Cyberark Software Ltd (CYBR) 2022 Q3 法說會逐字稿

Good morning. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the CyberArk Third Quarter 2022 Earnings Conference Call. (Operator Instructions) Thank you. Erica Smith, SVP, Investor Relations and ESG. You may begin your conference.

早上好。我的名字是 Rob，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 年第三季度收益電話會議。 （操作員說明）謝謝。 Erica Smith，投資者關係和 ESG 高級副總裁。你可以開始你的會議了。

Thank you, Rob. Good morning. Thank you for joining us today to review CyberArk's Third 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 up the call to a question-and-answer session.

謝謝你，羅布。早上好。感謝您今天加入我們，回顧 CyberArk 2022 年第三季度的財務業績。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 fourth quarter, full year 2022 and beyond. Our actual results might differ materially from those projected in these forward-looking statements.

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 年第四季度、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。

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 referenced in today's press release that are posted to the CyberArk's website. CyberArk expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements made herein.

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 明確表示不承擔任何義務或承諾公開發布對本文所作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 headwind 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. A 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，我們為訂閱預訂組合轉變的影響提供了額外顏色的計算逆風，但不應將其視為與報告的 GAAP 收入或其他 GAAP 指標相比較或替代。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 a strong third quarter, demonstrating the durability of demand for our solutions and the momentum we continue to see in our business. A number of key metrics underscore the strength of our results. Subscription ARR reached $301 million, up from $255 million at the end of Q2, the largest sequential increase in our history.

謝謝 Erica，也謝謝大家加入電話會議。我們第三季度表現強勁，證明了對我們解決方案的需求的持久性以及我們在業務中繼續看到的勢頭。一些關鍵指標強調了我們結果的實力。訂閱 ARR 達到 3.01 億美元，高於第二季度末的 2.55 億美元，這是我們歷史上最大的環比增長。

Total ARR reached $512 million with growth accelerating for the third consecutive quarter to 49% year-over-year. While ARR remains the best metric to measure our success, the benefits of our subscription transition are kicking in on the top line with total revenue growth accelerating again to 26% and reaching $153 million in Q3.

總 ARR 達到 5.12 億美元，連續第三個季度加速增長，同比增長 49%。雖然 ARR 仍然是衡量我們成功的最佳指標，但我們訂閱過渡的好處正在發揮作用，總收入增長再次加速至 26%，並在第三季度達到 1.53 億美元。

It is important to remember that the subscription transition continues to impact our reported P&L. For the quarter, the mix was about 87%, significantly higher than the 72% in the third quarter last year, which created a revenue headwind of about $11 million. Normalizing the mix of the third quarter of last year, our total revenue line would have grown by 35% this quarter. With our strong execution year-to-date, the prioritization of our identity security platform, the demand for our SaaS solutions and ongoing secular tailwinds, we are significantly raising our full year ARR guidance to over 40% growth at the midpoint, which Josh will talk about later in the call.

重要的是要記住，訂閱轉換繼續影響我們報告的損益。該季度的混合比例約為 87%，顯著高於去年第三季度的 72%，後者帶來了約 1100 萬美元的收入逆風。將去年第三季度的組合正常化，本季度我們的總收入線將增長 35%。憑藉我們年初至今的強勁執行力、身份安全平台的優先級、對我們 SaaS 解決方案的需求以及持續的長期順風，我們將全年 ARR 指導大幅提高至中點超過 40% 的增長，Josh 將稍後在通話中討論。

To frame our discussion today, we will focus on growth, innovation and profitability. Starting with growth. Strong secular tailwinds of digital transformation, the adoption of Zero Trust and attacker innovation continue to push identity security to the top of Chief Information Security Officers priority list. With the heightened threat landscape, attacker renovation is front and center in our discussions. And privileged escalations continue to be a common denominator in the attack chain.

為了構建我們今天的討論，我們將關注增長、創新和盈利能力。從成長開始。數字化轉型的強勁長期順風、零信任的採用和攻擊者創新繼續將身份安全推到首席信息安全官優先級列表的首位。隨著威脅形勢的加劇，攻擊者改造成為我們討論的前沿和中心。特權升級仍然是攻擊鏈中的一個共同點。

Another growing challenge is the pickup of MFA fatigue, where attackers in an data victim with prompts until the multifactor authentication request is approved. The increased use of MFA bypass techniques has clearly demonstrated the need for a more robust defense strategy through an integrated access, PAM and Secrets Management approach. This has been a strong pipeline generator for CyberArk and our Identity Security platform.

另一個日益嚴峻的挑戰是 MFA 疲勞，在多因素身份驗證請求被批准之前，數據受害者中的攻擊者會收到提示。越來越多地使用 MFA 繞過技術清楚地表明需要通過集成訪問、PAM 和機密管理方法來製定更強大的防禦策略。這一直是 CyberArk 和我們的身份安全平台的強大管道生成器。

Digging into our results. On the product side, momentum continued across our solution set. We were particularly pleased with the performance of CyberArk Identity, PAM and the EPM in the third quarter. On the new business front, we had a strong new logo quarter signing nearly 230 new customers. A few examples include: in a 7-figure rip and replace deal, a Fortune 100 retailer landed with PAM, Secrets Management and EPM. This customer embraced the breadth of our Identity Security platform and will leverage CyberArk to scale its growing IT environment, help protect across human and machine identities, lock down thousands of endpoints and protect against ransomware.

深入研究我們的結果。在產品方面，我們的解決方案集繼續保持勢頭。我們對 CyberArk Identity、PAM 和 EPM 在第三季度的表現特別滿意。在新業務方面，我們有一個強大的新標誌季度簽約近 230 名新客戶。一些例子包括：在 7 位數的淘汰和替換交易中，一家財富 100 強零售商獲得了 PAM、Secrets Management 和 EPM。該客戶接受了我們廣泛的身份安全平台，並將利用 CyberArk 擴展其不斷增長的 IT 環境，幫助保護人類和機器身份，鎖定數千個端點並防範勒索軟件。

The race to digitize is not just expanding the attack surface, but also accelerating the adoption of Zero Trust. And in Q3, we were chosen as the enterprise-wide foundation of a global manufacturer Zero Trust framework with Privilege Cloud and EPM with plans to expand to Secrets Management.

數字化競賽不僅擴大了攻擊面，還加速了零信任的採用。在第三季度，我們被選為具有 Privilege Cloud 和 EPM 的全球製造商零信任框架的企業級基礎，併計劃擴展到 Secrets Management。

Based on a Board level mandate, a major born in the cloud manufacturing company landed with Privilege Cloud and EPM demonstrating that Identity Security is front and center in the highest level of strategic discussions. A European government agency landed with our workforce password manager to give all its employees increased security controls on their personal passwords from CyberArk with our deep expertise in PAM. This is just 1 example of the robust demand for workforce password management in recent months.

根據董事會級別的授權，出生於雲製造公司的專業人士獲得了 Privilege Cloud 和 EPM，這表明身份安全是最高級別戰略討論的前沿和中心。一家歐洲政府機構與我們的員工密碼管理器合作，利用我們在 PAM 方面的深厚專業知識，為其所有員工提供對 CyberArk 個人密碼的增強安全控制。這只是最近幾個月對勞動力密碼管理的強勁需求的一個例子。

Our subscription transformation is increasing the velocity of add-on business and cross-selling across the portfolio. This is contributing to the greater than 50% increase in the number of customers with more than $100,000 of annual recurring revenue to nearly 1,200 customers at the end of September. A few expansion examples include: a leading energy company in APJ, landed with PAM previously and is now expanding across the portfolio with EPM and sequence management as well as with additional Privilege Cloud users.

我們的訂閱轉型正在提高整個產品組合中附加業務和交叉銷售的速度。這導致截至 9 月底，近 1,200 名客戶的年經常性收入超過 100,000 美元的客戶數量增加了 50% 以上。一些擴展示例包括：APJ 的一家領先能源公司，之前使用 PAM，現在正在通過 EPM 和序列管理以及其他 Privilege Cloud 用戶擴展整個產品組合。

In Q3, a large retailer became our second largest privileged cloud customer with a major expansion deal, bringing its ACV to well over $1 million. A long-standing Fortune 500 PAM customer, who had expanded to secure Secrets Management in 2021, further deepened its relationship with CyberArk in Q3. As part of its Zero Trust initiative, this customer will lock down over 45,000 endpoints with EPM.

在第三季度，一家大型零售商通過一項重大擴張交易成為我們的第二大特權雲客戶，使其 ACV 超過 100 萬美元。一位長期的財富 500 強 PAM 客戶已於 2021 年擴展至 Secrets Management，並在第三季度進一步加深了與 CyberArk 的關係。作為其零信任計劃的一部分，該客戶將使用 EPM 鎖定超過 45,000 個端點。

We have spoken about it in the past. While the industry has been talking about Zero Trust for a few years, enterprises today increasingly -- are increasingly executing Zero Trust strategies, which is contributing to our growth. Our channel program is key to our success, and partners continue to scale their identity security practices. We have added new routes to market, enhance collaboration and improved channel program efficiencies across our VARs, advisories and MSPs.

我們過去曾談過它。雖然業界幾年來一直在談論零信任，但今天的企業越來越多地執行零信任戰略，這有助於我們的發展。我們的渠道計劃是我們成功的關鍵，合作夥伴繼續擴展他們的身份安全實踐。我們在 VAR、諮詢和 MSP 中增加了新的市場途徑，加強了協作並提高了渠道計劃的效率。

Moving on to innovation, the cornerstone of our strategy and leadership position in identity security. During the third quarter, we began taking our CyberArk impact customer event on a world tour to 16 cities in 14 countries. In our discussions at these events, the new innovations we announced last quarter are gaining traction in the field. CyberArk Identity Compliance is now generally available and makes it easier for organizations to enforce and demonstrate compliance by continuously discovering access, streamlining certifications and providing comprehensive identity analytics.

繼續創新，這是我們在身份安全領域的戰略和領導地位的基石。在第三季度，我們開始在 14 個國家的 16 個城市舉辦 CyberArk 影響客戶活動。在我們在這些活動中的討論中，我們上個季度宣布的新創新正在該領域獲得關注。 CyberArk 身份合規性現已普遍可用，通過不斷發現訪問、簡化認證和提供全面的身份分析，使組織更容易執行和證明合規性。

In early October, we also rolled out a user-friendly way to help lock the MFA fatigue technique from gaining unauthorized access to protective systems. Customers are also excited about Secret Hub and Conjur Cloud, which strengthen our ability to secure both human and machinery daily.

10 月初，我們還推出了一種用戶友好的方式來幫助鎖定 MFA 疲勞技術，防止未經授權訪問保護系統。客戶也對 Secret Hub 和 Conjur Cloud 感到興奮，這增強了我們每天保護人員和機器安全的能力。

Profitability is the final pillar I will discuss today. While 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 accelerated innovation as well as a rapid revenue and booking growth. We continue to expect to be a Rule of 40 company as we move past the subscription transition dynamics.

盈利能力是我今天要討論的最後一個支柱。雖然我們報告的損益繼續受到訂閱轉換的影響，但我們沒有改變我們的投資方式。我們正在提供卓越的回報，包括加速創新以及快速的收入和預訂增長。隨著我們超越訂閱過渡動態，我們繼續期望成為 40 規則公司。

Before I turn it over to Josh, I wanted to update you on what we are seeing with regards to the macro environment. The broader macroeconomic uncertainty did not have a significant impact on our business in the third quarter, which you see in our nearly 50% growth in ARR, revenue acceleration and the increase in our ARR guidance.

在將其交給 Josh 之前，我想向您介紹一下我們在宏觀環境方面所看到的最新情況。更廣泛的宏觀經濟不確定性並未對我們第三季度的業務產生重大影響，您可以從我們的 ARR 增長近 50%、收入加速和我們的 ARR 指導增加中看到這一點。

Our solutions are mission-critical and Identity Security is being prioritized. We have seen incremental FX headwinds and some large deals require incremental approvals, but this did not meaningfully slow down sales cycles in the third quarter. Our pipeline and demand are robust, and we continue to watch the situation very closely and are analyzing the trends in our business more frequently.

我們的解決方案是關鍵任務，身份安全被優先考慮。我們已經看到增加的外匯逆風，一些大宗交易需要增加批准，但這並沒有顯著減緩第三季度的銷售週期。我們的管道和需求強勁，我們將繼續密切關注形勢，並更頻繁地分析我們業務的趨勢。

In closing, the top line benefits of our subscription transition are kicking in, and our identity security platform continues to gain momentum. Our performance, in particular, our strong ARR growth demonstrates that we are in the best competitive position we have ever been in.

最後，我們訂閱過渡的主要好處正在發揮作用，我們的身份安全平台繼續獲得動力。我們的表現，特別是我們強勁的 ARR 增長表明我們處於有史以來最好的競爭地位。

Given our experience and durability of our business, we are confident that we can execute against a multiyear durable growth opportunity and deliver best-in-class profitability and cash flow over the long term.

鑑於我們的經驗和業務的持久性，我們有信心能夠應對多年的持久增長機會，並在長期內提供一流的盈利能力和現金流。

I will now turn the call over to Josh, who will discuss our strong financial results in more detail and provide you with our outlook for the fourth quarter and full year 2022. Off to you, Josh.

我現在將把電話轉給喬希，他將更詳細地討論我們強勁的財務業績，並向您提供我們對 2022 年第四季度和全年的展望。喬希，請交給您。

Thanks, Udi. And as Udi just mentioned, we had a strong third quarter, which is reflected in our key metrics. Growth accelerated for the third consecutive quarter to 49% year-on-year and ARR passed the milestone of over $0.5 billion to $512 million. With our continued strong growth, we are on our way towards passing the $1 billion ARR target. The subscription portion of annual recurring revenue reached $301 million, that's increasing 117% and now represents 59% of our total ARR.

謝謝，烏迪。正如 Udi 剛剛提到的，我們第三季度表現強勁，這反映在我們的關鍵指標中。增長連續第三個季度同比增長 49%，ARR 超過 5 億美元，達到 5.12 億美元的里程碑。隨著我們持續強勁的增長，我們正朝著 10 億美元的 ARR 目標邁進。年度經常性收入的訂閱部分達到 3.01 億美元，增長了 117%，現在占我們總 ARR 的 59%。

Just a year ago, the subscription portion was only $139 million and just 40% of total. The maintenance portion was $211 million at September 30. Total revenue came in at the top of the range with $153 million. Total revenue growth again accelerated sequentially to 26% year-on-year. That's up 21% growth in the second quarter of 2022. Keeping in mind that FX impacted our revenue and bookings growth this quarter, about $2 million in total revenue and on ARR of about $2.5 million.

就在一年前，訂閱部分僅為 1.39 億美元，僅佔總數的 40%。截至 9 月 30 日，維護部分為 2.11 億美元。總收入為 1.53 億美元，位居榜首。總收入同比增長再次加速至 26%。這比 2022 年第二季度增長了 21%。請記住，外匯影響了我們本季度的收入和預訂量增長，總收入約為 200 萬美元，ARR 約為 250 萬美元。

Moving into the details. Subscription revenue reached $74.2 million, growing 110% year-on-year, representing 49% of total revenue in the third quarter. Consistent with our move to a subscription business model, perpetual license revenue came in at $13.8 million. Our maintenance and professional services revenue was $64.6 million. That's $54.2 million coming from recurring maintenance and $10.4 million in professional services revenue.

進入細節。訂閱收入達到 7420 萬美元，同比增長 110%，佔第三季度總收入的 49%。與我們轉向訂閱業務模式一致，永久許可收入為 1380 萬美元。我們的維護和專業服務收入為 6460 萬美元。其中 5420 萬美元來自經常性維護，1040 萬美元來自專業服務收入。

Recurring revenue reached $128.5 million, that's 84% of total revenue, growing 44% year-on-year from the $89 million in the third quarter last year. Subscription bookings mix came in at 87%, that's just above our expectations for the third quarter. Economically, the revenue headwind created by the mix was approximately $11 million in the third quarter when we compare it like-for-like to the third quarter of 2021 when the mix was just 72%. Taking the calculated revenue headwind into consideration, total revenue would have grown by 35% year-on-year, validating that we continue to take market share in Identity Security.

經常性收入達到 1.285 億美元，佔總收入的 84%，比去年第三季度的 8900 萬美元同比增長 44%。訂閱預訂組合為 87%，略高於我們對第三季度的預期。從經濟上講，當我們將其與 2021 年第三季度的收入相比較時，該組合在第三季度產生的收入逆風約為 1100 萬美元，當時該組合僅為 72%。考慮到計算出的收入逆風，總收入將同比增長 35%，證明我們繼續在身份安全領域佔據市場份額。

Geographically, the business is well diversified. The Americas revenue reached $94 million, representing 61% of total revenue. The Americas growth accelerated to 37%, EMEA grew by 10% year-on-year with $43 million or 29% of total revenue. It's important to keep in mind that EMEA results were impacted by 2 factors: first, the higher subscription mix; and second, $2 million of currency headwind.

從地域上看，業務多元化。美洲收入達到 9400 萬美元，佔總收入的 61%。美洲增長加速至 37%，EMEA 同比增長 10%，達到 4300 萬美元，佔總收入的 29%。重要的是要記住，歐洲、中東和非洲地區的結果受到兩個因素的影響：首先，更高的訂閱組合；其次，200 萬美元的貨幣逆風。

APJ grew by 13% to $15.5 million in revenue or 10% of total. If we normalize for the mix, the Americas would have grown by 45% year-on-year, EMEA would have grown by approximately 21% and APJ by approximately 25%. We are also pleased with the great progress APJ is making increasing its subscription mix, which now reached over 80% in the last quarter.

APJ 的收入增長了 13%，達到 1550 萬美元，佔總收入的 10%。如果我們對組合進行標準化，美洲將同比增長 45%，EMEA 將增長約 21%，APJ 將增長約 25%。我們也對 APJ 在增加其訂閱組合方面取得的巨大進展感到高興，目前在上個季度已達到 80% 以上。

All line items of the P&L will be discussed on a non-GAAP basis. Please see the full GAAP to non-GAAP reconciliation in the tables of our press release. Our third quarter gross profit was $126 million. That's an 83% gross margin compared with 84% gross margin last year. We are pleased with our gross margin outperformance in a large part because we have closely managed the expenses related to SaaS. While we continue to make investments to drive innovation and growth, we are also demonstrating our ongoing operational rigor. Our investments resulted in operating expenses of $130 million, a 27% increase year-on-year, which resulted in a $4 million operating loss, still coming in significantly better than our guidance.

損益表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 GAAP 與非 GAAP 對賬。我們第三季度的毛利潤為 1.26 億美元。與去年的 84% 毛利率相比，這是 83% 的毛利率。我們對我們的毛利率表現感到滿意，這在很大程度上是因為我們密切管理了與 SaaS 相關的費用。在我們繼續投資以推動創新和增長的同時，我們也在展示我們持續的運營嚴謹性。我們的投資導致運營費用為 1.3 億美元，同比增長 27%，導致運營虧損 400 萬美元，仍然明顯好於我們的指導。

One thing to point out, our headwind adjusted revenue growth rate of 35% is meaningfully outpacing our 27% operating expense growth rate. That's another proof point of the leverage underlying our business. We are still being impacted by the mix shift towards ratable revenue, which lowered our operating results. Normalizing for that mix, operating margin would have been positive 4% in the third 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. If you level set our mix to 2020, CyberArk is operating as a Rule of 40 company today, which was part of our execution strategy.

需要指出的一件事是，我們逆風調整後的收入增長率為 35%，明顯超過了我們 27% 的運營費用增長率。這是我們業務背後的槓桿作用的另一個證明點。我們仍然受到向可評級收入轉變的影響，這降低了我們的經營業績。將這種組合正常化，第三季度的營業利潤率將是正的 4%。提醒一下，這個唯一的級別將混合設置為前一年，而不是一直回到過渡的開始。如果您將我們的組合設置為 2020 年，CyberArk 今天作為 40 條規則的公司運營，這是我們執行戰略的一部分。

A guiding tenet of our subscription transition was to rigorously manage our business and expense levels that we continue to operate efficiently and invest productively. We are delivering on that. Net loss was about $2.3 million or $0.06 per diluted share for the third quarter, also significantly better than our guidance. We continue to attract and retain top talent. That's a testament to our culture, ending September with over 2,600 employees worldwide, including approximately 40 related to the acquisition of C3M, the majority of which are in R&D. We ended the quarter with about 1,100 people in sales and marketing.

我們訂閱過渡的指導原則是嚴格管理我們的業務和費用水平，我們將繼續高效運營和高效投資。我們正在實現這一目標。第三季度的淨虧損約為 230 萬美元或每股攤薄收益 0.06 美元，也明顯好於我們的預期。我們繼續吸引和留住頂尖人才。這證明了我們的文化，截至 9 月份，全球員工人數超過 2,600 人，其中約 40 人與收購 C3M 相關，其中大部分從事研發工作。我們在本季度結束時約有 1,100 名銷售和營銷人員。

For the first 9 months of 2022, free cash flow was $20.4 million or a 5% free cash flow margin, which is meaningfully ahead of the free cash flow guardrails we set for the full year and demonstrates the strength of our subscription model.

2022 年前 9 個月，自由現金流為 2040 萬美元或 5% 的自由現金流邊際，這明顯領先於我們為全年設定的自由現金流護欄，並展示了我們訂閱模式的實力。

Now turning to our guidance. Our guidance for the fourth quarter and the full year reflect robust industry tailwinds, strong execution and our growing ARR base. For the fourth quarter of 2022, we expect total revenue of $169.9 million to $176.9 million, which represents about 15% year-on-year at the midpoint. And we expect non-GAAP operating income of about $2 million to $8 million for the fourth quarter. We expect our non-GAAP EPS to range from $0.07 to $0.20 per diluted share.

現在轉向我們的指導。我們對第四季度和全年的指導反映了強勁的行業順風、強大的執行力和我們不斷增長的 ARR 基礎。對於 2022 年第四季度，我們預計總收入為 1.699 億美元至 1.769 億美元，中點同比增長約 15%。我們預計第四季度非公認會計準則營業收入約為 200 萬至 800 萬美元。我們預計我們的非公認會計原則每股攤薄收益在 0.07 美元至 0.20 美元之間。

Our guidance assumes an increase in subscription bookings mix and that it still remains over 85%. The resulting calculated revenue and profitability headwind is expected to be between $17 million and $18 million for the fourth quarter. If you normalize for the mix, our estimated revenue growth at the midpoint of the range is over 25%. Our guidance also assumes 45.8 million diluted shares and about $4.3 million in taxes.

我們的指導假設訂閱預訂組合增加，並且仍保持在 85% 以上。由此計算得出的第四季度收入和盈利能力逆風預計在 1700 萬美元至 1800 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 25%。我們的指導還假設了 4580 萬股稀釋後的股票和約 430 萬美元的稅收。

For the full year 2022, we expect total revenue in the range of $592.5 million to $599.5 million. Our guidance assumes a revenue headwind of between $66 million and $67 million, and the increase in the headwind reflects a higher mix and bookings assumption underlying our fourth quarter forecast. If you normalize for the mix, our estimated revenue growth at the midpoint is over 30%. We are very pleased to increase the midpoint of our headwind adjusted full year guidance range despite the increase in FX headwinds, which I will discuss in a minute.

對於 2022 年全年，我們預計總收入在 5.925 億美元至 5.995 億美元之間。我們的指導假設收入逆風在 6600 萬美元至 6700 萬美元之間，逆風的增加反映了我們第四季度預測的更高組合和預訂假設。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%。儘管外匯逆風有所增加，但我們很高興增加逆風調整後的全年指導範圍的中點，我將在稍後討論。

For the full year, the range for our non-GAAP operating loss to be between $24.5 million and $18.5 million, we expect our non-GAAP net loss per basic and diluted share to be in the range of $0.54 to $0.39. For the full year, we expect about $40.7 million basic and diluted shares and about $11 million in taxes.

全年，我們的非公認會計原則運營虧損範圍在 2450 萬美元至 1850 萬美元之間，我們預計我們的非公認會計原則每股基本和稀釋後淨虧損將在 0.54 美元至 0.39 美元之間。全年，我們預計基本股和稀釋股約為 4070 萬美元，稅收約為 1100 萬美元。

We are also increasing our full year guidance for the annual recurring revenue, which we now expect to be between $552 million and $558 million at December 31 or between 40% and 42% year-on-year growth, respectively. We are thrilled to raise our ARR guidance. It demonstrates the considerable strength we continue to see in our business.

我們還增加了對年度經常性收入的全年指導，我們現在預計到 12 月 31 日，該收入將在 5.52 億美元至 5.58 億美元之間，或分別同比增長 40% 至 42%。我們很高興提高我們的 ARR 指導。它展示了我們在業務中繼續看到的巨大實力。

I did want to update you on our expectations for impact from FX. We can expect to see a full year estimated currency impact to ARR of about $7 million related to the pound and the euro, which is about $2 million higher than we discussed last quarter because of further currency movements. We also estimate the impact from currency moves will lower our recognized revenue by about $6 million, which is $1 million more than we discussed in August. These currency moves are already reflected in the guidance I provided a few moments ago.

我確實想向您介紹我們對外匯影響的期望。我們可以預期，與英鎊和歐元相關的全年估計貨幣對 ARR 的影響約為 700 萬美元，由於貨幣進一步波動，這比我們上季度討論的高出約 200 萬美元。我們還估計，匯率變動的影響將使我們確認的收入減少約 600 萬美元，這比我們在 8 月份討論的多出 100 萬美元。這些貨幣走勢已經反映在我剛才提供的指導中。

Moving to free cash flow. We anticipate that it will be about 6 to 10 percentage points above our non-GAAP net income margin over a 12-month period. Third quarter was another strong quarter. 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。我們預計，在 12 個月期間，這將比我們的非公認會計原則淨利潤率高出約 6 至 10 個百分點。第三季度是另一個強勁的季度。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'll now turn the call over to the operator for Q&A. Operator?(Operator Instructions) And your first question comes from the line of Saket Kalia from Barclays.

我現在將把電話轉給接線員進行問答。操作員？（操作員說明）您的第一個問題來自 Barclays 的 Saket Kalia。

Okay. Great. Solid set of results. Udi, maybe we'll just start with you. I was wondering if you could just talk a little bit about the performance of the business outside of traditional PAM. In several of your examples, I mean, there was EPM, there were Secrets, there was a little bit of access as well. Maybe the question is, Udi, to what extent are these non-PAM products becoming landing points? And how often are you able to cross-sell traditional PAM along with that? Does that make sense?

好的。偉大的。可靠的結果集。 Udi，也許我們就從你開始吧。我想知道您是否可以談談傳統 PAM 之外的業務表現。在你的幾個例子中，我的意思是，有 EPM，有秘密，還有一點訪問權限。也許問題是，Udi，這些非 PAM 產品在多大程度上成為了落地點？您多久能夠交叉銷售傳統的 PAM？那有意義嗎？

Absolutely. I think we talked about that our excitement last time about having more landing points in our new logos, and we're increasingly landing with both access and EPM actually as landing point for us and then expanding back into PAM, which gives us a very strong durable growth opportunity. Of course, the majority of new logos are still landing with PAM, but then we see the huge opportunity in cross-selling them into access and EPM. And yes, we gave examples here also on the access side, like the customer example with workforce password management and others and the speedboat is really working well.

絕對地。我想我們上次談到我們對在我們的新徽標中擁有更多著陸點感到興奮，並且我們越來越多地以訪問和 EPM 作為我們的著陸點，然後擴展到 PAM，這給了我們一個非常強大的持久的增長機會。當然，大多數新徽標仍然使用 PAM 登陸，但隨後我們看到了將它們交叉銷售到 access 和 EPM 的巨大機會。是的，我們在這裡也提供了訪問方面的示例，例如具有勞動力密碼管理和其他人的客戶示例，快艇確實運行良好。

Got it. Got it. That's great. Josh, maybe for my follow-up for you. Possibly we just dig into maintenance ARR a little bit. I think that's been up sequentially for a couple of quarters. Can you just talk about sort of what's driving that? And -- and how should we sort of think about when that realistically starts to decline sequentially.

知道了。知道了。那太棒了。喬希，也許是為了我的後續行動。可能我們只是深入研究了維護 ARR。我認為這已經連續幾個季度上升了。你能談談是什麼推動了這一點嗎？並且 - 我們應該如何考慮何時實際開始依次下降。

Yes. Thanks, Saket, and thanks for joining the call. Yes, we actually have done really well on the maintenance this year. Basically, it's because we're preserving still higher renewal rates for those customers. But we do anticipate already even in the fourth quarter that we can see a small decline of a couple of million dollars in that maintenance ARR. And we anticipate as we move into next year as well, we'll continue to see a decline on the ARR piece of the maintenance.

是的。謝謝，Saket，感謝您加入電話會議。是的，我們今年的維護實際上做得很好。基本上，這是因為我們為這些客戶保留了更高的續訂率。但我們確實預計，即使在第四季度，我們也可以看到維護 ARR 小幅下降幾百萬美元。我們預計，隨著我們進入明年，我們將繼續看到 ARR 維護部分的下降。

As you can see from the transition that we're really reducing dramatically the bookings that are going towards a perpetual business. And even across now, I talked about it in my prepared remarks, even into APJ now area, we're well over 80% of the bookings going to SaaS and subscription.

正如您從過渡中看到的那樣，我們確實在大幅減少面向永久業務的預訂。即使在現在，我在準備好的評論中也談到了它，即使是現在進入 APJ 地區，我們有超過 80% 的預訂流向了 SaaS 和訂閱。

Your next question comes from the line of Hamza Fodderwala from unknown, please provide your company name, please?

您的下一個問題來自未知的 Hamza Fodderwala 行，請提供您的公司名稱，好嗎？

This is Hamza Fodderwala from Morgan Stanley. So Udi, just 1 question for you. It seems like the consistent theme in the last 6 or 7 quarters has been the priority level of Privilege Access Management is higher than it's ever been. And can you talk a little bit about how you are now able to attract customers that perhaps you weren't able to a couple of years ago, beyond the large enterprise in particular. Is it regulatory requirements? Is it the fact that the SaaS model is making it easier for you to go after those customers as new channels? Maybe just talk a little bit about how the value proposition is now attracting a broader base today?

這是摩根士丹利的 Hamza Fodderwala。所以，Udi，只問你 1 個問題。過去 6 或 7 個季度的一致主題似乎是特權訪問管理的優先級比以往任何時候都高。您能否談談您現在如何能夠吸引幾年前您可能無法吸引的客戶，尤其是在大型企業之外。是監管要求嗎？ SaaS 模式是否讓您更容易將這些客戶作為新渠道來追求？也許只是談談今天的價值主張如何吸引更廣泛的基礎？

Sure thing, Hamza and good to speak to you today. So definitely, if we were to block the demand drivers for CyberArk, we would see them increase over time and Privileged Access Management and Identity Security continuously rising to the top priority. I think the biggest drivers overall is the attackers and the attack landscape where almost any attack that you analysts. (technical difficulty)

當然，Hamza，今天很高興與您交談。因此，毫無疑問，如果我們要阻止 CyberArk 的需求驅動因素，我們會看到它們隨著時間的推移而增加，特權訪問管理和身份安全不斷上升到重中之重。我認為總體上最大的驅動因素是攻擊者和攻擊環境，您分析的幾乎所有攻擊都在其中。 （技術難度）

Ladies and gentlemen, we have lost connection with the speakers. Please stay on the line. We'll be back in a moment.

女士們，先生們，我們與演講者失去了聯繫。請保持在線。我們一會兒就回來。

All right. So sorry about that. It looks like there was a disconnect, and we're back. And Hamza, I'll happy to continue answering your question, Udi here. So I talked about the growth drivers continuously growing over time. And of course, with attackers going after credentials and identities, Privileged Access Management and Identity Security are really rising to the attack -- the top of growth a priority list for our customers.

好的。很抱歉。看起來有一個斷開，我們回來了。還有 Hamza，我很樂意繼續回答你的問題，Udi。所以我談到了隨著時間的推移不斷增長的增長動力。當然，隨著攻擊者追求憑據和身份，特權訪問管理和身份安全確實受到攻擊——增長的頂部是我們客戶的優先級列表。

And of course, it became a cross-vertical opportunity where it's really across the board from that growth driver and, of course, additional growth drivers that we've been collecting over time, like regulations that you alluded to, like cyber insurance, and even answering insider threat.

當然，它成為了一個跨垂直的機會，它確實是全面的增長驅動力，當然還有我們隨著時間的推移收集的其他增長驅動力，比如你提到的法規，比如網絡保險，以及甚至回應內部威脅。

And then like you mentioned, Hamza, the ability to deliver that in SaaS is really making our offering accessible to a broad variety of customers out there. And of course, the global reach of our sales team and the channel enables that. We've been diversifying our channel, advisories, value-added sellers and also MSPs to be able to answer that demand.

然後就像你提到的那樣，Hamza，在 SaaS 中交付的能力確實使我們的產品可供廣泛的客戶使用。當然，我們的銷售團隊和渠道的全球影響力使這一點成為可能。我們一直在使我們的渠道、諮詢、增值賣家和 MSP 多樣化，以便能夠滿足這一需求。

So that combo is really working for us and puts us in that strength, both high priority in the CISO and the buyer list and execution strength.

因此，該組合確實對我們有用，並使我們具有這種優勢，無論是 CISO 的高度優先級，還是買家名單和執行力。

And again, sorry, that we got disconnected for a second.

再一次，對不起，我們斷開了一秒鐘。

And your next question comes from the line of Rob Owens from Piper Sandler.

您的下一個問題來自 Piper Sandler 的 Rob Owens。

Udi, I think you made the comments in and around the best competitive position you've been in some time. Can you talk a little bit about your win rates, I guess, touching on where competition is, number one? And then number two, can you address size of land and if you're seeing that expand here versus what you've had historically given that you're bundling in or selling additional products?

Udi，我認為你在一段時間以來的最佳競爭位置上發表了評論。你能談談你的勝率嗎，我想，談談競爭的第一名？然後第二個問題，您能否解決土地的大小問題？如果您看到這裡的擴張與您在捆綁或銷售其他產品的歷史上所擁有的相比？

Yes. I think we look across both PAM and across our offerings where we see that we're in a better position in terms of leadership and the acknowledgment by customers that any innovation is going to come from CyberArk. And of course, the ability to consume and our delivery of everything in SaaS.

是的。我認為我們從 PAM 和我們的產品中看到，我們在領導力和客戶承認任何創新都將來自 CyberArk 方面處於更好的位置。當然，還有在 SaaS 中消費和交付一切的能力。

So we're definitely seeing continued very strong win rates in PAM. CyberArk is the one invited to, of course, any PAM makeup. And with the increased innovation and the broadening of our suite, we're just seeing that -- those continued win rates go up. So that's in PAM. In Identity, we're just excited, like for my prior answer, we saw ARR there double and we're continuously invited and being perceived as the differentiated security-driven identity solution.

因此，我們肯定會看到 PAM 中持續非常強勁的勝率。 CyberArk 是受邀參加任何 PAM 化妝的人。隨著創新的增加和我們套件的擴大，我們只是看到——那些持續的贏率上升了。這就是在 PAM 中。在 Identity 中，我們很興奮，就像我之前的回答一樣，我們看到 ARR 翻了一番，我們不斷受到邀請並被視為差異化的安全驅動的身份解決方案。

If you care about security and you want to address all identities, you go with CyberArk. And again, this is just a huge opportunity ahead of us in identity. And then with regards to the deal sizes, I think over the last year, we've seen our deal sizes continuously walk up, particularly when we land with more products. I was asked earlier about how we land our ability to land with identity and with EPM, but the most beautiful landing is when we land with multiple products.

如果您關心安全並且想要處理所有身份，您可以選擇 CyberArk。再說一次，這只是擺在我們面前的一個巨大的機會。然後關於交易規模，我認為在過去一年中，我們已經看到我們的交易規模不斷增加，特別是當我們推出更多產品時。早些時候有人問我，我們如何通過身份和 EPM 實現我們的登陸能力，但最美麗的登陸是當我們登陸多種產品時。

And your next question comes from the line of Adam Borg from Stifel.

您的下一個問題來自 Stifel 的 Adam Borg。

Maybe just for Udi on M&A. You made a few of these small tuck-in deals with recently C3M that you referenced earlier. I was thinking just given all the changes happening in the broader identity landscape, your solid execution, potentially valuation dynamics, how you're thinking about M&A going forward and even appetite for larger M&A from here?

也許只是為了 Udi 的併購。您最近與您之前提到的 C3M 達成了一些小規模的交易。考慮到更廣泛的身份環境中發生的所有變化、您的穩健執行、潛在的估值動態，您如何看待未來的併購，甚至從這裡開始對更大併購的胃口，我只是在想？

Yes. I think we're a very strategy first company that's the approach that Clarence on our team is driving. And so we continuously map out the opportunities and look at build versus buy, and that's how we've been very prudent and very, I would say, deliberate in the acquisitions we've done so far.

是的。我認為我們是一家非常注重戰略的公司，這也是我們團隊中 Clarence 正在推動的方法。因此，我們不斷地規劃機會並考慮構建與購買，這就是我們非常謹慎的方式，我想說，我們迄今為止所做的收購都是經過深思熟慮的。

I think as I alluded in the past, we think that in this environment, we're going to have even more opportunities of entry and things that will be applicable to us, but it will always have to be because it's dear to our strategy and it's near to our customers. And right now, we really have a wide portfolio and are focused on delivering that to our customers. We'll always have that strong muscle of looking for opportunities to exercise on that -- on those strategic opportunities.

我認為正如我過去提到的那樣，我們認為在這種環境下，我們將有更多的進入機會和適用於我們的東西，但這總是必須的，因為這對我們的戰略和它靠近我們的客戶。現在，我們確實擁有廣泛的產品組合，並專注於將其交付給我們的客戶。我們將始終擁有強大的力量來尋找機會進行鍛煉——在那些戰略機會上。

Your next question comes from the line of Shaul Eyal from Cowen & Company.

您的下一個問題來自 Cowen & Company 的 Shaul Eyal。

Congrats on the strong execution and on guidance. Udi, one of the key takeaways you highlighted on your presentation under the key takeaways applied is that it kind of increased velocity of cross and upsell customers coming back faster after the initial land. Maybe can you put maybe some sort of a qualitative time frame addressing the pace in between the initial land and then kind of the expand? And secondly, what's driving that accelerated pace? Is that the macro on the one hand or kind of strictly the model transition or both?

祝賀強大的執行力和指導。 Udi，您在演示文稿中強調的關鍵要點之一是，它增加了交叉和追加銷售客戶在最初登陸後更快地回來的速度。也許你可以提出某種定性的時間框架來解決初始土地和擴張之間的步伐嗎？其次，是什麼推動了這種加快的步伐？一方面是宏觀，還是嚴格意義上的模型轉換，還是兩者兼而有之？

Yes. Yes. In terms of what's driving it, it's really the ability for us to -- the more of a platform selling and the fact that we have a platform that services the customer and of course, in SaaS, their ability to realize quick time to value with us, an opportunity for both upsell and get better -- faster into consuming our offering and then cross-sell with our solutions. And again, with an easier way for the customer to get the value as they go with the cross-sell. And yes, like we mentioned, we saw it -- it take 50% year-over-year, bringing us to now 1,200 customers with over 100,000 in ARR. So we're excited about that.

是的。是的。就推動它而言，這實際上是我們的能力——更多的是平台銷售，事實上我們擁有一個為客戶服務的平台，當然，在 SaaS 中，他們有能力通過我們，一個向上銷售和變得更好的機會——更快地消費我們的產品，然後與我們的解決方案交叉銷售。再一次，通過一種更簡單的方式讓客戶在進行交叉銷售時獲得價值。是的，就像我們提到的那樣，我們看到了——同比增長 50%，使我們現在擁有 1,200 名客戶，ARR 超過 100,000。所以我們對此感到興奮。

And it's our ability to address their needs that's driving that. We're much closer to them. And we have the telemetry to know how they're using the product and past investments in customer success, that's all been kicking in to increase that velocity.

正是我們滿足他們需求的能力推動了這一點。我們離他們更近了。我們有遙測來了解他們如何使用產品以及過去對客戶成功的投資，這一切都在提高速度。

Understood. And maybe, Josh, trends from a geographic perspective, U.S., EMEA, everything appears to be absolutely stable. Maybe just some additional color on what's going on APAC?

明白了。也許，喬希，從地理角度來看，美國、歐洲、中東和非洲的趨勢，一切似乎都是絕對穩定的。也許只是一些關於亞太地區正在發生的事情的額外顏色？

Yes. Thanks, Shaul. Yes, as I pointed out in my remarks, we had really good growth across all the regions. And particularly when you consider kind of the mix shift changes that we saw in EMEA and APJ, where both of them now are selling well over 80% in SaaS and subscription and had the kind of the largest headwinds. And even they are both at about 25%. In EMEA, we did have some FX hit, obviously, there in that region.

是的。謝謝，肖爾。是的，正如我在講話中指出的那樣，我們在所有地區都有非常好的增長。尤其是當你考慮到我們在 EMEA 和 APJ 看到的混合轉變變化時，它們現在在 SaaS 和訂閱方面的銷售額都超過了 80%，並且遇到了最大的不利因素。甚至他們都在25%左右。在歐洲、中東和非洲，我們確實在該地區受到了一些外匯影響。

So if you add the FX and if you add the mix, then you would get to about a 25% growth rate for EMEA on a quarter or year-on-year basis. And overall, I think the beauty of CyberArk and you've been following us a long time, so is that we've been diversified along the same kind of lines of close to 60% in Americas and 30% in EMEA and the balance in APJ now for a long time, and we're seeing kind of all regions growing with the business.

因此，如果您添加 FX 並添加組合，那麼 EMEA 的季度或同比增長率將達到 25% 左右。總體而言，我認為 CyberArk 的美麗和您一直關注我們很長時間，所以我們已經沿著同樣的路線多元化，在美洲接近 60%，在 EMEA 和 30%，平衡在APJ 現在已經有很長一段時間了，我們看到所有地區都隨著業務的增長而增長。

And your next question comes from the line of Eric Heath from KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Eric Heath。

Congrats on an impressive set of results, Udi and Josh. I guess I'll ask on Secrets Management. Just curious what's been the customer response, particularly from maybe the developer crowd, if you will, following your recent announcements of your native integration with AWS, the secret management solution? And then if you could just kind of give us an updated view on the competitive landscape between yourselves and HashiCorp in the space, that would be great.

恭喜 Udi 和 Josh 取得了令人印象深刻的成績。我想我會問秘密管理。只是好奇客戶的反應是什麼，特別是可能來自開發人員的人群，如果您願意的話，在您最近宣布您與 AWS 的本機集成（秘密管理解決方案）之後？然後，如果你能給我們一個關於你自己和 HashiCorp 在該領域的競爭格局的最新觀點，那就太好了。

Sure. And I love the question because we also had so much opportunity to see it on the road. I mentioned our impact on the road with customer events across city. So we first announced our integration with AWS in July and our Boston event and then have been taking on the road. And yes, we see, first of all, the relief on the security side where they -- it relieves our security buyer from having to educate and force change on the developer and the developer is able to work natively.

當然。我喜歡這個問題，因為我們也有很多機會在路上看到它。我提到了我們在整個城市的客戶活動對道路的影響。因此，我們在 7 月和波士頓活動中首次宣布了與 AWS 的集成，然後一直在路上。是的，我們首先看到了安全方面的救濟——它使我們的安全購買者不必對開發人員進行教育和強制更改，並且開發人員能夠在本地工作。

And similarly, we're hearing that from developers that CyberArk is now enabling them to adopt our Secrets Management without changing the way they work. And we've only just begun. We're going to take this to -- we started with AWS, but we're going to take this to the other cloud platform, and we want to be that backbone that central for the organization for both human and secrets.

同樣，我們從開發人員那裡聽說 CyberArk 現在使他們能夠在不改變工作方式的情況下採用我們的 Secrets Management。而我們才剛剛開始。我們將把它帶到——我們從 AWS 開始，但我們將把它帶到另一個雲平台，我們希望成為組織人員和秘密的中心骨幹。

In terms of the competitive dynamic with Hashi, I think that's the prime competitor we see in that space, and we're coming in from those different motions. We come in through security, we come in from -- as the business driver is really -- we want to enable the developers but security want to secure the organization, and we're having a great win rates and definitely within the strong customer base. It's -- we have that opportunity for expansion. We have some low-hanging ways to land in the organization and deliver value and then we expand to their critical applications. But this will be continuously a competitive edge for us, the ability to be both trusted by security because of the strong platform that also serves humans and then also be easy to adopt by the developer because they can work natively.

就與 Hashi 的競爭動態而言，我認為這是我們在該領域看到的主要競爭對手，我們正從這些不同的運動中進入。我們通過安全進入，我們來自——作為真正的業務驅動力——我們希望為開發人員提供支持，但安全希望保護組織的安全，我們的勝率很高，而且肯定是在強大的客戶群中.這是 - 我們有擴張的機會。我們有一些簡單的方法可以進入組織並提供價值，然後我們擴展到他們的關鍵應用程序。但這對我們來說將是一個持續的競爭優勢，因為強大的平台也為人類服務，所以既能受到安全性的信任，又能被開發人員輕鬆採用，因為它們可以在本地工作。

Your next question comes from the line of Jonathan Ho from William Blair.

您的下一個問題來自 William Blair 的 Jonathan Ho。

Let me echo my congratulations as well. One of the things that you talked about was MFA fatigue. Can you maybe give us a little bit more detail on how CyberArk helps solve that challenge for customers and maybe how often this is serving as a new driver for business.

讓我也表達我的祝賀。您談到的其中一件事是 MFA 疲勞。您能否詳細介紹一下 CyberArk 如何幫助客戶解決這一挑戰，以及這作為業務新驅動力的頻率。

Thanks, Jonathan. And it's actually brand new. I think for those who -- I would refer also anyone who wants to read, we put out a blog that analyzes the recent Uber reach. And that's an example where, again, a legitimate user was inundated by MFA and eventually ended up accepting the hacker challenge, and that was the entry point. But beyond that, it was all about credential theft on the inside.

謝謝，喬納森。它實際上是全新的。我認為對於那些——我也會推薦任何想閱讀的人，我們發布了一個分析最近 Uber 覆蓋範圍的博客。這是一個例子，合法用戶再次被 MFA 淹沒並最終接受了黑客挑戰，這就是切入點。但除此之外，這一切都與內部的憑證盜竊有關。

So we see ourselves as really a big part of the solution, both on the front end, and I'll talk about our solution for that -- for the MFA fatigue. But even more importantly, being that backbone that even if you enter the organization, the CyberArk Identity Security platform will prevent the steeling of credential, the lateral movement, the privilege escalation that, for example, was seen in that attack.

因此，我們將自己視為解決方案的重要組成部分，無論是在前端，我將討論我們的解決方案 - 針對 MFA 疲勞。但更重要的是，即使您進入組織，CyberArk 身份安全平台也將阻止證書的強化、橫向移動和特權升級，例如在該攻擊中看到的。

And then because as a response to that, we actually were very agile, and we rolled out functionality that basically adds no friction to the user but helps combat the MFA fatigue. It's a number recognition system where a user logging into CyberArk is shown a unique number on the log-in screen. And if you're not in front of the screen, if you're not a legitimate user, you're not going to be able to feed that and put the matching number into the CyberArk Identity mobile authenticator. So it gives peace of mind to the security professionals that their end users can't just say accept, they have to be the right human in front of the machine to do that. So that specifically is our solution.

然後因為作為對此的回應，我們實際上非常敏捷，我們推出了基本上不會給用戶增加摩擦但有助於對抗 MFA 疲勞的功能。這是一個號碼識別系統，登錄 CyberArk 的用戶會在登錄屏幕上看到一個唯一的號碼。如果您不在屏幕前，如果您不是合法用戶，您將無法提供該信息並將匹配的號碼輸入 CyberArk Identity 移動身份驗證器。因此，它讓安全專業人員高枕無憂，他們的最終用戶不能只說接受，他們必須是機器前的合適人選才能做到這一點。這就是我們的解決方案。

Yes, we're seeing it is driving demand for -- we need a security approach to this identity challenge. It's not just managing identities; we need security companies to go after that. So it's -- we're seeing that as part of the demand, and it's a differentiator for the CyberArk brand.

是的，我們看到它正在推動需求——我們需要一種安全方法來應對這一身份挑戰。這不僅僅是管理身份；我們需要安保公司來跟進。所以它 - 我們將其視為需求的一部分，它是 CyberArk 品牌的差異化因素。

And your next question comes from the line of Jonathan Ruykhaver from Cantor Fitzgerald.

您的下一個問題來自 Cantor Fitzgerald 的 Jonathan Ruykhaver。

Congrats guys. So Udi, the question I have is around Privilege controls like secure web session, dynamic privilege access just in terms of the opportunity you might be seeing to leverage those capabilities to drive new lands and then to potentially replace existing IAM solutions. And I realize that this motion is still early and most likely a lot easier to just sell Privilege Cloud into greenfield opportunities. But what do you think of that expansion opportunity led by those privileged controls?

恭喜伙計們。因此，Udi，我的問題是關於特權控制，例如安全 Web 會話、動態特權訪問，僅就您可能會看到利用這些功能來推動新領域然後可能替換現有 IAM 解決方案的機會而言。而且我意識到這一動議還為時過早，而且很可能更容易將 Privilege Cloud 出售給綠地機會。但是您如何看待由這些特權控制帶來的擴張機會？

That's a great question. It was part of our strategy to be the identity security company. It could be differentiated on the fact that we come in and add security controls even if you have an identity in access management solution, that's specifically to our secure web sessions. Like you said, it's early, but we're seeing that differentiated and as a place for us to land and customers that have basic single sign-on in place.

這是一個很好的問題。成為身份安全公司是我們戰略的一部分。即使您在訪問管理解決方案中有身份，我們也會加入並添加安全控制，這可能會有所不同，這專門針對我們的安全 Web 會話。就像你說的那樣，現在還為時過早，但我們看到了這種差異化，並且作為我們登陸的地方和具有基本單點登錄的客戶。

And then over time, and upon renewal, we can expand with them to the broad identity suite and also the broad offering from CyberArk. Dynamic Privileged Access is a very light way to add on to our PAM and the differentiator in the market where we give a very simple way to manage a modern environment. So it's in everything we do. It's in every I would say, sales process today and gives us -- these offerings gives us also a way to get a healthy premium over standard identity solutions and really push that strategy that this is the identity security vendor.

然後隨著時間的推移和更新，我們可以與他們一起擴展到廣泛的身份套件以及 CyberArk 的廣泛產品。 Dynamic Privileged Access 是一種非常輕鬆的方式來添加到我們的 PAM 和市場差異化因素中，我們提供了一種非常簡單的方式來管理現代環境。所以它存在於我們所做的每一件事中。在我想說的每一個銷售過程中，今天並為我們提供了——這些產品還為我們提供了一種比標準身份解決方案獲得健康溢價的方式，並真正推動這是身份安全供應商的戰略。

Yes. That's helpful. A quick follow-up is related to channel. Could you just update us on the channel motion as it relates to your SaaS offerings? And it also -- what see in terms of the opportunity to engage with SIs in public cloud providers beyond what you're doing with Secrets with the public cloud guys?

是的。這很有幫助。快速跟進與渠道有關。您能否向我們介紹與您的 SaaS 產品相關的渠道動議？它還 - 在與公共雲提供商中的 SI 合作的機會方面，除了您與公共雲人員使用 Secrets 所做的事情之外，還有什麼看到的？

Okay. So it's been very strategic for us. As we move through this whole transition in a SaaS, first transition to bring our channel partners on board with us. It's in our training and in everything we do, it was central to our partner event around impact that our channels will be trained on the SaaS offering, and that's what they expected. They also like the quick time to value that you get with SaaS, and they're embracing the SaaS solutions.

好的。所以這對我們來說非常具有戰略意義。當我們在 SaaS 中完成整個過渡時，首先要讓我們的渠道合作夥伴加入我們。在我們的培訓和我們所做的一切中，我們的合作夥伴活動的核心是我們的渠道將接受關於 SaaS 產品的培訓，這正是他們所期望的。他們還喜歡您通過 SaaS 獲得的快速實現價值的時間，並且他們正在接受 SaaS 解決方案。

And -- so I would say that that's across the full channel landscape, even all the way to the advisories. They get it. If the customer is consuming or adopting SaaS then there's a faster time to value. With regards to the SIs around the world, we're seeing them really both with their seats, I would say, in our trainings and getting certified in the sense of, well, CyberArk is really building a healthy long-term company here. And we can count on them to build a business practice. So they're building business practices around us. And they can see the same motion that we talked about here and the growth that we talked about today, is also reflecting in their results, the ability to cross-sell and all of that is reflecting.

而且 - 所以我會說這是整個渠道環境，甚至一直到諮詢。他們明白了。如果客戶正在消費或採用 SaaS，那麼就會有更快的時間來實現價值。關於世界各地的 SI，我想說，在我們的培訓和獲得認證的過程中，我們確實看到他們都坐在座位上，從某種意義上說，CyberArk 確實在這裡建立了一家健康的長期公司。我們可以依靠他們來建立業務實踐。所以他們正在我們周圍建立商業實踐。他們可以看到我們在這裡談到的相同動議和我們今天談到的增長，也反映在他們的結果中，交叉銷售的能力和所有這些都在反映。

On -- with regards to AWS in addition to the Secrets Hub, extending to the ability to work natively with AWS, we're active on the AWS marketplace, like we mentioned in the past, and we continue to see that as a good way in expansion in deals complementary to our other partners, and we're seeing that marketplace momentum building up.

開 -- 關於 AWS 除了 Secrets Hub，擴展到與 AWS 原生合作的能力，我們在 AWS 市場上很活躍，就像我們過去提到的那樣，我們繼續認為這是一個好方法在擴展與我們其他合作夥伴互補的交易方面，我們看到市場勢頭正在增強。

Your next question comes from the line of Joshua Tilton from Wolfe Research.

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

Congrats on the results. My first one is, every vendor in identity seems to be scrambling to kind of replicate this complete identity platform that you guys have built. So maybe how is that helping you kind of evangelize the sale of a complete Identity platform? And what specifically are you guys doing to capitalize on this lead that you have over the other vendors in the market?

祝賀結果。我的第一個問題是，每個身份供應商似乎都在爭先恐後地複制你們建立的這個完整的身份平台。那麼，這可能如何幫助您宣傳完整身份平台的銷售？你們具體做了什麼來利用市場上其他供應商的領先優勢？

No. Great question. I think -- and I mentioned it sometimes in my face-to-face meeting with investors that I would not start differently with our journey. I mean, coming as the experts in PAM, tackling the most difficult problem in identity and the most sought-after attack vector for the attackers and then expanding to identity and doing that all on the SaaS platform is a unique CyberArk benefit. We really came into identity as a cybersecurity company versus coming to security as an identity management company. And we think that, that's the credible and the right motion customers can tell when there's the cybersecurity expertise behind it. And of course, the leg-up is there's a lot of disruption in our competitive base, all the private equity takedowns are causing a lot of distraction, both in PAM vendors (technical difficulty)

不，好問題。我認為 - 我有時在與投資者的面對面會議中提到，我不會以不同的方式開始我們的旅程。我的意思是，作為 PAM 的專家，解決身份中最困難的問題和攻擊者最搶手的攻擊向量，然後擴展到身份並在 SaaS 平台上完成所有這些是 CyberArk 的獨特優勢。我們真的是以網絡安全公司的身份進入身份，而不是以身份管理公司的身份進入安全領域。我們認為，當背後有網絡安全專業知識時，這是客戶可以判斷的可信且正確的動議。當然，優勢在於我們的競爭基礎受到了很多破壞，所有私募股權的撤資都導致了很多分心，無論是在 PAM 供應商中（技術難度）

Ladies and gentlemen, we have lost connection with the speakers. Please remain on the line.

女士們，先生們，我們與演講者失去了聯繫。請保持在線。

All right. Sorry about that. I think we're pretty much wrapped up the question there, and we are definitely seeing that competitive opportunity and our stepping on the sales and marketing panel. And again, in a prudent, smart way, like Josh was alluding to capture that opportunity. And a lot of it is also I would say, in a flywheel effect with the customer base. We have a strong customer base. We have a strong channel base and it gives us that flywheel affect to leverage.

好的。對於那個很抱歉。我認為我們幾乎已經解決了這個問題，我們肯定看到了競爭機會以及我們加入銷售和營銷小組。再一次，以一種謹慎、聰明的方式，就像喬希暗示要抓住這個機會一樣。而且我想說的是，在與客戶群的飛輪效應中。我們擁有強大的客戶群。我們擁有強大的渠道基礎，它為我們提供了可以利用的飛輪效應。

That was great. I just have one follow-up, if I could, and I apologize if it was already addressed, but how was your federal business in the quarter?

那很棒。如果可以的話，我只有一個跟進，如果已經解決，我很抱歉，但是您本季度的聯邦業務如何？

I wouldn't say that it was -- we didn't expect it to be an outstanding quarter. I would just say it wasn't outside. But the global government continues to be about 10% of our business. I would say, in general, we're seeing that the federal cycles can be a little slow.

我不會說它是 - 我們沒想到它會是一個出色的季度。我只想說它不在外面。但全球政府仍占我們業務的 10% 左右。我想說，總的來說，我們看到聯邦週期可能有點慢。

Your next question comes from the line of Fatima Boolanin from Citigroup.

您的下一個問題來自花旗集團的 Fatima Boolanin。

And we'll move on to the next question from Ittai Kidron from Oppenheimer.

我們將繼續討論來自奧本海默的 Ittai Kidron 的下一個問題。

This is (inaudible) on for Ittai. Congrats on the results. I just wanted to ask about the Cloud Entitlements Manager solution, which is still relatively new. How has early adoption fared here? And how large do you think this opportunity is relative to other solutions like EPM and access?

這是（聽不清）Ittai。祝賀結果。我只是想問一下 Cloud Entitlements Manager 解決方案，它還是比較新的。早期採用在這裡的情況如何？您認為這個機會與 EPM 和訪問等其他解決方案相比有多大？

Well, we -- as we presented at our impact events, we actually view that as a component in a larger pillar what that we call cloud private security, which we think is big. And that includes our solution for secure cloud access. Everything that has to do with managing transparent and easy access to the cloud environment, the cloud consoles.

好吧，我們 - 正如我們在影響事件中介紹的那樣，我們實際上將其視為更大支柱中的一個組成部分，我們稱之為雲私有安全，我們認為這很重要。這包括我們的安全雲訪問解決方案。與管理對雲環境、雲控制台的透明和輕鬆訪問有關的一切。

With regards to CM, it's a component there. It's very much about identifying over privilege in cloud, and it's a leading to the rest of the solution in that pillar. So I would say, one, it's early. And two, it's going to be a component of a much larger pillar, which yes, definitely could be as big as EPM and as we continue to evolve there on that pillar.

關於CM，它是那裡的一個組件。這在很大程度上是關於識別雲中的過度特權，並且它是該支柱中其餘解決方案的引導。所以我想說，一，現在還早。第二，它將成為一個更大支柱的組成部分，是的，肯定可以和 EPM 一樣大，並且隨著我們繼續在該支柱上發展。

Got it. That's helpful. And then just on the product mix of net new ARR for the quarter, were there any products that had a significant change in contribution when you compare it to 2Q?

知道了。這很有幫助。然後就本季度淨新 ARR 的產品組合而言，與第二季度相比，是否有任何產品的貢獻發生了顯著變化？

No, I would say the subscription ARR split is like we discussed last time, they're all growing, which is the good news. I would say the PAM ARR is about 55%. EPM is probably about 20%, Identity is about 15%, Secrets Management is about 10% of that subscription ARR piece of the pie.

不，我會說訂閱 ARR 拆分就像我們上次討論的那樣，它們都在增長，這是個好消息。我會說 PAM ARR 約為 55%。 EPM 大概是 20%，Identity 大概是 15%，Secrets Management 大概是訂閱 ARR 的 10%。

Next question comes from the line of Andrew Nowinski from Wells Fargo.

下一個問題來自富國銀行的 Andrew Nowinski。

This is Justin Donati on for Andy. You talked a lot about your land and expand motion here on the call. So I'm just wondering if you could provide any update on either your closing rates or your pipeline between new versus existing customers?

這是安迪的賈斯汀·多納蒂。你在電話會議上談了很多關於你的土地和擴大行動的話題。所以我只是想知道您是否可以提供有關您的收盤率或新客戶與現有客戶之間的渠道的任何更新？

Yes. I don't know that I have kind of a ready information there. I would say that we're building a robust pipeline on both fronts, and that's kind of our go-to-market approach. Our reps have a portfolio of both existing customers and new customers to go after and of course, leveraging the channel partnerships, the TQ lines that we have for landing the new logos. I would just say that it's continued to be a robust diversified pipeline.

是的。我不知道我在那裡有現成的信息。我想說我們正在兩個方面都建立了一個強大的管道，這就是我們進入市場的方法。我們的代表擁有現有客戶和新客戶的投資組合來追求，當然，利用渠道合作夥伴關係，我們為登陸新徽標而擁有的 TQ 線。我只想說它仍然是一個強大的多元化管道。

Great. And then maybe just as a quick follow-up. Regarding your large customers over $100,000 in ARR. Can you just update us on how many solutions on average those customers are using?

偉大的。然後也許只是作為一個快速跟進。關於 ARR 超過 100,000 美元的大客戶。你能告訴我們這些客戶平均使用多少解決方案嗎？

Again, I probably don't have -- I would say that you can easily have a PAM customer that exceeded that. But we value the most, the landing and the growth and also includes a cross-sell. So the majority would have at least 2 products in the mix. And of course, this is like the over $100,000 ARR we have some very significant ones and the large ones, we, over time, see them not just upsell but also get cross-sell solutions in there.

再說一次，我可能沒有——我會說您可以輕鬆地擁有一個超過該值的 PAM 客戶。但我們最看重的是落地和增長，也包括交叉銷售。因此，大多數人將至少有 2 種產品。當然，這就像超過 100,000 美元的 ARR，我們有一些非常重要的和大的，隨著時間的推移，我們看到它們不僅是追加銷售，而且還在那裡獲得交叉銷售解決方案。

And your next question comes from the line of Fatima Boolani from Citigroup.

您的下一個問題來自花旗集團的 Fatima Boolani。

It appears problem with the line. We'll go on to our next question from Trevor Walsh from JMP Securities.

看來線路有問題。我們將繼續 JMP Securities 的 Trevor Walsh 提出的下一個問題。

Congrats on the quarter. Udi, you had a brief mention of Zero Trust as being an influencer. And I was wondering if you could maybe give a little color around how that influenced the strong performance, if at all, as far as new customer logos to 230 or so for the quarter, which was we thought was strong.

祝賀本季度。烏迪，你曾簡單地提到過零信任是一個有影響力的人。而且我想知道您是否可以就這如何影響強勁的表現提供一點色彩，如果有的話，至於本季度的新客戶徽標達到 230 個左右，我們認為這是強大的。

So is there a dynamic there where that type of architecture around Zero Trust is actually driving that -- those engagements on the Identity piece? Or is that more maybe current PAM customers coming in and looking to support their Zero Trust plans with what they've already got going with you guys? How is that -- I guess, how are those engagements happening on that Zero Trust one?

那麼，圍繞零信任的那種類型的架構實際上是否在推動這一動態——身份部分的那些參與？或者，更多的可能是當前的 PAM 客戶進來並希望用他們已經與你們合作的東西來支持他們的零信任計劃？那是怎麼回事——我猜，那些零信任的約定是怎麼發生的？

That's a great question. And I would say that it's happening in both. I see it in both existing customers. When we do our executive briefing center with the customer base, they are replaying back to us, but this is how they presented to their Board and the management that PAM and Identity Security part of their Zero Trust, how can you achieve Zero Trust with excess privileges. So everything -- the least privileged motion is really critical to that. And so we hear that from the customer base. And yes, our field and channels are definitely seeing that it's part of the decision-making in the land or in the pickup of the new logos that it's -- they're looking for impactful solutions, again, to prevent breaches, prevent -- in an assumed breach prevent any lateral movement and massive impact of the breach and as a way for them to show that they really reduced the massive amount of risk and executing on Zero Trust strategy. So yes, it's definitely in both.

這是一個很好的問題。我會說這兩種情況都在發生。我在現有客戶中都看到了這一點。當我們與客戶群進行執行簡報中心時，他們正在向我們重播，但這就是他們向董事會和管理層介紹 PAM 和身份安全是其零信任的一部分的方式，您如何實現零信任過度特權。所以一切——最不特權的動議對此非常關鍵。因此，我們從客戶群中聽到了這一點。是的，我們的領域和渠道肯定會看到，這是土地決策的一部分，或者是新標識的選擇——他們正在尋找有影響力的解決方案，再次，防止違規，防止——在假定的違規行為中，防止違規的任何橫向移動和巨大影響，並以此證明他們確實降低了大量風險並執行零信任策略。所以是的，它肯定在兩者中都有。

And Your next question comes from the line of Brian Colley from Stephens.

您的下一個問題來自 Stephens 的 Brian Colley。

So clearly, you all have a lot of strong tailwinds driving momentum in the business right now. I kind of wanted to hone in on some and see if you could maybe just rank order what you see as kind of the 3 biggest growth drivers or tailwinds for the business right now? And then kind of looking forward, maybe rank order kind of what you see as various growth drivers moving into 2023, if it's changed at all between whether it's multiproduct adoption, new logos, or greenfield PAM wins with new customers?

很明顯，你們現在都有很多強勁的順風推動業務發展。我有點想磨練一些，看看你是否可以對你認為目前業務的三大增長動力或順風進行排序？然後有點向前看，也許是您認為進入 2023 年的各種增長驅動因素的排序方式，如果它在多產品採用、新徽標或新客戶中贏得綠地 PAM 之間發生了根本變化？

Okay. So in terms of business drivers, I would really put up that it's considered -- we're considered a must-have for achieving Zero Trust and preventing breaches. So we kind of love the Zero Trust and attacker innovation and really having a meaningful impact there. That's in terms of business drivers and then definitely add underneath that various areas where there's a compliance need insider threat prevention, but attacker innovation and, I would say, followed by digital transformation, like the attack surface is growing so much. And then how do we prevent breaches on that growing attack surface. That's from a business driver.

好的。因此，就業務驅動因素而言，我真的認為這是考慮到的——我們被認為是實現零信任和防止違規的必備條件。所以我們有點喜歡零信任和攻擊者的創新，並且確實在那裡產生了有意義的影響。這是就業務驅動因素而言，然後肯定會在需要內部威脅預防的各種合規領域添加，但攻擊者創新，我想說，隨後是數字化轉型，就像攻擊面正在增長一樣。然後我們如何防止在不斷增長的攻擊面上出現漏洞。那是來自業務驅動程序。

I would say the result, it's go-to-market execution against this ever-growing demand. So we're a high priority, and we're executing, like I mentioned, both on the channel front, our sales team in both new logos and add-on business. Leveraging the speed builds that we put in place to upsell or cross-sell our speed builds solutions in Secrets Management and Identity and we're continuously taking market share as we do this.

我會說結果，它是針對這種不斷增長的需求的市場執行。因此，我們是重中之重，就像我提到的那樣，我們正在渠道方面執行我們的銷售團隊，包括新徽標和附加業務。利用我們實施的速度構建來追加銷售或交叉銷售我們在秘密管理和身份方面的速度構建解決方案，並且我們在這樣做的過程中不斷地佔據市場份額。

Got it. That's helpful. And then just thinking about your efforts with the channel expansion, can you just help us frame up kind of what innings you think you're in on that front? I mean it seems like it's clearly already driving an increase in new logo wins and incremental business. I'm curious if you think we're kind of still in the early innings of that and whether it could potentially drive further acceleration from here kind of what percentage of new deals of the channel contributing to today?

知道了。這很有幫助。然後想想你在渠道擴張方面所做的努力，你能不能幫助我們確定你認為你在這方面的哪些局？我的意思是，它似乎顯然已經在推動新徽標獲勝和增量業務的增加。我很好奇您是否認為我們仍處於早期階段，以及它是否可能從這裡進一步加速，該渠道的新交易占今天的百分比是多少？

Yes. I would say that in the past, I talked about that we were like a notch one on really kicking off the channel opportunity. The team has really been executing well. I'm hearing from the CEO of our channel partners that -- I know I would love hearing that we are in their top 10, 10 producers, the top 5 producers and we want to continuously move up there. CyberArk wants to be the top winner for -- and again, the top provider in terms of our -- the business for our channel partners. And I think we continuously see that probably more than 70% of the business is with our channel partners. So it's a growing motion. You -- like I said earlier, it's kind of as a flywheel effect, you see that as they succeed, they invest more, they invest more in training. We talked about the growth in the -- on the amount of CyberArk certified personnel.

是的。我會說，在過去，我談到我們在真正啟動渠道機會方面就像一個檔次。球隊的表現確實很好。我從我們的渠道合作夥伴的首席執行官那裡聽到 - 我知道我很想听到我們在他們的前 10 名、前 10 名製作人、前 5 名製作人中，我們希望繼續上升。 CyberArk 希望成為我們渠道合作夥伴業務的最大贏家 - 並且再次成為我們的頂級供應商。而且我認為我們不斷看到可能超過 70% 的業務與我們的渠道合作夥伴有關。所以這是一個不斷增長的運動。你——就像我之前說的，這有點像飛輪效應，你會看到，隨著他們成功，他們投入更多，他們在培訓上投入更多。我們談到了 CyberArk 認證人員數量的增長。

And so I would give it -- I would put something in the middle of the inning, because we moved it along from our execution and really working with the best of the best across the world, but there's so much opportunity as we leverage this flywheel. And on top of everything I mentioned, we're in the early innings with the MSPs, and that's a big opportunity.

所以我會給它——我會在局中放一些東西，因為我們把它從我們的執行中轉移出來，真正與世界上最好的人一起工作，但是我們利用這個飛輪有很多機會.除了我提到的所有內容之外，我們還處於 MSP 的早期階段，這是一個很大的機會。

And this concludes our question-and-answer session. Mr. Udi Mokady. I turn the call back over to you for some final closing remarks.

我們的問答環節到此結束。烏迪·莫卡迪先生。我把電話轉回給你做最後的結束語。

Great. Thank you very much. We had another strong quarter, demonstrating durable demand for our solutions and momentum in our business. And as always, I want to thank our customers and partners and our dear global employees for being the cornerstone of our success. Thank you very much. And again, I want to thank the team for the hard work and strong execution this quarter. Talk soon. Thank you.

偉大的。非常感謝。我們又迎來了一個強勁的季度，這表明對我們的解決方案和業務發展勢頭的持久需求。與往常一樣，我要感謝我們的客戶和合作夥伴以及我們親愛的全球員工，他們是我們成功的基石。非常感謝。再次，我要感謝團隊本季度的辛勤工作和強大的執行力。一會再聊。謝謝你。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。