Cyberark Software Ltd (CYBR) 2022 Q2 法說會逐字稿

Good morning. My name is Rex, and I'll be your conference operator today. At this time, I would like to welcome everyone to the CyberArk Q2 2022 Earnings Conference Call. (Operator Instructions)

早上好。我的名字是雷克斯，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 CyberArk 2022 年第二季度收益電話會議。 （操作員說明）

At this time, I'd like to introduce Erica Smith, SVP, Investor Relations and EFG. Ms. Smith, you may begin your conference.

在此，我想介紹一下投資者關係和 EFG 高級副總裁 Erica Smith。史密斯女士，你可以開始你的會議了。

Thank you, Rex. Good morning. Thank you for joining us today to review CyberArk's second quarter 2022 financial results. With me on the call today are Udi Mokady, Chairman and Chief Executive Officer; and Josh Siegel, Chief Financial Officer. After prepared remarks, we will open the call up to a question-and-answer session.

謝謝你，雷克斯。早上好。感謝您今天加入我們，回顧 CyberArk 2022 年第二季度的財務業績。今天與我通話的是董事長兼首席執行官 Udi Mokady；和首席財務官喬什·西格爾。準備好發言後，我們將打開電話進行問答環節。

Before we begin, let me remind you that certain statements made on the call today may be considered forward-looking statements, which reflect management's best judgment based on currently available information. I refer specifically to the discussion of our expectations and beliefs regarding our projected results of operations for the third quarter full year 2022 and beyond. Our actual results might differ materially from those projected in these forward-looking statements. I direct your attention to the risk factors contained in the company's annual report on Form 20-F filed with the U.S. Securities and Exchange Commission and those as referenced in the press release today that are posted to CyberArk's website. CyberArk expressly disclaims any application or undertaking to release publicly any updates or revisions to any forward-looking statements made today.

在我們開始之前，讓我提醒您，今天在電話會議上做出的某些陳述可能被視為前瞻性陳述，這反映了管理層基於當前可用信息做出的最佳判斷。我特別指的是關於我們對 2022 年第三季度全年及以後的預計運營結果的期望和信念的討論。我們的實際結果可能與這些前瞻性陳述中預測的結果大不相同。我請您注意公司向美國證券交易委員會提交的 20-F 表格年度報告中包含的風險因素，以及今天發佈在 CyberArk 網站上的新聞稿中引用的風險因素。 CyberArk 明確否認任何申請或承諾公開發布對今天做出的任何前瞻性陳述的任何更新或修訂。

Additionally, non-GAAP financial measures will be discussed on this conference call. Reconciliations to the most directly comparable GAAP financial measures are also available in today's press release as well as in an updated investor presentation that outlines the financial discussion in today's call. We also want to remind you that we provide the calculated revenue headwinds for additional color on the impact of our subscription bookings mix shift, but it should not be viewed as comparable to or a substitute for reported GAAP revenues or other GAAP metrics. The webcast of today's call is also available on our website in the IR section.

此外，本次電話會議將討論非公認會計準則財務措施。今天的新聞稿以及概述今天電話會議中財務討論的更新的投資者演示文稿中也提供了與最直接可比的 GAAP 財務指標的對賬。我們還想提醒您，我們提供了計算出的收入逆風，以便為我們的訂閱預訂組合轉變的影響提供額外的顏色，但不應將其視為與報告的 GAAP 收入或其他 GAAP 指標相當或替代。今天電話會議的網絡廣播也可以在我們網站的 IR 部分獲得。

With that, I'd like to turn the call over to our Chairman and Chief Executive Officer, Udi Mokady. Udi?

有了這個，我想把電話轉給我們的董事長兼首席執行官 Udi Mokady。烏迪？

Thanks, Erica, and thanks, everyone, for joining the call. We had an outstanding second quarter, best characterized by momentum. Momentum for our Identity Security platform, momentum across our solutions, PAM, Endpoint, Secrets Management and Access. Momentum in the channel and momentum with new logos and in existing customers. Before diving into the details, I wanted to provide a few financial metrics that underscore our stellar performance.

謝謝 Erica，也謝謝大家加入電話會議。我們有一個出色的第二季度，最好的特點是勢頭。我們的身份安全平台的勢頭，我們的解決方案、PAM、端點、秘密管理和訪問的勢頭。新標識和現有客戶的渠道勢頭和勢頭。在深入了解細節之前，我想提供一些財務指標來強調我們的出色表現。

ARR remains the best metric to measure our success. So subscription ARR reached $255 million, growing 133% year-over-year, demonstrating the continued acceleration of our subscription engine. Total ARR grew 48% year-over-year, reaching $465 million. We are pleased with how quickly. Our recurring revenue business is scaling to our $1 billion ARR target. And total revenue exceeded our guidance range coming in at $142 million, with growth accelerated to 21%. It is important to keep in mind that the subscription transition continues to impact our reported P&L or said another way, we are growing much faster than the 21% revenue growth we posted in Q2.

ARR 仍然是衡量我們成功的最佳指標。因此，訂閱 ARR 達到 2.55 億美元，同比增長 133%，表明我們訂閱引擎的持續加速。總 ARR 同比增長 48%，達到 4.65 億美元。我們對速度如此之快感到滿意。我們的經常性收入業務正在擴大到我們 10 億美元的 ARR 目標。總收入超過我們的指導範圍，達到 1.42 億美元，增長加速至 21%。重要的是要記住，訂閱過渡繼續影響我們報告的損益，或者換句話說，我們的增長速度遠快於我們在第二季度公佈的 21% 的收入增長。

In fact, our bookings were again well above our guidance framework, best evidenced by the combination of higher subscription bookings mix at 88%, revenue above the guidance range and nearly 50% ARR growth. The revenue headwind from the subscription bookings mix was about $16 million in the second quarter. Normalizing the mix to the second quarter of last year, our total revenue line would have grown by 35% this quarter. Josh will talk about it later. But given the strength of our execution, we are raising our full year revenue and ARR guidance.

事實上，我們的預訂再次遠高於我們的指導框架，最好的證明是更高的訂閱預訂組合（88%）、高於指導範圍的收入和近 50% 的 ARR 增長。第二季度訂閱預訂組合帶來的收入逆風約為 1600 萬美元。將組合正常化到去年第二季度，我們的總收入線本季度將增長 35%。喬希稍後會談到它。但鑑於我們的執行力，我們正在提高全年收入和 ARR 指導。

Our pillars continue to be growth, innovation and profitability. Starting with growth. Over the last few weeks from the RSA conference to our recent Impact customer event, we met with hundreds of chief information security officers and senior security professionals. Nearly every discussion centered on the major challenges facing the industry. The risk to digitize, adopting Zero Trust and staying ahead of attacker innovation are accelerating trends pushing Identity Security to the top of the CISO priority list. Our strong secular tailwinds and execution have kicked our platform selling motion into a higher gear, which you see in some of the trends from the quarter. We surpassed 1,000 customers with over $100,000 in annual recurring revenue, up over 50% from Q2 last year.

我們的支柱仍然是增長、創新和盈利能力。從成長開始。從 RSA 會議到最近的 Impact 客戶活動，過去幾週，我們會見了數百名首席信息安全官和高級安全專家。幾乎所有討論都集中在該行業面臨的主要挑戰上。數字化、採用零信任和領先於攻擊者創新的風險正在加速將身份安全推向 CISO 優先級列表頂部的趨勢。我們強勁的長期順風和執行力將我們的平台銷售運動推向了更高的檔次，您可以在本季度的一些趨勢中看到這一點。我們超過 1,000 名客戶，年經常性收入超過 100,000 美元，比去年第二季度增長 50% 以上。

SaaS continues to serve as the foundation of our growth, leading the way in almost all regions. Our move to subscription business model is delivering transformative value both to us and to our customers. While PAM remains the predominant landing spot for customers, increasingly, new logos are beginning their identity security program with Endpoint and Access and then expanding back into PAM. And when it comes to access, our truly differentiated approach is resonating, delivering another strong quarter in Q2, we are creating seamless access across the entire workforce. The combination of single sign-on and adaptive MFA with innovations like secure web session and workforce password management, all based on intelligent privileged controls is enhancing security and increasing productivity, a combination not replicated by any other vendor.

SaaS 繼續作為我們增長的基礎，在幾乎所有地區都處於領先地位。我們轉向訂閱業務模式正在為我們和我們的客戶帶來變革性價值。雖然 PAM 仍然是客戶的主要著陸點，但越來越多的新徽標開始使用 Endpoint 和 Access 來啟動其身份安全計劃，然後再擴展到 PAM。在訪問方面，我們真正與眾不同的方法正在引起共鳴，在第二季度實現了另一個強勁的季度，我們正在為整個員工創造無縫訪問。單點登錄和自適應 MFA 與安全 Web 會話和勞動力密碼管理等創新相結合，均基於智能特權控制，正在增強安全性並提高生產力，這是任何其他供應商無法複製的組合。

We had impressive diversification in our new logos, signing nearly 250 customers in the second quarter, up over 30% year-over-year and included enterprise wins like Fortune 500 manufacturing companies, banks, major retailers, critical infrastructure and energy and power companies.

我們的新標識實現了令人印象深刻的多樣化，第二季度簽約了近 250 家客戶，同比增長 30% 以上，其中包括財富 500 強製造公司、銀行、主要零售商、關鍵基礎設施以及能源和電力公司等企業。

Momentum continued to pick up in our commercial segment as well with wins like a next-gen cloud fintech, a well-known conservation society and multiple school systems among many others. A few new business highlights include: in a greenfield PAM deal, a North American retailer had 2 catalysts for implementing Identity Security; digital transformation and cyber insurance requirements, one of the many examples of cyber insurance contributing to our business. This customer embraced our platform buying Privileged Cloud, Endpoint Privilege Manager, Access and Secrets Manager enterprise-wide, including protecting UiPath and ServiceNow through our C-Cube integrations.

我們的商業領域的勢頭也繼續增強，贏得了下一代云金融科技、著名的保護協會和多個學校系統等眾多獎項。一些新的業務亮點包括：在一項新的 PAM 交易中，一家北美零售商有 2 個催化劑來實施身份安全；數字化轉型和網絡保險要求，這是為我們的業務做出貢獻的眾多網絡保險示例之一。該客戶接受我們的平台購買 Privileged Cloud、Endpoint Privilege Manager、Access and Secrets Manager 企業範圍，包括通過我們的 C-Cube 集成保護 UiPath 和 ServiceNow。

A restaurant chain landed with adaptive MFA, SSO workforce password management and advanced life cycle management to help mitigate risk, expanding the PAM is next on its horizon. Our land and expand strategy is demonstrated across examples like a Fortune 500 manufacturing company landed with EPM in Q4 and after just 2 quarters is replacing a legacy PAM solution with our Privileged Cloud because of the amazing customer experience. In a highly competitive access deal, an existing PAM customer in the health care vertical expanded with single sign-on and MFA.

一家餐飲連鎖店採用自適應 MFA、SSO 勞動力密碼管理和高級生命週期管理來幫助降低風險，擴展 PAM 是下一個目標。我們的土地和擴張戰略在示例中得到了證明，例如一家財富 500 強製造公司在第四季度使用 EPM 登陸，僅僅兩個季度後，由於令人驚嘆的客戶體驗，我們正在用我們的 Privileged Cloud 替換傳統的 PAM 解決方案。在一項競爭激烈的訪問交易中，醫療保健垂直領域的現有 PAM 客戶通過單點登錄和 MFA 進行了擴展。

The CISO cited key differentiators, such as our security first mindset and our unwavering commitment to maintaining the long-term vision and purpose. A financial services company is expanding from PAM to protect Kubernetes at the edge and CI/CD pipelines with our secrets management solution. Secrets Manager has had a strong quarter and was included in 8 of our top 10 largest wins. Momentum also continued across the partner ecosystem. We are particularly excited about strengthening our relationships with the SIs, managed security service providers and with AWS.

首席信息安全官列舉了關鍵的差異化因素，例如我們的安全至上理念以及我們對維護長期願景和目標的堅定承諾。一家金融服務公司正在從 PAM 擴展到使用我們的機密管理解決方案來保護邊緣的 Kubernetes 和 CI/CD 管道。 Secrets Manager 取得了強勁的季度表現，並被列入我們前 10 名最大贏家中的 8 項。整個合作夥伴生態系統也繼續保持勢頭。我們對加強與 SI、託管安全服務提供商和 AWS 的關係感到特別興奮。

Our partners are building identity security practices with plans to significantly increase their business with CyberArk. Year-to-date, the number of CyberArk certified professionals has nearly tripled with the average number of certifications across our products also trending up, a very strong indicator of the momentum with partners. We also deepened our relationship with AWS Marketplace. The deals closed in Q2, and our strong pipeline gives us confidence that AWS will be a contributor to our growth over the long term.

我們的合作夥伴正在建立身份安全實踐，併計劃通過 CyberArk 顯著增加他們的業務。年初至今，CyberArk 認證專業人員的數量幾乎翻了三倍，我們產品的平均認證數量也呈上升趨勢，這是與合作夥伴發展勢頭的一個非常有力的指標。我們還加深了與 AWS Marketplace 的關係。交易在第二季度完成，我們強大的管道讓我們相信 AWS 將成為我們長期增長的貢獻者。

Moving on to the innovation, the cornerstone of our strategy. Our DNA is innovation, and we challenge ourselves every day to lead the industry. We were pleased to be named a leader in the July 2022 Gartner's Magic Quadrant for Privileged Access Management, positioned both highest in ability to execute and furthest in completeness of vision for the fourth time in a row. At our recent annual impact live customer event, we showcased the depth, breadth and considerable differentiation of our Identity Security platform. We hosted more than 1,000 people in person and 2,000 virtually at our marquee event and the feedback was incredible. Customers and partners recognize that we are putting much more distance between us and the competition.

繼續創新，這是我們戰略的基石。我們的 DNA 是創新，我們每天都在挑戰自己以引領行業。我們很高興在 2022 年 7 月的 Gartner 特權訪問管理魔力像限中被評為領導者，連續第四次在執行能力和願景完整性方面均名列前茅。在我們最近的年度影響現場客戶活動中，我們展示了身份安全平台的深度、廣度和相當大的差異化。在我們的大型活動中，我們親自接待了 1,000 多人，虛擬接待了 2,000 多人，反饋令人難以置信。客戶和合作夥伴認識到，我們與競爭對手之間的距離越來越遠。

The benefits of our security-first approach are well understood and increasingly a priority in this severe threat landscape. We also demonstrated how we can elegantly secure all identities across environments while driving the business forward. A few highlights from the product announcements. Secret Hub positions CyberArk as the backbone for secrets management for application for all application types across the enterprise.

我們的安全第一方法的好處是眾所周知的，並且在這種嚴重的威脅環境中越來越成為優先事項。我們還展示瞭如何在推動業務發展的同時優雅地保護跨環境的所有身份。產品公告中的一些亮點。 Secret Hub 將 CyberArk 定位為整個企業所有應用程序類型的應用程序秘密管理的支柱。

Developers seamlessly access secrets through familiar workflows in AWS. At the same time, the security team can secure and rotate all secrets in CyberArk, centralizing visibility and control with a single pane of glass across hybrid and cloud environments. This win-win solution increases alignment between cloud-native DevOps and Security. It is a game changer.

開發人員通過 AWS 中熟悉的工作流程無縫訪問機密。同時，安全團隊可以保護和輪換 CyberArk 中的所有機密，通過單一管理平台跨混合和雲環境集中可見性和控制。這種雙贏的解決方案增加了雲原生 DevOps 和安全性之間的一致性。它改變了遊戲規則。

Conjur Cloud is now in early availability. In addition to faster deployment and active value with SaaS delivery, much of the power of Conjur Cloud comes from the tight integration into our Identity Security platform.

Conjur Cloud 現已提前推出。除了通過 SaaS 交付更快的部署和積極的價值之外，Conjur Cloud 的大部分功能來自於與我們的身份安全平台的緊密集成。

In Access, we introduced identity flows, which streamlines workflow with advanced and modern no-code application integration and automation. And Identity compliance streamlines across streamlined access certifications campaigns with comprehensive, risk-driven identity analytics.

在 Access 中，我們引入了身份流，它通過先進和現代的無代碼應用程序集成和自動化簡化了工作流程。身份合規性通過全面的、風險驅動的身份分析簡化了簡化的訪問認證活動。

Secure Cloud Access marks the third solution, along with Cloud Entitlements Manager and Dynamic Privileged Access in our Cloud Privileged Security pillar. Going well beyond just in time, basic just in time, secure cloud access integrate session monitoring and enhanced lease privilege permissions for DevOps and cloud consoles. This functionality significantly enhances security and better allies to the principle of Zero Trust.

Secure Cloud Access 標誌著第三個解決方案，以及我們的 Cloud Privileged Security 支柱中的 Cloud Entitlements Manager 和 Dynamic Privileged Access。遠遠超出即時、基本即時、安全雲訪問集成會話監控和增強的 DevOps 和雲控制台的租賃特權權限。此功能顯著增強了安全性並更好地支持零信任原則。

To accelerate our development in cloud security, in July, we acquired C3M, a provider of multi-cloud security and compliance solutions for AWS, Azure and Google Cloud Platform. We are pleased to welcome about 40 talented cloud security experts and are looking forward to working together to deliver against our cloud privileged security road map.

為了加快我們在雲安全方面的發展，我們在 7 月收購了 C3M，這是一家為 AWS、Azure 和谷歌云平台提供多雲安全和合規解決方案的提供商。我們很高興地歡迎大約 40 位才華橫溢的雲安全專家，並期待共同努力實現我們的雲特權安全路線圖。

Moving on to profitability. Our reported P&L continues to be impacted by the subscription transition. We haven't changed our investment approach. We are delivering excellent returns, including rapid revenue growth rates and accelerated innovation. We expect to be a Rule of 40 company with strong growth, profitability and cash flow as we move past the subscription transition dynamics.

繼續盈利。我們報告的損益繼續受到訂閱轉換的影響。我們沒有改變我們的投資方式。我們正在提供出色的回報，包括快速的收入增長率和加速的創新。隨著我們超越訂閱過渡動態，我們預計將成為一家擁有強勁增長、盈利能力和現金流的 40 規則公司。

Before I turn it over to Josh, I wanted to talk about the macro environment. The broader economic uncertainty that we are all hearing about has not impacted our business. We are watching very closely and analyzing the trends in our business more frequently. We continue to execute our strategy. Our close rates are strong.

在我把它交給喬希之前，我想談談宏觀環境。我們都聽說過的更廣泛的經濟不確定性並未影響我們的業務。我們正在密切關注並更頻繁地分析我們業務的趨勢。我們繼續執行我們的戰略。我們的收盤價很高。

Our pipeline is at record levels, and we are seeing an acceleration in demand. In fact, the first half of 2022 was one of the best in the company's history, and our Q2 performance demonstrates. First and foremost, identity security is more critical than ever. Second, our identity security platform is gaining momentum, and we are increasingly protecting across workforce identities, privileged users and machines. Third, we are in the best competitive position in our history. And lastly, we are increasingly confident in our ability to execute against a multiyear durable growth opportunity.

我們的管道處於創紀錄的水平，我們看到需求在加速。事實上，2022 年上半年是公司歷史上最好的一年，我們的第二季度業績證明了這一點。首先，身份安全比以往任何時候都更加重要。其次，我們的身份安全平台正在獲得動力，我們越來越多地保護員工身份、特權用戶和機器。第三，我們處於歷史上最好的競爭地位。最後，我們對自己在多年持久增長機會中的執行能力越來越有信心。

I will now turn the call over to Josh, who will discuss our great financial results in more detail and provide you with our outlook for the third quarter and full year 2022, including raising our total revenue and ARR guidance.

我現在將把電話轉給 Josh，他將更詳細地討論我們出色的財務業績，並向您提供我們對 2022 年第三季度和全年的展望，包括提高我們的總收入和 ARR 指導。

Josh, off to you.

喬希，交給你了。

Thanks, Udi. As in prior quarters, we posted slides to the website that walk through our results. As Udi mentioned just now, we had a stellar second quarter. Momentum continues to build in our business, fueled by amazing execution, strong secular tailwinds and a robust demand environment.

謝謝，烏迪。與前幾個季度一樣，我們在網站上發布了展示我們結果的幻燈片。正如 Udi 剛才提到的，我們的第二季度表現出色。在驚人的執行力、強勁的長期順風和強勁的需求環境的推動下，我們的業務繼續發展勢頭。

In terms of the headline P&L, total revenue exceeded guidance coming in at $142.3 million in the second quarter with growth accelerating sequentially to 21% year-on-year from the 13% growth rate in the first quarter of 2022. We are thrilled to begin exiting the revenue trough by the subscription transition and be back again above 20% growth.

就整體損益而言，第二季度總收入超過預期，達到 1.423 億美元，同比增長從 2022 年第一季度 13% 的增長率連續加速至 21%。我們很高興開始通過訂閱過渡退出收入低谷，並再次回到 20% 以上的增長。

Annual recurring revenue continues to be the best metric to evaluate the business and remain incredibly strong in the second quarter, growing 48% year-on-year and reaching $465 million. The business continues to fire on all cylinders and grow at high rates. The subscription portion of ARR reached $255 million. That's increasing 133% and now represents 55% of our total ARR. Just a year ago, the subscription portion was only $109 million or 35% of the total.

年度經常性收入仍然是評估業務的最佳指標，並在第二季度保持強勁勢頭，同比增長 48%，達到 4.65 億美元。該業務繼續在所有氣缸上開火併高速增長。 ARR 的認購部分達到了 2.55 億美元。這增加了 133%，現在占我們總 ARR 的 55%。就在一年前，訂閱部分僅為 1.09 億美元，佔總數的 35%。

The maintenance portion was $210 million at June 30 and in large part because of the timing of renewals.

截至 6 月 30 日，維護部分為 2.1 億美元，很大程度上是因為續訂的時間。

Moving into the details. Subscription revenue generated from SaaS and self-hosted subscription contracts reached $66 million and represented 46% of total revenue in the second quarter with growth accelerating to 144% year-on-year.

進入細節。 SaaS 和自託管訂閱合同產生的訂閱收入達到 6600 萬美元，佔第二季度總收入的 46%，同比增長加速至 144%。

Consistent with the progression of our business model to subscription, perpetual license revenue came in at about $11 million. Our maintenance and professional services revenue was $65.3 million with $54.4 million from recurring maintenance and $10.9 million in professional services revenue. Recurring revenue reached $120.4 million. That's 85% of total revenue with growth accelerating to 49% year-on-year. We are pleased to be quickly approaching our target of more than 90% of revenue coming from recurring.

隨著我們業務模式向訂閱的發展，永久許可收入約為 1100 萬美元。我們的維護和專業服務收入為 6530 萬美元，其中 5440 萬美元來自經常性維護，1090 萬美元來自專業服務收入。經常性收入達到 1.204 億美元。這佔總收入的 85%，同比增長加速至 49%。我們很高興能夠迅速接近我們超過 90% 的收入來自經常性收入的目標。

Before moving on, I wanted to point out that we did have a negative currency impact, which lowered our total revenue by about $2 million in the second quarter, making our outperformance even that much more impressive. Our subscription bookings mix was 88% in the second quarter compared to our guidance of 87% booking mix.

在繼續之前，我想指出我們確實受到了負面的貨幣影響，這使我們第二季度的總收入減少了約 200 萬美元，使我們的出色表現更加令人印象深刻。我們第二季度的訂閱預訂組合為 88%，而我們指導的預訂組合為 87%。

With our mix and revenue, both above expectations, highlights that total bookings again exceeded our guidance framework. Economically, the headwind created by the mix was approximately $16 million in the second quarter, when we compare it like-for-like to the second quarter last year with only 65%. Taking the calculated revenue headwind into consideration, total revenue growth would have accelerated to 35% year-on-year. As a reminder, our second quarter guidance implied about a 30% growth rate normalized for the transition. So exceeding that by a full 5 percentage points is just another indication of the strength of our outperformance in the second quarter.

我們的組合和收入均高於預期，突顯出總預訂量再次超出了我們的指導框架。從經濟上講，第二季度這種組合帶來的不利因素約為 1600 萬美元，而我們將其與去年第二季度相比僅為 65%。考慮到計算出的收入逆風，總收入同比增長將加速至 35%。提醒一下，我們的第二季度指導暗示了轉型正常化的 30% 左右的增長率。因此，超過 5 個百分點只是我們第二季度表現強勁的另一個跡象。

Geographically, the business is well diversified. The Americas revenue reached $84 million, representing 59% of total revenue. The Americas grew by 21% and again, had the strongest percentage of SaaS bookings during the quarter. EMEA also grew by 21% year-on-year with $44 million in revenue or 31% of total revenue. APJ grew by 25% to $15 million in revenue or 10% of total and continues to gain traction with subscription and SaaS ahead of our expectations. If we look across all the geographies normalizing for the mix, the Americas and EMEA revenue would have grown by approximately 35% and APJ by about 40%.

從地域上看，業務多元化。美洲收入達到 8400 萬美元，佔總收入的 59%。美洲增長了 21%，並且在本季度再次擁有最強的 SaaS 預訂百分比。 EMEA 也同比增長 21%，收入為 4400 萬美元，佔總收入的 31%。 APJ 的收入增長了 25%，達到 1500 萬美元，佔總收入的 10%，並且訂閱和 SaaS 的吸引力繼續超出我們的預期。如果我們查看所有地區的組合正常化，美洲和歐洲、中東和非洲地區的收入將增長約 35%，亞太和日本地區的收入將增長約 40%。

Now moving to the P&L. All line items in the P&L will be discussed on a non-GAAP basis, and please see the full GAAP to non-GAAP reconciliation in the tables of our press release. Our second quarter gross profit was $116.9 million or an 82% gross margin. That's compared with 84% gross margin in Q2 last year, and it's primarily the result of the increase in our SaaS business.

現在轉到損益表。損益表中的所有項目都將在非公認會計原則的基礎上進行討論，請在我們的新聞稿表格中查看完整的公認會計原則與非公認會計原則的對賬。我們第二季度的毛利潤為 1.169 億美元，毛利率為 82%。相比之下，去年第二季度的毛利率為 84%，這主要是我們 SaaS 業務增長的結果。

We continue to make investments to drive innovation and growth, resulting in operating expenses of $127.5 million, a 33% increase year-on-year and an operating loss of $10.7 million in the quarter.

我們繼續進行投資以推動創新和增長，導致運營費用為 1.275 億美元，同比增長 33%，本季度運營虧損 1,070 萬美元。

Our operating results were lower by approximately $16 million from the calculated revenue headwind. Normalizing for this mix, operating margin would have been a positive 3% in the second quarter. As a reminder, this only level sets the mix to the prior year and not all the way back to the beginning of the transition, which would result in even a much higher operating margin.

由於計算出的收入逆風，我們的經營業績減少了約 1600 萬美元。對於這種組合正常化，第二季度的營業利潤率將是正的 3%。提醒一下，這個唯一的水平將混合設置為上一年，而不是一直回到過渡的開始，這將導致更高的營業利潤率。

Net loss was about -- was $10.7 million or $0.27 per diluted share for the second quarter. We continue to attract and retain top talent. That's a testament to our culture. We added just over 130 employees in the second quarter, ending June with over 2,400 employees worldwide, including about 1,100 in sales and marketing.

第二季度的淨虧損約為 1,070 萬美元或每股攤薄收益 0.27 美元。我們繼續吸引和留住頂尖人才。這是對我們文化的證明。截至 6 月底，我們在第二季度增加了 130 多名員工，在全球擁有 2,400 多名員工，其中包括約 1,100 名銷售和營銷人員。

For the first half of 2022, free cash flow was $6.6 million or 2% free cash flow margin, and we continue to have a strong balance sheet, ending the quarter with $1.2 billion in cash and investments.

2022 年上半年，自由現金流為 660 萬美元或 2% 的自由現金流利潤率，我們繼續擁有強勁的資產負債表，本季度末現金和投資為 12 億美元。

Turning to our guidance. Our guidance for the third quarter and the full year reflects robust industry tailwinds, strong execution and our growing ARR base. For the third quarter of 2022, we expect total revenue of $147 million to $153 million, which represents another sequential acceleration of our growth to 23% year-on-year at the midpoint.

轉向我們的指導。我們對第三季度和全年的指導反映了強勁的行業順風、強勁的執行力和我們不斷增長的 ARR 基礎。對於 2022 年第三季度，我們預計總收入將在 1.47 億美元至 1.53 億美元之間，這代表著我們在中點的同比增長再次連續加速至 23%。

We expect a non-GAAP operating loss of about $11 million to $6 million for the third quarter, and we expect EPS to range from a non-GAAP net loss of $0.27 to $0.14 per basic and diluted share. Our guidance assumes that our subscription bookings mix will remain over 85% and that the resulting calculated revenue and profitability headwind will be between $9 million and $11 million for the third quarter. If you normalize for the mix, our estimated revenue growth at the midpoint of the range is over 30%. Since we have now exceeded our target for subscription bookings mix for the last 2 quarters.

我們預計第三季度非美國通用會計準則運營虧損約為 1100 萬美元至 600 萬美元，我們預計每股收益將在非美國通用會計準則基礎和稀釋後每股 0.27 美元至 0.14 美元之間。我們的指導假設我們的訂閱預訂組合將保持在 85% 以上，並且由此計算得出的第三季度收入和盈利能力逆風將在 900 萬美元至 1100 萬美元之間。如果您對組合進行標準化，我們在該範圍中點的估計收入增長超過 30%。由於我們現在已經超過了過去兩個季度的訂閱預訂組合目標。

Going forward in the second half of 2022, we will only start to provide a range for mix and headwind versus the specific targets. Our guidance also assumes 41.4 million basic and diluted shares and about $2 million in taxes. For the full year of 2022, we are raising the midpoint of our guidance and now expect the total revenue in the range of $589 million to $601 million, our guidance assumes a subscription bookings mix in the high 80s and our revenue headwind of between $61 million and $63 million. So if you normalize for the mix, our estimated revenue growth at the midpoint is over 30%.

展望 2022 年下半年，我們只會開始提供一個針對特定目標的混合和逆風範圍。我們的指導還假設了 4140 萬股基本股和稀釋股以及約 200 萬美元的稅收。對於 2022 年全年，我們正在提高我們指導的中點，現在預計總收入在 5.89 億美元至 6.01 億美元之間，我們的指導假設訂閱預訂組合在 80 年代高位，我們的收入逆風在 6100 萬美元之間和 6300 萬美元。因此，如果您對組合進行標準化，我們估計中點的收入增長超過 30%。

For the full year, we are improving the range for our non-GAAP operating loss to be $30.5 million and $20.5 million, and we expect our non-GAAP net loss per basic and diluted share to be in the range of $0.82 to $0.57. For the full year, we expect about 40.7 million basic and diluted shares and about $11 million in taxes. We are pleased that our operating loss and EPS range are improving while facing currency headwinds and absorbing the increased operating expenses from the acquisitions of [ePHI] and C3M.

全年，我們正在將我們的非公認會計準則營業虧損範圍提高到 3050 萬美元和 2050 萬美元，我們預計我們的非公認會計準則每股基本和稀釋股份淨虧損將在 0.82 美元至 0.57 美元之間。全年，我們預計約有 4070 萬股基本股和稀釋股，以及約 1100 萬美元的稅收。我們很高興我們的經營虧損和每股收益範圍正在改善，同時面臨貨幣逆風並吸收了收購 [ePHI] 和 C3M 增加的經營費用。

Our improved bottom line is further validation that our approach to profitability has not changed. Today, the profitability of our business is still masked by the subscription transition, and we expect to return to a Rule of 40 company once the transition dynamics play out.

我們改善的底線是進一步驗證我們的盈利方式沒有改變。今天，我們業務的盈利能力仍然被訂閱過渡所掩蓋，一旦過渡動態發揮作用，我們預計將回到 40 規則公司。

We are also meaningfully increasing our full year guidance for ARR, which we now expect to be between $543 million and $549 million at December 31, 2022, or that's 38% to 40% year-on-year growth, respectively. We are thrilled to raise our ARR guidance, which demonstrates the considerable strength we continue to see in our business. While we experienced over a $2 million sequential increase in maintenance ARR in the second quarter, we still anticipate that maintenance ARR will decline in the back half of the year. I would also add, we do not anticipate products from ePHI and C3M, to contribute to ARR or recognized revenue in 2022.

我們還有意義地提高了對 ARR 的全年指導，我們現在預計到 2022 年 12 月 31 日，該指導值將在 5.43 億美元至 5.49 億美元之間，即分別同比增長 38% 至 40%。我們很高興提高我們的 ARR 指導，這表明我們繼續在我們的業務中看到相當大的實力。雖然我們在第二季度經歷了超過 200 萬美元的維護 ARR 連續增長，但我們仍然預計維護 ARR 將在今年下半年下降。我還要補充一點，我們預計 ePHI 和 C3M 的產品不會為 2022 年的 ARR 或確認收入做出貢獻。

I did want to mention FX. While we do not plan to provide our results in constant currency, isolating the impact from FX reinforces the overall strength of our outperformance and our guidance raise. We expect to see a full year estimated currency impact to annual recurring revenue of about $5 million for the full year, and that's related to the pound and the euro. We also estimate that the recent currency moves will lower our recognized revenue by about $5 million, and that the net impact will lower our operating income by about $3 million for the full year 2022. That's compared to the rate last year. These currency moves are already reflected in the guidance I provided just a few minutes ago.

我確實想提一下FX。雖然我們不打算以固定匯率提供我們的結果，但將影響與外匯隔離開來增強了我們優異表現的整體實力和我們的指導上調。我們預計全年估計的貨幣對全年經常性收入的影響約為 500 萬美元，這與英鎊和歐元有關。我們還估計，最近的匯率變動將使我們確認的收入減少約 500 萬美元，淨影響將使我們 2022 年全年的營業收入減少約 300 萬美元。與去年的比率相比。這些貨幣走勢已經反映在我幾分鐘前提供的指導中。

Moving to free cash flow. We still anticipate that it will be in line with our non-GAAP net income margin over a 12-month period. Second quarter was another strong quarter. As Udi mentioned, our results demonstrate that momentum is in our business is still building. We are confident that demand for our Identity Security platform is highly durable. We remain focused on capitalizing on the massive opportunity in front of us that will deliver profitable growth and strong cash flow, creating long-term value for our shareholders.

轉向自由現金流。我們仍然預計它將在 12 個月內與我們的非公認會計原則淨利潤率保持一致。第二季度是另一個強勁的季度。正如 Udi 所提到的，我們的結果表明，我們業務的勢頭仍在增強。我們相信對我們的身份安全平台的需求非常持久。我們仍然專注於利用擺在我們面前的巨大機會，這些機會將帶來盈利增長和強勁的現金流，為我們的股東創造長期價值。

I will now turn the call back over to the operator for Q&A. Operator?

我現在將把電話轉回給接線員進行問答。操作員？

(Operator Instructions) Your first question comes from the line of Saket Kalia.

（操作員說明）您的第一個問題來自 Saket Kalia。

Udi, maybe just to start with you. From a product perspective, it sounds like you're seeing more deals include Access and Conjur or Secrets Manager rather given the competitors in those spaces, can you just talk about why you think CyberArk is winning? And whether you think the strength in cross-selling here is sustainable?

Udi，也許只是從你開始。從產品的角度來看，聽起來您看到更多的交易包括 Access 和 Conjur 或 Secrets Manager，而不是考慮到這些領域的競爭對手，您能否談談您認為 CyberArk 獲勝的原因？你認為這裡交叉銷售的優勢是否可持續？

Absolutely. I would say that the go-to-market motion of selling Identity Security as a platform. And again, with our leadership position coming from a leadership position in Privileged Access Management, is really continuing to gain traction. Customers are recognizing the need for a complete security solution all the way from human identities to workforce and machines.

絕對地。我想說的是，將身份安全作為一個平台銷售的市場動議。再一次，我們的領導地位來自特權訪問管理的領導地位，真正繼續獲得牽引力。客戶正在認識到需要一個完整的安全解決方案，從人類身份到勞動力和機器。

And to your point, we're seeing customers land with more solutions adding on more users faster. We had more than 60% of our new logos landed with multiple products in Q2. Now it's highly differentiated.

就您而言，我們看到客戶通過更多解決方案更快地增加更多用戶。在第二季度，我們有超過 60% 的新徽標用於多種產品。現在它是高度分化的。

On the Access side, we're highly differentiated with having security controls, rep around the various use cases with secure web sessions with workforce password management, which gives customers peace of mind that we're taking a security approach to access.

在訪問方面，我們在安全控制方面具有高度差異化，通過安全 Web 會話和員工密碼管理代表各種用例，這讓客戶放心，我們正在採用安全方法進行訪問。

And on the Secrets side, customers are appreciating that we can support all types of applications and at scale. And with the new innovation like Secrets Hub that we announced that we're taking an approach that bridges to the DevOps, allowing them to work transparently and with high productivity. So all that is taking place. And definitely, we expect the -- both the landing with more products and that cross-sell motion to continue.

在 Secrets 方面，客戶很欣賞我們可以大規模支持所有類型的應用程序。通過我們宣布的 Secrets Hub 等新創新，我們正在採取一種與 DevOps 連接的方法，使它們能夠透明地工作並具有高生產力。所以這一切正在發生。毫無疑問，我們預計 - 更多產品的登陸和交叉銷售活動將繼續下去。

Got it. Got it. That's really helpful. Josh, maybe for you as a follow-up. Just to address the topic of macro backdrop. Both of you have seen ebbs and flows in the macro backdrop before here at CyberArk. Josh, maybe for you, how are you handicapping that potential in the guide? Because it is a very strong guide, particularly when you adjust for FX, whether you have a quantitative answer there or a qualitative answer, I think it'd just be helpful to hear kind of how you thought about that.

知道了。知道了。這真的很有幫助。喬希，也許是你的後續行動。只是為了解決宏觀背景的話題。在 CyberArk 之前，你們倆都在宏觀背景下看到了潮起潮落。喬希，也許對你來說，你是如何在指南中阻礙這種潛力的？因為它是一個非常強大的指南，特別是當您調整 FX 時，無論您有定量答案還是定性答案，我認為聽聽您對此的想法會很有幫助。

Yes. Thanks, Zack, for the question. And I think it's both quantitative and qualitative to a lot of extent. You heard our remarks already today. On a quantitative perspective, we're doing and looking at our guide in the same way we always have. We look at our historical trends, but we're also looking at the current pipeline, our current close rates and of course, quantitatively, I already discussed in my remarks kind of the impact of taking into consideration the change in FX how that's affected how that's impacted our -- both our revenue, net income and our ARR guidance, but we still were able to raise even with that FX impact.

是的。謝謝，扎克，你的問題。我認為這在很大程度上是定量和定性的。你今天已經聽到了我們的發言。從定量的角度來看，我們正在以與往常相同的方式來做和查看我們的指南。我們關注我們的歷史趨勢，但我們也在關注當前的管道，我們當前的收盤價，當然，在數量上，我已經在我的評論中討論了考慮到外匯變化的影響這影響了我們的收入、淨收入和我們的 ARR 指導，但即使受到外匯影響，我們仍然能夠籌集資金。

From a qualitative perspective, I mean you heard a lot of comments by Udi and by myself, the macro environment, we're hearing still very strong feedback from customers, and we're seeing in terms of our responses on the pipeline that Identity Security is remaining a top priority and their budget seem to still be safe. So we're using that as well in our guide. But we are an experienced team, all of us around this table and we have a lot of fingers on the pulse, and we're increasing our touch points all the time with the field, and we feel like we're in good shape and confident in the way we're looking at the second half.

從定性的角度來看，我的意思是你聽到了 Udi 和我自己的很多評論，宏觀環境，我們仍然從客戶那裡聽到非常強烈的反饋，我們看到我們對身份安全管道的回應仍然是重中之重，他們的預算似乎仍然安全。所以我們也在我們的指南中使用它。但是我們是一支經驗豐富的團隊，我們所有人都在這張桌子旁，我們有很多手指在脈搏上，我們一直在增加我們在球場上的接觸點，我們覺得我們的狀態很好，而且我們對下半場的看法充滿信心。

And I would say second that I love that we finished our transition because it sets up -- with this high priority for Identity Security and Privileged Access Management, it sets us up for this long-term durable growth including in this market environment.

其次，我要說的是，我喜歡我們完成了過渡，因為它建立了身份安全和特權訪問管理的高度優先級，它使我們為包括在這個市場環境中的這種長期持久增長做好了準備。

Your next question comes from the line of Hamza Fodderwala.

您的下一個問題來自 Hamza Fodderwala。

Maybe jump off for either Udi or Josh. Can you talk a little bit about how the SaaS transition or the subscription transition overall has perhaps made you more resilient in this current macro backdrop? It seems like -- is there something going on in terms of shortening of sales cycles or more cross-sell, upsell momentum through the partners even that's kind of separating your performance versus maybe prior macro cycles where you would have seen those headwinds more upfront?

也許跳下烏迪或喬希。您能否談談 SaaS 轉型或整體訂閱轉型如何讓您在當前的宏觀背景下更具彈性？似乎 - 在縮短銷售週期或通過合作夥伴增加交叉銷售、追加銷售勢頭方面是否正在發生一些事情，即使這將你的業績與之前的宏觀週期分開，你可能會更早地看到這些逆風？

Yes, absolutely. I think like I mentioned now, so it's -- we're pleased to be in this position where our market I would say, from a demand environment, we are in high priority and built such a big pipeline and then we can execute on it with the SaaS motion where we can land to provide quick time to value so quickly to the customers and then get them the add-on motion much faster.

是的，一點沒錯。我想就像我現在提到的那樣，所以我們很高興處於這個位置通過 SaaS 動議，我們可以為客戶提供快速實現價值的時間，然後讓他們更快地獲得附加功能。

And again, also the variety of landing spots that we now have across the portfolio, again, SaaS landing spots with EPM with Access we now came out with Conjur SaaS and of course, with Privilege Cloud. So having that -- the multiple landing points all centralized platform is we're really benefit for this in this -- including in this environment.

同樣，還有我們現在在整個產品組合中擁有的各種著陸點，再次，帶有 Access 的 EPM 的 SaaS 著陸點，我們現在推出了 Conjur SaaS，當然還有 Privilege Cloud。因此，擁有所有集中式平台的多個著陸點是我們在這方面真正受益的 - 包括在這個環境中。

And I think like Josh emphasized, we really have strong controls into the field to see the increased demand, the record pipeline and so it's kind of a perfect way to execute with the SaaS platform on the opportunity.

而且我認為就像 Josh 強調的那樣，我們確實對該領域擁有強大的控制力，可以看到需求的增長、創紀錄的管道，因此這是一種利用 SaaS 平台執行機會的完美方式。

Maybe just a quick follow-up for Josh. I know it's really early. But when you look at the early cohorts of the subscription or SaaS customers that has started to come up for renewal. What are those like net expansion rates look like so far?

也許只是對喬希的快速跟進。我知道現在真的很早。但是，當您查看已開始續訂的訂閱或 SaaS 客戶的早期群組時。到目前為止，淨擴張率是什麼樣的？

Yes, I mean you are right, Hamza, it's still early. But what we've seen now so far is really what we consider best-in-class in terms of what -- how we're getting renewals and also expanding and retention rates for them. But we're still early in that cycle in the first duration period of the transition. But we like what we see so far.

是的，我的意思是你是對的，哈姆扎，現在還早。但是到目前為止，我們現在所看到的實際上是我們認為是一流的——我們如何獲得續訂以及擴展和保留率。但在過渡的第一個持續期間，我們仍處於該週期的早期。但我們喜歡到目前為止所看到的。

Your next question comes from the line of Rob Owens.

您的下一個問題來自 Rob Owens。

Josh, as you talk about making it through the revenue transition, but you obviously have a lag when it comes to operating profitability, free cash flow. Can you remind us how long that lag is? And when you expect to return to kind of that Rule of 40 company from a profitability standpoint?

喬希，當您談到通過收入轉型時，您顯然在運營盈利能力和自由現金流方面存在滯後。你能提醒我們滯後多長時間嗎？當你期望從盈利的角度回到那種 40 條規則的公司時？

Yes, Rob. Yes, you're right, we've always talked about kind of the lag being a couple of quarters past the transition. So we're not obviously guiding it into later years, but we definitely feel comfortable and confident that 2023 operating margin will already improve incrementally to 2022.

是的，羅伯。是的，你是對的，我們一直在談論過渡後幾個季度的滯後。因此，我們顯然沒有將其引導到以後的幾年，但我們絕對感到放心和自信，2023 年的營業利潤率將逐步提高到 2022 年。

And we're -- we believe that over the -- in the next couple of years, we will already be seeing Rule of 40 results. But stay tuned, we'll talk about out years as we finish up 2022. But we are confident that in a couple of quarters, the operating income margins will start to improve as it should coming out of the transition.

而且我們 - 我們相信，在接下來的幾年裡，我們已經看到了 40 條規則的結果。但請繼續關注，我們將在 2022 年結束時談論未來幾年。但我們相信，在幾個季度內，營業收入利潤率將開始改善，因為它應該會擺脫轉型。

Your next question comes from the line of Fatima Boolani.

您的下一個問題來自 Fatima Boolani。

Udi, I wanted to go back to your comments in the script around CyberArk landing new logos within EPM and the AAM suite of solutions. I thought that was really interesting because PAMs, of course, our flagship.

Udi，我想回到關於 CyberArk 在 EPM 和 AAM 解決方案套件中登陸新徽標的腳本中的評論。我認為這真的很有趣，因為 PAM，當然，我們的旗艦。

So I'm curious to get your perspective on what it's going to take either from you from a sales execution standpoint or from a market level standpoint to get the AAM franchise to be as large as the PAM franchise? And then I have a follow-up for Josh.

因此，我很想知道您的看法，無論是從銷售執行的角度還是從市場層面的角度來看，要使 AAM 特許經營權與 PAM 特許經營權一樣大，您將採取什麼措施？然後我對 Josh 進行了跟進。

That's great. I would say we're seeing, like I said, landing with Privilege Cloud, EPM, secret management and Access. So those have all become landing spots from us. And in fact, the subscription ARR for all of these doubled in -- if you look at Q-over-Q in all of those solutions. So we're very excited how they're performing. As you recall, we structured speed build structure to allow us to really execute on the opportunity and be very agile on both Access and our secrets management areas.

那太棒了。我想說的是，正如我所說，我們正在看到使用 Privilege Cloud、EPM、秘密管理和訪問權登陸。所以這些都成為了我們的著陸點。事實上，所有這些的訂閱 ARR 都翻了一番——如果你看一下所有這些解決方案中的 Q-over-Q。所以我們對他們的表現感到非常興奮。您還記得，我們構建了快速構建結構，使我們能夠真正抓住機會執行，並且在 Access 和我們的秘密管理領域都非常靈活。

I love your question. I mean that's the approach we have with secrets management. We believe that human identities, the nonhuman identities are fast expanding in the recent conference, we put out a survey that we have that there are 45 nonhuman identities for every human identity and enterprise. So those are exploding with digital transformation. And we're going after that with a single platform. So we see the opportunity we're executing on it.

我喜歡你的問題。我的意思是這就是我們在秘密管理方面所採用的方法。我們相信人類身份，非人類身份在最近的會議上正在迅速擴大，我們發布了一項調查，發現每個人類身份和企業都有 45 個非人類身份。因此，這些都隨著數字化轉型而爆炸式增長。我們將在單一平台上實現這一目標。所以我們看到了我們正在執行的機會。

Part of the how is what I mentioned, bridging the gap between security and DevOps, and we're doing it the CyberArk way, not coming in with a very strong security solution, but understanding that developers want to work transparently. The announcement of Secrets Hub which is our first foray with Secret Hub integrating with AWS, a key management solution so that the developer can develop on AWS and transparently work the same way while security gets our central backbone with CyberArk being behind the scenes rotating and managing all those secrets. So that's an example of how we're expanding and we're going to go after all of the cloud providers in the same fashion. I think you had a follow-on question.

我提到的部分方法是彌合安全性和 DevOps 之間的差距，我們正在以 CyberArk 的方式來做，不是提供非常強大的安全解決方案，而是了解開發人員希望透明地工作。 Secrets Hub 的發布，這是我們首次嘗試將 Secret Hub 與 AWS 集成，這是一種密鑰管理解決方案，以便開發人員可以在 AWS 上開發並以相同的方式透明地工作，同時安全性成為我們的核心骨幹，CyberArk 在幕後輪換和管理所有這些秘密。所以這是我們如何擴展的一個例子，我們將以同樣的方式追求所有的雲提供商。我想你有一個後續問題。

Gregg Moskowitz.

格雷格莫斯科維茨。

Congratulations on a very good Q2. So the increased ARR guidance was impressive and especially on a constant currency basis, given the macro environment that we're in.

祝賀第二季度非常好。因此，考慮到我們所處的宏觀環境，增加的 ARR 指導令人印象深刻，尤其是在固定貨幣基礎上。

So two questions here, if I may. Udi, some security and broader software vendors who have recently reported earnings have spoken about longer sales cycles among larger enterprise customers. Obviously, CyberArk's focus is the enterprise. So I just wanted to confirm that you are not seeing any elongation in sales cycles among any of your customer segments, including at the enterprise level?

如果可以的話，這裡有兩個問題。 Udi、一些最近公佈收益的安全和更廣泛的軟件供應商都談到了大型企業客戶的銷售週期更長。顯然，CyberArk 的重點是企業。所以我只是想確認一下，您的任何客戶群（包括企業級）的銷售週期都沒有延長？

And then secondly for Josh, did the prior ARR guidance, which I believe was $535 million to $541 million, does that not include any FX headwind? Just wanted to clarify that as well.

其次，對於 Josh，之前的 ARR 指導（我認為是 5.35 億美元到 5.41 億美元）是否不包括任何外匯逆風？也只是想澄清一下。

Great. So Gregg, you're correct. We are not seeing that. I think we're performing exceptionally well as we as we've shown in the results and have not seen any impact on close rates. And actually, I talked about the strong pipeline or on the speed of going through the cycle. So things -- our business as usual. And I think it's really down to us being a very impactful security layer for our customers and our projects are important and going through.

偉大的。所以格雷格，你是對的。我們沒有看到這一點。我認為我們的表現非常好，正如我們在結果中所顯示的那樣，並且沒有看到對收盤價的任何影響。實際上，我談到了強大的管道或通過週期的速度。所以事情 - 我們照常營業。而且我認為這真的取決於我們成為對客戶非常有影響力的安全層，我們的項目很重要並且正在經歷。

As Josh mentioned, we keep a close eye. We're very connected to the field. And we're seeing the same cycles and priority actually continuing to move up. in some of the large deals we've seen more approvals in the process, but it did not slow down the business. And again, Identity, Security is a top priority.

正如喬希所說，我們密切關注。我們與該領域的聯繫非常緊密。我們看到相同的周期和優先級實際上繼續上升。在一些大型交易中，我們看到了更多的批准，但這並沒有減緩業務。同樣，身份、安全是重中之重。

And Gregg, with response to the FX question. So the last ARR guide that we put out there included about $1 million to $2 million of FX impact considered that.

還有 Gregg，回答 FX 問題。因此，我們發布的最後一個 ARR 指南包括大約 100 萬至 200 萬美元的外匯影響。

Your next question comes from the line of Brian Essex.

您的下一個問題來自 Brian Essex。

Great. Really nice set of results here. Maybe, Josh, on your end, really nice sequential increase in net new ARR. As we think about the guidance and the setup for the back half of the year, how do you think about seasonality a perhaps the mix of term and SaaS in there? And how do we get confidence? I mean, and it looks like you've got a little bit more difficult comp in 4Q for net new ARR growth, but just maybe give us a sense of like how you're thinking about the guide and the level of confidence you have to hit that in considerations you might need to make as we fine-tune our model.

偉大的。這裡的結果非常好。也許，喬希，在你的最後，淨新 ARR 的連續增長非常好。當我們考慮下半年的指導和設置時，您如何看待季節性（可能是術語和 SaaS 的混合）？我們如何獲得信心？我的意思是，看起來你在第 4 季度的新 ARR 淨增長有點困難，但也許讓我們感覺你對指南的看法和你必須的信心水平在我們微調我們的模型時，您可能需要考慮這一點。

Yes. Thanks, Brian. So level of confidence that we've been talking about it all morning, we're confident to guide for the increase, which is significant, as you pointed out. So -- and it's going to come from the SaaS and subscription piece of the business. As we talked about, actually, the maintenance ARR could see some decline in the back half, and we'll go into more than make up for that with SaaS and self-hosted subscription. I think the business is continuing with 2/3 of it being SaaS heavy versus self-hosted. So I would continue to see that going into the second half.

是的。謝謝，布賴恩。因此，我們整個上午都在談論它的信心水平，我們有信心指導增加，正如你所指出的那樣，這很重要。所以——它將來自業務的 SaaS 和訂閱部分。正如我們所說，實際上，維護 ARR 可能會在後半部分有所下降，我們將通過 SaaS 和自託管訂閱來彌補這一點。我認為該業務仍在繼續，其中 2/3 是 SaaS 重而不是自託管。所以我會繼續看到下半場的情況。

And in terms of seasonality, you're right, Q4 has the difficult compare. And of course, we're much -- so I think that it will be probably a slower growth rate than Q4 compared to Q3.

就季節性而言，你是對的，第四季度很難比較。當然，我們很多 - 所以我認為與第三季度相比，第四季度的增長率可能會低於第四季度。

Got it. That's super helpful. And maybe if I could just sneak one more in. You mentioned marketplace as a traction there. It sounds like this quarter, particularly within Identity, there's an increasing amount of business going around the resellers and through the marketplaces. I know it's kind of early stages for you, but could you give us maybe a sense of what you're seeing? And what are the dynamics of those deals? Or is it enterprise just kind of truing up commitment? Or is there kind of like new initial traction going through that channel?

知道了。這非常有幫助。也許我可以再偷偷溜進去一個。你提到市場是那裡的牽引力。聽起來本季度，特別是在 Identity 中，有越來越多的業務圍繞經銷商和市場進行。我知道這對您來說還處於早期階段，但是您能否讓我們了解一下您所看到的情況？這些交易的動態是什麼？還是企業只是在兌現承諾？或者是否有類似新的初始牽引力通過該渠道？

You're referring to our commentary on AWS marketplace?

您指的是我們對 AWS 市場的評論嗎？

Yes.

是的。

Yes, yes, yes. So I would say it's down to the increased awareness of the ability of enterprises to leverage their relationship with AWS and procure and I would say, leverage the faster process. We saw an incredible pipeline to build up. And I can say that in this first half, we had more business through AWS than in the entire year 2021, which was kind of the year that we announced the [market person] and that's augmenting the channel, and that's what we really love about is that we can work with our system integrators and with our VARs.

對對對。所以我想說這要歸功於企業利用與 AWS 的關係和採購的能力的提高，我想說的是，利用更快的流程。我們看到了一個令人難以置信的管道建設。而且我可以說，在上半年，我們通過 AWS 獲得的業務比 2021 年全年都多，那是我們宣布 [market person] 並擴大渠道的一年，這就是我們真正喜歡的是我們可以與我們的系統集成商和我們的 VAR 合作。

But the last mile can be fulfilled through that AWS resellers, AWS, I would say, streamlined process. So it's inclusive to the channel partners, and it's all part of an ecosystem that's working together. They actually really recognized that is also good for them. I mean, they being the VARs and the integrators, it's good for them to also partner on the AWS front.

但是最後一英里可以通過 AWS 經銷商來完成，我想說的是，AWS 簡化了流程。因此，它對渠道合作夥伴具有包容性，並且都是協同工作的生態系統的一部分。他們實際上真的認識到這對他們也有好處。我的意思是，他們是 VAR 和集成商，他們也可以在 AWS 方面進行合作。

Your next question comes from the line of Roger Boyd.

您的下一個問題來自 Roger Boyd。

Congrats on the nice results. Udi, you had mentioned MSP partners in your prepared remarks, which I think is a relatively new channel for CyberArk. You talked a little bit about the certifications of 3x, but can you just talk about the momentum you're seeing there the potential for that channel maybe as you work further into the commercial cohort?

祝賀好結果。 Udi，您在準備好的評論中提到了 MSP 合作夥伴，我認為這是 CyberArk 的一個相對較新的渠道。您談到了 3x 的認證，但您能否談談您在該渠道看到的潛力，可能隨著您進一步進入商業隊列？

Yes, exactly. We see that as a long-term important channel movement for us. Many of our existing partners are -- and strong relationship partners are actually building managed security service providers capability because their customers are coming to them with that motion of shortage of staff or as they go further down market and they want them to manage it completely. And the Identity Security platform, our platform really resonates to that, that our partner can deliver value by being a managed service provider. So I would say it's a relatively early program, but we're seeing that kick in.

對，就是這樣。我們認為這對我們來說是一項長期重要的渠道運動。我們現有的許多合作夥伴都是——而且強大的合作夥伴實際上正在建立託管安全服務提供商的能力，因為他們的客戶是帶著員工短缺的動議來找他們的，或者隨著他們進一步走低市場，他們希望他們能夠完全管理它。而身份安全平台，我們的平台確實與此產生了共鳴，我們的合作夥伴可以通過成為託管服務提供商來提供價值。所以我會說這是一個相對較早的計劃，但我們正在看到它的啟動。

We sometimes see large enterprises benefit from, for example, from a telco that launched in MSP and is managing end-to-end PAM for a customer or an MSP that launches and goes after and helps us go after the mid-market like you mentioned. So it's a dual motion and we're making it continuously easier for these partners to learn how to onboard new customers and certify and leverage our platform. I would say it's early days, but on fast growth, and we'll see it be an important motion for us for many years.

我們有時會看到大型企業受益於，例如，從在 MSP 中推出並為客戶管理端到端 PAM 的電信公司或推出並追隨並幫助我們追趕中端市場的 MSP，就像你提到的那樣.因此，這是一個雙重動議，我們正在使這些合作夥伴更容易學習如何吸引新客戶以及認證和利用我們的平台。我會說這還處於早期階段，但正在快速增長，我們將看到這對我們來說是多年來的一項重要動議。

Your next question comes from the line of Adam Borg.

您的下一個問題來自 Adam Borg。

Maybe just on cyber insurance. You talked about that in the script. I know we've talked about that in the past. And it just seems that there's more and more challenges and heightened awareness about organizations getting cyber insurance to begin with. So love to hear more about the demand drivers of cyber insurance overall, what inning are we in with that? And even if there's regional differences between what you're seeing in the U.S. and international?

也許只是網絡保險。你在劇本中談到了這一點。我知道我們過去曾討論過這個問題。似乎有越來越多的挑戰和對組織開始獲得網絡保險的意識提高。所以喜歡聽到更多關於網絡保險整體需求驅動因素的信息，我們對此有何看法？即使您在美國和國際上看到的情況之間存在地區差異？

Absolutely. So I'll start with the innings. I think it's still early innings, but we added kind of to the list. We already have a lot of secular trends pushing offering what we would add it as an additional driver where customers are trying to obtain cyber insurance the requirement is for them to have Privileged Access Management controls, MFA, single sign-on, really the important proactive security hygiene layers, and they know that CyberArk is market-leading and can be -- they can also achieve success with us.

絕對地。所以我將從局開始。我認為這仍然是早期的一局，但我們在列表中添加了一些。我們已經有很多長期趨勢推動提供我們將添加的東西作為額外的驅動程序，客戶試圖獲得網絡保險要求他們擁有特權訪問管理控制、MFA、單點登錄，真正重要的主動安全衛生層，他們知道 CyberArk 是市場領先的並且可以——他們也可以與我們一起取得成功。

Of course, the insurers also view CyberArk as a market leader in the space. So we primarily -- like you mentioned, we primarily see it in the U.S. It's often this additional driver or accelerator on a deal or nothing. But when it shows up, it becomes an additional accelerator on a deal, but it's still early innings.

當然，保險公司也將 CyberArk 視為該領域的市場領導者。所以我們主要 - 就像你提到的那樣，我們主要在美國看到它。它通常是交易中的這個額外的驅動程序或加速器，或者什麼都沒有。但當它出現時，它會成為交易的額外加速器，但它仍處於早期階段。

And then we're actually investing in educating the both insurers and of course, everything that we do around the broad customer base and prospect base because we believe it will trickle to additional markets like the European market where it will become a requirement. And with all the experience we have and (inaudible) insurance customers as customers themselves really the major ones that it gives us a great advantage in capitalizing on that.

然後我們實際上投資於教育這兩家保險公司，當然還有我們圍繞廣泛的客戶群和潛在客戶群所做的一切，因為我們相信它將逐漸滲透到歐洲市場等其他市場，在那裡它將成為一項要求。憑藉我們擁有的所有經驗和（聽不清）作為客戶本身的保險客戶，這確實為我們提供了利用這一點的巨大優勢。

Your next question comes from the line of Jonathan Ho.

您的下一個問題來自 Jonathan Ho。

Congrats on the strong quarter. I wonder, could you maybe quantify or help us understand how much of your existing license base is shifting from permanent license to SaaS? And maybe how that impacts ARR?

祝賀強勁的季度。我想知道，您能否量化或幫助我們了解您現有的許可庫中有多少正在從永久許可轉移到 SaaS？也許這會如何影響 ARR？

Yes. It's still -- if we're talking about the notion of converting from perpetual to SaaS. It's still a very small percentage of the book. Of the ARR, it's still in single-digit percentages of the ARR growth that we're seeing is coming from conversion.

是的。它仍然是 - 如果我們談論從永久轉換為 SaaS 的概念。這仍然是本書的一小部分。在 ARR 中，我們看到的 ARR 增長的個位數百分比仍然來自轉換。

Which is a great upside for us because we're seeing the -- we're landing a lot of SaaS. The vast, vast majority of new logos are -- have been landing with SaaS and subscription, and we're working closely with the customer base to convert when they are ready to convert.

這對我們來說是一個很大的好處，因為我們看到 - 我們正在登陸很多 SaaS。絕大多數新徽標都已通過 SaaS 和訂閱登陸，我們正在與客戶群密切合作，以便在他們準備好轉換時進行轉換。

Of course, we shortened maintenance cycles to usually be a year and it gives us more opportunities for those conversion conversations, but also existing on-prem customers are buying -- complementing and adding SaaS solutions to complement their on-premise solutions. So we have all of that at the same time. And thanks for the congrats, Jonathan.

當然，我們將維護週期縮短到通常為一年，這為我們提供了更多進行這些轉換對話的機會，而且現有的本地客戶也在購買——補充和添加 SaaS 解決方案以補充他們的本地解決方案。所以我們同時擁有所有這些。謝謝你的祝賀，喬納森。

Your next question comes from Eric Heath.

您的下一個問題來自 Eric Heath。

Udi, Josh, my congrats as well. So Udi, mean you continue to execute really well. It's pretty clear, but I think it's also pretty clear that PAM is kind of having a really strong kind of demand as well. So just curious your thoughts on kind of why PAM continue to see such strong demand and even accelerating demand? And I guess how CISOs thinking about PAM strategically as part of their kind of broader move to the cloud and zero trust architectures?

烏迪，喬希，我也祝賀你。所以Udi，意味著你繼續表現得非常好。這很清楚，但我認為也很清楚 PAM 也有非常強烈的需求。所以只是好奇你對為什麼 PAM 繼續看到如此強勁的需求甚至加速需求的想法？我猜 CISO 如何將 PAM 戰略性地考慮為他們更廣泛地遷移到雲和零信任架構的一部分？

Yes, it's exactly that. It's exactly that. It's become increasingly clear that you can't the CISO cannot sleep at night if they don't have controls over Privileged Access. We're basically an insider or an outsider can take over their entire infrastructure, turn off security controls. So it becomes a fundamental layer on before you can really put additional security layers in place.

是的，就是這樣。正是這樣。越來越清楚的是，如果 CISO 無法控制 Privileged Access，他們就不可能晚上無法入睡。我們基本上是內部人員或外部人員可以接管他們的整個基礎設施，關閉安全控制。因此，在您真正設置額外的安全層之前，它成為一個基礎層。

And then in parallel, seeing the proliferation of Privilege. So it was maybe a little easier to map out where our organizations had Privileged users to be managed in more on-prem infrastructure and with the proliferation and adoption of cloud and of course, more and more examples where a workforce employee or a developer has privileges, they need a holistic solution to go CISO after all of this.

然後並行，看到特權的擴散。因此，隨著雲的普及和採用，以及越來越多的員工或開發人員擁有特權的示例，可能更容易確定我們的組織在哪些地方擁有特權用戶，以便在更多的本地基礎設施中進行管理，他們需要一個整體的解決方案才能成為 CISO。

Now you can't achieve Zero Trust if you don't if you don't have a Privileged Access Management controls in place, if you don't apply lease privilege on the Endpoint, which is our EPM. And it's been really -- the market has been understanding that. Our strong channel network that we've built, including the big 4s and advisory firms that are educating CISOs out there and of course, the VARs and it's become a clear layer on how do you achieve an impactful layer.

現在，如果您沒有適當的特權訪問管理控制，如果您沒有在端點（即我們的 EPM）上應用租賃特權，那麼您就無法實現零信任。真的 - 市場一直在理解這一點。我們已經建立了強大的渠道網絡，包括四大和諮詢公司，他們正在那裡教育 CISO，當然還有 VAR，它已經成為你如何實現影響層的清晰層。

And of course, every time a company does Red Teaming exercise or brings a third party to analyze their security posture. First and foremost, if they capture the flag and they achieve Privileged Access, it's game over. And so that's why it's so important for them to invest in this, and that's why it is in such a high priority.

當然，每次公司進行紅隊演習或邀請第三方分析其安全狀況時。首先，如果他們奪取了旗幟並獲得了特權訪問，那麼遊戲就結束了。這就是為什麼對他們來說投資這方面如此重要的原因，這就是為什麼它處於如此高優先級的原因。

As a company, we're going after it, like Josh mentioned, we're investing in the opportunity, leveraging our market leadership positioning, leveraging the strong channel network to go after both the PAM and the broader identity security opportunity.

作為一家公司，我們正在追求它，就像 Josh 提到的那樣，我們正在投資機會，利用我們的市場領導地位，利用強大的渠道網絡來追求 PAM 和更廣泛的身份安全機會。

Your next question comes from the line of Joshua Tilton.

您的下一個問題來自 Joshua Tilton。

Congrats on the quarter as well. I just -- I wanted to follow up on Hamza's question, but I wanted to put the macro aside how much easier for you guys as the cross-sell conversation become with customers simply because it's now just one SaaS-based platform or as a customer, I can just easily turn on additional functionality versus when you sold separate perpetual licenses.

也祝賀本季度。我只是 - 我想跟進 Hamza 的問題，但我想把宏觀放在一邊，因為與客戶的交叉銷售對話變得更加容易，因為它現在只是一個基於 SaaS 的平台或作為客戶，與您出售單獨的永久許可證相比，我可以輕鬆地打開附加功能。

Yes. It's exactly that. The fact that they are onboarded on a SaaS platform, they can get early access. They can -- to additional functionality for -- they see the light, and we saw the light, like all of the investment in pushing out and investing and creating the SaaS platform, leveraging our strong credibility out there in the market for our leadership is paying off to exactly that motion.

是的。正是這樣。事實上，他們是在 SaaS 平台上註冊的，因此他們可以提前訪問。他們可以——除了額外的功能——他們看到了光明，我們看到了光明，就像所有在推出、投資和創建 SaaS 平台方面的投資一樣，利用我們在市場上的強大信譽來獲得我們的領導地位是支付正是該動議。

This is why, I would say, in the last 2 years, we really invested in the team -- the customer success team to measure and continuously take the customer on these journeys to success so that they can expand within the solution they first acquired but also cross solution as they go with no need to set up infrastructure like you mentioned, with the -- really the power of SaaS.

這就是為什麼，我想說，在過去的兩年裡，我們真正投資於團隊——客戶成功團隊，以衡量並不斷帶領客戶踏上成功之旅，以便他們能夠在最初獲得的解決方案中進行擴展，但還可以跨解決方案，無需像您提到的那樣設置基礎架構，具有 SaaS 的真正力量。

Your next question comes from the line of Trevor Walsh.

您的下一個問題來自 Trevor Walsh。

Udi, maybe just for you, a quick one. I appreciate the fact that the demand has remained strong and no aging of sales cycles, et cetera. But we move into 2023 and things potentially get more challenging for customers, how do you balance the innovation pillar versus growth as far as kind of maintaining your competitive edge around products and kind of engineering or versus the go-to-market team. And what -- how do you think about that as you might have to either tighten belts in certain places or kind of pick one over the other? Or is there an option too?

Udi，也許只是為了你，一個快速的。我很欣賞需求保持強勁且銷售週期沒有老化等事實。但是我們進入 2023 年，對於客戶而言，事情可能會變得更具挑戰性，您如何平衡創新支柱與增長，以保持您在產品和工程類型方面的競爭優勢或與進入市場的團隊。還有什麼 - 你如何看待這一點，因為你可能不得不在某些地方勒緊腰帶，或者選擇一個而不是另一個？或者也有選擇？

Yes. No, there's -- Josh alluded to it, there's a real advantage of being experienced. I mean, we've been around. We've been around cycles. We're I would say we keep close attention to changing teams probably earlier than others do, and we're very, very diversified. So we're very diversified geographically. We're very diversified vertically. And now we have such a huge portfolio, a SaaS portfolio to go on the market with. So we have a lot of different levers. As Josh mentioned, we're investing in the opportunity because we're seeing that high demand and record pipeline, and we'll continue to stay close to that.

是的。不，有 - 喬什提到它，有經驗有一個真正的優勢。我的意思是，我們一直在附近。我們一直在循環。我想說的是，我們可能比其他人更早地密切關注更換團隊，而且我們非常非常多元化。所以我們在地理上非常多樣化。我們在垂直方面非常多元化。現在我們擁有如此龐大的產品組合，一個可以投放市場的 SaaS 產品組合。所以我們有很多不同的槓桿。正如喬希所說，我們正在投資這個機會，因為我們看到了高需求和創紀錄的管道，我們將繼續接近這一點。

On the innovation side, it's been a big differentiator for us and customers appreciate that. So it kind of success breeds success. They see us coming out the first to come to market with any new innovation on the PAM side or an identity security side or secure web session, coming out with Secrets Hub. The virus announcement we just did an impact are strengthening customer conviction to invest in us and go for the platform.

在創新方面，這對我們來說是一個很大的差異化因素，客戶對此表示讚賞。因此，成功孕育成功。他們看到我們率先在 PAM 方面或身份安全方面或安全 Web 會話方面推出任何新的創新產品，並推出 Secrets Hub。我們剛剛發布的病毒公告正在增強客戶投資我們並選擇該平台的信念。

So the short answer, we're going to continue to be to do both because that innovation leads to that success in this very important market. And of course, we've always stayed away from nice to have innovation. It's always been protecting against attacker innovation. So we'll always keep it real.

因此，簡短的回答是，我們將繼續同時做這兩件事，因為創新會在這個非常重要的市場上取得成功。當然，我們一直遠離美好的創新。它一直在防止攻擊者創新。所以我們會一直保持真實。

Your next question comes from the line of Alex Henderson.

您的下一個問題來自 Alex Henderson。

I have two questions. One on the product side and one on the OpEx side. On the product side, I was wondering if you could talk a little bit about your success in penetrating the coding community and to what extent you're finding an ability to compete more aggressively on the [coder] infrastructure side of things. But the primary question is really on the impact of FX on operational costs. Can you talk a little bit about how you're structured against the currency changes? What -- to what extent that's going to play through the cost structure in the back half of the year? Or if it's hedged how you would be impacted in 2023 if the exchange rate, particularly the shekel stay where they are today, how much of a benefit would that accrue?

我有兩個問題。一個在產品端，一個在運營支出端。在產品方面，我想知道您是否可以談談您在滲透編碼社區方面的成功，以及您在多大程度上找到了在 [編碼器] 基礎設施方面更積極競爭的能力。但主要問題實際上是外匯對運營成本的影響。你能談談你是如何應對貨幣變化的嗎？什麼——這將在多大程度上影響下半年的成本結構？或者，如果匯率，特別是謝克爾保持在今天的水平，那麼在 2023 年你會受到怎樣的影響，這會帶來多少好處？

Great. So I'll start, and I'll hand it over to Josh to talk about FX. I think we're making great progress on penetrating the coding community but doing it the CyberArk way. So coming in with that credibility from the security teams, where the security team know that this is a solution that they trust, and increasingly making it more transparent to the coder. So reducing the need to even educate them.

偉大的。所以我要開始了，我會把它交給 Josh 來談談 FX。我認為我們在滲透編碼社區方面取得了很大進展，但以 CyberArk 的方式進行。因此，從安全團隊那裡獲得可信度，安全團隊知道這是他們信任的解決方案，並且越來越多地使其對編碼人員更加透明。因此減少了對他們進行教育的需要。

Secrets Hub, of course, is a great example where in AWS -- where a developer using the AWS platform will not even feel or know that behind the scene CyberArk is the backbone that is managing secrets, but also before that, we made it continuously very, very native approach to the developers.

當然，Secrets Hub 是 AWS 中的一個很好的例子——使用 AWS 平台的開發人員甚至不會感覺到或不知道 CyberArk 是管理秘密的主幹，但在此之前，我們不斷地做到這一點對開發人員來說非常非常原生的方法。

I would say we're kind of digging the tunnel from both sides coming in from security, where it's our stronghold, but also having ease of use and transparency for developer. And again, we're very confident that executing on the Secrets Hub solution and doing more of that will really make it easy for developers to adopt.

我想說的是，我們有點像從安全部門進來的雙方挖掘隧道，這是我們的據點，但也為開發人員提供了易用性和透明度。再一次，我們非常有信心在 Secrets Hub 解決方案上執行並做更多的事情將真正讓開發人員更容易採用。

Alex, with regard to the FX, so as I talked about earlier today, while we're getting about a $5 million hit on the P&L. From a revenue perspective, it's only a $3 million hit on the operating income because we're getting this year some benefit on the expense side in sterling and euro by about $2 million in that guide.

亞歷克斯，關於外匯，正如我今天早些時候談到的，而我們的損益表受到了大約 500 萬美元的打擊。從收入的角度來看，這僅對營業收入造成了 300 萬美元的打擊，因為在該指南中，我們今年在英鎊和歐元的支出方面獲得了約 200 萬美元的收益。

This shekel is not really moving for us this year relative to guide because we've been pretty well hedged for this year from the beginning of the year. If we think about next year, again, on the check side, it really depends. I mean, we gotten a little bit of some benefit towards the beginning of next year because of where the shekel has weakened in the last quarter. But it's still too early to tell what will be the impact for all of next year because we typically won't go a hedge out further than 9 to 12 months.

相對於指南，今年對我們來說，這個謝克爾並沒有真正動搖，因為從今年年初開始，我們已經很好地對沖了今年。如果我們再次考慮明年，在支票方面，這真的取決於。我的意思是，由於上個季度謝克爾的貶值，我們在明年年初獲得了一些好處。但現在說明年全年的影響還為時過早，因為我們通常不會在 9 到 12 個月後進行對沖。

Your next question comes from the line of Andrew Nowinski.

您的下一個問題來自 Andrew Nowinski。

I was wondering if you think the acquisition of Ping Identity could have the same near-term impact that we saw when some of your primary PAM competitors were acquired in 2018, given the disruption that these acquisitions typically create.

我想知道您是否認為收購 Ping Identity 會產生與我們在 2018 年收購您的一些主要 PAM 競爭對手時所看到的相同的近期影響，因為這些收購通常會造成破壞。

And then related to that, are customers asking CyberArk for a more integrated IGA solution to complete the platform?

與此相關的是，客戶是否要求 CyberArk 提供更集成的 IGA 解決方案來完善平台？

Okay. Great. So we weren't seeing Ping a lot in competitive situations, but fully agree with the premise, and we've seen it again and again that as companies have been acquired by private equity, there was disruption out there. We've even seen channel partners really worry about those companies that went private. Are they going to continue to invest in the enablement and all the things that the channels need for success.

好的。偉大的。因此，我們在競爭激烈的情況下並沒有經常看到 Ping，但完全同意這個前提，而且我們一次又一次地看到，隨著公司被私募股權收購，那裡出現了混亂。我們甚至看到渠道合作夥伴真的很擔心那些私有化的公司。他們是否會繼續投資於支持以及渠道成功所需的所有東西。

And of course, customers want to know that in critical investments that they have a long-term partner out there. So there will be some disruption. And again, we're going after that market. We haven't seen them as much, but I agree on that premise.

當然，客戶想知道在關鍵投資中他們有一個長期合作夥伴。所以會有一些干擾。再一次，我們正在追逐那個市場。我們還沒有看到他們那麼多，但我同意這個前提。

And with regards to IGA, our approach, and you saw that we've released our Identity compliance or now also Identity compliance solution at impact. It's really taking care of, I would say, very focused use cases, allowing our PAM or access customers to certify access. And if they want a full fledged IGA solution, we continue to refer them to our partner sales point. I think in the long term, we will see more convergence with more modern use cases and that we will be able to answer within the platform.

關於 IGA，我們的方法，你看到我們已經發布了身份合規性，或者現在也發布了身份合規性解決方案。我會說，它確實在處理非常集中的用例，允許我們的 PAM 或訪問客戶驗證訪問權限。如果他們想要一個成熟的 IGA 解決方案，我們會繼續將他們推薦給我們的合作夥伴銷售點。我認為從長遠來看，我們將看到與更現代用例的更多融合，並且我們將能夠在平台內回答問題。

There are no further questions. At this time, I would like to turn the call over to Udi Mokady for closing remarks.

沒有進一步的問題。在這個時候，我想把電話轉給 Udi Mokady 做閉幕詞。

Great. Thank you. We are thrilled with another stellar quarter and the momentum of our Identity Security platform. And as always, I want to thank our customers and partners for being the cornerstone of this success. I also want to extend special appreciation to the entire CyberArk team around the world for their hard work and strong execution this quarter. Thank you very much, and thank you for all those who joined the call today. Thank you.

偉大的。謝謝你。我們對另一個出色的季度和我們的身份安全平台的發展勢頭感到興奮。與往常一樣，我要感謝我們的客戶和合作夥伴是我們取得成功的基石。我還要特別感謝全球整個 CyberArk 團隊，感謝他們本季度的辛勤工作和強大的執行力。非常感謝，感謝今天參加電話會議的所有人。謝謝你。

This concludes today's conference call. You may now disconnect. shortly.

今天的電話會議到此結束。您現在可以斷開連接。不久。