SentinelOne Inc (S) 2027 Q2 法說會逐字稿

Hello, and welcome to the SentinelOne Q2 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 財年第二季（Q2）財報電話會議。（接線員指示）另外提醒各位，本次會議今日將被錄音。如有任何異議，請中斷您的通話。

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 second quarter of fiscal year 2027, which ended July 31, 2026. With us today are Tomer Weingarten, CEO; and Sonalee Parekh, CFO. Our press release and earnings presentation were issued earlier today and are posted on the Investor Relations section of our with ebsite.

各位下午好，歡迎參加 SentinelOne 2027 財年第二季（截至 2026 年 7 月 31 日）財報電話會議。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，並已張貼於我們網站的投資人關係專區。

This call and accompanying slides are being broadcast live via webcast, and a replay will be available on our website after the call. 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 fiscal third 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.

本次電話會議及隨附投影片將透過網路直播，會後可於我們網站收看重播。在開始之前，我想提醒各位，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 財年第三季及 2027 全財年的指引，以及長期財務目標。我們提醒您，這些陳述反映我們基於目前已知因素所做的最佳判斷，而實際結果或事件可能會有重大差異。

Please refer to the documents we file from time to time with the SEC, in particular, our quarterly reports on Form 10-Q and 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中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。若在今日之後重播或回顧本次電話會議，會議中所提供的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的義務，也不承擔在未來有新資訊可得時更新實際結果可能與預期有重大差異之原因的義務。

During this call, we will discuss non-GAAP financial measures, and all comparisons made are year-over-year unless otherwise noted. Those 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 財務衡量指標，且除非另有說明，所有比較均為年對年。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 結果的調節表已載於今日新聞稿及財報簡報中。

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 指標並非用以取代我們的 GAAP 結果。我們的財務展望排除以股份為基礎之薪酬費用、員工股票交易之雇主薪資稅、取得之無形資產攤銷費用、併購相關薪酬成本、重組費用、策略性投資收益及所得稅費用；上述項目目前無法確定，因此未在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，讓我把電話交給 SentinelOne 執行長 Tomer Weingarten。

Good afternoon, everyone, and thank you for joining our second quarter earnings call. Q2 was an outstanding quarter for SentinelOne. We exceeded our top and bottom line guidance, delivered record second quarter net new ARR and record operating margin. Building on this momentum, we are raising our revenue operating income outlook for the year.

各位下午好，感謝各位參加我們的第二季財報電話會議。第二季對 SentinelOne 而言是非常出色的一季。我們的營收與獲利指引均超出預期，創下第二季淨新增 ARR 的新高，以及創下營業利益率的新高。在此動能之上，我們上調本年度的營收與營業利益展望。

Q2 marks our fifth consecutive quarter of positive net new ARR growth and outperforming expectations. These results reflect what increasingly defines SentinelOne: top-tier growth, expanding margins and undisputed technology leadership.

第二季是我們連續第五個季度實現淨新增 ARR 正成長並超越預期。這些成果反映出 SentinelOne 日益鮮明的特質：頂尖成長、利潤率擴張，以及無可爭議的技術領導地位。

Cybersecurity is at a fork in the road. AI is transforming the way software is built, businesses operate and adversaries attack. The speed, scale and sophistication of AI models are making the threat landscape increasingly complex. At the same time, AI also gives defenders the power to transform security outcomes through accelerated response times and unmatched efficiency.

資安正處於關鍵分岔路口。AI 正在改變軟體的建置方式、企業的營運方式，以及對手的攻擊方式。AI 模型的速度、規模與精密度，使威脅態勢日益複雜。同時，AI 也賦予防禦方力量，透過加速回應時間與無與倫比的效率，改變資安成果。

The approach of bundling fragmented products or marketing disjointed platforms is not the answer. The strategy repackages complexity, it doesn't remove it. Enterprises today do not need another point solution, a feature product or a bigger bundle. They need real-time connected intelligence that operates at machine speed.

把零散產品打包，或行銷彼此脫節的平台，並不是答案。這種策略只是重新包裝複雜性，並未消除複雜性。今日企業不需要另一個點狀解決方案、單一功能產品或更大的套裝組合。他們需要能以機器速度運作的即時互聯智慧。

This requires a unified architecture, a single control plane, purpose-built to defend the modern infrastructure in the age of AI. This is the vision we found at SentinelOne on, an AI-native approach to cybersecurity long before the Mythos moment. Singularity is the autonomous security platform of the future. Our technology differentiation lies in a clear architectural advantage.

這需要統一的架構、單一控制平面，並以目的導向打造，以在 AI 時代防禦現代化基礎架構。這正是我們在 SentinelOne 所奠定的願景：早在「Mythos 時刻」之前，我們就採取 AI 原生的資安方法。Singularity 是未來的自主式安全平台。我們的技術差異化在於明確的架構優勢。

Every platform solution we offer, from Endpoint, Cloud and Data to AI SOC, AI EDR and ADR is the best-in-class capability on its own, unified by our industry-leading autonomous runtime engine and delivered via a single pane of glass. Machine speed runtime protection is fundamental to our platform architecture, and our AI security growth and contribution already indicate we are leading in this fast-moving category.

我們提供的每一項平台解決方案，從端點（Endpoint）、雲端（Cloud）與資料（Data），到 AI SOC、AI EDR 與 ADR，本身都是同級最佳能力，並由我們業界領先的自主執行期引擎整合，透過單一視窗交付。以機器速度進行的執行期防護是我們平台架構的根本，而我們在 AI 安全的成長與貢獻已顯示，我們正引領這個快速發展的類別。

This quarter provided a clear validation across four fronts for SentinelOne: one, market-leading wins with the world's most discerning organizations; two, growth acceleration of our AI security, data and cloud solutions; three, sustained displacements of legacy endpoint vendors; and four, our distinct architectural advantage in securing modern AI infrastructure.

本季在四個面向清楚驗證了 SentinelOne：第一，贏得全球最嚴苛組織的市場領先勝利；第二，我們的 AI 安全、資料與雲端解決方案成長加速；第三，持續取代傳統端點供應商；第四，我們在保護現代 AI 基礎架構方面具備獨特的架構優勢。

First, let's start with how the most discerning buyers in the world are choosing SentinelOne. Our competitive win rates increased sequentially and year-over-year, anchored by growing platform momentum and consolidation wins. Net revenue retention among our largest customers expanded again in the quarter. 7- and 8-figure customer wins are becoming consistent.

首先，讓我們從全球最嚴苛的買方如何選擇 SentinelOne 談起。我們的競爭性勝率較前一季及年對年皆提升，並以平台動能增強與整併型勝利為支撐。本季我們最大客戶的淨營收留存率再次擴張。七位數與八位數的客戶勝利正變得更為常態。

And cross-platform adoption drove a record ARR per customer, growing double digits year-over-year. Enterprises are increasingly consolidating multiple point products with the Singularity platform. The clearest example in leading aerospace and defense enterprise chose Singularity to execute a complete rip and replace of our primary competitor, consolidating Endpoint, Data, Cloud as well as AI Security with SentinelOne.

跨平台採用推動每位客戶的 ARR 創下新高，年對年以雙位數成長。企業正日益以 Singularity 平台整併多個點狀產品。最明確的例子是，一家領先的航太與國防企業選擇 Singularity，對我們的主要競爭對手進行全面汰換（rip and replace），並將端點、資料、雲端以及 AI 安全整併至 SentinelOne。

And our AI security capabilities widened the gap as the competitive alternative was not good enough to help this enterprise accelerate AI adoption. Facing sophisticated nation-state threats, this customer had extremely stringent security requirements. During an intensive proof of concept, SentinelOne delivered a step change improvement in analyst workflows and security efficacy over the incumbent.

而我們的 AI 安全能力進一步拉大差距，因為競爭替代方案不足以協助該企業加速導入 AI。面對複雜的國家級威脅，該客戶具備極為嚴格的安全要求。在密集的概念驗證（POC）期間，SentinelOne 相較既有供應商，在分析師工作流程與安全效能上帶來躍升式改善。

Second, we are seeing strong contributions across the board from our AI, Data, Cloud, Wayfinder and Endpoint solutions. We had another exceptional quarter for Prompt Security, which remains our fastest-growing platform solution. as organizations move AI models and autonomous agents into live production, robust security is mandatory.

第二，我們看到 AI、資料、雲端、Wayfinder 與端點解決方案全面帶來強勁貢獻。Prompt Security 再度交出卓越的一季，仍是我們成長最快的平台解決方案。隨著組織將 AI 模型與自主代理導入正式上線環境，健全的安全防護已成為必要條件。

We are capturing this wave, driving strong demand across model security, agentic guardrails and enterprise AI usage. Prompt Security is leading this category as the definitive AI security solution for the enterprise. Demonstrating this momentum, Bell Canada selected Prompt Security to secure one of the nation's most critical networks.

我們正掌握這波浪潮，在模型安全、代理式防護欄（agentic guardrails）與企業 AI 使用方面帶動強勁需求。Prompt Security 正引領此類別，成為企業的權威 AI 安全解決方案。為展現此一動能，加拿大貝爾（Bell Canada）選擇 Prompt Security 以保護該國最關鍵的網路之一。

They require real-time visibility, automated guardrails and strict compliance for their workforce, and SentinelOne delivered it. This win validates that enterprise-grade AI security is a prerequisite for safe AI adoption, and our momentum in this category continues to accelerate. The telecom sector continues to be an area of competitive edge for us. We protect operators across five continents, including several of the largest carriers in their respective markets.

他們要求對其員工隊伍具備即時可視性、自動化防護欄與嚴格合規，而 SentinelOne 做到了。這項勝利驗證了企業級 AI 安全是安全採用 AI 的先決條件，而我們在此類別的動能持續加速。電信產業仍是我們具競爭優勢的領域。我們保護橫跨五大洲的營運商，包括其各自市場中數家最大的電信業者。

These are among the most demanding security environments anywhere, massive distributed infrastructure, persistent nation-state threat exposure and stringent regulatory requirements or scale and expansion in that environment demonstrates the breadth and the resiliency of the Singularity platform. We continue to win stand-alone AI security deals from our direct competitors. This is serving as a strategic entry point for broader platform expansion.

這些是全球最嚴苛的安全環境之一：龐大的分散式基礎設施、持續暴露於國家級威脅，以及嚴格的監管要求；而我們在該環境中的規模與擴張，展現了 Singularity 平台的廣度與韌性。我們持續從直接競爭對手手中贏得獨立的 AI 安全交易。這正成為更廣泛平台擴張的策略性切入點。

As AI adoption scales, enterprises are confronting an unprecedented threat landscape. They need to protect AI tools and sensitive data while enforcing strict run time controls over autonomous agents. Our increasing AI security innovations address these challenges, now offering agentic security, AI red teaming capabilities and enhanced AI entitlement management.

隨著 AI 採用規模化，企業正面臨前所未有的威脅版圖。他們需要在強制對自主代理施加嚴格執行期控制的同時，保護 AI 工具與敏感資料。我們日益增強的 AI 安全創新正因應這些挑戰，現已提供代理式安全（agentic security）、AI 紅隊演練能力，以及強化的 AI 權限（entitlement）管理。

This is enabling enterprises to adopt AI rapidly without compromising security, privacy or trust. Building upon our technology leadership in EDR, we are on track to establish similar leadership in agentic as well as AI detection and response.

這使企業能在不犧牲安全、隱私或信任的前提下快速採用 AI。在我們於 EDR 的技術領先基礎上，我們正按計畫在代理式以及 AI 偵測與回應領域建立同等的領導地位。

Next, Purple AI continues to redefine the AI SOC, serving as our core engine for autonomous security operations. An increasing number of new customers are landing with Purple AI from day one, while our existing customer base continues to expand its usage. With our recently launched agentic investigations, Purple AI autonomously analyzes alerts across complex environments, producing definitive assessments in seconds rather than hours.

接下來，Purple AI 持續重新定義 AI SOC，作為我們自主安全營運的核心引擎。越來越多新客戶從第一天起就導入 Purple AI，而我們既有客戶群也持續擴大其使用。透過我們近期推出的代理式調查（agentic investigations），Purple AI 能在複雜環境中自主分析警示，於數秒內而非數小時產出明確評估。

IDC independently validated a 338% three-year ROI for Purple AI customers. Purple AI's accuracy relative to human-led workflows further underscores its disruptive potential. As Security operations evolve towards continuous agentic defense with human oversight, SentinelOne sits at the forefront of this paradigm shift. By continuously advancing Purple AI, we empower customers to accelerate detection, automated investigations and execute remediation at machine speed.

IDC 獨立驗證 Purple AI 客戶在三年內可達 338% 的投資報酬率（ROI）。Purple AI 相較於人為主導流程的準確性，進一步凸顯其顛覆性潛力。隨著安全營運朝向在人工監督下的持續代理式防禦演進，SentinelOne 站在此典範轉移的最前沿。透過持續推進 Purple AI，我們協助客戶加速偵測、自動化調查，並以機器速度執行修復。

ARR from our AI security offerings, Prompt and Purple AI, continues to be in hyper growth, tripling year-over-year in Q2. We expect this to become our next 9-figure ARR category, following Endpoint, Cloud, Data and Wayfinder. This momentum highlights our technology differentiation and market leadership in defining the next generation of AI cybersecurity.

我們 AI 安全產品（Prompt 與 Purple AI）帶來的 ARR 持續呈現超高速成長，在第二季年增三倍。我們預期這將成為我們下一個 ARR 達九位數的類別，繼 Endpoint、Cloud、Data 與 Wayfinder 之後。這股動能凸顯我們的技術差異化與市場領導地位，並正在定義下一代 AI 資安。

For Data Solutions, Q2 marked our fifth consecutive quarter of ARR growth acceleration. We believe the future SOC will be hybrid. Enterprises will continue to operate across diverse security tools and data sources while increasingly adopting AI-driven investigation and automation. Our security data lake is built for that transition, from intelligent data pipelines and AI SIEM to Purple AI and hyper automation.

在資料解決方案方面，第二季是我們 ARR 成長加速的連續第五個季度。我們相信未來的 SOC 將是混合式的。企業將持續在多元的安全工具與資料來源上運作，同時日益採用 AI 驅動的調查與自動化。我們的安全資料湖正是為這項轉型而打造，涵蓋智慧資料管線、AI SIEM、Purple AI 與超自動化（hyper automation）。

We help customers consolidate and optimize security data and turn it into faster detection, investigation and response from pipeline to SIEM to autonomous SOC. SentinelOne covers the full security data life cycle. This is evident in our accelerating momentum with AI SIEM. Among new customer wins, a global services firm selected SentinelOne's AI SIEM over both legacy and next-gen alternatives to unify telemetry, improve operational visibility and accelerate incident response.

我們協助客戶整併並最佳化安全資料，並將其轉化為更快速的偵測、調查與回應，從管線到 SIEM 再到自主 SOC。SentinelOne 覆蓋完整的安全資料生命週期。這在我們 AI SIEM 加速的動能中表露無遺。在新客戶得標案例中，一家全球服務公司選擇 SentinelOne 的 AI SIEM，而非傳統與新世代替代方案，以統一遙測資料、提升營運可視性並加速事件回應。

By establishing the Singularity platform as their centralized security data foundation, the customer unlocked petabyte scale telemetry control and lay the groundwork for AI-driven automation. Demonstrating our expansion momentum, a major international retailer expanded its deployment with SentinelOne. This win fully displaces a legacy endpoint vendor while expanding this customer's data footprint.

透過將 Singularity 平台建立為其集中式安全資料基礎，該客戶解鎖了 PB 級遙測控制能力，並為 AI 驅動的自動化奠定基礎。展現我們的擴張動能，一家大型國際零售商擴大其在 SentinelOne 的部署。此勝利完全取代一家傳統端點供應商，同時擴大該客戶的資料足跡。

By unifying endpoint protection and security data analytics on the Singularity platform, this customer is establishing a foundation to scale their data volumes by several terabytes in future phases. External validation continues to highlight our competitive edge. According to an IDC business value study, SentinelOne's AI SIEM delivers a 331%, 3-year ROI, 70% faster queries, 75% faster investigations and 4x the threat coverage.

透過在 Singularity 平台上統一端點防護與安全資料分析，該客戶正在建立基礎，以在未來階段將其資料量擴增數 TB。外部驗證持續凸顯我們的競爭優勢。根據 IDC 的商業價值研究，SentinelOne 的 AI SIEM 可帶來 331% 的三年 ROI、查詢速度快 70%、調查速度快 75%，以及 4 倍的威脅涵蓋範圍。

For cloud security, Q2 marked the third consecutive quarter of ARR growth acceleration. This momentum is driven by strong adoption of our best-in-breed runtime cloud security, covering both cloud and on-prem environments. The massive AI infrastructure build-out is driving accelerated demand for us, making real-time run-time protection an absolute imperative as enterprise cloud footprints, expand and AI workloads multiply.

在雲端安全方面，第二季是 ARR 成長加速的連續第三個季度。這股動能來自我們同級最佳的執行期雲端安全強勁採用，涵蓋雲端與地端環境。大規模 AI 基礎設施建置正推動需求加速；隨著企業雲端足跡擴大與 AI 工作負載倍增，即時執行期防護成為絕對必要。

Among cloud security wins, a major American tech giant significantly expanded its SentinelOne deployment, choosing Singularity Cloud over a close competitor. The customer cited our superior platform performance and operational ease of use as the decisive factors. As their cloud infrastructure rapidly scales, this expanded partnership creates a natural compounding growth opportunity for Singularity across their environment.

在雲端安全得標案例中，一家美國大型科技巨頭大幅擴大其 SentinelOne 部署，選擇 Singularity Cloud 而非一個勢均力敵的競爭對手。客戶指出，我們更優異的平台效能與更易於操作使用，是決定性因素。隨著其雲端基礎設施快速擴張，這項擴大的合作關係為 Singularity 在其環境中創造自然的複利式成長機會。

Among new customer wins, a leading global financial institution standardized on the Singularity platform following a rigorous competitive evaluation against both legacy incumbents and next-gen contenders. Given strict regulatory requirements and the operational complexity of a distributed cloud environment, this enterprise selected SentinelOne for a unified autonomous cloud security.

在新客戶得標案例中，一家全球領先的金融機構在針對傳統既有業者與新世代競爭者進行嚴格競爭評估後，將 Singularity 平台定為標準。鑑於嚴格的監管要求與分散式雲端環境的營運複雜性，該企業選擇 SentinelOne 以實現統一的自主雲端安全。

Modern cloud environments are dynamic, distributed and directly connected to mission-critical AI workflows. Static posture management and periodic vulnerability scans are simply not enough. Organizations need runtime cloud security to detect and neutralize active threats and execution.

現代雲端環境是動態、分散式，並且直接連結到關鍵任務的 AI 工作流程。靜態態勢管理與週期性弱點掃描遠遠不夠。組織需要執行期雲端安全，以偵測並中和正在進行的威脅與執行行為。

Underscoring our cloud security leadership Frost & Sullivan named SentinelOne a visionary leader in its 2026 Frost Radar for cloud workload protection platforms, recognizing our innovation and growth against the field of more than 45 qualified vendors. Third, we continue to grow our endpoint footprint, particularly through large-scale consolidation deals. Through our strategic partnerships with MSSPs, we are consolidating multiple incumbent endpoint states onto the Singularity platform.

為凸顯我們在雲端安全的領導地位，Frost & Sullivan 在其 2026 Frost Radar 雲端工作負載防護平台中將 SentinelOne 評為具遠見的領導者，並在超過 45 家合格供應商中肯定我們的創新與成長。第三，我們持續擴大端點版圖，特別是透過大規模整併交易。透過與 MSSP 的策略夥伴關係，我們正將多個既有端點部署整併至 Singularity 平台。

Singularity Endpoint delivers the most autonomous EDR technology, which combines industry-leading efficacy, performance and user experience. The secular shift towards infrastructure modernization continues to provide a powerful long-term tailwind. Nearly half of the sector still relies on legacy antivirus, creating a massive displacement opportunity. This transition is backed by proven economic value, with IDC Research demonstrating that Singularity endpoint delivers a 301% 3-year ROI.

Singularity Endpoint 提供最自主的 EDR 技術，結合業界領先的效能、性能與使用者體驗。朝向基礎設施現代化的長期結構性轉變，持續提供強勁的長期順風。近一半的產業仍依賴傳統防毒，創造巨大的替換機會。這項轉型有經證實的經濟價值支撐，IDC Research 顯示 Singularity Endpoint 在三年內可帶來 301% 的 ROI。

Highlighting our traction for endpoint security, a major government agency administering national public services standardized on Singularity EDR. This agency selected SentinelOne following a rigorous evaluation that demonstrated our platform's real-time speed, autonomous response and superior total cost of ownership.

凸顯我們在端點安全的進展，一個負責管理國家公共服務的主要政府機關將 Singularity EDR 定為標準。該機關在嚴格評估後選擇 SentinelOne，評估結果顯示我們的平台具備即時速度、自主回應與更優的總持有成本（TCO）。

Validated by existing reference deployments across major public institutions, this win underscores our trusted position in securing mission-critical government infrastructure. Fourth, we have a distinct architectural advantage in securing the modern AI infrastructure. As AI agents gain autonomy, real-time runtime security becomes paramount. Behavioral detection and continuous validation at machine speed are essential to intercept unauthorized actions before harm occurs. Governance defines what an AI agent is permitted to do, but run time is where the actions are executed.

在主要公共機構既有參考部署的驗證下，這項勝利凸顯我們在保護關鍵任務政府基礎設施方面的可信地位。第四，我們在保護現代 AI 基礎設施方面具備明確的架構優勢。隨著 AI 代理獲得更高自主性，即時執行期安全變得至關重要。以機器速度進行行為偵測與持續驗證，是在造成傷害前攔截未授權行動的關鍵。治理定義 AI 代理被允許做什麼，但執行期才是行動被執行的地方。

Securing AI requires deep visibility directly at the point of execution across endpoints, cloud workloads and the underlying infrastructure where agents operate. This plays directly to SentinelOne's core strengths. Our AI native EDR foundation combines years of technology leadership in behavioral detection and autonomous response. As cybersecurity shifts from detecting threats to governing autonomous agents, EDR naturally evolves into AI detection and response.

確保 AI 安全需要在端點、雲端工作負載，以及代理運作所在的底層基礎架構之執行點，直接具備深度可視性。這正好契合 SentinelOne 的核心優勢。我們的 AI 原生 EDR 基礎，結合多年在行為式偵測與自主回應方面的技術領導。隨著資安從偵測威脅轉向治理自主代理，EDR 自然演進為 AI 偵測與回應。

This positions SentinelOne as the premier platform to defend both traditional endpoints and the emerging AI stack. We are also capturing a structural tailwind in sovereign defense, a major differentiator for SentinelOne. As public and private institutions deploy private AI stacks to maintain data residency, sovereign AI security becomes an operational imperative.

這使 SentinelOne 成為防護傳統端點與新興 AI 技術堆疊的首選平台。我們也正受惠於主權防禦的結構性順風，這是 SentinelOne 的重要差異化優勢。當公私部門機構部署私有 AI 技術堆疊以維持資料駐留時，主權 AI 安全便成為營運上的必要條件。

Organizations simply cannot rely on architectures that export sensitive telemetry off site. We are the only modern security platform that can be deployed to cloud, on premises in air-gapped environments. Our platform's on-premises deployment capability delivers high velocity runtime protection wherever the AI workload resides.

組織根本無法依賴將敏感遙測資料輸出到站外的架構。我們是唯一可部署於雲端、以及在隔離（air-gapped）的本地環境中部署的現代化安全平台。我們平台的本地部署能力，能在 AI 工作負載所在之處提供高速的執行期防護。

This magnifies our competitive advantage. When sovereignty, control and machine speed defense matter most, the world's most security-conscious organizations select SentinelOne. Demonstrating our sovereign deployment differentiation, an aerospace and defense giant selected SentinelOne after rigorous multi-vendor proof of concept.

這進一步放大了我們的競爭優勢。當主權、控制權與機器速度的防禦最為關鍵時，全球最重視安全的組織會選擇 SentinelOne。為展現我們在主權部署上的差異化，一家航太與國防巨頭在嚴格的多供應商概念驗證後選擇了 SentinelOne。

In an air gap highly restricted environment, SentinelOne was the sole provider to pass every requirement, delivering a seamless deployment and operational capabilities that legacy and next-gen competitors simply cannot offer. On the distribution front, our partner ecosystem continues to serve as a force multiplier. We are expanding our global reach, accelerating platform adoption and driving efficient scale.

在高度受限的隔離環境中，SentinelOne 是唯一通過所有要求的供應商，提供無縫部署與營運能力，這是傳統與新世代競爭對手都無法提供的。在通路方面，我們的合作夥伴生態系持續發揮倍增效應。我們正在擴大全球觸及、加速平台採用，並推動高效率的規模化成長。

Singularity's multi-tenant architecture, centralized management and native automation empower service providers to efficiently manage vast customer states. A great example of this momentum is LevelBlue, the world's largest managed security provider who selected SentinelOne to scale its managed security service offerings.

Singularity 的多租戶架構、集中式管理與原生自動化，使服務供應商能有效率地管理龐大的客戶環境狀態。這股動能的一個絕佳例子是 LevelBlue——全球最大的託管資安服務供應商——選擇 SentinelOne 以擴大其託管資安服務產品規模。

In Q2, we expanded our partnership by naming LevelBlue as a premier remediation partner for Wayfinder Frontier AI Services to bridge the gap between threat discovery and resolution. SentinelOne customers leveraging Wayfinder Frontier AI Services can now connect directly with LevelBlue experts to develop and execute prioritized remediation programs. This capability empowers security teams to eliminate software vulnerabilities faster, improving overall application resilience.

在第二季，我們透過指定 LevelBlue 為 Wayfinder Frontier AI Services 的首要修復合作夥伴，擴大了合作關係，以彌合威脅發現與解決之間的落差。使用 Wayfinder Frontier AI Services 的 SentinelOne 客戶，現在可直接連結 LevelBlue 專家，制定並執行具優先順序的修復計畫。此能力使資安團隊能更快消除軟體弱點，提升整體應用程式韌性。

Simultaneously, we are scaling our hyperscaler alliances as cloud and AI infrastructure converge. We expanded our AWS collaboration around unified AI governance, integrating our AI security capabilities directly with Amazon Bedrock AgentCore to deliver real-time run-time guardrails for autonomous agents.

同時，隨著雲端與 AI 基礎架構加速融合，我們也在擴大與超大規模雲端供應商（hyperscaler）的聯盟。我們擴展了與 AWS 在統一 AI 治理方面的合作，將我們的 AI 安全能力直接整合至 Amazon Bedrock AgentCore，為自主代理提供即時的執行期防護護欄。

On SentinelOne Flex, it's becoming an increasingly important driver of platform adoption that gives customers a streamlined way to adopt and expand across the Singularity platform. Within a year of its launch, SentinelOne Flex has now exceeded 10% of total ARR. We are seeing strong traction with both new and existing customers, larger strategic commitments and a strong pipeline of Flex opportunities.

在 SentinelOne Flex 方面，它正成為推動平台採用日益重要的動力，為客戶提供更精簡的方式在 Singularity 平台上導入並擴展。在推出一年內，SentinelOne Flex 已超過總 ARR 的 10%。我們看到新舊客戶皆有強勁動能、更大型的策略性承諾，以及強勁的 Flex 商機管線。

Our Flex offering in lines purchasing with evolving security priorities and reduces the friction associated with adding new capabilities over time. Overall, the Flex model is creating a stronger foundation for consolidation, expansion and long-term partnership. Across the broader industry, SentinelOne is emerging as a clear winner of the AI security era. And that is because we spent a decade building toward it. Offensive AI capabilities are compressing the time between vulnerability discovery and weaponization.

我們的 Flex 方案符合隨安全優先事項演進而變化的採購模式，並降低隨時間新增能力所伴隨的摩擦。整體而言，Flex 模式正在為整合、擴張與長期合作建立更堅實的基礎。放眼整個產業，SentinelOne 正崛起為 AI 安全時代的明確贏家。這是因為我們花了十年時間為此打造。進攻型 AI 能力正在壓縮從弱點發現到武器化的時間。

What was theoretical quarters ago is now an operational reality. Frontier models are advancing from basic vulnerability discovery to reasoning through multi-stage attack paths and executing autonomous cyberattacks. For instance, Anthropic recently demonstrated models executing end-to-end attacks across complex networks, while OpenAI noted that emerging model capabilities are rapidly approaching critical cybersecurity thresholds.

幾個季度前仍屬理論的情境，如今已成為營運現實。前沿模型正從基本的弱點發現，進一步發展到能推理多階段攻擊路徑並執行自主網路攻擊。例如，Anthropic 近期展示了模型可在複雜網路中執行端到端攻擊，而 OpenAI 也指出，新興模型能力正快速逼近關鍵的資安門檻。

By serving as a security partner in initiatives like Glasswing and Daybreak, we are helping establish SentinelOne as a trusted brand time security layer for emerging AI-native software. As AI tools become more capable, security must evolve in parallel, detecting and stopping threats at machine speed autonomously. The implication is undeniable.

透過在 Glasswing 與 Daybreak 等計畫中擔任安全合作夥伴，我們正協助將 SentinelOne 建立為新興 AI 原生軟體可信賴的即時安全層品牌。隨著 AI 工具能力提升，安全也必須同步演進，以機器速度自主偵測並阻止威脅。其意涵不容否認。

The window between vulnerability discovery and exploitation has effectively collapsed. Autonomous agents introduced unprecedented operational risk. Agents don't just generate text, they execute code, call APIs, handle credentials and interact with infrastructure, often finding execution paths their developers never intended.

弱點發現與被利用之間的時間窗口已實質崩塌。自主代理帶來前所未有的營運風險。代理不只是產生文字，它們會執行程式碼、呼叫 API、處理憑證並與基礎架構互動，且往往會找到開發者從未預期的執行路徑。

A stark example occurred recently at Hugging Face, where an autonomous agent system executed thousands of actions at machine speed, escaped its sandbox, crossed boundaries and compromised external infrastructure. For defenders, the lesson is clear: you cannot assume an agent will remain confined or behave as intended.

近期在 Hugging Face 發生了一個鮮明案例：一套自主代理系統以機器速度執行了數千個動作，逃離其沙箱、跨越邊界並入侵外部基礎架構。對防禦方而言，教訓很清楚：你不能假設代理會一直被限制在範圍內或按預期行為運作。

While governance defines what an agent should do, runtime security governs what it actually does. This is our foundational vision and our moat. We are a pioneer in modern runtime security. Our technology sits precisely where AI agents execute across data, endpoints, cloud workloads and applications. Our proprietary behavioral AI engine was built to analyze anomalies and intercept malicious execution in real time.

治理定義代理「應該」做什麼，而執行期安全則治理它「實際」做了什麼。這是我們的基礎願景，也是我們的護城河。我們是現代執行期安全的先驅。我們的技術精準部署在 AI 代理於資料、端點、雲端工作負載與應用程式中執行的位置。我們的專有行為式 AI 引擎旨在分析異常並即時攔截惡意執行。

As cybersecurity evolves to governing autonomous software or agents, our runtime foundation gives us the unique ability to map behavior through action, making SentinelOne the essential platform for the AI era. As AI compresses the attackers' time line from discovery to exploit, SentinelOne is helping defenders compress the time line from detection to remediation. We are leading this paradigm shift on both fronts, delivering AI for Security and Security for AI.

隨著資安演進為治理自主軟體或代理，我們的執行期基礎使我們具備獨特能力，能以行動映射行為，讓 SentinelOne 成為 AI 時代不可或缺的平台。當 AI 壓縮攻擊者從發現到利用的時間線時，SentinelOne 正協助防禦者壓縮從偵測到修復的時間線。我們在兩個面向引領這場典範轉移，提供「用 AI 做安全」以及「為 AI 做安全」。

Singularity is the autonomous security platform of the future. Reflecting on the overall performance, we made exceptional progress across every dimension of our business, sustaining top-tier revenue growth, accelerating profitability and extending our technology leadership across the highest growth categories in cybersecurity.

Singularity 是未來的自主安全平台。回顧整體表現，我們在業務各個面向都取得卓越進展，維持頂尖的營收成長、加速獲利能力，並在資安中成長最快的類別持續擴大技術領導地位。

We outperformed expectations, delivered our fifth consecutive quarter of positive year-over-year net new ARR growth, achieved a company record double-digit operating margin and drove expanding customer adoption across data, cloud, AI security, Purple AI and Flex, and we are pairing all of this with a stronger growth and operating income outlook for the year.

我們超越預期，連續第五個季度實現年對年淨新增 ARR 成長為正，達成公司紀錄的雙位數營業利益率，並推動客戶在資料、雲端、AI 安全、Purple AI 與 Flex 的採用持續擴大；同時，我們也為本年度提供更強勁的成長與營業利益展望。

SentinelOne is built by innovators with a relentless commitment to technology leadership, and our performance demonstrates the talent and execution of our teams. As we enter the second half of fiscal year '27 we are well positioned to build on this momentum and lead the AI security landscape while delivering durable, profitable growth and long-term shareholder value.

SentinelOne 由創新者打造，對技術領導地位有著不懈承諾，而我們的表現也展現了團隊的人才與執行力。隨著我們進入 2027 會計年度下半年，我們已做好充分準備在此動能上再接再厲，引領 AI 安全版圖，同時交付可持續、具獲利性的成長與長期股東價值。

In closing, I want to recognize all Sentinels for their dedication, as well as our customers, partners and shareholders for their continued support. Our mission to be a force for good remains paramount as we work to ensure AI itself remains a force for good.

最後，我想表揚所有 Sentinel 成員的投入與奉獻，也感謝我們的客戶、合作夥伴與股東持續支持。在我們努力確保 AI 本身仍是一股向善力量之際，我們「成為向善力量」的使命依然至關重要。

Thank you again for joining us today. I'll now hand the call over to our CFO, Sonalee Parekh.

再次感謝各位今天與會。接下來我將把電話交給我們的財務長 Sonalee Parekh。

Thank you, Tomer, and thanks, everyone, for joining us today. Our Q2 results reinforce our strong business momentum and solid execution. We exceeded all top and bottom line guided metrics, achieved record profitability and are raising our fiscal year '27 revenue and operating income outlook. Now let's review the details of our Q2 fiscal '27 financial performance and our guidance for Q3 and the full fiscal year '27.

謝謝你，Tomer，也感謝各位今天加入我們。我們第二季的業績再次印證了強勁的業務動能與扎實的執行力。我們在營收與獲利（上、下線）所有指引指標上皆超越預期，創下獲利新高，並上調 27 會計年度的營收與營業利益展望。接下來我們將回顧 27 會計年度第二季的財務表現細節，以及第三季與 27 會計年度全年的指引。

As a reminder, all comparisons are year-over-year and financial measures discussed here are non-GAAP unless otherwise noted. Q2 was a solid quarter for SentinelOne. Our revenue grew 21% year-over-year to $292 million, exceeding the top end of our guidance range. International markets represented 39% of total revenue, demonstrating a growing global footprint.

提醒一下，所有比較皆為年對年，且除非另有說明，本文討論的財務衡量指標皆為非 GAAP。第二季對 SentinelOne 而言是穩健的一季。我們的營收年增 21% 至 2.92 億美元，超出指引區間上緣。國際市場占總營收 39%，顯示我們的全球版圖持續擴大。

In Q2, our total ARR grew 22%, and we added a record second quarter net new ARR of $56 million, growing 4% year-over-year. This was driven by both strong new logo acquisition and broader platform adoption within our existing customer base. Our move upmarket 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. We're increasingly landing premier logos, providing us with a highly durable runway for long-term growth.

第二季我們的總 ARR 年增 22%，新增 ARR（淨新增）達到第二季歷史新高 5,600 萬美元，年增 4%。這主要由強勁的新客戶（新 Logo）取得，以及既有客戶更廣泛採用平台所帶動。我們持續向中大型企業市場（upmarket）推進，並取得極佳成果。每位客戶的 ARR 創下公司新高，主要由市場高端客群的強勁動能帶動。我們正愈來愈多地拿下頂級品牌客戶，為長期成長提供高度可持續的跑道。

For customers spending $100,000 or more in ARR, our dollar-based net retention rate, or NRR, was up year-over-year and expanded sequentially for the third consecutive quarter. This improvement is driven by continued success in multiproduct adoption and a growing contribution from our AI products. We are also beginning to see the benefits from the investments we have made in automation, particularly in our renewal process.

對於 ARR 支出達 10 萬美元以上的客戶，我們以美元計的淨留存率（NRR）年對年上升，且連續第三季季對季擴張。此改善來自多產品採用的持續成功，以及 AI 產品貢獻度提升。我們也開始看到在自動化方面投資的效益，特別是在續約流程上。

Overall, we are sustaining a healthy balance between acquiring new logos and expanding existing customer accounts. Given our expanding scale and market presence, this strategy allows us to capture incremental market share while unlocking substantial future growth potential. This performance reinforces the clear value customers are realizing from our Singularity platform and our proven ability to cross-sell into emerging product categories.

整體而言，我們在取得新客戶（新 Logo）與擴大既有客戶帳戶之間，維持健康的平衡。隨著規模與市場能見度提升，這項策略讓我們在爭取增量市占的同時，也能釋放可觀的未來成長潛力。這樣的表現再次證明客戶正從我們的 Singularity 平台獲得明確價值，也凸顯我們在新興產品類別中進行交叉銷售的既有能力。

Now turning to profitability. We continue to maintain a strong gross margin profile, highlighting healthy platform unit economics and scale efficiencies. A standout achievement this quarter was reaching 34% in sales and marketing expense as a percentage of revenue, a 900-plus basis point year-over-year improvement. Achieving this milestone while simultaneously growing net new ARR for a fifth consecutive quarter is a definitive validation of an increasingly productive and efficient go-to-market strategy.

接著談獲利能力。我們持續維持強勁的毛利率結構，反映平台單位經濟效益健康與規模效率。本季一項突出的成果是銷售與行銷費用占營收比重降至 34%，年對年改善超過 900 個基點。在連續第五季提升淨新增 ARR 的同時達成此里程碑，明確驗證我們的 go-to-market 策略正變得更具生產力且更有效率。

In Q2, we delivered a record 10% operating margin, representing 820 basis points of expansion year-over-year, above the high end of our guidance range and a clear demonstration of the operating leverage inherent in our business. Our earnings per share of $0.08 also exceeded our expectations and doubled year-over-year.

第二季我們達成創紀錄的 10% 營業利益率，年對年擴張 820 個基點，高於指引區間上緣，清楚展現我們業務內含的營運槓桿。每股盈餘（EPS）為 0.08 美元，也超出我們預期，且年對年翻倍。

We continue to drive a top-tier growth profile while delivering significant margin expansion and creating the capacity to invest in AI innovation and technology leadership. On a trailing 12-month basis, our adjusted free cash flow margin reached 6%, an improvement of roughly 400 basis points year-over-year. We remain on a consistent path towards sustainable free cash flow growth, underscoring our commitment to delivering durable profitable growth at scale.

我們在維持頂尖成長曲線的同時，亦實現顯著的利潤率擴張，並創造投資 AI 創新與技術領導地位的能力。以過去 12 個月（TTM）計算，我們的調整後自由現金流利潤率達到 6%，年對年改善約 400 個基點。我們仍穩步走在可持續自由現金流成長的道路上，彰顯我們致力於在規模化下提供持久且具獲利性的成長。

Complementing this strong performance, our remaining performance obligations, or RPO growth accelerated to 45% in Q2. Our total RPO reached a record $1.7 billion in Q2, a direct reflection of the mission-critical trust customers place in the Singularity platform. We ended the quarter with a robust balance sheet, including $813 million in cash, cash equivalents and investments and no debt. We will continue to employ a measured and dynamic capital allocation policy.

與此強勁表現相呼應，我們的剩餘履約義務（RPO）成長在第二季加速至 45%。第二季總 RPO 達到創紀錄的 17 億美元，直接反映客戶對 Singularity 平台所賦予的關鍵任務級信任。本季末我們的資產負債表依然強健，包含 8.13 億美元的現金、約當現金與投資，且無負債。我們將持續採取審慎且具彈性的資本配置政策。

Our approach strikes a disciplined balance between investing in our highest conviction growth opportunities organically and inorganically and returning cash to shareholders via opportunistic share buybacks. Our balance sheet gives us the flexibility to do both.

我們的作法是在紀律下取得平衡：一方面以內生成長與外延成長投資於我們最具信心的成長機會，另一方面透過機會性庫藏股回購向股東返還現金。我們的資產負債表讓我們能同時做到這兩點。

Turning to our guidance for Q3 and fiscal year '27. For the full fiscal year '27, we are raising our revenue outlook to a range of $1.202 billion to $1.207 billion, representing 20% year-over-year growth at the midpoint. For Q3, we expect revenue in the range of $309 million to $311 million, representing 20% year-over-year growth at the midpoint.

接著說明第三季與 27 會計年度的指引。就 27 會計年度全年而言，我們將營收展望上調至 12.02 億至 12.07 億美元區間，以中位數計年增 20%。第三季方面，我們預期營收為 3.09 億至 3.11 億美元，以中位數計年增 20%。

Our improved revenue outlook for the year is grounded in the business trends we see today, a solid pipeline and demand environment, expanding platform adoption and improving retention rates. Recent market shifts, or what many are calling cybersecurity's Mythos moment, are refocusing enterprise boardrooms on systemic AI security. While these structural shifts create tailwinds for our business, it's important to note that modernizing cybersecurity infrastructure and enterprise budget deployments are multi-quarter and multi-year shifts that materialize over time.

我們上調全年營收展望，係基於目前觀察到的業務趨勢、穩健的銷售管線與需求環境、平台採用擴大，以及留存率改善。近期市場變化——或許多人所稱的資安「Mythos 時刻」——正讓企業董事會重新聚焦於系統性的 AI 安全。雖然這些結構性轉變為我們的業務帶來順風，但也必須指出，資安基礎架構現代化與企業預算配置的調整，通常是跨多季、跨多年的變革，會隨時間逐步顯現。

Turning to our outlook for profitability. For fiscal '27, we are again raising our operating income outlook to a range of $124 million to $128 million, representing an operating margin of approximately 10% at the midpoint, an improvement of approximately 700 basis points over fiscal year '26. For Q3, we expect operating income in the range of $38 million to $40 million, representing an operating margin of approximately 13% at the midpoint.

接著談獲利展望。就 27 會計年度而言，我們再次上調營業利益展望至 1.24 億至 1.28 億美元區間，以中位數計營業利益率約 10%，較 26 會計年度改善約 700 個基點。第三季方面，我們預期營業利益為 3,800 萬至 4,000 萬美元，以中位數計營業利益率約 13%。

For full year fiscal '27, we expect fully diluted earnings per share in the range of $0.30 to $0.32. For Q3, we expect earnings per share in the range of $0.08 to $0.09. Our EPS outlook reflects the impact of a higher expected diluted share count driven by stock price appreciation as well as nonoperating FX impact related to international assets and liabilities. We continue to expect a non-GAAP tax rate of approximately 17% for the fiscal year '27.

就 27 會計年度全年而言，我們預期完全稀釋後每股盈餘介於 0.30 至 0.32 美元。第三季方面，我們預期每股盈餘介於 0.08 至 0.09 美元。我們的 EPS 展望反映了因股價上漲而帶動預期稀釋股數增加的影響，以及與國際資產與負債相關的非營運外匯（FX）影響。我們仍預期 27 會計年度的非 GAAP 稅率約為 17%。

And we expect our weighted average diluted share count to be approximately 370 million for Q3 and 361 million for the full year. Taking a step back, the opportunity in front of us has never been stronger. We are scaling with discipline, driving significant operating leverage and seeing accelerating momentum across our AI products and the Singularity platform.

我們預期第三季加權平均稀釋後股數約為 3.70 億股，全年約為 3.61 億股。退一步看，擺在我們面前的機會從未如此強勁。我們以紀律擴張規模，推動顯著的營運槓桿，並看到 AI 產品與 Singularity 平台的動能正在加速。

Our AI security leadership and deepening platform adoption give us a clear line of sight to durable profitable growth, and we are executing against that opportunity with conviction. As security transforms from a protective safeguard into an essential enabler of enterprise AI, SentinelOne is uniquely positioned at the center of AI, data and cybersecurity. Security is no longer just a defensive measure. It is a key strategic enabler of AI innovation. With a strong financial foundation, a leading cybersecurity platform and significant market tailwinds, we remain focused on creating outsized shareholder value.

我們在 AI 安全領域的領導地位與更深入的平台採用，讓我們對可持續的獲利性成長有清晰能見度，而我們也正以堅定信念把握並執行這項機會。隨著安全從保護性防線轉變為企業 AI 的關鍵使能者，SentinelOne 具備獨特定位，處於 AI、資料與資安的交會核心。安全不再只是防禦措施。它是 AI 創新的關鍵策略使能者。憑藉強健的財務基礎、領先的資安平台與顯著的市場順風，我們仍專注於為股東創造超額價值。

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

那麼，接線員，我們已準備好開始提問。

(Operator Instructions)

(接線員指示)

Patrick Colville, Scotiabank.

Patrick Colville，豐業銀行（Scotiabank）。

This one is for both Tomer and Sonalee. There's been a lot of noise about this advanced AI preparedness. You guys talked both extensively about this in your prepared remarks. But I wanted to just double click on a kind of a subtle nuance. Is advanced AI preparedness at SentinelOne more of an accelerant for the core Endpoint business?

這題想請教 Tomer 和 Sonalee 兩位。市場上對於這個「先進 AI 準備度」有很多雜音。你們在事先準備的發言中也都談了很多。但我想再深入追問一個比較細微的點。SentinelOne 的先進 AI 準備度，更多是加速核心端點（Endpoint）業務的推進嗎？

Or is it more of an accelerant for newer product areas in data, AI and cloud? And then maybe another kind of subtle down which I want to touch on is, is it starting in SentinelOne's enterprise customers and flowing down to the mid-market? Or is it actually more the other way around?

還是更像是加速資料、AI 與雲端等較新產品領域的推進？另外我也想觸及另一個細微之處：它是先從 SentinelOne 的企業客戶開始，然後往中型市場滲透嗎？還是其實是反過來？

Yes. Thank you for the question. I think it's really broad-based, and I'll try and maybe expand here a bit. I mean what we're talking a lot about Mythos, obviously, but it's not only Mythos. I mean we've had a significant incidence with Hugging Face and OpenAI.

是的。謝謝你的提問。我認為這是非常廣泛的，我試著在這裡多展開一點。我們當然談了很多 Mythos，但不只有 Mythos。我們也在 Hugging Face 和 OpenAI 上有相當多的案例。

We're seeing open-source models become de facto for tier performance. I think there's a broad-based understanding that AI is something that you have to regulate, you have to govern and you have to make sure it's being adopted in a safe way. And I think what's becoming even more clear that the only way to do it is through monitoring it at run time when it's actually executing, when it's actually exhibiting behavior and doing what it's supposed to do.

我們看到開源模型正逐漸成為分層效能的事實標準。我認為大家普遍理解，AI 是必須被監管、被治理的，而且必須確保以安全的方式被採用。而且愈來愈清楚的是，唯一能做到的方法，就是在執行階段（run time）進行監控——在它真正執行、真正展現行為、真正做它該做的事情時監控。

And when you think about how you do that, that really touches pretty much every aspect of our platform. You want modern endpoint protection to be able to see all AI workloads. Whether they're on employee endpoint or on a cloud workload AI or an on-premise server, you need the visibility that modern endpoint protection brings.

當你思考要如何做到這點時，這其實幾乎會觸及我們平台的每一個面向。你會希望現代化端點防護能夠看見所有 AI 工作負載。不論是在員工端點上、在雲端工作負載的 AI 上，或是在地端伺服器上，你都需要現代端點防護所帶來的可視性。

But at the same time, obviously, to respond to AI-based attacks and AI-assisted attacks, you need to shrink down the time it takes you to actually see and then react to these actions that you see out there. And that goes all the way to how do you accelerate data ingestion and response to attacks with touches our data platform. So we're seeing an acceleration in our data platform.

但同時，為了回應 AI 驅動的攻擊與 AI 輔助的攻擊，你需要縮短實際看見並對外部所觀察到的行為做出反應的時間。這一路延伸到：你要如何加速資料匯入，以及加速對攻擊的回應——這就會觸及我們的資料平台。因此我們看到資料平台正在加速成長。

We're seeing an acceleration in our cloud workload security. And obviously, we're seeing an acceleration with our AI security products with both Prompt Security and Purple AI. It's really, really clear that right now, the best way to regulate AI, the best way to deal with AI borne attacks is a modern cybersecurity solution and especially a platform that's completely autonomous, which right now in the market, if you're looking for broad-based cybersecurity platform that's both autonomous and can be deployed in any given environment from air gap environments and all the way to cloud native, SentinelOne is basically the only option you have.

我們看到雲端工作負載安全正在加速。而且很明顯地，我們也看到 AI 安全產品正在加速，包括 Prompt Security 與 Purple AI。現在非常、非常清楚：要監管 AI、要處理 AI 所帶來的攻擊，最佳方式就是現代化的資安解決方案，尤其是一個完全自主（autonomous）的平台。就目前市場而言，如果你在找一個既廣泛、又自主、且能部署於任何環境——從隔離（air gap）環境一路到雲原生——的資安平台，SentinelOne 基本上是你唯一的選擇。

And that's just driving growth-based performance for us, which is very evident in the numbers here. It was evident last quarter as well. The entire first half for us have shown more than 20% net new ARR growth. I think some of it is what we're showing also in our race to the year.

而這也在推動我們以成長為導向的表現，從這裡的數字就很明顯。上個季度也同樣明顯。我們整個上半年都展現了超過 20% 的淨新增 ARR 成長。我認為其中一部分也反映在我們今年以來的表現上。

Yes. And Patrick, if I could just add to that. I mean, obviously, modern endpoint is our largest installed base of customers. But data, AI and cloud are where we're really seeing a significant mix shift and strong, strong acceleration. And those categories are obviously accelerating off of a smaller base. So the percentage growth is much more dramatic in those categories. And that's where I'd expect to see the durable multiyear tailwind that we talked about in our prepared remarks to our ARR composition over time.

是的。Patrick，如果我可以補充一下。很明顯地，現代端點是我們最大的既有客戶安裝基礎。但資料、AI 與雲端是我們真正看到顯著組合轉移（mix shift）以及非常、非常強勁加速的地方。而這些類別本來的基礎較小。因此這些類別的百分比成長會更為顯著。而我也預期，這正是我們在事先準備的發言中提到、會在未來多年持續存在的結構性順風，並會隨時間推動我們 ARR 組成的變化。

And to touch a bit on the market segments, you mentioned the enterprise demand. That's obviously there. We're doing more and more larger deals, more seven-figure deals, more 8-figure deals than any time before. But at the same time, it's clear that everybody and anybody needs protection. And the way to scale protection for our nation is not through a correlation of consultants, it's through autonomous products that can actually deliver protection in real time in a complete scalable way.

再稍微談一下你提到的市場區隔與企業需求。那當然是存在的。我們正在做愈來愈多的大型交易，比以往任何時候都有更多七位數交易、更多八位數交易。但同時也很清楚，每個人、任何人都需要防護。而要把防護規模化、擴展到整個國家，不能靠一群顧問的堆疊，而是要靠能即時交付防護、且可完全擴展的自主產品。

I think we're doing some of that also through our MSSP ecosystem, enabling in a complete distributed way, the deployment of our products across many, many segments all across from mid-market to SMB and federal, SLED, every segment right now requires modern protection.

我認為我們也透過 MSSP 生態系在做這件事，以完全分散式的方式，讓我們的產品能在許多區隔中部署，涵蓋從中型市場到 SMB，以及聯邦、SLED 等；目前每個區隔都需要現代化防護。

And the MSSP ecosystem we have is one of the best ways to actually scale that entire market motion. And we've seen that even evident in this quarter, where our top MSSP partners have actually doubled down and expanded their contract in this quarter.

而我們的 MSSP 生態系，是實際推動整體市場動能規模化的最佳方式之一。我們在本季也看到很明顯的證據：我們的頂尖 MSSP 夥伴在本季確實加碼投入，並擴大了他們的合約。

Thank you, both. I mean, monumental moment in cybersec. And really good to hear both you, Tomer and Sonalee, kind of sounding so positive about the ability to capture the opportunity.

謝謝兩位。我的意思是，這是資安領域的里程碑時刻。也很高興聽到你們兩位——Tomer 和 Sonalee——對於把握這個機會的能力都如此正向。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利（Morgan Stanley）。

Great. And congrats on the quarter. Tomer, maybe to start with you, just in terms of -- you have a rapidly expanding product portfolio, customers are clearly interested in a wide array of products. Just -- how are you working with the sales force to kind of develop kind of the best playbooks in order for -- what's the best order of trying to sell the products to not kind of elongate sales cycles and get the customers kind of the greatest near-term traction?

很好。恭喜本季表現。Tomer，先從你開始，關於——你們的產品組合正在快速擴張，客戶顯然也對多種產品很有興趣。想請教——你們如何與銷售團隊合作，去建立最佳的銷售作戰手冊（playbooks），以便——用什麼樣的最佳順序來銷售產品，才能避免拉長銷售週期，並讓客戶在短期內獲得最大的落地成效？

And then Sonalee, just in terms of with now having almost six months under your belt, just how are you kind of balancing out this showing continued leverage with balancing a lot of growth opportunities?

另外 Sonalee，就你而言，現在上任也快六個月了，你是如何在持續展現營運槓桿（leverage）與平衡眾多成長機會之間取得平衡的？

Thank you. I think the best recipe for us is meeting customers where they are and being flexible with them. It's very clear that solutions like Prompt Security are kind of the number 1 go-to when customers are thinking, how do I regulate AI for my workforce, and that's what we see time and time again.

謝謝。我認為對我們來說最好的做法，是在客戶所在的位置與他們會合，並保持彈性。非常清楚的是，像 Prompt Security 這類解決方案，當客戶在思考「我要如何為我的員工隊伍監管 AI」時，往往是第一優先的首選，我們一再看到這種情況。

Now with that, it's very, very clear that once you deploy these solutions, there are going to be derivative questions and derivative challenges that then our platform is there to solve. How do you then make sense of all the data?

而且很清楚的是，一旦你部署了這些解決方案，就會衍生出後續問題與後續挑戰，而我們的平台正是用來解決這些問題。接下來你要如何理解所有這些資料？

How do you string response in real time? Is it through hyper-automation and more data aggregation? So a lot of the components in our platform are actually very synergistic. And that shows up in the way that we sell, and that shows up in the way that our platform is deployed. I would say we're seeing more and more compression of our sales cycles just with that dynamic. We're seeing larger duration of contracts. We're seeing more efficiency with our sales force.

你要如何在即時狀態下串起回應？是透過超自動化（hyper-automation）與更多資料彙整嗎？因此，我們平台中的許多元件其實具有很強的協同效應。這會反映在我們的銷售方式上，也會反映在我們平台的部署方式上。我會說，因為這種動態，我們看到銷售週期愈來愈被壓縮。我們看到合約期限更長。我們也看到銷售團隊的效率更高。

So all of those are really showing the strength of the platform to rise up to this moment and deploy protection that actually matters. And I think that is beyond any single feature or capability is what SentinelOne delivers. We deliver peace of mind for these customers. We deliver an ability to fend off the most advanced attacks in the market today.

所以，所有這些其實都在展現平台的強韌性，能在此刻挺身而出並部署真正重要的防護。而我認為，這超越任何單一功能或能力，正是 SentinelOne 所交付的價值。我們為這些客戶帶來安心。我們提供抵禦當今市場上最先進攻擊的能力。

And we're seeing them all. We're seeing them come from foreign adversaries. We're seeing them come from cyber criminals. The entire attack landscape has been negatively democratized with AI, and we're seeing an acceleration of attacks. It's very, very clear that if you're not deploying modern solutions, the gap is only going to become wider and wider for you.

而且我們正在看到所有這些攻擊。我們看到它們來自海外對手。我們看到它們來自網路犯罪分子。整體攻擊版圖在 AI 的推動下被負面地「民主化」，我們也看到攻擊正在加速。非常、非常清楚的是，如果你不部署現代化解決方案，你與威脅之間的差距只會愈來愈大。

Thanks, Meta, for the question. So the fact is we don't really see growth and margin expansion as a trade-off from where we sit today, just given the inherent operating leverage in the platform strategy. So the areas that are really driving the durable growth that Tomer referred to in his prepared remarks around AI security, data and cloud, all of which accelerated significantly in Q2, are exactly where we're seeing opportunities to reinvest.

謝謝 Meta 的提問。事實上，從我們今天的角度來看，我們並不認為成長與利潤率擴張之間存在取捨，因為平台策略本身就具備內建的營運槓桿。因此，真正推動 Tomer 在事先準備發言中提到的可持續成長的領域——AI 安全、資料與雲端——這些在第二季都顯著加速的領域，正是我們看到可以再投資的機會所在。

The last few quarters, we removed quite a bit of organizational complexity that was actually slowing us down, and we redeployed it where we see the highest conviction opportunities to grow. And also in some of our highest performing sales motions. So I think the evidence we can do both is playing out in the numbers. If you look at the first half, we delivered 22% net new ARR growth while simultaneously significantly expanding operating margins by over 800 basis points this quarter.

在過去幾個季度，我們移除了相當多其實拖慢我們速度的組織複雜度，並把資源重新部署到我們最有把握的成長機會上。同時也投入到我們表現最好的部分銷售動作上。所以我認為，我們能同時做到兩者的證據已反映在數字上。如果你看上半年，我們在本季同時將營業利益率大幅擴張超過 800 個基點的情況下，仍交出 22% 的淨新增 ARR 成長。

And we are raising both our revenue and operating income outlook. I think that's really a validation that the platform model is working at scale. So when I look forward and when we thought about raising the guide, the demand signals gave us real confidence. So RPO, again, at a record $1.7 billion, accelerating to 45% growth, net retention expanding in our $100,000-plus cohort, that's both sequentially and year-over-year.

而且我們正在上調營收與營業利益的展望。我認為這確實驗證了平台模式在規模化運作下是有效的。因此當我往前看、並思考上調指引時，需求訊號讓我們非常有信心。所以 RPO 再次創下 17 億美元的新高，成長加速至 45%；在 10 萬美元以上客群的淨留存率也在擴張，無論是季對季或年對年皆然。

So that's several quarters. It's now a trend. And the products like AI security that are tripling ARR year-over-year, these are all leading indicators of durable growth. So we're really committed to both delivering consistent growth and multi-quarter, multiyear operating margin expansion. And we really feel like we can and will execute on both.

所以這已經是連續好幾個季度。現在已成為一個趨勢。而像 AI 安全這類產品，其 ARR 年對年成長達三倍，這些都是可持續成長的領先指標。因此我們非常致力於同時交付穩健一致的成長，以及跨多季、跨多年的營業利益率擴張。我們也確信自己能、也將會在兩者上都執行到位。

Joseph Gallo, Jefferies.

Joseph Gallo，Jefferies。

It was great to see the net new ARR growth even in a really tough comp. And congrats on doing that for five straight quarters. My first question is certainly as net new ARR comps get easier, is it fair to expect continued net new ARR growth into the second half of the year?

即使在非常艱難的比較基期下，仍能看到淨新增 ARR 成長，這很棒。也恭喜你們連續五個季度做到這點。我的第一個問題是，隨著淨新增 ARR 的比較基期變得更容易，是否可以合理預期下半年仍會持續出現淨新增 ARR 成長？

And then just as a follow-up to that, Tomer, you said acceleration a lot on the call. Like I can hear the excitement. What would it take for overall ARR growth to accelerate? I mean, we're starting to see that inflection with some other cyber vendors. So just wondering if it's more of a pipeline timing thing, mix shift? Like what would it take for the overall business to accelerate?

接著追問一下，Tomer，你在這通電話裡多次提到「加速」。我能聽得出你的興奮。要讓整體 ARR 成長加速，需要什麼條件？我的意思是，我們開始在其他一些資安廠商身上看到那個拐點。所以想請教，這比較像是管線時點的問題、產品組合轉移？整體業務要加速，會需要哪些因素？

Yes. So I'll start with that. And you're absolutely right. We had a great quarter of net new ARR and off a very tough comp for Q2. And we did beat our internal expectations. And the growth was driven by both strong new logos, but also strong expansion in our largest customers.

是的。我先回答這個。你說得完全正確。我們在第二季的淨新增 ARR 表現非常好，而且是在非常艱難的比較基期之上。我們也確實超出內部預期。成長來自於強勁的新客戶（new logos），同時也來自我們最大客戶的強勁擴張。

And I think a consistent theme you've heard from us is just this acceleration in contribution from our emerging products, again, the platform strategy really working and coming to life. So data, cloud and AI security all accelerated in the quarter. We don't guide specifically on net new ARR, but we do expect for the full year for net new ARR to grow year-over-year.

而我認為你一直聽到我們強調的一個一致主題，就是新興產品貢獻正在加速——再次印證平台策略確實在發揮作用並逐步落地。因此，資料、雲端與 AI 安全在本季都加速成長。我們不會針對淨新增 ARR 提供具體指引，但我們確實預期全年淨新增 ARR 將年對年成長。

Yes. And to your question on acceleration, let me just say that I fully believe that this is just the beginning. I think what we're seeing in front of us is a significant opportunity. And we're seeing ourselves operate better to capture that opportunity. Again, you can see that through our sales efficiency improving. You can see that through the evolution of our go-to-market, which will continue.

是的。至於你問到的加速，我只想說，我完全相信這只是開始。我認為我們眼前看到的是一個重大的機會。而我們也看到自己正在以更好的方式運作，以把握這個機會。同樣地，你可以從我們銷售效率的提升看出來。你也可以從我們 go-to-market 的演進看出來，而且這還會持續。

We're putting more and more capabilities directly into the platform for customers to consume completely by themselves. That's a complete new motion for us. And we're kind of adding more and more layers to the way that we go to market. So all in all, our eyes are set into the future. There's increasing demand to what we do.

我們正把愈來愈多的能力直接放進平台，讓客戶可以完全自行使用。這對我們而言是一個全新的銷售/交付動作。而我們也在 go-to-market 的方式上持續加入更多層次。總體而言，我們的目光放在未來。對我們所做的事情，需求正在增加。

We're one of the only platforms on the market today. We're leading with an autonomous mode of operation, that is exactly what this moment calls for. So we're feeling pretty confident in our ability to continue and grow.

我們是當今市場上少數的真正平台之一。我們以自主化的運作模式領先，而這正是此刻所需要的。因此，我們對於持續前進並成長的能力相當有信心。

Mike Cikos, Needham.

Mike Cikos，Needham。

I'll echo congratulations on the quarter. I'll ask both questions up front here. But for Tomer, for Prompt Security, at least our CSO checks have indicated overwhelming support and enthusiasm for Prompt, just given it's not tied to a specific model, really allowing customers to adapt in real time to an increasingly -- what seems to be a polyglot model environment.

我也要再次恭喜本季表現。我先把兩個問題一起問。先問 Tomer，關於 Prompt Security，至少我們對 CSO 的訪查顯示，大家對 Prompt 有壓倒性的支持與熱情，因為它不綁定特定模型，確實讓客戶能即時因應日益——看起來是多語系/多模型並存（polyglot）的模型環境。

So my question is more of a sales and strategy question, but how do you ensure SentinelOne is investing enough in support of growing AI security adoption, just given this massive greenfield opportunity in front of you?

所以我的問題比較偏銷售與策略：面對眼前這個龐大的綠地機會，你們如何確保 SentinelOne 在支持 AI 安全採用成長方面投入得夠多？

And I'll just ask the other upfront, but for Sonalee, if I could just unpack the net new ARR through a different lens from the earlier question from Joe. It's great to see the emerging products continuing to climb higher. But if I look at the 4% year-on-year growth, I just wanted to double check, is there anything we need to be thinking about as far as what's happening with the endpoint ARR or other parts of SentinelOne's ARR base when thinking about the total composition there?

我也先把另一個問題一起問，給 Sonalee：如果我用不同於 Joe 先前提問的角度來拆解淨新增 ARR，很高興看到新興產品持續攀升。但如果我看年對年 4% 的成長，我想再確認一下：在思考整體組成時，端點（endpoint）ARR 或 SentinelOne 的 ARR 基礎中的其他部分，是否有任何我們需要留意的變化？

I'll take the ARR security question quickly. As you can imagine, I mean, that is our number 1 priority. And not only this is an emerging capability for us, it is actually one that augments the classic endpoint motion in a very nice way. And not only we are scaling that function, and we're seeing it grow quarter after quarter. We're seeing record pipeline for our AI security product.

我先快速回答 AI 安全的問題。如你所想，這是我們的第一優先事項。而且這不只是我們的新興能力，它其實也以非常好的方式強化了傳統的端點銷售動作。我們不僅正在擴大這項職能的規模，也看到它一季接一季地成長。我們也看到 AI 安全產品的管線創下新高。

We're seeing record pipeline for Purple. Purple is an agentic investigation tool. So all these -- like key points for us that really are in the intersection of AI are the things that we pay attention to the most. And moreover, the majority of our innovation is going towards these products. Again, this is just the beginning. We are envisioning a world in which agentic endpoint protection is something that every AI workload will need.

我們看到 Purple 的銷售管線創下新高。Purple 是一款具代理式（agentic）的調查工具。因此，所有這些——對我們而言真正位於 AI 交會點的關鍵事項——是我們最關注的。而且，我們的大部分創新都投入到這些產品上。再次強調，這只是開始。我們正在構想一個世界：代理式端點防護將成為每一個 AI 工作負載都需要的能力。

And AI workloads -- and we were seeing that today already -- are going to be by masses more than employees that are using endpoints. So the opportunity in front of us is unbounded. Our technology is leading the market, and we want to push that innovation all the way to being able to secure every single AI workload that our customers need to secure.

而 AI 工作負載——我們今天其實已經看到了——其數量將以倍數遠超使用端點的員工人數。因此，我們面前的機會是無上限的。我們的技術正引領市場，我們希望把這項創新一路推進到能夠保護客戶需要保護的每一個 AI 工作負載。

And there is no world in which you deploy an AI workload without security. So as you can imagine, we're scaling our go-to-market. We're putting more innovation. We're putting more marketing into it. And even naturally, that's the pull that we're getting from our customers. So it aligns really, really well.

而且，不存在在沒有安全性的情況下部署 AI 工作負載的世界。因此，如你所想像，我們正在擴大我們的市場推進（go-to-market）。我們投入更多創新。我們投入更多行銷資源。而且這也很自然地反映在我們從客戶那裡獲得的拉力（pull）。所以整體非常、非常契合。

Yes. And in terms of the unpacking the net new for Q2, one other thing I would just call out that you didn't mention is just we did see improved net retention as well, which obviously is helpful in the net new. As far as endpoint is concerned, we continue to see healthy growth there and continue to be a technology and IP leader there.

是的。另外，就拆解第二季（Q2）淨新增（net new）而言，我還想補充一點你沒有提到的：我們也看到淨留存率有所改善，這顯然對淨新增有幫助。就端點而言，我們持續看到健康的成長，並且持續在該領域保持技術與智慧財產（IP）領先。

In fact, we see it as a very large opportunity for legacy replacement, as we always have. So we're actually seeing ARR acceleration with some of our MSSP ecosystem there and continued success in endpoint with our large enterprise customers and upmarket.

事實上，我們一如既往地將其視為替換傳統舊系統（legacy replacement）的巨大機會。因此，我們確實看到在那裡我們部分 MSSP 生態系帶來的 ARR 加速，同時在端點方面也持續在大型企業客戶與向上市場（upmarket）取得成功。

Roger Boyd, UBS.

Roger Boyd，瑞銀（UBS）。

Awesome. Sonalee, just two questions on the margin side. I think the rough cut was guidance implies a little bit of acceleration in expenses for the back half of the year. Can you just talk about what you're expecting on the OpEx side? And you've been very clear about kind of your ability to progress on both growth initiatives and margin expansion.

太棒了。Sonalee，我有兩個關於毛利率/利潤率（margin）面的問題。我認為粗略來看，你們的指引似乎意味著今年下半年費用會有些加速。你能談談你們對營運費用（OpEx）端的預期嗎？而且你們一直很清楚地表達，你們有能力同時推進成長計畫與利潤率擴張。

But is that framework at all tilting a little more towards growth after a pretty good first half and the gut the team clearly has for the opportunity in front of you? And then second question was just, any comments on how you're thinking about hiring after the reset earlier this year?

但在上半年表現相當不錯、而團隊顯然也很看好你們面前的機會之下，這個框架是否會稍微更偏向成長？第二個問題是：在今年稍早重整（reset）之後，你們對招募（hiring）的思考有什麼評論嗎？

Yes, of course. So firstly, we're really thrilled with the progress we've made on margins. And one thing I would specifically I'd like to call out is the progress we've made on sales and marketing as a percentage of revenue. The progress there has been above 900 basis points of year-over-year improvement, and that's an acceleration on what we did last quarter. So we're really pleased with that. And in fact, we're actually seeing better trends amongst our go-to-market motion, larger lands, compression in deal cycle times.

是的，當然。首先，我們對利潤率方面取得的進展感到非常振奮。我特別想點出的一點是：我們在銷售與行銷費用占營收比重上的進展。這方面年對年改善超過 900 個基點，而且相較上季是加速的。所以我們對此非常滿意。而且事實上，我們也看到我們的市場推進動能出現更好的趨勢：更大的落地（lands）、交易週期時間縮短。

We're seeing better attainment, better productivity. So again, really thrilled with what we've delivered there and how we're executing. As you think about the second half of the year, what I would say is we will -- you will continue to see margins expand, and we did raise the full year on operating income outlook as well. However, you're not going to see margin expansion at the same rate. So we will see an improvement in Q3 sequentially and an improvement in Q4.

我們看到更好的達成率、更好的生產力。所以再次強調，我們對在這方面的交付成果以及執行狀況感到非常振奮。談到下半年，我想說的是：你們將會持續看到利潤率擴張，而且我們也上調了全年營業利益（operating income）展望。不過，你們不會看到利潤率以同樣的速度擴張。因此，我們會在第三季（Q3）看到季對季改善，第四季（Q4）也會改善。

And if you look at how I guided for the full year, the 10% implies a much higher exit rate on Q4. So significantly higher than where we are today and actually quite a bit higher than what I guided for Q3. So you will continue to see that expansion.

如果你看我對全年的指引，10% 意味著第四季的期末水準（exit rate）會高很多。也就是顯著高於我們目前的水準，並且也相當高於我對第三季的指引。所以你們將會持續看到那樣的擴張。

However, we are seeing lots of great opportunities to invest so we've given ourselves some cushion for that reinvestment. And again, it's all the products that we're talking about and big opportunities just even around some of our go-to-market motions, partner channels. And we want to make sure that we have plenty of room to be able to invest there. And that is fully contemplated in how I've guided, including in the raise guide.

不過，我們也看到很多很棒的投資機會，因此我們為再投資留出了一些緩衝空間。同樣地，這些就是我們一直在談的產品，以及即便是在某些市場推進動能、合作夥伴通路等方面也有很大的機會。我們希望確保有充足的空間能夠在那裡投資。而這些都已完整反映在我給出的指引中，包括這次上調的指引。

Shaul Eyal, TD Cowen.

Shaul Eyal，TD Cowen。

Thank you. Good afternoon. Two quick questions on mind. Let me try and bundle those. 42% year-over-year growth in RPO, that looks very solid. Is it -- what's driving kind of this growth? Do customers sign longer-term commitments and contracts, or do ACV actually go higher? That's my first one.

謝謝。下午好。我有兩個簡短問題。我把它們合在一起問：RPO 年對年成長 42%，看起來非常扎實。這樣的成長主要是由什麼驅動？是客戶簽更長期的承諾與合約，還是 ACV（年度合約價值）實際上變得更高？這是第一個問題。

And my second one, maybe, that the 100,000 customers actually grew 13% versus 17% last quarter. And again, good job on the ARR, which grew 22%. Can you reconcile that? Are you seeing substantially more expansion within the largest customers? Or what's the thinking of large customers versus new logos?

第二個問題可能是：10 萬名客戶的數量成長 13%，相較上季的 17% 放緩。同時，ARR 表現很好，成長了 22%。你能解釋一下這之間的關係嗎？你們是否在最大型客戶中看到顯著更多的擴張？或者對大型客戶相較新客（new logos）的思考是什麼？

Yes, sure. So why don't I kick off on RPO. I'm going to correct you, it was 45%, not 42%. And that is an acceleration on last quarter. Last quarter, we were at $1.5 billion, this quarter, we did $1.7 billion. And yes, we are seeing larger lands, and we specifically talked about larger lands with upmarket with some of our customers signing seven and eight quarter -- eight-figure deals.

好的，當然。那我先從 RPO 開始。我先更正一下，是 45%，不是 42%。而且這相較上季是加速的。上季我們是 15 億美元，這一季我們做到 17 億美元。是的，我們看到更大的落地（lands），而且我們特別談到在向上市場（upmarket）方面更大的落地，有些客戶簽下七、八季期——以及八位數金額的交易。

And that's something we've seen now for a couple of quarters and again in Q2. And we're also seeing increased duration of contract life, which is contributing to the overall RPO acceleration.

這是我們連續幾季都看到的情況，第二季也同樣如此。我們也看到合約期限拉長，這也在推動整體 RPO 加速。

And I think that -- I mean, it's kind of the same question asked in a couple of different ways. We're lending larger. We want to go upmarket. We've said that for a few quarters. We're executing on that. But obviously, as you grow the average deal size per customer, you're just ending up adding a little less customers every quarter. But that's a dynamic that we've been looking for. That's exactly what we want to see. And we're just landing bigger and bigger.

我想——我的意思是，這其實是同一個問題，只是用不同方式問。我們的落地規模更大。我們希望往上市場走。我們已經說了好幾季。我們正在執行。但很明顯，當你提高每位客戶的平均交易規模時，每一季新增的客戶數就會少一些。但這正是我們一直在尋找的動態。這正是我們想看到的。而我們的落地規模正變得越來越大。

I think the opportunity in front of us, again, when you look at the incumbent endpoint base, there's still 50% of the market that's completely up for disruption. We want to go after that. We want to make sure that we can address every type of deployment there. And a lot of those are actually very discerning customers that are running their deployments on air gap or on-premise environments. We're one of the only vendors out there that are applicable to those environments.

我認為擺在我們面前的機會，再次地，當你看現有的端點基礎時，市場仍有 50% 完全有待被顛覆。我們想要攻下那一塊。我們希望確保我們能夠涵蓋那裡的每一種部署類型。而其中很多其實是非常挑剔的客戶，他們在氣隙（air gap）或地端（on-premise）環境中運行其部署。我們是市面上少數幾家能適用於這些環境的供應商之一。

And obviously, that is a very lucrative opportunity for us. So we are driving our average deal size higher and higher, and that's also kind of what you see as the inverse dynamic on our overall customer additions. But it's just healthier for us and it's more efficient for us, and it's what we're going to continue and do.

而且很明顯，這對我們而言是一個非常有利可圖的機會。因此我們正推動平均交易規模不斷提高，而這也某種程度上就是你在我們整體新增客戶數上看到的反向動態。但這對我們來說更健康、也更有效率，而且這就是我們將持續去做的事。

Josh Tilton, Wolfe Research LLC.

Josh Tilton，Wolfe Research LLC。

Awesome. Thanks for sneaking me and at the end, I'll keep it to one. I think that, at least from our perspective, like we see all the goodness in the quarter. We heard the word acceleration, like we get it's the Mythos moment. Like everything seems great, like all the words, all the numbers. And I know that you guys don't guide to it, but I think what some people are trying to understand is we do have this guardrail for net new ARR for the full year, and it's calling for low to mid-single-digit growth.

太棒了。謝謝你把我塞到最後，我就問一個。我想至少從我們的角度來看，我們看到本季所有的亮點。我們聽到了「加速」這個詞，也理解這是 Mythos 的時刻。看起來一切都很棒——所有的措辭、所有的數字。我知道你們不對此提供指引，但我想有些人試圖理解的是：我們確實有一個全年淨新增 ARR 的護欄（guardrail），而它所暗示的是全年低到中個位數的成長。

And I think we're trying to understand why we're not hearing a message around how come that guardrail isn't coming up. It doesn't feel like that low to mid-single-digit growth for the year kind of reconciles with all the strength that you've seen in the second half and all the positivity that you're talking to in the environment.

我想我們想理解的是，為什麼我們沒有聽到一個訊息，說明為何那個護欄沒有上調。就感覺那個全年低到中個位數的成長，似乎無法與你們在下半年看到的所有強勁表現，以及你們對環境所談到的所有正面因素相互對得上。

And again, understand it's not guided to, but it is an important metric for us. So is there anything you can just help us to better understand how we should think about that net new ARR guardrail for the full year, given the great first half and everything you're seeing in the market?

再說一次，我理解這不是你們提供指引的項目，但這對我們而言是一個重要指標。所以，鑑於上半年表現很強、以及你們在市場上看到的一切，你們是否能協助我們更好地理解：我們應該如何看待全年淨新增 ARR 的那個護欄？

Yes. I mean, I think what I would point to is some of the trends that we're seeing. As you say, with our emerging products, we're seeing really nice acceleration. We're also seeing great -- I called out a trend in net retention. I think last quarter, we saw it expand and we saw an uptick, but it was too early to call it a trend. We're now seeing that trend. We're talking about the trend in the demand environment, a very, very solid pipe. Also talking about larger lands and deal sizes and compression in cycle times.

是的。我的意思是，我想我會指出我們正在看到的一些趨勢。如你所說，在我們的新興產品方面，我們看到非常不錯的加速。我們也看到很好的——我提到了一個淨留存（net retention）的趨勢。我想上個季度我們看到它擴張、也看到上升，但當時還太早稱之為趨勢。我們現在正在看到那個趨勢。我們也在談需求環境的趨勢：非常、非常穩健的管線（pipe）。同時也在談更大的落地（lands）與交易規模，以及銷售週期時間的縮短（compression）。

So I think all of this together gave us the confidence to raise our revenue guide by more than what we beat this quarter. So it's taking all of those trends into account. And again, like something that I said earlier in the call is we still do absolutely expect our net new ARR to grow year-over-year.

所以我認為，所有這些加在一起，讓我們有信心把營收指引上調，而且上調幅度大於我們本季超預期的幅度。因此這是把所有那些趨勢都納入考量。而且再說一次，就像我先前在電話會議中提到的，我們仍然絕對預期我們的淨新增 ARR 會年增。

And if you look at the first half, for example, we beat our own internal targets and we grew net new by 22% year-over-year. So I think everything we're seeing in the demand environment and the trends that are in front of us right now in the business have given us the confidence to be able to raise what we do guide on.

而如果你看例如上半年，我們超過了我們自己內部的目標，而且淨新增 ARR 年增 22%。所以我認為，我們在需求環境中看到的一切，以及目前擺在我們面前的業務趨勢，都讓我們有信心能夠上調我們確實會提供指引的項目。

Brian Essex, JPMorgan.

Brian Essex，摩根大通（JPMorgan）。

John, on behalf of Brian. Just a quick one on -- you've mentioned sovereign AI security as a structural tailwind and it sounds like SentinelOne is well positioned as a modern platform in that sense. Could you just talk more about the market opportunity there as public and private institutions build their private AI stacks?

John，我代表 Brian。快速問一個——你提到主權 AI 安全（sovereign AI security）是一個結構性順風，聽起來 SentinelOne 作為現代化平台在這方面具備良好定位。你能否多談談那裡的市場機會，因為公私部門機構正在建立他們的私有 AI 技術堆疊（private AI stacks）？

Absolutely. I think what's very clear is that organizations out there and countries want to control their own data. To do that, you can't just ship data to the cloud. You can't really even think about the data outside of your own data center or AI factory. And when you think about how you deploy security in a complete sovereign way that's controlled and confounded within the walls of your data center or AI factory, that's where SentinelOne self-hosted on-premise capability comes into play.

當然可以。我認為非常清楚的是，外部的組織與各國都希望掌控自己的資料。要做到這點，你不能只是把資料送到雲端。你甚至不能真的把資料視為在你自己的資料中心或 AI 工廠之外。而當你思考如何以完全主權的方式部署安全性——也就是在你的資料中心或 AI 工廠的圍牆之內受控並被限制（confounded）——這正是 SentinelOne 自行託管的地端（on-premise）能力發揮作用之處。

And it's an incredibly unique proposition in the market today. There is no next-gen endpoint provider that can deliver that in every single environment, with complete independence of any cloud out there. So when you think about what we can provide to those building their own data centers, their own data stores, for those who wanting control on their own data without shipping it to any third-party cloud, SentinelOne becomes the only security stack that they can deploy and fully control.

而這在當今市場上是一個極其獨特的價值主張。沒有任何新一代端點供應商能在每一種環境中交付這種能力，並且完全不依賴任何雲端。因此，當你思考我們能為那些建立自有資料中心、自有資料儲存的人提供什麼——對於那些希望掌控自己的資料、而不把資料送到任何第三方雲端的人——SentinelOne 就成為他們唯一能部署並完全掌控的安全技術堆疊。

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

目前沒有進一步的問題。我現在把電話會議交回給 Weingarten 先生作結語。

Thank you all for joining us today.

感謝各位今天加入我們。