SentinelOne Inc (S) 2027 Q1 法說會逐字稿

Hello and welcome to the SentinelOne Q1 FY 2027 earnings conference call. (Operator Instructions) Also as a reminder, this conference is being recorded today. If you have any objections, please disconnect your call.

您好，歡迎參加 SentinelOne 2027 會計年度第一季（Q1）財報電話會議。（接線員指示）同時提醒各位，本次會議將於今日錄音。如您有任何異議，請中斷通話。

I will now turn the call over to Saad Nazir, Vice President of Investor Relations.

現在我將把電話交給投資人關係副總裁 Saad Nazir。

Good afternoon, everyone, and welcome to SentinelOne's earnings call for the first quarter of fiscal year '27, which ended April 30, 2026.

各位下午好，歡迎參加 SentinelOne 2027 會計年度第一季（截至 2026 年 4 月 30 日止）的財報電話會議。

With us today, are Tomer Weingarten, CEO; and Sonalee Parekh, 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 shortly after the call.

今天與會者包括執行長 Tomer Weingarten 與財務長 Sonalee Parekh。我們的新聞稿與財報簡報已於今日稍早發布，並已張貼於本公司網站的投資人關係專區。本次電話會議及隨附投影片將透過網路直播，會後不久亦將於我們的網站提供重播。

Before we begin, I would like to remind you that during today's call, we'll be making forward-looking statements about financial performance and future events, including our guidance for the fiscal second quarter and full fiscal year 2027 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，我們將就財務表現與未來事件發表前瞻性陳述，包括我們對 2027 會計年度第二季及 2027 全會計年度的指引，以及長期財務目標。我們提醒您，此類陳述係基於目前已知因素所作之最佳判斷，實際結果或事件可能與之存在重大差異。

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

請參閱我們不時向美國證券交易委員會（SEC）提交的文件，特別是 Form 10-Q 季度報告與 Form 10-K 年度報告。這些文件載有並指出重要風險因素及其他資訊，可能導致我們的實際結果與前瞻性陳述所述內容出現重大差異。

Any forward-looking statements made during this call are being made as of today. If this call is replayed or reviewed after today, the information presented during the call may not contain current or accurate information. Except as required by law, we assume no obligation to update these forward-looking statements publicly or to update the reasons why actual results may differ materially from those anticipated, even if new information becomes available in the future.

本次電話會議中所作的任何前瞻性陳述均以今日為準。若本次電話會議於今日之後被重播或回顧，會議中所呈現之資訊可能不再是最新或準確資訊。除法律要求外，我們不承擔公開更新這些前瞻性陳述或更新實際結果可能與預期存在重大差異之原因的義務，即使未來有新資訊可得亦然。

During this call, we will discuss non-GAAP financial measures, and all comparisons made are year-over-year, unless otherwise noted. These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles. A reconciliation of the GAAP and non-GAAP results other than with respect to our non-GAAP financial outlook is provided in today's press release and in our earnings presentation. These non-GAAP measures are not intended to be a substitute for our GAAP results.

在本次電話會議中，我們將討論非 GAAP 財務衡量指標，且除非另有說明，所有比較均為年對年（YoY）。這些非 GAAP 財務衡量指標並非依一般公認會計原則編製。除與我們的非 GAAP 財務展望相關者外，GAAP 與非 GAAP 結果之調節表已載於今日新聞稿及財報簡報中。這些非 GAAP 指標並非用以取代我們的 GAAP 結果。

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

我們的財務展望排除：以股份為基礎之酬勞費用、員工股票交易相關之雇主薪資稅、收購取得之無形資產攤銷費用、收購相關之酬勞成本、重組費用、策略性投資收益、先前已公告之 ITA 稅務和解之影響，以及所得稅費用提列；上述項目目前無法確定，因此未於今日新聞稿中進行調節。

And 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 執行長 Tomer Weingarten。

Good afternoon, everyone, and thank you for joining our first quarter earnings call. Q1 was a solid start to the year for SentinelOne. We delivered strong revenue growth, record net new ARR growth and significant operating margin improvement year-over-year. Total ARR growth accelerated to 23% in Q1 driven by strong new logo acquisition and expansion with existing customers. We delivered $44 million in net new ARR in Q1, a 55% increase year-over-year, setting a new company record.

各位下午好，感謝各位參加我們第一季財報電話會議。Q1 對 SentinelOne 而言是穩健的年度開局。我們實現強勁的營收成長、創紀錄的淨新增 ARR 成長，並在年對年基礎上顯著改善營業利益率。受惠於強勁的新客戶（new logo）取得以及既有客戶擴張，Q1 總 ARR 成長加速至 23%。我們在 Q1 實現 4,400 萬美元的淨新增 ARR，年對年成長 55%，創下公司新紀錄。

This marks our fourth consecutive quarter of positive net new ARR growth while exceeding expectations. These results showcase execution consistency and strong business momentum.

這是我們連續第四個季度淨新增 ARR 呈正成長，且均超出預期。這些成果展現了我們執行的一致性與強勁的業務動能。

Our platform strategy is showing solid traction. We have established clear technology leadership across the most critical domains of cybersecurity, including AI, data, cloud and endpoint. Enterprises realized they cannot defend against AI-driven threats by consolidating on to legacy platforms that simply bolt on the separate tools together. What's needed is a natively unified, AI-driven data and security architecture, and that is what SentinelOne delivers.

我們的平台策略正展現穩健的牽引力。我們已在網路安全最關鍵的領域建立明確的技術領先地位，包括 AI、資料、雲端與端點。企業已意識到，無法透過整併到僅是把各種獨立工具「外掛」在一起的傳統平台來防禦 AI 驅動的威脅。真正需要的是原生整合、以 AI 驅動的資料與安全架構，而這正是 SentinelOne 所提供的。

According to Gartner, AI security is the fastest-growing segment in cybersecurity growing more than 70% year-over-year. AI represents a massive market opportunity for us and a durable tailwind for our business. We are already seeing this momentum with our AI offerings as our AI security ARR nearly doubled again in Q1. AI has been foundational to the singularity platform from day one. This inherent AI advantage has never been more critical and we are well positioned to expand our market share across $100 billion-plus market opportunity.

根據 Gartner，AI 安全是網路安全中成長最快的細分領域，年對年成長超過 70%。AI 對我們而言代表龐大的市場機會，並為業務帶來持久的順風。我們已在 AI 產品上看到這股動能，Q1 我們的 AI 安全 ARR 再次接近倍增。自第一天起，AI 就是 Singularity 平台的基礎。這項內建的 AI 優勢從未像現在這般關鍵，而我們也已做好準備，在超過 1,000 億美元的市場機會中擴大市占。

Now let's dive deeper into the details of our quarterly performance. We are winning new logos and expanding our footprint across diverse platform categories. Beyond the Singularity platform's best-in-class efficacy in autonomy, its intuitive design and operational simplicity are driving strong customer adoption. In Q1, our total ARR mix reached an important inflection point.

接下來讓我們更深入檢視本季表現細節。我們持續贏得新客戶，並在多元的平台類別中擴大佈局。除了 Singularity 平台在自主性方面的同級最佳效能之外，其直覺式設計與營運簡化也正推動強勁的客戶採用。在 Q1，我們的總 ARR 組合達到一個重要的拐點。

For the first time, the total ARR from our non endpoint solutions approach 50%, this performance was driven by accelerated ARR growth of our AI security, data and cloud solutions, a clear testament to the diversity and customer outcomes of the Singularity platform.

我們的非端點（non-endpoint）解決方案所貢獻的總 ARR 首次接近 50%；此表現主要由 AI 安全、資料與雲端解決方案的 ARR 成長加速所帶動，清楚證明 Singularity 平台的多元性與客戶成果。

Our cross-platform adoption drove a record ARR per customer in the quarter, signifying the momentum and contributions across our platform solutions. Overall, we're maintaining a healthy balance between new logo acquisition and existing customer expansion.

跨平台採用推動本季每位客戶的 ARR 創下新高，顯示我們平台解決方案的動能與貢獻。整體而言，我們在新客戶取得與既有客戶擴張之間維持健康的平衡。

Given our scale and relative market share, this strategy allows us to increase our market share while still retaining significant future expansion potential. We maintained solid win rates across all competitive situations. We're gaining mind share and market share among customers and partners, customers of all sizes, especially large enterprises, are increasingly recognizing SentinelOne's AI advantage.

考量我們的規模與相對市占，這項策略讓我們在提升市占的同時，仍保有可觀的未來擴張潛力。我們在各種競爭情境下維持穩健的贏單率。我們在客戶與合作夥伴間的心佔率與市占率持續提升；各種規模的客戶，特別是大型企業，正愈來愈認可 SentinelOne 的 AI 優勢。

Among our platform solutions, AI security continues to be a bright spot with ARR nearly doubling again sequentially in Q1. Today, Prompt Security stands out as the only enterprise-grade scalable solution capable of securing AI at this level and organizations are recognizing that this is a prerequisite for safely accelerating their AI initiatives.

在我們的平台解決方案中，AI 安全仍是亮點，Q1 的 ARR 再次較前一季接近倍增。如今，Prompt Security 脫穎而出，成為唯一具企業級、可擴展能力、能在此層級保護 AI 的解決方案；各組織也正認知到，這是安全加速其 AI 計畫的先決條件。

Let's look at our Q1 wins that exemplify this. The US state government selected SentinelOne to secure its AI infrastructure in one of the first government deals led by AI security. With thousands of employees accessing AI tools across sensitive government systems, the need for real-time visibility and governance was urgent. This customer chose Prompt alongside Endpoint Cloud and AI SIEM to get run time visibility into their employees' AI usage while satisfying strict government compliance requirements.

讓我們看看能體現這點的 Q1 贏單案例。美國某州政府選擇 SentinelOne 來保護其 AI 基礎設施，這是由 AI 安全主導的首批政府交易之一。由於數千名員工在敏感的政府系統中使用 AI 工具，對即時可視性與治理的需求十分迫切。該客戶選擇 Prompt，並搭配 Endpoint、Cloud 與 AI SIEM，以在滿足嚴格政府合規要求的同時，取得員工 AI 使用情況的執行期（run time）可視性。

Moreover, we are increasingly winning stand-alone AI security deals from the customers of our direct competitors. This serves as a strategic entry point to expand our broader market exposure.

此外，我們也愈來愈常從直接競爭對手的客戶手中，贏得獨立的 AI 安全交易。這可作為策略性切入點，擴大我們更廣泛的市場觸及。

In Q1, an iconic enterprise selected Prompt Security over the incomplete AI offering over their incumbent Next-gen endpoint vendor. Winning this head-to-head evaluation has built tremendous trust. By demonstrating the superiority of SentinelOne's technology, we have opened the door to displace that next-gen competitor and drive broader consolidation for this enterprise with the Singularity platform.

在 Q1，一家指標性企業選擇 Prompt Security，而非其既有次世代端點供應商不完整的 AI 方案。在這場正面評估中勝出，建立了極大的信任。透過展現 SentinelOne 技術的優越性，我們已為以 Singularity 平台取代該次世代競爭對手、並推動該企業更廣泛的整合打開大門。

As organizations race to build and deploy homegrown AI applications, the attack surface is expanding faster than legacy tools can address it. To close that gap, we launched singularity AI red teaming in May.

隨著各組織競相打造並部署自研 AI 應用程式，攻擊面擴張速度已超過傳統工具所能因應。為了彌補這個缺口，我們於 5 月推出 Singularity AI Red Teaming。

Purpose built to secure AI applications from the inside out. The solution autonomously stress tests AI applications against real-world attack scenarios before they ever reach production. This creates a highly complementary land-and-expand motion for us. Red teaming discovers the vulnerabilities and development, and our core platform seamlessly blocks them at one time. We are now delivering AI security from the first line of code through execution.

該解決方案專為由內而外保護 AI 應用程式而打造，可在 AI 應用程式進入正式環境（production）之前，針對真實世界攻擊情境進行自動化壓力測試。這為我們創造高度互補的「先落地、再擴張」（land-and-expand）動能。Red Teaming 在開發階段發現弱點，而我們的核心平台可在執行階段無縫加以阻擋。我們如今能從第一行程式碼到實際執行，提供完整的 AI 安全防護。

Next, Purple AI, our agentic SOC solution is rapidly becoming the bedrock of motor security operations with increasingly sophisticated capabilities of Purple, we are empowering customers to respond faster, accelerate detection and automate investigations. In Q1, we announced the general availability of Purple AI auto investigations a major milestone in our journey towards delivering a fully autonomous SOC.

接著談 Purple AI。我們的代理式（agentic）SOC 解決方案正迅速成為現代安全營運的基石。隨著 Purple 的能力日益精密，我們正協助客戶更快速回應、加速偵測並自動化調查。在 Q1，我們宣布 Purple AI 自動調查（auto investigations）正式全面上市（GA），這是我們邁向提供全自主 SOC 旅程中的重要里程碑。

Purple represents a significant expansion opportunity over time. In several early rollouts, we are seeing instances where ARR from Purple AI's end-to-end deployment can outgrow a customer's core endpoint footprint, delivering agentic SOC autonomous capabilities can drive outsized value. Purple is built for enterprise scale and natively integrated with Singularity hyper automation, but its value extends well beyond large enterprises.

Purple 隨時間推進代表顯著的擴張機會。在若干早期導入中，我們看到 Purple AI 端到端部署所帶來的 ARR，有機會超越客戶核心端點佈署規模；提供代理式 SOC 的自主能力可創造超額價值。Purple 以企業級規模為設計目標，並與 Singularity 超自動化（hyper automation）原生整合，但其價值遠不僅限於大型企業。

We've architected Purple to deliver meaningful impact across customers of all sizes and we see a particularly compelling opportunity with MSSP providers, who stand to benefit from significant cost efficiencies and a step-change acceleration across their entire operations.

我們已將 Purple 架構設計為能對各種規模的客戶帶來實質影響；同時，我們也看到在 MSSP 供應商方面特別具吸引力的機會，他們可望受益於顯著的成本效率提升，以及其整體營運的躍升式加速。

At the capability level, Purple's latest auto investigation feature delivers human-level reasoning at scale, providing one click and soon zero-click automation with clear verdicts in seconds. This closes the critical gap between insight and action fundamentally changing what security teams can accomplish. The accuracy we're seeing compared to human analysts make this a true game changer, allowing security practitioners to shift from manual investigation to immediate remediation. This is consistent with IDC's finding noting a 338% ROI for Purple AI customers.

在能力層面，Purple 最新的自動調查功能可在規模化情境下提供接近人類水準的推理能力，透過一鍵、並即將達到零點擊（zero-click）的自動化，在數秒內給出清晰的判定結果。這彌補了洞察與行動之間的關鍵落差，從根本上改變安全團隊所能完成的工作。我們所看到的準確度相較於人類分析師，使其成為真正的顛覆性改變，讓資安人員能從手動調查轉向立即修復。這也與 IDC 的研究一致，該研究指出 Purple AI 客戶可獲得 338% 的投資報酬率（ROI）。

For data solutions, Q1 marked the fourth consecutive quarter of ARR growth acceleration. We are seeing increasing demand for our AI SIEM as enterprises seek unified visibility, real-time detection and autonomous response. All this with far more efficient unit economics than legacy alternatives.

在資料解決方案方面，第一季標誌著 ARR 成長加速連續第四個季度。我們看到企業對我們的 AI SIEM 需求日益增加，因為企業正在尋求統一可視性、即時偵測與自主回應。同時，相較於傳統替代方案，這一切都具備更高效率的單位經濟效益。

With an integrated Observo AI, our customers now benefit from owning the critical data pipeline that powers modern security operations. We are delivering a truly comprehensive security data lake that natively unifies petabyte scale ingestion, orchestration and hyper automation into a single seamless experience.

透過整合 Observo AI，我們的客戶如今受益於擁有驅動現代安全營運的關鍵資料管線。我們正在交付真正全面的安全資料湖，原生整合 PB 級資料匯入、協調與超自動化，提供單一且無縫的一體化體驗。

Among several wins in the quarter, an iconic luxury brand display Splunk with a multiyear commitment to SentinelOne's AI SIEM as their dedicated security data platform. Their global operations needed a solution that offered unified visibility into a single AI-native platform. The combination of real-time autonomous security and operational simplicity of the Singularity platform made it a winning choice.

在本季多項勝利案例中，一家具代表性的奢侈品牌以多年期承諾選擇 SentinelOne 的 AI SIEM 作為其專屬安全資料平台，以取代 Splunk。其全球營運需要一個能在單一 AI 原生平台上提供統一可視性的解決方案。Singularity 平台結合即時自主安全與營運簡化的優勢，使其成為勝出選擇。

In another win, a multinational services enterprise signed a seven-figure expansion with SentinelOne replacing their existing SIEM provider. This enterprise selected the Singularity platform for superior cost of ownership, machine speed investigations and AI-native unified platform. Independent validation continues to reinforce our competitive position.

在另一項勝利中，一家跨國服務企業與 SentinelOne 簽署了七位數美元的擴張合約，並以我們取代其既有 SIEM 供應商。該企業選擇 Singularity 平台，原因在於更優的總持有成本、機器速度的調查能力，以及 AI 原生的一體化平台。獨立驗證持續強化我們的競爭地位。

A recent IDC business value study found that SentinelOne's AI SIEM delivers a 331% three-year ROI with only a seven-month payback period. Our AI SIEM customers see 70% faster queries, 75% faster investigations and 4 times the threat coverage.

近期一項 IDC 商業價值研究發現，SentinelOne 的 AI SIEM 在三年內可帶來 331% 的投資報酬率（ROI），回收期僅七個月。我們的 AI SIEM 客戶可實現查詢速度提升 70%、調查速度提升 75%，以及威脅覆蓋提升 4 倍。

For Cloud Security, ARR growth accelerated in Q1 driven by the strong adoption of our best-of-breed runtime security covering both on-prem and cloud environments. As AI workloads multiply and cloud environments expand, the need for robust runtime security is increasing. Among cloud security wins, one of the most valuable private companies in the world, soon to become public, significantly expanded its footprint with SentinelOne in the quarter.

在雲端安全方面，第一季 ARR 成長加速，主要由我們同級最佳的執行期（runtime）安全強勁採用所帶動，涵蓋地端與雲端環境。隨著 AI 工作負載倍增、雲端環境擴張，對強健執行期安全的需求正在上升。在雲端安全的勝利案例中，全球最具價值的私人公司之一（即將上市）在本季大幅擴大其與 SentinelOne 的部署規模。

To secure an enterprise of this magnitude static cloud visibility or posture management was simply insufficient. This enterprise doubled down on Singularity cloud for autonomous AI-powered runtime protection capable of actively neutralizing AI-based threats across their dynamic infrastructure in real time.

要保護如此規模的企業，僅靠靜態雲端可視性或態勢管理顯然不足。該企業加碼採用 Singularity Cloud，以具備自主 AI 驅動的執行期防護能力，能在其動態基礎架構上即時主動中和 AI 型威脅。

To secure dynamic cloud environment, organizations need more than static posture management. Our runtime cloud security stops real-world cloud attacks in real time and seamlessly scale alongside our customers' operation. It is clear that in an AI-driven threat landscape, static defenses are no longer sufficient. Verifying identity at the door is useful, but it doesn't stop modern threats. We've seen this play out repeatedly.

要保護動態雲端環境，組織需要的不只是靜態態勢管理。我們的雲端執行期安全可即時阻止真實世界的雲端攻擊，並可隨客戶營運無縫擴展。很明顯，在 AI 驅動的威脅版圖中，靜態防禦已不再足夠。在門口驗證身分固然有用，但無法阻止現代威脅。我們已多次看到這種情況反覆上演。

Traditional identity access management solutions and PAM solutions were built for the past. They were fine at mapping governing access, but they were never designed to autonomously detect and respond to what happens next. Attackers often bypass access controls post-authentication, operating undetected inside environments where trust was already granted. Machine speed behavioral analysis and continuous validation at runtime is the key competitive edge and the only formidable defense strategy to stop real-time attacks in the age of AI.

傳統的身分與存取管理（IAM）解決方案以及特權存取管理（PAM）解決方案是為過去而打造。它們在盤點與治理存取方面尚可，但從未被設計用來自主偵測並回應接下來發生的事情。攻擊者常在驗證後繞過存取控制，在已被授信的環境內不被察覺地運作。機器速度的行為分析與執行期的持續驗證，是關鍵競爭優勢，也是 AI 時代阻止即時攻擊的唯一強大防禦策略。

As the market pivots towards securing AI agents and frontier models, the endpoint remains the ultimate control plane. You simply cannot deliver comprehensive AI security without deep foundational visibility at the point of execution on the host machine that runs AI.

隨著市場轉向保護 AI 代理與前沿模型，端點仍是最終的控制平面。若沒有在執行點、也就是運行 AI 的主機上具備深度且基礎性的可視性，你根本無法提供全面的 AI 安全。

AI-powered EDR remains a critical vector for capturing the evolving AI security opportunity with deep expertise and a significant portfolio of patented machine learning and behavioral detection algorithms SentinelOne is uniquely positioned to protect endpoints and AI workloads directly where they are created and operated.

AI 驅動的 EDR 仍是掌握不斷演進之 AI 安全機會的關鍵切入點。憑藉深厚專業，以及大量已獲專利的機器學習與行為偵測演算法組合，SentinelOne 具備獨特優勢，能在 AI 工作負載被建立與運行的第一線，直接保護端點與 AI 工作負載。

Beyond monitoring access, we align intend to action through real-time behavioral analysis detecting threats that no identity or parameter control can see. Most recent supply chain attacks, including those targeting light LLM and Axios underscore this point clearly. These were exploit free attacks purpose built to bypass traditional security controls and move at machine speed. No signature, no known vulnerability, no perimeter trigger. The only effect of defense was autonomous behavioral protection at the host level, exactly where SentinelOne operates. These real-world examples reinforce why the execution layer is where the battle is won.

不僅是監控存取，我們也透過即時行為分析將「意圖」對齊到「行動」，偵測任何身分或參數控制都看不見的威脅。近期多起供應鏈攻擊（包括針對 light LLM 與 Axios 的攻擊）清楚凸顯了這一點。這些是無需利用漏洞（exploit-free）的攻擊，專為繞過傳統安全控制並以機器速度推進而設計。沒有特徵碼、沒有已知漏洞、沒有周界觸發。唯一有效的防禦是主機層級的自主行為防護——也正是 SentinelOne 發揮作用之處。這些真實案例再次證明，戰局是在執行層決勝負。

We continue to be a growth leader in the broader endpoint sector by delivering the most autonomous endpoint security solution available, combining industry-leading efficacy, performance and user experience. Nearly half of the existing endpoint sector is still using legacy antivirus solutions. This is a clear opportunity for continued market share gains.

我們持續在更廣泛的端點市場中保持成長領先，提供市面上最自主的端點安全解決方案，結合業界領先的有效性、效能與使用者體驗。現有端點市場中近一半仍在使用傳統防毒解決方案，這為我們持續提升市占率提供了明確機會。

We're also beginning to see increased traction in securing highly restricted on-prem environments, where true sovereignty is required, which is a distinct structural advantage for us. While our competitors country securities environment, this provides an emerging growth avenue for us, we have the distinct advantage of delivering fully autonomous high-velocity AI protection in any environment, both cloud and on-prem.

我們也開始看到在高度受限的地端環境中（需要真正主權的場景）取得更多進展，這對我們而言是明確的結構性優勢。當競爭對手受限於其國家安全環境時，這為我們帶來新興的成長途徑；我們具備獨特優勢，能在任何環境（雲端與地端）交付完全自主、高速率的 AI 防護。

Our expanding customer base now includes some of the most sophisticated and iconic companies on the planet from Frontier AI labs and major financial institutions to critical global supply chains the world's most demanding organizations rely on and trust SentinelOne.

我們不斷擴大的客戶群如今涵蓋全球最先進且最具代表性的企業——從前沿 AI 實驗室、主要金融機構，到關鍵的全球供應鏈；世界上要求最嚴苛的組織都依賴並信任 SentinelOne。

Turning to SentinelOne Flex. It is proving to be a highly effective model for broader platform adoption. We're seeing an increasing number of large deals and contributions from Flex. In just three quarters of its launch, Flex had crossed $200 million in TCV. Looking ahead, our pipeline and demand for Flex shows continuation of this momentum.

接著談 SentinelOne Flex。它正被證明是推動更廣泛平台採用的高效模式。我們看到來自 Flex 的大型交易與貢獻持續增加。Flex 上線僅三個季度，TCV 就已突破 2 億美元。展望未來，我們的管線與對 Flex 的需求顯示這股動能將延續。

SentinelOne Flex is simplifying the purchasing process and driving an increasing number of large seven- and eight-figure deals and longer-term commitments. Overall, our success up market is directly fueling bigger deals, driving steady retention and creating a highly visible durable runway for long-term growth.

SentinelOne Flex 正在簡化採購流程，並推動越來越多七位數與八位數美元的大型交易，以及更長期的承諾。整體而言，我們在向上市場（up market）的成功，正直接帶動更大的交易規模、推動穩健留存，並為長期成長打造高度可見且具韌性的跑道。

With the growth of token-based AI adoption, we're also expanding our monetization model to capture the full value of how customers use our emerging solutions, usage-based metering creates a natural growth engine. As customers expand their use of our products like security data lake and Purple AI.

隨著以 token 為基礎的 AI 採用成長，我們也在擴展變現模式，以捕捉客戶使用我們新興解決方案的完整價值；以用量為基礎的計量（usage-based metering）形成自然的成長引擎，因為客戶會擴大對我們產品（如安全資料湖與 Purple AI）的使用。

Customers can choose upfront annualized SentinelOne Flex commitments that provide cost visibility in preferred economics while giving us committed revenue visibility. Together, SentinelOne Flex in prepaid structures create a durable hybrid model, a reliable baseline with meaningful expansion opportunity levered on top.

客戶可選擇預先承諾的年度化 SentinelOne Flex 方案，在偏好的經濟條件下提供成本可視性，同時也讓我們獲得已承諾收入的可視性。SentinelOne Flex 與預付結構相結合，形成具韌性的混合模式：以可靠的基礎盤為底，再疊加具意義的擴張機會。

In the partner ecosystem, we continue to expand our reach and scale. Our partner ecosystem is a force multiplier, expanding our global reach in driving broader platform adoption. For MSSPs, the Singularity platform delivers the AI-native multi-tenancy and remote management capabilities that drive valuable operational leverage. This structural advantage gives us a unique competitive edge within the MSSP ecosystem. A strong proof point of this leadership came at RSA, where we announced an expansion of our partnership with LevelBlue, the world's largest MSSP.

在合作夥伴生態系方面，我們持續擴大觸及與規模。我們的夥伴生態系是力量倍增器，擴展全球觸及並推動更廣泛的平台採用。對 MSSP 而言，Singularity 平台提供 AI 原生的多租戶與遠端管理能力，帶來可觀的營運槓桿。這項結構性優勢使我們在 MSSP 生態系中具備獨特競爭優勢。在 RSA 上，我們宣布擴大與全球最大 MSSP——LevelBlue 的合作夥伴關係，成為此領導力的有力佐證。

This partnership drives the strategic consolidation of their endpoint estate onto the Singularity platform in the coming years and extends our reach across their global customer base. At RSA, we also announced an expanded strategic alliance with Google Cloud to deliver autonomous security at a global scale and we were honored by winning the 2026 Google Cloud Partner of the Year Award.

這項合作將在未來幾年推動其端點資產策略性整併至 Singularity 平台，並將我們的觸及延伸至其全球客戶群。在 RSA 上，我們也宣布與 Google Cloud 擴大策略聯盟，以在全球規模交付自主安全；同時我們很榮幸獲得 2026 年 Google Cloud 年度合作夥伴獎（Partner of the Year Award）。

Last week, we also announced Singularity platforms integration into AWS Security Hub extended. This removes the traditional barriers of enterprise procurement. AWS customers can now turn on SentinelOne's AI-powered runtime security in a minutes directly from their AWS console without new contracts or procurements. This pas as you go model and allows organizations to seamlessly secure their modern digital footprints with SentinelOne.

上週，我們也宣布 Singularity 平台整合至 AWS Security Hub Extended。這消除了企業採購的傳統障礙。AWS 客戶現在可直接在 AWS 主控台於數分鐘內啟用 SentinelOne 的 AI 驅動執行期安全，無需新合約或採購流程。此隨用隨付（pay-as-you-go）模式讓組織能以 SentinelOne 無縫保護其現代數位足跡。

That shift gears to the broader industry dynamics. Frontier AI models are rapidly changing cyber defense, allowing adversaries to execute AI-based attacks and weaponized weaknesses faster than human teams can react. To stay secure, enterprises must rebuild infrastructure from the ground up with a unified AI native foundation. To build modern and secure enterprise infrastructure, we believe a collaborative approach is key to solving this generational challenge. Our relationships with the Frontier AI labs are deep and strategic.

接著談更廣泛的產業動態。前沿 AI 模型正在快速改變網路防禦，使對手能以 AI 為基礎更快地執行攻擊並武器化弱點，速度超過人類團隊的反應能力。為了維持安全，企業必須自底向上重建基礎架構，以統一的 AI 原生基礎為核心。要打造現代且安全的企業基礎架構，我們相信協作方式是解決這項世代挑戰的關鍵。我們與前沿 AI 實驗室的關係深厚且具策略性。

We partnered with Anthropic on the launch of Cloud Security and with OpenAI to its early access for cyber program, embedding frontier models throughout our platform.

我們與 Anthropic 合作推出雲端安全（Cloud Security），並與 OpenAI 合作參與其網路（cyber）計畫的早期存取（early access），將前沿模型嵌入我們的平台各處。

We complement these with our own proprietary and fine-tuned models, and our core engines remain multimodal and moralistic by design. AI security is becoming a focal point across the industry with programs like Glasswing or Daybreak. It validates the approach we have been building towards tears, and we are actively engaged with both Anthropic and OpenAI to ensure SentinelOne's role in the ecosystem continues to grow alongside our platform leadership.

我們也以自有的專有模型與微調模型加以補強，而我們的核心引擎在設計上仍維持多模態與道德導向（moralistic）。AI 安全正成為全產業的焦點，例如 Glasswing 或 Daybreak 等計畫。這驗證了我們多年來持續打造的方向；我們也正積極與 Anthropic 與 OpenAI 合作，確保 SentinelOne 在生態系中的角色能隨著我們的平台領導地位一同成長。

I'm also pleased to share that we are a participating vendor in Project Glasswing. Proactive visibility is only half of the equation. We must neutralize active threats at the point of execution. The new class of AI-based attacks are designed to move faster than any human analyst could react. To give the advantage back to the vendors, we launched Wayfinder Frontier AI services in Q1.

我也很高興分享，我們是 Project Glasswing 的參與供應商。主動可視性只是方程式的一半；我們必須在執行點中和主動威脅。新一類 AI 型攻擊被設計成以快過任何人類分析師反應的速度移動。為了把優勢交還給供應商，我們在第一季推出 Wayfinder Frontier AI 服務。

We are a lead partner correlation, including Mandiant, WWT, KPMG and Booz Allen were fusing multimodal AI with tip-of-the-spear human intelligence. Protecting the AI power business world requires securing the systems where AI is actually being built and used of in Linux and Mac operating systems.

我們是領先的合作夥伴聯盟，包含 Mandiant、WWT、KPMG 與 Booz Allen，正將多模態 AI 與最前線的人類情報融合。要保護由 AI 驅動的商業世界，必須確保 AI 實際被建置與使用的系統安全——也就是 Linux 與 Mac 作業系統。

While many cybersecurity vendors remain dependent when securing only Windows environment, our established strength pocure Mac and Linux systems give us structural advantages in AI security. We're expanding our native EDR telemetry to protect autonomous AI agents across these operating systems where AI compute is rapidly growing.

當許多資安供應商仍仰賴僅保護 Windows 環境時，我們在保護 Mac 與 Linux 系統方面既有的優勢，讓我們在 AI 安全上具備結構性優勢。我們正在擴展原生 EDR 遙測能力，以保護這些作業系統上的自主 AI 代理；而 AI 運算正於這些環境中快速成長。

Our Singularity platforms own device behavioral AI recognizes malicious execution patterns and mitigate processes preemptively. We autonomously stopped recent supply chain attacks instantly across multiple customers with zero prior knowledge and no human analysts in the loop before they could do any damage. At SentinelOne, we are delivering end-to-end AI security from data to run time.

我們 Singularity 平台的裝置行為 AI 能辨識惡意執行模式，並預先緩解相關程序。我們在近期的供應鏈攻擊中，於多家客戶環境即時自動阻擋，事前零先驗資訊，且無需人類分析師介入，在造成任何損害前就已阻止。SentinelOne 正提供從資料到執行階段的端到端 AI 安全。

Shifting gears to our operating model. As always, we remain committed to balancing durable growth with improving profitability and accelerating our path towards the Rule of 40. That commitment requires us to continuously sharpen how we operate. As I outlined in March, we have been actively refining our team structures and go-to-market focus, while accelerating our internal use of AI. In alignment with this strategy, we made a difficult but the necessary decision.

接著談我們的營運模式。一如既往，我們仍致力於在維持可持續成長的同時提升獲利能力，並加速邁向「40 法則」。這項承諾要求我們持續精進營運方式。如我在 3 月所述，我們一直在積極調整團隊架構與市場進入策略（go-to-market）重點，同時加速內部對 AI 的使用。配合此策略，我們做出了一項艱難但必要的決定。

We are streamlining our organizational structure, resulting in about 8% reduction in our workforce. This is not a reactive measure. It is a deliberate evolution to reduce complexity, raise the performance bar and build a leaner, more agile SentinelOne.

我們正在精簡組織架構，導致人力約減少 8%。這不是反應式措施，而是有意識的演進，旨在降低複雜度、提高績效門檻，並打造更精實、更敏捷的 SentinelOne。

On the go-to-market side, we see an opportunity to uplevel our teams and streamline distribution. This includes tightening our coverage and driving greater productivity across our sales organization. Our goal is straightforward, driving better operating leverage, sales efficiency and execution velocity.

在市場進入面向，我們看到提升團隊能力並精簡通路的機會。這包括收緊覆蓋範圍，並推動整體銷售組織更高的生產力。我們的目標很明確：帶來更佳的營運槓桿、銷售效率與執行速度。

On the AI side, through the company-wide rollout of frontier models, we are seeing meaningful productivity gains across our organization. Work that previously took months is now being completed in weeks and in some cases, days.

在 AI 面向，透過全公司導入前沿模型（frontier models），我們看到組織整體生產力出現顯著提升。過去需要數月完成的工作，現在可在數週完成，某些情況甚至只需數天。

Together, these actions provide us the resources and flexibility to concentrate investments in our highest conviction growth areas, AI, data, cloud and endpoint.

綜合而言，這些行動讓我們具備資源與彈性，能將投資集中在我們最具信心的成長領域：AI、資料、雲端與端點。

Before I turn the call over, I'm very pleased to officially welcome Sonalee Parekh to our first earnings call. Over the past months, we have been working closely together. Sonalee brings an impressive level of operational rigor that aligns with our focus on execution velocity and profitability She's a phenomenal addition to our executive team and already making an impact.

在我把電話會議交接之前，我非常高興正式歡迎 Sonalee Parekh 參與她的第一場財報電話會議。過去幾個月，我們一直密切合作。Sonalee 帶來令人印象深刻的營運嚴謹度，與我們對執行速度與獲利能力的聚焦高度一致。她是我們高階管理團隊的絕佳補強，且已開始產生影響。

In closing, I want to take a moment to acknowledge the contributions of all sentinels, the relentless focus, dedication and execution drives our success. And thanks to all our customers, partners and shareholders for their continued support. Thank you again for joining us today.

最後，我想花點時間肯定所有 Sentinel 團隊成員的貢獻；正是這種不懈的專注、投入與執行力，驅動我們的成功。同時也感謝所有客戶、合作夥伴與股東持續的支持。再次感謝各位今天與會。

With that, I'll hand it over to our CFO, Sonalee Parekh.

接下來，我把時間交給我們的財務長 Sonalee Parekh。

Thank you, Tomer, and thanks, everyone, for joining us today. 60 days in as CFO of SentinelOne and the conviction that brought me here has only deepened. Q1 was a strong quarter, and it reflects what I've seen firsthand, a platform that is genuinely best-in-class, a business model with meaningful operating leverage ahead of us and a market at an inflection point. AI is fundamentally expanding the attack surface. Creating new security categories, accelerating customer urgency and opening growth vectors that are still in their earliest stages. SentinelOne is built for exactly this moment.

謝謝你，Tomer，也謝謝各位今天加入我們。擔任 SentinelOne 財務長 60 天以來，當初吸引我加入的信念只更加堅定。第一季表現強勁，反映了我親眼所見：一個真正同級最佳（best-in-class）的平台、一個在前方具備顯著營運槓桿的商業模式，以及一個正處於拐點的市場。AI 正從根本上擴大攻擊面，創造新的安全類別，加速客戶的迫切需求，並開啟仍處於早期階段的成長向量。SentinelOne 正是為這個時刻而打造。

Now let's review the details of our Q1 fiscal '27 financial performance and our guidance for Q2 and the full fiscal year '27. As a reminder, all comparisons are year-over-year and financial measures discussed here are non-GAAP, unless otherwise noted.

現在讓我們回顧 2027 會計年度第一季的財務表現細節，以及我們對第二季與 2027 會計年度全年的指引。提醒各位，除非另有說明，本文所討論的財務指標皆為非 GAAP，且所有比較皆為年對年。

Q1 was a solid quarter for SentinelOne. Our revenue growth accelerated sequentially, growing 21% year-over-year to $277 million. Our international markets revenue grew 25% and represented 39% of total revenue, demonstrating strong international demand and a growing global footprint.

第一季對 SentinelOne 而言是穩健的一季。我們的營收成長率較前一季加速，年增 21% 至 2.77 億美元。國際市場營收年增 25%，占總營收 39%，展現強勁的國際需求與持續擴大的全球版圖。

In Q1, our total ARR growth accelerated to 23% and we added $44 million in net new ARR which comfortably exceeded our expectations. This record net new ARR growth of 55% was driven by new logo acquisition and broader platform adoption within our existing customer base.

第一季，我們的總 ARR 成長加速至 23%，新增淨 ARR 4,400 萬美元，明顯超出我們的預期。這項創紀錄的淨新增 ARR 成長 55%，主要由新客戶（new logo）取得，以及既有客戶更廣泛的平台採用所帶動。

Our move-up market continues to yield excellent results. Our ARR per customer reached a new company record, led by strong momentum at the top end of the market where our cohort of customers with ARR of $100,000 or more grew 17% year-over-year.

我們的向上市場（move-up market）策略持續帶來優異成果。我們的每位客戶 ARR 創下公司新高，主要受市場高端動能強勁帶動；其中 ARR 達 10 萬美元以上的客戶群年增 17%。

Our gross retention rate or GRR, across our customer base remains stable underscoring the mission-critical nature of the Singularity platform. For customers spending $100,000 or more in ARR, our dollar-based net retention rate or NRR, improved both sequentially and year-over-year, driven by continued success in multiproduct platform adoption.

我們整體客戶基礎的總留存率（GRR）維持穩定，凸顯 Singularity 平台的關鍵任務屬性。對於 ARR 支出達 10 萬美元以上的客戶，我們的以美元計價淨留存率（NRR）無論較前一季或年對年皆有所改善，主要受多產品平台採用持續成功所驅動。

We are increasingly landing premier logos providing us with a highly durable runway for long-term growth. Overall, we are maintaining a balanced split between new logo acquisition and existing customer expansion. Given our scale and relative market share, this focus allows us to increase our market share with significant future expansion potential.

我們正愈來愈多地拿下頂級品牌客戶（premier logos），為長期成長提供高度可持續的跑道。整體而言，我們在新客戶取得與既有客戶擴張之間維持均衡分布。考量我們的規模與相對市占，這樣的聚焦使我們能提升市占，同時保有顯著的未來擴張潛力。

This performance clearly reflects the value customers realize from our singularity platform and our continued success in driving multiproduct expansion and stickier customers.

這些表現清楚反映客戶從我們的 Singularity 平台所獲得的價值，以及我們在推動多產品擴張與提升客戶黏著度方面的持續成功。

Now turning to profitability. We continue to maintain a strong gross margin profile, highlighting healthy platform unit economics and scale efficiencies. In Q1, our operating margin of 4% exceeded our expectations and represented an improvement of approximately 550 basis points year-over-year. Our earnings per share of $0.04 also exceeded our expectations and represented an improvement of 83% year-over-year. We are sustaining a top-tier growth profile, while rapidly expanding our profitability.

接著談獲利能力。我們持續維持強勁的毛利率水準，凸顯健康的平台單位經濟與規模效率。第一季，我們 4% 的營業利益率高於預期，年對年改善約 550 個基點。每股盈餘 0.04 美元也高於預期，年對年提升 83%。我們在維持頂尖成長曲線的同時，也在快速擴大獲利能力。

Most importantly, we are driving this structural operating leverage without compromising our relentless pace of innovation.

最重要的是，我們在推動這種結構性的營運槓桿時，並未犧牲我們持續高速創新的步伐。

On a trailing 12-month basis, our adjusted free cash flow margin was 6.5%, representing an improvement of about 440 basis points year-over-year. We put the company on a path to sustainable positive free cash flow growth, which underscores our commitment to durable profitable growth at scale. Complementing this strong performance, our remaining performance obligations growth accelerated to 30% in Q1.

以過去 12 個月為基礎，我們的調整後自由現金流利潤率為 6.5%，年對年改善約 440 個基點。我們已讓公司走上可持續的正向自由現金流成長軌道，凸顯我們對規模化、可持續且具獲利性的成長承諾。配合這項強勁表現，我們第一季的剩餘履約義務（RPO）成長加速至 30%。

Our total RPO reached a record $1.5 billion in Q1, a clear validation of the trust we've established with our customers and our commitment to innovation. We ended the year with a robust balance sheet, including $812 million in cash, cash equivalents and investments and no debt.

第一季我們的總 RPO 達到創紀錄的 15 億美元，清楚驗證了客戶對我們建立的信任，以及我們對創新的承諾。我們以強健的資產負債表結束年度，包括 8.12 億美元的現金、約當現金與投資，且無負債。

Looking ahead, SentinelOne is well positioned at the intersection of AI, data and cybersecurity to lead the industry into the next era of autonomous defense. Capitalizing on this opportunity requires us to evolve our operating model and the way we work.

展望未來，SentinelOne 位於 AI、資料與資安的交會點，具備良好定位，可引領產業進入自主防禦的新時代。把握這項機會，需要我們演進營運模式與工作方式。

As Tomer discussed, we are implementing a workforce optimization initiative impacting approximately 8% of our workforce. We are harnessing productivity gains to increase our agility and to invest in solutions like AI security, Purple AI, data and cloud, which are key to delivering durable growth. In connection with this initiative, we expect to incur a onetime restructuring charge of approximately $25 million in the second quarter, which will be excluded from our non-GAAP results.

如 Tomer 所述，我們正在推動人力優化計畫，影響約 8% 的員工。我們正運用生產力提升來增強敏捷性，並投資於 AI 安全、Purple AI、資料與雲端等解決方案，這些都是實現可持續成長的關鍵。配合此計畫，我們預期在第二季認列約 2,500 萬美元的一次性重組費用，該費用將自我們的非 GAAP 結果中排除。

Once fully implemented, we expect this action to result in approximately $45 million in annualized cost savings. This provides us with the financial flexibility to purposefully reinvest in our key growth areas while continuing to drive significant operating margin expansion.

在全面落實後，我們預期此舉將帶來約 4,500 萬美元的年化成本節省。這讓我們具備財務彈性，能有目的地再投資於關鍵成長領域，同時持續推動顯著的營業利益率擴張。

With our strong growth profile, clear technology leadership and growing structural tailwinds, we have all the ingredients to scale into a multibillion-dollar, highly profitable, durable business.

憑藉我們強勁的成長曲線、明確的技術領導地位，以及日益增強的結構性順風，我們具備所有要素，可擴張成為一家數十億美元規模、高度獲利且可持續的企業。

Now turning to guidance for Q2 and fiscal year '27. For the full fiscal year '27, we continue to expect revenue to be between $1.195 billion and $1.205 billion, representing 20% year-over-year growth at the midpoint. For Q2, we expect revenue to be between $289 million and $291 million, representing 20% year-over-year growth at the midpoint.

接著說明第二季與 2027 會計年度的指引。對 2027 會計年度全年，我們仍預期營收介於 11.95 億至 12.05 億美元之間，以中位數計年增 20%。對第二季，我們預期營收介於 2.89 億至 2.91 億美元之間，以中位數計年增 20%。

Overall, this outlook is supported by a solid pipeline, strategic partnership opportunities and rising contribution of our emerging solutions, including AI, data, cloud and others. As always, we continue to be mindful of the evolving macroeconomic environment and geopolitical uncertainties, which can influence deal timing and sales cycles across the industry.

整體而言，這項展望由穩健的商機管線、策略合作夥伴機會，以及我們新興解決方案（包含 AI、資料、雲端等）貢獻提升所支撐。一如既往，我們也持續關注不斷變化的總體經濟環境與地緣政治不確定性，這些因素可能影響全產業的成交時點與銷售週期。

Turning to the outlook for our profitability metrics. For fiscal '27, we are raising our operating income outlook to be between $115 million and $125 million, representing an operating margin of 10% at the midpoint, representing a 650 basis points increase over fiscal year '26.

接著談獲利指標展望。對 2027 會計年度，我們上調營業利益展望至 1.15 億至 1.25 億美元之間，以中位數計營業利益率為 10%，較 2026 會計年度提高 650 個基點。

For Q2, we expect operating income to be between $23 million and $25 million, representing an operating margin of 8% at the midpoint. For full year fiscal '27 we expect fully diluted earnings per share to be between $0.32 and $0.38, representing $0.35 at the midpoint. For Q2, we expect earnings per share to be between $0.06 and $0.08.

針對第二季，我們預期營業利益將介於 2,300 萬至 2,500 萬美元之間，以中位數計算的營業利益率為 8%。針對 2027 會計年度全年，我們預期完全稀釋後每股盈餘將介於 0.32 至 0.38 美元之間，中位數為 0.35 美元。針對第二季，我們預期每股盈餘將介於 0.06 至 0.08 美元之間。

We continue to expect a non-GAAP tax rate of approximately 17% for the fiscal year '27. And we expect our weighted average diluted share count to be approximately $347 million for Q2 and $350 million for the full year.

我們仍預期 2027 會計年度的非 GAAP 稅率約為 17%。此外，我們預期第二季加權平均稀釋後流通股數約為 3.47 億股，全年約為 3.50 億股。

Taking a step back, our technology leadership and competitive position remains strong. We are scaling the business while consistently driving operating leverage. Our investment approach strikes a disciplined balance between capturing long-term growth opportunities and maintaining a durable, profitable financial profile. This strategy is foundational to scaling SentinelOne into a multibillion-dollar business. At the same time, we are instilling operational discipline with a sharp focus on greater efficiency.

退一步來看，我們的技術領先地位與競爭定位依然強勁。我們在擴大業務規模的同時，持續推動營運槓桿。我們的投資方法在把握長期成長機會與維持穩健、可獲利的財務體質之間，取得了有紀律的平衡。這項策略是將 SentinelOne 擴展為數十億美元規模企業的基石。同時，我們也正建立營運紀律，並以提升效率為明確重點。

In summary, we are well positioned at the intersection of AI, data and cybersecurity. Leading the industry into the next era of autonomous security. Security is no longer just a safeguard. It is a key strategic enabler of AI innovation. With a strong financial foundation, a differentiated platform and growing market opportunity, we remain committed to delivering shareholder value.

總結而言，我們在 AI、資料與資安的交會點上具備良好定位，正引領產業邁向自主式安全的新時代。安全不再只是防護措施，而是 AI 創新的關鍵策略推動者。憑藉堅實的財務基礎、差異化的平台與持續擴大的市場機會，我們仍致力於為股東創造價值。

Thank you all for joining us today, and thank you to all SentinelOne for giving me such a warm welcome.

感謝各位今天與會，也感謝所有 SentinelOne 的同仁給予我如此熱情的歡迎。

And with that, operator, we are ready for questions.

接下來，主持人，我們準備開始問答。

(Operator Instructions)

（主持人指示）

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Congrats on the quarter and the acceleration in Q1. From an opportunity standpoint, are you seeing a pickup in core endpoint as customers try to address technical debt? And how are you balancing selling them the full singularity portfolio at initial sale versus upselling them later?

恭喜本季表現以及第一季的加速成長。從機會面來看，您是否看到客戶為了解決技術債而帶動核心端點（endpoint）需求回升？另外，在初次銷售時推動客戶購買完整的 Singularity 產品組合，與之後再進行加購（upsell）之間，你們如何取得平衡？

Absolutely. Thank you for the question. It's clear that the endpoint remains the most important control plane, especially in the age of AI. We're seeing a lot of focus on how to secure agents, how to secure services that could be impacted by the deployment of more and more AI technologies. So not only this bodes well for our overall core endpoint business.

當然。謝謝你的提問。很明顯，端點仍是最重要的控制平面，尤其是在 AI 時代。我們看到市場非常關注如何保護代理（agents）、如何保護可能因部署越來越多 AI 技術而受到影響的服務。因此，這不僅對我們整體核心端點業務是利多。

If you think about Prompt Security, Generative AI protection specific and deployed on the endpoint. This is typically what we're seeing right now and how we're lending. So when we look at our pipeline, we're actually seeing a lot of contribution, not only from core endpoint, which, again, has been a phenomenal for us both in Q4 and in Q1 and will continue to grow, but also the immediate attach of from security, generative AI protection that is adjacent to the endpoint as well.

如果你想到 Prompt Security，也就是針對生成式 AI 的防護，特別是部署在端點上。這正是我們目前看到的典型情況，以及我們如何切入。因此當我們看我們的銷售管線時，實際上看到很大的貢獻不僅來自核心端點（再次強調，這在第四季與第一季對我們都非常亮眼，且將持續成長），也來自於與端點相鄰的安全能力之即時搭售（attach），也就是生成式 AI 防護。

Lastly, I'll say the definition of the endpoint is also expanding. And when you think about where AI workloads are being deployed today, it also spans towards cloud workload. And that's another strong suit of ours where we're seeing a lot of demand for the protection of these workloads that are now housing either a genetic workload or other model workloads. So all in all, really strong -- really strong demand across endpoint surfaces and (inaudible) services.

最後我想說，端點的定義也在擴大。當你想到如今 AI 工作負載部署的位置，它也延伸到雲端工作負載。而這也是我們的強項之一，我們看到市場對於保護這些工作負載有很強的需求，因為它們現在承載著不論是基因（genetic）工作負載或其他模型工作負載。總體而言，在各種端點面向以及（聽不清）服務上，需求都非常強勁——非常強勁。

Brad Zelnick, Deutsche Bank.

Brad Zelnick，德意志銀行。

Tomer, I think we'd all like to hear your thoughts on the extent [Mehos], Daybreak and just the broader pace of AI innovation might be impacting customer spending behavior. The extent to which it's, in some cases, maybe accelerating or perhaps even slowing down or even expanding budgets. Any color is helpful and as well why you're well positioned to capture what's ahead?

Tomer，我想大家都很想聽聽你對 [Mehos]、Daybreak，以及更廣泛的 AI 創新速度，可能如何影響客戶支出行為的看法。它在某些情況下是否可能加速、或反而放緩、甚至擴大預算？任何補充說明都很有幫助；也請談談為什麼你們很有條件把握接下來的機會？

Absolutely. And again, we're a proud member of the [Glasswing] project. I would say, by far, that drives a lot of concern. And that's not going to be new to anybody. I would say, at the same time, vulnerabilities are not the only concern. So code security is definitely a big, a big component of how we secure an entire enterprise.

當然。再說一次，我們是 [Glasswing] 專案的自豪成員。我會說，這無疑帶來了很多擔憂，這對任何人都不會是新鮮事。同時，弱點（vulnerabilities）並不是唯一的擔憂。因此，程式碼安全（code security）絕對是我們保護整個企業時非常重要的一大組成部分。

We've launched Frontier AI services alongside Anthropic and OpenAI, we're using these continue models to go to customer environments, and we do risk immediately. We're talking about deployments that take sometimes hours and days, not weeks and months. So with the customer urgency, there's also an ability to deploy fast and show immediate returns on these technologies.

我們與 Anthropic 和 OpenAI 一起推出了 Frontier AI 服務；我們使用這些持續演進的模型進入客戶環境，並立即進行風險評估。我們談的是有時只需要數小時或數天的部署，而不是數週或數月。因此，在客戶的急迫需求之下，也具備快速部署並立即展現這些技術回報的能力。

So all in all, a lot of attention. I think a lot of customers are still grappling with what to protect first. And that, again, goes back to my assertion around vulnerabilities. What [Minto's] brings to bear, what models are bringing to bear right now, GPT 5.5 as well is the ability to not only find vulnerabilities in software but really detect and exploit weaknesses in overarching network infrastructure, not just software and not just vulnerabilities and that presents a very wide attack surface.

所以整體而言，關注度很高。我認為許多客戶仍在摸索應該先保護什麼。而這也再次回到我對弱點的主張。[Minto's] 所帶來的、以及目前各種模型所帶來的（包括 GPT 5.5），不僅是找出軟體中的弱點，更能偵測並利用整體網路基礎架構中的薄弱環節，不只是軟體、也不只是弱點，這使得攻擊面變得非常廣。

Once again, SentinelOne is well positioned to stop, to mitigate and to help customers reduce risk actively. All of those things are obviously in motion. A lot of them showed up with this (inaudible) moment and will provide for structural tailwinds throughout the year.

再一次，SentinelOne 具備良好定位，能夠阻止、緩解並協助客戶主動降低風險。這些事情顯然都在推進中。其中許多在這個（聽不清）的時刻已經浮現，並將在全年帶來結構性的順風。

Brian Essex, JPMorgan.

Brian Essex，摩根大通。

Great. Good afternoon. Thank you for taking the question and nice to see the acceleration and better profitability outlook. Maybe Tomer, for you, I would love to get some color on the reduction in force that you announced. Where were cuts made? Any changes to the sales organization?

很好。午安。謝謝讓我提問，也很高興看到成長加速以及更佳的獲利展望。Tomer，或許想請你補充一下你們宣布的裁員（reduction in force）。主要在哪些部門進行縮減？銷售組織是否有任何調整？

And I get the productivity, the AI-driven productivity enhancements that you noted, but would love to maybe just connect the dots in terms of where the adjustments were weighed, how many to the sales work and maybe the outlook for sales productivity and growth for the rest of the year?

我理解你提到的由 AI 驅動的生產力提升，但也希望你能把脈絡串起來：這些調整是如何權衡的、有多少涉及銷售團隊，以及對於今年剩餘期間的銷售生產力與成長展望如何？

Sure. And as you've seen in the past, we're focused on driving operational excellence all the time modestly, and simplifying our processes and removing unnecessary layers, that's happening all the time. We've been carrying more organizational capacity than I think we required at this stage of our scale and growth.

好的。正如你過去所見，我們一直都在持續、循序地推動營運卓越，簡化流程並移除不必要的層級，這些一直都在進行。我們在目前的規模與成長階段，承載了比我認為所需更多的組織產能。

And our profile of hiring is also changing. The talent we're recruiting is different, and we're just aligning a lot of what we do with both our upmarket success, in our emerging product categories. You've seen the inflection in the overall business mix. I mean, that's tremendous.

而我們的招募輪廓也正在改變。我們招募的人才不同了，我們也正讓許多工作與我們在大型企業市場（upmarket）的成功、以及新興產品類別對齊。你已經看到整體業務組合的拐點，我的意思是，那非常顯著。

And as always, we're focused on driving higher efficiencies and allocating resources towards those key growth areas, which naturally would be AI, data, cloud endpoint, these are the growing areas for us. This is our major focus. And this is the absolutely right thing for the business.

一如既往，我們專注於推動更高效率，並將資源配置到那些關鍵成長領域；對我們而言，自然就是 AI、資料、雲端、端點，這些都是我們的成長領域。這是我們的主要焦點，也絕對是對公司最正確的做法。

It's never an easy decision but at the same time, we want to go after these areas in the most aggressive way that we can. We recognize an opportunity right now, and we want to put all of our resources in the right places. We're barely impacting our technology groups with this. We are focused on streamlining parts of the organization, but we're continuously and always investing in innovation, and that's the key point here.

這從來都不是容易的決定，但同時，我們希望以我們所能做到的最積極方式去攻下這些領域。我們看到了當下的機會，也希望把所有資源放在正確的位置。這次對我們的技術團隊影響很小。我們專注於精簡組織的部分環節，但我們會持續、始終投資創新，這是這裡的關鍵重點。

We are delivering to the market what the market needs. We're delivering protection, best-to-breed cutting-edge to our customers using Frontier AI models. That's where we're going, that's where we're going to be continuously investing. And that's what you see us doing.

我們正在向市場交付市場所需要的東西。我們使用 Frontier AI 模型，為客戶提供最佳同級、最前沿的保護。這就是我們前進的方向，也是我們將持續投資的方向。你們看到的就是我們正在做的事。

Joseph Gallo, Jefferies.

Joseph Gallo，Jefferies。

Hey, thank you for the question. As a follow-up to that, should we expect any sales disruption, particularly in 2Q? And as a part of that, Sonalee, great to see the improvement in margins. Can you just talk a little bit more about your comfortability that you can capture this massive opportunity and not sacrifice the durability of growth?

嗨，謝謝讓我提問。延續剛才的問題，我們是否應該預期會有任何銷售端的干擾，特別是在第二季？另外，Sonalee，很高興看到毛利率/利潤率的改善。你能否再多談一點，你們如何有信心在不犧牲成長耐久性的前提下，把握這個巨大的機會？

Of course. We don't expect any go-to-market disruption. As you can probably imagine, this comes on natural performance management, folks that may have not been the biggest contributors, we're kind of focusing on the places where we see the greatest contribution. So if anything, again, this will provide more focus on kind of distilled crystallized go-to-market motion. I don't expect any major changes.

當然。我們不預期會有任何市場推進（go-to-market）上的干擾。你大概可以想像，這是基於自然的績效管理；對於可能不是最大貢獻者的人員，我們把重點放在我們看到貢獻度最高的地方。因此若有什麼影響的話，反而會讓我們更聚焦於更精煉、更清晰的 go-to-market 推進方式。我不預期會有任何重大變動。

We've not been changing things in a dramatic way here. This is kind of a continuous moat for us on the go-to-market side. We said it for quite a few quarters. There's really almost nothing new here. And again, I mean, when we look at our pipeline, when we look where the opportunity is, we're just aligning towards that.

我們並沒有在這裡做劇烈的改變。這在 go-to-market 端對我們而言是一種持續的護城河。我們已經講了好幾季，這裡幾乎沒有什麼新東西。而且再說一次，當我們看我們的管線、看機會在哪裡時，我們只是朝那個方向對齊。

We believe that a lot of the reinvestment capacity is actually going to allow us to go after that exact same endpoint opportunities that we've been talking about. You can see some evidence of that with our partnership with [Live Blue]. This gives us immediate access to tens of millions of endpoints over the years without needing to go and sell to those customers one by one. That's just one way that we're thinking about aggressive expansion, and we're going to do more of those.

我們相信，許多再投資能力實際上將使我們得以去追逐我們一直在談的那些完全相同的端點（endpoint）機會。你可以從我們與 [Live Blue] 的合作夥伴關係中看到一些證據。這讓我們在未來幾年能立即接觸到數千萬個端點，而無需逐一向那些客戶銷售。這只是我們思考積極擴張的一種方式，而且我們還會做更多類似的事情。

So to us, it's all pointing in the right direction. We feel very comfortable with our technology's ability to go and replace the legacy incumbent in the opportunity that comes with it. It's not -- it's still a massive market. It's still in many parts, dominated by incumbents and that represents a major opportunity for us.

所以對我們而言，一切都朝著正確的方向發展。我們對自家技術能夠在這個機會中取代傳統既有領導者（legacy incumbent）的能力感到非常有信心。這並不是——這仍然是一個龐大的市場。在許多領域仍由既有業者主導，而這對我們而言代表一個重大機會。

To lend with endpoint, to attach generative AI capabilities and protection from all these new vectors of attack to leverage Frontier AI models to deliver the best protection for our customers. These are all positive trends from the business that we're frankly very excited about.

以端點為基礎來放貸（lend with endpoint），並附加生成式 AI 能力，以及針對所有這些新攻擊向量的防護，運用 Frontier AI 模型為客戶提供最佳防護。這些都是來自業務面的正向趨勢，坦白說我們對此非常興奮。

Yes. So thanks for the question. And we are really delighted with the margin progression that we showed this quarter and obviously, it's the upgrade to the operating margin guide for the full year. I think the short answer is we don't see growth in margin expansion, the trade-off in this case. The investments that actually drive durable growth that Tomer was talking about in AI security, data, cloud, the labs are exactly where we're reinvesting.

是的。謝謝你的提問。我們對本季展現的毛利率/利潤率（margin）進展感到非常滿意，當然也包括我們上調了全年營業利益率指引。簡短回答是：在這個情況下，我們不認為成長與利潤率擴張之間存在取捨。Tomer 談到的那些能驅動可持續成長的投資——AI 安全、資料、雲端、實驗室——正是我們再投資的方向。

So we're removing organizational complexity that was actually slowing us down and redeploying it into the highest return and highest conviction opportunities that we see in the business. And I think the evidence that we can do both is actually already in the Q1 numbers. So this quarter, we delivered record net new ARR, so up [55%] year-over-year, while simultaneously expanding operating margin by 550 basis points.

因此，我們正在移除原本拖慢我們的組織複雜度，並把資源重新部署到我們在業務中看到的最高回報、最高信心的機會上。我認為我們能同時做到兩者的證據，其實已經反映在第一季（Q1）的數字裡。本季我們交出創紀錄的淨新增 ARR，年增 [55%]，同時營業利益率擴張了 550 個基點。

So I think that's really our platform model working at scale. And when I look forward, the demand signals give me real confidence. So RPO, again, at a record $1.5 billion, growing 30%. Net retention expanding in our $100,000-plus cohort that's both sequentially and year-over-year to above 110.

所以我認為這正是我們的平台模式在規模化下運作的結果。展望未來，需求訊號讓我非常有信心。RPO 再次創下 15 億美元的紀錄，成長 30%。在 10 萬美元以上客群中，淨留存率（net retention）無論是季比或年比都提升至 110 以上。

Some of our products like Prompt ARR nearly doubling again. I think these are all leading indicators of durable growth. So I think you're going to see both durable growth and sequential and annual operating margin expansion. We really feel like we can deliver on both.

我們的一些產品，例如 Prompt ARR 幾乎再次接近翻倍。我認為這些都是可持續成長的領先指標。因此我認為你會看到可持續成長，以及營業利益率在季度與年度層面的擴張。我們真的覺得兩者都能做到。

Shaul Eyal, TD Cowen.

Shaul Eyal，TD Cowen。

Thank you. Question to Sonalee. So now being there a couple of months, have your initiatives you would like to undertake changed? Or how do you see opportunities to build upon the operating leverage you guys are seeing?

謝謝。問題給 Sonalee。你現在到任幾個月了，你想推動的計畫有改變嗎？或者你如何看待在你們目前看到的營運槓桿基礎上，進一步建立的機會？

Yes. Thanks. So yes, 60 days in. I would say what struck me most coming in was really the strength of the Singularity platform. Our product leadership and technology differentiation and then the significant opportunity in front of us for this category, much of which is just really in the early innings.

是的，謝謝。到任 60 天。我想我剛加入時最讓我印象深刻的是 Singularity 平台的強大。我們的產品領導力與技術差異化，以及在這個類別面前的巨大機會，其中很大一部分其實還在非常早期的階段。

So I think the operating leverage potential of the business as we scale, given our industry-leading growth margins creates this enormous opportunity to create outsized value. And I would say my conviction on that has only increased. So in terms of priorities, first, it's my job to ensure we're allocating our resources and investing in the parts of the business where we feel we see the highest opportunity for growth in ROI, so that's data, cloud, AI security, I think, will be massive.

我認為，隨著我們擴張，在我們具備業界領先的成長毛利率（growth margins）的前提下，這項業務的營運槓桿潛力帶來了創造超額價值的巨大機會。而我對此的信念只增不減。就優先事項而言，第一，我的工作是確保我們在資源配置上，把投資放在我們認為具備最高成長機會與最高投資報酬率（ROI）的業務部分，也就是資料、雲端、AI 安全，我認為這些會非常龐大。

And you see already our emerging solutions now 50% of our ARR. So it's these areas where we feel like we have real competitive differentiation and a significant market opportunity ahead. I think Prompt is a perfect example of that. Second, continuing to improve on the cost structure. You saw the announcement we made today on restructuring. It's really important that we focus the business.

而你已經看到，我們的新興解決方案目前已占 ARR 的 50%。因此，這些是我們覺得自己具備真正競爭差異化、且前方有顯著市場機會的領域。我認為 Prompt 就是完美例子。第二，持續改善成本結構。你也看到我們今天宣布的重組。讓業務聚焦非常重要。

I'm going to be extremely focused on unit economics. Driving operational excellence and discipline across the business, particularly in sales and marketing, where I see the largest opportunity for productivity improvement. In today's results, you'll already know we've made a lot of progress in sales and marketing.

我會非常專注於單位經濟（unit economics）。推動全公司營運卓越與紀律，特別是在銷售與行銷上，我看到那裡有最大的生產力提升空間。從今天的結果你已經知道，我們在銷售與行銷方面已取得很大進展。

So if you look at sales and marketing as a percentage of revenue, Q1, it came in at 39% that compares to [47%] a year ago. And if you think about our upgraded full year operating profit guide of 10%, that's 700 basis points of year-over-year improvement. But I think what's most interesting and compelling really, it's what that implies in terms of where we're going to be exiting Q4, that exit operating margin.

所以如果你看銷售與行銷費用占營收比重，第一季是 39%，相比一年前的 [47%]。而如果你看我們上調後的全年營業利益率指引 10%，那代表年增改善 700 個基點。但我認為最有趣、最具吸引力的是，這對我們第四季（Q4）退出時的狀況意味著什麼——也就是期末（exit）營業利益率。

That's significantly above the 10% guide. So we're on a path to deliver multi-quarter, multiyear margin expansion, which you're already beginning to see. And then lastly, I think it's really important that -- and Tomer and I are completely aligned on this. We need to put ourselves firmly on the path to Rule of 40, which means not just efficiency but durability and all be really focused on taking that NRR where we've already seen great progress and improving upon it.

那將顯著高於 10% 的指引。因此我們正走在實現多季、多年利潤率擴張的路徑上，而你已經開始看到這一點。最後，我認為也非常重要的是——Tomer 和我在這點上完全一致——我們必須讓自己穩健地走在達成「40 法則（Rule of 40）」的道路上，這不僅是效率，更是可持續性；並且要非常專注於把我們已經看到顯著進展的 NRR 進一步提升。

And it's not just on the NRR side, on the GRR side, we've seen improved logo retention this quarter and stability. And I think that just underscores the mission-critical nature of our platform. And then finally, I would just say it was one of the few platform providers in cybersecurity, the traction we're seeing with the platform is resulting in larger land. So our ARR per customer reached a new company record. And also, really importantly, and again, this is just the platform working is stickier customers.

而且不只是 NRR 這一側，在 GRR 這一側，我們本季也看到 logo 留存率改善與穩定。我認為這再次凸顯我們平台的關鍵任務（mission-critical）特性。最後我還想說，作為資安領域少數的平台供應商之一，我們在平台上的動能正帶來更大的首次導入（larger land）。我們的每客戶 ARR 也達到公司新紀錄。同時也非常重要的是——而且這同樣只是平台在發揮作用——客戶黏著度更高。

John DiFucci, Guggenheim Securities.

John DiFucci，Guggenheim Securities。

Thank you. Congrats to the whole team for the new addition, and it's great to have you, Sonalee. Listen, you guys put up really strong ARR this quarter with growth that accelerated, you pointed that out, but it's accelerated for the first time in more than three years, after three years of somewhat moderation, which with the law of large numbers you'd expect.

謝謝。恭喜整個團隊有了新加入的成員，也很高興有你加入，Sonalee。聽著，你們本季交出非常強勁的 ARR，且成長加速——你也指出了這點——但這是三年多來第一次加速；在經歷三年某種程度的放緩後，依照規模法則（law of large numbers）這是可以理解的。

But frankly, the growth in new ARR even if you take into account attrition was even better than it's been in almost four years from our calculations. So, I know you don't guide to ARR, but you maintained your revenue guidance for the year. And I realize it's early, but how should we be thinking about that given -- I mean that ARR is really the best determinant of the future revenue.

但坦白說，即便把流失（attrition）考慮進去，淨新增 ARR 的成長也比我們計算的近四年任何時候都更好。所以，我知道你們不提供 ARR 指引，但你們維持了全年營收指引。我也理解現在還早，但在這種情況下我們該如何思考——我的意思是，ARR 其實是未來營收最好的決定因素。

Yes. So thanks so much for the question. And it is great to be here. I'm thrilled to be here on my first earnings call. So you're absolutely right. We had a great showing on net new ARR this quarter, as you say, record. The growth was driven both by strong new logo additions, but also a strong expansion and great contributions from our emerging products. So data ARR accelerated in Q1. I already talked about Prompt, but that nearly doubled again in Q1, and our cloud ARR accelerated strongly as well.

是的。非常感謝你的提問。我也很高興能在這裡——這是我第一次參加財報電話會議，我很興奮。你說得完全正確：我們本季淨新增 ARR 表現非常好，如你所說是創紀錄。成長同時來自強勁的新客戶（new logo）增加、強勁的擴張，以及我們新興產品的良好貢獻。資料 ARR 在第一季加速。我已經談過 Prompt，它在第一季幾乎再次翻倍，而我們的雲端 ARR 也同樣強勁加速。

In terms of the overall guide, we did reiterate the guide. And what I would say there is we're still pretty early in the year and we still continue to expect positive net new ARR growth for fiscal '27. In terms of the actual revenue contribution on the guide, we did see a fairly back edge loaded quarter with some of those larger deals and as a larger proportion of our bookings are from larger deals, I think we'll expect to see a bit more of that back-end loading, and that's why you're seeing that from a timing perspective. But we still are feeling really confident around net new ARR for the year.

就整體指引而言，我們確實重申了指引。我想說的是，今年還在相對早期，我們仍然預期 27 財年（fiscal '27）淨新增 ARR 會呈現正成長。就指引中的實際營收貢獻而言，我們確實看到本季在季度後段（back edge）有較多貢獻，部分原因是一些較大型交易；而隨著我們的訂單（bookings）中大型交易占比提高，我認為我們會預期看到更多這種後段集中（back-end loading）的情況，因此你從時點角度會看到這樣的表現。但我們對全年淨新增 ARR 仍然非常有信心。

That makes total sense, Sonalee, and I was only going to ask one question that's going to leave you. The second one would have been on linearity, but you read my mind.

這完全說得通，Sonalee，而且我本來只打算問一個問題就放你走。第二個問題本來會是關於線性度（linearity），但你已經讀到我的想法了。

Our next question comes from Fatima Boolani with Citi. We will come back to you at a later point. Our next question comes from Shrenik Kothari with Baird.

我們的下一個問題來自 Citi 的 Fatima Boolani。我們稍後會再回到你。下一個問題來自 Baird 的 Shrenik Kothari。

Hey, guys. This is Zach Schneider on for Shrenik. So maybe one on capital allocation. Now with $800 million plus in cash path towards $100 million-plus in free cash flow generation. No debt, you guys have it seems much more flexibility than you've had historically. So maybe how should we think about capital allocation going forward? And are there any changes there in strategy or priorities?

嗨，各位。我是代 Shrenik 提問的 Zach Schneider。想問一個關於資本配置（capital allocation）的问题。現在你們現金超過 8 億美元，且自由現金流（free cash flow）產生能力正朝著超過 1 億美元邁進。沒有負債，看起來你們比過去擁有更大的彈性。那麼我們應該如何看待未來的資本配置？在策略或優先順序上是否會有任何改變？

Yes, sure. Thanks for the question. So yes, we feel really good about where the balance sheet is, a very robust balance sheet. I think our capital allocation priorities really haven't changed. So we will continue to focus on organic investments that drive our growth. We will consider inorganic investment. But I would say there's a fairly high bar there. So it would be very selective and would need to be extremely strategic.

是的，當然。謝謝你的提問。是的，我們對目前的資產負債表狀況感到非常有信心，是一個非常穩健的資產負債表。我認為我們的資本配置優先順序其實沒有改變。因此，我們將持續聚焦於能推動成長的有機投資。我們也會考慮無機投資，但我會說門檻相當高，所以會非常審慎，且必須極具策略性。

And then finally, we absolutely will use our strong balance sheet and free cash flow to give us the flexibility and capacity to be able to opportunistically repurchase our shares given the long-term potential of our business and so long as we believe it's a positive ROI initiative, which certainly at current levels we would.

最後，我們絕對會運用我們強勁的資產負債表與自由現金流，讓我們具備彈性與能力，在考量我們業務的長期潛力之下，伺機回購自家股票；前提是我們相信這是一項具正向投資報酬率（ROI）的舉措，而以目前的水準來看，我們確實如此認為。

So I would say our capital allocation policy is dynamic and opportunistic. And again, we will do our best to take advantage of any dislocations in the market and also maintain a strong cash position to support our innovation and strategic initiatives from here.

因此我會說，我們的資本配置政策是動態且具機會主義的。同樣地，我們會盡最大努力把握市場中的任何錯位機會，同時維持強勁的現金部位，以支持我們接下來的創新與策略性計畫。

Richard Poland, Wells Fargo.

Richard Poland，富國銀行（Wells Fargo）。

I guess if you just think about the balance of the reinvestment that you're making, I think you quantified it somewhere in the range of $45 million in annualized savings from the reduction. I guess as we think about how that flows through to investments and just kind of how you're calibrating how much drops to the bottom line versus how much gets put back into things like AI. Can you help us, I guess, just contextualize that through rest of the year?

我想如果從你們正在進行的再投資平衡來看，我記得你們量化過，透過這次縮減大約可帶來年化約4,500萬美元的節省。我想了解的是，當我們思考這些節省如何轉化為投資，以及你們如何校準有多少會落到損益表底線、又有多少會回投到像 AI 這類領域。你能否協助我們把這件事放到今年剩餘時間的脈絡中來理解？

Yes. So why don't I start with that. So for the full year, we're now guiding to about 700 basis points of year-over-year operating margin improvement. And as I said earlier, that would imply exiting at an operating margin significantly above that 10%. And we also talked about that desire to balance growth and profitability.

好的。那我先從這點開始。就全年而言，我們目前的指引是營業利益率年增約700個基點。如我先前所說，這意味著我們在期末的營業利益率將顯著高於10%。我們也談到希望在成長與獲利之間取得平衡。

And we felt strongly that there were areas where we had high conviction around parts of the market and products where we wanted to reinvest some of those savings. We talked about AI security. We talked about cloud data. We really feel like those are the right opportunities to go after right now from an ROI perspective. And we feel like we'll be able to deliver both durable growth and operating margin expansion and still be able to, again, upgrade that operating margin from where we were a couple of months ago.

我們強烈認為，在某些領域我們對市場區塊與產品具有高度信心，因此希望把部分節省再投資回去。我們談到 AI 安全，也談到雲端資料。我們確實認為，從投資報酬率（ROI）的角度來看，這些是目前最值得把握的機會。我們也相信，我們能同時交付可持續的成長與營業利益率擴張，並且仍能再次把營業利益率從幾個月前的水準進一步提升。

Yes. I would just add to that. I mean, we have a tremendous R&D and product and technology groups. And for us, when we look at the opportunity ahead, clearly, we want to build more. We want to produce more capability that we believe can add massive value to the security posture of our customers and at large.

是的。我只想補充一下。我們擁有非常強大的研發、產品與技術團隊。對我們而言，當我們看向前方的機會時，很明顯地，我們想要打造更多、建立更多能力；我們相信這些能力能為客戶乃至整體的安全態勢帶來巨大的價值。

So all in all, I mean, in the world of today, the ability to build, the ability to push forward versus maybe a few years ago, a lot of the innovation was coming for other companies through acquisition, I sincerely think that with the strength of our R&D with the strength of our talent, we just want to do more. We want to enable them to do more. We want to bring more great people on board. And that's kind of how we're taking that process behind our reinvestment.

總體而言，在當今的環境下，打造能力、持續推進的能力——相較於幾年前許多創新是透過併購從其他公司取得——我真心認為，憑藉我們研發的實力與人才的強度，我們就是想做得更多。我們想讓他們能做得更多。我們也希望延攬更多優秀人才加入。這就是我們在再投資背後所採取的思考與流程。

Roger Boyd, UBS.

Roger Boyd，瑞銀（UBS）。

Thanks for the question. Tomer, we continue to hear really strong feedback from the channel on Prompt Security. And it seems like it's already becoming a pretty material contributor to ARR. Can you talk about what you're seeing with Prompt as maybe the tip of the spear for new engagements? And have you seen Prompt lead to bigger platform deals, including competitive displacements and endpoint or data lakes?

謝謝這個問題。Tomer，我們持續從通路端聽到對 Prompt Security 非常強勁的回饋。而且看起來它已經成為 ARR 的相當重要貢獻者。你能談談你們看到 Prompt 作為新客戶互動的「矛尖」所扮演的角色嗎？以及你們是否看到 Prompt 帶動更大型的平台型交易，包括競品替換，以及端點或資料湖等？

Yes. And there's no question. Prompt is delivering the capability that every single enterprise needs right now in that none of our competitors have. So we're seeing both the natural expansion for our customer base, plus lending bigger with new logos and even in competitive environments.

是的。毫無疑問，Prompt 正在提供每一家企業此刻都需要、且我們任何競爭對手都沒有的能力。因此，我們同時看到既有客戶群的自然擴張，也看到在新客戶（new logos）上更大規模的導入，甚至在競爭環境中也是如此。

The ease of use, the seamlessness of deployment, the time to value I think all of those are just radically different than anything else that you're finding in the space today, the level of coverage, compliance, governance, everything that everybody is missing right now is being delivered by what Prompt can bring to bear.

其易用性、部署的無縫性、價值實現時間（time to value）——我認為這些都與目前市場上你所能找到的任何方案有著根本性的差異；而在覆蓋範圍、合規、治理等方面，大家此刻所缺少的一切，Prompt 都能提供並落地。

So all in all, it's a great catalyst for us because pretty much every vector of our go-to-market motion. And at the same time, you can imagine, most of our customers state is still underpenetrated. There's still not deploying Prompt. So we're also moving pretty fast to enable Prompt to be absorbed and consumed by our customers state directly through the platform, and that's going to allow more growth opportunities for us in the out years.

因此總體來說，這對我們而言是一個很好的催化劑，因為它幾乎能推動我們 go-to-market 動作的每一個向量。同時你也可以想像，多數客戶目前仍屬於滲透率不足的狀態，還沒有部署 Prompt。所以我們也在非常快速地推進，讓 Prompt 能直接透過平台被客戶吸收與使用，這將在未來幾年為我們帶來更多成長機會。

Fatima Boolani, Citi.

Fatima Boolani，花旗（Citi）。

Good afternoon. Thank you so much for taking my questions and being patient with me today. So Sonalee, this one is for you, and nice to see you on board here. Just looking at the deferred revenue and billings performance, I know you don't manage the business to billings, but just as we sort of look at the deferred revenue cadence?

午安。非常感謝你們回答我的問題，也謝謝今天對我的耐心。Sonalee，這題想請教你，也很高興看到你加入。就遞延收入與帳單（billings）的表現來看，我知道你們不以 billings 來管理業務，但當我們觀察遞延收入的節奏時——

Was there anything atypical or different here that happened just as we noted, some weaker seasonality in some of the growth metrics on the deferred revenue side and maybe tying it back to some of your commentary with respect to net retention rate maybe outside of the $100,000 ARR cohort and on some of the gross retention rate comments you alluded to earlier. I would love any incremental color on why we maybe saw that come out of seasonally weaker than prior periods.

是否有任何非典型或不同之處？因為我們注意到，在遞延收入端的一些成長指標上，季節性似乎偏弱；也想把它連結回你們對淨留存率（net retention rate）的評論——可能是在 10 萬美元 ARR 族群之外——以及你們先前提到的一些總留存率（gross retention rate）看法。我很希望能多了解一些增量資訊，為什麼我們看到它的季節性表現可能比以往期間更弱。

Yes, sure. So on billings, I would say there's nothing specific to call out other than the fact that this metric can move around a bit just due to the timing of invoicing. So we tend to focus, and we actually run the business much more around net new ARR as our key operating metrics, where obviously we saw a record number this quarter.

好的，當然。就 billings 而言，我會說沒有特別需要點出的事項，除了這個指標確實可能因為開立發票時點而有所波動。因此我們傾向聚焦——而且我們實際上更是以淨新增 ARR 作為關鍵營運指標來經營業務；而這一季我們顯然看到創紀錄的數字。

In terms of GRR, we saw continued stability. It's actually -- when I first arrived here, of course, I was looking through all the metrics. It's actually been stable for many, many, many quarters. And I remember seeing that I'm thinking that's an extremely strong sign just in terms of the stickiness of mission criticality of our platform. Like when we win a customer, they stay with us.

就總留存率（GRR）而言，我們看到持續的穩定。其實——我剛到這裡時，當然會把所有指標都看一遍——它已經穩定了非常非常多個季度。我記得看到時心想，這在平台的黏著度與任務關鍵性方面是一個極其強的訊號。也就是說，當我們贏得一位客戶，他們就會持續與我們合作。

I think up to now, where we've seen some -- we're -- just an impact on net retention has been on the expansion side of things. And I think we saw positive traction there with some of our larger customers this quarter, which helped to drive net retention up. And that's something I said.

我認為到目前為止，我們看到對淨留存造成一些影響的部分——是在擴張（expansion）端。我想這一季我們在部分大型客戶上看到正向進展，這有助於推升淨留存率。這也是我所提到的。

I think in Meta's question around priorities, it's something that all be really focused on. And when I look at some of the signals as we look forward to coming quarters, that's a metric that I expect to continue to improve. And again, that's what gives me confidence on the full year guide as well is that will be a key support that improving net retention rate because, of course, every point we improve on net retention helps -- it creates a tailwind down on revenue.

我想在 Meta 那題關於優先事項的問題中，這也是我們都會非常聚焦的事情。當我觀察一些前瞻到未來幾季的訊號時，這是一個我預期會持續改善的指標。同樣地，這也是我對全年指引有信心的原因之一：淨留存率的改善將是重要支撐，因為當然，淨留存率每提升一個百分點，都會——它會在營收端形成順風（tailwind）。

Thank you. I appreciate that.

謝謝。我很感謝這些說明。

Thank you. We have now reached the end of our allotted time for questions. I will turn the call back over to Mr. Weingarten for closing remarks.

謝謝。我們現在已到達本次問答的預定時間。我將把電話會議交回給 Weingarten 先生作結語。

Thank you, everyone, and have a good day.

謝謝各位，祝大家有美好的一天。