SentinelOne Inc (S) 2022 Q4 法說會逐字稿

Good evening. Thank you for attending today's SentinelOne Q4 2022 Earnings Call. My name is Hannah, and I will be your moderator for today's call. (Operator Instructions)

各位晚安。感謝您參加今天的 SentinelOne 2022 年第四季財報電話會議。我是 Hannah，將擔任今天會議的主持人。（接線員指示）

I would now like to pass the conference over to our host, Doug Clark, Investor Relations of SentinelOne. Please go ahead.

現在我想把會議交給我們的主持人——SentinelOne 投資人關係部的 Doug Clark。請開始。

Good afternoon, everyone, and welcome to SentinelOne's earnings call for the fourth quarter and fiscal year 2022 ended January 31. With us today are Tomer Weingarten, CEO; Nicholas Warner, COO; and Dave Bernhardt, CFO. Our press release and a shareholder letter were issued earlier today and are posted on our website. This call is being broadcast live via webcast, and following the call, an audio replay will be available on the Investor Relations section of our website.

各位下午好，歡迎參加 SentinelOne 截至 1 月 31 日止之 2022 會計年度第四季與全年財報電話會議。今天與會者包括執行長 Tomer Weingarten、營運長 Nicholas Warner，以及財務長 Dave Bernhardt。我們的新聞稿與致股東信已於今日稍早發布，並已張貼於公司網站。本次電話會議將透過網路直播；會後亦將在我們網站的投資人關係專區提供音訊重播。

Before we begin, I would like to remind you that during today's call, we will be making forward-looking statements regarding future events and financial performance, including our guidance for the first fiscal quarter and full fiscal year 2023 as well as certain long-term financial targets.

在開始之前，我想提醒各位，在今天的電話會議中，我們將就未來事件與財務表現發表前瞻性陳述，包括我們對 2023 會計年度第一季與 2023 會計年度全年的指引，以及若干長期財務目標。

In connection with our recently announced definitive agreement to acquire Attivo, management will provide additional information as to the benefits of the acquisition. However, we'll not factor the planned acquisition into our fiscal '23 guidance at this time. We caution you that such statements reflect our best judgment based on factors currently known to us and that actual events or results could differ materially.

就我們近期宣布已簽署收購 Attivo 的最終協議一事，管理團隊將提供更多關於本次收購效益的資訊。然而，我們目前不會將該擬議收購納入 2023 會計年度的指引。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，實際事件或結果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 S-1, our quarterly report on Form 10-Q and our annual report on Form 10-K that we filed. These documents contain and identify important risk factors and other information that can 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，特別是我們已提交的 S-1、Form 10-Q 季報以及 Form 10-K 年報。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結果出現重大差異。

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 this call may not contain current or accurate information. Except as required by law, we assume no obligation to update these forward-looking statements publicly or to update the reasons actual results differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

本次電話會議中所作的任何前瞻性陳述均以今日為準。若本通話於今日之後被重播或回顧，則本次會議所呈現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，亦不承擔更新實際結果與前瞻性陳述所預期結果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, unless otherwise stated, we will discuss non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles. A reconciliation of GAAP and non-GAAP results is provided in today's press release and in our shareholder letter. These non-GAAP measures are not intended to be a substitute for our GAAP results. The financial outlook that we provided today excludes stock-based compensation expense, employer payroll tax on employee stock transactions and amortization expense of acquired intangible assets, which cannot be determined at this time and are, therefore, not reconciled in today's press release.

在本次電話會議中，除非另有說明，我們將討論非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標並非依一般公認會計原則編製。GAAP 與非 GAAP 結果之調節表已載於今日新聞稿及致股東信中。這些非 GAAP 指標並非用以取代我們的 GAAP 結果。我們今日提供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，以及已收購無形資產之攤銷費用；上述項目目前無法確定，因此未於今日新聞稿中提供調節。

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

接下來，我把電話交給 SentinelOne 執行長 Tomer Weingarten。

Good afternoon, everyone, and thank you for joining our fiscal fourth quarter earnings call. This was another excellent quarter, and I'm extremely proud of the entire SentinelOne team. Our ARR grew 123% year-over-year in the fourth quarter, making the fourth consecutive quarter of triple-digit growth.

各位下午好，感謝參加我們的會計年度第四季財報電話會議。這又是一個非常出色的季度，我為整個 SentinelOne 團隊感到無比自豪。我們第四季的 ARR 年增 123%，這是連續第四個季度達成三位數成長。

In today's digital world, cybersecurity is mission-critical infrastructure in every geography, industry vertical and organization size. The demand environment remains incredibly strong. We continue to scale our business as a result of our cutting-edge autonomous XDR platform and our powerful partner-supported go-to-market strategy. We've built an AI-driven security platform that spans endpoint, cloud, IoT, data and now also identity.

在今日的數位世界中，資安是各地區、各產業垂直領域以及各種規模組織的關鍵任務型基礎設施。需求環境依然非常強勁。憑藉我們領先的自主式 XDR 平台，以及強大的夥伴支持型市場推進策略，我們持續擴大業務規模。我們打造了一個以 AI 驅動的安全平台，涵蓋端點、雲端、IoT、資料，而現在也涵蓋身分。

I'm thrilled that today, we announced our plan to acquire Attivo Networks. Attivo is a premier and highly differentiated solution that will enable us to provide cybersecurity in one of the most critical and dynamic parts of enterprise security today, the identity parameter. With Attivo's user-centric identity capabilities, we will be able to support an even more comprehensive zero trust framework. I'd also encourage everyone to read our shareholder letter we published on our Investor Relations website, which provides a lot more detail.

我非常興奮地宣布，我們今天公布了收購 Attivo Networks 的計畫。Attivo 是一項頂尖且高度差異化的解決方案，將使我們能在當今企業安全中最關鍵且最具動態性的領域之一——身分邊界——提供資安防護。透過 Attivo 以使用者為中心的身分能力，我們將能支援更全面的零信任架構。我也鼓勵各位閱讀我們發布在投資人關係網站上的致股東信，其中提供了更多細節。

Let's take a look back at our fiscal '22. It was a groundbreaking year for SentinelOne. We started the year as a private company, delivered a triple-digit revenue and ARR growth rate through all 4 quarters and ended the year as one of the fastest-growing technology companies in public markets with outstanding growth in ARR rapidly approaching $300 million.

讓我們回顧一下 2022 會計年度。這是 SentinelOne 具有突破性的一年。我們以私人公司身分開始這一年，在四個季度中皆交出營收與 ARR 三位數成長率，並以公開市場中成長最快的科技公司之一作結；ARR 的亮眼成長正快速逼近 3 億美元。

Throughout the year, we celebrated accomplishments that highlight our product market fit, innovation and superb customer experience, such as a Leader in the 2021 Gartner Magic Quadrant for Endpoint Protection, highest scores in Gartner Critical Capabilities use cases and being the only vendor with 100% visibility and no misdetection in the latest MITRE evaluation. In the Forrester XDR Wave, we were named the best fit for companies that want customizability and to grow into XDR.

在這一年中，我們慶祝了多項成就，突顯我們的產品市場契合度、創新能力與卓越的客戶體驗，例如：在 2021 年 Gartner 端點防護魔力象限中被評為領導者、在 Gartner 關鍵能力使用情境中獲得最高分，以及在最新的 MITRE 評估中成為唯一具備 100% 可視性且零誤判的供應商。在 Forrester XDR Wave 中，我們被評為最適合希望具備可客製化能力並逐步成長至 XDR 的企業。

Our fourth quarter and fiscal '22 results demonstrate the relentless execution of our teams and focus on innovation. We're protecting more enterprises today than ever before at faster speed, greater scale, higher accuracy and with more automation. Automation has never been more critical to tackle the complexity of today's threats.

我們第四季與 2022 會計年度的成果，展現了團隊不懈的執行力與對創新的專注。如今我們以更快速度、更大規模、更高準確度與更多自動化，保護的企業客戶比以往任何時候都更多。面對當今威脅的複雜性，自動化從未如此關鍵。

I'd like to dig deeper into 3 key points about our performance. First, our success with large enterprises underscores the scalability of our platform. We added a record number of $100,000-plus ARR deals, a record number of million dollar-plus ARR customers and closed our largest ever net new customer contract, one of the most influential and leading global Internet companies. Nick will discuss this in more detail later on.

我想更深入談談我們表現的三個重點。第一，我們在大型企業的成功，凸顯了平台的可擴展性。我們新增了創紀錄數量的 ARR 10 萬美元以上交易、創紀錄數量的 ARR 100 萬美元以上客戶，並簽下我們史上最大的淨新增客戶合約——一家最具影響力且領先的全球網際網路公司。Nick 稍後會更詳細說明。

Second, we paired our phenomenal growth with significant progress towards our long-term profitability targets. I'm pleased to share that we ended the fourth quarter with double-digit year-over-year improvement in both our gross and operating margins. Our gross margins expanded 12 percentage points year-over-year, and our operating margin improved 38%. This progress reflects our growing scale and increasing efficiency.

第二，我們在驚人的成長之餘，也在邁向長期獲利目標方面取得顯著進展。我很高興分享，我們在第四季的毛利率與營業利益率皆實現年對年雙位數改善。毛利率年增 12 個百分點，營業利益率改善 38%。這些進展反映了我們規模擴大與效率提升。

Looking at the full year, fiscal '22 was an investment year for SentinelOne. It featured our IPO, solidifying our brand as an industry leader as well as investments in our go-to-market and innovation engines. We doubled our total workforce. I'm proud of SentinelOne being named to Comparably's Best Company Culture List and receiving the 2021 Great Places to Work award. Given the significant market opportunity ahead, we remain committed to investing in the growth of our business. And just like we did last year, we intend to balance this growth with further margin improvement in fiscal '23.

從全年來看，2022 會計年度是 SentinelOne 的投資之年，其中包括我們的 IPO，鞏固了我們作為產業領導者的品牌地位，同時也投資於市場推進與創新引擎。我們的員工總數增加了一倍。我為 SentinelOne 入選 Comparably 的最佳公司文化榜單並獲得 2021 年「最佳職場」獎項感到自豪。鑑於前方龐大的市場機會，我們仍致力於投資業務成長。而且就像去年一樣，我們打算在 2023 會計年度在追求成長的同時，進一步改善利潤率。

Finally, our business is performing extremely well with broad-based strength across new customer adds, existing customer renewals and upsells. Throughout the year, we significantly expanded our platform offerings. Our endpoint solution remains the primary driver of our business, which is being complemented by emerging growth vectors, including cloud, IoT and data. We're still in the early innings of a large and expanding total market driven by the proliferation of hybrid work environment, digital transformation and an evolving threat landscape.

最後，我們的業務表現非常出色，在新增客戶、既有客戶續約與加購方面皆呈現廣泛的強勁動能。全年期間，我們大幅擴展了平台產品組合。我們的端點解決方案仍是業務的主要驅動力，同時也由新興成長動能所補強，包括雲端、IoT 與資料。由於混合辦公環境普及、數位轉型以及威脅態勢演進所帶動，我們仍處於龐大且持續擴張的整體市場的早期階段。

It's clear that we achieved a lot as a company in the past year, but we must remain as vigilant as ever around the threat landscape. The persistence and sophistication of new attacks continues. We entered 2021 on the heels of Sunburst and exited the year battling Log4j. And most recently, the potential for cyber warfare has significantly increased in light of the Russia-Ukraine conflict. This has further escalated the threat environment.

很明顯，過去一年我們作為一家公司取得了許多成果，但面對威脅態勢，我們必須比以往任何時候都更保持警覺。新型攻擊的持續性與複雜度仍在延續。我們在 Sunburst 事件之後進入 2021 年，並在與 Log4j 對抗中結束該年。而最近，隨著俄烏衝突，網路戰的可能性顯著上升，進一步加劇了威脅環境。

Our vision is to be a force for good, and we're committed to doing our part to help affected people and businesses in Ukraine and around the world to stay cyber secure. We've established a Ukraine Crisis Resource Center and began offering free access to Singularity XDR for cyber threat protection in Ukraine. We ran similar programs to help others in the wake of Sunburst, and we're committed to defending against cyber warfare.

我們的願景是成為一股向善的力量，我們承諾盡一己之力，協助烏克蘭及全球受影響的民眾與企業維持網路安全。我們已成立烏克蘭危機資源中心，並開始在烏克蘭提供免費的 Singularity XDR 存取，以進行網路威脅防護。我們在 Sunburst 事件後也曾推動類似計畫協助他人，並將持續致力於防禦網路戰。

Threat sharing and collaboration are essential to our collective mission against cyber attacks. Our teams at SentinelLabs are leading the way by uncovering some of the most sophisticated attacks across the world. Our global footprint puts us in a unique position to not only protect our customer base in real time but also produce novel research to educate and arm the cybersecurity community. We're able to leverage the power of our partner ecosystem to stay on the front line with leading incident response providers like Mandiant, KPMG, Kroll, RSA and many others.

威脅情報分享與協作對我們共同對抗網路攻擊的使命至關重要。SentinelLabs 團隊正引領潮流，揭露全球一些最精密的攻擊。我們的全球佈局使我們具備獨特優勢，不僅能即時保護客戶群，亦能產出創新研究，以教育並武裝資安社群。我們也能運用合作夥伴生態系的力量，與 Mandiant、KPMG、Kroll、RSA 等領先的事件應變（IR）服務供應商及其他夥伴一同站在第一線。

As an example, we recently named and published research on HermeticWiper related to the escalating cyber attacks surrounding the Russia-Ukraine conflict. This was a real-time discovery on the eve of Russia's ground invasion. It helped bring awareness to cyber attacks accompanying modern warfare. Our publication was followed by an alert notice from Cybersecurity and Infrastructure Agency, highlighting the significance and relevance of SentinelLabs' research.

例如，我們近期為 HermeticWiper 命名並發表研究，該惡意程式與俄烏衝突周邊日益升級的網路攻擊相關。這是在俄羅斯地面入侵前夕的即時發現，有助於提升外界對現代戰爭伴隨之網路攻擊的認知。我們的發表隨後也促使美國網路安全與基礎設施安全局（Cybersecurity and Infrastructure Agency）發布警示通知，凸顯 SentinelLabs 研究的重要性與關聯性。

If we look at the evolution of cybersecurity technologies for a moment, it's clear that legacy AV represents the past, EDR is the present and XDR is the future. While the majority of enterprises still utilize legacy AV solutions, we have undoubtedly entered the XDR era. At SentinelOne, we established the foundations of XDR by pioneering the world's first purpose-built AI-powered autonomous cybersecurity platform.

若我們稍微回顧資安技術的演進，便可清楚看出：傳統防毒（legacy AV）代表過去，EDR 代表現在，而 XDR 代表未來。雖然多數企業仍在使用傳統 AV 解決方案，但我們無疑已進入 XDR 時代。在 SentinelOne，我們率先打造全球第一個專為目的而生、以 AI 驅動的自主式資安平台，奠定了 XDR 的基礎。

Singularity XDR brings the critical capabilities customers need from a comprehensive cybersecurity platform: speed, scale and automation. Enterprises are increasingly selecting SentinelOne for our best-of-breed XDR. Over the past year, we significantly broadened our platform capabilities by introducing several mission-critical and highly differentiated innovations.

Singularity XDR 帶來客戶從完整資安平台所需的關鍵能力：速度、規模與自動化。企業正日益選擇 SentinelOne，因為我們提供同級最佳（best-of-breed）的 XDR。過去一年，我們透過推出多項任務關鍵且高度差異化的創新，大幅擴展了平台能力。

I will briefly highlight a few of these. First, we enhanced our network visibility and control capabilities with Ranger Pro. Ranger helps enterprises eliminate one of the most commonly exploited threat vectors: unprotected and rogue assets. It reduces the attack surface by offering device mapping and management capabilities. Second, we introduced Storyline Active Response, our engine for automated threat hunting, detection and response. Next, we developed Remote Script Orchestration, a powerful endpoint management tool for both IR partners and enterprises. Finally, we launched Singularity Mobile, a new AI-powered mobile security solution for iOS, Android and Chrome OS devices.

我將簡要重點說明其中幾項。首先，我們以 Ranger Pro 強化網路可視性與控管能力。Ranger 協助企業消除最常被利用的威脅向量之一：未受保護與流氓（rogue）資產。它透過提供裝置盤點與管理能力來降低攻擊面。第二，我們推出 Storyline Active Response，這是我們用於自動化威脅獵捕、偵測與回應的引擎。接著，我們開發了 Remote Script Orchestration，這是一款強大的端點管理工具，適用於 IR 合作夥伴與企業。最後，我們推出 Singularity Mobile，這是一款全新的 AI 驅動行動安全解決方案，支援 iOS、Android 與 Chrome OS 裝置。

Building upon the acquisition of Scalyr, we launched DataSet in February of this year, a revolutionary live enterprise data platform for data queries, analytics, insights and data retention. DataSet expands our capabilities beyond cybersecurity use cases. It's a cloud-native, flexible enterprise data platform built for petabyte scale. Not only DataSet is the back end for our Singularity XDR platform. The technology is already being used by hundreds of enterprises, analyzing trillions of real-time events. Customers like DoorDash, Copart, Asana, TomTom and many others are selecting DataSet to unlock the power of their own data with speed, scalability and technology-driven cost advantages.

在收購 Scalyr 的基礎上，我們於今年 2 月推出 DataSet，這是一個革命性的即時企業資料平台，可用於資料查詢、分析、洞察與資料保留。DataSet 將我們的能力擴展到資安使用情境之外。它是雲端原生、具彈性的企業資料平台，為 PB 級規模而建。DataSet 不僅是我們 Singularity XDR 平台的後端；該技術已被數百家企業採用，分析數兆筆即時事件。DoorDash、Copart、Asana、TomTom 等眾多客戶選擇 DataSet，以速度、可擴展性與技術驅動的成本優勢，釋放其自有資料的力量。

Our platform approach is resonating and is contributing meaningfully to our financial performance. Endpoint continues to fuel the company's growth. At the same time, we're seeing outstanding traction with our adjacent platform technologies and capabilities. Over 1/3 of our fourth quarter new business was driven by our Singularity modules and DataSet, up from about 20% a year ago. Across all of our capabilities, our cloud workload protection and data retention modules have been the most outstanding, each delivering year-over-year ACV growth of over 10x.

我們的平台策略正引起共鳴，並對財務表現做出實質貢獻。端點業務持續推動公司成長。同時，我們也看到相鄰平台技術與能力取得極佳進展。第四季新增業務中，超過 1/3 由 Singularity 模組與 DataSet 帶動，高於一年前約 20% 的占比。在我們所有能力中，雲端工作負載防護與資料保留模組表現最為突出，兩者的年度經常性合約價值（ACV）年增皆超過 10 倍。

Let me spend a second on cloud security. This is one of the fastest-growing markets in security today, and we're already doing extremely well on this front. Demand for our cloud workload protection solution has been broad-based, both within our installed base as well as with new customers. Cloud security represents a sizable opportunity for SentinelOne for years to come.

我想花一點時間談談雲端安全。這是當今安全領域成長最快的市場之一，而我們在這方面已表現非常出色。市場對我們雲端工作負載防護解決方案的需求相當廣泛，既來自既有客戶群，也來自新客戶。雲端安全在未來多年將為 SentinelOne 帶來可觀的機會。

And today, we are further expanding our addressable market and extending our XDR platform capabilities with our planned strategic acquisition of Attivo Networks. We're adding another growth vector to our platform. Identity now joins endpoint, cloud, IoT and data. I couldn't be more excited to introduce everyone to Attivo.

此外，透過我們規劃中的策略性收購 Attivo Networks，我們將進一步擴大可服務市場並延伸 XDR 平台能力，為平台新增另一個成長向量。身分（Identity）如今將與端點、雲端、IoT 與資料並列。我非常期待向各位介紹 Attivo。

Attivo aligns with the M&A strategy we previously outlined. First, it expands our addressable market into a $4 billion and growing identity TAM. And within that, Attivo is capturing share, growing its ARR north of 50%. Second, user-centric identity protection is highly complementary and value-add for our XDR platform and customers. It opens new customer and cross-sell opportunities. Finally, it has a compelling financial profile and strong cultural fit, additive to our hypergrowth and accretive to gross margins.

Attivo 與我們先前闡述的併購（M&A）策略一致。第一，它將我們的可服務市場擴展至規模達 40 億美元且持續成長的身分 TAM（總可服務市場）。在此之中，Attivo 正在取得市占，其 ARR（年度經常性收入）成長率超過 50%。第二，以使用者為中心的身分防護與我們的 XDR 平台及客戶高度互補並能增值，開啟新的客戶與交叉銷售機會。最後，它具備具吸引力的財務特徵與強烈的文化契合度，能為我們的高速成長增添動能，並對毛利率具增益效果。

Identity is a critical component of the enterprise parameter and zero trust framework. Attivo's market-leading identity offerings help organizations keep passwords safe, admin privileges restricted and user identity intact. Attivo Networks has the right technology and the team to advance our portfolio and is a natural extension of our Singularity XDR platform and go-to-market strategy. Misused credentials are now one of the top techniques used in breaches. If an attacker can compromise the endpoint, they will often look for the next layer of vulnerability, the user's credential.

身分是企業邊界與零信任框架的關鍵組成。Attivo 市場領先的身分產品可協助組織確保密碼安全、限制管理員權限並維護使用者身分完整性。Attivo Networks 擁有合適的技術與團隊來推進我們的產品組合，並自然延伸我們的 Singularity XDR 平台與市場推進（go-to-market）策略。憑證遭濫用如今已是資料外洩中最常見的手法之一。若攻擊者能入侵端點，往往會尋找下一層弱點，也就是使用者的憑證。

If successful, attackers can install backdoors, exfiltrate data and change security policies. Attivo, as part of SentinelOne, will help organizations reduce their attack surface not only at the device level but now at the human identity level, too. Attivo has a clear product market fit with an established customer and revenue base. Its differentiated and battle-tested solution is already trusted by over 300 customers from Fortune 500 enterprises to government entities. Attivo is not just any identity company or technology. We strongly believe that it's the best and most comprehensive identity security platform in the market today.

一旦得逞，攻擊者便可安裝後門、外洩資料並更改安全政策。Attivo 納入 SentinelOne 後，將協助組織不僅在裝置層級，亦在人的身分層級降低攻擊面。Attivo 具備明確的產品市場契合度（product-market fit），並已建立客戶與營收基礎。其差異化且經實戰驗證的解決方案，已獲超過 300 家客戶信賴，涵蓋《財富》500 大企業到政府機構。Attivo 不只是一般的身分公司或技術；我們堅信它是目前市場上最佳且最全面的身分安全平台。

Let me briefly introduce you to the 3 parts of the Attivo platform. First, identity protection is an agent-based solution that secures credentials and detects malicious identity behaviors. It delivers real-time protection against credential theft, privilege escalation, lateral movement and more.

我簡要介紹 Attivo 平台的三個部分。第一是身分防護（identity protection），這是一套以代理程式（agent）為基礎的解決方案，用於保護憑證並偵測惡意身分行為。它可提供即時防護，以對抗憑證竊取、權限提升、橫向移動等威脅。

Second is identity infrastructure assessment, identity-based vulnerability scanning and management for enterprise infrastructure. Attivo's scanner provides instant visibility of active directory misconfigurations, suspicious password changes and unauthorized access. This complements our Ranger network asset visibility and control capabilities and now folds in a user-centric identity view.

第二是身分基礎設施評估（identity infrastructure assessment），針對企業基礎設施進行以身分為基礎的弱點掃描與管理。Attivo 的掃描器可即時可視化 Active Directory 的錯誤設定、可疑的密碼變更與未授權存取。這與我們 Ranger 的網路資產可視性與控管能力相互補強，並進一步納入以使用者為中心的身分視角。

Third, identity power deception. Attivo's deception solution make attackers reveal themselves, their methods and targets through misdirection. This sums up to a multi-layered approach and a broad set of capabilities to fend off, not just detect, identity-based attacks. Attivo will put us front and center in the identity security market. As Dave will discuss later financially, even in the early stages of a joint go-to-market, this acquisition will add to our hypergrowth trajectory.

第三是身分誘捕欺敵（identity power deception）。Attivo 的欺敵解決方案透過誤導讓攻擊者暴露其行為、手法與目標。這形成多層式方法與廣泛能力組合，用於阻擋（而不僅是偵測）以身分為基礎的攻擊。Attivo 將使我們在身分安全市場站上核心位置。正如 Dave 稍後將從財務面說明，即使在共同市場推進的早期階段，這項收購也將為我們的高速成長軌跡增添動能。

I'd like to share a few closing thoughts. There has never been a greater enterprise need for a modern cybersecurity platform, which means a tremendous business opportunity for SentinelOne's world-class autonomous protection. We are still in the early innings of our innovation and growth. Our outstanding fourth quarter and fiscal '22 financial performance speak for itself, triple-digit revenue and ARR growth paired with double-digit non-GAAP margin expansion. We're perfectly positioned for continued success and expansion of our business even in times of global uncertainty. Our growth journey continues, and I want to thank all customers, Sentinels and partners for making all this possible.

我想分享幾點結語。企業對現代資安平台的需求從未如此迫切，這也意味著 SentinelOne 世界級自主防護擁有巨大的商機。我們的創新與成長仍在早期階段。我們出色的第四季與 2022 會計年度財務表現已充分說明一切：營收與 ARR 皆為三位數成長，同時非 GAAP 利潤率擴張達雙位數。即使在全球不確定性之下，我們也已完美定位，能持續成功並擴張業務。我們的成長旅程仍在延續，並感謝所有客戶、Sentinels 與合作夥伴讓這一切成為可能。

With that, I will turn the call over to Nick Warner, our Chief Operating Officer.

接下來，我將把電話會議交給我們的營運長 Nick Warner。

Thank you, Tomer, and welcome, everyone. We delivered an outstanding fourth quarter across every geography, driven by our go-to-market flywheel of sales, marketing, channel and technology partners. More large enterprises are selecting SentinelOne than ever before because of our industry-leading efficacy, automation, ease of use and differentiated XDR capabilities.

謝謝你，Tomer，也歡迎各位。我們在每個地理區域都交出亮眼的第四季成績，主要受惠於我們由銷售、行銷、通路與技術合作夥伴所驅動的市場推進飛輪。越來越多大型企業選擇 SentinelOne，因為我們具備業界領先的效能、自動化、易用性，以及差異化的 XDR 能力。

I'm also excited to welcome the Attivo team. Listening to customers and following many of the largest incidents in cybersecurity over the past few years, identity is a critical vector in delivering the most complete XDR platform. Not only is it a natural fit within our platform. It will complement our network of strategic service providers extremely well.

我也很高興歡迎 Attivo 團隊。過去幾年我們傾聽客戶意見並追蹤多起大型資安事件後發現，身分（Identity）是打造最完整 XDR 平台的關鍵攻擊向量。不僅它與我們的平台天然契合，也將與我們的策略服務供應商網路形成極佳互補。

In Q4, we reported impressive ARR growth of 123%, reaching $292 million. This growth was driven by a healthy mix of new customer additions, renewals and upsells. Our momentum with large enterprises was particularly strong this quarter. We added a record number of customers with ARR over $100,000 and a record number of million dollar-plus ARR customers. All of this is extraordinary and reflects the success of our sales and marketing organizations.

在第四季，我們報告了亮眼的 ARR 成長 123%，達到 2.92 億美元。此成長來自新增客戶、續約與加購（upsell）的健康組合。本季我們在大型企業市場的動能尤其強勁。我們新增了創紀錄數量的 ARR 超過 10 萬美元客戶，以及創紀錄數量的 ARR 超過 100 萬美元客戶。這一切都非常卓越，反映了我們銷售與行銷組織的成功。

Let me share more on this. Our customers with ARR over $100,000 grew 137% year-over-year to 520. And let me give you an example. In Q4, we closed the largest new customer deal in our history with one of the most influential and leading global Internet companies. This win came after an intensive evaluation process, including other next-gen security providers.

我再多分享一些細節。我們 ARR 超過 10 萬美元的客戶年增 137%，達到 520 家。再舉個例子：在第四季，我們與全球最具影響力、領先的網際網路公司之一，完成了公司史上最大的新客戶交易。這項勝利是在密集的評估流程後取得的，評估對象也包含其他新世代資安供應商。

I'd like to highlight one additional win, which is emblematic of what we're seeing in the market. Like most Fortune 500 companies, this enterprise was using multiple operating systems. They lacked true security parity across all surfaces. Their existing next-gen EDR vendor failed to quickly deploy and left critical Mac and Linux attack surfaces unprotected. They terminated their existing 3-year subscription mid-flight and turned to SentinelOne. Singularity XDR deployed instantly across the whole enterprise, which was expedited by our patented Ranger discovery and auto-deploy capabilities. The customer has become a fantastic partner and is benefiting from our true cross-platform feature parity and automation.

我想再強調另一個具代表性的勝利，這也反映了我們在市場上看到的趨勢。和多數《財星》500 大企業一樣，該企業使用多種作業系統，但在所有攻擊面上缺乏真正一致的安全防護能力。他們既有的新世代 EDR 供應商無法快速部署，導致關鍵的 Mac 與 Linux 攻擊面未受保護。他們在合約進行中途終止了既有的 3 年訂閱，轉而選擇 SentinelOne。Singularity XDR 立即在整個企業範圍內完成部署，並透過我們具專利的 Ranger 探索與自動部署能力加速推進。該客戶已成為極佳的合作夥伴，並受益於我們真正跨平台的功能一致性與自動化能力。

We also closed new deals with many other large enterprises across verticals from technology to global consumer brands to financial services companies. SentinelOne is winning more market share in every major geography, replacing incumbent vendors of all types and winning against the competition. In total, at the end of fiscal '22, we secured over 6,700 customers comprising both large enterprises and medium-sized businesses. That's total growth of more than 70% or almost 3,000 more customers compared to last year.

我們也在其他許多大型企業中拿下新案，涵蓋從科技、全球消費品牌到金融服務等各垂直領域。SentinelOne 在各主要地理區域持續取得更多市占，取代各類型的既有供應商，並在競爭中勝出。整體而言，在 2022 財年結束時，我們已取得超過 6,700 家客戶，涵蓋大型企業與中型企業。相較去年，總成長超過 70%，也就是幾乎多了 3,000 家客戶。

Our total addressable market is large and expanding. A majority of the market still utilizes legacy antivirus solutions. The competitive environment has not changed. We've maintained incredibly strong win rates in all competitive situations against both legacy and next-gen vendors. What's more exciting is that the opportunity per customer is much larger today than it was for legacy providers in the past. This is because of the breadth of our platform, covering endpoints and surfaces of all types, cloud workloads, Kubernetes, mobile devices and IoT devices and soon, identity.

我們的總可服務市場（TAM）龐大且持續擴張。市場上仍有多數客戶使用傳統防毒解決方案。競爭環境並未改變；我們在與傳統與新世代供應商的各種競爭情境中，仍維持極高的勝率。更令人振奮的是，如今每位客戶的機會規模遠大於過去傳統供應商的時代。原因在於我們平台的廣度，涵蓋各類端點與攻擊面、雲端工作負載、Kubernetes、行動裝置與 IoT 裝置，以及即將納入的身分（Identity）。

We, once again, achieved strong retention and expansion within our customer base. Our net retention rate of 129% remained extremely healthy and well above our target of over 120%. Our NRR was driven by footprint expansion, cross-sell of adjacent modules and upsell from platform tiers. We continue to prioritize new customer growth, while at the same time, we are seeing massive success in customers consuming more and more of the Singularity platform.

我們再次在客戶群中達成強勁的留存與擴張。我們的淨留存率（NRR）為 129%，依然非常健康，且明顯高於我們超過 120% 的目標。NRR 的動能來自部署範圍擴大、相鄰模組的交叉銷售（cross-sell），以及平台分級（tier）的加購升級（upsell）。我們持續優先推動新客戶成長，同時也看到客戶愈來愈多地採用 Singularity 平台並取得巨大成功。

Our modules and DataSet now represent over 1/3 of our new business. And once again, this is broad-based and includes everything from cloud and Ranger to managed capabilities and DataSet. Our cloud workload protection and data modules are delivering the highest growth. They each grew over 10x year-over-year, reflecting demand for our best-in-class runtime protection for cloud workloads and unparalleled data retention offerings.

我們的模組與 DataSet 現在已占新業務的三分之一以上。而且同樣是全面性的成長，涵蓋從雲端與 Ranger，到託管能力與 DataSet 等各項產品。我們的雲端工作負載防護與資料模組帶來最高成長；兩者年增皆超過 10 倍，反映市場對我們同級最佳的雲端工作負載執行期（runtime）防護，以及無與倫比的資料留存方案的需求。

I also want to call out our newest endpoint management module, Remote Script Orchestration. RSO has achieved the fastest ramp of any new module in SentinelOne history. Our incident response partners love the ability to remotely manage fleets of endpoints at machine speed in critical breach response moments.

我也想特別提到我們最新的端點管理模組：Remote Script Orchestration（RSO）。RSO 創下 SentinelOne 歷史上任何新模組最快的成長爬坡速度。我們的事件應變（IR）合作夥伴非常喜歡在關鍵的資安入侵應變時刻，以機器速度遠端管理大量端點的能力。

Next, I'd like to talk more about our channel partners. Our partner ecosystem continues to magnify our market presence, significantly extending our reach and efficiency. Our strategic technology and services partners have grown to over 20% of our business. This includes MSSPs, MDRs and IR firms. These partnerships are accretive to our overall growth rate with significant business expansion opportunities yet to be unlocked.

接下來，我想更深入談談我們的通路合作夥伴。我們的合作夥伴生態系持續放大我們的市場能見度，顯著延伸觸及範圍與效率。我們的策略技術與服務合作夥伴業務占比已成長至超過 20%。其中包括 MSSP、MDR 與 IR 公司。這些合作關係能提升我們整體成長率，且仍有大量業務擴張機會有待釋放。

Let me double-click on the success of our IR partnerships. Over the past year, we focused on partnering with many of the largest and most sophisticated IR providers in the world. In the fourth quarter, Mandiant selected SentinelOne as a global go-to-market partner. We are becoming the partner of choice for leading IR providers, including KPMG, Kroll, Arete and many others. Our strategy brings the best of both worlds to our joint customers, top incident response consultants leveraging the best-in-class XDR platform.

我再更聚焦說明我們 IR 合作的成功。過去一年，我們專注與全球規模最大、最成熟的多家 IR 供應商建立合作。在第四季，Mandiant 選擇 SentinelOne 作為全球共同推廣（go-to-market）合作夥伴。我們正成為領先 IR 供應商的首選合作對象，包括 KPMG、Kroll、Arete 等以及更多夥伴。我們的策略為共同客戶帶來兩全其美：頂尖事件應變顧問結合同級最佳的 XDR 平台。

I can't stress enough that we don't compete with our partners. We work with over 100 of the world's leading IR firms, enabling us to address a majority of the IR market worldwide. These partnerships create hundreds of high-value and fast-moving opportunities every quarter. This is significantly more coverage than any single vendor could hope to gain on its own.

我必須再次強調，我們不與合作夥伴競爭。我們與全球超過 100 家領先的 IR 公司合作，使我們能覆蓋全球大多數 IR 市場。這些合作關係每季都能創造數百個高價值且推進快速的機會。這樣的覆蓋程度，遠非任何單一供應商靠自身就能達成。

We are also very excited about our growing partnerships with MSSPs. They continue to expand our coverage across large enterprises and mid-market customers. Leading MSSPs are choosing SentinelOne because of our technology leadership, ease of management and multi-tenancy capabilities. Today, we are partnering with top-tier MSSPs, including Enable, ConnectWise, Pax8, AT&T and hundreds of others, many of which exclusively work with SentinelOne. These relationships have helped us achieve significant scale and exposure, complementing our enterprise sales success.

我們也對與 MSSP 的合作持續成長感到非常振奮。它們持續擴大我們在大型企業與中階市場客戶的覆蓋。領先的 MSSP 選擇 SentinelOne，原因在於我們的技術領先、易於管理，以及多租戶（multi-tenancy）能力。目前我們與一線 MSSP 合作，包括 Enable、ConnectWise、Pax8、AT&T 以及其他數百家，其中許多是專屬與 SentinelOne 合作。這些關係協助我們取得顯著規模與曝光度，並與我們在企業銷售上的成功相輔相成。

Looking at just a few of our top MSSP partners like Enable and Pax8, they represent millions of endpoints now secured by SentinelOne. We're extremely confident about the market opportunity we can jointly address with our MSSP partners as more organizations seek managed solutions.

僅看我們幾家頂尖 MSSP 合作夥伴（如 Enable 與 Pax8），目前就代表有數百萬個端點由 SentinelOne 進行防護。隨著更多組織尋求託管式解決方案，我們對能與 MSSP 夥伴共同切入的市場機會充滿信心。

Finally, I'd like to share how we are helping enterprises adopt a zero trust security model by partnering with leading vendors. Our 2-way technology integrations with Zscaler, Mimecast, ServiceNow and many others demonstrate top-tier vendors working together as part of the Singularity ecosystem.

最後，我想分享我們如何透過與領先供應商合作，協助企業採用零信任（zero trust）安全模型。我們與 Zscaler、Mimecast、ServiceNow 等眾多廠商的雙向技術整合，展現了頂尖供應商在 Singularity 生態系中協同合作。

This year has been incredible for SentinelOne, filled with innovation and growth. And we began the new fiscal year announcing our plan to add identity to our platform, which further expands SentinelOne's capabilities and offers exciting business opportunities. I'm proud to work with our global team of relentless Sentinels every day. I'm excited about our future. We will continue to deliver on our vision by focusing on execution and listening to our customers.

今年對 SentinelOne 而言是令人驚豔的一年，充滿創新與成長。我們也在新財年開始時宣布，計畫將身分（Identity）納入平台，進一步擴展 SentinelOne 的能力並帶來令人期待的商業機會。我以每天與我們全球不懈努力的 Sentinel 團隊共事為榮。我對未來感到振奮。我們將持續專注於落地執行並傾聽客戶，實現我們的願景。

Thank you again for joining us, and let me turn it over to Dave Bernhardt, our CFO.

再次感謝各位加入我們，接下來我把時間交給我們的財務長（CFO）Dave Bernhardt。

Nick, Tomer, thank you, and let me also thank everyone for joining us today. I'll discuss our quarterly financial highlights and provide additional context around our guidance for Q1 and full fiscal year 2023. I'll also touch on the financial highlights for Attivo and the full year implications. Afterwards, we will open the call to your questions.

Nick、Tomer，謝謝你們，也感謝今天加入我們的各位。我將說明本季財務重點，並就我們對第一季與 2023 財年的全年展望提供更多背景說明。我也會談到 Attivo 的財務重點以及對全年影響。之後，我們將開放各位提問。

We delivered another strong quarter of revenue and ARR growth, both well into the triple digits. We achieved year-over-year revenue growth of 120%, reaching $66 million, and ARR growth of 123%, exceeding $292 million. We added net new ARR of $56 million in the quarter, a new record for the company. We saw strong momentum and a robust demand environment for our platform. The strength of our performance was broad-based, coming from a healthy mix of new customer additions, existing customer renewals and upsells. All of this was further magnified by the strong underlying seasonality of our fourth quarter. Our business expanded nicely across all geographies. Revenue from international markets grew 140% and represented 31% of revenue.

我們再度交出一個營收與 ARR 成長強勁的季度，兩者皆遠超三位數成長。我們達成年增 120% 的營收成長，達到 6,600 萬美元；ARR 年增 123%，超過 2.92 億美元。本季我們新增淨 ARR 5,600 萬美元，創下公司新紀錄。我們看到平台動能強勁，需求環境穩健。我們的表現強度來自全面性動能，源於新增客戶、既有客戶續約與加購的健康組合。此外，第四季本身強勁的季節性也進一步放大了成果。我們的業務在各地區均有良好擴張。國際市場營收成長 140%，占營收的 31%。

Turning to our cost and margins. Our non-GAAP gross margin in Q4 was 66%, reflecting a double-digit increase of 12% year-over-year. We're seeing the benefits from our increasing economies of scale and business expansion, including strong module attach, platform upsell and data processing efficiencies. This was partially offset by the temporary costs we discussed last quarter associated with the migration of existing customers to our DataSet back end.

接著談到我們的成本與利潤率。我們在第四季的非 GAAP 毛利率為 66%，年增 12%，呈現兩位數的提升。我們正看到規模經濟與業務擴張帶來的效益，包括強勁的模組附加率、平台加購（upsell）以及資料處理效率提升。這部分效益被我們上季討論過的暫時性成本所部分抵銷，該成本與將既有客戶遷移至我們的 DataSet 後端相關。

We've made excellent progress on this front. All of our new customers are already using the DataSet back end, plus we've already migrated many of our largest existing customers. These customers are enjoying up to 10x performance improvements. We remain on track for our migration plan, and these temporary duplicative costs should be behind us after the first half of this year. When I put it all together and I look at the Q4 gross margin of 66% and a significant improvement compared to last year, I see increasing evidence of scale and efficiencies of our business.

我們在這方面已取得極佳進展。我們所有新客戶都已在使用 DataSet 後端，而且我們也已經遷移了許多最大的既有客戶。這些客戶的效能提升最高可達 10 倍。我們的遷移計畫仍按進度進行，這些暫時性的重複成本應會在今年上半年之後告一段落。綜合來看，當我看到第四季 66% 的毛利率以及相較去年顯著改善時，我看到越來越多證據顯示我們業務的規模化與效率提升。

Looking at the rest of our P&L. Our non-GAAP operating margin was negative 66% compared to negative 104% a year ago, a huge improvement of 38 percentage points. And we achieved these impressive results while investing for growth throughout the year, including the IPO, new product launches and doubling of our workforce. This progress towards our long-term financial target demonstrates the potential for leverage throughout our business model. We're investing in our business, which is the right strategy given the huge market opportunity and strong demand for our leading platform.

再看我們損益表（P&L）的其餘部分。我們的非 GAAP 營業利潤率為負 66%，相較一年前的負 104%，大幅改善 38 個百分點。而我們是在全年持續投入成長的同時達成這些亮眼成果，包括 IPO、新產品發表以及員工人數倍增。朝向我們長期財務目標的這項進展，展現了我們商業模式在各環節具備槓桿化的潛力。我們正在投資業務，鑑於龐大的市場機會與對我們領先平台的強勁需求，這是正確的策略。

Moving to our guidance for Q1 and the full fiscal year '23. In Q1, we expect revenue of $74 million to $75 million, reflecting annual growth of 99% at the midpoint. For the full year, we expect revenue of $366 million to $370 million, reflecting annual growth of 80% at the midpoint. While we don't specifically guide for ARR, I do want to remind you that we are a subscription business. Our ARR and revenue growth track very closely. Our revenue guidance for Q1 implies that we should be at or better than typical Q1 net new ARR seasonality, which has been down between 25% to 35% sequentially in the past 2 years.

接著談我們對第一季與 2023 財年的全年指引。第一季我們預期營收為 7,400 萬至 7,500 萬美元，以中位數計算年增 99%。全年我們預期營收為 3.66 億至 3.70 億美元，以中位數計算年增 80%。雖然我們不會特別提供 ARR 指引，但我想提醒各位，我們是訂閱制業務。我們的 ARR 與營收成長走勢非常接近。我們對第一季的營收指引意味著，我們的表現應可達到或優於第一季典型的淨新增 ARR 季節性水準；過去兩年第一季淨新增 ARR 通常會較前一季下滑 25% 至 35%。

We believe the structural tailwinds of digital transformation, hybrid work environment and an evolving threat landscape will continue to drive customer adoption of our real-time AI-powered security platform. The threat landscape is more complex and elevated than ever before, and our product innovation, brand recognition and scaling go-to-market have positioned us well to capture the favorable opportunities.

我們相信，數位轉型、混合式工作環境以及不斷演變的威脅態勢等結構性順風，將持續推動客戶採用我們的即時 AI 驅動資安平台。威脅態勢比以往任何時候都更複雜且更嚴峻，而我們的產品創新、品牌能見度以及規模化的 go-to-market 能力，使我們具備良好定位以掌握這些有利機會。

For Q1, we expect non-GAAP gross margin to be between 63% to 64% and full year non-GAAP gross margin to be between 65% to 67%. Our Q1 guidance implies over 10 percentage points year-over-year gross margin expansion at the midpoint. We expect to continue benefiting from increasing scale and better data processing efficiencies. Our guidance also reflects the migration of our remaining existing customers to DataSet, which, once again, we expect will conclude in the first half of the year. As a reminder, these costs are temporary. Based on our full year guidance, we see the opportunity to achieve high 60% gross margins by year-end.

第一季我們預期非 GAAP 毛利率介於 63% 至 64%，全年非 GAAP 毛利率介於 65% 至 67%。我們的第一季指引以中位數計算，意味著毛利率將較去年同期擴張超過 10 個百分點。我們預期將持續受惠於規模擴大與更佳的資料處理效率。我們的指引也反映將剩餘既有客戶遷移至 DataSet；同樣地，我們預期此作業將在上半年完成。提醒各位，這些成本屬暫時性。根據我們的全年指引，我們看到在年底前達成接近 60% 高段（high 60%）毛利率的機會。

Finally, for non-GAAP operating margin, we expect negative 84% to 86% in Q1 and negative 55% to 60% for the full year. Both of these represent meaningful year-over-year improvements. At the midpoint, we expect Q1 operating margin to improve over 40 percentage points and full year operating margin to improve over 25 percentage points. We see tremendous opportunity for growth, and the investments we're making today will put us in a position to succeed for the long term. And we're doing this as we make progress towards profitability and our long-term target EBIT margin of 20%-plus.

最後，就非 GAAP 營業利潤率而言，我們預期第一季為負 84% 至 86%，全年為負 55% 至 60%。這兩者都代表顯著的年對年改善。以中位數計算，我們預期第一季營業利潤率將改善超過 40 個百分點，全年營業利潤率將改善超過 25 個百分點。我們看到巨大的成長機會，而我們今天所做的投資將使我們具備長期成功的條件。同時，我們也在朝向獲利能力以及長期目標（EBIT 利潤率 20% 以上）持續前進。

Before I close, let me share the key financial points related to Attivo. This should help you as you think through modeling the business for the future. We're acquiring Attivo for $617 million in a combination of cash and stock plus additional retention. We expect the deal to close in our fiscal second quarter, subject to customary closing conditions, including regulatory approval. I want to be clear, Attivo is not currently factored into our fiscal '23 guidance at this time. We expect to incorporate their financials into our outlook after the deal closes on our next earnings call.

在我結束之前，讓我分享與 Attivo 相關的關鍵財務重點。這應能協助各位在思考未來業務建模時更清楚。我們將以現金與股票的組合收購 Attivo，交易金額為 6.17 億美元，另加額外留任（retention）安排。我們預期該交易將在我們的第二財季完成，仍需符合慣例成交條件，包括監管核准。我想說清楚，目前 Attivo 尚未納入我們 2023 財年的指引。我們預期在交易完成後，於下一次財報電話會議中把其財務數據納入我們的展望。

Attivo is an excellent business that can become even stronger as part of our Singularity platform. They concluded their quarter ended December '21 with over 300 customers and ARR of approximately $30 million, growing north of 50%. For calendar year '22, the current forecast for the business is to deliver revenue of approximately $40 million for the full year. And from a margin standpoint, Attivo is accretive to our organic gross margins. But remember, as we expect this to close during our second fiscal quarter, we would incorporate only a portion of that.

Attivo 是一家非常優秀的公司，納入我們的 Singularity 平台後可望更為強大。他們在 2021 年 12 月止的季度結束時，擁有超過 300 家客戶，ARR 約 3,000 萬美元，成長率超過 50%。就 2022 年曆年而言，目前對該業務的預測是全年營收約 4,000 萬美元。從利潤率角度來看，Attivo 對我們的有機毛利率具有增益（accretive）。但請記得，由於我們預期在第二財季完成交易，我們只會納入其中一部分。

Attivo and SentinelOne are highly complementary solutions that will open up new customer and cross-sell opportunities, further addressing the needs of larger enterprises. I want to join Tomer, Nick and all of SentinelOne in welcoming the Attivo team.

Attivo 與 SentinelOne 是高度互補的解決方案，將開啟新的客戶與交叉銷售機會，進一步滿足大型企業的需求。我也想與 Tomer、Nick 以及所有 SentinelOne 同仁一起歡迎 Attivo 團隊加入。

In summary, Q4 was another excellent quarter with strong execution company-wide, and we're expecting that momentum to continue into the next fiscal year.

總結來說，第四季在全公司強勁執行下再度交出優異成績，我們預期這股動能將延續至下一個財年。

Thank you all for attending our earnings call. We can now take questions. Operator, can you please open up the line? Thank you.

感謝各位參加我們的財報電話會議。現在我們可以開始提問。接線員，麻煩您開放電話線，謝謝。

(Operator Instructions) The first question is from the line of Blayne (sic) [Brian] Essex with Goldman Sachs.

（接線員指示）第一個問題來自高盛（Goldman Sachs）的 Blayne（音）[Brian] Essex。

Congrats on a solid quarter. Really nice set of results. So if I'm keeping it to one question, I guess I'll keep it to a rather upfront and obvious one. I guess, Dave, if you could help us understand. I know you're not giving explicit guidance around operating margin impact of Attivo. It's nice to see it will be accretive to gross margins. But how should we think about how you anticipate the impact that's going to have on your model, both this year and next year as maybe it gets a little bit of scale on top of your platform?

恭喜交出穩健的一季，成果非常漂亮。如果我只問一個問題，我想就問一個相當直接、也很明顯的問題。Dave，如果你能幫我們理解一下。我知道你們沒有就 Attivo 對營業利潤率的影響提供明確指引。看到它對毛利率有增益很不錯。但我們應該如何看待你預期它對你們模型的影響，無論是今年或明年，尤其當它在你們平台之上逐步形成一些規模之後？

Sure. So obviously, we have stated that it is accretive to our gross margin. From an operating margin standpoint, I think this current year, while we take into account our expected integration costs, the margin profile will be very similar to ours. If you take out those costs on a go-forward basis, it would be accretive to ours on an operating margin basis. And we'll have that guidance, obviously, when we specifically guide next quarter.

當然。很明顯地，我們已經表示它對我們的毛利率具有增益。就營業利潤率而言，我認為在今年，考量我們預期的整合成本後，其利潤率輪廓會與我們非常相近。如果把這些成本在未來期間（go-forward basis）排除，它在營業利潤率層面將會對我們具有增益。我們會在下季進行具體指引時，提供相關說明。

Got it. Is there a way to think about the overall accretion and overlap on your platform and how that maybe accelerated as you kind of integrate it with your platform?

了解。有沒有一種方式可以思考整體增益程度，以及在你們平台上的重疊（overlap）情況？以及當你們把它與平台整合時，這些效益是否會加速？

Yes. I mean on a combined basis, we've got plenty of opportunities to scale, both operationally and with our products as we have this in the go-to-market. It really doesn't change our long-term margin targets right now, but we will have better guidance as we complete the transaction.

有的。我的意思是，在合併後的基礎上，我們在擴大規模方面有很多機會，無論是營運面或產品面，並把它納入 go-to-market。這目前不會改變我們的長期利潤率目標，但在我們完成交易後，會提供更好的指引。

The next question is from the line of Gray Powell with BTIG.

下一個問題來自 BTIG 的 Gray Powell。

I know it's probably a little bit early, but what kind of upsell are you expecting identity security to be relative to your typical customers' core EDR build?

我知道可能還有點早，但相較於你們典型客戶的核心 EDR 建置，你們預期身分安全（identity security）的加購（upsell）規模大概會是什麼程度？

Nick, go ahead.

Nick，你來回答。

I think what we're going to see is broad-based demand, especially across our enterprise customers. And as you folks know, enterprise business is our largest part of our revenue contribution. In addition, it's growing even faster than our overall growth rates. So the demand's going to be high, and it's only going to get higher.

我認為我們將看到廣泛的需求，特別是在我們的企業客戶之中。各位也知道，企業業務是我們營收貢獻中最大的一部分。此外，它的成長速度甚至比我們整體成長率還快。因此需求會很高，而且只會越來越高。

Yes. Maybe one small thing to add to that. We've been partnering with Attivo more than a year now, so we kind of see already the demand that's being generated jointly by the companies. So that just gives us a lot of confidence in our ability to go ahead and really make it an incredibly successful module for us.

是的。也許再補充一個小點。我們與 Attivo 合作已超過一年，因此我們其實已經看到兩家公司共同帶動的需求正在產生。這讓我們對於能夠繼續推進，並把它打造為對我們而言極其成功的一個模組，充滿信心。

I think the one last thing I would mention as well is we've seen an incredible level of interest from our incident response partnerships. And I think we're going to experience a ton of demand coming out of that motion as well.

我想我還會提到最後一點：我們從事件回應（incident response）的合作夥伴關係中，看到了極高程度的興趣。我認為我們也會從那個推動動能中，看到大量需求湧現。

Got it. That's really helpful. And then just one quick follow-up. If I look at your sales and marketing efficiencies, they improved every quarter this year. What's driving that? And how should we think about the potential for additional gains in fiscal '23?

了解。這非常有幫助。接著再快速追問一下：如果我看你們的銷售與行銷效率，今年每一季都有改善。是什麼在驅動這件事？以及我們該如何看待 2023 財年進一步提升的可能性？

Well, I think first and foremost, it's getting the right operational pieces in place over the last several quarters, which we worked really hard on in terms of onboarding, training, enablement. But that also extends out to our partner ecosystem as well because a new sales rep is going to be a lot more productive when they're dropped in a region that has mature, veteran, up-to-speed partnerships in place. And that's the state of the union today with our go-to-market.

我想首先也是最重要的，是在過去幾季把正確的營運要件建置到位；我們在新人到職（onboarding）、訓練、賦能（enablement）方面下了很大功夫。但這也延伸到我們的合作夥伴生態系，因為當一位新的業務代表被派到一個已具成熟、資深、且合作夥伴關係已到位並能快速運作的區域時，他的生產力會高很多。而這就是我們目前在市場推進（go-to-market）上的現況。

The next question is from the line of Patrick Colville with Deutsche Bank.

下一個問題來自德意志銀行（Deutsche Bank）的 Patrick Colville。

Let me echo the congrats of others on closing out a great first year. Just on Attivo, I mean, I met with the company quite a few times. And their messaging to me is much more on deception and kind of honeypots and full slags and kind of that domain. What you've been kind of mentioning to us today is much more about identity. So just trying to understand, has the business shifted quite a lot recently to kind of more focus more on identity? Is that how you're kind of trying to pivot the business? Just help me understand kind of that aspect and whether, I guess, deception is going to be part of the kind of go forward with Attivo.

讓我也呼應其他人的祝賀，恭喜你們完成非常出色的第一年。關於 Attivo，我的意思是，我跟這家公司會面過很多次。他們對我傳達的訊息更多是關於欺敵（deception）、類似蜜罐（honeypots）、以及那個領域的內容。而你們今天跟我們提到的，更多是在談身分（identity）。所以我想了解的是：這個業務最近是否有相當大的轉變，變得更聚焦在身分？這是否是你們想要推動的轉向？也請幫我理解這一塊，以及我想，欺敵是否仍會是 Attivo 未來發展的一部分。

Yes, yes. It's a good question. And the business definitely shifted significantly in the past few quarters. They expanded what they're doing. And they really leveraged their expertise in understanding Active Directory structure, which is really the vote for our identity to build complete new offerings, which are now -- if you look at the revenue mix, are the fastest growing and are definitely showing the biggest traction that they have as a company.

是的，是的。這是個好問題。而且這個業務在過去幾季確實有顯著轉變。他們擴大了他們在做的事情，並且真正運用他們在理解 Active Directory 架構方面的專長——這其實是我們身分的基礎——來打造全新的產品。現在如果你看營收組合，這些新產品成長最快，也確實展現出他們作為一家公司所擁有的最大牽引力。

It's kind of a threefold type of product portfolio today between what we define as kind of legacy deception, which is still very much needed in today's world, especially as we focus on preventing lateral movement that is not always machine-driven but more user-driven, but then on top of that, the ability to assess risk within Active Directory not just on a go-forward basis but also on a look-back basis, allow you to eliminate configuration mismatches or any type of vulnerabilities you already have preexisting in your environment. That becomes a big deal for customers out there today with the sheer complexity of managing identities in kind of on-prem situations.

他們目前的產品組合大致可分成三個面向：我們所定義的傳統欺敵（legacy deception），在今天的世界仍然非常需要，特別是當我們聚焦於防止橫向移動（lateral movement）時——這種橫向移動不一定是機器驅動，更多可能是使用者驅動；此外，還有在 Active Directory 內進行風險評估的能力，不僅是面向未來（go-forward），也能回溯檢視（look-back），讓你能消除設定不一致或任何你環境中既有的弱點。對於今天的客戶而言，這非常重要，因為在偏向地端（on-prem）的情境下，身分管理的複雜度非常高。

But then the entire identity protection layer, credential protection, all of that, these are new modules that they have built over the last few quarters and are showing meaningful traction for that company. So to us, it's just a great multi-layered approach that really addresses in the most comprehensive way today everything in and around identity. And we feel it's just a great way for our customers to reduce risk once again in the most profound way that you can when you're looking at the user perspective, including insider threat, which is, to us, maybe an overlooked part of what's happening today in the enterprise landscape but remains a big pain point for enterprises today.

再來是完整的身分防護層、憑證防護（credential protection）等等——這些都是他們在過去幾季打造的新模組，並且已為該公司帶來具意義的市場牽引力。對我們而言，這是一個很棒的多層式方法，能以目前最全面的方式，涵蓋所有與身分相關的面向。我們也認為，這能讓客戶再次以最深刻的方式降低風險，因為當你從使用者視角來看（包含內部威脅），這對我們而言可能是當今企業環境中被忽略的一部分，但對企業來說仍然是很大的痛點。

The next question is from the line of Fatima Boolani with Citi.

下一個問題來自花旗（Citi）的 Fatima Boolani。

This is [Mark] on for Fatima. Maybe just a quick one on Attivo as well. On the -- I guess like going forward, how do you expect Attivo to be sold? Should we think about this as a feature or a new modular capability similar to the ones we've seen with cloud security and IoT SKUs? Or should we expect, I guess, like a different approach here?

我是代替 Fatima 的 [Mark]。也許再快速問一個關於 Attivo 的問題。就——我想是往後來看，你們預期 Attivo 會如何被銷售？我們應該把它視為一個功能，或是一個新的模組化能力，類似我們在雲端安全與 IoT SKU 上看到的那種？還是說，我想，這裡會有不同的做法？

Yes. I mean I think what you're seeing in our business is also a complete shift to really platform selling. So when you look at our cloud portion, it's a complete separate module or module package. Identity will be the same. It's basically an identity suite of capabilities. It will be sold on top of the platform. So it will be included in any bundle. To us, I mean, that's the way that we today see success with our existing modules. Like RSO as an example, it's a complete endpoint management suite, cloud suite and our identity suite. To us, I mean, it's just -- it's a great way to re-expand what we do, but at the same time, make sure that we're not just continuing and selling just one core endpoint -- or into just one core endpoint TAM, but with every sale, we expand across TAMs.

是的。我的意思是，我想你在我們的業務中也看到一個完全的轉變：真正走向平台式銷售（platform selling）。所以當你看我們的雲端部分，它是一個完全獨立的模組或模組套件。身分也會一樣；基本上是一套身分能力的套件，會在平台之上銷售。因此它會被納入任何組合包（bundle）。對我們而言，這就是我們今天在既有模組上看到成功的方式。以 RSO 為例，它是一套完整的端點管理套件、雲端套件，以及我們的身分套件。對我們來說，這是一個很好的方式，一方面重新擴展我們能做的事，同時也確保我們不只是持續在單一核心端點——或只在單一核心端點的 TAM——裡銷售，而是每一筆交易都能跨 TAM 擴張。

The next question is from the line of Saket Kalia with Barclays.

下一個問題來自 Barclays 的 Saket Kalia。

Okay. Great. Tomer, maybe for you, just maybe zeroing in on the core endpoint part of the business. Can you just talk a little bit about how the base looked at the end of the year just around across different Singularity bundles, Core, Control and Complete? And maybe talk to us how you think about that mix sort of going forward. Does that make sense?

好的。很棒。Tomer，可能想請你聚焦在業務的核心端點部分。你能不能談一下年底時的客戶基礎（base），在不同的 Singularity 組合包——Core、Control 和 Complete——之間大概是什麼樣子？也請談談你如何看待這個組合占比在未來的走向。這樣問有清楚嗎？

Yes, yes. Absolutely. And I think in kind of a quick follow-up to what I just said, we've really shifted in the past couple of quarters to more of kind of an overarching platform selling approach, which really means that we're really focused on just selling Complete right now. It's kind of the one and only package you can buy at the enterprise level. And then on top of that, the expansion modules that we've built to date, both towards surfaces, data retention and now obviously identify in the user perspective.

是的，是的。當然可以。我想也順著我剛剛說的做個快速補充：過去幾季我們確實轉向更偏整體的平台式銷售方法，這也意味著我們目前真的聚焦在只賣 Complete。它算是在企業層級你唯一能買到的套件。然後在此之上，是我們迄今打造的擴充模組，包含面向攻擊面（surfaces）、資料保留（data retention），以及現在很明顯的、從使用者視角出發的身分（identity）。

So to us, Complete really becomes kind of the base of what we sell to the enterprise market. I think it accounts for about 75% of our enterprise sales to date. The vast majority of what we don't sell -- where we don't sell Complete is really through the MSSP channel and in other parts of the market that might not need the fully fledged functionality that comes with our Complete package. But definitely, going forward, the focus here is selling Complete as the base package for our platform and then on top of that, the expansion modules, the expansion suite that, again, today span cloud, IoT, data and with Attivo identity as well.

所以對我們而言，Complete 真的成為我們賣給企業市場的基礎。我認為它約占我們迄今企業銷售的 75%。我們沒有賣 Complete 的大多數情況，主要是透過 MSSP 通路，以及市場中其他可能不需要 Complete 套件所附完整功能的部分。但可以確定的是，往後的重點是把 Complete 作為我們平台的基礎套件，然後在其上銷售擴充模組、擴充套件——而這些套件目前涵蓋雲端、IoT、資料，以及 Attivo 的身分能力。

And I think all of that really is against the backdrop of our growing success in the enterprise. And when we're selling into the enterprise, they're buying more products, more modules.

我想這一切也都是在我們企業市場成功持續提升的背景之下發生的。而當我們賣進企業時，他們會購買更多產品、更多模組。

The next question is from the line of Trevor Walsh with JMP Securities.

下一個問題來自 JMP Securities 的 Trevor Walsh。

Maybe best for Dave. I was wondering if you could speak a little bit to net customer adds on a quarter-over-quarter basis. It looks like from what I'm seeing, around 500 to 700, 700 kind of being kind of more recent record of a net add within any given quarter. Is that kind of how you would expect it to kind of go in this -- throughout this year and into next? Or do you have kind of plans from either kind of how your go-to-market teams are getting segmented, et cetera, to maybe boost that number up considerably? And if you could just provide some color on that, that would be great.

這題可能最適合請 Dave 回答。我想請你談一下淨新增客戶數（net customer adds）在季對季的表現。從我看到的數字來看，大約是 500 到 700，700 似乎是近期單季淨新增的高點。這是否大致符合你對今年以及明年的預期走勢？或者你們是否有一些計畫，例如市場推進團隊（go-to-market teams）如何分工切分等等，來把這個數字顯著拉高？如果你能提供一些背景說明就太好了。

Well, you're right. Q4 was a record quarter, and it wasn't just a record quarter for a number of customers added. It's a record quarter for ARR per customer. It was a record quarter for customers over $100,000 in ARR. It was a record quarter for customers over $1 million in ARR. And lastly, it was also a record quarter for module contribution. So we are seeing absolute positive momentum in the business, and we expect that to continue.

嗯，你說得對。第四季是創紀錄的一季，而且不只是新增客戶數創紀錄。每位客戶的 ARR 也創紀錄。ARR 超過 10 萬美元的客戶數創紀錄。ARR 超過 100 萬美元的客戶數也創紀錄。最後，模組貢獻也同樣創紀錄。因此我們看到業務出現絕對正向的動能，並預期這種趨勢會持續。

The next question is from the line of Hamza Fodderwala with Morgan Stanley.

下一個問題來自 Morgan Stanley 的 Hamza Fodderwala。

I had a question on DataSet for Tomer and for Nick. Tomer, if you could just talk a little bit about how the pipeline is trending for that DataSet product? I know you rebranded it recently off the acquisition of Scalyr. And to what extent this is a one-to-one replacement for some of the existing SIEM and logging solutions out there? And then for Nick, how are you thinking about building the go-to-market engine for DataSet? Is this something that you see that can be sold separate from the Singularity platform? And how are you ramping the reps around that sales motion?

我有一個關於 DataSet 的問題，想請教 Tomer 和 Nick。Tomer，你能否談談 DataSet 這個產品的銷售管線趨勢如何？我知道你們最近在收購 Scalyr 後重新品牌化。它在多大程度上可以一對一取代市面上一些既有的 SIEM 與日誌解決方案？另外想請教 Nick，你們如何思考為 DataSet 建立 go-to-market 引擎？這是否是你們認為可以獨立於 Singularity 平台之外銷售的產品？你們又如何讓業務代表針對這種銷售動作加速上手？

Yes. So again, a record quarter pipeline for DataSet. I mean obviously, in the back of the launch, I mean, it just generated a lot of customer interest. But at the same time, I think what's important to understand is that when you're talking about the DataSet brand, we're really more addressing the known security use cases. Where you find the SIEM replacement opportunities, to us, this is going to come on the back of Singularity XDR. DataSet is the backbone technology behind the scenes for Singularity XDR. But our way to address security use cases is with Singularity, with the Singularity brand, with the SentinelOne brand and with XDR.

是的。所以再一次，DataSet 的管線在本季也創下紀錄。顯然在產品發表之後，它帶來了大量客戶興趣。但同時我認為重要的是要理解，當你談到 DataSet 這個品牌時，我們其實更是在處理已知的資安使用情境。至於你會看到 SIEM 替換機會的地方，對我們而言，這會建立在 Singularity XDR 之上。DataSet 是 Singularity XDR 背後的骨幹技術。但我們用來切入資安使用情境的方式，是透過 Singularity、透過 Singularity 品牌、透過 SentinelOne 品牌以及透過 XDR。

So head-to-head SIEM replacements, these are ones that we're addressing with our XDR platform. When you talk about logging platforms, search capabilities, real-time event data monitoring, that's what we do with DataSet, and that's where we're seeing a ton of traction right now. So to us, DataSet is really focused on addressing all use cases above and beyond security. And we're leaving the SIEM replacements to our XDR approach, which we truly believe is just the next incarnation of the SIEM. It's much more of an active solution to aggregate security events.

因此，正面對決的 SIEM 替換案，我們是用 XDR 平台來應對。當你談到日誌平台、搜尋能力、即時事件資料監控，那就是我們用 DataSet 來做的事情，而這也是我們目前看到大量牽引力的地方。對我們而言，DataSet 主要聚焦在資安以外、超出資安範疇的所有使用情境。而 SIEM 替換則交由我們的 XDR 方法來處理；我們確實相信那就是 SIEM 的下一個化身——它是一個更主動的解決方案，用來彙整資安事件。

We're going to be opening up ingestion at scale from every product that you have in your enterprise ecosystem and into the XDR platform. So XDR is the answer for SIEM. DataSet is our ability to now go and expand on the foundation that Scalyr was built upon and really tailor not into just logging environment and production environment but also even business data, where we see some of our existing customers are ingesting unstructured data from every source, not only production, not only logging, and are deriving insights from the data that they put into the platform.

我們將會開放以大規模方式，從你企業生態系中的每一個產品進行資料匯入，並導入 XDR 平台。因此，XDR 是 SIEM 的答案。DataSet 則讓我們能在 Scalyr 所建立的基礎上進一步擴展，並且不只是針對日誌環境與生產環境做客製化，甚至也涵蓋商業資料；我們看到一些既有客戶正從各種來源匯入非結構化資料，不僅是生產、不僅是日誌，並從他們放入平台的資料中萃取洞見。

And our go-to-market data set is really twofold. We have a specialized sales force for data analytics, but we've also incented our entire sales force to be able to cross-sell DataSet. And this approach is working great. In Q4, we closed large 7-figure deals like a new business deal with Copart. And then we also grew customers like DoorDash well into the 7 figures from an ARR perspective.

而我們的 DataSet go-to-market 主要有兩個面向。我們有一支專門負責資料分析的銷售團隊，同時也對整體銷售團隊設計了激勵機制，讓他們能夠交叉銷售 DataSet。這個做法運作得非常好。第四季我們拿下了大型的七位數交易，例如與 Copart 的新客戶交易。此外，我們也把像 DoorDash 這樣的客戶，從 ARR 的角度推升到遠超七位數的規模。

Maybe if I could just follow up, Nick. Are these being sold to different buyers almost? Because it seems like data and analytics on the DataSet side is an almost entirely different use case versus secure. So are you selling them both to the CISO? Or is one being sold to maybe another part of the organization?

也許我可以再追問一下，Nick。這些幾乎是賣給不同的買方嗎？因為看起來 DataSet 端的資料與分析，幾乎是與資安完全不同的使用情境。所以你們兩者都是賣給 CISO 嗎？還是其中一個會賣給組織內的其他部門？

We're selling into the CIO.

我們是賣給 CIO。

The next question is from the line of Rob Owens with Piper Sandler.

下一個問題來自 Piper Sandler 的 Rob Owens。

I was wondering if you could unpack some of the trends you're seeing in your sales and marketing line, which has been somewhat flattish over the last couple of quarters relative to forward thinking around capacity additions, where you're at and what a return to office might look like for that line.

我想請你們拆解一下你們在銷售與行銷費用線上看到的一些趨勢；相較於你們對未來擴充產能的規劃，過去幾季這條線看起來有點持平。你們目前的狀況如何？以及對於重返辦公室，這條費用線可能會呈現什麼樣的樣貌？

I can start a bit from the financial standpoint. I think what we're seeing is we're just continuing to see more efficiencies and productivity gains. When I think about the time of marketing expense, obviously, with it being our IPO year, they were more heavily weighted to the front of the year. We're continuing to invest in sales and marketing to support the growth of the business. And this was -- the past year has been a huge year of growth for us, whether it's the IPO, the meaningful jump in scale, the growth of the platform or just bringing us a little further up in the mindset of buyers. This has just been a really important year for SentinelOne.

我可以先從財務角度談一些。我認為我們看到的是效率與生產力持續提升。談到行銷費用的時點，顯然因為去年是我們 IPO 的年度，費用在年初的比重較高。我們仍持續投資銷售與行銷，以支持業務成長。而過去一年對我們來說是高度成長的一年，不論是 IPO、規模的顯著躍升、平台的成長，或是讓我們在買方心智中再往前一步。這一年對 SentinelOne 來說非常重要。

And Nick, I don't know if you want to expand a bit just in terms of how the sales force is -- how they're ramping.

Nick，我不確定你是否想再補充一下，關於銷售團隊——他們的上手與爬坡情況如何。

Well, we doubled our sales force last year. We're going to continue to aggressively hire as we get into the end of the year. As I mentioned before, we're really pleased with the productivity and performance of our teams. And again, I want to stress again, so much of that is a benefit of our channel ecosystem. And so what we have out there is the ability to punch well above our weight. Instead of having a few hundred sellers out there, we have thousands of sellers out there that are interacting at all different life cycle stages and parts of the organization.

嗯，我們去年把銷售團隊規模翻倍。今年接近年底時，我們會持續積極招募。如我先前提到的，我們對團隊的生產力與表現非常滿意。而且我想再次強調，其中很大一部分受益於我們的通路生態系。因此我們具備「以小搏大」的能力。與其只有幾百位銷售在外面，我們其實有成千上萬的銷售人員在外面，於不同生命週期階段、在組織的不同部位與客戶互動。

So when I -- the question I just answered around DataSet, that's a conversation with the CIO. That really up-levels our brand and visibility outside of just having CISO conversations. So when you think about scaling and building out a team, what they're inheriting now is a great brand, incredible momentum and a huge channel ecosystem. And what that makes us really confident about is forward hiring, increasing our scale and capacity and being able to do so very successfully.

所以當我——剛才回答 DataSet 的問題時，那是一場與 CIO 的對話。這讓我們的品牌與能見度不再只停留在與 CISO 的對話上。當你思考擴張與建立團隊時，他們現在所承接的是一個很強的品牌、驚人的動能，以及龐大的通路生態系。這也讓我們對於未來持續招募、提升規模與產能，並且能非常成功地做到這些，充滿信心。

Yes. Just a quick add to that. Like a great way to look at that is our magic number, and it's been over 1, and it's continuing to expand. So to us, I mean, we obviously track [efficiently] very, very closely, and we're very pleased with the progression. That gives us more confidence to kind of continue and scale the business, of course. Couple that with win rates that are consistently strong, and you just get a good recipe for growth.

是的。我再快速補充一下。一個很好的觀察方式是我們的 magic number，它已經超過 1，而且還在持續擴大。對我們而言，我們當然非常、非常密切地追蹤效率，而我們對這個進展非常滿意。這讓我們更有信心能持續推進並擴大業務規模。再加上我們的贏單率一向穩健強勁，你就會得到一個很好的成長配方。

The next question is from the line of Roger Boyd with UBS Securities.

下一個問題來自 UBS Securities 的 Roger Boyd。

Just a comment on the partner channel. You noted [20%] cost of business now coming through. Given the success you're seeing here and the work you've done in the last 18 months to go and partner with the largest ones, how big could this get as a percent of your business? And as you continue to add end users through these partners, how are you thinking about customer additions in fiscal '23 versus the 3,000 you added in fiscal '22?

我想就合作夥伴通路做個提問。你們提到目前有 [20%] 的業務成本是透過通路進來。考量你們在這裡看到的成功，以及過去 18 個月你們與最大型夥伴合作所做的工作，這個比例最高可能成長到你們業務的多少百分比？另外，隨著你們透過這些夥伴持續增加終端用戶，你們如何看待 2023 會計年度的新增客戶數，相較於 2022 會計年度新增的 3,000 家？

I mean I think the growth environment on the partner side is really unbounded. If you think about what we've done, it's not just partnering with security resellers. If you think about partnering with MDRs, with MSSPs, with incident response partners, each on their own, those macro ecosystems are growing massively, especially if you look at the MDR and MSSP space.

我的意思是，我認為合作夥伴端的成長空間幾乎沒有上限。回頭看我們做的事情，不只是與資安經銷商合作。如果你想到我們也與 MDR、與 MSSP、與事件應變合作夥伴合作，這些各自的宏觀生態系都在大幅成長，尤其是 MDR 與 MSSP 領域。

So as we're growing and adding more of those partners, their own business is really growing super rapidly. And that's why if you see contribution, it's accelerating, and it will continue to accelerate. And I think what really is great about it is it just gives us exposure to a broad set of customers, especially with MSSPs that we wouldn't normally touch.

因此，隨著我們成長並加入更多這類夥伴，他們自身的業務也在非常快速地成長。這就是為什麼你會看到貢獻度在加速，而且會持續加速。我認為更棒的是，這讓我們能接觸到更廣泛的客戶群，特別是透過 MSSP，我們原本通常不會觸及的客戶。

And so we're doing all those things. And then in addition, we are continuing to totally focus on enterprise selling. And so selling that platform motion, selling modules, totally focusing on selling Complete into enterprise customers with this amazing collection of modules that we have as well. And that's why, frankly, we're so excited about the Attivo acquisition. We feel like it gives us several more important arrows in our quiver that we can go out and execute against.

因此我們正在做所有這些事情。此外，我們也持續完全專注於企業銷售。因此，推動平台式銷售動能、銷售模組，並且全力聚焦於向企業客戶銷售 Complete，搭配我們這套令人驚豔的模組組合。也正因如此，坦白說，我們對 Attivo 的收購感到非常興奮。我們覺得這讓我們的箭袋裡又多了幾支重要的箭，可以出去對準目標執行。

The next question is from the line of Brent Thill with Jefferies.

下一個問題來自 Jefferies 的 Brent Thill。

Tomer, you guys mentioned your large customers are growing 2x your smaller customers. Many are asking what's easing the enterprise friction for you going forward.

Tomer，你們提到大型客戶的成長速度是小型客戶的 2 倍。很多人想知道，未來是什麼在降低你們在企業端推進時的摩擦？

I think it's a combination of things, right? I mean I think I wouldn't -- I'd be remiss if I didn't say our brand and our ability to show incredibly well every time the platform is put to the test. I think that's a big driver for us. I think our Ranger capability, which you might look at just a capability, but it also allows for rapid deployment, and it allows for discovery of more surfaces in the enterprise. And that just speaks to the simplicity of use that our platform really carries.

我認為這是多種因素的組合，對吧？我的意思是，如果我不提我們的品牌，以及每次平台接受考驗時都能展現得非常出色的能力，那我就失職了。我認為這對我們是很大的驅動力。我也認為我們的 Ranger 能力，你可能只把它看作一項能力，但它同時也能支援快速部署，並且能在企業中發現更多攻擊面。這也正好說明了我們平台所具備的易用性與簡潔性。

If you take that with the ability to join these enterprises in their journey to the cloud with a best-of-breed runtime protection, we're becoming really a one-stop shop for a lot of these enterprises to look at every surface that they currently have. And I think that just unlocks more and more traction for us. If you kind of look even at our data capabilities, once again, the ability to provide up to a year of data retention out of the box, no customization, just something that you tick off is something that is unique to us in this space.

再加上我們能以業界最佳的執行期防護（runtime protection）陪伴這些企業走向雲端的旅程，我們正逐漸成為許多企業的一站式選擇，去檢視他們目前所擁有的每一個面向。我認為這讓我們獲得越來越多的動能。即便看我們的資料能力也是如此：再次強調，我們能夠開箱即用提供長達一年的資料保留，不需要客製化，只要勾選啟用即可，這在這個領域是我們獨有的。

And I think that a lot of the large enterprises out there are looking at that because otherwise, if they're going with a different EDR vendor, they suddenly need to figure how are they going to retain data on the back of maybe a different platform. And that's sometimes going to be just incredibly costly. With us, it comes on the back of a single platform. It's the benefit of DataSet that is now the back end of our entire XDR platform. So obviously, I mean, that is becoming something that's very, very tempting to a lot of enterprises there to solve both for security but also for data and log retention in one fell swoop.

我認為很多大型企業都在看重這一點，因為否則如果他們選擇其他 EDR 供應商，就會突然需要想辦法：要如何在可能是另一個平台之上保留資料。而那有時會非常昂貴。對我們而言，這是建立在單一平台之上。這就是 DataSet 的優勢，而 DataSet 現在已成為我們整個 XDR 平台的後端。因此很明顯，這對許多企業來說非常有吸引力，能一次性同時解決安全需求，以及資料與日誌保留（log retention）的需求。

The next question is from the line of Andrew Nowinski with Wells Fargo.

下一個問題來自 Wells Fargo 的 Andrew Nowinski。

Can you give us any color on that large deal that you mentioned that was the largest in company history? And was there any significant pricing pressure on that deal and whether we should normalize for that deal when we think about billings growth for Q4 of this year?

你能否就你提到的那筆公司史上最大的重大交易提供一些細節？那筆交易是否面臨任何顯著的定價壓力？以及當我們思考今年第四季的帳單（billings）成長時，是否應該把那筆交易的影響正常化（剔除/調整）？

Yes. I mean I don't think it's something that we think is completely out of whack in many regards. I mean we do have the pipeline that shows that our large new progression is here to stay, and it's going to expand and hopefully be more meaningful if you kind of progress towards the next quarters. All in all, we think it's just a great win for us. No notable pricing pressure outside of the obvious competitive environment. So to us, it's just another great indicator for our ability to just progress upwards and upwards in our large deal velocity trajectory.

是的。我的意思是，我不認為那在很多方面是完全不尋常的。我們確實有管線顯示，大型新案的進展趨勢將會持續，而且如果你往接下來幾季推進，它會擴大並希望變得更有意義。總體而言，我們認為這對我們是一場很棒的勝利。除了顯而易見的競爭環境之外，沒有值得一提的定價壓力。對我們來說，這只是另一個很好的指標，顯示我們在大型交易速度（velocity）的軌跡上，能夠持續向上、再向上。

The next question is from the line of Joshua Tilton with Wolfe Research.

下一個問題來自 Wolfe Research 的 Joshua Tilton。

Just a quick one for me. On the gross margin guidance, would it be possible to kind of give us a sense of what it would have been if you were not digesting costs associated with migrating customers to DataSet in the first half of the year?

我這邊一個簡短問題。關於毛利率指引，你們能否大概說明一下：如果今年上半年沒有吸收與將客戶遷移到 DataSet 相關的成本，毛利率原本會是多少？

Yes. I mean in the past, we've said it was around 4% so I would say it's in that ballpark. When I think about what it would be if we weren't having a duplicative cost, we're expecting this to continue through the first half of the year. And then obviously, it's going to dissipate over that time. But we expect that the rest of customers will be migrated by the end of Q2.

可以。我的意思是，過去我們說大約是 4%，所以我會說大概就在那個範圍。當我思考如果沒有重複性成本（duplicative cost）會是什麼情況時，我們預期這會持續到上半年，然後很明顯會在那段期間逐步消退。不過我們預期其餘客戶會在第二季末之前完成遷移。

I think you'll see the continued scale on us. As we're looking at how we're going to exit the year, if you look at what our guidance is with these suppressed margins in the first half, I think what your -- what you could perceive from that is that we'd be in the high 60s by year-end.

我認為你會看到我們持續的規模效益。當我們看今年年底要以什麼狀態收官時，如果你看我們在上半年毛利率被壓抑情況下所給出的指引，我認為你——你可以從中推測的是，到年底我們會落在接近 60% 後段（high 60s）的水準。

The next question is from the line of Rudy Kessinger with D.A. Davidson.

下一個問題來自 D.A. Davidson 的 Rudy Kessinger。

On Attivo, it would appear the customer base certainly much more tilted towards enterprise customers, ARR per customer a bit over double your guys'. How much customer overlap is there? And what kind of opportunities do you have within the Attivo customer base to cross-sell your solutions into those enterprise customers?

關於 Attivo，看起來其客戶基礎確實更偏向企業客戶，每位客戶的 ARR 也略高於你們的兩倍。雙方客戶重疊度有多少？以及在 Attivo 的客戶群中，你們有什麼樣的機會把你們的解決方案交叉銷售給那些企業客戶？

There's some overlap, but it's actually quite small. And so that is an incredibly compelling cross-sell opportunity because what's also even more rare is that there isn't much overlap, but we're ultimately trying to solve the same problems together as a joint solution. And we're still selling into the same parts of the organization, especially as it's focused around security.

有一些重疊，但其實相當小。因此這是一個非常有吸引力的交叉銷售機會。更難得的是，雖然重疊不多，但我們最終是要以聯合解決方案一起解決相同的問題。而且我們仍然是在同一個組織部門中銷售，特別是以資安為核心的那些部門。

So when you think about the Attivo customer base, it's dozens of Fortune 500, several Fortune 10s, really great customers like Aflac and others and a real strength in federal and public sector and also a real strength in the Middle East as well. And so these are all areas that are going to be highly complementary to our existing business.

所以當你想到 Attivo 的客戶群時，它包含數十家《財富》500 強、好幾家《財富》10 強，像 Aflac 等等非常優質的客戶；同時在聯邦政府與公共部門也很強，在中東地區同樣也很強。因此，這些領域都將與我們現有業務形成高度互補。

That concludes the question-and-answer session, so I will pass the conference over to the management team for any closing remarks.

問答環節到此結束，我將把電話會議交回管理團隊，請他們做任何結語。

Thanks, everybody. We appreciate your time and attention today and looking forward to the next one. Thank you.

謝謝大家。我們感謝各位今天撥冗參與並專注聆聽，期待下一次。謝謝。

That concludes today's conference call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。