Thank you for standing by, and welcome to the CloudStrike Fourth Quarter and Fiscal Year 2022 Results Conference Call. At this time, All participants are in a listen-only mode. After the speaker’s presentation there will be a question-and-answer session. [Operator Instructions] As a reminder today's call is being recorded. I would now like to turn the conference to your host, Ms. Maria Riley, Vice President of Investor Relations. Please go ahead, ma'am.

Good afternoon, and thank you for your participation today. With me on the call are George Kurtz, President and Chief Executive Officer and Co-Founder of CrowdStrike; and Burt Podbere, Chief Financial Officer. Before we get started, I would like to note that certain statements made during this conference call that are not historical facts, including those regarding our future plans, objectives, growth and expected performance, including our outlook for the first quarter and fiscal year 2023 are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent our outlook only as of the date of this call. While we believe any forward-looking statements we make are reasonable, actual results could differ materially because the statements are based on current expectations and are subject to risks and uncertainties. We do not undertake and expressly disclaim any obligation to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise. Further information on these and other factors that could affect the company's financial results is included in the filings we make with the SEC from time to time, including the section titled Risk Factors in the company's quarterly and annual reports. Additionally, unless otherwise stated, excluding revenue, all financial measures discussed on this call will be non-GAAP. A discussion of why we use non-GAAP financial measures and a reconciliation schedule showing GAAP versus non-GAAP results is currently available in our press release, which may be found on our Investor Relations website at ir.crowdstrike.com or on our Form 8-K filed with the SEC today. With that, I will now turn the call over to George to begin.

Thank you, Maria, and thank you all for joining us. Before we get started, I would like to acknowledge the war in Ukraine. Our deepest thoughts and support are with all of those impacted by this tragedy as we are reminded of the terrible human toll that military conflict brings. We are hoping for peace in Ukraine and the broader region. Turning to our financial results. I will start today's call by summarizing four key points. First, CrowdStrike delivered an exceptional fourth quarter that far exceeded our expectations. This quarter's results are headlined by an acceleration in net new ARR growth for the second consecutive quarter to reach $217 million. Record 19% non-GAAP operating margin and record free cash flow of $127 million or approximately $197 million when excluding the IP transfer tax payment related to the acquisition of Humio. Second, our success outside of traditional endpoint security is now punctuated by both scale and hyper growth as we surpassed the $150 million ARR milestone, while growing in excess of 100% year-over-year for our IT hygiene, vulnerability management, identity protection and log management modules collectively. Third, we exited the year with tremendous momentum for ARR derived from Falcon deployments in the public cloud, where ARR eclipsed the $100 million milestone and grew 20% quarter-on-quarter as we lead the effort to transform security for the public cloud. And fourth, as you can see from our outstanding results, our growth engine is executing on all cylinders, which includes our thriving partner ecosystem. One partner, I'd like to highlight is AWS. In fiscal 2022, ending ARR transacted through the AWS marketplace grew more than 100% year-over-year. Furthermore, CrowdStrike ended the year as one of the top ISV partners by transaction volume on the AWS Marketplace, with partner source deals growing strongly throughout the…

Thank you, George, and good afternoon, everyone. As a quick reminder, unless otherwise noted, all numbers, except revenue mentioned during my remarks today, are non-GAAP. Before we get started, I will note that the results we are reporting today include the acquisition of SecureCircle, which was de minimis to both revenue and ARR, contributing less than $1 million in Q4 ARR. The acquisition of SecureCircle resulted in the addition of 26 net new customers in the quarter. We once again delivered exceptional results to top off a phenomenal year. We finished the year with over $1.73 billion in ending ARR. And in fiscal year 2022, we delivered 65% ARR growth, 66% total revenue growth, 215% operating income growth, 157% net income growth and record free cash flow of $442 million, or 30% of revenue. This is the second year in a row CrowdStrike delivered 30% or better free cash flow margin, which is in line with our target model. Importantly, we accomplished these results while also aggressively investing in the business and expanding our remarkable team by 46%. We believe our strong performance highlights that in addition to our clear and defined mission and our cloud-native architecture, our business fundamentals possess the hallmark characteristics of SaaS leaders that have transformed and come to dominate their respective markets, including rapid growth at an ever-increasing scale, best-in-class gross retention rates, enduring market dynamics and a growing leadership position as well as a highly leverageable model with the ability to deliver phenomenal free cash flow. As we continue to capitalize on our unique market position, I firmly believe CrowdStrike's best days are ahead. Now moving to the fourth quarter. Net new ARR growth accelerated for the second consecutive quarter. Demand in the quarter was broad-based, fueled by strength in multiple areas of the…

Thank you. [Operator Instructions] Our first question comes from Saket Kalia of Barclays. Your line is open.

Okay. Great. Hey, guys. Thanks for taking my question here. Maybe for you, George. First of all, a lot of nice helpful disclosure on some of the non-endpoint products. Maybe if we could just zero in on one? I was wondering, if could talk a little bit more about Preempt, it feels like it's been a module that's been gaining traction over the last couple of quarters. Can you just talk a little bit about how you feel like it differentiates from your competition? And also, how it might contribute to deal sizes?

Sure. Thanks, Saket. When you look at our Identity Zero Trust module, which came from the Preempt acquisition has now been integrated into the platform, which makes it seamless. It's obviously been a standout for us, because when we think about the threat environment, we've seen many of these breaches abuse identity, abuse directory services, and there's a massive compliance issue in just understanding all of these accounts where they live and who has access to privileged accounts. So, this is a highly differentiated module. Our competitors really don't have anything that's close to this. The way it works, the AI algorithms that we have built around it that we got from the Preempt team, and the expertise that we have in this area. So, it certainly is a big way for us to help differentiate the platform among many others. And it has been an absolute standout for us. And I think we've taken the time and effort to do the integration right, which is an important part of the way CrowdStrike looks at its platform.

Thank you.

Thank you. Our next question comes from Sterling Auty of JPMorgan. Your line is open.

Yes thanks. Hi guys. I wanted to zero in on the cloud security opportunity that you talked about. And what I'm curious about is -- when you go in and sell, what does that security stack look like in the cloud? And what percentage of the wallet do you think you can capture versus the kind of capture rate that you get on-prem with endpoint?

Sure. Thanks Sterling. When we look at the cloud business and I think we put some good disclosures around our penetration there. To us, it's still a greenfield opportunity. And the beauty of our platform is that we cover two very important areas; one is runtime protection; and the second one is cloud security posture management. And there are companies that have one or the other. We actually have both, and they're integrated across our Falcon control plane, which makes it very effective. We also have the ability to identify indicators of attack, which is much different than just misconfigurations. So, when you combine those together and you think about containers and Kubernetes clusters, the configuration, whether they have vulnerabilities, whether it's traditional virtualization and everything in between, we're covering a big part of the overall security stack of what people are looking for in that runtime protection visibility. So, we still feel it's in the early innings. We've got great technology in both the agent side, if you will, and some of it is agentless with cloud security posture management. But we make it very easy and effective for the DevOps teams to -- that's who we're selling to in these areas and we've gotten pretty good at it, to be able to implement this as part of the CICD pipeline.

Understood. Thank you.

Thank you. Our next question comes from Andrew Nowinski of Wells Fargo. Your line is open.

Thank you. Congrats on another amazing quarter guys. So, in our last reseller survey, CrowdStrike had the top results. So, I'm wondering if you're seeing any sort of inflection with resellers and channel partners. And similarly, I'm wondering if that CISA deal last quarter has maybe created an inflection within the US federal market?

Sure. So, thanks. When you think about our partner opportunities and CrowdStrike, first, we're a partner-first company. That's the way I built it. We haven't wavered from that. And there's many areas of partnering, everything from traditional resellers to managed service providers to cloud providers and hyperscalers like AWS that I talked about earlier. So, why have we been successful there? Well, we've taken the right approach to not compete with partners, to augment what they're trying to do. And what we've seen in the managed service world is that the managed service providers are looking for the best endpoint platform that they can plug in and offer other services. I think we've figured out a way to complement the services that they have in those areas, and it's been very effective. And of course, customers want our technology. So they're clamoring to these partners to work with us. So we will continue to do that. And I think we've put some great proof points out on our success in managed service, in the cloud providers as well as traditional resellers. And when we think about CISA, it's a fantastic validation for us in the Federal government. I've spent time in Washington, I was just there recently. And there's a lot of excitement about our technology finally being able to be deployed there. As you know, you have to go through a lot of different compliance and accreditations to get to sell in the Federal government and we worked through those. We continue to work through those at different levels. And it opens up a massive opportunity for us that we've seen a big pull from customers' interest in that particular vertical because of the aging technologies that they've been saddled with in the past. So more to come on that, but very excited about the opportunity today and in the future.

Thank you. Our next question comes from Joel Fishbein of Truist. Your line is open.

Hey, thank you and congrats on a fantastic execution. I have a quick question for George and a follow-up for Burt, if I could. George, you just GA-ed Falcon XDR module. I think there's a lot of noise in the space. Can you talk about Falcon XDR and how it's different than the other products that are out there? And why it's important going forward?

Sure. When we think about XDR, it's more than just the marketing acronym. And what we've seen in the past is that organizations of all shapes and sizes, security companies have tried to just slap XDR on what they have that's legacy. And we don't think that's the right approach. We think you have to start with the best EDR in the market, and then you extend that. We believe our EDR is the best and we've been validated many times over in different places. And what we've been able to do is to leverage the very powerful, fast and efficient streaming engine of Humio. We just talked about the petabyte benchmarks to be able to combine that with our Threat Graph, apply AI on top of it to get the best threat detection outcome and response leveraging our fusion technology. So we're still in the early days. Obviously, we just launched it. We're working with a lot of customers. We're adding more integrations around that. But we're really excited about that and we believe that's really a technology that will subsume the SIM market, and we think we're in a perfect pole position to be able to capture it.

Thank you. Our next question comes from Brent Thill of Jeffries. Your line is open.

Hey, guys. You have Joe on for Brent. Thanks for the question. And I really appreciate the additional disclosures. Burt, unreal results and fantastic opening guide for revenue for fiscal 2023. Maybe just walk us through the methodology? And has anything changed with how you would typically give an opening guidance? And then maybe to what extent do we expect the mix shift of revenue outside of core endpoint? And what were the inflationary impacts to revenue and OpEx for fiscal 2023? Thanks.

Hey, Joe, thanks for that. So in terms of our methodology, nothing has really changed. We guide to what we see. We do not guide to running the tables. So absolutely no change there. I think that the question about going and capturing some of the additional markets outside of core endpoint, I think we've given some good disclosures about some of our momentum. We don't see any of that momentum fading and we are excited about both core and some of our mortgage emerging products. And so when we think about it and when we look at our pipeline and we look at the opportunities in front of us, we get really excited about both opportunities. And then you drill down even a little further, and we get excited about being able to sell both those opportunities to both the largest enterprise companies in the world all the way down to some of the smallest. So that's how we think about it.

Thank you. Our next question comes from Matt Hedberg of RBC Capital Markets. Your line is open.

Great. Thanks for taking my question guys. Congrats. Lots of things to talk about here. I guess, Burt, for you, one of the things that really stood out to me was when we look at ending ARR per subscription customer, that had declined sequentially for many quarters. In Q3, it was kind of flattish, maybe up a little bit. But Q4, according to my math, it was up about 3% sequentially, really, really strong. And I think to me, that speaks to your cross-sell ability. I'm wondering, when you think about the guide for next year, what are some of the assumptions around ending ARR per subscription customer? Should that continue this kind of upward sequential trajectory at this point?

Hey, Matt, so we really don't look at it that way, to be fair with you, because when you think about net new ARR, it could come from anywhere. It could come from new logos. It could come from our existing base. Our focus, as you know, has been and always will be net new ARR, wherever it comes from. So when we think about looking out into this year, we're doing the same thing from a compensation perspective with our sales team as we have done last year, meaning we're going to pay our sales team the same whether they bring in a net new logo or whether they bring it from an existing customer. So we pay on net new ARR. We don't care where it comes from. The great news is, of course, is that we have tremendous amount of headroom in both, right? Our expanding base really helps in terms of cross-sell for sure. But we still have a tremendous amount of headroom in terms of being able to go after new logos. And that's kind of a great position to be in. And it really talks to the fact that we think about CrowdStrike in the early innings of our journey with a lot of headroom to go. So hopefully, that makes sense to you.

Thank you. Our next question comes from Tal Liani of Bank of America. Your line is open.

Hi, guys. Great quarter. I want to ask about competition. And you have now, the last count I have is 24 modules, how is the landscape of competitors? How is it changing with the additional modules? And can you talk about the acceptance rates? Normally you give out kind of how many -- what percentage of customers have -- subscription customers have more than four, five and six modules? And I didn't hear it this quarter, maybe I just didn't hear it. So can you give an update on the acceptance rates of your modules? And speak a little bit about the take rate of the new modules? And where do you see kind of -- how do you see it ramping versus historical trends, et cetera? Thanks.

Yes. Thanks, so George here. When we look at the competition, I think, this quarter, we put a punctuation mark on a competitive point. When you see the growth, you see the cross-sell, you see some of the modules outside of just the core. We've never seen a better competitive environment for us. We're entering the quarter with the largest pipeline. We've got lots of replacements in the legacy world, lots of replacements in the next-gen world. And truly differentiated platform with our modules, we have 22, just to be clear. And when you look at what we put together in the endpoint and workload protection visibility space, combined with identity, which is very unique to us that others don't have, combine that with data now, with SecureCircle. It's a true platform that customers are looking to buy and understand that they can consolidate agents, reduce costs and get much better outcomes. And then you combine our world-class offerings like SaaS and Complete and OverWatch on top of it, and it certainly is a winning combination. So full steam ahead from us on the competitive side, and we continue to out-innovate and build what we believe is the best platform in the industry. Burt, I'll let you take the module take rates.

Sure. I'll give them out again because they're -- we're very proud of them. So the percentage of customers with four more modules is 69%, five or more modules is 57%, six or more modules is 34%, all of which are increases over last quarter.

Thank you. Our next question comes from Alex Henderson of Needham. Your line is open.

Thank you very much. I've actually got a clarification and a question. The first one is a clarification. I mean, you talked about a record pipeline, that's kind of a throwaway considering your growth rate. I mean, you're growing so fast, you have to have a record pipeline to keep the growth going. So I was wondering, if you were to look at your pipeline relative to Ford expected net new ARR, whether the ratio of your pipeline to the forward ARR is, in fact, a record as well. And then the question I have for you is really actually on a smaller piece of your business, but I think a very important one, which is the services business, which obviously did very well with the increase in revenue upsell. With Mandiant having been bought out here or announced to be bought out, they have been obviously one of the more successful companies in targeting events and coping with them. Does that open up a runway for you? It's my understanding that Google is planning on using that predominantly for internal products as opposed to what Mandiant has done in the past. So does that open up a new opportunity for you to expand that further and become the preeminent, not that you're not already, but even more of a preempting player in the security, so you can get that upsell?

Hey, Alex, it's Burt. Thanks for your questions. I'll take the first clarification point, and then I'll pass it to George to talk about the Mandiant acquisition. So what we came out and said is that, obviously, that our pipe going into the year is the greatest pipe we've ever seen in company history. I think I'll leave it to everybody else and you on the call to kind of figure out what that means in terms of net new ARR. But generally, I think that, combine that with the momentum that we've talked about in the business, we feel really good about starting the year. And then I'll turn it over to George to -- for your second part of the question.

Yes. So, thank you, Burt. And first, I want to congratulate Kevin and the entire team. I've known and worked with Kevin many years at Calstone [ph] and they're a fantastic organization, one of the best in the business, and we have a lot of respect for them. So -- we continue to work with them on partnering opportunities. We think it's a great opportunity being part of Google, who is also another big partner of CrowdStrike. So I think both organizations make a lot of sense. You got world-class capabilities across the board. And we think our technology can be additive to the overall Mandiant solution, and we look forward to seeing how that progresses and continuing to partner with them. So, overall, I think it's a positive net-net for all parties.

Thank you. Our next question comes from Fatima Boolani of Citi. Your line is open.

Good afternoon. Thank you for taking my questions. Burt, I have this one for you. I look at your operating income guidance for fiscal 2023 and it implies close to a 60% growth in operating income. And I look at that in comparison to the 49% you've guided to the high end from a revenue standpoint. So what I wanted to ask you was what are some of the contributing factors to your operating income growth outstripping your revenue growth? And what considerations do you have in place vis-à-vis a travel and expense levels reverting to pre-COVID levels, and frankly, some of the talent retention and talent acquisition costs and wage inflation that has maybe doubled some of your peers. Any thoughts around there? And how you've been able to buck that trend as contemplated in your guidance would be very helpful. And that's it for me. Thank you.

Sure, Fatima. Thank you for your question. So first, let me just start off by saying when we take a look at the guide, we take a look at, of course, what we see, not necessarily what we don't see similar on the revenue side. And then we think about the power of our model. We've got a lot of leverage in our model. Unit economics is really strong, and it's pointing to one thing, which is continue to invest aggressively, which we plan to do, and it's reflected in the guide. I think there are a few things that really shape that guide, right? One is I think that we've seen a lot of tailwinds for us. We see momentum in the business, so scale and how we think about the revenue guide really plays a big role in terms of how we think about our margin guide. But we do take into consideration things like inflation; we take into consideration what we're seeing out there in terms of talent, it is talent war that we’re seeing on a day to day basis, not only for us but for others in the space, and we've got to differentiate ourselves from others to attract folks to come and join us. And we've done a really good job so far, but pedal to the metal in terms of hiring. And then your last piece of the question with respect to travel, I think that it's going to be more than it was last year, knock wood. Obviously, it's a result on how the pandemic plays out this year. But the idea is that we do plan on more travel. We want people to get together. We want people to collaborate. We want to go and visit customers on the one hand. On the other hand, I think every CFO out there is taking a look at what was done in the past and then how they think about the future and is looking for highest and best use of travel, and I'm no exception. So I'm going to take the opportunity to make sure that we've got all the controls in place to make sure that we are doing just that, making sure that we are looking at the highest and best use dollars for travel. And I think everybody will be appreciative of that. And I think that, as a company, it just goes to continue our story about being a really, really, really well-plated company in all aspects of the business, from tech to go-to market to finance. I hope that answers your question.

Thank you. Our next question comes from Joshua Tilton of Wolfe Research. Your line is open.

Hey guys, thanks for taking my question. You spoke a lot in the prepared remarks about the success of the non-endpoint modules. Can you just comment on the demand environment as we enter the year, but more specifically compare and contrast the demand for endpoint modules versus the demand for the cloud security and identity modules? Where are you seeing the highest demand of those three categories? And how does that maybe compare to this time a year ago?

When you look at the endpoint security modules and identity, there they go together. So we see broad-based demand on all revenue, people are buying the endpoint security modules primarily for two reasons: one, protection to visibility, which we get both; in order to enhance the protection, they've add the identity module, which makes sense given that many of the breaches don't necessarily even use malware in today's environment. So we see them going together, and we see a great opportunity for many customers who have been with us for a long time, who don't have identity, because they -- that's a newer module, to be able to add identity to their existing platform. And again, there's not much -- there's not much that they have to do other than activated given the architecture that we've built. So -- and then when you look at some of the other modules just in general, vulnerability management has done exceptionally well. We've seen lots of vulnerabilities in the environment. Understanding the assets and their configurations and the hygiene is very important to protecting them. And then in a distributed world, which we have today, right, there is no perimeter. It's all systems wherever they may reside. They're going to need this level of protection visibility and ability to even understand their vulnerability. So overall, we're pleased with the module growth outside of what we call just core endpoint protection, and we look forward to continued growth in those areas.

Thank you. Our next question comes from Rob Owens of Piper Sandler. Your line is open.

Great. Thanks for taking my question. I was wondering, if you could touch on the critical infrastructure defense project that you recently announced? Just I guess, how it came about with these vendors. And more broadly, how under-protected are we in these verticals relative to next-generation technologies? Thanks.

Yes. Sure. Rob, we thought it was appropriate with some of our parts in the industry to see where we can help. And when you look at critical infrastructure and what the government is really concerned about hospitals, pipelines, things of that nature. It's super important that, they're protected. And there aren't whole bunch of enforce standards in some of these areas. And a lot of times, they're under protected for a variety of reasons. So we thought, it was the right thing to do in terms of offering our technology out there for some period of time. And we think, we're going to be able to hopefully move the needle at protection in places where it may have not has been as good. And then obviously, we'll look to see how that pans out from a business perspective. But first and foremost, we're just trying to do the right thing.

Thank you. Our next question comes from Jonathan Ruykhaver of Baird. Your line is open.

Yes. Hey, guys. Congrats. I'm wondering, if you could just provide some color on the free tiers, whether it be the Humio community edition. I think you've introduced that some sort capabilities as well. Just curious, how you're thinking about that sales motion. Is there an opportunity to introduce those free tiers more broadly going forward?

Well, yes. So let's talk about Falcon Fusion for a bit, which is our store capabilities. The beauty is, it's built into the platform. There's -- if you just get it, if you're a Falcon customer, which has been extremely well loved by our customers. And the amount of automation that we've been able to achieve, we think, far outstrips what our competitors can do, and it ties into our XDR response strategy. And it's seamlessly built in. It wasn't an acquisition that we had to bolt on. So we're really happy with that. But other than making sure everybody knows we have it, there's not a lot of motion that we have to go into there, and it has been a differentiator for us. When we think about the Humio community addition, I think, it goes to the heart of where we've been able to make some really good inroads in the DevOps world, both in cloud protection but as well as observability. We talked about some of the big wins with Humio. Some of them are not even security related. They're simply observability. The beauty of that technology is the ability to get data from just about any source and answer any question at scale. The community addition, very well received. We have people that are using it and then obviously saying it's a great technology. we want to learn more. We want to think about licensing it. So, we're still in the early innings on that, but it goes to the heart of our e-commerce efforts and our platform that we built out, which I think is candidly underappreciated in what we're able to do from a business perspective and the sales efficiency that it actually brings to CrowdStrike.

Thank you. Our next question comes from Ittai Kidron of Oppenheimer. Your line is open.

Thanks. Hey guys. Great quarter and thanks for all the disclosures. I have a couple. George, first for you on the new modules. Clearly, you're making very good progress here. But can you tell us how much of the progress do you have customers that actually land first review in these solutions? And for you, Burt, great job on the operating margin side. I guess you're pretty much at your target operating margin range, so is it time to raise it finally?

All right. So, I'll take the first part. When we think about how customers land, let's take a couple of examples. So, cloud workload protection, cloud security caution management horizon. Absolutely, they can land there first before they put Falcon on any of their what we'd call traditional endpoints. And we see that all the time, same with Humio. When you think about something like identity, that becomes a driver for why they're calling us. They're looking at their existing solutions, saying, hey, we need a solution in the endpoint identity space. You guys are the only folks that have it, come in and talk to us. And then traditionally, we will land with that amongst something else, right, probably the endpoint detection or EDR. And the beauty, again, of our model is single-agent collect data one time, all the modules become available. So, once we get the agent on that system, everything else opens up to us from a module perspective. So, there's different demand drivers. And then there are specific technologies, which are just natural for us to lead with and sell and then be able to cross-sell in other place in their organization, like cloud workload protection and cloud security posture management. Burt?

Thanks George. Thanks, Ittai, for the question. So, number one, really happy with our performance on the top and the bottom. I think that the guide really reflects what we really want to do this year, which is aggressively invest in the business. We've got this opportunity in front of us. We think there's a tremendous amount of demand. There's a tremendous big opportunity for us, and we're going for it. So, I think that when we guided, we took all of that into consideration. And so I feel really good about where we are. And of course, our unit economics, the metrics that we look at are all driving that decision in terms of how we guide it, right? And that's a great thing about our business, right? It's well-flighted, the model itself is open to leverage, and right now, we're going to use some of that leverage to go invest aggressively into the business.

Thank you. And our last question comes from Gregg Moskowitz of Mizuho. Your line is open.

Hi thank you very much and thanks for taking the question. I'll keep it to 1 just in the interest of time. So, you now have more than half of the Fortune 500 in total. And based on our numbers, you've added 77 of the Fortune 500 over the past 12 months. I mean both of these are just remarkable statistics. So I guess two things relating to this. First, as you look ahead to fiscal 2023, how would you characterize your new customer pipeline, specifically at the larger enterprise level? And then how much runway is there for your current Fortune 500 customers to continue to expand with CrowdStrike? Thank you.

Great. Well, we still see a big runway of customers, potential customers in the Fortune 500 that aren't on Crown tracking, we've seen obviously a lot of interest there. And I think enterprise customers understand if they're looking for the best protection at scale with the manageability, CrowdStrike is the technology of choice, and we've built our gold standard reputation in that arena. So that's what I would say there. Burt, anything else to add? I know we're short on time.

Yes. It's a great question. I think right now, Gregg, look, we're really happy that we have over 50% of those Fortune 500. We've got a whole bunch more to go and when George thinks about -- and George and I think about the rest of our potential business were looking forward, again, tremendous success in enterprise. That's where George flighted the business, and that's where we started, and we're going to continue to, I think, see lots of opportunities come our way and then going down market, right? I think we've had a lot of success in being able to build the technology, the same agent for both a company that's has 1 million endpoints versus 1 that has 5. That's really hard to do. And so we've got -- the beauty of where we are right now is we have over 16,000 subscription customers. Those are all open to cross-sell and upsell. And then we've got this tremendous amount of new logos to be able to go after, whether it's an enterprise, mid-market or SMB. And that's the beauty of where we are. And that's why we're -- you're hearing the excitement in our voices. And now I'll turn it back over to the moderator.

Thank you. I’m showing no further questions, I'd like to turn the call back over to Mr. Kurtz for any closing remarks.

Okay. Well, thank you so much. We appreciate everyone's time and attention, and we wish the best everyone to stay healthy, and we look forward to seeing you next quarter. Thanks so much.

Thank you. Ladies and gentlemen, this does conclude today's conference. Thank you all for participating. You may now disconnect. Have a great day.