SentinelOne Inc (S) 2026 Q3 法說會逐字稿

Hello and welcome to the SentinelOne Q3 FY 2026 earnings conference call. (Operator Instructions) Also, 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 Saad Nazir, Head of Investor Relations.

大家好，歡迎參加 SentinelOne 2026 財年第三季財報電話會議。（操作說明）另外提醒一下，本次會議將在今天進行錄音。如有任何異議，請立即斷開連接。現在我將把電話轉交給投資者關係主管薩阿德·納齊爾。

Good afternoon, everyone, and welcome to SentinelOne's earnings call for the third quarter of fiscal year 2026, which ended October 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 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.

各位下午好，歡迎參加 SentinelOne 2026 財年第三季（截至 2025 年 10 月 31 日）的收益電話會議。今天在場的有執行長 Tomer Weingarten 和財務長 Barbara Larson。我們今天稍早發布了新聞稿和獲利報告，並已發佈在我們網站的投資者關係版塊。本次電話會議及相關投影片將透過網路直播，會議結束後將在我們的網站上提供回放。

Before we begin, I would like to remind you that during today's call, we will be making forward-looking statements about financial performance and future events, including our guidance for the fiscal fourth 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 results or events could differ materially.

在開始之前，我想提醒各位，在今天的電話會議中，我們將對財務業績和未來事件做出前瞻性陳述，包括我們對 2026 財年第四季度和全年的業績指引以及長期財務目標。我們提醒您，此類聲明反映了我們基於目前已知因素的最佳判斷，而我們的實際結果或事件可能與此有重大差異。

Please refer to the documents we file from time to time with the SEC, in particular, our quarterly reports on Form 10-Q and our annual reports on Form 10-K. 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. Any forward-looking statements made during this call are being made as of today.

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-Q 表格季度報告和 10-K 表格年度報告。這些文件包含並指明了重要的風險因素和其他訊息，這些資訊可能導致我們的實際結果與前瞻性聲明中包含的結果有重大差異。本次電話會議中所做的任何前瞻性陳述均代表截至今日的觀點。

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 why actual results may differ materially from those anticipated even if new information becomes available in the future.

如果今天之後重播或回顧此通話，通話期間提供的資訊可能不再是最新或準確的資訊。除法律要求外，即使未來有新的資訊出現，我們也沒有義務公開更新這些前瞻性聲明，或更新實際結果可能與預期結果有重大差異的原因。

During this call, we will discuss non-GAAP financial measures, unless otherwise noted. These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles. A reconciliation of 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.

在本次電話會議中，我們將討論非GAAP財務指標，除非另有說明。這些非GAAP財務指標並非依照公認會計原則編製。除了非GAAP財務展望之外，GAAP和非GAAP結果的調節表已在今天的新聞稿和我們的盈利報告中提供。

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GAAP指標並非旨在取代我們的GAAP績效。我們的財務展望不包括股票選擇權費用、員工股票交易的雇主薪資稅、收購無形資產的攤銷費用、與收購相關的補償成本、重組費用、策略性投資收益和所得稅準備金，這些費用目前無法確定，因此未在今天的新聞稿中進行調整。

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

接下來，我將把電話交給 SentinelOne 的執行長 Tomer Weingarten。

Good afternoon, everyone, and thank you for joining our fiscal third quarter earnings call. Q3 was another strong quarter for SentinelOne. We exceeded our top and bottom line expectations, demonstrating durable growth and continued operating leverage. Our ARR grew 23% year-over-year, driven by continued momentum in new business generation and expansion with existing accounts our third quarter net new ARR also reflects positive growth both year-over-year and sequentially.

各位下午好，感謝各位參加我們第三財季的業績電話會議。SentinelOne第三季表現依然強勁。我們超額完成了營收和利潤預期，展現了永續成長和持續的營運槓桿作用。在持續的新業務拓展和現有客戶擴張的推動下，我們的年度經常性收入年增了 23%。第三季淨新增年度經常性收入也實現了同比增長和環比增長。

We're seeing broad-based momentum with new customers, expansion with existing accounts, and adoption of our emerging platform solutions. Our operating margin reached a new high in Q3 underscoring continued operating leverage and increasing efficiencies across the business. We've put the company on a path towards sustainable profitability, both on a quarterly and annual basis. an incredible milestone, demonstrating our commitment to profitability.

我們看到，新客戶數量大幅成長，現有客戶數量不斷擴大，而且我們的新興平台解決方案也得到了廣泛採用。第三季度，我們的營業利潤率創下新高，凸顯了持續的營運槓桿作用和業務效率的不斷提高。我們已使公司走上可持續盈利的道路，無論從季度或年度層面來看都是如此。這是一個了不起的里程碑，體現了我們對獲利能力的承諾。

Overall, our Q3 results highlight steady execution, continued business momentum and strong demand for our differentiated AI-driven Singularity Platform. We're expanding our market share and gaining traction among the most important domains in cybersecurity, and we're well positioned to lead in both AI for security and security for AI helping organizations advance their digital transformations securely and intelligently.

總體而言，我們第三季的業績凸顯了穩健的執行力、持續的業務勢頭以及對我們差異化的人工智慧驅動的奇點平台的強勁需求。我們正在擴大市場份額，並在網路安全最重要的領域獲得認可，我們已做好充分準備，在人工智慧安全領域和人工智慧安全領域引領潮流，幫助組織安全、智慧地推動數位轉型。

Let's dive deeper into our customer success and platform momentum. We're winning new logos and expanding our footprint across enterprises of all sizes and industries globally as AI reshapes how businesses operate Companies are turning to SentinelOne for a unique platform experience that combines AI, data and security. The best security is not complex.

讓我們深入探討一下我們的客戶成功案例和平台發展動能。隨著人工智慧重塑企業營運方式，我們正在贏得新的客戶，並在全球範圍內各種規模和行業的企業中擴大我們的業務範圍。企業紛紛選擇 SentinelOne，以獲得結合人工智慧、資料和安全的獨特平台體驗。最好的安全措施並不複雜。

It simplifies operations and provides a great user experience. And alongside industry-leading efficacy, Singularity's intuitive platform, modern interface and ease of use are key differentiators that are driving strong platform adoption. Our emerging platform solutions continue to scale and achieve outsized growth.

它簡化了操作，並提供了良好的用戶體驗。除了業界領先的功效外，Singularity 的直覺式平台、現代化的介面和易用性也是推動平台廣泛採用的關鍵差異化因素。我們新興的平台解決方案持續擴大規模，並實現了超額成長。

In Q3, our non-endpoint solutions represented approximately half of quarterly bookings underscoring the growth, diversity and expanding value of our platform. In addition, our ARR per customer reached a new company record in the quarter. This was primarily driven by strong contributions our data, purple AI and cloud security solutions.

第三季度，我們的非終端解決方案約佔季度預訂量的一半，凸顯了我們平台的成長、多樣性和不斷擴大的價值。此外，本季我們每位客戶的年度經常性收入 (ARR) 也創下了公司新紀錄。這主要得益於我們的數據、紫色人工智慧和雲端安全解決方案的強大貢獻。

Let me share more details starting with Purple AI. Purple growth continues to exceed our expectations and achieved a record attach rate that surpassed 40% of licenses sold in Q3. Purple growth is being driven by strong adoption from both new customers and existing customers. It's becoming a cornerstone of modern security operations, enabling analysts to automate investigations, accelerate detection and strengthen response, reaching this level of adoption so rapidly is a rare feat.

讓我從 Purple AI 開始，分享更多細節。Purple 的成長持續超出我們的預期，並在第三季度實現了創紀錄的附加率，超過了售出許可證的 40%。Purple 的成長得益於新舊客戶的強勁需求。它正逐漸成為現代安全營運的基石，使分析人員能夠自動化調查、加快檢測速度並加強回應，如此迅速地達到這種採用水平實屬罕見。

At OneCon 2025, we unveiled the next generation of Purple's Agentic AI capabilities, amplifying its ability to triage and remediate threats autonomously in real time. It is a true step towards autonomous security operations, where humans and AI work together seamlessly. Q3 was also a standout quarter for Data Solutions, bookings growth accelerated to double digits year-over-year, and we're seeing growing demand for our AI SIEM solution.

在 OneCon 2025 大會上，我們推出了 Purple 的下一代智慧 AI 功能，增強了其實時自主分類和修復威脅的能力。這是邁向自主安全營運的真正一步，在這種營運模式下，人類和人工智慧可以無縫協作。第三季度也是數據解決方案業務的突出季度，預訂量同比增長加速至兩位數，我們看到市場對我們的 AI SIEM 解決方案的需求不斷增長。

We're delivering an industry-leading AI native security data analytics offering that delivers deeper visibility, real-time detection, faster investigations and autonomous response all with more efficient economics and lower cost for customers. And through the acquisition of Observo AI, we now own the data pipeline that powers modern security operations from data telemetry to AI-driven analytics and response. I'll share more on this later.

我們提供業界領先的 AI 原生安全資料分析解決方案，能夠為客戶帶來更深入的可見度、即時偵測、更快的調查和自主回應，同時還能提高經濟效益並降低成本。透過收購 Observo AI，我們現在擁有了從資料遙測到 AI 驅動的分析和回應，為現代安全營運提供支援的資料管道。稍後我會分享更多相關資訊。

Q3 also marked our strongest quarter for cloud security bookings growth in the last 12 months signifying rising demand for our comprehensive CWS and CNAPP offerings as cloud environments grow, and AI workloads multiply so does the need for security. We're delivering comprehensive cloud-native protection that scales with our customers' infrastructure. It simplifies operations and fortifies defenses through a unified AI-powered security platform.

第三季度也是過​​去 12 個月中雲端安全預訂成長最強勁的一個季度，這表明隨著雲端環境的成長和 AI 工作負載的成倍增長，對我們全面的 CWS 和 CNAPP 產品的需求不斷上升，對安全的需求也隨之增加。我們提供全面的雲端原生保護，可隨客戶基礎架構的擴展而擴展。它透過統一的人工智慧安全平台簡化操作並加強防禦。

In endpoint, we continue to outgrow the market by delivering industry-leading efficacy, performance and user experience. Customers need a platform that brings simplicity, intelligence and best-in-class security in a single unified offering. Our growth leadership and innovation in the endpoint market are the foundation for further expanding the Singularity Platform scope. For instance, our endpoint advantage is enabling us to seamlessly enter the data loss protection space, delivering integrated DLP directly from the agent without requiring additional dependencies.

在終端領域，我們透過提供領先業界的功效、效能和使用者體驗，持續超越市場。客戶需要一個能夠將簡潔性、智慧性和一流安全性整合到一個統一解決方案的平台。我們在終端市場的成長領導地位和創新能力，為進一步擴大 Singularity 平台的範圍奠定了基礎。例如，我們的終端優勢使我們能夠無縫進入資料遺失保護領域，直接從代理提供整合的 DLP，而無需額外的依賴項。

On SentinelOne Flex, we're seeing strong momentum as customers adopt the Singularity Platform dynamically, though early, Flex is already helping us secure larger multi-solution deals and longer-term customer commitments. Enterprises need security that combines simplicity, intelligence and dependable protection. Singularity provides that balance, enabling faster response, streamlined operations and stronger defense across the enterprise.

在 SentinelOne Flex 上，我們看到了強勁的發展勢頭，客戶正在動態地採用 Singularity 平台。雖然 Flex 還處於早期階段，但它已經幫助我們獲得了更大的多解決方案交易和更長期的客戶承諾。企業需要兼具簡單性、智慧性和可靠保護的安全解決方案。Singularity 實現了這種平衡，從而能夠加快響應速度、簡化操作並增強整個企業的防禦能力。

We're seeing strong traction with large global enterprises driven by improved win rates and deeper expansion across existing accounts, which reflects our technology advantage and platform value. And our results clearly underscores our strong competitive position and growing product differentiation.

我們看到，由於成交率提高和現有客戶業務的深度拓展，我們與大型全球企業建立了強勁的合作關係，這反映了我們的技術優勢和平台價值。我們的業績清楚地表明了我們強大的競爭地位和不斷增強的產品差異化優勢。

Let's look at a few customer wins from the quarter that exemplify this for data solutions, a global hospitality brand adopted AI SIEM to replace its legacy Splunk deployment. The customer consolidated on our AI native platform for its superior performance and user experience. The competitive replacement demonstrates the growing traction of our AI SIEM.

讓我們來看本季的一些客戶成功案例，這些案例可以很好地說明數據解決方案的優勢。一家全球酒店品牌採用了 AI SIEM 來取代其原始的 Splunk 部署。客戶最終選擇了我們自主研發的AI原生平台，因為它擁有卓越的效能和使用者體驗。競爭優勢的體現顯示我們的 AI SIEM 越來越受歡迎。

More and more enterprises are selecting SentinelOne to modernize security operations and efficiency. For cloud security, a SentinelOne Flex deal, a global consumer products company signed a multimillion-dollar deal with a Five-year contract to secure tens of thousands of cloud assets with Singularity.

越來越多的企業選擇 SentinelOne 來實現安全營運的現代化和效率提升。在雲端安全方面，一家全球消費品公司與 Singularity 簽署了一項價值數百萬美元的五年合約，以 SentinelOne Flex 協議保護其數萬個雲端資產。

The customer chose SentinelOne for its unified AI-driven cloud security. And by leveraging Flex, the enterprise can dynamically adapt our platform solutions as their needs evolve. It shows both the value of singularity cloud and the flexibility of the Flex model. In federal, a major US federal agency significantly broadened its deployment across the Singularity Platform by adding broader platform solutions, including Purple AI, cloud security and threat services.

客戶選擇 SentinelOne 是因為它提供統一的 AI 驅動雲端安全解決方案。透過利用 Flex，企業可以根據自身需求的變​​化動態調整我們的平台解決方案。它既展現了奇點雲的價值，也展現了 Flex 模式的彈性。在聯邦層面，美國一家主要的聯邦機構透過增加更廣泛的平台解決方案（包括 Purple AI、雲端安全和威脅服務），大幅擴大了其在 Singularity 平台上的部署。

This multiyear eight-figure commitment reflects deep trust built over time and our traction in the public sector. Organizations in highly complex and sensitive environments are choosing SentinelOne to simplify operations and drive efficiency at scale. Lastly, one of the biggest deals in the quarter was with a Fortune 500 brand, securing hundreds of thousands of endpoints and expanding into new solutions.

這項為期多年的八位數承諾體現了我們多年來建立的深厚信任以及我們在公共部門的進展。在高度複雜和敏感的環境中，許多組織選擇 SentinelOne 來簡化營運並大規模提高效率。最後，本季最大的交易是與財富 500 強品牌達成的，確保了數十萬個終端的安全，並擴展到新的解決方案領域。

This customer, like many others, consolidated multiple point solutions onto our Singularity Platform for better security outcomes and experience. It's a great example of how large enterprises are simplifying their security operations and standardizing on singularity for unified AI native to protection at scale.

與許多其他客戶一樣，這位客戶將多個點解決方案整合到我們的 Singularity 平台上，以獲得更好的安全效果和體驗。這是大型企業如何簡化安全營運並採用統一人工智慧技術實現大規模保護的一個很好的例子。

These wins highlight our growing traction with large enterprises in continued upmarket success. They also reinforced the industry's recognition reflected in the 2025 IDC Marketscape which named SentinelOne, a leader in worldwide XDR software. On the partner ecosystem front, we continue to expand and deepen our engagements.

這些成功案例凸顯了我們在高端市場持續取得成功方面，與大型企業建立了日益緊密的聯繫。他們也鞏固了業界對 SentinelOne 的認可，SentinelOne 是 2025 年 IDC Marketscape 報告中全球 XDR 軟體領域的領導者。在合作夥伴生態系統方面，我們將繼續擴大和深化合作。

Our partners are a force multiplier, helping expand our reach and scale. We're seeing strong traction driven by increasing platform adoption across AI SIEM, Purple AI, CNAPP and broader platform solutions. We're strategically scaling adoption in the mid-market while driving operational leverage for partners. As an example, we expanded the scope of partnerships with NinjaOne and Pax8 in the third quarter.

我們的合作夥伴是力量倍增器，幫助我們擴大影響力和規模。我們看到，AI SIEM、Purple AI、CNAPP 和更廣泛的平台解決方案的採用率不斷提高，推動了強勁的成長動能。我們正在策略性地擴大中端市場的採用率，同時為合作夥伴帶來營運效益。例如，我們在第三季擴大了與 NinjaOne 和 Pax8 的合作範圍。

Among hyperscalers, we deepened collaboration with AWS and Google Cloud, integrating our technology and platform across their cloud marketplaces in AI services. Together, these alliances are enhancing market presence and positioning SentinelOne is a trusted partner for enterprises worldwide.

在超大規模雲端服務供應商中，我們深化了與 AWS 和 Google Cloud 的合作，將我們的技術和平台整合到他們的雲端市場中的人工智慧服務中。這些聯盟共同提升了市場影響力，並將 SentinelOne 定位為全球企業值得信賴的合作夥伴。

Now let's turn into the innovation engine that's fueling our growth. We're helping organizations master two disciplines at once, AI for security and security for AI so they can innovate with confidence. We're putting defenders in control the AI era, giving them the tools to build secure and benefit from AI in a simple, fast and secure way. To extend our innovation lead and further differentiate our AI advantage, we acquired Observo AI, the category-defining data streaming platform for AI native telemetry pipeline management.

現在，讓我們轉型成為推動我們發展的創新引擎。我們正在幫助組織同時掌握兩門學科：人工智慧安全技術和人工智慧安全技術，以便他們可以充滿信心地進行創新。我們正在讓安全人員掌控人工智慧時代，為他們提供工具，讓他們能夠以簡單、快速且安全的方式建立安全系統並從中受益。為了擴大我們的創新領先優勢，進一步凸顯我們在人工智慧方面的優勢，我們收購了 Observo AI，它是人工智慧原生遙測管道管理領域的領先資料流平台。

Let me highlight a few important points on this. Security is, at its heart, a data problem. In legacy rules-based data pipeline platforms simply weren't built for today's ever-growing attack surface and data-intensive security operations. Observo delivers an AI-native real-time telemetry pipeline that ingests, enriches summarizes and routes data across the enterprise before it ever reaches a SIEM or a security data link. Importantly, Observo gives us ownership of the data pipeline that powers modern security operations.

讓我強調幾點要點。安全問題本質上是一個資料問題。傳統的基於規則的資料管道平台根本無法應對當今不斷擴大的攻擊面和資料密集型安全運作。Observo 提供了一個 AI 原生即時遙測管道，在資料到達 SIEM 或安全資料鏈路之前，即可攝取、豐富、匯總和路由企業內的資料。重要的是，Observo 讓我們擁有了支撐現代安全營運的資料管道的所有權。

This lets us manage the entire flow of security data from ingestion and retention to analytics and response, all within a single unified platform. Combined with the Singularity Platform, we can deliver significant platform value by enabling fast and seamless data onboarding into our AI SIEM or any other destination.

這使我們能夠在一個統一的平台上管理從攝取和保留到分析和回應的整個安全資料流。結合 Singularity 平台，我們可以透過實現數據快速無縫地匯入我們的 AI SIEM 或任何其他目標平台，從而提供顯著的平台價值。

Security teams struggle with cost, complexity and delays created by increasing bigger volumes, forcing compromises that can reduce visibility, limit protection and slow response. Observo empowers customers to drastically reduce costs, improve detection and act faster. This acquisition accelerates our innovation road map and amplifies our current data offerings where we saw triple-digit bookings growth in Q3.

安全團隊面臨著因資料量增加而導致的成本、複雜性和延誤問題，迫使他們做出妥協，從而降低可見度、限制保護並減緩回應速度。Observo 幫助客戶大幅降低成本、提高偵測能力並更快採取行動。此次收購加速了我們的創新路線圖，並增強了我們目前的數據產品，我們在第三季度實現了三位數的預訂量成長。

In addition, for Prompt Security, the response from customers, partners in the broader market has been incredible. Prompt addresses an urgent and growing need nearly every organization is now adopting AI tools. And every CISO we engage with is focused on doing it safely as enterprises accelerate their use of generative AI and Agentic tools, they're looking for real-time visibility, governance and control. Prompts technology is seamless to deploy and frictionless to scale. We're seeing healthy early traction in the field.

此外，對於 Prompt Security 而言，來自客戶、合作夥伴以及更廣泛市場的反應都非常積極。Prompt 滿足了日益增長的迫切需求，幾乎所有組織現在都在採用人工智慧工具。我們接觸到的每位首席資訊安全長 (CISO) 都專注於安全地使用生成式人工智慧和智慧代理工具，因為企業正在加速使用它們，他們正在尋求即時可見性、治理和控制。提示技術部署簡便，擴展性強。我們看到該領域目前進展順利。

The sales motion for Prompt aligns naturally with our existing go-to-market framework, both as a cross-sell opportunity among existing customers and there's an entry point for new customers looking to secure AI usage and technologies. Together with our AI for security offerings, we are well positioned to secure the full life cycle of AI adoption. We're helping enterprises embrace AI safely and confidently proving that innovation and security can move forward together.

Prompt 的銷售策略與我們現有的市場推廣框架自然契合，既為現有客戶提供了交叉銷售機會，也為希望獲得 AI 使用和技術的新客戶提供了切入點。結合我們的人工智慧安全解決方案，我們完全有能力保障人工智慧應用的整個生命週期安全。我們正在幫助企業安全、自信地擁抱人工智慧，證明創新與安全可以並行不悖。

At OneCon, we introduced several major innovations that advance our leadership in AI native security. First, with Gen AI security, powered by Prompt, we're helping enterprises adopt and secure generative AI safely and its scale. Second, we unveiled our new AI ready data pipeline powered by Observo AI, which we believe will transform how organizations collect, process and act on security data in real time.

在 OneCon 大會上，我們推出了幾項重大創新，進一步鞏固了我們在 AI 原生安全領域的領先地位。首先，借助由 Prompt 提供支援的 Gen AI 安全技術，我們正在幫助企業安全地採用和保護生成式 AI 及其規模。其次，我們推出了由 Observo AI 提供支援的全新 AI 就緒資料管道，我們相信這將改變組織即時收集、處理和利用安全資料的方式。

Third, we expanded Purple AI's Agentic capabilities, giving defenders greater autonomy and precision in detection and response. Purple AI is completely integrated across the entire Singularity Platform and delivers a unique out-of-the-box applied AI experience. Purple's newer capabilities include natural language threat hunting agentic investigations and automated response workflows, driving significant efficiency gains in faster threat remediation for security teams.

第三，我們擴展了 Purple AI 的智能體能力，使防禦者在偵測和反應方面擁有更大的自主性和更精確性。Purple AI 已完全整合到整個 Singularity 平台中，並提供獨特的開箱即用型應用 AI 體驗。Purple 的新功能包括自然語言威脅搜尋、代理調查和自動化回應工作流程，從而顯著提高安全團隊的威脅修復效率。

And we introduced the new Wayfinder Threat Detection and Response suite of managed services, designed to give customers the ultimate human plus AI defends against modern cyber risks. Wayfinder embodies this vision by bringing together SentinelOne's Agentic AI and Google's Threat Intelligence with the most elite threat hunters, analysts and incident responders in the industry.

我們也推出了全新的 Wayfinder 威脅偵測與回應管理服務套件，旨在為客戶提供終極的人工+人工智慧防禦現代網路風險。Wayfinder 正是透過將 SentinelOne 的 Agentic AI 和 Google 的威脅情報與業內最頂尖的威脅獵人、分析師和事件回應人員結合起來，體現了這個願景。

For customers, this means faster detection, smarter response and stronger defenses available 24 hours a day. This is how cybersecurity evolves, humans and AI working side by side, learning from each other and responding in real time. At SentinelOne, we're helping enterprises build the foundation for modern, intelligent and resilient digital infrastructure.

對於客戶而言，這意味著更快的偵測速度、更聰明的反應速度以及全天候可用的更強大的防禦能力。這就是網路安全的發展方式，人類和人工智慧並肩工作，互相學習，並即時做出反應。在 SentinelOne，我們致力於幫助企業建立現代化、智慧化和具有彈性的數位基礎設施的基礎。

Importantly, this vision is resonating with customers and partners. The response and excitement at OneCon show that our approach is in line with the market needs. The spirit of our innovation announcement at OneCon was well captured by CRN whose article titles stated that SentinelOne partners share AI moves for leading the charge on autonomous security. We're laser-focused on delivering true value in tangible outcomes through both AI security and security for AI.

重要的是，這一願景引起了客戶和合作夥伴的共鳴。OneCon 的反應和熱烈反響表明，我們的方法符合市場需求。CRN 很好地捕捉到了我們在 OneCon 大會上發布的創新成果的精神，其文章標題指出 SentinelOne 的合作夥伴分享了人工智慧方面的舉措，以引領自主安全領域的變革。我們專注於透過人工智慧安全和人工智慧安全，為人工智慧帶來切實可見的成果，從而創造真正的價值。

As I reflect upon our overall performance, we're continuing to deliver top-tier growth and margin improvement while driving innovations that are shaping the future of cybersecurity. Our technology advantage is clear. We're delivering world-class innovations and leading the industry in AI native cybersecurity. At the same time, we're making tangible progress in building a stronger sales and marketing engine.

回顧我們的整體業績，我們持續實現一流的成長和利潤率提升，同時推動創新，塑造網路安全的未來。我們的技術優勢顯而易見。我們正在提供世界一流的創新技術，並在人工智慧原生網路安全領域引領業界。同時，我們在建立更強大的銷售和行銷引擎方面取得了切實進展。

The last two quarters reflect steady improvement in execution and meaningful progress along that journey. As we look ahead, we remain focused on durable and profitable growth this quarter we made tremendous progress towards that goal by putting the company on the path to sustained profitability. I'm incredibly proud of what our teams have accomplished. We're building a stronger, more efficient and more innovative company and leading the way in AI security for the modern enterprise.

過去兩個季度反映了執行力的穩定提升以及在這一過程中取得的實質進展。展望未來，我們將繼續專注於實現永續獲利成長。本季度，我們透過使公司走上持續獲利之路，朝著這一目標取得了巨大進展。我為我們團隊所取得的成就感到無比自豪。我們正在打造一家更強大、更有效率、更具創新力的公司，並在現代企業的人工智慧安全領域引領潮流。

Before I turn the call over, I want to address the news of a leadership transition. Barbara Larson will be stepping down as CFO to pursue an opportunity outside the cybersecurity industry. I want to thank Barbara for her leadership and partnership. She has been instrumental in supporting our path to surpassing $1 billion in ARR and in guiding our transition to achieve sustained profitability. We are grateful for Barbara's contributions and wish her the very best in the next chapter of her career.

在將電話轉給其他人之前，我想談談領導層更迭的消息。Barbara Larson 將卸任財務長一職，以尋求網路安全產業以外的發展機會。我要感謝芭芭拉的領導和合作。她對我們實現年度經常性收入超過 10 億美元以及指導我們轉型以實現持續盈利起到了至關重要的作用。我們感謝芭芭拉的貢獻，並祝福她在職業生涯的下一階段一切順利。

We have initiated a search for our next CFO. Barbara will remain with us through mid-January to ensure a seamless transition upon Barbara's departure, our Chief Growth Officer, Barry Padgett, will serve as interim CFO. Barry is a seasoned executive with more than 25 years of experience in operational leadership at companies like SAP and Stripe. He knows our business intimately and is already a great partner for our finance organization.

我們已啟動下一任財務長的遴選工作。芭芭拉將留任至一月中旬，以確保芭芭拉離職後能夠順利過渡。屆時，我們的首席成長長巴里·帕吉特將擔任臨時財務長。Barry 是一位經驗豐富的管理者，在 SAP 和 Stripe 等公司擁有超過 25 年的營運領導經驗。他非常了解我們的業務，並且已經是我們財務部門的優秀合作夥伴。

Barry's leadership will ensure a steady hand as we move forward. Importantly, we have an excellent finance leadership team supporting Barry and ensuring continuity. Our Board and executive leadership are confident in the seamless transition, and our profitable growth strategy remains unchanged.

巴里的領導將確保我們在未來的工作中保持穩定。重要的是，我們擁有一支優秀的財務領導團隊，他們為巴里提供支持，確保財務工作的連續性。我們的董事會和高階主管團隊對平穩過渡充滿信心，我們的獲利成長策略保持不變。

In closing, I want to take a moment to acknowledge the contributions of all Sentinels for another solid quarter their relentless focus, dedication and execution drives our success. And thanks to all of our customers, partners and shareholders for their continued support. Our mission to be a force for good remains unwavering. Thank you again for joining us today.

最後，我想藉此機會感謝所有哨兵在過去一個季度所做的貢獻，他們堅持不懈的專注、奉獻和執行力推動了我們的成功。感謝所有客戶、合作夥伴和股東的持續支持。我們致力於成為一股向善的力量，這項使命始終堅定不移。再次感謝您今天蒞臨。

With that, I'll hand it over to our CFO, Barbara Larson.

接下來，我將把麥克風交給我們的財務長芭芭拉‧拉爾森。

Thank you, Tomer, and thanks, everyone, for joining us today. Let's review the details of our Q3 financial performance and our guidance for Q4 and fiscal year '26. As a reminder, all comparisons are year-over-year, and financial measures discussed here are non-GAAP unless otherwise noted.

謝謝托默，也謝謝各位今天光臨。讓我們回顧一下我們第三季度的財務表現詳情以及我們對第四季度和 2026 財年的展望。提醒各位，所有比較均為同比比較，除非另有說明，此處討論的財務指標均為非GAAP指標。

In Q3, we outperformed our guidance on both top and bottom-line metrics. Our total ARR grew 23% and we added net new ARR of $54 million in the quarter, which exceeded our expectations. This outperformance was driven by broad-based momentum across both new customer wins and existing customer platform expansion. We're gaining market share and mind share across our platform solutions notably AI, data and cloud. These results reflect steady execution and healthy demand across the business.

第三季度，我們在營收和利潤兩項指標上均超出了預期。本季我們的年度經常性收入總額成長了 23%，淨新增年度經常性收入為 5,400 萬美元，超出了我們的預期。這一優異表現得益於新客戶拓展和現有客戶平台擴展兩方面的廣泛發展勢頭。我們在平台解決方案領域，尤其是在人工智慧、數據和雲端方面，正在不斷擴大市場份額和用戶認知度。這些業績反映了公司業務的穩定執行和健康的需求。

In Q3, revenue grew 23% year-over-year to $259 million. International markets grew 34% and represented 40% of total revenue, reflecting balanced growth and an expanding global footprint. Customers with ARR of $100,000 or more grew 20% to 1,572. Our ARR per customer reached a new company record, highlighting our broader platform adoption and increase in average deal sizes.

第三季度，營收年增 23%，達到 2.59 億美元。國際市場成長了 34%，佔總收入的 40%，反映出均衡成長和全球業務的不斷擴大。ARR 達到 10 萬美元或以上的客戶數量增加了 20%，達到 1572 家。我們每位客戶的年度經常性收入 (ARR) 達到了公司新紀錄，這凸顯了我們平台更廣泛的應用和平均交易規模的成長。

This reflects the value our customers realize from our platform and our continued success in driving multiproduct expansion. Our net retention rate remained strong and well into expansionary territory, driven by customer adoption of our broader platform solutions, including AI, data, cloud and others.

這體現了我們的客戶從我們的平台中獲得的價值，以及我們在推動多產品擴張方面持續取得的成功。在客戶採用我們更廣泛的平台解決方案（包括人工智慧、數據、雲端等）的推動下，我們的淨客戶留存率保持強勁，並已進入擴張階段。

Turning to margins. We maintained an industry-leading gross margin of 79%, highlighting healthy platform unit economics. We also achieved operating profitability of 7% in the quarter, with operating margin improving by nearly 1,200 basis points year-over-year. We also benefited from the timing of expenses as some spending shifted to Q4.

轉向邊際效應。我們維持了業界領先的 79% 的毛利率，凸顯了平台單位經濟效益的健康發展。本季我們的營業利潤率也達到了 7%，營業利潤率年增了近 1200 個基點。我們也受益於支出時間的調整，因為一些支出轉移到了第四季。

We achieved sustained quarterly operating profitability, a significant milestone toward long-term profitable growth, and we remain on track to deliver our first full year of operating profit this fiscal year. We also achieved our highest quarterly net income margin, which increased to 10% in Q3, significantly higher from breakeven in the prior year quarter.

我們實現了持續的季度營運獲利，這是邁向長期獲利成長的重要里程碑，我們預計在本財年將全年營運獲利。我們也實現了季度淨利潤率最高值，第三季淨利潤率增至 10%，比上年同期的盈虧平衡點有了顯著提高。

I'm excited to share that Q3 also marks an inflection point for sustainable quarterly free cash flow margin. We achieved a free cash flow margin of 6% in Q3 and remain firmly on track to deliver our second consecutive full year of positive free cash flow margin. Another key milestone that underscores our path towards profitable growth.

我很高興地宣布，第三季也標誌著永續季度自由現金流利潤率的轉折點。第三季我們的自由現金流利潤率為 6%，我們正穩步朝著連續第二年全年實現正自由現金流利潤率的目標邁進。又是一個重要的里程碑，凸顯了我們邁向獲利成長的道路。

Complementing this strong performance, our remaining performance obligations grew 35% in Q3, reflecting growth acceleration on both the sequential and a year-over-year basis. Our total RPO reached $1.3 billion in Q3, a clear validation of the trust we've established with our customers and our commitment to innovation.

與此強勁的業績相輔相成，我們第三季的剩餘履約義務成長了 35%，反映出環比和年增速均有所加快。第三季度，我們的 RPO 總額達到 13 億美元，這清楚地證明了我們與客戶之間建立的信任以及我們對創新的承諾。

From a capital allocation standpoint, our strong balance sheet and improving margin profile provide the flexibility to allocate capital strategically, fueling growth initiatives while driving long-term value creation. In line with this strategy, we extended our technology leadership with the acquisition of Observo AI, a leader among real-time data pipeline companies.

從資本配置的角度來看，我們強勁的資產負債表和不斷改善的利潤率狀況為我們提供了策略性地配置資本的靈活性，從而推動成長計劃，同時創造長期價值。為貫徹這項策略，我們收購了即時數據管道公司領域的領導者 Observo AI，從而鞏固了我們的技術領先地位。

This is a strategic deal benefiting SentinelOne's competitive position while enhancing value for our customers and partners. Observo's technology is highly complementary to our data solutions and the Singularity Platform. The best security starts with clear visibility and Observo enhances that by enabling data to flow instantly into our singularity data lake.

這是一項策略性交易，有利於提升 SentinelOne 的競爭地位，同時為我們的客戶和合作夥伴創造價值。Observo 的技術與我們的資料解決方案和 Singularity 平台高度互補。最佳安全性始於清晰的可見性，而 Observo 透過使資料能夠即時流入我們的單一資料湖來增強這種可見性。

This seamless integration delivers unified AI-driven security and moves us one step closer to achieving truly autonomous security operations. The purchase price for Observo AI was approximately $225 million. We expect the top line financial impact of the transaction to be minimal in fiscal year '26 with immaterial ARR and revenue contribution and an estimated 60 basis points impact to our full year operating margin. We finalized and closed both the Observo AI and Prompt Security transactions in Q3.

這種無縫整合實現了統一的 AI 驅動安全，使我們離實現真正自主的安全營運又更近了一步。Observo AI 的收購價格約為 2.25 億美元。我們預期該交易對 2026 財年的財務影響微乎其微，年度經常性收入和營收貢獻不大，預計對全年營業利潤率的影響為 60 個基點。我們在第三季完成了 Observo AI 和 Prompt Security 的兩項交易。

Turning to our guidance for Q4 and fiscal year '26. For fiscal year '26, we expect revenue to be approximately $1,001 million, representing 22% year-over-year growth and increasing the midpoint of our prior guidance range by $1 million. For Q4, we expect revenue of approximately $271 million, which represents 20% year-over-year growth.

接下來，讓我們來看看 2026 財年第四季和全年業績的預期。2026 財年，我們預計營收約為 10.01 億美元，年增 22%，比我們先前預期的中點增加了 100 萬美元。我們預計第四季營收約 2.71 億美元，年增 20%。

This outlook is supported by a healthy pipeline, continued customer and partner momentum and growing contributions from our emerging products. Cybersecurity remains a top priority across the industries, and this is reflected in the strong demand we're seeing for the Singularity Platform. As always, we continue to monitor the macro environment which can influence deal timing and sales cycles.

這一前景得益於健康的研發管線、持續的客戶和合作夥伴勢頭以及新興產品不斷增長的貢獻。網路安全仍然是各行各業的首要任務，這一點從我們對 Singularity 平台的強勁需求中就能看出。一如既往，我們會持續關注可能影響交易時機和銷售週期的宏觀環境。

Turning to our outlook for margins. For the full year, we expect gross margin to be approximately 78.5%, and for Q4, we expect gross margin to be approximately 77.5%. Our guidance for gross margin also incorporates strategic investments in cloud infrastructure and capacity expansion. This is a reflection of our growing global scale and platform diversification.

接下來談談利潤率前景。我們預計全年毛利率約為 78.5%，第四季毛利率約為 77.5%。我們對毛利率的預期也包含了對雲端基礎設施和容量擴張的策略性投資。這反映了我們不斷擴大的全球規模和平台多元化。

For the full year, we now expect operating margin to slightly exceed 3%. This indicates an overall operating margin improvement of more than 600 basis points compared to fiscal year '25. And for Q4, we expect our operating margin to be approximately 5%, representing a year-over-year improvement of about 400 basis points.

我們現在預計全年營業利潤率將略高於 3%。這顯示與 2025 財年相比，整體營業利潤率提高了 600 多個基點。對於第四季度，我們預計營業利潤率約為 5%，比上年同期提高約 400 個基點。

Our full year operating margin outlook absorbs a combined 130 basis points of impact from the Prompt and Observo acquisitions, and an additional 120 basis points from FX-related headwinds we've seen this year. Adjusting for these macro and strategic factors, our guidance implies meaningful outperformance compared to the initial operating margin guidance provided in March. Importantly, we are reaffirming our commitment to delivering positive free cash flow for the full year which we expect to be a few points higher than operating margin.

我們全年的營業利潤率預期吸收了 Prompt 和 Observo 收購帶來的 130 個基點的影響，以及今年以來我們遇到的外匯相關不利因素帶來的額外 120 個基點的影響。考慮到這些宏觀和策略因素，我們的業績指引意味著與 3 月給出的初始營業利潤率指引相比，業績將有顯著的超額收益。重要的是，我們重申我們致力於全年實現正自由現金流的承諾，預計這將比營業利潤率高出幾個百分點。

Taking a step back, our momentum, technology leadership and competitive position remains strong. And we are delivering top-tier growth at scale with continued operating leverage. Our investment approach strikes a thoughtful balance between maximizing long-term growth opportunities and maintaining a strong, responsible and profitable financial profile.

總的來說，我們的發展動能、技術領先地位和競爭地位依然強勁。我們正以持續的營運槓桿效應，實現規模化的一流成長。我們的投資策略在最大限度地利用長期成長機會和保持穩健、負責和盈利的財務狀況之間取得了深思熟慮的平衡。

In summary, we're executing on our strategy with focus and discipline, delivering strong growth, improving profitability and continuing to invest in the priorities that will shape our long-term success. With a solid financial foundation, a differentiated AI-powered platform and a large and growing market opportunity, we're confident in our ability to drive sustainable, profitable growth and create long-term value for our shareholders.

總而言之，我們正以專注和嚴謹的態度執行我們的策略，實現強勁增長，提高盈利能力，並繼續投資於將塑造我們長期成功的優先事項。憑藉穩固的財務基礎、差異化的AI驅動平台以及巨大且不斷增長的市場機遇，我們有信心推動可持續的盈利增長，並為股東創造長期價值。

Before we turn to Q&A, I would like to briefly address my upcoming transition. It's been a privilege to serve as CFO of SentinelOne during such a pivotal time. I'm incredibly proud of what we've accomplished together, scaling the business to over $1 billion in ARR and achieving sustainable profitability.

在進入問答環節之前，我想先簡單談談我即將面臨的人事變動。在如此關鍵的時期擔任 SentinelOne 的財務官，我深感榮幸。我為我們共同取得的成就感到無比自豪，我們將業務規模擴大到年經常性收入超過 10 億美元，並實現了可持續盈利。

I remain a strong believer in SentinelOne's bright future. With its differentiated AI-powered platform and a massive market opportunity ahead, I believe SentinelOne is uniquely positioned for profitable growth and long-term success. I want to thank Tomer for his trust and partnership and the entire SentinelOne team for their hard work.

我仍然堅信SentinelOne擁有光明的未來。憑藉其差異化的AI驅動平台和巨大的市場機遇，我相信SentinelOne在獲利成長和長期成功方面擁有獨特的優勢。我要感謝 Tomer 的信任和合作，以及 SentinelOne 團隊的辛勤工作。

Over the coming weeks, my full focus will be on ensuring a seamless transition. I will be working closely with Barry and our seasoned finance leadership team to ensure a smooth handoff. I leave with full confidence in the company's financial foundation and its future success. Thank you all for joining us today.

接下來的幾週，我將全力確保平穩過渡。我將與巴里和我們經驗豐富的財務領導團隊緊密合作，以確保順利交接。我對公司的財務基礎和未來成功充滿信心。感謝各位今天蒞臨。

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

現在開始回答各位的問題。接線員，請接通線路。

(Operator Instructions)

（操作說明）

Saket Kalia, Barclays.

薩克特·卡利亞，巴克萊銀行。

Okay, great. Hey, guys, thanks for taking my questions here. Barbara congrats on your next phase.

好的，太好了。嘿，各位，謝謝你們回答我的問題。芭芭拉，恭喜你開啟人生新篇章。

Thanks, Saket.

謝謝你，薩凱特。

Tomer, maybe for you, it's great to hear that half of the bookings are now coming from outside endpoint. Can you just maybe talk about which products outside of endpoint are kind of becoming the most material from a new business perspective? And to what extent is Flex enabling that?

Tomer，或許對你來說，聽到現在一半的預訂都來自外部終端是個好消息。您能否談談從新的商業角度來看，除了終端產品之外，還有哪些產品正變得最為重要？Flex 在多大程度上實現了這一點？

Thanks for the question. First and foremost, Data Solutions. That accelerated for us to triple digit year-over-year growth with both new customers and existing customer expansion. So a lot of momentum in kind of the SIEM replacement space. And obviously, with the acquisition of Observo, this will continue and remove friction in these transitions and allow us to onboard more and more data into our data analytics platform.

謝謝你的提問。首先，也是最重要的，就是數據解決方案。這促使我們實現了同比增長三位數，這得益於新客戶的增加和現有客戶的拓展。因此，SIEM替代方案領域發展勢頭強勁。顯然，隨著對 Observo 的收購，這一趨勢將持續下去，消除這些過渡中的摩擦，並使我們能夠將越來越多的數據納入我們的數據分析平台。

The second contributor is Purple AI with no surprise, it's about 40% attached, which is a new record for us. This is only for the base capability. That really validates our applied AI approach baked in directly into every part of the platform. And that, we believe, delivers true customer value and inefficiency gains. And obviously, when you think about Flex, that is what's allowing these customers now to have the freedom to consume every part of SentinelOne platform.

第二大貢獻者是 Purple AI，不出所料，貢獻率約為 40%，這對我們來說是一個新紀錄。這僅適用於基本功能。這充分驗證了我們應用人工智慧方法的正確性，該方法已直接融入平台的每個部分。我們相信，這能真正為客戶創造價值，並提高效率。顯然，Flex 讓這些客戶能夠自由地使用 SentinelOne 平台的每個部分。

So that is also a catalyst, and we're seeing that come up online for us in a pretty nice way. So the platform goes wider, and Flex that consumption across the board. And we believe that these are going to be the modules for us going to carry growth for years to come.

所以這也是一種催化劑，我們看到它正以一種相當好的方式在線上為我們帶來好處。因此，該平台將涵蓋更廣泛的領域，並全面且靈活地滿足各種消費需求。我們相信，這些模組將是我們未來幾年持續發展的關鍵。

John DiFucci, Guggenheim.

約翰·迪富奇，古根漢美術館。

Thank you. Listen, team, this looks like a good strong quarter here, and it's really nice to see that free cash flow, but guide was just a little lighter than we were looking for. I think the Street was looking for. Is there anything to read into that? I only half jokingly asked whether it's because Barry is going to be less focused on growth next quarter in his new role. And just trying to trying to figure that out.

謝謝。聽著，各位，這看起來是一個強勁的季度，看到自由現金流確實令人欣喜，但業績指引比我們預期的略低一些。我認為這是華爾街一直在尋找的。這其中有什麼深意嗎？我半開玩笑地問，是不是因為巴里在新職位上，下個季度會減少對成長的關注。我只是想弄清楚這一點。

And I guess, at Barbara, we'll miss you here. And it's -- SentinelOne has become pretty consistent here since you've been there, and I think people are starting to understand showed the way your cadence has worked out here. But is there anything other than an opportunity outside of cyber that you can say?

我想，在芭芭拉，我們會想念你的。而且——自從你來到這裡之後，SentinelOne 的表現就一直相當穩定，我認為人們開始理解你在這裡的工作節奏是如何奏效的。除了網路安全領域之外，還有其他機會嗎？

Yes. Well, let me first cover the guidance, which I think you're specifically talking about the revenue outlook. So Q4 revenue outlook reflects steady momentum in the business. It's supported by a healthy pipeline, continued momentum with customers and partners and growing contributions from our emerging products. As you know, Q4 is seasonally the largest quarter of the year.

是的。首先，我想談談業績指引，我想您指的是收入前景。因此，第四季度營收前景反映了業務的穩定成長勢頭。這得益於健康的研發管線、與客戶和合作夥伴的持續合作勢頭以及新興產品不斷增長的貢獻。如您所知，第四季度是一年中最重要的季度。

So things like deal timing in-quarter linearity can influence quarterly revenue. We believe that's a prudent approach to take given that the macro environment continues to be dynamic. And then just zooming out from a full year perspective, our FY '26 revenue guidance implies an improvement of $1 million compared to the midpoint of our prior guidance. Again, steady execution and business limit time.

因此，交易時機與季度內線性關係等因素可能會影響季度營收。鑑於宏觀環境持續變化，我們認為這是一種審慎的做法。從全年來看，我們 2026 財年的營收預期比之前預期的中點提高了 100 萬美元。再次強調，穩步執行和業務限制時間。

And then on your second question, this is just really a personal decision for me, you can owe time opportunities, but it was an opportunity for me that comes in a space that I'm deeply passionate about helping SentinelOne surpass $1 billion in ARR, reach non-GAAP profitability has been a really important milestone for me personally.

至於你的第二個問題，這對我來說真的只是個人的決定。你可以把握時機，但對我來說，這是一個我非常熱衷的領域，幫助 SentinelOne 的 ARR 超過 10 億美元，實現非 GAAP 盈利，對我個人來說是一個非常重要的里程碑。

I just want to be clear, that decision is entirely independent of SentinelOne's outlook. We've built a really strong foundation, achieved profitability, have solid momentum. That's clear by our Q3 outperformance and outlook for FY '26. And I'll just say, I care deeply about the SentinelOne team, which is why I'm committed to staying through mid-January and help Barry and the team with the seamless handover. So thanks for the questions, John.

我只想澄清一點，這個決定完全獨立於 SentinelOne 的前景。我們已經打下了非常堅實的基礎，實現了獲利，並且發展勢頭強勁。從我們第三季優異的業績和 2026 財年的展望可以看出這一點。我只想說，我非常關心 SentinelOne 團隊，所以我承諾會留任到一月中旬，幫助 Barry 和他的團隊順利完成交接工作。謝謝你的提問，約翰。

Brian Essex, JPMorgan.

Brian Essex，摩根大通。

Hi, good afternoon and thank you for taking the question. Barbara congratulations from me as well. I guess maybe to piggyback on John's question, could we -- could you touch on gross margin, and it looks like the guide calls for a little bit of sequential gross margin compression. Just would love to get your puts and takes on the drivers of that? What's -- what you see in the pricing environment and maybe with the longer-term outlook, how that may or may not have changed after what you've seen this quarter?

您好，下午好，感謝您回答我的問題。芭芭拉，我也向你表示祝賀。我想藉約翰的問題問一句，我們能不能──你能談談毛利率嗎？看起來這份指南要求毛利率季減。很想聽聽你們對這些驅動因素的看法和見解？您認為目前的定價環境以及更長遠的市場前景如何？在本季之後，這些方面可能發生了哪些變化？

Yes. Thanks for the question. So Q3, we delivered industry-leading gross margins of 79%. We expect to sustain gross margin at the high 70s level. In terms of the puts and takes, our Q4 guide includes strategic investments in cloud infrastructure and capacity expansion.

是的。謝謝你的提問。因此，第三季我們實現了業界領先的 79% 的毛利率。我們預計毛利率將維持在70%以上的水平。就投資方向而言，我們的第四季度指導方針包括對雲端基礎設施和容量擴張的策略性投資。

This is really just a reflection of growing global scale and platform diversification. For example, just this week, we announced that singularity platform is now GA on Google Cloud and Saudi Arabia. So you can see the traction we're having in international markets.

這實際上反映了全球規模的不斷擴大和平台的多樣化。例如，就在本週，我們宣布 Singularity 平台現已在 Google Cloud 和沙烏地阿拉伯正式上線。所以你可以看出我們在國際市場上取得了不錯的成績。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

Hi, this is Nasr Islam for Brad Zelnick. Tomer, nice quarter on both the new business and the margin front. As you evaluate the breadth of products in the Singularity platform, do you see the need to add further functionality perhaps through further M&A? And relatedly, what are the guardrails of M&A as you balance both profitability?

大家好，我是納斯爾伊斯蘭，代表布拉德澤爾尼克。Tomer，本季新業務和利潤率都表現不錯。在評估 Singularity 平台的產品範圍時，您是否認為有必要透過進一步的併購來增加更多功能？與此相關的是，在平衡獲利能力的同時進行併購時，有哪些限制條件？

We believe we have a pretty complete platform. I think if you kind of look at the sum total of our old -- all the capabilities we have, it's incredibly competitive in the market. There aren't many type of providers that have the breadth and depth of capabilities that we have. We made these two acquisitions in areas that we believe are incredibly strategic, not only for now, but also for the future opportunity in cybersecurity. So as we look at our platform capability set today, we don't envision any big missing pieces.

我們認為我們擁有一個相當完善的平台。我認為，如果你把過去擁有的所有能力加起來來看，你會發現我們在市場上極具競爭力。很少有供應商能像我們一樣擁有如此廣泛而深入的能力。我們之所以在我們認為具有極強戰略意義的領域進行這兩項收購，不僅是為了現在，也是為了網路安全領域未來的發展機會。因此，當我們審視我們目前的平台功能時，我們認為沒有任何重大缺失。

We're going to remain opportunistic. But at the same time, we don't change our philosophy around M&A. And we have a substantial part of our platform built in-house. We're going to continue and invest in innovation in-house. And in the areas where we believe there is both opportunity and a strategic gap we might hope to acquire. But again, nothing impending, and we believe our platform is incredibly competitive at this point.

我們將繼續保持機會主義心態。但同時，我們並沒有改變我們對併購的理念。而且我們平台的功能大部分都是自主研發的。我們將繼續加大對內部創新的投入。在我們認為既存在機會又存在策略差距的領域，我們可能會希望進行收購。但再次強調，目前沒有任何即將發生的事情，我們相信我們的平台在現階段極具競爭力。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Great. Maybe just in terms of -- you kind of noted improvement in execution and just kind of traction with the Flex deal. Just wondering if you could kind of give more details in terms of where you're seeing kind of that strength and with both Flex and with kind of improved execution.

偉大的。或許只是就執行方面而言——你注意到執行力有所提高，而且 Flex 交易也取得了進展。我只是想問一下，您能否更詳細地說明一下，您認為這種優勢體現在哪些方面，包括靈活性和執行力的提升。

Sure. Definitely, steady execution, a lot of platform momentum. Our teams executed above our expectations. And I think what's also clear is our technology advantage is resonating. And at the same time, we're still making tangible progress in building stronger sales and marketing engines, but the last two quarters really reflect a steady improvement in execution and meaningful progress along that journey.

當然。當然，執行穩健，平台發展勢頭強勁。我們的團隊表現超出了預期。而且我認為很明顯的是，我們的技術優勢正在產生影響。同時，我們在建立更強大的銷售和行銷引擎方面仍然取得了切實進展，但過去兩個季度確實反映了執行力的穩定提升以及在這一過程中取得的實質進展。

SentinelOne Flex, there's just a lot of momentum that customers adopt the singularity platform in a more dynamic fashion. And it's still early for us but Flex is already helping us secure larger multi-solution deals and longer-term customer commitments. I think you see some of that true acceleration of RPO as an example. The target is obviously to do more and more larger deals. You can also see that through a record ARR per customer contribution.

SentinelOne Flex 的優點在於，客戶採用單一平台的方式更加積極主動，發展勢頭強勁。對我們來說，現在還處於早期階段，但 Flex 已經幫助我們獲得了更大的多解決方案交易和更長期的客戶承諾。我認為你可以看到 RPO 的一些真正加速發展的例子。很明顯，我們的目標就是達成越來越多、越來越大的交易。您也可以透過每位客戶貢獻的創紀錄的年度經常性收入 (ARR) 來看出這一點。

So the more dynamic licensing capabilities we give to our customers, the more they're going to consume from the platform. So it's enabling our teams to land bigger and with efficiency for us. To us, strategically, Flex again opens the door for customers to experiment and buying more of our platform, and we're seeing that translate into more and more business for us. When you think about these acquisitions that we've done, we think about the new capabilities that we bring online Flex allows customers to immediately consume them as well. So it bodes well for our entire go-to-market motion.

因此，我們為客戶提供的動態授權功能越多，他們就會從平台上消費越多。因此，它能夠幫助我們的團隊更有效率地完成更大規模的部署。從策略角度來看，Flex 再次為客戶打開了嘗試和購買我們平台更多產品的大門，我們看到這正在轉化為我們越來越多的業務。當我們回顧這些收購時，我們會想到我們為 Flex 帶來的新功能，Flex 也讓客戶能夠立即使用這些功能。所以這對我們整個市場推廣活動來說都是個好兆頭。

Joseph Gallo, Jefferies.

Joseph Gallo，傑富瑞集團。

Hey guys, thanks. Really appreciate the question. It was great to see the net new ARR growth the past two quarters. Just any commentary on 4Q? And then given you're investing so much in capacity, you're clearly confident on the future. Can we expect net new ARR growth to grow again in the next year? Or how should we think about the glide path of growth into next year?

嘿，夥計們，謝謝。非常感謝您的提問。很高興看到過去兩季淨新增 ARR 成長。對第四季有什麼評論嗎？鑑於您在產能方面投入瞭如此多的資金，顯然您對未來充滿信心。我們能否預期明年淨新增年度經常性收入（ARR）成長將再次成長？或者我們應該如何看待明年的成長軌跡？

Hi Joe, thanks for the question. So while we don't provide formal ARR guidance for Q4, we do expect net new ARR to be higher sequentially which would be consistent with what we've seen historically from a seasonality perspective.

嗨，喬，謝謝你的提問。因此，雖然我們沒有提供第四季度的正式 ARR 指引，但我們預計淨新增 ARR 將環比增長，這與我們歷史上從季節性角度觀察到的情況一致。

Fatima Boolani, Citi.

Fatima Boolani，花旗銀行。

Oh, good afternoon. Thank you for taking my questions, and Barbara, congratulations on your next adventure. I wanted to drill in on the net new ARR performance. That 1% growth, can you unpack sort of the puts and takes there? And Barbara, maybe if you can help marry that with some of your commentary in the prepared around net retention rates well into the expansion territory. I'm just sort of trying to reconcile the RPO and booking strength versus maybe a little bit more anemic on the net new ARR side.

哦，下午好。感謝您回答我的問題，芭芭拉，恭喜您即將開啟新的旅程。我想深入研究一下新的 ARR 表現。那1%的成長，你能分析一下其中的利弊嗎？芭芭拉，或許你可以把這一點與你之前準備的關於淨留存率在擴張領域中的表現的一些評論結合起來。我只是想弄清楚 RPO 和預訂量為何如此強勁，而新增 ARR 淨額卻可能略顯疲軟。

Thanks for the question. So Q3 net new ARR remained solid. We saw healthy contributions from new customer wins, expansion with existing customers. We also saw record ARR per customer. Really, that's driven by continued adoption of our emerging solutions, AI, data, cloud, so continuing to innovate and execute in this quarter is an evidence that our land and expand strategy is working well, given the momentum we're seeing across our emerging products.

謝謝你的提問。因此，第三季新增淨年度經常性收入保持穩健。我們看到，新客戶的贏得和現有客戶的業務拓展都帶來了可觀的收益。我們也看到每位客戶的年度經常性收入（ARR）創下新高。實際上，這得益於我們新興解決方案（人工智慧、數據、雲端）的持續普及，因此，本季度我們繼續創新和執行，證明鑑於我們在新興產品方面所看到的良好勢頭，我們的「先佔領市場，再擴張」策略正在奏效。

And from an NRR perspective, yes, remains in expansionary territory and relatively stable with what we've seen the past few quarters.

從淨收益率的角度來看，是的，它仍然處於擴張階段，根據我們過去幾個季度所看到的，它相對穩定。

Eric Heath, KeyBanc.

Eric Heath，KeyBanc。

Hey, thanks for taking the question. Barbara, you mentioned the guide takes some considerations like deal timing and linearity into effect when we talk about Q4. I'm just curious like thus far through the month of November, if linearity was a little bit slower than maybe anticipated. And maybe if there is the sales cycle there possibly getting longer as you introduce Flex steels that are bigger and more strategic in nature?

嘿，謝謝你回答這個問題。芭芭拉，你提到在談到第四季時，該指南會考慮一些因素，例如交易時機和線性關係。我只是好奇，就目前為止的11月情況來看，線性成長的速度是否比預期的要慢一些。如果銷售週期確實存在，那麼隨著您推出更大、更具策略性的柔性鋼材，銷售週期可能會延長？

Yes. I mean I would just comment on two factors that I discussed last quarter that are still relevant to Q4. In quarter linearity is one of them that we expect it to be a back-end loaded quarter, especially given the US holidays in November and December and then also lower than initially anticipated services contribution. So as a reminder, services contribute to revenue, but not to ARR.

是的。我的意思是，我只想就上個季度討論過的兩個因素發表一下看法，這兩個因素與第四季度仍然相關。季度線性度是其中一個因素，我們預計這將是一個後半段成長的季度，特別是考慮到 11 月和 12 月的美國假期，以及低於最初預期的服務貢獻。所以再次提醒大家，服務有助於增加收入，但不會直接增加年度經常性收入 (ARR)。

Jonathan Ho, William Blair.

喬納森·何，威廉·布萊爾。

Hi, good afternoon. I just wanted to see if you could give us a little bit of a sense of where we are in terms of AI security adoption and maybe where customers are in terms of that maturity curve adopting some of these new solutions. It sounds like you've had tremendous success. And I just wanted to see maybe what inning we're in, in terms of analogies. Congrats, Barbara.

您好，下午好。我只是想看看您能否大致介紹一下我們在人工智慧安全應用方面所處的位置，以及客戶在採用這些新解決方案方面的成熟度曲線。聽起來你取得了巨大的成功。我只是想看看，就類比而言，我們現在處於哪個階段。恭喜你，芭芭拉。

Thank you.

謝謝。

Well, I mean, obviously, to us, or security is now centered around Prompt Security. The response from customers and partners has just been incredible. It is obviously an urgent and growing need. Every organization adopting AI tools and every CISO we engage with is just focused on doing it in the most safe way possible. The usual generative AI and Agentic is accelerating, as anybody can see and everybody can see.

嗯，我的意思是，很顯然，對我們來說，安全現在以 Prompt Security 為中心。客戶和合作夥伴的反應簡直令人難以置信。這顯然是一個迫切且日益增長的需求。每個採用人工智慧工具的組織以及我們接觸到的每位首席資訊安全官，都專注於以最安全的方式使用人工智慧工具。眾所周知，生成式人工智慧和智能體技術正在加速發展。

And customers are obviously looking for real-time visibility, governance and controls as they deploy AI workloads. So we're seeing healthy early traction in the field, the sales motion for Prompt, the lines very naturally with our existing go-to-market framework. It's a great augmentation to our endpoint footprint into our AI footprint with Purple.

顯然，客戶在部署 AI 工作負載時，需要即時可見性、治理和控制。因此，我們看到該領域取得了良好的早期進展，Prompt 的銷售勢頭良好，其產品線與我們現有的市場推廣框架非常契合。Purple 的加入大大擴展了我們終端設備在人工智慧領域的應用。

So it's both a great cross-sell opportunity among existing customers and an entry point for new customers looking to secure usage and the technologies that they onboard. So all in all, really great traction right now pipeline looks promising. And all in all, as you can imagine, everybody is looking for ways to deploy AI workload responsibly and Prompt is just a great answer for that.

因此，這既是現有客戶的絕佳交叉銷售機會，也是新客戶尋求確保使用權和他們所採用的技術的切入點。總而言之，目前進展非常順利，產品線看起來很有前景。總而言之，正如你所想，每個人都在尋找負責任地部署 AI 工作負載的方法，而 Prompt 正好是一個很好的解決方案。

Shaul Eyal, TD Cowen.

Shaul Eyal，TD Cowen。

Thank you. Hi, good afternoon. Tomer, what actions are you taking internally to accelerate net new ARR performance? Maybe how do you guys think about hiring into the new fiscal year? . Congrats, Barbara.

謝謝。您好，下午好。Tomer，你們公司內部正在採取哪些措施來加速淨新增年度經常性收入（ARR）的成長？你們對新財年的招募有什麼計畫？。恭喜你，芭芭拉。

Yes. I think a lot of what we just discussed, I mean, SentinelOne Flex is allowing us to just drive with more efficiency, customer expansions, obviously, continuously investing in the acquired assets is another strategy for us where we continue and scale these businesses as we integrate them.

是的。我認為我們剛才討論的許多內容，例如 SentinelOne Flex 使我們能夠更有效率地發展業務，拓展客戶群體，顯然，持續投資於收購的資產是我們的另一項策略，我們將在整合這些業務的同時，繼續發展並擴大這些業務的規模。

The other, I think, action that is allowing this is also a very rapid integration into our existing platform capabilities. So all of those just result, I think, in more strategic conversations with customers. It's not just about selling AI security or a pipeline it repositions our entire platform and create more and more competitive differentiation.

我認為，促成這項結果的另一個因素是與我們現有平台功能的快速整合。所以我認為，所有這些最終都會促成與客戶之間更具策略性的對話。這不僅僅是銷售人工智慧安全產品或銷售管道，它重新定位了我們的整個平台，並創造了越來越多的競爭優勢。

We were able to come in and fully deliver end-to-end security fully deliver end-to-end data onboarding, data onboarding, data ingestion, data retention in one solution in one unified platform. So as we think about net new ARR that's obviously the number one imperative, which is land bigger and expand bigger and now we have the capability set and the outcomes to deliver to customers.

我們能夠進入市場，並在一個統一的平台上，透過一個解決方案全面實現端到端安全、端到端資料存取、資料存取、資料擷取和資料保留。因此，當我們考慮新增年度經常性收入時，顯然首要任務是擴大規模、擴大市場份額，而現在我們已經具備了向客戶交付成果的能力和條件。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

Hey, thanks for taking the questions, guys. I appreciate it. Congrats on the quarter and best of luck to your Barbara. I just wanted to sanity check some of the commentary here and appreciate the consistent messaging on what you guys are communicating on [macro]. But it would be helpful that the margin here with respect to deal timing, macro sales cycles.

嘿，謝謝各位回答問題。謝謝。恭喜你本季業績出色，也祝福你的芭芭拉一切順利。我只是想核實一下這裡的一些評論，並感謝你們在溝通方面始終如一的訊息傳遞。[宏]但考慮到交易時機和宏觀銷售週期，這裡的利潤空間將會很有幫助。

How did that play out in Q3 versus your expectations? And then to the degree you can elaborate, how was public sector? I know it's a relatively small part of your business, but if that in any way impact how are you thinking about the guidance here as well. Thank you so much.

第三季實際情況與您的預期相比如何？然後，請您詳細說明一下，公共部門的情況如何？我知道這只是您業務中相對較小的一部分，但如果這以任何方式影響到您對此處指導意見的看法，您覺得如何？太感謝了。

I think that in terms of deal time, I'm just going to echo what Barbara said. The environment, as you can see throughout this entire earning cycle is a bit unpredictable. So for us, we felt to be the most prudent to solve for that, so to speak. With that, we feel very confident in our ability to execute against our Q4 guide. So all in all, we are just trying to create a more measured approach to what we see out there in terms of deal timing.

關於交易時間，我覺得我完全同意芭芭拉的說法。正如你在整個收益週期中所看到的，環境有點難以預測。所以對我們來說，我們認為最謹慎的做法就是解決這個問題。因此，我們對實現第四季度業績目標充滿信心。總而言之，我們只是想針對目前市場上的交易時機，採取更審慎的態度。

Barbara mentioned, Q4 is our biggest quarter, so there's a lot of business coming in. Linearity can change $1 million here or $1 million there, which is the entire gamut of this adjustment. So again, all in all, these are the factors that we're taking into play here as we continue and execute through the year. And obviously, as you can see for the full year guidance, we have taken our guidance up.

芭芭拉提到，第四季是我們最大的季度，所以業務量很大。線性調整可以改變這裡 100 萬美元，也可以改變那裡 100 萬美元，這就是這種調整的全部範圍。綜上所述，這些是我們全年繼續執行各項工作時需要考慮的因素。顯然，正如您在全年業績指引中所看到的那樣，我們已經提高了業績指引。

As regards to federal business, Q3 was in line with our expectation. Overall, we remain mindful that federal opportunities also in progress at a slower pace due to procurement cycle and budget dynamics. But at the same time, our engagement in the federal vertical remained very strong. with positive demand signals and alignment across our federal high offerings, which span all the way from our endpoint solution and through data in AI.

就聯邦業務而言，第三季符合我們的預期。總的來說，我們仍然意識到，由於採購週期和預算動態，聯邦政府的機會也以較慢的速度推進。但同時，我們在聯邦垂直領域的參與度依然非常高，這體現在積極的需求訊號以及我們面向聯邦市場的高端產品和服務上，這些產品和服務涵蓋了從終端解決方案到人工智慧數據等各個方面。

Just this quarter, as we mentioned, we had a meaningful extension with an existing customer. And we've been global relationships advancing the opportunities and solidifying SentinelOne's position as a trusted long-term partner across the entire federal ecosystem.

正如我們之前提到的，就在本季度，我們與一位現有客戶達成了一項意義重大的續約協議。我們一直致力於建立全球關係，以推進各種機遇，並鞏固 SentinelOne 作為整個聯邦生態系統中值得信賴的長期合作夥伴的地位。

Shrenik Kothari, Baird.

Shrenik Kothari，Baird。

Hey guys, this is Zach Schneider on for Shrenik. So you noted the minimal revenue and ARR contribution from Observo next year. But just more from a high level, previously, you talked on how it unlocks a multi-hundred-million-dollar ARR opportunity by really eliminating third-party telemetry dependencies.

大家好，我是 Zach Schneider，今天為大家帶來 Shrenik 的報導。所以您注意到了 Observo 明年的營收和 ARR 貢獻極低。但從更高的層面來說，之前您談到過，它透過真正消除對第三方遙測的依賴，釋放出數億美元的 ARR 機會。

So just curious to hear sort of what benefits have you seen since the acquisition and just tactically how you're positioning Observo versus private vendors and some platform peers and competitive bake-offs?

所以，我很好奇自收購以來，您看到了哪些好處，以及在策略上，您是如何將 Observo 與私營供應商、一些平台同行以及競爭對手進行定位的？

This goes back to my commentary around giving a complete end-to-end out-of-the-box functionality, not only Observo brings advanced capabilities to ingest data. It's not just another data pipeline, it's a complete AI data pipeline, which just the pace of onboarding, the level of ease of views that we can provide is already above and beyond everything else in the space.

這又回到了我之前關於提供完整的端到端開箱即用功能的評論，Observo 不僅帶來了高級資料攝取功能。它不僅僅是另一個資料管道，而是一個完整的 AI 資料管道，單就其上線速度和我們提供的便利視圖而言，就已經超越了該領域的其他所有產品。

And when you couple that with ultrafast data like we have, you kind of arrive in a world, we have the complete data suite from data pipeline and ingestion to data lake and search and data orchestration and hyperautomation. So think about SentinelOne and AI SIEM and our data solutions is a complete one-stop shop to transition away from your olden legacy stock provider and same provider and into an ultra fast quick-to-deploy type of a solution that's fully AI-enabled.

當你把這些與我們擁有的超高速數據結合起來時，你就進入了一個全新的世界，我們擁有從數據管道和攝取到數據湖和搜尋、數據編排和超自動化的完整數據套件。因此，請考慮 SentinelOne 和 AI SIEM，我們的數據解決方案是一個完整的「一站式」服務，可幫助您從舊的傳統股票提供者和同一提供者過渡到超快速部署的完全 AI 賦能型解決方案。

And obviously, if you then take into consideration the amount of automation that we can bring into the picture given we control that real-time streaming element and the data ingestion pipeline then you start to understand the art of the possible with deploying more and more Agentic-based capability to automate more and more of the tasks in cybersecurity, which obviously has been our vision for quite a while now, and that marriage of data ingestion, data processing and data orchestration really starts to produce this vision of the complete autonomous cybersecurity platform, which is where we're going.

顯然，如果我們考慮到能夠控制即時流元素和資料攝取管道，從而實現自動化程度的提高，那麼我們就能理解部署越來越多的基於代理的功能來自動化網路安全中越來越多的任務的可能性。這顯然是我們長期以來的願景，而資料攝取、資料處理和資料編排的結合，真正開始建立完全自主的網路安全平台，這正是我們努力的方向。

Adam Tindle, RJF.

Adam Tindle，RJF。

Okay. Thank you, and best wishes to Barbara. Tomer, I wanted to just mention, you talked about the partner ecosystem and just to be very blunt, a competitor called out a pretty big displacement on their earnings call just earlier this week, and that was a partner that you had ramped just earlier this year.

好的。謝謝，也祝芭芭拉一切順利。Tomer，我想提一下，你談到了合作夥伴生態系統，坦白地說，就在本週早些時候，一個競爭對手在財報電話會議上指出，你們的合作夥伴出現了相當大的變動，而這個合作夥伴正是你們今年早些時候才開始拓展業務的。

They're indicating that there's more to come after this. Just wanted to sort of give you a forum to respond to some of that comments on defending that and the notion of more displacements to come? And if you could tie that into how you're thinking about forward growth from here, the ability to maintain this 20% growth, which you're guiding to in Q4, that would be helpful.

他們的意思是，這之後還會有更多事情發生。我只是想給你一個平台，讓你回應一些關於捍衛這一觀點以及未來可能出現更多流離失所事件的評論？如果您能將此與您目前對未來成長的思考聯繫起來，以及您預計在第四季度實現的 20% 的成長目標，那就太好了。

Sure. I think you're going to have to talk to them. I mean, we still have quite a lot of licenses going with all of our partners. And at the same time, this quarter, specifically we doubled down in a very significant way with 2 of our biggest partners with multiyear commitments. So we have not seen any meaningful disruption from whatever competitor that is.

當然。我覺得你得跟他們談談。我的意思是，我們仍然與所有合作夥伴保持相當多的授權許可協議。同時，本季度，我們特別加大了與兩家最大合作夥伴的合作力度，並簽署了多年期承諾。因此，我們尚未看到任何競爭對手的實質幹擾。

Our partner ecosystem is incredibly robust. I mean we have a lot of partners globally. So I don't know exactly what they were talking about. But at the same time, all I see is growth from our partnership as a whole. As for the next year, I think you can look at our Q4 exit rate is a good indicator. All in all, we have a ton of momentum in the business. At the same time, we're trying to balance the macroeconomic environment and how unpredictable and at times volatile it can be.

我們的合作夥伴生態系統非常強大。我的意思是，我們在全球有很多合作夥伴。所以我不太清楚他們到底在說什麼。但同時，我看到的只是我們整個合作關係的進步。至於明年，我認為你可以參考我們第四季的退出率，這是一個很好的指標。總而言之，我們在業務上發展勢頭強勁。同時，我們也在努力平衡宏觀經濟環境及其不可預測性和時而出現的波動性。

But all in all, we have a lot of confidence in the momentum we're seeing right now in the traction we're seeing with our solutions. And I think more than anything, the customer reception and how well our solutions resonate versus everything else out there just gives us a lot of hope that this is a few resolutions at the right time and just a great market fit.

但總的來說，我們對目前所看到的動力以及我們的解決方案所取得的成效充滿信心。而且我認為，最重要的是，客戶的回饋以及我們的解決方案與其他所有方案相比所引起的共鳴，讓我們充滿希望，相信這是在正確的時間推出的幾個解決方案，並且非常契合市場。

Joshua Tilton, Wolfe Research.

Joshua Tilton，沃爾夫研究公司。

Hey guys, can you hear me?

嘿，夥計們，你們聽得到我說話嗎？

We can hear you, Josh.

我們聽得到你說話，喬希。

Awesome, thanks for sneaking me in. Barbara -- actually, maybe just one is for Tomer. I guess, my question is, there's been a lot of talk and a lot of focus and rightfully so about -- I don't know if it's been more focused on the bottom line or just an emphasis on delivering operating cash flow, free cash flow, just more conversation around profitability this year.

太棒了，謝謝你偷偷帶我進來。芭芭拉——其實，也許只有一件是給托默的。我想問的是，大家一直在談論和關注——而且理所當然地關注——我不知道大家更關注的是最終利潤，還是更注重實現運營現金流、自由現金流，總之今年圍繞盈利能力的討論更多了。

And I know it's only in the interim while you guys conduct a search, but I can't help but notice that you're kind of choosing to replace the CFO that seems to have led this -- this profitability vision with someone whose title is growth or growth officer. And my question (technical difficulty) reading too much into a title.

我知道這只是你們進行尋找合適人選的過渡方案，但我忍不住注意到，你們似乎選擇用一個頭銜是增長官或增長主管的人來取代那位似乎一直引領著盈利願景的首席財務官。我的問題（技術難題）是否是對標題過度解讀了。

You're absolutely reading too much into it. I don't think there was any intend to signal anything. And we'll continue down the same path that we've been executing towards in the past couple of years. I mean you're seeing us consistently expand operating margin year-over-year, and that's going to continue into next year as well.

你完全是想太多了。我不認為有任何暗示的意圖。我們將繼續沿著過去幾年一直在執行的道路前進。我的意思是，你們可以看到我們的營業利潤率逐年穩定成長，而且這種情況明年還會繼續。

We're striving to achieve the Rule of 40 as fast as we can basically and that is just the way that we look at expansion. And we believe there is obviously more operating leverage in business that we'll continue to extract.

我們基本上是努力盡快實現 40 法則，這就是我們看待擴張的方式。我們相信，企業顯然還有更大的營運槓桿空間，我們將繼續挖掘這些空間。

Patrick Colville, Scotiabank.

派崔克‧科爾維爾，加拿大豐業銀行。

Thank you, guys. Tomer, I guess my question is for you, please. When I look at the metric around the proportion of quarterly bookings from emerging products, it's kind of interesting to me that it stayed consistent around 50%. And so I guess that could mean two things. It could mean that the core endpoint has like continued to surprise to the upside, and there's still like a decent amount of Trelix, McAfee, et cetera, to go after or it could be that these emerging products have maybe been a bit disappointing versus what we might have hooked.

謝謝大家。托默，我想我的問題應該要問你。當我查看新興產品季度預訂量佔比這一指標時，我發現它一直穩定在 50% 左右，這讓我覺得很有趣。所以，我想這可能意味著兩件事。這可能意味著核心終點持續帶來驚喜，還有相當數量的 Trelix、McAfee 等產品值得我們去爭取；或者也可能是這些新興產品與我們可能已經吸引到的產品相比，有點令人失望。

So I guess could you just unpack that metric? And like what is going on behind the scenes? And maybe with a lens towards next year? Like what should we expect next year there?

所以我想請您詳細解釋一下這個指標？那麼，幕後究竟發生了什麼事？或許可以著眼於明年？明年那裡會有什麼狀況？

Sure. I'd say, I mean, to us, it looks like a very balanced contribution. We like it where we are. There is definite potential and continued expansion in the core endpoint space, and we definitely don't want to wave that away. I just mentioned we doubled down with two of our biggest endpoint partners.

當然。我覺得，在我們看來，這是一筆非常均衡的捐款。我們喜歡現在的生活。核心終端領域肯定有巨大的潛力和持續的成長空間，我們絕對不想錯過這個機會。我剛才提到過，我們加大了與兩家最大的終端合作夥伴的合作力度。

So that obviously shows you that there's more to go after in that core endpoint space. And obviously, we're having a lot of success there. We have one of the best products in the space. But then obviously, a lot of our data solutions, which are high pertinent both for existing customers, but also as we lend in competitive state. Those are strategic to us as well.

這顯然表明，在核心終端領域還有更多值得追求的目標。顯然，我們在那裡取得了巨大的成功。我們擁有業內最好的產品之一。但很顯然，我們的許多數據解決方案，對於現有客戶以及我們在競爭激烈的市場中都具有很高的相關性。這些對我們來說也具有戰略意義。

So we kind of feel like the 50-50 contribution is a good place for us to be as we continue to execute both on the core endpoint opportunity and starting to extract more and more meaningful revenue of throne data analytics from AI. We're also adding more and more capabilities to our endpoint suite. So it's not only about EDR, rating adjacent capabilities to continue and expand in that core footprint. So all in all, we've got multiple growth vectors as we go into next year.

因此，我們覺得 50-50 的貢獻比例對我們來說比較合適，因為我們既要繼續掌握核心終端機遇，又要開始從人工智慧的 Throne 資料分析中榨取越來越多有意義的收入。我們也持續為終端套件添加更多功能。所以，這不僅是關於 EDR，還要評估鄰近能力，以便在核心領域繼續發展和擴展。總而言之，展望明年，我們有多個成長點。

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

目前我們沒有其他問題。我將把電話轉回給托默·魏因加滕，請他作總結發言。

Thank you all. Our third quarter results show the solid execution and progress we're making as we scale the business. Customers are increasingly turning to SentinelOne for better security outcomes and value and we're focused on driving durable growth, expanding margins and continuing to deliver the industry's leading AI-powered security. Again, thank you all for joining us today.

謝謝大家。我們第三季的業績表明，隨著業務規模的擴大，我們的執行力和進展都非常穩健。客戶越來越傾向於選擇 SentinelOne 以獲得更好的安全效果和價值，我們專注於推動永續成長、擴大利潤率，並繼續提供業界領先的 AI 驅動型安全解決方案。再次感謝各位今天蒞臨。