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（紐約證券交易所代碼：S）於週四公佈了第一季度財務業績。以下是公司第一季度財報電話會議的文字記錄。

This transcript is brought to you by Benzinga APIs. For real-time access to our entire catalog, please visit https://www.benzinga.com/apis/ for a consultation.

此文字記錄由 Benzinga APIs 提供。如需實時訪問我們的完整目錄，請訪問 https://www.benzinga.com/apis/ 進行諮詢。

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

完整的財報電話會議可在 https://sentinelone-q1-fy2027-earnings-conference-call.open-exchange.net/ 獲取。

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 報告了強勁的 2027 財年第一季度業績，收入同比增長 21%，達到 2.77 億美元，淨新增年度經常性收入（ARR）增長創紀錄的 55%，主要得益於新客户的獲取和平台的採用。

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.

該公司專注於人工智能驅動的網絡安全解決方案，報告稱其人工智能安全 ARR 幾乎翻了一番。SentinelOne 的戰略舉措包括擴展人工智能安全、雲和數據解決方案，以及增強 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.

展望未來，SentinelOne 對 2027 財年提供了 20% 的預期收入增長指導，並提高了運營收入展望，顯示出增長與盈利之間的良好平衡。公司宣佈裁員以精簡運營並提高效率，預計每年可節省 4500 萬美元的成本。

Full Transcript

完整文字記錄

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，歡迎參加 SentinelOne Inc 2027 財年第一季度財報電話會議。請在正式發言結束之前保持靜默，屆時將提供提問和回答環節的説明。同時提醒您，今天的會議正在錄音。如果您有任何異議，請掛斷電話。現在我將把會議交給投資者關係副總裁 Saat Nazir。

Saat Nazir (Vice President of Investor Relations)

Saat Nazir（投資者關係副總裁）

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，歡迎參加 SentinelOne Inc 2027 財年第一季度財報電話會議，會議截止於2026年4月30日。今天與我們一起的是首席執行官 Tomer Weingarten 和首席財務官 Sonali Parekh。我們的新聞稿和財報演示文稿今天早些時候已發佈，並已在我們網站的投資者關係部分上架。此次電話會議及相關幻燈片通過網絡直播，會議結束後不久將在我們的網站上提供重播。在開始之前，我想提醒大家，在今天的電話會議中，我們將對財務表現和未來事件做出前瞻性陳述，包括我們對 2027 財年第二季度和整個財年的指導以及長期財務目標。我們提醒您，這些陳述反映了我們基於當前已知因素的最佳判斷，實際結果或事件可能會有重大差異。請參考我們不時向 SEC 提交的文件，特別是我們的 10Q 季度報告和 10K 年度報告。這些文件包含並識別了重要的風險因素和其他信息，可能導致我們的實際結果與前瞻性陳述中包含的結果有重大差異。今天在此次電話會議中所做的任何前瞻性陳述均為截至今天的陳述。如果此電話會議在今天之後被重播或回顧，會議中提供的信息可能不包含當前或準確的信息，除非法律要求。我們不承擔公開更新這些前瞻性陳述的義務，或更新實際結果可能與預期結果有重大差異的原因，即使未來有新信息可用。在此次電話會議中，我們將討論非 GAAP 財務指標，所有比較均為同比，除非另有説明。這些非 GAAP 財務指標並未按照公認會計原則編制。GAAP 與非 GAAP 結果的調節，除了與我們的非 GAAP 財務展望相關的內容，已在今天的新聞稿和財報演示文稿中提供。這些非 GAAP 指標並不打算替代我們的 GAAP 結果。我們的財務展望不包括基於股票的補償費用、員工股票交易的僱主工資税、收購的無形資產的攤銷費用、相關補償成本、重組費用、戰略投資的收益、先前宣佈的 ITA 税務和解的影響以及目前無法確定的所得税準備金，因此在今天的新聞稿中未進行調節。接下來，我將把會議交給 SentinelOne 的首席執行官 Tomer Weingarten。

Tomer Weingarten (Chief Executive Officer)

Tomer Weingarten（首席執行官）

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，感謝大家參加我們第一季度的財報電話會議。第一季度是 Sentinel One 今年的一個良好開端。我們實現了強勁的收入增長，創紀錄的淨新增年度經常性收入（ARR）增長，以及顯著的運營利潤率同比改善。第一季度的總 ARR 增長加速至 23%，這得益於強勁的新客户獲取和現有客户的擴展。我們在第一季度實現了 4400 萬美元的淨新增 ARR，同比增長 55%，創下公司新紀錄。這標誌着我們連續第四個季度實現正的淨新增 ARR 增長。儘管超出預期，這些結果展示了我們的執行力、一致性和強大的業務勢頭。我們的平台戰略顯示出良好的吸引力。我們在網絡安全最關鍵的領域，包括人工智能、數據、雲和終端，建立了明確的技術領導地位。企業意識到，僅僅依靠將不同工具整合到傳統平台上，無法有效抵禦由人工智能驅動的威脅。所需的是一種原生統一的、由人工智能驅動的數據和安全架構，而這正是 Sentinel One 所提供的。根據 Gartner 的報告，人工智能安全是網絡安全中增長最快的細分市場，同比增長超過 70%。人工智能為我們提供了巨大的市場機會，併為我們的業務帶來了持久的順風。我們已經在我們的人工智能產品中看到了這種勢頭，第一季度我們的人工智能安全 ARR 幾乎再次翻倍。自第一天起，人工智能就是 Singularity 平台的基礎。這種內在的人工智能優勢從未如此關鍵，我們在擴大市場份額方面處於良好位置，市場機會超過 1000 億美元。現在讓我們深入探討一下我們季度業績的細節。我們正在贏得新客户，並在 Singularity 平台的最佳效能和自主性之外，擴展我們在多樣化平台類別中的足跡。其直觀的設計和操作簡便性正在推動強勁的客户採用。在第一季度，我們的總 ARR 組合達到了一個重要的拐點。首次來自非終端解決方案的總 ARR 接近 50%。這一表現得益於我們人工智能安全、數據和雲解決方案的 ARR 增長加速，清楚地證明了 Singularity 平台的多樣性和客户成果。我們的跨平台採用在本季度推動了每位客户的 ARR 創紀錄，標誌着我們平台解決方案的勢頭和貢獻。總體而言，我們在新客户獲取和現有客户擴展之間保持了健康的平衡。鑑於我們的規模和相對市場份額，這一戰略使我們能夠在保持顯著未來擴展潛力的同時，增加市場份額。我們在所有競爭情況下保持了良好的勝率。我們在客户和合作夥伴中獲得了更多的關注和市場份額。各類客户，尤其是大型企業，越來越認識到 Sentinel One 的人工智能優勢。在我們的平台解決方案中，人工智能安全繼續是一個亮點，第一季度 ARR 幾乎再次翻倍。今天，Comp Security 作為唯一能夠在此級別上保護人工智能的企業級可擴展解決方案脱穎而出，組織意識到這是安全加速其人工智能計劃的前提條件。讓我們看看我們第一季度的勝利案例：美國某州政府選擇 SentinelOne 來保護其人工智能基礎設施，這是由人工智能安全主導的首個政府交易之一。隨着數千名員工訪問敏感政府系統中的人工智能工具，實時可見性和治理的需求變得迫切。該客户選擇了 Prompt 以及 Endpoint Cloud 和 AI SIM，以獲取員工人工智能使用的運行時可見性，同時滿足嚴格的政府合規要求。此外，我們越來越多地贏得來自直接競爭對手客户的獨立人工智能安全交易。這為我們擴大更廣泛市場曝光提供了戰略切入點。在第一季度，一家標誌性企業選擇了 Prompt Security，而不是其現有下一代終端供應商的不完整人工智能產品。在這場面對面的評估中獲勝建立了巨大的信任。通過展示 SentinelOne 技術的優越性，我們打開了取代下一代競爭對手的大門，並推動該企業與 Singularity 平台的更廣泛整合。隨着組織競相構建和部署自有的人工智能應用，攻擊面正在比傳統工具能夠應對的速度更快地擴展。為了填補這一空白，我們在 5 月推出了 Singularity AI Red Teaming。該解決方案旨在從內部保護人工智能應用，能夠在應用進入生產之前，針對真實世界的攻擊場景進行自主壓力測試。這為我們創造了一個高度互補的擴展機會。Red Teaming 發現開發中的漏洞，而我們的核心平台則在運行時無縫阻止這些漏洞。我們現在提供從代碼的第一行到執行的人工智能安全。接下來，Purple AI 我們的 AgentX SoC 解決方案正在迅速成為現代安全運營的基石。隨着 Purple 能力的日益複雜，我們正在賦能客户更快響應，加速檢測和自動化調查。在第一季度，我們宣佈了 Purple AI 自動調查的普遍可用性，這是我們實現完全自主 SoC 之旅的重要里程碑。Purple AI 代表了一個顯著的擴展機會。在幾個早期的推廣中，我們看到 Purple AI 的端到端部署的 ARR 可以超越客户的核心終端足跡。提供 AgentX SoC 的自主能力可以帶來超額價值。Purple 是為企業規模而構建的，並與 Singularity Hyper Automation 原生集成，但其價值遠遠超出了大型企業。我們已經設計 Purple 以在各類客户中產生有意義的影響，我們看到與 MSSP 提供商的機會特別引人注目，他們將從顯著的成本效率和整個運營的飛躍加速中受益。在能力層面，Purple 最新的自動調查功能以規模提供人類級推理，提供一鍵，甚至即將實現的零點擊自動化，幾秒鐘內給出明確的裁決。這填補了洞察與行動之間的關鍵差距，根本改變了安全團隊能夠完成的任務。我們看到的準確性與人類分析師相比，使其成為真正的遊戲規則改變者，使安全從業者能夠從手動調查轉向即時補救。這與 IDC 的發現一致，指出 Purple AI 客户在數據解決方案中獲得了 338% 的投資回報率。第一季度標誌着 ARR 增長加速的第四個連續季度。隨着企業尋求統一的可見性、實時檢測和自主響應，我們的 AI SIM 的需求不斷增加。總體而言，這一切的單位經濟效益遠比傳統替代方案更高。通過集成 Observo AI，我們的客户現在受益於擁有推動現代安全運營的關鍵數據管道。我們正在提供一個真正全面的安全數據湖，原生統一 PB 級的數據攝取、編排和超自動化，形成一個無縫的體驗。在本季度的幾項勝利中，一家標誌性的奢侈品牌用多年的承諾取代了 Splunk，選擇了 SentinelOne Inc 的 AI SIM 作為其專用的安全數據平台。他們的全球運營需要一個能夠提供統一可見性的單一人工智能原生平台的解決方案。實時的自主安全和 Singularity 平台的操作簡便性使其成為一個成功的選擇。在另一項勝利中，一家跨國服務企業與 Sentinel One 簽署了七位數的擴展協議，取代了他們現有的 SIM 供應商。該企業選擇 Singularity 平台，因其擁有更優的擁有成本、機器速度調查和人工智能原生統一平台。獨立驗證繼續強化我們的競爭地位。最近的一項 IDC 商業價值研究發現，SentinelOne Inc 的 AI SIM 在三年內提供 331% 的投資回報率，僅需七個月的回報期。我們的 AI SIM 客户看到查詢速度提高 70%，調查速度提高 75%，雲安全的威脅覆蓋率提高四倍。第一季度的 ARR 增長加速，得益於我們最佳運行時安全產品在本地和雲環境中的強勁採用。隨着人工智能工作負載的增加和雲環境的擴展，對強大運行時安全的需求也在增加。在雲安全的勝利中，世界上最有價值的私人公司之一，即將上市，在本季度顯著擴大了與 Sentinel One 的合作。為了保護如此規模的企業，靜態雲可見性或姿態管理顯然是不夠的。該企業加倍選擇 Singularity Cloud，以實現能夠主動中和基於人工智能的威脅的自主人工智能驅動的運行時保護，並實時應對其動態基礎設施。為了保護動態雲環境，組織需要的不僅僅是靜態姿態管理。我們的運行時雲安全能夠實時阻止現實世界的雲攻擊，並與客户的運營無縫擴展。顯然，在一個由人工智能驅動的威脅環境中，靜態防禦已不再足夠。驗證身份在門口是有用的，但並不能阻止現代威脅。我們已經多次看到這一點。傳統的身份訪問管理解決方案和特權訪問管理解決方案是為過去而構建的。它們在映射和管理訪問方面表現良好，但從未設計為能夠自主檢測和響應接下來發生的事情。攻擊者通常在身份驗證後繞過訪問控制，在已經獲得信任的環境中不被發現地操作。機器速度、行為分析和運行時的持續驗證是關鍵的競爭優勢，也是阻止實時攻擊的唯一有效防禦策略。在人工智能時代，隨着市場向保護人工智能代理和前沿模型轉變，終端仍然是最終的控制平面。您無法在運行人工智能的主機上提供全面的人工智能安全，而沒有深入的基礎可見性。人工智能驅動的 EDR 仍然是捕捉不斷演變的人工智能安全機會的關鍵途徑。憑藉深厚的專業知識和大量專利的機器學習和行為檢測算法，Sentinel One 在保護終端和人工智能工作負載方面獨具優勢，直接在它們被創建和操作的地方。除了監控訪問，我們通過實時行為分析將意圖與行動對齊，檢測任何身份或參數控制無法看到的威脅。最近的供應鏈攻擊，包括針對 Light、LLM 和 Axios 的攻擊，清楚地強調了這一點。這些是專門設計的無漏洞攻擊，旨在繞過傳統安全控制，並以機器速度移動。沒有簽名，沒有已知漏洞，沒有參數觸發。唯一有效的防禦是在主機級別進行自主行為保護，而這正是 Sentinel One 的運作之處。這些現實世界的例子強化了執行層是勝利之地的原因。我們繼續在更廣泛的終端領域中成為增長領導者，提供最自主的終端安全解決方案，結合行業領先的效能、性能和用户體驗。現有終端領域近一半仍在使用傳統的防病毒解決方案。這為持續的市場份額增長提供了明確的機會。我們還開始在保護高度受限的本地環境方面看到更多的吸引力，這需要真正的主權，這是我們的一項獨特結構優勢。雖然我們的競爭對手無法真正保護這些環境，但這為我們提供了一個新興的增長途徑。我們擁有在任何環境中提供完全自主的高速度人工智能保護的獨特優勢，包括雲和本地。我們不斷擴大的客户基礎現在包括一些全球最複雜和標誌性的公司。從前沿人工智能實驗室和主要金融機構到關鍵的全球供應鏈，世界上最苛刻的組織依賴並信任 Sentinel One。轉向 Sentinel One Flex，它被證明是更廣泛平台採用的高效模型。我們看到越來越多的大型交易和來自 Flex 的貢獻。在推出的短短三個季度內，Flex 的總合同價值已超過 2 億美元。展望未來，我們的 Flex 需求和管道顯示出這種勢頭的延續。Sentinel One Flex 正在簡化採購流程，並推動越來越多的大型七位數和八位數交易以及長期承諾。總體而言，我們在高端市場的成功直接推動了更大交易的達成，推動了穩定的客户留存，併為長期增長創造了高度可見的持久跑道。隨着基於代幣的人工智能採用的增長，我們還在擴展我們的貨幣化模型，以捕捉客户使用我們新興解決方案的全部價值。基於使用的計量為客户擴展我們產品（如安全數據湖和 Purple AI）創造了自然的增長引擎，客户可以選擇提前年度化的 Sentinel One Flex 承諾，以提供成本可見性和優先經濟，同時為我們提供承諾的收入可見性。Sentinel One Flex 和預付結構共同創造了一個持久的混合模型，提供可靠的基線和有意義的擴展機會。在合作伙伴生態系統方面，我們繼續擴大我們的覆蓋範圍和規模。我們的合作伙伴生態系統是一個倍增器，擴大了我們的全球覆蓋範圍，並推動了 MSSP 的更廣泛平台採用。Singularity 平台提供了人工智能原生的多租户和遠程管理能力，推動了有價值的運營槓桿。這一結構優勢使我們在 MSSP 生態系統中擁有獨特的競爭優勢。我們在 RSA 大會上宣佈與全球最大的 MSSP LevelBlue 的合作伙伴關係擴展，成為這一領導地位的強有力證明。這一合作伙伴關係推動了他們的終端資產在未來幾年內整合到 Singularity 平台上，並擴大了我們在其全球客户基礎中的覆蓋範圍。在 RSA 大會上，我們還宣佈與 Google Cloud 的戰略聯盟擴展，以在全球範圍內提供自主安全，並榮獲 2026 年 Google Cloud 年度合作伙伴獎。上週，我們還宣佈了 Singularity 平台與 AWS Security Hub Extended 的集成。這消除了企業採購的傳統障礙。AWS 客户現在可以在幾分鐘內直接從其 AWS 控制枱啓用 Sentinel One 的人工智能驅動的運行時安全，而無需新的合同或採購。這種按需付費的模式使組織能夠無縫保護其現代數字足跡。關於 Sentinel One，讓我們轉向更廣泛的行業動態。前沿人工智能模型正在迅速改變網絡防禦，使對手能夠執行人工智能驅動的攻擊，並比人類團隊更快地利用弱點。為了保持安全，企業必須從根本上重建基礎設施，建立統一的人工智能原生基礎，以構建現代和安全的企業基礎設施。我們相信，協作的方法是解決這一代挑戰的關鍵。我們與前沿人工智能實驗室的關係深厚且戰略性。我們與 Anthropic 合作推出雲安全，並通過其網絡安全早期訪問計劃與 OpenAI 合作，在我們的平台中嵌入前沿模型。我們用我們自己的專有和微調模型來補充這些，且我們的核心引擎在設計上保持多模態和模型無關。人工智能安全正在成為行業的焦點，Glasswing 或 Daybreak 等項目驗證了我們多年來一直在構建的方法，我們正積極與 Anthropic 和 OpenAI 合作，以確保 Sentinel One 在這一生態系統中的角色繼續與我們的平台領導地位共同增長。我也很高興地分享，我們是 Project Glasswing 的參與供應商。主動可見性只是方程式的一半。我們必須在執行點中中和主動威脅。新一類基於人工智能的攻擊旨在比任何人類分析師能夠反應的速度更快。為了將優勢還給防禦者，我們在第一季度推出了 Wayfinder Frontier AI 服務，與我們的精英合作伙伴聯盟，包括 Mendiant、WWT、KPMG 和 Booz Allen。我們將多模態人工智能與尖端人類智能相結合。保護人工智能驅動的商業世界需要保護實際構建和使用人工智能的系統，通常是 Linux 和 MEC 操作系統。雖然許多網絡安全供應商仍依賴於僅保護 Windows 環境，但我們在保護 Mac 和 Linux 系統方面的既有優勢為人工智能安全提供了結構性優勢。我們正在擴展我們的原生 EDR 遙測，以保護這些操作系統上的自主人工智能代理，人工智能計算正在迅速增長。我們 Singularity 平台自身的設備行為人工智能識別惡意執行模式，並預防性地減輕這些過程。我們在沒有任何先前知識和沒有人類分析師介入的情況下，立即阻止了最近的供應鏈攻擊，防止了它們造成任何損害。在 Sentinel One，我們提供從數據到運行時的端到端人工智能安全。轉向我們的運營模式。和往常一樣，我們致力於在實現持久增長的同時改善盈利能力，加速我們朝着 40 法則的路徑。這一承諾要求我們不斷優化我們的運營。正如我在三月所概述的，我們一直在積極完善我們的團隊結構和市場推廣重點，同時加速我們內部對人工智能的使用。根據這一戰略，我們做出了一個艱難但必要的決定。我們正在精簡我們的組織結構，導致約 8% 的員工減少。這不是反應性措施，而是為了減少複雜性、提高績效標準，構建一個更精簡、更靈活的 Sentinel One。在市場推廣方面，我們看到提升團隊水平和簡化分銷的機會。這包括收緊我們的覆蓋範圍，並推動銷售組織的更高生產力。我們的目標很簡單：推動更好的運營槓桿、銷售效率和執行速度。在人工智能方面，通過公司範圍內推廣前沿模型，我們在整個組織中看到了顯著的生產力提升。以前需要幾個月的工作現在在幾周，甚至幾天內完成。結合這些行動，我們獲得了資源和靈活性，以集中投資於我們最有信心的增長領域：人工智能、數據、雲和終端。在我將電話交給之前，我非常高興地正式歡迎 Sonali Parekh 參加她的第一次財報電話會議。在過去的幾個月裏，我們一直密切合作。Sonali 帶來了與我們對執行速度和盈利能力的關注相一致的令人印象深刻的運營嚴謹性。她是我們執行團隊的傑出補充，已經產生了影響。最後，我想花一點時間來感謝所有 Sentinels 的貢獻。他們的執着專注、奉獻和執行推動了我們的成功，感謝所有客户、合作伙伴和股東的持續支持。再次感謝大家今天的參與。接下來，我將把時間交給我們的首席財務官 Sonali Parekh。

Sonali Parekh (Chief Financial Officer)

索納莉·帕雷克（首席財務官）

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.

感謝 Tomer，也感謝大家今天的參與。作為 Sentinel 1 的首席財務官，經過 60 天的任職，我對來到這裏的信念愈發堅定。第一季度表現強勁，反映了我親眼所見的情況。我們的平台確實是行業最佳，商業模式具有顯著的運營槓桿，市場正處於轉折點。人工智能正在根本上擴大攻擊面，創造新的安全類別，加速客户的緊迫感，並開啓仍處於初期階段的增長向量。Sentinel 1 正是為這一時刻而生。現在讓我們回顧一下 2027 財年第一季度的財務表現及對第二季度和整個 2027 財年的指導。提醒一下，所有比較均為同比，除非另有説明，討論的財務指標均為非 GAAP。第一季度對 Sentinel 1 來説是一個穩健的季度。我們的收入增長加速，按季度增長 21%，達到 2.77 億美元。我們的國際市場收入增長 25%，佔總收入的 39%，顯示出強勁的國際需求和不斷擴大的全球足跡。在第一季度，我們的年度經常性收入（ARR）增長加速至 23%，新增淨 ARR 為 4400 萬美元，遠超我們的預期。這一創紀錄的新增淨 ARR 增長 55% 得益於新客户的獲取和現有客户羣體的更廣泛平台採用。我們的市場上行策略持續取得優異成果。我們的每客户 ARR 達到了公司新紀錄，尤其是在市場高端客户中，ARR 達到 10 萬美元或以上的客户羣體同比增長 17%。我們的客户羣體的毛保留率（GRR）保持穩定，突顯了 Singularity 平台的關鍵任務性質。對於年支出達到 10 萬美元或以上的客户，我們的基於美元的淨保留率（NRR）在季度和同比上均有所改善。得益於多產品平台採用的持續成功，我們越來越多地獲得了頂級客户，為長期增長提供了高度持久的跑道。總體而言，我們在新客户獲取和現有客户擴展之間保持了平衡的分配。鑑於我們的規模和相對市場份額，這一重點使我們能夠通過顯著的未來擴展潛力來增加市場份額。這一表現清楚地反映了客户從我們的 Singularity 平台中獲得的價值，以及我們在推動多產品擴展和增強客户粘性方面的持續成功。現在轉向盈利能力，我們繼續保持強勁的毛利率，突顯出健康的平台單位經濟和規模效率。在第一季度，我們的運營利潤率為 4%，超出我們的預期，同比改善約 550 個基點。我們的每股收益為 0.04 美元，也超出我們的預期，同比改善 83%。同比來看，我們保持了頂級的增長形態，同時快速擴展盈利能力。最重要的是，我們在推動這種結構性運營槓桿的同時，沒有妥協我們不斷創新的步伐。在過去 12 個月中，我們的調整後自由現金流利潤率為 6.5%，同比改善約 440 個基點。我們已將公司置於可持續正自由現金流增長的軌道上，這突顯了我們對可持續盈利增長的承諾。補充這一強勁表現的是，我們的剩餘業績義務增長在第一季度加速至 30%。我們的總 RPO 在第一季度達到了創紀錄的 15 億美元，清晰驗證了我們與客户建立的信任以及我們對創新的承諾。我們以 812 百萬美元的現金、現金等價物和投資以及無債務的強勁資產負債表結束了這一年。展望未來，Sentinel One 在人工智能、數據和網絡安全的交匯點上處於良好位置，能夠引領行業進入下一個自主防禦的時代。抓住這一機會需要我們發展我們的運營模式和工作方式。正如 Tomer 所討論的，我們正在實施一項影響約 8% 員工的勞動力優化計劃。我們正在利用生產力提升來增強我們的靈活性，並投資於像 AI 安全、Purple、AI 數據和雲等關鍵解決方案，以實現持久增長。與這一計劃相關，我們預計在第二季度將產生約 2500 萬美元的一次性重組費用，這將不計入我們的非 GAAP 結果。一旦全面實施，我們預計這一舉措將帶來約 4500 萬美元的年化成本節省。這為我們提供了財務靈活性，以有目的地重新投資於我們的關鍵增長領域，同時繼續推動顯著的運營利潤率擴展。憑藉我們強勁的增長形態、清晰的技術領導力和不斷增長的結構性順風，我們具備了擴展為一家數十億美元、高度盈利、持久業務的所有要素。現在轉向 2027 財年第二季度和全年的指導，對於 2027 財年，我們繼續預計收入將在 11.95 億至 12.05 億美元之間，代表中點的 20% 同比增長。對於第二季度，我們預計收入將在 2.89 億至 2.91 億美元之間，代表中點的 20% 同比增長。總體而言，這一前景得到了穩固的管道、戰略合作機會以及我們新興解決方案（包括 AI 數據、雲等）貢獻上升的支持。和往常一樣，我們繼續關注不斷變化的宏觀經濟環境和地緣政治不確定性，這可能會影響行業內的交易時機和銷售週期。轉向我們盈利能力指標的前景，對於 2027 財年，我們將運營收入預期上調至 1.15 億至 1.25 億美元，代表中點的 10% 運營利潤率，比 2026 財年提高 650 個基點。對於第二季度，我們預計運營收入將在 2300 萬至 2500 萬美元之間，代表中點的 8% 運營利潤率。對於 2027 財年，我們預計每股完全攤薄收益將在 32 至 38 美分之間，代表中點的 35 美分。對於第二季度，我們預計每股收益將在 6 至 8 美分之間。我們繼續預計 2027 財年的非 GAAP 税率約為 17%，預計第二季度的加權平均攤薄股本約為 3.47 億股，全年約為 3.5 億股。退一步看，我們的技術領導力和競爭地位依然強勁。我們在擴展業務的同時，持續推動運營槓桿。我們的投資策略在捕捉長期增長機會與保持持久、盈利的財務形態之間取得了有紀律的平衡。這一戰略是將 Sentinel 1 擴展為一家數十億美元企業的基礎。同時，我們在運營上也在加強紀律，專注於提高效率。總之，我們在人工智能、數據和網絡安全的交匯點上處於良好位置，引領行業進入下一個自主安全的時代。安全不再僅僅是保護措施，它是人工智能創新的關鍵戰略推動力。憑藉強大的財務基礎、差異化的平台和不斷增長的市場機會，我們仍然致力於為股東創造價值。感謝大家今天的參與，也感謝所有 Sentinels 給予我如此熱烈的歡迎。至此，操作員，我們準備好回答問題了。

OPERATOR

操作員

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.

謝謝。在這個時候，如果您想提問，請點擊屏幕底部黑色欄中的舉手按鈕。當輪到您時，您會在屏幕上收到一條消息，提示您在隊列中的位置。請接受並解除靜音您的音頻，提出您的問題。提醒一下，我們今天只允許分析師提一個問題。我們將稍等片刻，以便隊列形成。我們的第一個問題來自摩根士丹利的 Metta Marshall。您現在可以解除靜音並提出您的問題。

Metta Marshall (Equity Analyst)

Metta Marshall（股票分析師）

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.

恭喜你們在這一季度的表現以及第一季度的機會加速。您是否看到核心終端的需求上升，因為客户試圖解決技術債務？您是如何在初次銷售時平衡向他們銷售完整的 Singularity 產品組合與後續追加銷售之間的關係的？謝謝。

Tomer Weingarten (Chief Executive Officer)

Tomer Weingarten（首席執行官）

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.

絕對是的。謝謝您的提問。顯然，終端仍然是最重要的控制平面。尤其是在人工智能時代，我們看到很多關注點集中在如何保護 AI 代理，如何保護可能受到越來越多 AI 技術部署影響的表面。因此，這不僅對我們整體的核心終端業務有利。如果您考慮到提示安全、特定於終端的生成 AI 保護，這正是我們目前所看到的以及我們如何進行的。因此，當我們查看我們的管道時，我們實際上看到的不僅是核心終端的貢獻，這在第四季度和第一季度對我們來説都是非常出色的，並且將繼續增長，還有核心安全生成 AI 保護的即時附加，這與終端相鄰，最後，我要説的是，終端的定義也在擴展。當您考慮到今天 AI 工作負載的部署時，它也擴展到雲工作負載。這是我們另一個強項，我們看到對這些現在承載代理工作負載或其他模型工作負載的工作負載保護的強烈需求。因此，總的來説，終端表面和工作負載表面都有非常強勁的需求。

OPERATOR

操作員

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

謝謝。我們的下一個問題來自德意志銀行的 Brett Zelnick。請繼續。

Brett Zelnick (Equity Analyst)

Brett Zelnick（股票分析師）

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.

非常感謝，Tomer。我想我們都想聽聽您對 Mythos Daybreak 以及更廣泛的 AI 創新步伐可能對客户支出行為產生影響的看法。您知道，在某些情況下，它可能加速，或者甚至減緩，甚至擴展預算的程度。任何相關信息都很有幫助，以及您為什麼能夠很好地把握未來的機會。

Tomer Weingarten (Chief Executive Officer)

Tomer Weingarten（首席執行官）

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.

絕對是的。再説一次，我們是 Glasswing 項目的自豪成員。我會説，這無疑引發了很多關注，這對任何人來説都不是新鮮事。同時，漏洞並不是唯一的關注點。因此，代碼安全絕對是保護整個企業的重要組成部分。我們與 Anthropic 和 OpenAI 一起推出了 Frontier AI 服務。我們正在利用這些 Frontier 模型進入客户環境，立即降低風險。我們談論的是有時需要幾個小時和幾天，而不是幾周和幾個月的部署。因此，客户的緊迫性也帶來了快速部署的能力，並展示了這些技術的即時回報。因此，總的來説，很多關注。我認為很多客户仍在努力確定首先保護什麼。這又回到了我對漏洞的看法。您知道，Migos 所帶來的，您知道，模型現在所帶來的，GPT 5.5 也是，能夠不僅發現軟件中的漏洞，還能真正檢測和利用整體網絡基礎設施中的弱點，而不僅僅是軟件和漏洞。這呈現了一個非常廣泛的攻擊面。再次強調，CenterOne 在阻止、減輕和幫助客户主動降低風險方面處於良好位置。所有這些事情顯然都在進行中。很多事情在 Mythos 時刻顯現出來，並將在全年提供結構性的順風。

OPERATOR

操作員

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

謝謝。我們的下一個問題來自摩根大通的 Brian Essex。請解除靜音並繼續。

Brian Essex (Equity Analyst)

Brian Essex（股票分析師）

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。感謝您接受我的提問，很高興看到加速和更好的盈利前景。也許，Tomer，我想了解一下您宣佈的裁員情況。您知道，裁員是在哪些方面進行的，銷售組織是否有任何變化，我理解您提到的生產力，您知道，AI 驅動的生產力提升。但我希望能夠將調整的具體情況聯繫起來，銷售組織的調整有多少，以及對銷售生產力和今年剩餘時間的增長展望。謝謝。

Tomer Weingarten (Chief Executive Officer)

Tomer Weingarten（首席執行官）

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.

當然。正如你們過去所看到的，我們始終專注於推動運營卓越，誠實地簡化我們的流程，消除不必要的層級。這種情況一直在發生。我認為，在我們當前的規模和增長階段，我們的組織能力過剩。我們的招聘情況也在發生變化。我們正在招聘的人才有所不同，我們正在將我們所做的許多事情與我們的高端市場成功和新興產品類別對齊。你們已經看到了整體業務組合的變化。這是非常顯著的。和往常一樣，我們專注於提高效率，並將資源分配到那些關鍵的增長領域，這些領域自然包括人工智能、數據、雲和終端。這些是我們正在增長的領域。這是我們的主要關注點，也是對業務絕對正確的方向。你知道，這永遠不是一個輕鬆的決定，但與此同時，我們希望以儘可能積極的方式追求這些領域。我們意識到現在有一個機會，我們希望將所有資源放在正確的地方。我們幾乎沒有對我們的技術團隊造成影響。我們專注於簡化組織的某些部分，但我們始終在持續投資於創新。這是關鍵點。我們正在向市場提供市場所需的產品。我們正在為客户提供保護、最佳的、前沿的解決方案，使用前沿的人工智能模型。這就是我們的方向。這就是我們將持續投資的地方，這也是你們看到我們在做的事情。

OPERATOR

運營商

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

謝謝。我們的下一個問題來自 Jefferies 的 Joseph Gallo。請繼續。

Joseph Gallo (Equity Analyst)

Joseph Gallo（股票分析師）

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，謝謝。關於這個問題，作為後續，是否應該預期在第二季度會有任何銷售中斷？同時，看到利潤率的改善當然是很好的。你能否多談談你對能夠抓住這個巨大機會的信心，而不犧牲增長的可持續性？謝謝。

Tomer Weingarten (Chief Executive Officer)

Tomer Weingarten（首席執行官）

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.

當然，我們不預期會有市場推廣方面的中斷，正如你可能想象的那樣。這是自然的績效管理。我們正在關注那些貢獻最大的地方。因此，如果有的話，這將提供更多的關注，並形成一種精煉、清晰的市場推廣方式。我不預期會有重大變化。我們在這裏並沒有以戲劇性的方式改變任何事情。這對我們來説是一種持續的市場推廣模式。我們已經説了好幾個季度，這裏幾乎沒有什麼新東西。再次強調，當我們查看我們的管道，查看機會所在時，我們只是朝着那個方向對齊。我們相信，很多再投資能力實際上將使我們能夠追求我們一直在談論的確切終端機會。你可以從我們與 LevelBlue 的合作中看到一些證據。這使我們在多年內能夠立即接觸到數千萬個終端，而無需逐個向這些客户銷售。這只是我們考慮積極擴展的一種方式，我們將做更多這樣的事情。因此，對我們來説，一切都朝着正確的方向發展。我們對我們的技術能夠取代傳統的競爭者感到非常自信。隨之而來的機會是巨大的。這仍然是一個龐大的市場，在許多領域仍然被傳統競爭者主導。這為我們提供了一個重要的機會，可以通過終端附加生成性人工智能能力和保護，抵禦所有這些新的攻擊向量，利用內部人工智能模型為我們的客户提供最佳保護。這些都是我們非常興奮的積極趨勢。

Sonali Parekh (Chief Financial Officer)

Sonali Parekh（首席財務官）

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，謝謝你的提問。我們對本季度顯示的利潤率進展感到非常高興，顯然也對全年運營利潤率指引的上調感到滿意。但我認為簡短的回答是，我們並不認為增長和利潤率擴張是相互妥協的。在這種情況下，實際上推動可持續增長的投資，正是 Tomer 所談到的人工智能安全、數據、雲等領域。實驗室正是我們再投資的地方。因此，我們正在消除實際上拖慢我們的組織複雜性，並將其重新部署到我們在業務中看到的最高回報和最高信心的機會中。我認為我們能夠同時做到這兩點的證據實際上已經在第一季度的數字中體現出來。因此，本季度我們實現了創紀錄的淨新 ARR，同比增長 55%，同時運營利潤率擴張了 550 個基點。因此，我認為這確實是我們的平台模型在規模上運作的結果。當我展望未來時，需求信號讓我充滿信心。因此，RPO 再次創下 1.5 億美元的紀錄，淨保留率增長 30%，在我們的 10 萬美元以上的客户羣體中擴展。這在季度和年度上都超過了 110。我們的一些產品，如 Prompt ARR，幾乎翻倍。再次強調，我認為這些都是可持續增長的領先指標。因此，我認為你將看到可持續增長以及季度和年度運營利潤率的擴張。我們真的覺得我們可以在這兩方面都取得成果。

OPERATOR

運營商

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

謝謝。我們的下一個問題來自 TD Cohen 的 Shaul Eyal。請繼續。

Shaul Eyal (Equity Analyst)

Shaul Eyal（股票分析師）

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?

謝謝。問題問 Sonali。現在，經過幾個月的時間，你們希望開展的舉措是否發生了變化，或者你如何看待在你們看到的運營槓桿上建立機會？

Sonali Parekh (Chief Financial Officer)

Sonali Parekh（首席財務官）

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，謝謝。所以，60 天過去了，我想我最深刻的印象是奇點平台的強大，我們的產品領導力和技術差異化，以及我們在這個類別面前的巨大機會，其中大部分仍處於早期階段。因此，我認為隨着我們規模的擴大，考慮到我們行業領先的毛利率，業務的運營槓桿潛力創造了巨大的外部價值機會。我對此的信心只增不減。至於優先事項，首先，我的工作是確保我們合理分配資源，並投資於我們認為增長和投資回報率最高的業務部分。因此，數據雲、人工智能安全，我認為將會是巨大的。你已經看到我們的新興解決方案現在佔我們年度經常性收入的 50%。所以在這些領域，我們覺得我們有真正的競爭差異化和顯著的市場機會。我認為提示就是一個完美的例子。其次，繼續改善成本結構。你看到我們今天發佈的重組公告。專注於業務是非常重要的。我將非常專注於單位經濟學，推動業務的運營卓越和紀律，特別是在銷售和市場營銷方面，我認為這是提高生產力的最大機會。在今天的業績中，你已經知道我們在銷售和市場營銷方面取得了很大進展。因此，如果你看銷售和市場營銷佔收入的比例，第一季度為 39%。而一年前為 47%。如果你考慮到我們升級後的全年營業利潤指引為 10%，那就是 700 個基點的同比改善。但我認為最有趣和引人注目的實際上是這意味着我們在第四季度的退出時的營業利潤率將顯著高於 10% 的指引。因此，我們正走在實現多季度、多年的利潤率擴張的道路上，而你已經開始看到這一點。最後，我認為湯默和我在這方面完全一致。我們需要堅定地走上 40 法則的道路，這不僅意味着效率，還意味着持久性。我將非常專注於提升我們已經取得良好進展的淨續費率（NRR）。而且，這不僅僅是在 NRR 方面。在本季度，我們在年度續費率（DRR）方面也看到了客户保留率的改善和穩定性，我認為這進一步強調了我們平台的關鍵任務。最後，我想説，作為網絡安全領域為數不多的平台提供商之一，我們在平台上看到的吸引力導致了更大的客户增長。因此，我們每個客户的年度經常性收入達到了公司新紀錄。而且同樣重要的是，這只是平台在發揮作用，客户粘性更強。

OPERATOR

操作員

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

謝謝。我們的下一個問題來自 Guggenheim Securities 的 John Defucci。請繼續。

John Defucci (Equity Analyst)

John Defucci（股票分析師）

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.

謝謝。感謝您回答我的問題，祝賀整個團隊的新成員，很高興見到你。Sunili，聽着，你們本季度的年度經常性收入（ARR）表現非常強勁，增長加速，你指出了這一點，但這是三年來首次加速，在經歷了三年的某種程度的放緩後，按照大數法則，你會期待這樣的情況。但坦率地説，即使考慮到客户流失，新 ARR 的增長也比我們計算的近四年來的任何時候都要好。我知道你們沒有對 ARR 進行指引，但你們維持了全年收入的指引。我意識到現在還早，但考慮到 ARR 實際上是未來收入的最佳指標，我們應該如何看待這一點？謝謝。

Sonali Parekh (Chief Financial Officer)

Sonali Parekh（首席財務官）

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，謝謝。非常感謝你的問題，很高興在我的第一次財報電話會議上與大家交流。你説得對，我們本季度的淨新 ARR 表現非常出色。正如你所説，增長記錄是由強勁的新客户增加、強勁的擴展以及我們新興產品的巨大貢獻推動的。因此，數據 ARR 在第一季度加速增長。我已經談到了提示，但在第一季度幾乎再次翻倍，我們的雲 ARR 也強勁加速。至於整體指引，我們確實重申了指引，我想説的是，我們仍然處於年初階段，我們仍然繼續預期 2027 財年的淨新 ARR 將實現正增長。至於指引中的實際收入貢獻，我們確實看到一個相對後期的季度，其中一些較大的交易，以及由於我們的大部分預訂來自較大的交易，我認為我們會期待看到更多的後期加載。這就是你從時間角度看到的原因。但我們對今年的淨新 ARR 仍然感到非常有信心。

John Defucci (Equity Analyst)

John Defucci（股票分析師）

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.

這完全有道理。Tonali，我本來只打算問一個問題，我就不問了。第二個問題本來是關於線性，但你已經讀懂了我的心思。謝謝。

OPERATOR

操作員

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.

我們的下一個問題來自 Citi 的 Fatima Bulani。請解除靜音並繼續。請解除靜音。我們稍後會再回到你。我們的下一個問題來自 Baird 的 Sranik Guattari。請解除靜音並提出你的問題。

Zach Schneider (Equity Analyst)

Zach Schneider（股票分析師）

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。感謝你們回答我的問題。也許我想問一個關於資本配置的問題，你們現在有超過 8 億美元的現金，預計將產生超過 1 億美元的自由現金流，沒有債務。你們似乎比歷史上有更多的靈活性。那麼，我們應該如何看待未來的資本配置，是否在戰略或優先事項上有任何變化？謝謝。

Sonali Parekh (Chief Financial Officer)

Sonali Parekh（首席財務官）

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，當然。感謝你的提問。我們對資產負債表的狀況感到非常滿意，資產負債表非常穩健。我認為我們的資本配置優先級並沒有改變。因此，我們將繼續專注於推動我們增長的有機投資。我們會考慮非有機投資，但我想説這方面的門檻相當高。因此，這將是非常有選擇性的，並且需要極具戰略性。最後，我們絕對會利用我們強大的資產負債表和自由現金流，為我們提供靈活性和能力，以便能夠有機會地回購我們的股票。考慮到我們業務的長期潛力，只要我們相信這是一個積極的投資回報項目，當前的水平下我們肯定會這樣做。因此，我想説我們的資本配置政策是動態和機會導向的。我們將盡力利用市場中的任何不穩定因素，同時保持強勁的現金頭寸，以支持我們的創新和戰略舉措。

OPERATOR

操作員

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

非常感謝。我們的下一個問題來自富國銀行的 Richard Poland。請繼續。

Richard Poland (Equity Analyst)

Richard Poland（股票分析師）

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?

感謝你回答這個問題。我想如果你考慮一下你們所做的再投資的平衡，我認為你們在某個地方量化了大約 4500 萬美元的年度節省。我想知道這如何流入投資，以及你們如何調整多少利潤落到底線，多少又投入到像人工智能這樣的領域。你能幫我們把這一點放在今年剩餘時間的背景下嗎？

Sonali Parekh (Chief Financial Officer)

Sonali Parekh（首席財務官）

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，那我先來談談這個問題。對於整個年度，我們現在預計年同比運營利潤率改善約 700 個基點。正如我之前所説，這意味着我們將以顯著高於 10% 的運營利潤率結束。我們還談到了平衡增長和盈利能力的願望。我們堅信在某些市場和產品領域，我們有很強的信心，希望將一些節省的資金再投資於這些領域。因此，我們談到了人工智能安全、雲數據。我們真的覺得這些是從投資回報的角度來看，現在應該追求的正確機會。我們相信我們能夠實現持久的增長和運營利潤率的擴張，同時再次提升運營利潤率，超越幾個月前的水平。

Tomer Weingarten (Chief Executive Officer)

Tomer Weingarten（首席執行官）

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，我想補充一點。我們的研發、產品和技術團隊非常強大。因此，當我們展望未來的機會時，顯然我們希望構建更多的能力，我們相信這可以為客户的安全態勢和整體帶來巨大的價值。總的來説，在今天的世界中，構建能力、推動進步的能力與幾年前相比，很多創新是通過收購其他公司實現的。我真心認為，憑藉我們強大的研發和人才，我們希望做得更多，並希望讓他們能夠做得更多。我們希望吸引更多優秀的人才加入。這就是我們思考的方式，這也是我們再投資背後的理念。

OPERATOR

操作員

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

非常感謝你們。我們的下一個問題來自瑞銀的 Roger Boyd。

Roger Boyd (Equity Analyst)

Roger Boyd（股票分析師）

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.

請問。太棒了。感謝你的提問，Tomer。我們繼續聽到渠道對 Prompt 安全的強烈反饋，似乎它已經成為 ARR 的一個重要貢獻者。你能談談你們在 Prompt 方面的觀察嗎？它是否成為新合作的先鋒？你們是否看到 Prompt 促成了更大的平台交易，包括在終端或數據湖 Sim 中的競爭替代？謝謝。

Tomer Weingarten (Chief Executive Officer)

Tomer Weingarten（首席執行官）

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，毫無疑問，Prompt 正在提供每個企業現在所需的能力，而我們的競爭對手都沒有。因此，我們看到客户基礎的自然擴展，以及與新客户的更大合作，甚至在競爭環境中，使用的便利性、部署的無縫性、價值實現的時間。我認為所有這些都與其他任何東西截然不同。今天在這個領域，Prompt 所能提供的覆蓋、合規性和治理，正是大家目前所缺失的。因此，總的來説，這對我們在幾乎所有市場推廣的向量上都是一個很好的催化劑。同時，你可以想象，我們的大多數客户狀態仍然未被充分開發，他們仍然沒有部署 Prompt。因此，我們也在快速推進，使 Prompt 能夠直接通過平台被我們的客户吸收和使用，這將為我們在未來幾年解鎖更多的增長機會。

OPERATOR

操作員

Thanks very much.

非常感謝。

Fatima Bulani (Equity Analyst)

Fatima Bulani（股票分析師）

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.

我們今天的最後一個問題來自花旗的 Fatima Boulani。請繼續。哦，下午好。非常感謝您今天耐心回答我的問題。Sonali，這個問題是給你的，很高興在這裏見到你。我們來看一下遞延收入和賬單的表現。我知道你們並不以賬單來管理業務，但我們在觀察遞延收入的變化時，有沒有什麼不尋常或不同的情況發生？我們注意到在遞延收入方面的一些增長指標上出現了一些較弱的季節性表現，也許可以與您之前提到的淨留存率的評論聯繫起來，可能在 10 萬美元年經常性收入的羣體之外，以及您之前提到的一些毛留存率的評論。希望能得到更多的解釋，為什麼我們可能看到這一季節性表現弱於之前的時期。謝謝。

Sonali Parekh (Chief Financial Officer)

Sonali Parekh（首席財務官）

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，當然。在賬單方面，我想説沒有什麼特別需要指出的，除了這個指標可能會因為開票時間的不同而有所波動。因此，我們傾向於關注並且實際上是圍繞淨新增年經常性收入作為我們的關鍵運營指標來運營業務。顯然，我們在這一季度的毛留存率上看到了創紀錄的數字，我們看到了持續的穩定性。實際上，當我第一次來到這裏時，當然我在查看所有指標。實際上，它在許多季度中一直保持穩定。我記得看到這一點時，覺得這是一個非常強的信號，表明我們平台的粘性和關鍵性。就像我們贏得一個客户，他們會留在我們這裏。我認為到目前為止，我們看到的淨留存率受到影響的地方主要是在擴展方面。我認為我們在這一季度與一些大客户的合作中看到了積極的進展，這有助於推動淨留存率上升。這也是我在 Mita 的問題中提到的優先事項。我會非常關注這一點。當我展望未來幾個季度時，我認為這是一個我期待繼續改善的指標。同樣，這也是我對全年指導充滿信心的原因，因為改善留存率將是一個關鍵支持。因為當然，我們在淨留存率上每提高一個百分點，都會對收入產生積極的推動作用。

Fatima Bulani (Equity Analyst)

Fatima Bulani（股票分析師）

Thank you. I appreciate that.

謝謝。我很感激。

OPERATOR

操作員

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

謝謝。我們現在已經到了提問時間的結束。我將把電話交回給 Weingarten 先生進行結束語。

Tomer Weingarten (Chief Executive Officer)

Tomer Weingarten（首席執行官）

Thank you everyone and have a good day.

謝謝大家，祝你們有美好的一天。

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.

免責聲明： 本文檔僅供信息參考。儘管我們努力確保準確性，但此自動轉錄中可能存在錯誤或遺漏。有關公司的正式聲明和財務信息，請參閲公司的 SEC 文件和官方新聞稿。企業參與者和分析師的聲明反映了他們在本次電話會議日期的觀點，可能會隨時更改，恕不另行通知。

完整記錄：SentinelOne 2027 年第一季度財報電話會議