEM 市場嗎？看起來，對於您和競爭對手來說，競爭性取代的速度正在加快。那麼，您如何看待這個問題，以及未來此類置換的想法如何？

Sure. First, I would say, it's not only displacement. I think in many cases, you see augmentation. In many cases, you see net new data where people are looking to store in more effective automated and AI-driven solutions. So you're seeing a lot of different dynamics play out.

當然。首先我想說，這不只是位移的問題。我認為在很多情況下，你會看到增強。在許多情況下，您會看到人們希望將新資料儲存在更有效的自動化和人工智慧驅動的解決方案中。因此，您會看到許多不同的動態正在發揮作用。

I think one of the things that we kind of mentioned throughout the prepared remarks is our ability, which we launched at RSA to actually tap into existing same providers and allow them to really enjoy or allow customers to really enjoy our AI capabilities without the need to move data at the point of deployment.

我認為，我們在整個準備好的演講中提到的一件事是，我們在 RSA 推出的能力可以真正利用現有的相同供應商，並讓他們真正享受或讓客戶真正享受我們的 AI 功能，而無需在部署時移動資料。

And I think what you're seeing more and more is that for especially the larger customers, they have data in many different stores. Rarely do you see one place with all the data. And I think allowing customers to unify the data, whether it migrating it or in a migration free mode, I think really opens up how you think about applying AI to enterprise data. There is definitely more and more interest in cloud native SIEM solutions or data lakes, both because of the cost benefit. But I think more importantly, because of the need to start addressing threats and issues in real time, which if you look at the legacy providers, I think that's the point where they're struggling significantly.

我認為你會越來越多地看到，特別是對於較大的客戶，他們在許多不同的商店中擁有數據。你很少能看到一個地方擁有所有的數據。我認為允許客戶統一數據，無論是遷移數據還是以無遷移模式，都真正開啟了您將 AI 應用於企業數據的想法。人們對雲端原生 SIEM 解決方案或資料湖的興趣肯定越來越大，這兩者都是因為成本效益。但我認為更重要的是，因為需要開始即時解決威脅和問題，如果你看看傳統的供應商，我認為這就是他們面臨巨大困難的地方。

None of these systems were designed to run in real time. Most of these systems have very significant latency. And these are deep architectural issues that they have. They're going to be solved overnight or maybe at all. And I think that's what's driving a lot of the desire for customers to look at new solutions.

這些系統都不是設計為即時運作的。大多數此類系統的延遲都非常大。這些都是他們所面臨的深層架構問題。這些問題將在一夜之間解決，或者根本無法解決。我認為這正是促使客戶尋求新解決方案的動力。

And I think as customers are doing that, especially in this new brave AI agent world, they want these new solutions, the new data solutions to already be embedded with AI, and that's exactly what our AI SIEM is able to provide out of the box.

我認為，隨著客戶這樣做，特別是在這個新的勇敢的人工智慧代理世界中，他們希望這些新的解決方案、新的數據解決方案已經嵌入了人工智慧，而這正是我們的人工智慧 SIEM 能夠開箱即用的功能。

Tal Liani, Bank of America.

塔爾·利亞尼（Tal Liani），美國銀行。

I have a strategic question. I think I asked you the same question two years ago, and I'm going to ask the same question again because on one hand, the pipeline is strong, but -- and your space is extremely attractive, but you are 1/5 of the size of your biggest competitor and you are growing at the same rate. And with all these new products and new activities, and things you are successful at what needs to happen for the company to outgrow this just because of your small size? And what areas do you think can drive up this growth acceleration in the future?

我有一個戰略問題。我想我兩年前問過你同樣的問題，我還會再問一次同樣的問題，因為一方面，渠道很強大，而且你的空間非常有吸引力，但你的規模只有最大競爭對手的 1/5，而且你的增長速度相同。有了這些新產品、新活動以及你們成功的事情，公司需要做些什麼才能擺脫規模小的困境？您認為未來哪些領域可以推動這項成長加速？

Thanks for the question, Tal. Yes, I remember it from two years ago. I think we're in a different revenue scale nowadays. At the same time, I think the biggest difference that you're seeing with us versus pretty much every other incumbent in cybersecurity is the amount of actual new logos that we're adding versus, I think, the motions of others.

謝謝你的提問，Tal。是的，我記得兩年前的事了。我認為我們現在的收入規模已經不同了。同時，我認為我們與網路安全領域幾乎所有其他現任者之間最大的區別在於，我們實際添加的新識別數量與其他人的動議相比有所增加。

I also fully suspect that for us and what we're seeing today in cybersecurity, the different solutions that are out there, I'm almost certain that in a year time, two-year time, the requirements for cybersecurity are going to be changing dramatically. And I think that we already have been leading with our AI offerings. We continue to expand that lead into the future.

我還完全懷疑，對於我們以及我們今天在網路安全領域所看到的，現有的不同解決方案而言，我幾乎可以肯定，在一年或兩年的時間裡，網路安全的要求將發生巨大變化。我認為我們的人工智慧產品已經處於領先地位。未來我們將繼續擴大領先優勢。

We're still running at a top-tier growth rate across every software vendor out there pretty much not just our competitors. So all in all, again, we're one of the biggest cybersecurity providers in the world today, and we're going to continue to grow. So to us, it's only about putting the right types of products and solutions into the hands of customers. This market is incredibly big, and we're focused on our own path.

我們仍然在所有軟體供應商中保持著頂級的成長率，而不僅僅是我們的競爭對手。總而言之，我們是當今世界上最大的網路安全供應商之一，而且我們將繼續發展。因此對我們來說，這只是將正確類型的產品和解決方案交到客戶手中。這個市場非常大，我們專注於自己的道路。

John DiFucci, Guggenheim.

古根漢美術館的約翰·迪富奇。

A question is for Tomer. Tom, you talked about the macro backdrop, which we understand is something you can't control, but you also spoke about go-to-market moving from product-centric to a platform strategy, which is something that is under your control I know this has been happening, but can you talk further about what this means and the likely impact on sales timing. Did this also come into play at all this quarter -- with this quarter's results and your slight lowering for the year? Or was it just all macro driven? And by the way, nice job on the free cash flow, Barbara. And the share buyback says a lot. So thanks.

有一個問題問托默。湯姆，你談到了宏觀背景，我們知道這是你無法控制的，但你也談到了從以產品為中心轉向平台策略的行銷，這是你能控制的。我知道這種情況一直在發生，但你能進一步談談這意味著什麼以及對銷售時機的可能影響嗎？這是否也在本季產生了影響——本季的業績和全年的略微下調？或者說這一切都是宏觀驅動的？順便說一句，芭芭拉，你在自由現金流方面做得很好。股票回購說明了許多問題。所以謝謝。

Yes. Thank you for the question. Look, I think as we called in the script, the go-to-market evolution part of our journey is continuous. So there wasn't anything specific in it's very clear that as we put forward more of our AI-based offerings, and we're expanding the suite of capabilities that we have, that changes the way that we talk to customers. It changes the way that we build customers.

是的。謝謝你的提問。看，我認為正如我們在腳本中所說的那樣，我們旅程的進入市場演變部分是持續的。因此，沒有什麼具體內容，但很明顯，隨著我們推出更多基於人工智慧的產品，並擴展我們擁有的功能套件，這改變了我們與客戶溝通的方式。它改變了我們建立客戶的方式。

It changes the way that we lead our conversations, especially if you couple that with what I mentioned earlier, move towards more flexible structures for customers, the ability to consume the entire platform. These things don't happen overnight, but I do believe we're getting better and better because of these things. So if anything, as we deploy more capabilities to customers to consume more of our platform that should allow us to actually improve on our efficiency and our ability to really drive further gains as we think about our sales force and what each and every seller can potentially sell or talk to a customer about.

它改變了我們引導對話的方式，特別是如果你把它與我之前提到的結合起來，為客戶提供更靈活的結構，讓他們能夠使用整個平台。這些事情不會在一夜之間發生，但我相信我們會因為這些事情變得越來越好。因此，如果我們向客戶部署更多功能以使用更多我們的平台，這將使我們能夠真正提高效率和真正推動進一步收益的能力，因為我們會考慮我們的銷售團隊以及每個賣家可能銷售什麼或與客戶談論什麼。

So all in all, go-to-market is an ever-going evolution, I would say, especially in a market that's changing especially when technologies are changing, I think that we're looking today in our platform is one of the preeminent platforms in the space, the amount of offerings we have is significant our data and AI leadership is significant. So for us, it's really about honing in on these areas of our business in shifting away from what was a very product-centric type of go-to-market function for us. It always has some complexities with enablement and training, and we called that out also in the prepared remarks, but outside of that, I mean, these would be net positives for the business going forward.

總而言之，我想說，進入市場是一個不斷發展的過程，特別是在不斷變化的市場中，特別是當技術在變化時，我認為我們今天所看到的平台是該領域最傑出的平台之一，我們擁有的產品數量非常可觀，我們的數據和人工智慧領導力也非常重要。因此，對我們來說，這實際上是為了磨練我們業務的這些領域，擺脫以產品為中心的行銷職能。在支援和培訓方面總是存在一些複雜性，我們也在準備好的評論中提到了這一點，但除此之外，我的意思是，這些對於未來的業務來說都是淨利好。

Brian Essex, JPMorgan.

摩根大通的布萊恩艾塞克斯。

I guess, Barbara, this one is for you. Prior to your joining, I think the company had talked about being growth constrained because of the focus on margins. And now we've kind of approached breakeven levels and the outlook for profitability and cash so looks a little bit better. But what I'd like to understand is where are you seeing incremental cost savings within the company?

我想，芭芭拉，這個是給你的。在您加入之前，我認為公司曾談到由於過於注重利潤率而導致成長受限的問題。現在我們已經接近損益兩平水平，獲利和現金前景看起來也好一些。但我想了解的是，您在哪些方面看到了公司內部的增量成本節約？

And then on the other side of that, where are you investing incremental leverage? Where are you seeing the greatest return? And how can we think about the way that those initiatives can drive better growth ahead?

那麼另一方面，您在哪裡投資增量槓桿？您在哪裡看到最大的回報？我們如何看待這些措施能夠推動未來更好的成長？

Thanks for the question, Brian. In terms of growth versus profitability, I would just say we remain focused on investing for efficient growth. We've been driving meaningful efficiencies across the business, so realigning teams and also making more targeted investment in key growth areas as well as away from growth areas that aren't key to us. So that included deception last quarter. So all trying to focus on efficiency as well as growth and continue to scale the company.

謝謝你的提問，布萊恩。就成長與獲利能力而言，我只想說我們仍然專注於投資實現高效成長。我們一直在推動整個業務的有效效率提升，因此我們重新調整了團隊，並在關鍵成長領域以及對我們不重要的成長領域進行更有針對性的投資。因此這包括上個季度的欺騙行為。因此，所有人都試圖專注於效率和成長，並繼續擴大公司規模。

From an investment focus area, we are continuing to invest in AI-based innovations across all of our solutions, endpoint cloud data and Purple, and just really given the market environment, we're really leaning into strengthening our go-to-market presence, both sales and marketing. So continue to take proactive steps to drive efficiency and drive margin improve -- and you can see that reflected in our op margin guidance for over 650 basis points of improvement in FY26.

從投資重點領域來看，我們將繼續在所有解決方案、終端雲端數據和 Purple 中投資基於人工智慧的創新，考慮到市場環境，我們確實傾向於加強我們的市場影響力，包括銷售和行銷。因此，繼續採取積極措施來提高效率和利潤率——您可以從我們的營業利潤率指引中看到這一點，即 2026 財年營業利潤率將提高 650 個基點以上。

Rob Owens, Piper Sandler.

羅伯歐文斯、派珀桑德勒。

I think, Tomer, during your prepared remarks, you talked about 25% of subscriptions sold during the quarter had an AI attached to it. Curious what that's doing to overall deal size, if you can give some color.

托默，我想，在您準備好的發言中，您談到了本季度售出的訂閱中有 25% 都附帶了人工智慧。我很好奇這對整體交易規模有何影響，請提供一些細節。

Of course. I think we talked about it a few times in the past and that hasn't really changed. I mean the inclusion of AI is about a 25% uplift to the average deal size. I would say that, that is a starting point for us. This includes only our foundation AI capabilities, and we're now expanding our capabilities to introduce multiple agentic solutions that can really build on top of it and create even more accretion into the future.

當然。我想我們過去已經談論過這個問題幾次了，這一點並沒有真正改變。我的意思是，人工智慧的加入將使平均交易規模增加約 25%。我想說，這是我們的起點。這僅包括我們的基礎人工智慧能力，我們現在正在擴展我們的能力，以引入多種代理解決方案，這些解決方案可以真正在此基礎上建構並在未來創造更多的成長。

So all in all, it is not only that uplift for us, but it's also a great differentiation point. If you think about it today, we don't really sell or don't think it's wise to sell even an EDR solution without AI capabilities. So we bundle these two together. And we're the only, call it, AI EDR solution on the market today. And I think that's already positioning us in a very different way for both our customers and our partners.

總而言之，這不僅為我們帶來了提升，也是一個很好的差異點。如果你今天想想，我們實際上並沒有銷售，或者認為銷售沒有 AI 功能的 EDR 解決方案是不明智的。因此我們將這兩者捆綁在一起。我們是目前市場上唯一的 AI EDR 解決方案。我認為這已經讓我們在客戶和合作夥伴面前處於非常不同的地位。

And as we go forward, obviously, those are genetic add-ons are going to continue and fuel growth for customers. I mean, the outcomes, obviously, that we're able to deliver with agent capabilities I think are just staggering both in terms of time savings, in terms of speed, in terms of automation.

隨著我們不斷前進，顯然這些基因附加功能將會繼續存在並推動客戶的成長。我的意思是，顯然，我們能夠透過代理功能提供的成果在節省時間、速度和自動化方面都是驚人的。

We got amazing components in the platform that if you put together, starting with our endpoint capability, but all the way to agent capabilities and to hyper automation, which is also generally available for us customers trying to get a picture of what they can do with this end-to-end platform and connecting all these pieces together. So that initial uplift, we believe, is really just a starting point for us, and it is just very promising to see people opt to get it as part of our base offering.

我們的平台中擁有令人驚嘆的組件，如果你將它們組合在一起，從我們的端點功能開始，一直到代理功能和超級自動化，這些組件通常也可供我們客戶使用，他們試圖了解他們可以使用這個端到端平台做什麼，並將所有這些部分連接在一起。因此，我們認為，最初的提升實際上只是我們的一個起點，看到人們選擇將其作為我們基本產品的一部分，我們感到非常高興。

Trevor Walsh, Citizens.

特雷弗·沃爾什（Trevor Walsh），公民。

Barbara, maybe for you. I appreciate the color that you gave around free cash flow outlook for the year and that trending just kind of ahead of the operating margin. Could you maybe just give us a sense of how that will kind of flow over the next couple of quarters? Like if that will just look kind of similar to the seasonality that we saw last year? And then relatedly, does the share purchase -- repurchase program kind of change your point of view, just overall strategically around doing M&A transactions at all?

芭芭拉，也許對你來說。我很欣賞您對今年自由現金流前景的描述，而且這種趨勢略高於營業利益率。您能否向我們介紹一下未來幾季的進展？這看起來是否與我們去年看到的季節性有點相似？那麼，與此相關的是，股票購買 - 回購計劃是否會改變您的觀點，從整體上改變您對併購交易的看法？

Thanks for the question. So you're right. We continue to expect free cash flow margin to exceed operating margin for the full year by several points. I think from a seasonality trend, Q1 typically tends to be our biggest free cash flow quarter. You'll see that trend down Q2 and Q3 and then trend back up in Q4. So pretty typical seasonality from a cash flow perspective and then on share repurchase.

謝謝你的提問。所以你是對的。我們仍預期全年自由現金流利潤率將超過營業利潤率幾個百分點。我認為從季節性趨勢來看，第一季通常是我們自由現金流最大的季度。您會看到該趨勢在第二季和第三季下降，然後在第四季回升。因此，從現金流量角度和股票回購角度來看，這是非常典型的季節性。

I would just say, overall, in terms of the timing, why now, we've started to generate more meaningful positive free cash flow. And in Q1, our cash, cash flow equivalents and investments increased to $1.2 billion. So we really felt like with that strong liquidity position that gave us some financial flexibility for capital allocation as we continue to scale the business. So opportunistically with share repurchase, but still ample cash for any potential M&A.

我只想說，總的來說，就時機而言，為什麼現在我們已經開始產生更有意義的正向自由現金流。第一季度，我們的現金、現金流等價物和投資增加到 12 億美元。因此，我們確實覺得，強大的流動性狀況為我們在繼續擴大業務規模時提供了一定的資本配置財務靈活性。因此，透過股票回購實現機會，但仍有充足的現金用於任何潛在的併購。

Adam Tindle, Raymond James.

亞當廷德爾、雷蒙詹姆斯。

Okay. Barbara, I just want to kind of get this out there. Guidance has been a little bit cryptic and it's creating some issues where we miss model. So if I could just run through a couple of things for clarification for everybody, when you say net new ARR in Q2 to be above seasonal, if I look at the last couple of years, it's up $6 million to $7 million sequentially. Does that mean up $10 million in high 30s for net new ARR. So just put some parameters around that.

好的。芭芭拉，我只是想把這個說出來。指導有點模糊，這導致我們無法理解模型。因此，如果我可以簡單解釋一下幾個問題以便讓大家明白，當您說第二季度的淨新 ARR 高於季節性時，如果我回顧過去幾年，它連續增長了 600 萬至 700 萬美元。這是否意味著淨新 ARR 將增加 1000 萬美元？因此只需在其周圍放置一些參數。

And as you think about kind of throwing out a guide like that for Q2, that's above seasonal. If we look at Q4, Q1 on ARR, they've been in line to misses why set that expectation for Q2? What gives you confidence to do this above seasonal? And you're just trying to avoid rolling into a similar situation where expectations are too high and the stock is down double digits in the after hours.

當您考慮為第二季推出這樣的指南時，您會發現它超出了季節性。如果我們看一下 Q4、Q1 的 ARR，就會發現他們一直處於未達到預期的狀態，為什麼要為 Q2 設定這樣的預期呢？是什麼讓您有信心做到這一點？你只是想避免陷入類似的情況：預期過高，導致股價在盤後下跌兩位數。

Thanks for the question. So in terms of Q2, outperforming, I would think of that in terms of our sequential growth rate in Q2. If you look at that last year, it was about 16% in the prior year as well. So expectation for this Q2 is roughly double that sequential growth rate. What gives us confidence is really we've seen the environment improve in May. So we're encouraged by the activity that we're seeing in the first month of the quarter as well as the pipeline we have for Q2.

謝謝你的提問。因此，就第二季的表現而言，我將從第二季的連續成長率來考慮這一點。如果你看去年的情況，你會發現前一年這比例也約為 16%。因此，對第二季度的預期成長率大約是上一季的兩倍。讓我們充滿信心的是，我們確實看到五月環境有所改善。因此，我們對本季第一個月的活動以及第二季的計劃感到鼓舞。

Peter Weed, Bernstein.

彼得威德，伯恩斯坦。

Appreciate your candor and detail associated with the activities that went on this quarter and how you've rolled that through the year. But one thing that I realized I didn't feel like I had clarity on is when you talked about the impact this quarter and some deals pushing, was that a bigger effect on existing customers and renewals and expansion? Or was that more of an issue associated with new customers? And what maybe can we take away from the customer profile on kind of new versus existing and the strength of the business?

感謝您坦誠地、詳細地介紹本季度開展的活動以及您如何將這些活動貫穿全年。但有一件事我意識到我感覺我沒有弄清楚，那就是當您談到本季的影響和一些交易推動時，這對現有客戶、續約和擴張的影響是否更大？或者這更多的是與新客戶相關的問題？那麼，我們能從客戶資料中了解到哪些有關新客戶、現有客戶以及業務實力的資訊嗎？

It's a great point. I mean, one of the singular vendors out there that if you kind of look on average, 50% of the business that we do every quarter is actually with new customers, net new customers. So when we're looking at some of these dynamics, I mean, they're definitely more prevalent and I would say almost more prevalent with new logos, which is why we believe. Again, we're trying to just create a more digestible mode for us should any further disruption in the macro environment happen.

這是一個很好的觀點。我的意思是，如果你平均來看，我們作為一個獨特的供應商，每個季度 50% 的業務實際上都來自新客戶，即淨新客戶。因此，當我們觀察這些動態時，我的意思是，它們肯定更加普遍，而且我想說，新標誌幾乎更加普遍，這就是我們相信的原因。再說一次，我們只是想為宏觀環境出現任何進一步的混亂時創建一個更易於理解的模式。

So to us, again, one of our strategic pillars is to continue and grow new logos, which we're doing, I think, in a great way and have been doing in previous years in that dynamic where customers are choosing to sometimes wait or just kind of observe what's happening with the environment before they commit to a deal is definitely more of a net new customer dynamic. With that, our existing upsell and cross-sell motion is also incredibly strong, and we're making adjustments again, to just be able and to be in a place where at our scale, we can digest any of these humps towards any point of the year in a slightly more predictable way.

因此，對我們來說，我們的策略支柱之一就是繼續發展新品牌，我認為我們正在以一種很好的方式做到這一點，並且在前幾年也一直在這樣做，在這種情況下，客戶有時會選擇等待，或者只是觀察環境的變化，然後再做出交易，這絕對是一種淨新客戶動態。有了它，我們現有的追加銷售和交叉銷售動力也非常強勁，我們正在再次進行調整，以便能夠並處於一個能夠以我們的規模在一年中的任何時候以稍微更可預測的方式消化這些障礙的地方。

Shaul Eyal, TD Cowen.

沙烏爾·埃亞爾（Shaul Eyal），考恩（Cowen）TD。

I want to try and build on Brian Essex question maybe a little differently. Your hiring plans for fiscal '26. If we look at it from a 100% perspective, how would you break it between R&D and sales and marketing. And I don't know if you want to also provide us with higher absolute numbers.

我想嘗試以稍微不同的方式來解釋 Brian Essex 的問題。您 26 財年的招募計畫。如果我們從 100% 的角度來看，您會如何劃分研發和銷售與行銷？我不知道您是否也想為我們提供更高的絕對數字。

I would say, first of all, we're constantly kind of adjusting plans as we see fit. Generally, I would say that a lot of the hiring we're doing is in R&D. We started the year with a close to fully ramped sales force, which I think gives us kind of a tenured amount of salespeople on the street. But with that, we're constantly shifting. Sometimes we're pruning in certain areas and then reinvesting in other areas.

我想說，首先，我們會根據自己的需求不斷調整計畫。整體來說，我們招募的許多人員都是研發人員。今年年初，我們的銷售團隊已接近滿員，我認為這意味著我們在街上擁有一定數量的長期銷售人員。但同時，我們也在不斷轉變。有時我們會在某些領域進行削減，然後再在其他領域進行再投資。

But as a whole, I would say, R&D is definitely a source where the products that we generate today and for the future are so incredibly important that you're going to see us continue and invest. And as it comes to sales and marketing, I think it really is very commensurate with growth in the areas where we want to make sure we're successful.

但總的來說，我想說，研發絕對是我們今天和未來生產的產品的源泉，它非常重要，你會看到我們繼續投資。就銷售和行銷而言，我認為這確實與我們想要確保成功的領域的成長非常相稱。

Shrenik Kothari, Baird.

什雷尼克·科塔里，貝爾德。

Yes. On the federal side, of course, you have the broader FedRAMP authorization now adding to existing endpoint and SIEM -- just curious, what are you seeing there are budget constraints, including the recent CSA dynamic where they've had success in the recent past with larger deals. Are you seeing delays? Or are you expecting to see more delays around expansions? Also, on the new agency logos, are you engaging at the same levels on the RFP basis? Just curious if you can comment on the FedRAMP side.

是的。當然，在聯邦方面，您擁有更廣泛的 FedRAMP 授權，現在可以添加到現有的端點和 SIEM - 只是好奇，您看到預算限制是什麼，包括最近的 CSA 動態，他們在最近通過更大的交易取得了成功。您遇到延遲了嗎？或者您預計擴張方面會出現更多延遲？此外，對於新的代理商標識，您是否在 RFP 基礎上以相同的水平參與？只是好奇您是否可以對 FedRAMP 方面發表評論。

Sure. Look, we're in a great position to partner across the federal ecosystem. We have a number of growth opportunities. And we just announced, to your point that we're now pretty much the first and only cybersecurity agentic AI solution approved for government organizations, which joins all of our key platform offerings across endpoint, the AI SIEM, cloud security, hyperperformation, all of them are FedRAMP high.

當然。你看，我們處於一個非常有利的位置，可以與整個聯邦生態系統合作。我們有很多成長機會。我們剛剛宣布，正如您所說，我們現在幾乎是第一個也是唯一一個獲得政府組織批准的網路安全代理 AI 解決方案，它加入了我們在端點、AI SIEM、雲端安全、超性能方面的所有關鍵平台產品，所有這些都符合 FedRAMP 標準。

The pipeline looks promising as well. I think you can definitely cite longer sales cycles, more approval needed. I think there's a -- at this point, a constant change in how federal agencies are treating procurement. With that, there's some also fast track capabilities that have been available to them. So all in all, I mean, it's still in flux, but obviously, the need is still there. So the timing of deals can vary.

該管道看起來也很有前景。我認為您肯定可以指出更長的銷售週期，需要更多的批准。我認為目前聯邦機構對待採購的方式不斷變化。除此之外，他們還可以使用一些快速通道功能。總而言之，我的意思是，它仍在不斷變化，但顯然，需求仍然存在。因此交易的時間可能會有所不同。

And I think that's also something we reflect in our guidance. and saw some of that in Q1 as well. So all in all, it's been encouraging to see some of those deals closed in May, and that's showing there's progress, and that's just the beginning.

我認為這也是我們在指導中所反映的。並且在第一季也看到了一些這樣的情況。總而言之，看到部分交易在五月完成是令人鼓舞的，這表明取得了進展，而這只是個開始。

We have no further questions at this time. I will now turn the call back over to Tom Weingarten for closing remarks.

目前我們沒有其他問題。現在我將把電話轉回給湯姆·溫加滕 (Tom Weingarten) 作結束語。

Thank you all for joining us today. The cybersecurity landscape is changing rapidly, and Central One is leading that change. We're innovating with the purpose to redefine what cybersecurity in the AI era is and our teams are executing with discipline.

感謝大家今天的參與。網路安全格局正在迅速變化，而 Central One 正在引領這一變化。我們正在進行創新，目的是重新定義人工智慧時代的網路安全，我們的團隊正在嚴格執行。

We believe we are well positioned to serve the needs of customers today and into the future, a unified security AI platform. That's what people need. Thank you again to our employees, customers, partners and shareholders for your continued trust and support.

我們相信，我們有能力滿足當前和未來客戶的需求，打造一個統一的安全人工智慧平台。這正是人們所需要的。再次感謝我們的員工、客戶、合作夥伴和股東一直以來的信任與支持。