SentinelOne (NYSE: S) reported first-quarter financial results on Thursday. The transcript from the company's first-quarter earnings call has been provided below.

SentinelOne（纽约证券交易所代码：S）于周四公布了第一季度财务业绩。以下是公司第一季度财报电话会议的文字记录。

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The full earnings call is available at https://sentinelone-q1-fy2027-earnings-conference-call.open-exchange.net/

完整的财报电话会议可在 https://sentinelone-q1-fy2027-earnings-conference-call.open-exchange.net/ 获取。

Summary

摘要

SentinelOne Inc reported strong Q1 FY 2027 results with a 21% year-over-year revenue growth to $277 million and a record net new ARR growth of 55%, driven by new logo acquisition and platform adoption.

SentinelOne Inc 报告了强劲的 2027 财年第一季度业绩，收入同比增长 21%，达到 2.77 亿美元，净新增年度经常性收入（ARR）增长创纪录的 55%，主要得益于新客户的获取和平台的采用。

The company is focusing on AI-driven cybersecurity solutions, reporting that its AI Security ARR nearly doubled. SentinelOne's strategic initiatives include expanding AI security, cloud, and data solutions, and enhancing the Singularity platform.

该公司专注于人工智能驱动的网络安全解决方案，报告称其人工智能安全 ARR 几乎翻了一番。SentinelOne 的战略举措包括扩展人工智能安全、云和数据解决方案，以及增强 Singularity 平台。

Looking forward, SentinelOne provided guidance for FY 2027 with expected revenue growth of 20% and raised operating income outlook, demonstrating a strong balance between growth and profitability. The company announced a workforce reduction to streamline operations and boost efficiency, resulting in anticipated annualized cost savings of $45 million.

展望未来，SentinelOne 对 2027 财年提供了 20% 的预期收入增长指导，并提高了运营收入展望，显示出增长与盈利之间的良好平衡。公司宣布裁员以精简运营并提高效率，预计每年可节省 4500 万美元的成本。

Full Transcript

完整文字记录

OPERATOR

主持人

Hello and welcome to the SentinelOne Inc Q1 FY 2027 earnings conference call. We ask that you please hold all questions until the completion of the formal remarks, at which time you will be given instructions for the question and answer session. Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect your call. I will now turn the call over to Saat Nazir, Vice President of Investor

大家好，欢迎参加 SentinelOne Inc 2027 财年第一季度财报电话会议。请在正式发言结束之前保持静默，届时将提供提问和回答环节的说明。同时提醒您，今天的会议正在录音。如果您有任何异议，请挂断电话。现在我将把会议交给投资者关系副总裁 Saat Nazir。

Saat Nazir (Vice President of Investor Relations)

Saat Nazir（投资者关系副总裁）

Relations Good afternoon everyone and welcome to SentinelOne Inc's earnings call for the first quarter of fiscal year 27 which ended April 30, 2026. With us today are Tomer Weingarten, CEO and Sonali Parekh, CFO. Our press release and an earnings presentation were issued earlier today and are posted on the Investor Relations section of our website. This call and accompanying slides are being broadcast live via webcast and a replay will be available on our website shortly after the call. Before we begin, I would like to remind you that during today's call we'll be making forward looking statements about financial performance and future events, including our guidance for the fiscal second quarter and full fiscal year 2027 as well as long term financial targets. We caution you that such statements reflect our best judgment based on factors currently known to us and that our actual results or events could differ materially. Please refer to the documents we file from time to time with the SEC, in particular our quarterly reports on Form 10Q and annual report on Form 10K. These documents contain and identify important risk factors and other information that may cause our actual results to differ materially from those contained in our forward looking statements. Any forward looking statements made during this call are being made as of today. 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. During this call we will discuss non GAAP financial measures and all comparisons made are year over year. Unless otherwise noted. These non GAAP financial measures are not prepared in accordance with Generally Accepted Accounting principles. A reconciliation of the GAAP and non GAAP results other than with respect to our non GAAP Financial Outlook is provided in today's press release and in our earnings presentation. These non GAAP measures are not intended to be a substitute for our GAAP results. Our Financial Outlook excludes stock based compensation expense, employer payroll tax on employee stock transactions, amortization expense of acquired intangible assets acquisition, related compensation costs, restructuring charges, gains on strategic investments, impact of the previously announced ITA tax settlement and income tax provision which cannot be determined at this time and are therefore not reconciled in today's press release. And with that, let me turn the call over to Tomer Weingarten, CEO of Sentinel One.

大家下午好，欢迎参加 SentinelOne Inc 2027 财年第一季度财报电话会议，会议截止于2026年4月30日。今天与我们一起的是首席执行官 Tomer Weingarten 和首席财务官 Sonali Parekh。我们的新闻稿和财报演示文稿今天早些时候已发布，并已在我们网站的投资者关系部分上架。此次电话会议及相关幻灯片通过网络直播，会议结束后不久将在我们的网站上提供重播。在开始之前，我想提醒大家，在今天的电话会议中，我们将对财务表现和未来事件做出前瞻性陈述，包括我们对 2027 财年第二季度和整个财年的指导以及长期财务目标。我们提醒您，这些陈述反映了我们基于当前已知因素的最佳判断，实际结果或事件可能会有重大差异。请参考我们不时向 SEC 提交的文件，特别是我们的 10Q 季度报告和 10K 年度报告。这些文件包含并识别了重要的风险因素和其他信息，可能导致我们的实际结果与前瞻性陈述中包含的结果有重大差异。今天在此次电话会议中所做的任何前瞻性陈述均为截至今天的陈述。如果此电话会议在今天之后被重播或回顾，会议中提供的信息可能不包含当前或准确的信息，除非法律要求。我们不承担公开更新这些前瞻性陈述的义务，或更新实际结果可能与预期结果有重大差异的原因，即使未来有新信息可用。在此次电话会议中，我们将讨论非 GAAP 财务指标，所有比较均为同比，除非另有说明。这些非 GAAP 财务指标并未按照公认会计原则编制。GAAP 与非 GAAP 结果的调节，除了与我们的非 GAAP 财务展望相关的内容，已在今天的新闻稿和财报演示文稿中提供。这些非 GAAP 指标并不打算替代我们的 GAAP 结果。我们的财务展望不包括基于股票的补偿费用、员工股票交易的雇主工资税、收购的无形资产的摊销费用、相关补偿成本、重组费用、战略投资的收益、先前宣布的 ITA 税务和解的影响以及目前无法确定的所得税准备金，因此在今天的新闻稿中未进行调节。接下来，我将把会议交给 SentinelOne 的首席执行官 Tomer Weingarten。

Tomer Weingarten (Chief Executive Officer)

Tomer Weingarten（首席执行官）

Good afternoon everyone and thank you for joining our first quarter earnings call. Q1 was a solid start to the year for Sentinel One. We delivered strong revenue growth, record net new ARR growth and significant operating margin improvement year over year. Total ARR growth accelerated to 23% in Q1 driven by strong new logo acquisition and expansion with existing customers. We delivered 44 million in net new ARR in Q1, a 55% increase year over year, setting a new company record. This marks our fourth consecutive quarter of positive net new ARR growth. While exceeding expectations, these results showcase execution, consistency and strong business momentum. Our platform strategy is showing solid traction. We have established clear technology leadership across the most critical domains of cybersecurity including AI, data, cloud and endpoint. Enterprises realize they cannot defend against AI driven threats by by consolidating onto legacy platforms that simply bolt on the separate tools together. What's needed is a natively unified AI driven data and security architecture and that is what Sentinel One delivers. According to Gartner, AI security is the fastest growing segment in cybersecurity, growing more than 70% year over year. AI represents a massive market opportunity for us and a durable tailwind for our business. We are already seeing this momentum with our AI offerings as our AI Security ARR nearly doubled again in Q1. AI has been foundational to the singularity platform from day one. This inherent AI advantage has never been more critical and we are well positioned to expand our market share across $100 billion plus market opportunity. Now let's dive deeper into the details of our quarterly performance. We are winning new logos and expanding our footprint across diverse platform categories beyond the Singularity platform's best in class efficacy and autonomy. Its intuitive design and operational simplicity are driving strong customer adoption. In Q1, our total ARR mix reached an important inflection point. For the first time, the total ARR from our non endpoint Solutions approached 50%. This performance was driven by accelerated ARR growth of our AI security data and cloud solutions, a clear testament to the diversity and customer outcomes of the Singularity platforms. Our cross platform adoption drove a record ARR per customer in the quarter, signifying the momentum and contributions across our platform solutions. Overall, we're maintaining a healthy balance between new logo acquisition and existing customer expansion. Given our scale and relative market share, this strategy allows us to increase our market share while still retaining significant future expansion potential. We maintain solid win rates across all competitive situations. We're gaining mind share and market share among customers and partners. Customers of all sizes, especially large enterprises, are increasingly recognizing Sentinel One's AI advantage. Among our platform solutions, AI security continues to be a bright spot with ARR nearly doubling again sequentially in Q1. Today, comp security stands out as the only enterprise grade scalable solution capable of securing AI at this level, and organizations are recognizing that this is a prerequisite for safely accelerating their AI initiatives. Let's look at our Q1 wins that exemplify this A US state government selected SentinelOne to secure its AI infrastructure in one of the first government deals led by AI Security. With thousands of employees accessing AI tools across sensitive government systems, the need for real time visibility and governance was urgent. This customer chose Prompt alongside Endpoint Cloud and AI SIM to get runtime visibility into their employees AI usage while satisfying strict government compliance requirements. Moreover, we are increasingly winning standalone AI security deals from the customers of our direct competitors. This serves as a strategic entry point to expand our broader market exposure. In Q1, an iconic enterprise selected prompt security over the incomplete AI offering of their incumbent Next gen endpoint vendor. Winning this head to head evaluation is has built tremendous trust. By demonstrating the superiority of SentinelOne's technology, we have opened the door to displace that next gen competitor and drive broader consolidation for this enterprise with the Singularity platform. As organizations race to build and deploy homegrown AI applications, the attack surface is expanding faster than legacy tools can address it. To close that gap, we launched Singularity AI Red Teaming in May. Purpose built to secure AI applications from the inside out, this solution autonomously stress tests AI applications against real world attack scenarios before they ever reach production. This creates a highly complimentary lend and expand motion for us. Red Teaming discovers the vulnerabilities in development and our core platform seamlessly blocks them at runtime. We are now delivering AI security from the first line of code through execution. Next purple AI our AgentX SoC solution is rapidly becoming the bedrock of modern security operations. With the increasingly sophisticated capabilities of Purple, we are empowering customers to respond faster, accelerate detection and Automate investigations. In Q1 we announced the general availability of purple AI auto investigations, a major milestone in our journey towards delivering a fully autonomous SoC. Purple AI represents a significant expansion opportunity over time. In several early rollouts we are seeing instances where ARR from purple AIs end to end deployment can outgrow a customer's core endpoint footprint. Delivering Agentix SoC's autonomous capabilities can drive outsized value. Purple is built for enterprise scale and and natively integrated with Singularity Hyper Automation, but its value extends well beyond large enterprises. We've architected Purple to deliver meaningful impact across customers of all sizes and we see a particularly compelling opportunity with MSSP providers who stand to benefit from significant cost efficiencies and step change acceleration across their entire operations. At the capability level, Purple's latest auto investigation feature delivers human level reasoning at scale, providing one click and soon zero click automation with clear verdicts in seconds. This closes the critical gap between insight and action, fundamentally changing what security teams can accomplish. The accuracy we're seeing compared to human analysts make this a true game changer, allowing security practitioners to shift from manual investigation to immediate remediation. This is consistent with IDC's finding noting a 338% ROI for purple AI customers for data solutions Q1 marked the fourth consecutive quarter of ARR growth acceleration. We are seeing increasing demand for our AI SIM as enterprises seek unified visibility, real time detection and autonomous response. Over all this with far more efficient unit economics than legacy alternatives. With an integrated Observo AI, our customers now benefit from owning the critical data pipeline that powers modern security operations. We are delivering a truly comprehensive security data lake that natively unifies petabyte scale, ingestion, orchestration and hyper automation into a single seamless experience. Among several wins in the quarter, an iconic luxury brand displaced Splunk with a multi year commitment to SentinelOne Inc's AI SIM as their dedicated security data platform. Their global operations needed a solution that offered unified visibility into a single AI native platform. The combination of real time, autonomous security and operational simplicity of the Singularity platform made it a winning choice. In another win, a multinational services Enterprise signed a seven figure expansion with Sentinel 1 replacing their existing SIM provider. This enterprise selected the Singularity platform for superior cost of ownership, machine speed investigations and AI native Unified platform Independent validation continues to reinforce our competitive position. A recent IDC Business Value study found that SentinelOne Inc's AI SIM delivers a 331% three year ROI with only a seven month payback period. Our AI SIM customers see 70% faster queries, 75% faster investigations and four times the threat coverage for cloud security. ARR growth accelerated in Q1 driven by the strong adoption of our best of breed runtime security covering both on PREM and cloud environments. As AI workloads multiply and Cloud environments expand and the need for robust runtime security is increasing. Among cloud security wins, One of the most valuable private companies in the world, soon to become public, significantly expanded its footprint with Sentinel 1 in the quarter. To secure an enterprise of this magnitude, static cloud visibility or posture management was simply insufficient. This enterprise doubled down on Singularity Cloud for autonomous AI powered runtime protection capable of actively neutralizing AI based threats and across their dynamic infrastructure in real time. To secure dynamic cloud environments, organizations need more than static posture management. Our runtime cloud security stops real world cloud attacks in real time and seamlessly scales alongside our customers operation. It is clear that in an AI driven threat landscape, static defenses are no longer sufficient. Verifying identity at the door is useful, but it doesn't stop modern threats. We've seen this play out repeatedly. Traditional identity access management solutions and PAM solutions were built for the past. They were fine at mapping and governing access, but they were never designed to autonomously detect and respond to what happens next. Attackers often bypass access controls post authentication, operating undetected inside environments where trust was already granted. Machine speed, behavioral analysis and continuous validation at runtime is the key competitive edge and the only formidable defense strategy to stop real time attacks. In the age of AI. As the market pivots towards securing AI agents and frontier models, the endpoint remains the ultimate control plane. You simply cannot deliver comprehensive AI security without deep foundational visibility at the point of execution on the host machine that runs AI. AI powered EDR remains a critical vector for capturing the evolving AI security opportunity. With deep expertise and a significant portfolio of patented machine learning and behavioral detection algorithms, Sentinel one is uniquely positioned to protect endpoints and AI workloads directly where they are created and operated. Beyond monitoring access, we align intent to action through real time behavioral analysis, detecting threats that no identity or parameter control can see. Most recent supply chain attacks, including those targeting Light, LLM and Axios, underscore this point clearly. These were exploit free attacks purpose built to bypass traditional security controls and move at machine speed. No signature, no known vulnerability, no parameter trigger. The only effective defense was autonomous behavioral protection at the host level, exactly where CenterOne operates. These real world examples reinforce why the execution layer is where the battle is won. We continue to be a growth leader in the broader endpoint sector by delivering the most autonomous endpoint security solution available. Combining industry leading efficacy, performance and user experience. Nearly half of the existing endpoint sector is still using legacy antivirus solutions. This is a clear opportunity for continued market share gains. We're also beginning to see increased traction in securing highly restricted on prem environments where true sovereignty is required, which is a distinct structural advantage for us. While our competitors can't really secure these environments, this provides an emerging growth avenue for us. We have the distinct advantage of delivering fully autonomous high velocity AI protection in any environment, both cloud and on prem. Our expanding customer base now includes some of the most sophisticated and iconic companies on the planet. From frontier AI labs and major financial institutions to critical global supply chains, the world's most demanding organizations rely on and trust sentinelonone Turning to sentinelonone Flex, it is proving to be a highly effective model for broader platform adoption. We're seeing an increasing number of large deals and contributions from flex. In just three quarters of its launch, Flex had crossed $200 million in TCV. Looking ahead, our pipeline and demand for Flex shows continuation of this momentum. Sentinel One Flex is simplifying the purchasing process and driving an increasing number of large seven and eight figure deals and longer term commitments. Overall, our success upmarket is directly fueling bigger deals, driving steady retention and creating a highly visible durable Runway for long term growth. With the growth of token based AI adoption, we're also expanding our monetization model to capture the full value of how customers use our emerging solutions. Usage based metering creates a natural growth engine as customers expand their use of our products like Security Data Lake and Purple AI, customers can choose upfront annualized SentinelOne Flex commitments that provide cost visibility and preferred economics while giving us committed revenue visibility. Together, Sentinel One Flex and prepaid structures and create a durable hybrid model, a reliable baseline with meaningful expansion opportunity Layered on top in the partner ecosystem, we continue to expand our reach and scale. Our partner ecosystem is a force multiplier, expanding our global reach and driving broader platform adoption for MSSPs. The Singularity Platform delivers the AI native multi tenancy and remote management capabilities that drive valuable operational leverage. This structural advantage gives us a unique competitive edge within the MSSP ecosystem. A strong proof point of this leadership came at RSA where we announced an expansion of our partnership with LevelBlue, the world's largest MSSP. This partnership drives the strategic consolidation of their endpoint estate onto the Singularity Platform in the coming years and extends our reach across their global customer base. At rsa. The we also announced an expanded strategic alliance with Google Cloud to deliver autonomous security at global scale and we were honored by winning the 2026 Google Cloud Partner of the Year award. Last week we also announced Singularity Platform's integration into AWS Security Hub Extended. This removes the traditional barriers of enterprise procurement. AWS customers can now turn on Centineone's AI powered runtime security in minutes and directly from their AWS console without new contracts or procurements. This pay as you go model allows organizations to seamlessly secure their modern digital footprints. With SentinelOne, let's shift gears to the broader industry dynamics. Frontier AI models are rapidly changing cyber defense, allowing adversaries to execute AI based attacks and weaponize weaknesses faster than human teams can react. To stay secure, enterprises must rebuild infrastructure from the ground up with a unified AI native foundation to build modern and secure enterprise infrastructure. We believe a collaborative approach is key to solving this generational challenge. Our relationships with the Frontier AI labs are deep and strategic. We partnered with Anthropic on the launch of cloud security and with OpenAI through its early Access for Cyber program embedding Frontier models throughout our platform. We complement these with our own proprietary and fine tuned models and our core engines remain multimodal and model agnostic by design. AI security is becoming a focal point across the industry with programs like Glasswing or Daybreak. It validates the approach we have been building towards for years and we are actively engaged with both Anthropic and OpenAI to ensure Central one's role in this ecosystem continues to grow alongside our platform leadership. I am also pleased to share that we are a participating vendor in Project glasswing. Proactive visibility is only half of the equation. We must neutralize active threats at the point of execution. The new class of AI based attacks are designed to move faster than any human analyst could react. To give the advantage back to defenders, we launched Wayfinder Frontier AI services in Q1 with our elite partner coalition including Mendiant, WWT, KPMG and Booz Allen. We're fusing multimodal AI with tip of the spear human intelligence. Protecting the AI power business world requires securing the systems where AI is actually being built and used. Often Linux and MEC operating systems While many cybersecurity vendors remain dependent on securing only Windows environments, our established strength to secure Mac and Linux systems give us structural advantages in AI security. We're expanding our native EDR telemetry to protect autonomous AI agents across these operating systems where AI compute is rapidly growing. Our Singularity platform's own device behavioral AI recognizes malicious execution patterns and mitigates the processes preemptively. We autonomously stopped recent supply chain attacks instantly across multiple customers with zero prior knowledge and no human analysts in the loop before they could do any damage. At Sentinel 1 we are delivering end to end AI security from data to runtime, shifting gears to our operating model. As always, we remain committed to balancing durable growth with improving profitability and accelerating our path towards the rule of 40. That commitment requires us to continuously sharpen how we operate. As I outlined in March, we have been actively refining our team structures and go to market focus while accelerating our internal use of AI. In alignment with this strategy, we made a difficult but the necessary decision. We are streamlining our organizational structure resulting in about 8% reduction in our workforce. This is not a reactive measure. It is a deliberate evolution to reduce complexity and raise the performance bar and build a leaner, more agile Slone 1. On the go to market side, we see an opportunity to uplevel our teams and streamline distribution. This includes tightening our coverage and driving greater productivity across our sales organization. Our goal is straightforward driving better operating leverage, sales efficiency and execution velocity. On the AI side, through the company wide rollout of frontier models, we are seeing meaningful productivity gains across our organization. Work that previously took months is now being completed in weeks and in some cases days. Together, these actions provide us the resources and flexibility to concentrate investments in our highest conviction growth areas, AI, data Cloud and Endpoint Before I turn the call over, I'm very pleased to officially welcome Sonali Parekh to her first earnings call. Over the past months we have been working closely together. Sonele brings an impressive level of operational rigor that aligns with our focus on execution velocity and profitability. She's a phenomenal addition to our executive team and already making an impact. In closing, I want to take a moment to acknowledge the contributions of all Sentinels. Their relentless focus, dedication and execution drives our success and thanks to all our customers, partners and shareholders who are for their continued support. Thank you again for joining us today. With that, I'll hand it over to our CFO Sonali Parek.

大家下午好，感谢大家参加我们第一季度的财报电话会议。第一季度是 Sentinel One 今年的一个良好开端。我们实现了强劲的收入增长，创纪录的净新增年度经常性收入（ARR）增长，以及显著的运营利润率同比改善。第一季度的总 ARR 增长加速至 23%，这得益于强劲的新客户获取和现有客户的扩展。我们在第一季度实现了 4400 万美元的净新增 ARR，同比增长 55%，创下公司新纪录。这标志着我们连续第四个季度实现正的净新增 ARR 增长。尽管超出预期，这些结果展示了我们的执行力、一致性和强大的业务势头。我们的平台战略显示出良好的吸引力。我们在网络安全最关键的领域，包括人工智能、数据、云和终端，建立了明确的技术领导地位。企业意识到，仅仅依靠将不同工具整合到传统平台上，无法有效抵御由人工智能驱动的威胁。所需的是一种原生统一的、由人工智能驱动的数据和安全架构，而这正是 Sentinel One 所提供的。根据 Gartner 的报告，人工智能安全是网络安全中增长最快的细分市场，同比增长超过 70%。人工智能为我们提供了巨大的市场机会，并为我们的业务带来了持久的顺风。我们已经在我们的人工智能产品中看到了这种势头，第一季度我们的人工智能安全 ARR 几乎再次翻倍。自第一天起，人工智能就是 Singularity 平台的基础。这种内在的人工智能优势从未如此关键，我们在扩大市场份额方面处于良好位置，市场机会超过 1000 亿美元。现在让我们深入探讨一下我们季度业绩的细节。我们正在赢得新客户，并在 Singularity 平台的最佳效能和自主性之外，扩展我们在多样化平台类别中的足迹。其直观的设计和操作简便性正在推动强劲的客户采用。在第一季度，我们的总 ARR 组合达到了一个重要的拐点。首次来自非终端解决方案的总 ARR 接近 50%。这一表现得益于我们人工智能安全、数据和云解决方案的 ARR 增长加速，清楚地证明了 Singularity 平台的多样性和客户成果。我们的跨平台采用在本季度推动了每位客户的 ARR 创纪录，标志着我们平台解决方案的势头和贡献。总体而言，我们在新客户获取和现有客户扩展之间保持了健康的平衡。鉴于我们的规模和相对市场份额，这一战略使我们能够在保持显著未来扩展潜力的同时，增加市场份额。我们在所有竞争情况下保持了良好的胜率。我们在客户和合作伙伴中获得了更多的关注和市场份额。各类客户，尤其是大型企业，越来越认识到 Sentinel One 的人工智能优势。在我们的平台解决方案中，人工智能安全继续是一个亮点，第一季度 ARR 几乎再次翻倍。今天，Comp Security 作为唯一能够在此级别上保护人工智能的企业级可扩展解决方案脱颖而出，组织意识到这是安全加速其人工智能计划的前提条件。让我们看看我们第一季度的胜利案例：美国某州政府选择 SentinelOne 来保护其人工智能基础设施，这是由人工智能安全主导的首个政府交易之一。随着数千名员工访问敏感政府系统中的人工智能工具，实时可见性和治理的需求变得迫切。该客户选择了 Prompt 以及 Endpoint Cloud 和 AI SIM，以获取员工人工智能使用的运行时可见性，同时满足严格的政府合规要求。此外，我们越来越多地赢得来自直接竞争对手客户的独立人工智能安全交易。这为我们扩大更广泛市场曝光提供了战略切入点。在第一季度，一家标志性企业选择了 Prompt Security，而不是其现有下一代终端供应商的不完整人工智能产品。在这场面对面的评估中获胜建立了巨大的信任。通过展示 SentinelOne 技术的优越性，我们打开了取代下一代竞争对手的大门，并推动该企业与 Singularity 平台的更广泛整合。随着组织竞相构建和部署自有的人工智能应用，攻击面正在比传统工具能够应对的速度更快地扩展。为了填补这一空白，我们在 5 月推出了 Singularity AI Red Teaming。该解决方案旨在从内部保护人工智能应用，能够在应用进入生产之前，针对真实世界的攻击场景进行自主压力测试。这为我们创造了一个高度互补的扩展机会。Red Teaming 发现开发中的漏洞，而我们的核心平台则在运行时无缝阻止这些漏洞。我们现在提供从代码的第一行到执行的人工智能安全。接下来，Purple AI 我们的 AgentX SoC 解决方案正在迅速成为现代安全运营的基石。随着 Purple 能力的日益复杂，我们正在赋能客户更快响应，加速检测和自动化调查。在第一季度，我们宣布了 Purple AI 自动调查的普遍可用性，这是我们实现完全自主 SoC 之旅的重要里程碑。Purple AI 代表了一个显著的扩展机会。在几个早期的推广中，我们看到 Purple AI 的端到端部署的 ARR 可以超越客户的核心终端足迹。提供 AgentX SoC 的自主能力可以带来超额价值。Purple 是为企业规模而构建的，并与 Singularity Hyper Automation 原生集成，但其价值远远超出了大型企业。我们已经设计 Purple 以在各类客户中产生有意义的影响，我们看到与 MSSP 提供商的机会特别引人注目，他们将从显著的成本效率和整个运营的飞跃加速中受益。在能力层面，Purple 最新的自动调查功能以规模提供人类级推理，提供一键，甚至即将实现的零点击自动化，几秒钟内给出明确的裁决。这填补了洞察与行动之间的关键差距，根本改变了安全团队能够完成的任务。我们看到的准确性与人类分析师相比，使其成为真正的游戏规则改变者，使安全从业者能够从手动调查转向即时补救。这与 IDC 的发现一致，指出 Purple AI 客户在数据解决方案中获得了 338% 的投资回报率。第一季度标志着 ARR 增长加速的第四个连续季度。随着企业寻求统一的可见性、实时检测和自主响应，我们的 AI SIM 的需求不断增加。总体而言，这一切的单位经济效益远比传统替代方案更高。通过集成 Observo AI，我们的客户现在受益于拥有推动现代安全运营的关键数据管道。我们正在提供一个真正全面的安全数据湖，原生统一 PB 级的数据摄取、编排和超自动化，形成一个无缝的体验。在本季度的几项胜利中，一家标志性的奢侈品牌用多年的承诺取代了 Splunk，选择了 SentinelOne Inc 的 AI SIM 作为其专用的安全数据平台。他们的全球运营需要一个能够提供统一可见性的单一人工智能原生平台的解决方案。实时的自主安全和 Singularity 平台的操作简便性使其成为一个成功的选择。在另一项胜利中，一家跨国服务企业与 Sentinel One 签署了七位数的扩展协议，取代了他们现有的 SIM 供应商。该企业选择 Singularity 平台，因其拥有更优的拥有成本、机器速度调查和人工智能原生统一平台。独立验证继续强化我们的竞争地位。最近的一项 IDC 商业价值研究发现，SentinelOne Inc 的 AI SIM 在三年内提供 331% 的投资回报率，仅需七个月的回报期。我们的 AI SIM 客户看到查询速度提高 70%，调查速度提高 75%，云安全的威胁覆盖率提高四倍。第一季度的 ARR 增长加速，得益于我们最佳运行时安全产品在本地和云环境中的强劲采用。随着人工智能工作负载的增加和云环境的扩展，对强大运行时安全的需求也在增加。在云安全的胜利中，世界上最有价值的私人公司之一，即将上市，在本季度显著扩大了与 Sentinel One 的合作。为了保护如此规模的企业，静态云可见性或姿态管理显然是不够的。该企业加倍选择 Singularity Cloud，以实现能够主动中和基于人工智能的威胁的自主人工智能驱动的运行时保护，并实时应对其动态基础设施。为了保护动态云环境，组织需要的不仅仅是静态姿态管理。我们的运行时云安全能够实时阻止现实世界的云攻击，并与客户的运营无缝扩展。显然，在一个由人工智能驱动的威胁环境中，静态防御已不再足够。验证身份在门口是有用的，但并不能阻止现代威胁。我们已经多次看到这一点。传统的身份访问管理解决方案和特权访问管理解决方案是为过去而构建的。它们在映射和管理访问方面表现良好，但从未设计为能够自主检测和响应接下来发生的事情。攻击者通常在身份验证后绕过访问控制，在已经获得信任的环境中不被发现地操作。机器速度、行为分析和运行时的持续验证是关键的竞争优势，也是阻止实时攻击的唯一有效防御策略。在人工智能时代，随着市场向保护人工智能代理和前沿模型转变，终端仍然是最终的控制平面。您无法在运行人工智能的主机上提供全面的人工智能安全，而没有深入的基础可见性。人工智能驱动的 EDR 仍然是捕捉不断演变的人工智能安全机会的关键途径。凭借深厚的专业知识和大量专利的机器学习和行为检测算法，Sentinel One 在保护终端和人工智能工作负载方面独具优势，直接在它们被创建和操作的地方。除了监控访问，我们通过实时行为分析将意图与行动对齐，检测任何身份或参数控制无法看到的威胁。最近的供应链攻击，包括针对 Light、LLM 和 Axios 的攻击，清楚地强调了这一点。这些是专门设计的无漏洞攻击，旨在绕过传统安全控制，并以机器速度移动。没有签名，没有已知漏洞，没有参数触发。唯一有效的防御是在主机级别进行自主行为保护，而这正是 Sentinel One 的运作之处。这些现实世界的例子强化了执行层是胜利之地的原因。我们继续在更广泛的终端领域中成为增长领导者，提供最自主的终端安全解决方案，结合行业领先的效能、性能和用户体验。现有终端领域近一半仍在使用传统的防病毒解决方案。这为持续的市场份额增长提供了明确的机会。我们还开始在保护高度受限的本地环境方面看到更多的吸引力，这需要真正的主权，这是我们的一项独特结构优势。虽然我们的竞争对手无法真正保护这些环境，但这为我们提供了一个新兴的增长途径。我们拥有在任何环境中提供完全自主的高速度人工智能保护的独特优势，包括云和本地。我们不断扩大的客户基础现在包括一些全球最复杂和标志性的公司。从前沿人工智能实验室和主要金融机构到关键的全球供应链，世界上最苛刻的组织依赖并信任 Sentinel One。转向 Sentinel One Flex，它被证明是更广泛平台采用的高效模型。我们看到越来越多的大型交易和来自 Flex 的贡献。在推出的短短三个季度内，Flex 的总合同价值已超过 2 亿美元。展望未来，我们的 Flex 需求和管道显示出这种势头的延续。Sentinel One Flex 正在简化采购流程，并推动越来越多的大型七位数和八位数交易以及长期承诺。总体而言，我们在高端市场的成功直接推动了更大交易的达成，推动了稳定的客户留存，并为长期增长创造了高度可见的持久跑道。随着基于代币的人工智能采用的增长，我们还在扩展我们的货币化模型，以捕捉客户使用我们新兴解决方案的全部价值。基于使用的计量为客户扩展我们产品（如安全数据湖和 Purple AI）创造了自然的增长引擎，客户可以选择提前年度化的 Sentinel One Flex 承诺，以提供成本可见性和优先经济，同时为我们提供承诺的收入可见性。Sentinel One Flex 和预付结构共同创造了一个持久的混合模型，提供可靠的基线和有意义的扩展机会。在合作伙伴生态系统方面，我们继续扩大我们的覆盖范围和规模。我们的合作伙伴生态系统是一个倍增器，扩大了我们的全球覆盖范围，并推动了 MSSP 的更广泛平台采用。Singularity 平台提供了人工智能原生的多租户和远程管理能力，推动了有价值的运营杠杆。这一结构优势使我们在 MSSP 生态系统中拥有独特的竞争优势。我们在 RSA 大会上宣布与全球最大的 MSSP LevelBlue 的合作伙伴关系扩展，成为这一领导地位的强有力证明。这一合作伙伴关系推动了他们的终端资产在未来几年内整合到 Singularity 平台上，并扩大了我们在其全球客户基础中的覆盖范围。在 RSA 大会上，我们还宣布与 Google Cloud 的战略联盟扩展，以在全球范围内提供自主安全，并荣获 2026 年 Google Cloud 年度合作伙伴奖。上周，我们还宣布了 Singularity 平台与 AWS Security Hub Extended 的集成。这消除了企业采购的传统障碍。AWS 客户现在可以在几分钟内直接从其 AWS 控制台启用 Sentinel One 的人工智能驱动的运行时安全，而无需新的合同或采购。这种按需付费的模式使组织能够无缝保护其现代数字足迹。关于 Sentinel One，让我们转向更广泛的行业动态。前沿人工智能模型正在迅速改变网络防御，使对手能够执行人工智能驱动的攻击，并比人类团队更快地利用弱点。为了保持安全，企业必须从根本上重建基础设施，建立统一的人工智能原生基础，以构建现代和安全的企业基础设施。我们相信，协作的方法是解决这一代挑战的关键。我们与前沿人工智能实验室的关系深厚且战略性。我们与 Anthropic 合作推出云安全，并通过其网络安全早期访问计划与 OpenAI 合作，在我们的平台中嵌入前沿模型。我们用我们自己的专有和微调模型来补充这些，且我们的核心引擎在设计上保持多模态和模型无关。人工智能安全正在成为行业的焦点，Glasswing 或 Daybreak 等项目验证了我们多年来一直在构建的方法，我们正积极与 Anthropic 和 OpenAI 合作，以确保 Sentinel One 在这一生态系统中的角色继续与我们的平台领导地位共同增长。我也很高兴地分享，我们是 Project Glasswing 的参与供应商。主动可见性只是方程式的一半。我们必须在执行点中中和主动威胁。新一类基于人工智能的攻击旨在比任何人类分析师能够反应的速度更快。为了将优势还给防御者，我们在第一季度推出了 Wayfinder Frontier AI 服务，与我们的精英合作伙伴联盟，包括 Mendiant、WWT、KPMG 和 Booz Allen。我们将多模态人工智能与尖端人类智能相结合。保护人工智能驱动的商业世界需要保护实际构建和使用人工智能的系统，通常是 Linux 和 MEC 操作系统。虽然许多网络安全供应商仍依赖于仅保护 Windows 环境，但我们在保护 Mac 和 Linux 系统方面的既有优势为人工智能安全提供了结构性优势。我们正在扩展我们的原生 EDR 遥测，以保护这些操作系统上的自主人工智能代理，人工智能计算正在迅速增长。我们 Singularity 平台自身的设备行为人工智能识别恶意执行模式，并预防性地减轻这些过程。我们在没有任何先前知识和没有人类分析师介入的情况下，立即阻止了最近的供应链攻击，防止了它们造成任何损害。在 Sentinel One，我们提供从数据到运行时的端到端人工智能安全。转向我们的运营模式。和往常一样，我们致力于在实现持久增长的同时改善盈利能力，加速我们朝着 40 法则的路径。这一承诺要求我们不断优化我们的运营。正如我在三月所概述的，我们一直在积极完善我们的团队结构和市场推广重点，同时加速我们内部对人工智能的使用。根据这一战略，我们做出了一个艰难但必要的决定。我们正在精简我们的组织结构，导致约 8% 的员工减少。这不是反应性措施，而是为了减少复杂性、提高绩效标准，构建一个更精简、更灵活的 Sentinel One。在市场推广方面，我们看到提升团队水平和简化分销的机会。这包括收紧我们的覆盖范围，并推动销售组织的更高生产力。我们的目标很简单：推动更好的运营杠杆、销售效率和执行速度。在人工智能方面，通过公司范围内推广前沿模型，我们在整个组织中看到了显著的生产力提升。以前需要几个月的工作现在在几周，甚至几天内完成。结合这些行动，我们获得了资源和灵活性，以集中投资于我们最有信心的增长领域：人工智能、数据、云和终端。在我将电话交给之前，我非常高兴地正式欢迎 Sonali Parekh 参加她的第一次财报电话会议。在过去的几个月里，我们一直密切合作。Sonali 带来了与我们对执行速度和盈利能力的关注相一致的令人印象深刻的运营严谨性。她是我们执行团队的杰出补充，已经产生了影响。最后，我想花一点时间来感谢所有 Sentinels 的贡献。他们的执着专注、奉献和执行推动了我们的成功，感谢所有客户、合作伙伴和股东的持续支持。再次感谢大家今天的参与。接下来，我将把时间交给我们的首席财务官 Sonali Parekh。

Sonali Parekh (Chief Financial Officer)

索纳莉·帕雷克（首席财务官）

Thank you Tomer and thanks everyone for joining us today. 60 days in as CFO of Sentinel 1 and the conviction that brought me here has only deepened. Q1 was a strong quarter and it reflects what I've seen firsthand. A platform that is genuinely best in class, a business model with meaningful operating leverage ahead of us and a market at an inflection point. AI is fundamentally expanding the attack surface, creating new security categories, accelerating customer urgency and opening growth vectors that are still in their earliest stages. Sentinel 1 is built for exactly this moment. Now let's review the details of our Q1 fiscal 27 financial performance and our guidance for Q2 and the full fiscal year 27. As a reminder, all comparisons are year over year and financial measures discussed Here are non GAAP Unless otherwise noted, Q1 was a solid quarter for Sentinel 1. Our revenue growth accelerated sequentially, growing 21% year over year to 277 million. Our international markets revenue grew 25% and represented 39% of total revenue, demonstrating strong international demand and a growing global footprint. In Q1, our total ARR growth accelerated to 23% and we added 44 million in net new ARR which comfortably exceeded our expectations. This record net new ARR growth of 55% was driven by new logo acquisition and broader platform adoption within our existing customer base. 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 where our cohort of customers with ARR of $100,000 or more grew 17% year over year. Our gross retention rate or GRR across our customer base remains stable underscoring the mission critical nature of the Singularity platform. For customers spending $100,000 or more in ARR, our dollar based net retention rate or NRR improved both sequentially and year over year. Driven by continued success in multi product platform adoption, we're increasingly landing premier logos providing us with a highly durable Runway for long term growth. Overall, we are maintaining a balanced split between new logo acquisition and existing customer expansion. Given our scale and relative market share, this focus allows us to increase our market share by with significant future expansion potential. This performance clearly reflects the value customers realize from our Singularity platform and our continued success in driving multi product expansion and stickier customers. Now turning to profitability, we continue to maintain a strong gross margin profile highlighting healthy platform unit economics and scale efficiencies. In Q1, our operating margin of 4% exceeded our expectations and represented an improvement of approximately 550 basis points year over year. Our earnings per share of $0.04 also exceeded our expectations and represented an improvement Of 83%. Year over year, we are sustaining a top tier growth profile while rapidly expanding our profitability. Most importantly, we are driving this structural operating leverage without compromising our relentless pace of innovation. On a trailing twelve month basis, our adjusted free cash flow margin was 6.5% representing an improvement of about 440 basis points. Year over year, we've put the company on a path to sustainable positive free cash flow growth which underscores our commitment to durable profitable growth at scale. Complementing this strong performance, our remaining performance obligations growth accelerated to 30% in Q1. Our total RPO reached a record $1.5 billion in Q1, a clear validation of the trust we've established with our customers and our commitment to innovation. We ended the year with a robust balance sheet including $812 million in cash, cash equivalents and investments and no debt. Looking ahead, Sentinel One is well positioned at the intersection of AI data and cybersecurity to lead the industry into the next era of autonomous defense. Capitalizing on this opportunity requires us to evolve our operating model and the way we work. As Tomer discussed, we are implementing a workforce optimization initiative impacting approximately 8% of our workforce. We are harnessing productivity gains to increase our agility and to invest in solutions and like AI Security, Purple, AI Data and Cloud which are key to delivering durable growth. In connection with this initiative, we expect to incur a one time restructuring charge of approximately $25 million in the second quarter which will be excluded from our non GAAP results. Once fully implemented, we expect this action to result in approximately 45 million in annualized cost savings. This provides us with the financial flexibility to purposefully reinvest in our key growth areas while continuing to drive significant operating margin expansion. With our strong growth profile, clear technology leadership and growing structural tailwinds, we have all the ingredients to scale into a multi billion dollar, highly profitable, durable business. Now turning to guidance for Q2 and fiscal year 27 for the full fiscal year 27 we continue to expect revenue to be between 1.195 and 1.205 billion representing 20% year over year growth at the midpoint. For Q2 we expect revenue to be between 289 and and 291 million representing 20% year over year growth at the midpoint. Overall, this outlook is supported by a solid pipeline, strategic partnership opportunities and rising contribution of our emerging solutions including AI data, Cloud and others. As always, we continue to be mindful of the evolving macroeconomic environment and and geopolitical uncertainties which can influence deal timing and sales cycles across the industry. Turning to the outlook for our Profitability metrics For fiscal 27 we are raising our operating income outlook to be between 115 and $125 million, representing an operating margin of 10% at the midpoint, representing a 650 basis point increase over fiscal year 26. For Q2 we expect operating income to be between 23 and 25 million, representing an operating margin of 8% at the midpoint. For full year fiscal 27 we expect fully diluted earnings per share to be between 32 and 38 cents, representing 35 cents at the midpoint. For Q2 we expect earnings per share to be between 6 and 8 cents. We continue to expect a non GAAP tax rate of approximately 17% for the fiscal year 27 and we expect our weighted average diluted share count to be approximately $347 million for Q2 and $350 million for the full year. Taking a Step Back Our technology leadership and competitive position remain strong. We are scaling the business while consistently driving operating leverage. Our investment approach strikes a disciplined balance between capturing long term growth opportunities and maintaining a durable, profitable financial profile. This strategy is foundational to scaling Sentinel 1 into a multi billion dollar business. At the same time, we are instilling operational discipline with a sharp focus on greater efficiency. In summary, we are well positioned at the intersection of AI, data and cybersecurity, leading the industry into the next era of autonomous security. Security is no longer just a safeguard, it is a key strategic enabler of AI innovation. With a strong financial foundation, a differentiated platform and growing market opportunity, we remain committed to delivering shareholder value. Thank you all for joining us today and thank you to all Sentinels for giving me such a warm welcome. And with that operator, we are ready for questions.

感谢 Tomer，也感谢大家今天的参与。作为 Sentinel 1 的首席财务官，经过 60 天的任职，我对来到这里的信念愈发坚定。第一季度表现强劲，反映了我亲眼所见的情况。我们的平台确实是行业最佳，商业模式具有显著的运营杠杆，市场正处于转折点。人工智能正在根本上扩大攻击面，创造新的安全类别，加速客户的紧迫感，并开启仍处于初期阶段的增长向量。Sentinel 1 正是为这一时刻而生。现在让我们回顾一下 2027 财年第一季度的财务表现及对第二季度和整个 2027 财年的指导。提醒一下，所有比较均为同比，除非另有说明，讨论的财务指标均为非 GAAP。第一季度对 Sentinel 1 来说是一个稳健的季度。我们的收入增长加速，按季度增长 21%，达到 2.77 亿美元。我们的国际市场收入增长 25%，占总收入的 39%，显示出强劲的国际需求和不断扩大的全球足迹。在第一季度，我们的年度经常性收入（ARR）增长加速至 23%，新增净 ARR 为 4400 万美元，远超我们的预期。这一创纪录的新增净 ARR 增长 55% 得益于新客户的获取和现有客户群体的更广泛平台采用。我们的市场上行策略持续取得优异成果。我们的每客户 ARR 达到了公司新纪录，尤其是在市场高端客户中，ARR 达到 10 万美元或以上的客户群体同比增长 17%。我们的客户群体的毛保留率（GRR）保持稳定，突显了 Singularity 平台的关键任务性质。对于年支出达到 10 万美元或以上的客户，我们的基于美元的净保留率（NRR）在季度和同比上均有所改善。得益于多产品平台采用的持续成功，我们越来越多地获得了顶级客户，为长期增长提供了高度持久的跑道。总体而言，我们在新客户获取和现有客户扩展之间保持了平衡的分配。鉴于我们的规模和相对市场份额，这一重点使我们能够通过显著的未来扩展潜力来增加市场份额。这一表现清楚地反映了客户从我们的 Singularity 平台中获得的价值，以及我们在推动多产品扩展和增强客户粘性方面的持续成功。现在转向盈利能力，我们继续保持强劲的毛利率，突显出健康的平台单位经济和规模效率。在第一季度，我们的运营利润率为 4%，超出我们的预期，同比改善约 550 个基点。我们的每股收益为 0.04 美元，也超出我们的预期，同比改善 83%。同比来看，我们保持了顶级的增长形态，同时快速扩展盈利能力。最重要的是，我们在推动这种结构性运营杠杆的同时，没有妥协我们不断创新的步伐。在过去 12 个月中，我们的调整后自由现金流利润率为 6.5%，同比改善约 440 个基点。我们已将公司置于可持续正自由现金流增长的轨道上，这突显了我们对可持续盈利增长的承诺。补充这一强劲表现的是，我们的剩余业绩义务增长在第一季度加速至 30%。我们的总 RPO 在第一季度达到了创纪录的 15 亿美元，清晰验证了我们与客户建立的信任以及我们对创新的承诺。我们以 812 百万美元的现金、现金等价物和投资以及无债务的强劲资产负债表结束了这一年。展望未来，Sentinel One 在人工智能、数据和网络安全的交汇点上处于良好位置，能够引领行业进入下一个自主防御的时代。抓住这一机会需要我们发展我们的运营模式和工作方式。正如 Tomer 所讨论的，我们正在实施一项影响约 8% 员工的劳动力优化计划。我们正在利用生产力提升来增强我们的灵活性，并投资于像 AI 安全、Purple、AI 数据和云等关键解决方案，以实现持久增长。与这一计划相关，我们预计在第二季度将产生约 2500 万美元的一次性重组费用，这将不计入我们的非 GAAP 结果。一旦全面实施，我们预计这一举措将带来约 4500 万美元的年化成本节省。这为我们提供了财务灵活性，以有目的地重新投资于我们的关键增长领域，同时继续推动显著的运营利润率扩展。凭借我们强劲的增长形态、清晰的技术领导力和不断增长的结构性顺风，我们具备了扩展为一家数十亿美元、高度盈利、持久业务的所有要素。现在转向 2027 财年第二季度和全年的指导，对于 2027 财年，我们继续预计收入将在 11.95 亿至 12.05 亿美元之间，代表中点的 20% 同比增长。对于第二季度，我们预计收入将在 2.89 亿至 2.91 亿美元之间，代表中点的 20% 同比增长。总体而言，这一前景得到了稳固的管道、战略合作机会以及我们新兴解决方案（包括 AI 数据、云等）贡献上升的支持。和往常一样，我们继续关注不断变化的宏观经济环境和地缘政治不确定性，这可能会影响行业内的交易时机和销售周期。转向我们盈利能力指标的前景，对于 2027 财年，我们将运营收入预期上调至 1.15 亿至 1.25 亿美元，代表中点的 10% 运营利润率，比 2026 财年提高 650 个基点。对于第二季度，我们预计运营收入将在 2300 万至 2500 万美元之间，代表中点的 8% 运营利润率。对于 2027 财年，我们预计每股完全摊薄收益将在 32 至 38 美分之间，代表中点的 35 美分。对于第二季度，我们预计每股收益将在 6 至 8 美分之间。我们继续预计 2027 财年的非 GAAP 税率约为 17%，预计第二季度的加权平均摊薄股本约为 3.47 亿股，全年约为 3.5 亿股。退一步看，我们的技术领导力和竞争地位依然强劲。我们在扩展业务的同时，持续推动运营杠杆。我们的投资策略在捕捉长期增长机会与保持持久、盈利的财务形态之间取得了有纪律的平衡。这一战略是将 Sentinel 1 扩展为一家数十亿美元企业的基础。同时，我们在运营上也在加强纪律，专注于提高效率。总之，我们在人工智能、数据和网络安全的交汇点上处于良好位置，引领行业进入下一个自主安全的时代。安全不再仅仅是保护措施，它是人工智能创新的关键战略推动力。凭借强大的财务基础、差异化的平台和不断增长的市场机会，我们仍然致力于为股东创造价值。感谢大家今天的参与，也感谢所有 Sentinels 给予我如此热烈的欢迎。至此，操作员，我们准备好回答问题了。

OPERATOR

操作员

Thank you. At this time, if you would like to ask a question, please click on the Raise hand button which can be found at the black bar at the bottom of your screen. When it is your turn, you will receive a message on your screen based on your place in the queue. Please accept Unmute your audio and ask your question. As a reminder, we are allowing analysts one question today. We will wait one moment to allow the queue to form. Our first question will come from Metta Marshall with Morgan Stanley. You may now unmute your audio and ask your question.

谢谢。在这个时候，如果您想提问，请点击屏幕底部黑色栏中的举手按钮。当轮到您时，您会在屏幕上收到一条消息，提示您在队列中的位置。请接受并解除静音您的音频，提出您的问题。提醒一下，我们今天只允许分析师提一个问题。我们将稍等片刻，以便队列形成。我们的第一个问题来自摩根士丹利的 Metta Marshall。您现在可以解除静音并提出您的问题。

Metta Marshall (Equity Analyst)

Metta Marshall（股票分析师）

Congrats on the quarter and the acceleration in Q1 from an opportunity standpoint, you know, are you seeing a pickup in Core Endpoint as customers try to address technical debt and how are you balancing selling them the full Singularity portfolio at initial sale vs upselling them later? Thank you.

恭喜你们在这一季度的表现以及第一季度的机会加速。您是否看到核心终端的需求上升，因为客户试图解决技术债务？您是如何在初次销售时平衡向他们销售完整的 Singularity 产品组合与后续追加销售之间的关系的？谢谢。

Tomer Weingarten (Chief Executive Officer)

Tomer Weingarten（首席执行官）

Absolutely. Thank you for the question. It's clear that the endpoint remains the most important control plane. Especially in the age of AI, we're seeing a lot of focus on how to secure AI agents, how to secure surfaces that could be impacted by the deployment of more and more AI technologies. So not only this bodes well for our overall Core Endpoint business. If you think about prompt security, generative AI protection that's specific and deployed on the endpoint, this is typically what we're seeing right now and how we're lending. So when we look at our pipelines, we're actually seeing A lot of contribution not only from core endpoint, which again has been phenomenal for us both in Q4 and in Q1 and will continue to grow, but also the immediate attach of core security generative AI protection that is adjacent to the endpoint as well as lastly, I'll say the definition of the endpoint is also expanding. And when you think about where AI workloads are being deployed today, it also spans towards cloud workload. And that's another strong suit of ours where we're seeing a lot of demand for the protection of these workloads that are now housing either agentic workloads or other model workloads. So all in all, really strong, really strong demand across endpoint surfaces and workload surfaces.

绝对是的。谢谢您的提问。显然，终端仍然是最重要的控制平面。尤其是在人工智能时代，我们看到很多关注点集中在如何保护 AI 代理，如何保护可能受到越来越多 AI 技术部署影响的表面。因此，这不仅对我们整体的核心终端业务有利。如果您考虑到提示安全、特定于终端的生成 AI 保护，这正是我们目前所看到的以及我们如何进行的。因此，当我们查看我们的管道时，我们实际上看到的不仅是核心终端的贡献，这在第四季度和第一季度对我们来说都是非常出色的，并且将继续增长，还有核心安全生成 AI 保护的即时附加，这与终端相邻，最后，我要说的是，终端的定义也在扩展。当您考虑到今天 AI 工作负载的部署时，它也扩展到云工作负载。这是我们另一个强项，我们看到对这些现在承载代理工作负载或其他模型工作负载的工作负载保护的强烈需求。因此，总的来说，终端表面和工作负载表面都有非常强劲的需求。

OPERATOR

操作员

Thank you. Our next question comes from Brett Zelnick with Deutsche Bank. Please go ahead.

谢谢。我们的下一个问题来自德意志银行的 Brett Zelnick。请继续。

Brett Zelnick (Equity Analyst)

Brett Zelnick（股票分析师）

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

非常感谢，Tomer。我想我们都想听听您对 Mythos Daybreak 以及更广泛的 AI 创新步伐可能对客户支出行为产生影响的看法。您知道，在某些情况下，它可能加速，或者甚至减缓，甚至扩展预算的程度。任何相关信息都很有帮助，以及您为什么能够很好地把握未来的机会。

Tomer Weingarten (Chief Executive Officer)

Tomer Weingarten（首席执行官）

Absolutely. And again, we're a proud member of the glasswing project. I would say by far, this drives, you know, a lot of concern, and that's not going to be new to anybody. I would say at the same time, vulnerabilities are not the only concern. So code security is definitely a big component of how you secure an entire enterprise. We've launched Frontier AI services alongside Anthropic and OpenAI. We're using these Frontier models to go to customer environments and reduce risk immediately. We're talking about deployments that take sometimes, you know, hours and days, not weeks and months. So with the customer urgency, there's also an ability to deploy fast and show, you know, immediate returns on these technologies. So, all in all, a lot of attention. I think a lot of customers are still grappling with what to protect first. And that again goes back to my assertion around vulnerabilities. You know, what Migos brings to bear, what, you know, models are bringing to bear right now, you know, GPT 5.5 as well, is the ability to not only find vulnerabilities in software, but really detect and exploit weaknesses in overarching network infrastructure, not just software and not just vulnerabilities. And that presents a very wide attack surface. Once again, CenterOne is well positioned to stop, to mitigate and to help customers Reduce risk actively. All of those things are obviously in motion. A lot of them showed up, you know, with the Mythos moment and will provide for structural tailwinds throughout the year.

绝对是的。再说一次，我们是 Glasswing 项目的自豪成员。我会说，这无疑引发了很多关注，这对任何人来说都不是新鲜事。同时，漏洞并不是唯一的关注点。因此，代码安全绝对是保护整个企业的重要组成部分。我们与 Anthropic 和 OpenAI 一起推出了 Frontier AI 服务。我们正在利用这些 Frontier 模型进入客户环境，立即降低风险。我们谈论的是有时需要几个小时和几天，而不是几周和几个月的部署。因此，客户的紧迫性也带来了快速部署的能力，并展示了这些技术的即时回报。因此，总的来说，很多关注。我认为很多客户仍在努力确定首先保护什么。这又回到了我对漏洞的看法。您知道，Migos 所带来的，您知道，模型现在所带来的，GPT 5.5 也是，能够不仅发现软件中的漏洞，还能真正检测和利用整体网络基础设施中的弱点，而不仅仅是软件和漏洞。这呈现了一个非常广泛的攻击面。再次强调，CenterOne 在阻止、减轻和帮助客户主动降低风险方面处于良好位置。所有这些事情显然都在进行中。很多事情在 Mythos 时刻显现出来，并将在全年提供结构性的顺风。

OPERATOR

操作员

Thank you. Our next question comes from Brian Essex with JP Morgan. Please unmute your line and go ahead.

谢谢。我们的下一个问题来自摩根大通的 Brian Essex。请解除静音并继续。

Brian Essex (Equity Analyst)

Brian Essex（股票分析师）

Great. Good afternoon. Thank you for taking the question and nice to see the acceleration and better profitability outlook. Maybe, maybe Tomer for you. I would love to get some color on the reduction in force that you announced. You know, where were the cuts made, you know, any changes to the sales organization and I get the productivity, you know, the AI driven productivity enhancements that you noted. But would love to maybe just connect the dots in terms of where the adjustments were weighed, how many to the sales Org and maybe the outlook for sales productivity and growth the rest of the year. Thank you.

很好。下午好。感谢您接受我的提问，很高兴看到加速和更好的盈利前景。也许，Tomer，我想了解一下您宣布的裁员情况。您知道，裁员是在哪些方面进行的，销售组织是否有任何变化，我理解您提到的生产力，您知道，AI 驱动的生产力提升。但我希望能够将调整的具体情况联系起来，销售组织的调整有多少，以及对销售生产力和今年剩余时间的增长展望。谢谢。

Tomer Weingarten (Chief Executive Officer)

Tomer Weingarten（首席执行官）

Sure. And as you've seen in the past, you know, we're focused on driving operational excellence all the time, honestly and simplifying our processes and removing unnecessary layers. That's happening, you know, all the time. We've been carrying more organizational capacity than I think we require at this stage of our scale and growth. And our profile of hiring is also changing. The talent we're recruiting is different and we're just aligning a lot of what we do with both our upmarket success and our emerging product categories. You've seen the infliction in the overall business mix. I mean, that's tremendous. And as always, you know, we're focused on driving higher efficiencies and allocating resources towards those key growth areas which, you know, naturally would be AI, data, cloud, endpoint. These are the growing areas for us. This is our major focus and this is the absolutely right thing for the business. You know, it's never an easy decision, but at the same time, we want to go after these areas in the most aggressive way that we can. We recognize an opportunity right now and we want to put all of our resources in the right places. We're barely, you know, impacting our technology groups with this. We are focused on streamlining parts of the organization, but we're continuously and always investing in innovation. And that's the key point here. We are delivering to the market what the market needs. We're delivering protection, best of breed, cutting edge to our customers using frontier AI models. That's where we're going. That's where we're going to be continuously investing and that's what you see us doing.

当然。正如你们过去所看到的，我们始终专注于推动运营卓越，诚实地简化我们的流程，消除不必要的层级。这种情况一直在发生。我认为，在我们当前的规模和增长阶段，我们的组织能力过剩。我们的招聘情况也在发生变化。我们正在招聘的人才有所不同，我们正在将我们所做的许多事情与我们的高端市场成功和新兴产品类别对齐。你们已经看到了整体业务组合的变化。这是非常显著的。和往常一样，我们专注于提高效率，并将资源分配到那些关键的增长领域，这些领域自然包括人工智能、数据、云和终端。这些是我们正在增长的领域。这是我们的主要关注点，也是对业务绝对正确的方向。你知道，这永远不是一个轻松的决定，但与此同时，我们希望以尽可能积极的方式追求这些领域。我们意识到现在有一个机会，我们希望将所有资源放在正确的地方。我们几乎没有对我们的技术团队造成影响。我们专注于简化组织的某些部分，但我们始终在持续投资于创新。这是关键点。我们正在向市场提供市场所需的产品。我们正在为客户提供保护、最佳的、前沿的解决方案，使用前沿的人工智能模型。这就是我们的方向。这就是我们将持续投资的地方，这也是你们看到我们在做的事情。

OPERATOR

运营商

Thank you. Our next question comes from Joseph Gallo with Jefferies. Please go ahead.

谢谢。我们的下一个问题来自 Jefferies 的 Joseph Gallo。请继续。

Joseph Gallo (Equity Analyst)

Joseph Gallo（股票分析师）

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

嘿，谢谢。关于这个问题，作为后续，是否应该预期在第二季度会有任何销售中断？同时，看到利润率的改善当然是很好的。你能否多谈谈你对能够抓住这个巨大机会的信心，而不牺牲增长的可持续性？谢谢。

Tomer Weingarten (Chief Executive Officer)

Tomer Weingarten（首席执行官）

Of course, we don't expect any go to market disruption, as you can probably imagine. You know, this comes on natural performance management. You know, folks that may have not been, you know, the biggest contributors. We're kind of focusing on the places where we see the greatest contribution. So if anything, again, this will provide more focus and kind of a distilled, crystallized go to market motion. I don't expect any major changes. We've not been changing things in a dramatic way here. This is kind of a continuous mode for us on the go to market side. We've said it for quite a few quarters. There's really almost nothing new here. And again, I mean, when we look at our pipelines, when we look where the opportunity is, we're just aligning towards that. We believe that a lot of the reinvestment capacity is actually, actually going to allow us to go after that exact same endpoint opportunity that we've been talking about. You can see some evidence of that with our partnership with LevelBlue. This gives us immediate access to tens of millions of endpoints over the years without needing to go and sell to those customers one by one. That's just one way that we're thinking about aggressive expansion and we're going to do more of those. So to us, it's all pointing in the right direction. We feel very comfortable with our technology's ability to go and replace the legacy incumbent. And the opportunity that comes with it is massive. It's still a massive market. It's still, you know, in many parts dominated by incumbents. And that represents a major opportunity for us to land with endpoint to attach generative AI capabilities and protection from all these new vectors of attack, leverage for interior AI models to deliver the best protection for our customers. These are all positive trends from the business that we're frankly very excited about.

当然，我们不预期会有市场推广方面的中断，正如你可能想象的那样。这是自然的绩效管理。我们正在关注那些贡献最大的地方。因此，如果有的话，这将提供更多的关注，并形成一种精炼、清晰的市场推广方式。我不预期会有重大变化。我们在这里并没有以戏剧性的方式改变任何事情。这对我们来说是一种持续的市场推广模式。我们已经说了好几个季度，这里几乎没有什么新东西。再次强调，当我们查看我们的管道，查看机会所在时，我们只是朝着那个方向对齐。我们相信，很多再投资能力实际上将使我们能够追求我们一直在谈论的确切终端机会。你可以从我们与 LevelBlue 的合作中看到一些证据。这使我们在多年内能够立即接触到数千万个终端，而无需逐个向这些客户销售。这只是我们考虑积极扩展的一种方式，我们将做更多这样的事情。因此，对我们来说，一切都朝着正确的方向发展。我们对我们的技术能够取代传统的竞争者感到非常自信。随之而来的机会是巨大的。这仍然是一个庞大的市场，在许多领域仍然被传统竞争者主导。这为我们提供了一个重要的机会，可以通过终端附加生成性人工智能能力和保护，抵御所有这些新的攻击向量，利用内部人工智能模型为我们的客户提供最佳保护。这些都是我们非常兴奋的积极趋势。

Sonali Parekh (Chief Financial Officer)

Sonali Parekh（首席财务官）

Yeah, so thanks for the question. And we are really delighted with the margin progression that we showed this quarter and obviously to the upgrade to the operating margin guide for the full year. But I think the short answer is we don't see growth and margin expansion as a trade off. In this case, the investments that actually drive durable growth that Tomer was talking about in AI security, data. Cloud. Cloud. The labs are exactly where we're reinvesting. So we're removing organizational complexity that was actually slowing us down and redeploying it into the highest return and highest conviction opportunities that we see in the business. And I think the evidence that we can do both is actually already in the Q1 numbers. So this quarter we delivered record net new ARR, so up 55% year over year, while simultaneously expanding operating margin by 550 basis points. So I think that's really our platform model working at scale. And when I look forward, the demand signals give me real confidence. So RPO again at a record 1.5 billion, growing 30% net retention, expanding in our $100,000 plus cohort. That's both sequentially and year over year to above 110. Some of our products, like Prompt ARR, nearly doubling. Again, I think these are all leading indicators of durable growth. So I think you're going to see both durable growth and sequential and annual operating margin expansion. We really feel like we can deliver on both.

是的，谢谢你的提问。我们对本季度显示的利润率进展感到非常高兴，显然也对全年运营利润率指引的上调感到满意。但我认为简短的回答是，我们并不认为增长和利润率扩张是相互妥协的。在这种情况下，实际上推动可持续增长的投资，正是 Tomer 所谈到的人工智能安全、数据、云等领域。实验室正是我们再投资的地方。因此，我们正在消除实际上拖慢我们的组织复杂性，并将其重新部署到我们在业务中看到的最高回报和最高信心的机会中。我认为我们能够同时做到这两点的证据实际上已经在第一季度的数字中体现出来。因此，本季度我们实现了创纪录的净新 ARR，同比增长 55%，同时运营利润率扩张了 550 个基点。因此，我认为这确实是我们的平台模型在规模上运作的结果。当我展望未来时，需求信号让我充满信心。因此，RPO 再次创下 1.5 亿美元的纪录，净保留率增长 30%，在我们的 10 万美元以上的客户群体中扩展。这在季度和年度上都超过了 110。我们的一些产品，如 Prompt ARR，几乎翻倍。再次强调，我认为这些都是可持续增长的领先指标。因此，我认为你将看到可持续增长以及季度和年度运营利润率的扩张。我们真的觉得我们可以在这两方面都取得成果。

OPERATOR

运营商

Thank you. Our next question comes from Shaul Eyal at TD Cohen. Please go ahead.

谢谢。我们的下一个问题来自 TD Cohen 的 Shaul Eyal。请继续。

Shaul Eyal (Equity Analyst)

Shaul Eyal（股票分析师）

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

谢谢。问题问 Sonali。现在，经过几个月的时间，你们希望开展的举措是否发生了变化，或者你如何看待在你们看到的运营杠杆上建立机会？

Sonali Parekh (Chief Financial Officer)

Sonali Parekh（首席财务官）

Yeah. Thanks. So, yes, 60 days in, I would say what struck me most coming in was really the strongest of the Singularity platform, our product leadership and technology differentiation, and then the significant opportunity in front of us for this category, much of which is just really in the early innings. So I think the operating leverage potential of the business as we scale, given our industry leading gross margins, creates this enormous opportunity to create outside value. And I would say my conviction on that has only increased. So in terms of priorities, first, it's my job to ensure we're allocating our resources and investing in the parts of the business where we feel we see the highest opportunity for growth and roi. So that's data cloud, AI security, I think will be massive. And you see already our emerging solutions now 50% of our ARR. So it's these areas where we feel like we have real competitive differentiation and a significant market opportunity ahead. I think prompt is a perfect example of that. Second, continuing to improve on the cost structure. You saw the announcement we made today on restructuring. It's really important that we focus the business. I'm going to be extremely focused on unit economics, driving operational excellence and discipline across the business, particularly in sales and marketing, where I see the largest opportunity for productivity improvement in today's results, you'll already know we've made a lot of progress in sales and marketing. So if you look at sales and marketing as a percentage of revenue Q1, it came in at 39%. That compares to 47% a year ago. And if you think about our upgraded full year operating profit guide of 10%, that's 700 basis points of year over year improvement. But I think what's most interesting and compelling really is what that implies in terms of where we're going to be exiting Q4, that exit operating margin that's significantly above the 10% guide. So we're on a path to deliver multi quarter, multi year margin expansion which you're already beginning to see. And then lastly, I think it's really important that Tomer and I are completely aligned on this. We need to put ourselves firmly on the path to rule of 40 which means not just efficiency but durability. And I'll be really focused on taking that NRR where we've already seen great progress and improving upon it. And you know, it's not just on the NRR side. On the DRR side we've seen improved logo retention this quarter and stability and I think that just underscores the mission critical nature of our platform. And then finally I would just say, you know, as one of the few platform providers in cybersecurity, the traction we're seeing with the platform is resulting in larger lands. So our ARR per customer reached a new company record. And also really importantly and again this is just the platform working is stickier customers.

是的，谢谢。所以，60 天过去了，我想我最深刻的印象是奇点平台的强大，我们的产品领导力和技术差异化，以及我们在这个类别面前的巨大机会，其中大部分仍处于早期阶段。因此，我认为随着我们规模的扩大，考虑到我们行业领先的毛利率，业务的运营杠杆潜力创造了巨大的外部价值机会。我对此的信心只增不减。至于优先事项，首先，我的工作是确保我们合理分配资源，并投资于我们认为增长和投资回报率最高的业务部分。因此，数据云、人工智能安全，我认为将会是巨大的。你已经看到我们的新兴解决方案现在占我们年度经常性收入的 50%。所以在这些领域，我们觉得我们有真正的竞争差异化和显著的市场机会。我认为提示就是一个完美的例子。其次，继续改善成本结构。你看到我们今天发布的重组公告。专注于业务是非常重要的。我将非常专注于单位经济学，推动业务的运营卓越和纪律，特别是在销售和市场营销方面，我认为这是提高生产力的最大机会。在今天的业绩中，你已经知道我们在销售和市场营销方面取得了很大进展。因此，如果你看销售和市场营销占收入的比例，第一季度为 39%。而一年前为 47%。如果你考虑到我们升级后的全年营业利润指引为 10%，那就是 700 个基点的同比改善。但我认为最有趣和引人注目的实际上是这意味着我们在第四季度的退出时的营业利润率将显著高于 10% 的指引。因此，我们正走在实现多季度、多年的利润率扩张的道路上，而你已经开始看到这一点。最后，我认为汤默和我在这方面完全一致。我们需要坚定地走上 40 法则的道路，这不仅意味着效率，还意味着持久性。我将非常专注于提升我们已经取得良好进展的净续费率（NRR）。而且，这不仅仅是在 NRR 方面。在本季度，我们在年度续费率（DRR）方面也看到了客户保留率的改善和稳定性，我认为这进一步强调了我们平台的关键任务。最后，我想说，作为网络安全领域为数不多的平台提供商之一，我们在平台上看到的吸引力导致了更大的客户增长。因此，我们每个客户的年度经常性收入达到了公司新纪录。而且同样重要的是，这只是平台在发挥作用，客户粘性更强。

OPERATOR

操作员

Thank you. Our next question comes from John Defucci with Guggenheim Securities. Please go ahead.

谢谢。我们的下一个问题来自 Guggenheim Securities 的 John Defucci。请继续。

John Defucci (Equity Analyst)

John Defucci（股票分析师）

Thank you. Thanks for taking my question and congrats to the whole team for the new edition and it's great to have you. Sunili Listen, you guys put up really strong ARR this quarter with growth that accelerated, you pointed that out, but it's accelerated for the first time in more than three years after three years of somewhat moderation which with the law of large numbers you'd expect. But frankly the growth in new ARR, even if you take into account attrition, was even better than it's been in almost four years from our calculations. I know you don't guide to ARR, but you maintained your revenue guidance for the year. I realize it's early, but how should we be thinking about that given that ARR is really the best determinant of the future revenue? Thanks.

谢谢。感谢您回答我的问题，祝贺整个团队的新成员，很高兴见到你。Sunili，听着，你们本季度的年度经常性收入（ARR）表现非常强劲，增长加速，你指出了这一点，但这是三年来首次加速，在经历了三年的某种程度的放缓后，按照大数法则，你会期待这样的情况。但坦率地说，即使考虑到客户流失，新 ARR 的增长也比我们计算的近四年来的任何时候都要好。我知道你们没有对 ARR 进行指引，但你们维持了全年收入的指引。我意识到现在还早，但考虑到 ARR 实际上是未来收入的最佳指标，我们应该如何看待这一点？谢谢。

Sonali Parekh (Chief Financial Officer)

Sonali Parekh（首席财务官）

Yeah, dawn, thanks. Thanks so much for the question and it is great to be here. I'm thrilled to be here on my first earnings call. So you're absolutely right. You know, we had a great showing on net new ARR this quarter. As you say, record the growth was driven both by strong new logo additions but also strong expansion and great contributions from our emerging products. So data ARR accelerated in Q1. I already talked about prompt, but that nearly doubled again in Q1 and our cloud ARR accelerated strongly as well. In terms of the overall guide, we did reiterate the guide and what I would say there is we're still pretty early in the year and we still continue to expect positive net new ARR growth for fiscal 27. In terms of the actual revenue contribution on the guide, we did see a fairly back end loaded quarter with some of those larger deals and as a larger proportion of our bookings are from larger deals, I think we'll expect to see a bit more of that back end loading. And that's why you're seeing that from a timing perspective. But we still are feeling really confident around net new ARR for the year.

是的，Dawn，谢谢。非常感谢你的问题，很高兴在我的第一次财报电话会议上与大家交流。你说得对，我们本季度的净新 ARR 表现非常出色。正如你所说，增长记录是由强劲的新客户增加、强劲的扩展以及我们新兴产品的巨大贡献推动的。因此，数据 ARR 在第一季度加速增长。我已经谈到了提示，但在第一季度几乎再次翻倍，我们的云 ARR 也强劲加速。至于整体指引，我们确实重申了指引，我想说的是，我们仍然处于年初阶段，我们仍然继续预期 2027 财年的净新 ARR 将实现正增长。至于指引中的实际收入贡献，我们确实看到一个相对后期的季度，其中一些较大的交易，以及由于我们的大部分预订来自较大的交易，我认为我们会期待看到更多的后期加载。这就是你从时间角度看到的原因。但我们对今年的净新 ARR 仍然感到非常有信心。

John Defucci (Equity Analyst)

John Defucci（股票分析师）

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

这完全有道理。Tonali，我本来只打算问一个问题，我就不问了。第二个问题本来是关于线性，但你已经读懂了我的心思。谢谢。

OPERATOR

操作员

Our next question comes from Fatima Bulani with Citi. Please unmute your line and go ahead. Please unmute your line. We will come back to you at a later point. Our next question comes from Sranik Guattari with Baird. Please unmute your line and ask your question.

我们的下一个问题来自 Citi 的 Fatima Bulani。请解除静音并继续。请解除静音。我们稍后会再回到你。我们的下一个问题来自 Baird 的 Sranik Guattari。请解除静音并提出你的问题。

Zach Schneider (Equity Analyst)

Zach Schneider（股票分析师）

hey guys, this is Zach Schneider on Fortranic. Thanks for taking the question. So maybe one on capital allocation, you know, now with 800 million plus in cash path towards 100 million plus in free cash flow generation, no debt. You guys have, it seems much more flexibility than you've had historically. So maybe how should we think about capital allocation going forward and are there any changes there in strategy or priorities? Thank you.

嘿，大家好，我是 Fortranic 的 Zach Schneider。感谢你们回答我的问题。也许我想问一个关于资本配置的问题，你们现在有超过 8 亿美元的现金，预计将产生超过 1 亿美元的自由现金流，没有债务。你们似乎比历史上有更多的灵活性。那么，我们应该如何看待未来的资本配置，是否在战略或优先事项上有任何变化？谢谢。

Sonali Parekh (Chief Financial Officer)

Sonali Parekh（首席财务官）

Yeah, sure. Thanks for the question. So yeah, we feel really good about where the balance sheet is, a very robust balance sheet. I think our capital allocation priorities really haven't changed. So we will continue to focus on organic investments that drive our growth. We will consider inorganic investment, but I would say there's a fairly high bar there. So it would be very selective and would need to be extremely strategic. And then finally we absolutely will use our strong balance sheet and free cash flow to give us the flexibility and capacity to be able to opportunistically repurchase our shares. Given the long term potential of our business. And so long as we believe it's a positive ROI initiative, which certainly at current levels, we would. So I would say our capital allocation policy is dynamic and opportunistic. And again, we will do our best to take advantage of any dislocations in the market and also maintain a strong cash position to support our innovation and strategic initiatives from here.

好的，当然。感谢你的提问。我们对资产负债表的状况感到非常满意，资产负债表非常稳健。我认为我们的资本配置优先级并没有改变。因此，我们将继续专注于推动我们增长的有机投资。我们会考虑非有机投资，但我想说这方面的门槛相当高。因此，这将是非常有选择性的，并且需要极具战略性。最后，我们绝对会利用我们强大的资产负债表和自由现金流，为我们提供灵活性和能力，以便能够有机会地回购我们的股票。考虑到我们业务的长期潜力，只要我们相信这是一个积极的投资回报项目，当前的水平下我们肯定会这样做。因此，我想说我们的资本配置政策是动态和机会导向的。我们将尽力利用市场中的任何不稳定因素，同时保持强劲的现金头寸，以支持我们的创新和战略举措。

OPERATOR

操作员

Great, thank you. Our next question comes from Richard Poland with Wells Fargo. Please go ahead.

非常感谢。我们的下一个问题来自富国银行的 Richard Poland。请继续。

Richard Poland (Equity Analyst)

Richard Poland（股票分析师）

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

感谢你回答这个问题。我想如果你考虑一下你们所做的再投资的平衡，我认为你们在某个地方量化了大约 4500 万美元的年度节省。我想知道这如何流入投资，以及你们如何调整多少利润落到底线，多少又投入到像人工智能这样的领域。你能帮我们把这一点放在今年剩余时间的背景下吗？

Sonali Parekh (Chief Financial Officer)

Sonali Parekh（首席财务官）

Yeah, so why don't I start with that? So for the full year, we're now guiding to about 700 basis points of year over year operating margin improvement. And as I said earlier, that would imply exiting at an operating margin significantly above that 10%. And we also talked about, you know, the desire to balance growth and profitability. And we felt strongly that there were areas where we had high conviction around, you know, parts of the market and products where we wanted to reinvest some of those savings. So we talked about AI security, we talked about cloud data. We really feel like those are the right opportunities to go after right now from an ROI perspective. And we feel like we'll be able to deliver both durable growth and operating margin expansion and still be able to, again, upgrade that operating margin from where we were a couple of months ago.

好的，那我先来谈谈这个问题。对于整个年度，我们现在预计年同比运营利润率改善约 700 个基点。正如我之前所说，这意味着我们将以显著高于 10% 的运营利润率结束。我们还谈到了平衡增长和盈利能力的愿望。我们坚信在某些市场和产品领域，我们有很强的信心，希望将一些节省的资金再投资于这些领域。因此，我们谈到了人工智能安全、云数据。我们真的觉得这些是从投资回报的角度来看，现在应该追求的正确机会。我们相信我们能够实现持久的增长和运营利润率的扩张，同时再次提升运营利润率，超越几个月前的水平。

Tomer Weingarten (Chief Executive Officer)

Tomer Weingarten（首席执行官）

Yeah, I would just add to that. I mean, we have a tremendous R and D and product and technology group. So. And for us, when we look at the opportunity ahead, clearly we want to build more. We want to produce more capability that we believe can add massive value to the security posture of our customers and at large. So all in all, I mean, in the world of today, the ability to build, the ability to push forward versus maybe a few years ago, a lot of the innovation was coming for other companies through acquisition. I sincerely think that with the strength of R and D, with the strength of our talent, we just want to do more and we want to enable them to do more. We want to bring more great people on board. And that's kind of how we're thinking. That's the philosophy behind our reinvestment.

是的，我想补充一点。我们的研发、产品和技术团队非常强大。因此，当我们展望未来的机会时，显然我们希望构建更多的能力，我们相信这可以为客户的安全态势和整体带来巨大的价值。总的来说，在今天的世界中，构建能力、推动进步的能力与几年前相比，很多创新是通过收购其他公司实现的。我真心认为，凭借我们强大的研发和人才，我们希望做得更多，并希望让他们能够做得更多。我们希望吸引更多优秀的人才加入。这就是我们思考的方式，这也是我们再投资背后的理念。

OPERATOR

操作员

Great. Thank you both. Our next question comes from Roger Boyd with ubs.

非常感谢你们。我们的下一个问题来自瑞银的 Roger Boyd。

Roger Boyd (Equity Analyst)

Roger Boyd（股票分析师）

Please. Awesome. Thanks for the question, Tomer. We continue to hear really strong feedback from the channel on prompt security and it seems like it's already becoming a pretty material contributor to ARR. Can you talk about what you're seeing with with Prompt as maybe the tip of the spear for new engagements? And have you seen Prompt lead to bigger platform deals, including competitive displacements in Endpoint or Data Lake Sim? Thanks.

请问。太棒了。感谢你的提问，Tomer。我们继续听到渠道对 Prompt 安全的强烈反馈，似乎它已经成为 ARR 的一个重要贡献者。你能谈谈你们在 Prompt 方面的观察吗？它是否成为新合作的先锋？你们是否看到 Prompt 促成了更大的平台交易，包括在终端或数据湖 Sim 中的竞争替代？谢谢。

Tomer Weingarten (Chief Executive Officer)

Tomer Weingarten（首席执行官）

Yes, and there's no question Prompt is delivering the capability that every single enterprise needs right now and that none of our competitors have. So we're seeing both the natural expansion for our customer base plus lending bigger with new logos and even in competitive environments, the ease of use, the seamlessness of deployment, the time to value. I think all of those are just radically different than anything else. But you finding in the space today deliverable coverage, compliance, governance. Everything that everybody's missing right now is being delivered by what Prompt can bring to bear. So all in all it's a great catalyst for us across pretty much every vector of our go to market motion. And at the same time, you can imagine most of our customer state is still underpenetrated, they're still not deploying Prompt. So we're also moving pretty fast to enable Prompt to be absorbed and consumed by our customer estate directly through the platform and that's going to unlock more growth opportunities for us in the out years.

是的，毫无疑问，Prompt 正在提供每个企业现在所需的能力，而我们的竞争对手都没有。因此，我们看到客户基础的自然扩展，以及与新客户的更大合作，甚至在竞争环境中，使用的便利性、部署的无缝性、价值实现的时间。我认为所有这些都与其他任何东西截然不同。今天在这个领域，Prompt 所能提供的覆盖、合规性和治理，正是大家目前所缺失的。因此，总的来说，这对我们在几乎所有市场推广的向量上都是一个很好的催化剂。同时，你可以想象，我们的大多数客户状态仍然未被充分开发，他们仍然没有部署 Prompt。因此，我们也在快速推进，使 Prompt 能够直接通过平台被我们的客户吸收和使用，这将为我们在未来几年解锁更多的增长机会。

OPERATOR

操作员

Thanks very much.

非常感谢。

Fatima Bulani (Equity Analyst)

Fatima Bulani（股票分析师）

Our final question of today comes from Fatima Boulani with Citi. Please go ahead. Oh, good afternoon. Thank you so much for taking my questions and being patient with me today. Sonali, this one is for you and nice to see you on board here. Just looking at the deferred revenue and billings performance. I know you don't manage the business to billings, but just as we sort of, you know, look at the the deferred revenue cadence, was there anything atypical or different here that happened? Just as we noted some weaker seasonality in some of the growth metrics on the deferred revenue side and maybe tying it back to some of your commentary with respect to net retention rate, maybe outside of the 100k ARR cohort and on some of the gross retention rate comments you alluded to earlier. Would love any incremental color on why we maybe saw that come out as seasonally weaker than prior periods. Thank you.

我们今天的最后一个问题来自花旗的 Fatima Boulani。请继续。哦，下午好。非常感谢您今天耐心回答我的问题。Sonali，这个问题是给你的，很高兴在这里见到你。我们来看一下递延收入和账单的表现。我知道你们并不以账单来管理业务，但我们在观察递延收入的变化时，有没有什么不寻常或不同的情况发生？我们注意到在递延收入方面的一些增长指标上出现了一些较弱的季节性表现，也许可以与您之前提到的净留存率的评论联系起来，可能在 10 万美元年经常性收入的群体之外，以及您之前提到的一些毛留存率的评论。希望能得到更多的解释，为什么我们可能看到这一季节性表现弱于之前的时期。谢谢。

Sonali Parekh (Chief Financial Officer)

Sonali Parekh（首席财务官）

Yeah, sure. So on billings, I would say there's nothing specific to call out other than the fact that this metric can move around A bit just due to the timing of invoicing. So we tend to focus and we actually run the business much more around Net new ARR as our key operating metric. Where obviously we saw a record number this quarter in terms of grr, we saw continued stability. It's actually, you know, when I first arrived here, of course I was looking through all the metrics. It's actually been stable for many, many, many quarters. And I remember seeing that and thinking that's an extremely strong sign just in terms of the stickiness and mission criticality of our platform. Like when we win a customer, they stay with us. I think up to now where we've seen some where just an impact on Net retention has been on the expansion side of things. And I think we saw positive traction there with some of our larger customers this quarter which helped to drive Net retention up. And that's something I said, I think in Mita's question around priorities. It's something that I'll be really focused on. And when I look at some of the signals as we look forward to coming quarters, that's a metric that I expect to continue to improve. And again, that's what gives me confidence on the full year guide as well is that will be a key support that improving that retention rate. Because of course every point we improve on net retention, you know, helps it creates a tailwind on revenue.

好的，当然。在账单方面，我想说没有什么特别需要指出的，除了这个指标可能会因为开票时间的不同而有所波动。因此，我们倾向于关注并且实际上是围绕净新增年经常性收入作为我们的关键运营指标来运营业务。显然，我们在这一季度的毛留存率上看到了创纪录的数字，我们看到了持续的稳定性。实际上，当我第一次来到这里时，当然我在查看所有指标。实际上，它在许多季度中一直保持稳定。我记得看到这一点时，觉得这是一个非常强的信号，表明我们平台的粘性和关键性。就像我们赢得一个客户，他们会留在我们这里。我认为到目前为止，我们看到的净留存率受到影响的地方主要是在扩展方面。我认为我们在这一季度与一些大客户的合作中看到了积极的进展，这有助于推动净留存率上升。这也是我在 Mita 的问题中提到的优先事项。我会非常关注这一点。当我展望未来几个季度时，我认为这是一个我期待继续改善的指标。同样，这也是我对全年指导充满信心的原因，因为改善留存率将是一个关键支持。因为当然，我们在净留存率上每提高一个百分点，都会对收入产生积极的推动作用。

Fatima Bulani (Equity Analyst)

Fatima Bulani（股票分析师）

Thank you. I appreciate that.

谢谢。我很感激。

OPERATOR

操作员

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

谢谢。我们现在已经到了提问时间的结束。我将把电话交回给 Weingarten 先生进行结束语。

Tomer Weingarten (Chief Executive Officer)

Tomer Weingarten（首席执行官）

Thank you everyone and have a good day.

谢谢大家，祝你们有美好的一天。

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完整记录：SentinelOne 2027 年第一季度财报电话会议