Cyberark Software Ltd (CYBR) 2022 Q4 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to the Q4 2022 CyberArk Software Earnings Conference Call. (Operator Instructions). Erica Smith, SVP Investor Relations and ESG, you may begin your conference.

謝謝你的支持。此時，我想歡迎大家參加 CyberArk 2022 年第四季度軟件收益電話會議。 （操作員說明）。投資者關係和 ESG 高級副總裁 Erica Smith，你可以開始你的會議了。

Thank you, Chantal. Good morning. Thank you for joining us today to review CyberArk's Fourth Quarter and Full Year 2022 financial results. With me on the call today are Udi Mokady, Chairman and Chief Executive Officer; Matt Cohen, our Chief Operating 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，尚塔爾。早上好。感謝您今天加入我們，回顧 CyberArk 的第四季度和 2022 年全年財務業績。今天與我通話的有董事長兼首席執行官 Udi Mokady；我們的首席運營官 Matt Cohen；和首席財務官 Josh Siegel。在準備好的評論之後，我們將打開問答環節。

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 first quarter full year 2023 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，今天在電話會議上所做的某些陳述可能被視為前瞻性陳述，它們反映了管理層根據當前可用信息做出的最佳判斷。我特別指的是關於我們對 2023 年第一季度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存在重大差異。

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 website. CyberArk expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements made today.

我提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，以及今天發佈在網站上的新聞稿中提到的風險因素。 CyberArk 明確否認有任何義務或承諾公開發布對今天所做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 an updated investor presentation that outlines the financial discussion in today's call.

此外，本次電話會議還將討論非 GAAP 財務措施。與最直接可比的 GAAP 財務指標的調節也可在今天的新聞稿中找到，以及更新的投資者介紹，其中概述了今天電話會議中的財務討論。

We also want to remind you that we provide the calculated revenue headwind for additional color on the impact of our subscription 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.

我們還想提醒您，我們提供了計算得出的收入逆風，以增加對我們訂閱組合轉變影響的影響，但不應將其視為可與報告的 GAAP 收入或其他 GAAP 指標相比較或替代。我們網站的 IR 部分還提供了今天電話會議的網絡廣播。

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 another strong quarter to cap off an amazing year where we outperformed, executed and delivered against each of our key strategic initiatives in 2022.

謝謝 Erica，也謝謝大家加入電話會議。我們又迎來了一個強勁的季度，為令人驚嘆的一年畫上了句號，我們在 2022 年的每一項關鍵戰略舉措都表現出色，執行和交付出色。

We optimized our go-to-market engine, expanded our channel partnerships and enhanced our platform selling motion. Our breakaway innovation extended our solutions well beyond PAM and resulted in CyberArk being recognized as the leader in Identity Security. We are in a great competitive position, and we are taking market share, not only in PAM but across our product portfolio.

我們優化了我們的上市引擎，擴大了我們的渠道合作夥伴關係並增強了我們的平台銷售活動。我們的突破性創新將我們的解決方案擴展到 PAM 之外，並使 CyberArk 被公認為身份安全領域的領導者。我們處於強大的競爭地位，我們正在搶占市場份額，不僅在 PAM 領域，而且在我們的產品組合中。

We entered 2023 with a more durable, more resilient and highly visible business model. CyberArk is in a position of strength well on our way to our $1 billion ARR target, and we have already reset our sights well beyond that.

我們以更持久、更有彈性和高度可見的商業模式進入 2023 年。 CyberArk 在實現我們 10 億美元的 ARR 目標的過程中處於有利地位，我們已經重新設定了遠不止於此的目標。

Because of this execution, as we are gearing up for 2023, we recognized that CyberArk was in the best possible position to make the executive changes we announced this morning. In early April, I will move into the Executive Chair role and Matt Cohen, our Chief Operating Officer, will become our CEO. Matt is an incredible leader, and I can't imagine a better person to be the next CEO of CyberArk.

由於這次執行，在我們為 2023 年做準備時，我們認識到 CyberArk 最有可能做出我們今天早上宣布的高管變動。 4 月初，我將擔任執行主席一職，我們的首席運營官 Matt Cohen 將成為我們的首席執行官。 Matt 是一位了不起的領導者，我想不出比他更好的人選來擔任 CyberArk 的下一任首席執行官。

Since joining the company, he added tremendous value and has been instrumental to our success. He spearheaded the subscription transition, transformed our go-to-market engine and has inspired people across the organization to deliver well ahead of expectations. With his support and leadership, we have delivered tremendous results and the company is set up for long-term success.

自加入公司以來，他創造了巨大的價值，對我們的成功發揮了重要作用。他帶頭進行了訂閱轉型，轉變了我們的上市引擎，並激勵整個組織的人們交付遠超預期的產品。在他的支持和領導下，我們取得了巨大的成果，公司也為取得長期成功做好了準備。

While my role with CyberArk is changing as Executive Chair, I'll stay very active. Working with Matt and the management team, I will focus on shaping our future by aligning our long-term strategy to our mission, preserving CyberArk's unique culture and brand and fostering relationships with key customers and partners. It is very important to me that we get this right and that we have a smooth transition, continuity of leadership and that we don't skip a beat in our execution.

雖然我作為執行主席在 CyberArk 的角色發生變化，但我會保持非常活躍。我將與 Matt 和管理團隊合作，通過使我們的長期戰略與我們的使命保持一致，保留 CyberArk 獨特的文化和品牌，並培養與主要客戶和合作夥伴的關係，專注於塑造我們的未來。對我來說非常重要的是，我們要做到這一點，我們要平穩過渡，保持領導層的連續性，而且我們在執行過程中不會漏掉一個節拍。

I believe that our plan accomplishes these objectives. Personally, Matt and I have formed a strong partnership based on shared values, a commitment to our mission and friendship. We will continue to work together closely to ensure CyberArk executes and that we deliver our vision. Matt has joined us today, and I'm going to hand it over to him for a few comments. Matt?

我相信我們的計劃可以實現這些目標。就個人而言，馬特和我基於共同的價值觀、對我們的使命和友誼的承諾建立了牢固的伙伴關係。我們將繼續密切合作，以確保 CyberArk 執行並實現我們的願景。 Matt 今天加入了我們，我將把它交給他，徵求他的一些意見。馬特？

Thank you, Udi. It is the honor of a lifetime to be named the next CEO of CyberArk. Udi, along with Josh, the leadership team and every site work employees have worked hard to build an amazing company. Udi has been a mentor and become a dear friend over the last 3 years. He is a special leader with genuine empathy and measurable energy and deep passion for our mission, our culture and our people.

謝謝你，烏迪。被任命為 CyberArk 的下一任首席執行官是我一生的榮幸。 Udi 和 Josh、領導團隊和每一位現場工作人員都在努力打造一家了不起的公司。在過去的 3 年裡，Udi 一直是我的導師，並成為我的好朋友。他是一位特別的領導者，對我們的使命、我們的文化和我們的員工有著真誠的同理心和可衡量的能量以及深切的熱情。

I am looking so forward to working with him to scale CyberArk, drive profitable growth and deliver shareholder value. I will also focus on preserving the company's culture, which has been so critical to CyberArk's success. Our leadership team is completely aligned on our plan for 2023 and our long-term vision and our massive opportunity. Our future has never been brighter, and I am humbled to lead CyberArk's next chapter.

我非常期待與他合作擴大 CyberArk 的規模，推動盈利增長並為股東創造價值。我還將專注於維護公司文化，這對 CyberArk 的成功至關重要。我們的領導團隊與我們的 2023 年計劃、我們的長期願景和我們的巨大機遇完全一致。我們的未來從未如此光明，我很榮幸能夠領導 CyberArk 的下一章。

I will now turn the call back to Udi to talk about the quarter in more detail.

我現在將電話轉回給 Udi，以更詳細地討論該季度。

Thank you, Matt. Moving into the quarter. Our performance demonstrates a few key points: first, the power of our business model; second, the durability of demand for our Identity Security platform; and lastly, the strength of our execution.

謝謝你，馬特。進入季度。我們的表現展示了幾個關鍵點：第一，我們商業模式的力量；第二，對我們的身份安全平台需求的持久性；最後，我們的執行力。

The financial highlights include: subscription ARR reached $364 million, growing 99% year-over-year. We also added a record $63 million in net new subscription ARR from the end of Q3. Total ARR reached $570 million, growing 45% year-over-year, well ahead of our November guidance. ARR is still the best metric to measure our success.

財務亮點包括：訂閱 ARR 達到 3.64 億美元，同比增長 99%。從第三季度末開始，我們還增加了創紀錄的 6300 萬美元淨新訂閱 ARR。總 ARR 達到 5.7 億美元，同比增長 45%，遠高於我們 11 月份的指引。 ARR 仍然是衡量我們成功與否的最佳指標。

We ended the year with more than 1,300 customers, with over $100,000 in annual recurring revenue, growing more than 40% year-over-year. Total revenue came in at $169 million for the fourth quarter, with a subscription booking mix of 90% in Q4, well ahead of our guidance framework.

到年底，我們擁有 1,300 多家客戶，年度經常性收入超過 100,000 美元，同比增長超過 40%。第四季度總收入為 1.69 億美元，訂閱預訂組合在第四季度達到 90%，遠遠超過我們的指導框架。

The mix created a revenue headwind of about $24 million. Normalizing the mix for the fourth quarter of last year, our revenue would have grown by 27% this quarter. The license portion of our business, our SaaS, self-hosted subscription and perpetual would have grown about 42%.

這種組合造成了約 2400 萬美元的收入逆風。將去年第四季度的組合正常化，本季度我們的收入將增長 27%。我們業務的許可部分、我們的 SaaS、自託管訂閱和永久許可將增長約 42%。

As we talk about the quarter, I will frame today's discussion around growth, innovation and profitability. Persistent secular tailwinds are contributing to our growth. I've spoken to dozens of customers and partners in the last few months, and they all face similar challenges. Digital transformation is leading to an explosion of identities, both human and machine.

在我們談論本季度時，我將圍繞增長、創新和盈利能力展開今天的討論。持續的長期順風正在促進我們的增長。在過去的幾個月裡，我與數十位客戶和合作夥伴進行了交談，他們都面臨著類似的挑戰。數字化轉型正在導致人類和機器身份的激增。

Implementing Zero Trust strategies remains complex and time consuming. And attacker innovation is only accelerated with the emergence of new technology and new attack vectors. Take ChatGPT, our lab team posted breakthrough research on ChatGPT, which can dynamically mutate malware, making it incredibly hard to detect and stop. With examples like this, there is a little debate that identity is the attack surface and taking an assumed breach mindset is the best way to protect the enterprise.

實施零信任策略仍然複雜且耗時。隨著新技術和新攻擊向量的出現，攻擊者的創新只會加速。以 ChatGPT 為例，我們的實驗室團隊發布了關於 ChatGPT 的突破性研究，它可以動態改變惡意軟件，使其難以檢測和阻止。對於這樣的例子，有一些爭論認為身份是攻擊面，採取假定的違規心態是保護企業的最佳方式。

In the fourth quarter, we landed with more than 380 new customers. And for the full year, we added more than 1,100 new logos, an all-time record for CyberArk. We continue to see strong diversity in our business and are signing customers from health care and biotech, hotels, fashion brands, hospitals, manufacturing, banking and insurance companies.

第四季度，我們新增了 380 多家客戶。全年，我們添加了 1,100 多個新徽標，創下了 CyberArk 的歷史記錄。我們繼續看到我們業務的多樣性，並且正在與來自醫療保健和生物技術、酒店、時尚品牌、醫院、製造、銀行和保險公司的客戶簽約。

A few examples include: a multinational health care company, couldn't scale with its existing PAM point solution, particularly given the increasing number of machine identities within the organization. In a 7-figure rip and replace deal, the customer will protect human and machine identities with our modern Privileged Cloud and Secrets Management solutions.

一些示例包括：一家跨國醫療保健公司無法使用其現有的 PAM 點解決方案進行擴展，特別是考慮到組織內機器身份數量的增加。在一項價值 7 位數的推倒重來的交易中，客戶將使用我們現代的特權雲和機密管理解決方案來保護人和機器的身份。

A large hotel chain is building its enterprise-wide Identity Security program on our platform. During the quarter, this cloud-first organization landed with Privileged Cloud, Workforce Password Management and Dynamic Privileged Access as its first steps with plans to expand to MFA and single sign-on in 2023.

一家大型連鎖酒店正在我們的平台上構建其企業範圍的身份安全計劃。在本季度，這家以雲為先的組織首先採用了特權雲、員工密碼管理和動態特權訪問，併計劃在 2023 年擴展到 MFA 和單點登錄。

Cyber insurance was once again a driver in Q4 across many examples, including a prominent clothing brand buying Privileged Cloud to meet the insurance requirements and lower premiums. Our subscription transition is increasing the velocity of add-on business, particularly with our SaaS solutions.

在許多例子中，網絡保險再次成為第四季度的推動力，包括一家知名服裝品牌購買 Privileged Cloud 以滿足保險要求和降低保費。我們的訂閱過渡正在提高附加業務的速度，尤其是我們的 SaaS 解決方案。

A few examples. A major hotel chain is accelerating its cloud-first strategy with CyberArk expanding coverage from PAM, CyberArk Identity and Secrets Management to Endpoint Privilege Manager. A Global 2000 financial services company was our first Conjur Cloud customer and also added Secrets Hub. As customers implement Zero Trust strategies, they want the peace of mind with a single pane of glass into all privileged activity, visibility that only CyberArk can provide today.

幾個例子。一家大型連鎖酒店正在加速其云優先戰略，CyberArk 將覆蓋範圍從 PAM、CyberArk Identity and Secrets Management 擴展到 Endpoint Privilege Manager。一家全球 2000 強金融服務公司是我們的第一個 Conjur Cloud 客戶，並且還添加了 Secrets Hub。當客戶實施零信任策略時，他們希望通過單一管理平台了解所有特權活動，以及當今只有 CyberArk 才能提供的可見性，讓他們高枕無憂。

A Fortune 500 health care company expanded its Identity Security program and decided Cloud Entitlements Manager, Endpoint Privilege Manager and Dynamic Privileged Access as game changers for securing its cloud-first environment.

一家財富 500 強醫療保健公司擴展了其身份安全計劃，並決定將 Cloud Entitlements Manager、Endpoint Privilege Manager 和 Dynamic Privileged Access 作為遊戲規則改變者來保護其云優先環境。

We are seeing returns from strengthening our partner program in 2022. The new routes to market, enhanced collaboration and improved efficiency across the ecosystem increased our momentum and significantly expanded our reach. As an example, the number of unique CyberArk certified partners grew by over 90%, and the certifications across our platform continue to grow, a great indication for future growth in our Access and Secrets Management solutions.

我們將在 2022 年看到加強合作夥伴計劃的回報。新的市場路線、加強的協作和提高整個生態系統的效率增加了我們的動力並顯著擴大了我們的影響力。例如，CyberArk 認證合作夥伴的數量增長了 90% 以上，我們平台上的認證也在不斷增加，這是我們訪問和機密管理解決方案未來增長的一個很好的跡象。

Before moving into innovation, we wanted to comment on the macro environment. While Identity Security remains top priority, more approvals continue to be required in deals, consistent with what we saw in prior quarters. The demand trends, deal progression, win rates, renewal rates and sales cycles remain healthy across the board, which we see in our strong ARR growth.

在進入創新之前，我們想評論一下宏觀環境。雖然身份安全仍然是重中之重，但交易仍需要更多批准，這與我們在前幾個季度看到的情況一致。需求趨勢、交易進展、贏單率、續訂率和銷售週期全面保持健康，我們從強勁的 ARR 增長中看到了這一點。

On the innovation side, we were thrilled to be named a leader in the 2022 Gartner Magic Quadrant for Access Management in early Q4, making us the only company to be named a leader by Gartner for both PAM and Access Management. We are already benefiting from the Magic Quadrant with the pipeline for our CyberArk Identity reaching new record. We believe this is another important validation of our strategy to deliver the most complete Identity Security platform in the market.

在創新方面，我們很高興在第四季度初被評為 2022 年 Gartner 訪問管理魔力像限的領導者，這使我們成為唯一一家被 Gartner 評為 PAM 和訪問管理領導者的公司。我們已經從魔力像限中受益，我們的 CyberArk Identity 管道達到了新的記錄。我們相信這是對我們在市場上提供最完整的身份安全平台戰略的又一次重要驗證。

The enhancements of CyberArk Identity, like Flows and our innovations in PAM, including broader threat detection and response on [VMs] as self-hosted machines differentiate us in the field. Innovation continues to be the cornerstone of our success. In addition, we won our first deals for AWS Secrets Hub and Conjur cloud during the fourth quarter.

CyberArk Identity 的增強功能，例如 Flows 和我們在 PAM 方面的創新，包括更廣泛的威脅檢測和 [VM] 上的響應，因為自託管機器讓我們在該領域脫穎而出。創新仍然是我們成功的基石。此外，我們在第四季度贏得了 AWS Secrets Hub 和 Conjur 雲的第一筆交易。

Josh will cover profitability in more detail. But as we look into 2023, we will continue to invest with discipline and expect to leverage each of our operating expense lines. Most importantly, we plan to be agile in our investment plans and have the flexibility to make adjustments as we move through the year. When looking through the transition dynamics, we are operating CyberArk as a Rule of 40 company today and remain committed to delivering profitable growth.

Josh 將更詳細地介紹盈利能力。但展望 2023 年，我們將繼續有紀律地進行投資，並期望利用我們的每條運營支出線。最重要的是，我們計劃在我們的投資計劃中保持敏捷，並在我們度過這一年時靈活地進行調整。在審視轉型動態時，我們今天將 CyberArk 作為 40 家公司的規則運營，並繼續致力於實現盈利增長。

To ensure we capitalize on our growth opportunity, we expanded our management team adding Chris Kelly as CRO. Chris joined us from Adobe, where he scaled the Global Customer Solutions business. Chris is already making an impact. He hit the ground running and participated in our global kickoff last month. He fit seamlessly into the CyberArk culture and is fully supported by each of our 3 [theater] heads.

為了確保我們利用我們的增長機會，我們擴大了我們的管理團隊，增加了 Chris Kelly 作為 CRO。 Chris 從 Adobe 加入我們，在那裡他擴展了全球客戶解決方案業務。克里斯已經產生了影響。上個月，他一馬當先，參加了我們的全球啟動儀式。他無縫地融入了 CyberArk 文化，並得到了我們 3 個[劇院]負責人的全力支持。

As we look into the coming year, our top priorities for 2023 include: accelerate our Identity Security platform sales motion across PAM, EPM, Access and Secrets Management; further leverage the channel and marketing alignment to extend our reach; enhance our customer success organization at scale to ensure we protect and expand our base of ARR; and deliver cutting edge innovation and extend our leadership position in Identity Security.

展望來年，我們 2023 年的首要任務包括：加快我們在 PAM、EPM、訪問和機密管理方面的身份安全平台銷售行動；進一步利用渠道和營銷聯盟擴大我們的影響力；大規模加強我們的客戶成功組織，以確保我們保護和擴大我們的 ARR 基礎；並提供尖端創新並擴大我們在身份安全領域的領導地位。

With our execution over the years, CyberArk is in a position of strength. We have a strong experienced management team focused on executing our strategy. We have a massive market opportunity and are taking market share. Our Identity Security platform is mission-critical, and our solutions are being prioritized even in today's challenging macro environment. I have never been more energized or enthusiastic about CyberArk, our leadership position, our team, our culture, and our future.

憑藉我們多年來的執行力，CyberArk 處於優勢地位。我們擁有一支經驗豐富的強大管理團隊，專注於執行我們的戰略。我們擁有巨大的市場機會，並且正在搶占市場份額。我們的身份安全平台是關鍵任務，即使在當今充滿挑戰的宏觀環境中，我們的解決方案也被優先考慮。我從未像現在這樣對 CyberArk、我們的領導地位、我們的團隊、我們的文化和我們的未來充滿活力或熱情。

We have put in place a best-in-class transition that will help ensure that we deliver against this massive opportunity. I'm looking forward to working closely with Matt, the Board and the entire CyberArk team as we build CyberArk to $1 billion ARR company and beyond.

我們已經實施了一流的過渡，這將有助於確保我們抓住這一巨大機遇。我期待著與馬特、董事會和整個 CyberArk 團隊密切合作，將 CyberArk 打造成 ARR 達到 10 億美元甚至更高的公司。

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 first quarter and full year 2023. Josh, off to you.

我現在將電話轉給 Josh，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 2023 年第一季度和全年的展望。Josh，有待您。

Thanks, Udi. As Udi mentioned, we were pleased with the durable demand for our solutions. Customers are embracing our Identity Security platform and our subscription model is delivered, resulting in annual recurring revenue growing 45% and reaching $570 million that's well ahead of our guidance. The subscription portion reached $364 million, increasing 99% and now represents 64% of our total. We had another record quarter for net new subscriptions and total ARR driven by the strong demand for our solutions, particularly for SaaS.

謝謝，烏迪。正如 Udi 提到的，我們很高興看到對我們解決方案的持久需求。客戶正在接受我們的身份安全平台，我們的訂閱模式已交付，導致年度經常性收入增長 45% 並達到 5.7 億美元，遠遠超過我們的指導。訂閱部分達到 3.64 億美元，增長 99%，目前占我們總額的 64%。由於對我們的解決方案（尤其是 SaaS）的強勁需求，我們的淨新訂閱和總 ARR 又創下了新紀錄。

Our progress is clear when you compare today to a year ago when the subscription portion was only $183 million, then just 46% of total and half of our year-end 2022 amount. Our guidance in February of last year estimated just 35% to 36% growth in total ARR to outperform and grow nearly 10 percentage points faster showcases the strength of our execution throughout the year. We have convincingly flipped our business to a fully recurring model, a key multiyear goal we set just under 2 years ago in our March 2021 Investor Day.

當您將今天與一年前進行比較時，我們的進步是顯而易見的，當時訂閱部分僅為 1.83 億美元，當時僅佔總額的 46% 和我們 2022 年底金額的一半。我們在去年 2 月的指引中估計，總 ARR 僅增長 35% 至 36%，跑贏大盤，並且增長速度快了近 10 個百分點，這展示了我們全年的執行力。我們令人信服地將我們的業務轉變為完全經常性的模式，這是我們在不到 2 年前的 2021 年 3 月投資者日設定的關鍵多年目標。

The maintenance portion was $206 million at year-end. The year-over-year and sequential decline in maintenance ARR was due to the decline in the perpetual license sales expected and included in our guidance. We continue to see very strong renewal rates of more than 90% for our perpetual maintenance business.

年末維修部分為 2.06 億美元。維護 ARR 的同比和環比下降是由於我們預期並包含在我們的指導中的永久許可銷售下降。我們繼續看到我們的永久維護業務的續訂率超過 90%。

In addition, our visibility continues to increase with the remaining performance obligations now at $730 million at year-end. That's increasing 38% from December 2021. Total revenue of $169 million grew 12% year-on-year and was impacted by our subscription bookings mix, which hit a record 90% for the fourth quarter. That's well above the guidance framework we provided.

此外，我們的知名度繼續提高，年底剩餘的履約義務現在為 7.3 億美元。這比 2021 年 12 月增長了 38%。總收入 1.69 億美元，同比增長 12%，這受到我們的訂閱預訂組合的影響，第四季度達到創紀錄的 90%。這遠遠高於我們提供的指導框架。

Economically, the revenue headwind created by the mix and duration was approximately $24 million in the fourth quarter. That's when we compare our like-for-like to the fourth quarter 2021 when the mix was just 71%. Taking the calculated revenue headwind into consideration, total revenue would have grown by 27% year-on-year. And if you include the $1.5 million in currency impact as well, we would have grown by 28%. If you isolate just the license portion of revenue adjusted for headwinds, our license revenue grew by 42% in the fourth quarter.

在經濟上，第四季度混合和持續時間造成的收入逆風約為 2400 萬美元。那時我們將我們的同類產品與 2021 年第四季度進行比較，當時混合比例僅為 71%。考慮到計算出的收入逆風，總收入將同比增長 27%。如果你也包括 150 萬美元的貨幣影響，我們將增長 28%。如果您僅分離出針對逆風調整的收入的許可部分，我們的許可收入在第四季度增長了 42%。

On the macro environment, during the quarter, we continue to experience more approval of deal cycles. And in addition, some existing customers also wanted shorter commitments, opting for 1-year versus 3-year deals related to self-hosted subscription or our term-based license contracts, which impacted our duration, recognized revenue and long-term deferred in the quarter.

在宏觀環境上，在本季度，我們繼續經歷更多的交易週期批准。此外，一些現有客戶還希望更短的承諾，選擇與自託管訂閱或我們基於期限的許可合同相關的 1 年而不是 3 年交易，這影響了我們的持續時間、已確認收入和長期遞延四分之一。

Overall, we continue though to be very pleased with our bookings and to see Identity Security programs being prioritized. Momentum in our business continued, and the demand environment is resilient with budgets being allocated as evidenced by the significant ARR outperformance and the strength of our new logos.

總的來說，我們仍然對我們的預訂感到非常滿意，並看到身份安全計劃被優先考慮。我們的業務勢頭持續，需求環境具有彈性，預算分配顯著的 ARR 表現和我們新徽標的實力證明了這一點。

Moving into the details of the revenue lines for the fourth quarter. Subscription revenue reached $88.5 million, growing 86% year-on-year, representing 52% of total revenue in the fourth quarter. Consistent with our move to a subscription business model, perpetual license revenue came in at about $14.6 million.

進入第四季度收入線的細節。訂閱收入達到 8850 萬美元，同比增長 86%，佔第四季度總收入的 52%。與我們轉向訂閱業務模式一致，永久許可收入約為 1460 萬美元。

Our maintenance and professional services revenue was $66.1 million, that's $54.1 million coming from recurring maintenance and the balance of $12 million in professional services revenue. Recurring revenue reached $142.6 million or 84% of total revenue, growing 39% year-on-year from $102.9 million in the fourth quarter last year.

我們的維護和專業服務收入為 6610 萬美元，其中 5410 萬美元來自經常性維護，其餘 1200 萬美元來自專業服務收入。經常性收入達到 1.426 億美元，佔總收入的 84%，較去年第四季度的 1.029 億美元同比增長 39%。

Geographically, the business continues to be well diversified. The Americas revenue reached $99.5 million, growing 15% year-on-year. EMEA grew by 5% year-on-year to $51.8 million and APJ grew by 13% to $17.8 million of revenue. Normalizing for the mix and the duration, the Americas would have grown by 31% year-over-year and APJ by 30%. Normalizing the headwind and FX, EMEA would have grown by about 24% in the fourth quarter.

在地理上，業務繼續多元化。美洲收入達到 9950 萬美元，同比增長 15%。 EMEA 收入同比增長 5% 至 5180 萬美元，APJ 收入增長 13% 至 1780 萬美元。將組合和持續時間標準化後，美洲將同比增長 31%，APJ 將增長 30%。將逆風和外匯正常化，歐洲、中東和非洲地區在第四季度將增長約 24%。

All line items of the P&L that I'll discuss now are on a non-GAAP basis. Please see the full GAAP to non-GAAP reconciliation in the tables of our press release.

我現在要討論的損益表的所有項目都是基於非 GAAP 的。請在我們的新聞稿表格中查看完整的 GAAP 與非 GAAP 調節表。

Our fourth quarter gross profit was $140.2 million on 83% gross margin compared with 86% in fourth quarter last year. The lower year-on-year gross margin is in large part due to the significantly increased portion of SaaS revenues and the result of the declining of the perpetual license sales in the fourth quarter of 2022.

我們第四季度的毛利潤為 1.402 億美元，毛利率為 83%，而去年第四季度為 86%。同比下降的毛利率在很大程度上是由於 SaaS 收入佔比顯著增加以及 2022 年第四季度永久許可銷售下降的結果。

While we continue to make disciplined investments to drive innovation and growth, our results demonstrate our operational rigor as evidenced by our operating expenses increasing 20% to $136.1 million, resulting in income of $4.1 million, and that compared to our headwinds adjusted revenue growth of 27% in the fourth quarter.

在我們繼續進行有紀律的投資以推動創新和增長的同時，我們的結果證明了我們的運營嚴謹性，我們的運營費用增加了 20% 至 1.361 億美元，從而產生了 410 萬美元的收入，而與我們逆風調整後的收入增長 27 相比% 在第四季度。

We are still being impacted by the mix shift towards ratable revenue, which lowered our operating results. Normalizing for the headwinds, our operating margin would have been positive 14% in the fourth quarter. As a reminder, this only level sets to the mix to the prior year, not all the way back to the beginning of the transition.

我們仍然受到向可分配收入的混合轉變的影響，這降低了我們的經營業績。考慮到不利因素，我們第四季度的營業利潤率將達到 14%。提醒一下，這唯一的水平設置為前一年的組合，而不是一直回到過渡的開始。

Net income was $7.2 million or $0.16 per diluted share, beating our guide for the fourth quarter. For the full year, revenue was $591.7 million, accelerated to 18% year-on-year growth versus the 8% last year. For the full year, subscription bookings mix was 88%, which was higher than we were expecting and which resulted in approximately a $72 million headwind for the full year. This compared to a 66% subscription bookings mix for the full year 2021.

第四季度淨收入為 720 萬美元或每股攤薄收益 0.16 美元，超過了我們的指引。全年收入為 5.917 億美元，同比增長 18%，高於去年的 8%。全年，訂閱預訂組合為 88%，高於我們的預期，導致全年出現約 7200 萬美元的逆風。相比之下，2021 年全年的訂閱預訂組合為 66%。

Normalizing for the headwind, the total revenue would have grown 32% year-on-year. And for the full years -- for the full year, Americas would have grown by 23%, EMEA by 9% and APJ by 12%. Normalizing for the headwind for Americas -- normalizing for that headwind, though, the Americas grew by 38%, EMEA by 23% and APJ by 28% year-on-year.

如果逆風正常化，總收入將同比增長 32%。對於全年 - 全年，美洲將增長 23%，EMEA 增長 9%，APJ 增長 12%。美洲的逆風正常化——儘管如此，美洲同比增長 38%，EMEA 增長 23%，APJ 增長 28%。

Moving down the P&L for the full year. Our gross margin for the year was better than we expected at 82% as we closely managed the expenses related to SaaS. Operating loss was $22.4 million. Normalizing for the headwind, operating margin would have been a positive 7% for the full year.

下調全年損益表。我們今年的毛利率好於我們預期的 82%，因為我們密切管理與 SaaS 相關的費用。營業虧損為 2240 萬美元。逆風正常化，全年營業利潤率將達到 7%。

Our net loss was $0.44 per basic and diluted share, which was also impacted by the same revenue headwind of $72 million for the full year. We also observed an FX impact for the full year of approximately $6 million on revenue, $7 million on ARR and $2 million on operating income.

我們的淨虧損為每股基本股和稀釋股 0.44 美元，這也受到全年 7200 萬美元的同樣收入逆風的影響。我們還觀察到全年的外匯影響約為 600 萬美元的收入、700 萬美元的 ARR 和 200 萬美元的營業收入。

We continue to attract and retain top talent ending December with over 2,750 employees worldwide, including nearly 1,160 in sales and marketing. For the full year, free cash flow was $37.2 million or 6% free cash flow margin, which came in nicely ahead of the free cash flow guardrails we set for the full year and demonstrates the strength of our subscription model.

截至 12 月，我們在全球擁有 2,750 多名員工，其中包括近 1,160 名銷售和營銷人員，繼續吸引和留住頂尖人才。全年，自由現金流為 3720 萬美元或 6% 的自由現金流利潤率，遠遠超過我們為全年設定的自由現金流護欄，證明了我們訂閱模式的實力。

Turning to our guidance. Our guidance for the first year -- for the first quarter and the full year 2023, balances the strong competitive position and the durable demand for our platform against the uncertainty in the macro environment. For the first quarter of 2023, we expect total revenue of $160 million to $164 million, which represents 27% year-on-year growth at the midpoint. We expect a non-GAAP operating loss of about $15.5 million to $12.5 million for the first quarter, and we expect our non-GAAP EPS to range from net loss of $0.30 to $0.23 per basic and diluted share.

轉向我們的指導。我們對第一年（第一季度和 2023 年全年）的指導平衡了強大的競爭地位和對我們平台的持久需求與宏觀環境的不確定性。對於 2023 年第一季度，我們預計總收入為 1.6 億美元至 1.64 億美元，按中間值計算，同比增長 27%。我們預計第一季度的非 GAAP 營業虧損約為 1550 萬美元至 1250 萬美元，我們預計我們的非 GAAP 每股收益將在每股基本股和稀釋股淨虧損 0.30 美元至 0.23 美元之間。

Our guidance also assumes 41.3 million weighted average basic and diluted shares and about $4 million in taxes. For the full year 2023, we expect total revenue in the range of $724 million to $736 million. That's representing growth of between 22% and 24%, an acceleration from our 18% growth rate in 2022 and consistent with the playbook we outlined when we kicked off our subscription transition.

我們的指導意見還假設加權平均基本股和稀釋股為 4130 萬股，稅收約為 400 萬美元。對於 2023 年全年，我們預計總收入在 7.24 億美元至 7.36 億美元之間。這表示增長在 22% 到 24% 之間，比我們 2022 年 18% 的增長率有所加快，並且與我們在開始訂閱過渡時概述的劇本一致。

For the full year, we expect our operating results to range between an operating loss of $5 million and an operating income of $5 million. We expect a range of net income per share of $0.07 to $0.28. And for the full year, we expect about 46.1 million weighted average diluted shares. We also expect about $20 million in taxes.

對於全年，我們預計我們的經營業績將介於 500 萬美元的營業虧損和 500 萬美元的營業收入之間。我們預計每股淨收入在 0.07 美元至 0.28 美元之間。對於全年，我們預計加權平均攤薄股數約為 4610 萬股。我們還預計稅收約為 2000 萬美元。

For the full year, we expect annual recurring revenue to be between $730 million and $740 million at December 31, 2023, or between 28% and 30% year-over-year growth. To help model the expenses for the year, we expect to see an increase in marketing expenses in the second quarter related to our Global Impact customer event and its world tour, leading to a seasonally lower operating income in the second quarter.

對於全年，我們預計到 2023 年 12 月 31 日，年度經常性收入將在 7.3 億美元至 7.4 億美元之間，即同比增長 28% 至 30%。為了幫助對年度費用進行建模，我們預計第二季度與我們的 Global Impact 客戶活動及其世界巡演相關的營銷費用將會增加，從而導致第二季度營業收入季節性下降。

For the full year, we plan to leverage our P&L with each operating expense line growing at a slower rate in 2023 compared to 2022. The increase in our expenses fall into 3 main categories: increasing investments in our cloud infrastructure to support our record SaaS bookings in 2022, which we expect to -- which we expect will lower our gross margin for the full year to between 80% and 81%; second, making critical investments in R&D, including our SaaS and self-hosted solutions; and lastly, the investments in sales and marketing, we have deep conviction in the opportunity and our incredibly strong competitive position.

對於全年，我們計劃利用我們的損益表，使 2023 年每條運營費用線的增長速度低於 2022 年。我們的費用增長主要分為 3 類：增加對雲基礎設施的投資以支持我們創紀錄的 SaaS 預訂在 2022 年，我們預計 - 我們預計這將使我們全年的毛利率降至 80% 至 81% 之間；其次，對研發進行重要投資，包括我們的 SaaS 和自託管解決方案；最後，在銷售和營銷方面的投資，我們對機會和我們令人難以置信的強大競爭地位深信不疑。

As we think about our guidance for the year, we plan to be agile on our investments. If we see the demand environment change, we will adjust our hiring and investment plans for 2023. Moving to free cash flow margin. We anticipate that it will be approximately equal to our non-GAAP net income margin over a 12-month period. 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 shareholders.

在考慮今年的指導方針時，我們計劃在投資上保持敏捷。如果我們看到需求環境發生變化，我們將調整 2023 年的招聘和投資計劃。轉向自由現金流利潤率。我們預計它將在 12 個月內大約等於我們的非 GAAP 淨利潤率。我們仍然專注於利用擺在我們面前的巨大機會，這將帶來盈利增長和強勁的現金流，為股東創造長期價值。

If we sum up 2022, we were pleased to complete our subscription transition ahead of schedule already in the first quarter. The benefits of our subscription engine are already starting to kick in. Revenue growth accelerated to 18% in 2022, and there is further acceleration expected in 2023.

如果我們總結 2022 年，我們很高興已經在第一季度提前完成了訂閱過渡。我們訂閱引擎的好處已經開始顯現。2022 年收入增長加速至 18%，預計 2023 年將進一步加速。

As you saw from the guidance I just provided, we expect operating margins to have bottomed out in 2022 and to modestly improve in 2023. And what's even more exciting is that we expect even more meaningful improvement once we get beyond 2023 and the flywheel effect fully kicks in.

正如您從我剛剛提供的指導中看到的那樣，我們預計營業利潤率將在 2022 年觸底，並在 2023 年適度改善。更令人興奮的是，我們預計一旦我們超過 2023 年並且飛輪效應充分發揮，將會有更有意義的改善開始。

Before I turn the call over for Q&A, I'd also like to congratulate Matt. We are aligned on our vision for execution and strategy and very much look forward to continue working closely with him in his new role. I will now turn the call over to the operator for Q&A. Operator?

在我轉入問答環節之前，我還要祝賀馬特。我們對執行和戰略的願景保持一致，非常期待在他的新角色中繼續與他密切合作。我現在將把電話轉給接線員進行問答。操作員？

(Operator Instructions) Our first question comes from Saket Kalia with Barclays Capital.

（操作員說明）我們的第一個問題來自巴克萊資本的 Saket Kalia。

Okay. Great. Let me just start by saying, Udi, it's been a pleasure working with you. Wish you best of luck as Executive Chair, very happy you're still staying with the company. And Matt, very much look forward to working with you as well after all the work that you've done through this transition.

好的。偉大的。首先讓我說，Udi，很高興與你合作。祝你作為執行主席好運，很高興你仍然留在公司。 Matt，在你完成了這次過渡期間的所有工作之後，也非常期待與你合作。

Thank you so much, Saket.

非常感謝，Saket。

Thank you, Saket.

謝謝你，薩凱特。

Maybe -- yes, absolutely. Maybe shifting to the business, Udi, maybe starting with you. I was wondering if you could just zoom out and talk about why you think Privileged Account Management seems to be bucking the trend in this macro.

也許——是的，絕對是。也許轉向業務，Udi，也許從你開始。我想知道您是否可以縮小範圍並談談為什麼您認為特權賬戶管理似乎在這個宏中逆勢而上。

There are more headcount reductions happening in certain areas of the economy. Not all security companies are seeing this type of ARR. I'm curious why you think PAM or just maybe even just the broader Identity as a category seems to be doing better?

某些經濟領域發生了更多裁員。並非所有安全公司都遇到這種類型的 ARR。我很好奇為什麼您認為 PAM 或更廣泛的身份作為一個類別似乎做得更好？

Great. Obviously, we're very excited that we continue to outperform and the 45% growth in ARR. Privileged Access Management is one of the few critical security layers that really make a difference in enterprise security. I would categorize it in one of the few that are on the must have side of enterprise buying decisions.

偉大的。顯然，我們對我們繼續跑贏大市和 ARR 增長 45% 感到非常興奮。特權訪問管理是為數不多的真正對企業安全產生影響的關鍵安全層之一。我會將其歸類為企業購買決策必須具備的少數幾個之一。

And no matter how you dissect every attack that's in the news, there's -- that point of no return is when they elevated privileges, moved laterally, captured identities. And CyberArk captures both the human and machine identities in our PAM platform and in our Identity Security platform. And today, it's become clear that identity is not just the new perimeter, identity is the attack surface.

無論你如何剖析新聞中的每一次攻擊，都有——當他們提升特權、橫向移動、捕獲身份時，那是不可挽回的。 CyberArk 在我們的 PAM 平台和我們的身份安全平台中捕獲人類和機器的身份。今天，很明顯身份不僅僅是新的邊界，身份是攻擊面。

And so it's one of the few things that enterprises do today. And of course, we pioneered the space. We're a market leader in the space. And the flip side of it is also executing on that opportunity that we created through our best-in-class go-to-market team, our channels and of course, delivering great solutions, all of these years. And I would say that the team is executing and firing all cylinders against a growing opportunity.

因此，這是當今企業為數不多的事情之一。當然，我們開創了這個領域。我們是該領域的市場領導者。它的另一面也在執行我們通過我們一流的上市團隊、我們的渠道創造的機會，當然還有這些年來提供的偉大解決方案。我要說的是，團隊正在執行並全力以赴應對不斷增長的機會。

That makes a lot of sense. Josh, maybe for my follow-up for you. Great to see the ARR guide for next year. I was wondering if you could just go one level deeper into some of your assumptions in terms of macro, in terms of close rates, in terms of maintenance ARR. There's obviously a lot that goes into that ARR forecast. Is there anything you just want us to know given the -- what is still arguably an uncertain macro?

這很有意義。喬希，也許是為了我跟進你。很高興看到明年的 ARR 指南。我想知道你是否可以在宏觀、收盤價和維持 ARR 方面更深入地研究你的一些假設。 ARR 預測顯然涉及很多內容。考慮到仍然可以說是不確定的宏，你有什麼想讓我們知道的嗎？

Yes. Thanks, Saket. And you're right, there are a couple of dynamics that play for ARR. First of all, as we've been kind of talking about over the last year, we do expect maintenance ARR to decrease. It started to last year in 2022, and we can see it decreasing of a couple of million dollars a quarter into 2023. And so effectively, you're seeing that we're guiding generally to a flat net new subscription ARR for 2023.

是的。謝謝，薩凱特。你是對的，ARR 有一些動力。首先，正如我們在過去一年中一直在談論的那樣，我們確實預計維護 ARR 會下降。它從去年的 2022 年開始，我們可以看到它在 2023 年每季度減少幾百萬美元。而且如此有效，你看到我們總體上指導 2023 年淨新訂閱 ARR 持平。

The other dynamic is, if all things are held equal, if we look at our win rates, our pipeline and in the macro, we actually believe we can grow faster than that. But given the current macro and where we are in the year, I think we believe this is really the right starting point as we guide for 2023. But if I were to end, I'd say we're actually really confident in the underlying demand environment, and we have the pipeline to actually support a faster growth than the -- in the ARR side.

另一個動態是，如果所有條件都相同，如果我們看看我們的贏率、管道和宏觀，我們實際上相信我們可以增長得更快。但考慮到當前的宏觀形勢和我們今年所處的位置，我認為我們相信這確實是我們指導 2023 年的正確起點。但如果我要結束，我會說我們實際上對潛在的非常有信心需求環境，我們有管道實際支持比 - 在 ARR 方面更快的增長。

Your next question is from the line of Hamza Fodderwala with Morgan Stanley.

你的下一個問題來自 Hamza Fodderwala 與摩根士丹利的合作。

Congratulations, Udi, and look forward to working with you, Matt. Just for Udi, it seems like CyberArk is really separating itself from the pack from a lot of your competitors, which have been acquired and others that may be facing their own execution challenges.

恭喜你，Udi，期待與你合作，Matt。就 Udi 而言，CyberArk 似乎真的從許多競爭對手中脫穎而出，這些競爭對手已經被收購，而其他競爭對手可能面臨自己的執行挑戰。

CyberArk has been a profitable company in the past. But just given that the opportunity that you're seeing and the success that you're seeing in multiple Identity categories, how do you think about just doubling down investment and continuing to just accelerate your share gain versus getting back to those very high margins that you saw prior to the transition?

CyberArk 過去一直是一家盈利的公司。但是，考慮到你在多個身份類別中看到的機會和成功，你如何看待加倍投資並繼續加速你的份額收益，而不是回到那些非常高的利潤率你在過渡之前看到了嗎？

Yes. So thanks, Hamza. I think we've been very prudent in leveraging our market leadership in the space and in pioneering. I think as both Josh and I said, we're creating a plan that's very agile. We're going after this opportunity. We do want to return back to the beautiful profitability we had before the transition. And then -- and of course, coming to it with that position of strong -- of fully ratable revenue.

是的。所以謝謝，哈姆扎。我認為我們在利用我們在該領域和開拓領域的市場領導地位方面一直非常謹慎。我認為正如 Josh 和我所說，我們正在製定一個非常靈活的計劃。我們正在抓住這個機會。我們確實希望恢復到過渡前的良好盈利能力。然後——當然，以強大的地位來實現它——完全可評定的收入。

But we are investing where we see the strong ROI coming, and we have a plan that's going to keep us agile on this front, and that includes PAM, that includes going after the Access opportunity now that we're a leader in the Magic Quadrant there, it includes going after the Secrets Management angle as well and of course, EPM. So we do have those great growth engines. SaaS delivered, and we'll invest, we'll do it like the CyberArk style, agile but prudent.

但是我們正在投資我們看到強大的投資回報率的地方，我們有一個計劃可以讓我們在這方面保持敏捷，其中包括 PAM，這包括在我們成為魔力像限領導者的情況下抓住 Access 機會在那裡，它還包括追求機密管理角度，當然還有 EPM。所以我們確實擁有那些偉大的增長引擎。 SaaS 交付，我們將投資，我們將像 CyberArk 風格一樣，敏捷但謹慎。

Got it. Josh, on that front, can you give any color around the percentage of ARR that's coming from some of the different categories like Access Management, PAM, et cetera? I think you've done that in the past as well.

知道了。 Josh，在這方面，你能否給出來自不同類別（如訪問管理、PAM 等）的 ARR 百分比的任何顏色？我認為您過去也這樣做過。

Yes. If we kind of look at the ARR pie, it's been pretty consistent. PAM is still around 55% of that subscription ARR, with EPM coming in at second at 20%, Access at 15% and Secrets around 10%.

是的。如果我們看一下 ARR 餅圖，就會發現它非常一致。 PAM 仍佔該訂閱 ARR 的 55% 左右，EPM 以 20% 位居第二，Access 為 15%，Secrets 為 10% 左右。

Your next question is from the line of Rob Owens from Piper Sandler.

您的下一個問題來自 Piper Sandler 的 Rob Owens。

In your prepared remarks, you did talk about the record new logo additions that you had during the year and talked about optimized go-to-market extending channel partnerships. Maybe focus a little bit on the channel front with the new partners, what is their contribution to net new ARR at this point? And how do you expect that to ramp throughout '23 and in the future?

在您準備好的發言中，您確實談到了您在這一年中添加的創紀錄的新徽標，並談到了優化的上市擴展渠道合作夥伴關係。也許稍微關注新合作夥伴的渠道前端，他們目前對淨新 ARR 的貢獻是什麼？您如何期望它在整個 23 世紀和未來會有所上升？

Yes. I would say definitely strong contributors to the growth and in capturing the new logos. And especially as we expanded and have more and more channels trained on the new solutions also helping us land with Access and other fronts. I don't have the metric handy of how much do we attribute. But again, the majority of our sales involve channels. And probably 70%, 80% of our business, we attribute through direct work with channels. So there are definitely strong contributors to this net ARR.

是的。我會說絕對是增長和捕獲新徽標的強大貢獻者。特別是隨著我們的擴張，越來越多的渠道接受了新解決方案的培訓，這也幫助我們登陸了 Access 和其他方面。我手頭沒有衡量我們歸因於多少的指標。但同樣，我們的大部分銷售都涉及渠道。可能有 70%、80% 的業務是通過直接與渠道合作來實現的。因此，這個淨 ARR 肯定有強大的貢獻者。

And I think, like I mentioned in the remarks, it's strategic for us to have them embracing our broad portfolio, and we see that through their certifications and training and through sales that they're continuously expanding beyond PAM with us also to Access and Secretes Management.

而且我認為，就像我在評論中提到的那樣，讓他們接受我們廣泛的產品組合對我們來說具有戰略意義，而且我們看到，通過他們的認證和培訓以及銷售，他們不斷擴展到 PAM 之外，與我們一起進入 Access 和 Secretes管理。

And quickly for Josh, as you contemplate the profitable growth and the return of the margin moving forward having gone through the transition, how should we think about free cash flow and any hints there in terms of modeling it?

對於喬希來說，很快，當你考慮到盈利增長和利潤率的回報已經經歷了轉型，我們應該如何考慮自由現金流以及在建模方面的任何提示？

Yes. Thanks, Rob. And as I talked about earlier in the remarks, we're -- I would look at over a 12-month period because we get a lot of seasonality and fluctuations from quarter-to-quarter. But on a 12-month period for 2023, we're looking at free cash flow at non-GAAP net income margin level.

是的。謝謝，羅布。正如我之前在評論中所說的那樣，我們 - 我會考慮超過 12 個月的時間，因為我們每個季度都有很多季節性和波動。但在 2023 年的 12 個月期間，我們正在研究非 GAAP 淨利潤率水平的自由現金流。

And then I think if I would add to that, because you also talked about kind of post transition, as we kind of continue on through the transition, we certainly would expect to see that expansion of free cash flow in the out years as our -- as we get to already back into '24 and '25, and we're post now roundtripping our full ARR base.

然後我想如果我要補充一點，因為你也談到了某種過渡後，隨著我們繼續過渡，我們當然希望看到未來幾年自由現金流的擴張，因為我們 - - 當我們已經回到 24 和 25 年時，我們現在發布往返我們的完整 ARR 基地。

Your next question is from the line of Fatima Boolani with Citi.

你的下一個問題來自花旗的 Fatima Boolani。

Udi, sad to see you go, but I'm looking forward to getting Matt a hard time from here. So maybe I'll start with you. Just with respect to the model transition, as you essentially move it into Phase 2 of the transition with continued ARR growth, I'm curious what sort of changes, if at all, that you're thinking about making by way of go-to-market bundling pricing strategy? So any of those inputs potentially changing the way you scale the ARR base from here? And would love to hear Matt chime in too, if relevant. And a follow-up for Josh, please.

Udi，看到你離開我很難過，但我期待著讓 Matt 在這裡度過難關。所以也許我會從你開始。就模型過渡而言，當您基本上將其隨著 ARR 的持續增長而進入過渡的第 2 階段時，我很好奇您正在考慮通過 go-to 進行什麼樣的更改（如果有的話） -市場捆綁定價策略？那麼這些輸入中的任何一個可能會改變你從這裡擴展 ARR 基礎的方式嗎？如果相關的話，也很想听到馬特的聲音。請跟進 Josh。

So it's Udi, first of all, thanks, Fatima. I'm staying, but I'm looking forward to you giving Matt a hard time. And let's start with that. Maybe Matt, you take this.

首先是 Udi，謝謝 Fatima。我要留下來，但我期待著你給馬特帶來麻煩。讓我們從那開始。也許馬特，你接受這個。

Sure, Udi. Thanks. I think as we look at 2023, we kind of just see continued momentum in the go-to-market channels that we've already put into place. We've started to rely and kind of build a much stronger engine in the marketing organization to help us with the kind of demand generation, and we continue to put more focus and frankly, more resources on that ability to be able to drive pipe that way.

當然，烏迪。謝謝。我認為當我們展望 2023 年時，我們只是看到我們已經建立的進入市場渠道的持續勢頭。我們已經開始依靠並在某種程度上在營銷組織中建立一個更強大的引擎來幫助我們產生這種需求，我們將繼續把更多的注意力，坦率地說，更多的資源放在能夠驅動管道的能力上方式。

Certainly, our bundles have been a piece of the success over the last couple of years where we have our core [PAM C] come with a little bit of identity and a little bit of other areas that help to drive and see those products in.

當然，我們的捆綁包在過去幾年中取得了成功，我們的核心 [PAM C] 帶有一點身份和一些有助於推動和看到這些產品的其他領域。

We're certainly instituting a price increase in 2023 here, kind of matched to the inflationary environment that we've seen, and that will help us kind of get a little bit of uptick. And then as we were just talking about, we push on the channel partner program and making sure that these, what we keep referring to is new routes to market, the focus with the MSP program, the distributors, even the marketplaces that are out there and leveraging them to help us drive demand. But I look at 2023 kind of as a continuation of what we've been doing because we've been seeing such success with that.

我們肯定會在 2023 年提價，這與我們所看到的通貨膨脹環境相匹配，這將幫助我們稍微提價。然後正如我們剛才所說，我們推動渠道合作夥伴計劃，並確保這些，我們一直提到的是新的市場途徑，重點關注 MSP 計劃、分銷商，甚至是現有的市場並利用它們來幫助我們推動需求。但我將 2023 年看作是我們一直在做的事情的延續，因為我們已經看到瞭如此成功。

Your next question is from the line of Eric Heath with KeyBanc Capital Markets.

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

Matt, congratulations on the new appointment there.

馬特，祝賀你獲得新任命。

Udi, I guess both a question for you and Matt. Looking forward, I mean, I guess, how do you think of CyberArk's success? How much is predicated on successfully moving into Access Management and beyond, call it, broader Privileged Access? And how meaningful do you push into that market over the next few years, given it is a more competitive market, and there's really a couple of large vendors that kind of already are large incumbents in the space. So how do you think about that initiative over the next couple of years?

Udi，我想這對你和 Matt 都是一個問題。展望未來，我想，你如何看待 CyberArk 的成功？有多少是基於成功進入訪問管理以及更廣泛的特權訪問？考慮到這是一個競爭更加激烈的市場，而且確實有幾家大型供應商已經是該領域的老牌企業，未來幾年你進入該市場的意義有多大。那麼您如何看待未來幾年的這一舉措？

Yes, absolutely. I think the beauty of the CyberArk chart right now is that we have such a great opportunity in PAM itself as such a critical layer of security and then this growth engine in Access. In Access, our business almost doubled in ARR. We're seeing a record pipeline, we're improving win rates. I mentioned that now with the Magic Quadrant, we're also invited to more and more RFPs. So the way we look at it is great upside for us in expanding into Access, we are and we will and that we're doing it differentiated.

是的，一點沒錯。我認為現在 CyberArk 圖表的美妙之處在於，我們在 PAM 本身擁有如此重要的機會，因為它是一個關鍵的安全層，然後是 Access 中的增長引擎。在 Access 中，我們的業務在 ARR 方面幾乎翻了一番。我們看到了創紀錄的管道，我們正在提高獲勝率。我提到現在有了魔力像限，我們也被邀請參加越來越多的 RFP。因此，我們看待它的方式對我們擴展到 Access 有很大的好處，我們現在並且我們將會並且我們正在做它與眾不同。

You mentioned competition. We're coming to it as from the makers of PAM, those who really pioneered the hardest layer of security in identity. The hardest part of identity coming into securing all types of identities, the human, workforce users, the third-party supplier, the machine identities. And coming to it from that position of strength and trust as the security vendor.

你提到了競爭。我們是從 PAM 的製造者那裡來的，他們真正開創了最難的身份安全層。身份中最難的部分是保護所有類型的身份，包括人類、勞動力用戶、第三方供應商、機器身份。並從作為安全供應商的實力和信任的位置來到它。

So we are going after it. And -- but we're going after it in a differentiated way. We have a great customer base to leverage. We have new lending -- new ways to land. And so it is an upside, along with, of course, the other growth engines like Secrets Management.

所以我們正在追求它。而且 - 但我們正在以差異化的方式追求它。我們擁有龐大的客戶群可以利用。我們有新的貸款——新的登陸方式。因此，這是一個好處，當然還有其他增長引擎，如 Secrets Management。

And I would just add here that I think increasingly, it's an Identity Security story with our customers, and we're able to talk to them about our platform, we're able to talk to them about all the solutions working together to drive value and to protect their environments.

我只想在這裡補充一點，我越來越認為，這是與我們客戶的身份安全故事，我們能夠與他們談論我們的平台，我們能夠與他們談論所有共同努力以推動價值的解決方案並保護他們的環境。

And so even when we think about our recent global kickoff that we just had where we had all our sellers together, the main story that we were training on is how to position the full Identity Security story. And that brings us then obviously with the foundation in PAM, but outside into these other areas in our conversations with our customers.

因此，即使當我們考慮我們最近的全球啟動時，我們剛剛讓所有的賣家聚集在一起，我們正在接受培訓的主要故事是如何定位完整的身份安全故事。這顯然給我們帶來了 PAM 的基礎，但在我們與客戶的對話中，我們進入了這些其他領域。

Your next question is from the line of Shaul Eyal with Cowen and Company.

你的下一個問題來自 Shaul Eyal with Cowen and Company。

Congrats, Udi. Congrats, Matt. Best wishes to all of you. Looking forward to working with Matt. Udi, what a ride. I actually had a question about machine identity, I think you just mentioned that, you and Matt. At a recent conference, you made some, I would even say both, statement about machine identity, the opportunity and CyberArk taking pretty much a nice share longer term within this market.

恭喜你，烏迪。恭喜，馬特。向大家致以最良好的祝愿。期待與馬特合作。烏迪，多麼美妙的旅程。我實際上有一個關於機器身份的問題，我想你剛剛提到過，你和馬特。在最近的一次會議上，你發表了一些關於機器身份、機會和 CyberArk 在這個市場中長期佔據相當大份額的聲明，我什至會說兩者。

Can you talk to us about what you see within the machine identity now that you guys are doing absolutely great on the human side? But what should we be expecting out of CyberArk going forward within the machine identity arena?

既然你們在人類方面做得非常好，您能和我們談談您在機器身份中看到的東西嗎？但是，我們應該對 CyberArk 在機器身份領域的發展有何期待？

Yes, absolutely, Shaul. And again, thanks for the warm words. I think what we discovered in our surveys and also in the field is that with digital transformation and with cloud adoption, organizations are creating a multitude more machine identities than they have human identities, even to the factor of 45x more machine identities than human. That's what I mentioned in the conference.

是的，絕對是，Shaul。再次感謝您的熱情話語。我認為我們在調查和現場發現的是，隨著數字化轉型和雲的採用，組織正在創建比人類身份更多的機器身份，甚至比人類多 45 倍的機器身份。這就是我在會議中提到的。

And as Matt mentioned earlier, we're going after this with a platform sale that covers both the human and machine under identity security. And it's becoming this gaping hole. By the way, in some of the recent breaches, the point of no return is -- was when the attacker achieved privileged access through credentials that were machine identities, and were able to get into systems that way.

正如 Matt 之前提到的，我們將在此之後進行平台銷售，該平台銷售涵蓋身份安全下的人和機器。它正在變成這個大洞。順便說一句，在最近的一些違規行為中，不可挽回的點是——攻擊者通過機器身份憑證獲得特權訪問，並能夠以這種方式進入系統。

And so our strategy is to do that with our platform and to make it easier and easier for the developers to adopt our solutions as we announced that at our last Big Impact event, and as we mentioned, we're seeing our first customers adopt it. We announced Secrets Hub, which make it very transparent to the developer to work natively in the cloud environment.

因此，我們的戰略是通過我們的平台來做到這一點，並讓開發人員越來越容易採用我們的解決方案，正如我們在上一次 Big Impact 活動中宣布的那樣，正如我們提到的，我們看到我們的第一批客戶採用了它.我們發布了 Secrets Hub，這使得開發人員在雲環境中本地工作變得非常透明。

The first announcement was with AWS Secret Store, where CyberArk is the backbone securing secrets for all types of applications, both on-premise and cloud environments, and it's transparent to the developers. So that's going to be our strategy going forward, make it easy for the developer, but provide the security professionals the single pane of glass, and be the backbone to securing all types of credentials and identities.

第一個公告是與 AWS Secret Store 一起發布的，其中 CyberArk 是保護所有類型應用程序（包括本地和雲環境）的秘密的主幹，並且它對開發人員是透明的。因此，這將是我們未來的戰略，讓開發人員更容易，但為安全專業人員提供單一管理平台，並成為保護所有類型的憑據和身份的支柱。

Your next question is from the line of Brian Essex with JPMorgan.

你的下一個問題來自摩根大通的 Brian Essex。

Matt, congratulations from me as well. Hopefully, Udi, we still get to engage with you on a regularly frequent basis. So nice to see that you're sticking with the company and will remain engaged. I guess, for me, I'd like to maybe see if we can like dig into ARR a little bit. It looks like you had some nice new logo adds. It's almost like the new customer. Cadence didn't flinch in this macro and then net new ARR or the ARR contribution from those new adds.

馬特，我也祝賀你。希望 Udi，我們仍能定期與您互動。很高興看到你堅持在公司工作並將繼續參與。我想，對我來說，我想看看我們是否可以深入研究一下 ARR。看起來您添加了一些不錯的新徽標。這幾乎就像新客戶一樣。 Cadence 並沒有在這個宏中退縮，然後從這些新添加中獲得新的 ARR 或 ARR 貢獻。

It seems like you're landing at a greater pace or at a greater amount for new logos. But I know you also mentioned some -- I think, Udi, you mentioned some shorter duration incidents with revenue. Maybe could you dig in there a little bit and offset where are you seeing the headwinds outside of shorter duration? And what do you attribute the larger, I guess, land rates with new logos, too?

看起來您正在以更快的速度或更多的新徽標著陸。但我知道你也提到了一些——我想，Udi，你提到了一些持續時間較短的收入事件。也許你能在那裡挖掘一點並抵消你在較短持續時間之外看到的逆風在哪裡？我猜，你認為更大的地價和新標誌是什麼？

So I'll start, Josh, and maybe you want to step in. And thank you, Brian. I would say from the new logos, we see that half of them land with PAM and additional solutions. So the platform sale is working. So we see that contribution of the wider portfolio to a growing deal size in our landing spot. And of course, it's a great sea for us as we work on the renewals and expansion in our ARR model. And again, that was something we've been proving throughout the years.

那麼我將開始，Josh，也許你想介入。謝謝你，Brian。我會說，從新徽標中，我們看到其中一半使用 PAM 和其他解決方案。所以平台銷售是有效的。因此，我們看到更廣泛的投資組合對我們著陸點不斷增長的交易規模的貢獻。當然，當我們致力於 ARR 模型的更新和擴展時，這對我們來說是一片大海。再一次，這是我們多年來一直在證明的事情。

Matt mentioned some of the bundling that we've done and that's all contributing to a better land. And I think like I've mentioned in other calls, we have more landing points. And of course, PAM is still the majority. And back to the first question for the day, PAM being so critical, but we're able to land with PAM plus additional solutions. And you asked about the duration. So Josh off to you.

Matt 提到了我們已經完成的一些捆綁，這些都有助於打造更美好的土地。而且我認為就像我在其他電話中提到的那樣，我們有更多的著陸點。當然，PAM 仍然是大多數。回到今天的第一個問題，PAM 非常重要，但我們能夠使用 PAM 加上其他解決方案。你問了持續時間。所以喬希給你。

Yes. So Brian, when we think about the duration, it actually doesn't impact at all the ARR. The duration is -- we refer to as part of the headwind because it's part of our self-hosted term-based license contracts. And as you know, as duration goes down, you would recognize less in the end period.

是的。所以布賴恩，當我們考慮持續時間時，它實際上根本不會影響 ARR。持續時間是——我們稱之為逆風的一部分，因為它是我們自託管的基於期限的許可合同的一部分。正如你所知，隨著持續時間的縮短，你在末期的認知會減少。

So we saw duration come in during the fourth quarter on those term-based license contracts, which had some headwind on our recognized revenue for the fourth quarter, but it's just a matter of when we'll recognize it and we'll just recognize more of it down the road upon renewals.

因此，我們看到這些基於期限的許可合同在第四季度出現了持續時間，這對我們第四季度確認的收入產生了一些不利影響，但這只是我們何時會認識到這一點的問題，我們只會認識到更多續約後的路上。

So we think that certainly the shorter duration was kind of attributed to customers looking at their budgets and their intent for buying and deciding that they were going for 1-year instead of longer term. But from our perspective, given our very high renewal rates, particularly on all of our products that -- we're good with that because it's not an impact on the business. It's just purely creating more ratability.

因此，我們認為，較短的持續時間肯定歸因於客戶查看他們的預算和他們的購買意圖，並決定他們將使用 1 年而不是更長期。但從我們的角度來看，鑑於我們非常高的續訂率，特別是我們所有的產品——我們對此很好，因為這不會對業務產生影響。這純粹是為了創造更多的可評價性。

Your next question is from the line of Adam Borg with Stifel.

您的下一個問題來自 Adam Borg 與 Stifel 的合作。

Congrats to both Udi and Matt. Maybe for Josh, you've talked in the past about a single-digit growth rate on ARR coming from converting the existing maintenance base to subscription and SaaS. And I was just curious kind of was that true for all of fiscal '22? And how should we think about the conversion mix in the context of fiscal '23 guidance?

恭喜 Udi 和 Matt。也許對 Josh 來說，您過去曾談到將現有維護基礎轉換為訂閱和 SaaS 後，ARR 的個位數增長率。我只是好奇，對於整個 22 財年來說都是這樣嗎？在 23 財年指導的背景下，我們應該如何考慮轉換組合？

Yes, Adam. It actually was pretty consistent all through 2022. And if we look at it from an annual basis, it was exactly that, kind of a single-digit percentage of the AR growth rate coming from conversions. And we're really happy with that because it really shows first of all that we're getting a lot of new customers. And we're also getting a lot of add-ons coming in off of their existing installed base. And it continues to provide a lot of engagement with our existing customers going forward. So yes, it remains around just the single digits.

是的，亞當。它實際上在整個 2022 年都非常一致。如果我們從每年的角度來看，它就是這樣，來自轉換的 AR 增長率的百分比是個位數。我們對此非常滿意，因為它確實首先表明我們獲得了很多新客戶。我們還從他們現有的安裝基礎中獲得了很多附加組件。並且它繼續提供與我們現有客戶的大量互動。所以是的，它仍然只是個位數。

Great. Any expectations for that to change in fiscal '23?

偉大的。對這種情況在 23 財年有所改變有何期望？

No, at this point, we don't see signals for that. But clearly, we're monitoring it. And I think -- and our guide obviously contemplates our estimates for that.

不，在這一點上，我們沒有看到這方面的信號。但很明顯，我們正在監視它。我認為——我們的指南顯然考慮了我們對此的估計。

Your next question is from the line of Roger Boyd with UBS Securities.

你的下一個問題來自瑞銀證券的 Roger Boyd。

Udi and Matt, I want to echo my congrats on your respective moves, and congrats on what overall looks like a very smooth transition. Maybe for Udi or for Matt, you've consistently talked about a SaaS heavy transition. And it looks like that was even more so the case in 4Q with SaaS growing nicely above 100%.

Udi 和 Matt，我想對你們各自的舉動表示祝賀，並祝賀總體上看起來非常順利的過渡。也許對於 Udi 或 Matt，你一直在談論 SaaS 的重大轉變。看起來情況在第四季度更是如此，SaaS 增長超過 100%。

Any high-level thoughts on the expectations of Privileged Cloud versus term-based license in '23? And specifically, what are you hearing from customers around demand for self-hosted versus SaaS and the feature barrier there?

對 23 年特權雲與基於期限的許可的期望有什麼高層次的想法嗎？具體來說，您從客戶那裡聽到了什麼關於自託管與 SaaS 的需求以及那裡的功能障礙？

Yes, sure. This is Matt here. So I think that we continue to be really enthused by the momentum in Privileged Cloud. We see, obviously, most of our new logos that are choosing to land with PAM, they land with Privileged Cloud. It's definitely the default option the customers get to value significantly quicker. They're able to get to an expand motion for us in a faster rate, which is good for the lifetime value coming out of the customer.

是的，當然。我是馬特。所以我認為我們繼續對 Privileged Cloud 的勢頭感到非常興奮。很明顯，我們看到我們的大多數新徽標都選擇使用 PAM，它們使用 Privileged Cloud。這絕對是客戶更快獲得價值的默認選項。他們能夠以更快的速度為我們進行擴展，這有利於客戶的終生價值。

So we continue to see that kind of happen. There's pockets where there's holdouts certain geographies or regions around the world or maybe the access to the data center isn't as normalized or some government accounts. But we definitely see Privileged Cloud as kind of the leading entity for us moving forward.

所以我們繼續看到這種情況發生。在世界各地的某些地區或地區，有一些地方存在隱患，或者對數據中心的訪問可能沒有正常化或某些政府賬戶。但我們絕對將 Privileged Cloud 視為我們前進的領先實體。

And mainly the self-based subscription -- or sorry, on-prem subscription is generally to existing customers who are buying more seats who aren't quite ready yet to lift and shift over to the SaaS environment. And I think that trend will continue to play out and accelerate over the next couple of years.

主要是基於自我的訂閱——或者抱歉，本地訂閱通常是針對購買更多席位的現有客戶，他們還沒有準備好提升並轉移到 SaaS 環境。而且我認為這種趨勢將在未來幾年繼續發揮作用並加速發展。

At this point, to your last kind of point of your question, we are seeing not only full parity with our Privileged Cloud offering but we're actually seeing differentiation in our Privileged Cloud offering, where the kind of integration of our Dynamic Privileged Access into the Privileged Cloud offering, the ability to be able to actually offer even better threat analytics, that really starts to set the stage for, I think, that being the premium offering that we have out in the market.

在這一點上，對於你問題的最後一點，我們不僅看到了與我們的特權雲產品的完全平等，而且我們實際上看到了我們的特權雲產品的差異化，其中將我們的動態特權訪問集成到特權雲產品，能夠實際提供更好的威脅分析的能力，我認為，這真的開始為我們在市場上推出的優質產品奠定基礎。

Your next question is from the line of Tal Liani with Bank of America.

你的下一個問題來自美國銀行的 Tal Liani。

Udi, if you need a partner for your next fishing trip, you know who to call.

Udi，如果您的下一次釣魚之旅需要合作夥伴，您知道該找誰。

I'll have to learn how to (inaudible). Thank you.

我必須學習如何（聽不清）。謝謝。

I have two questions. The first one is pricing. You mentioned that there is a pricing increase in 2023. What's the impact on your revenues on your ARR? How long does it take to translate the pricing increase to revenue growth and ARR? And the second question is -- let's do it one by one. That's fine.

我有兩個問題。第一個是定價。您提到 2023 年價格會上漲。對您的 ARR 收入有何影響？將價格上漲轉化為收入增長和 ARR 需要多長時間？第二個問題是——讓我們一個一個地做。沒關係。

Okay. So Tal, on that, it's going to be really a small amount during 2023, any price increase impacting ARR and revenue, especially because we have more and more being ratable. So it's not a significant piece of the raise in the guide.

好的。所以 Tal，就此而言，到 2023 年，任何價格上漲都會影響 ARR 和收入，這將是一個很小的數字，特別是因為我們有越來越多的評級。因此，這不是指南中加薪的重要組成部分。

Got it. The second question is to Matt. And Matt, every CEO brings new spirit and new kind of changes. What is your agenda? What do you see as your main focus areas for 2023 and beyond?

知道了。第二個問題是馬特。而馬特，每一位首席執行官都會帶來新的精神和新的變化。你的議程是什麼？您認為 2023 年及以後的主要重點領域是什麼？

Yes, I appreciate the question. I think that when you look at what was worked so well for Udi and I is that we do share a similar view on the market, on the importance of culture and the importance of the teams that we've built here. And we've been so kind of intricately linked from a standpoint of coming up with the strategy that we have today.

是的，我很欣賞這個問題。我認為，當你看到 Udi 和我的成功之處時，我們確實對市場、文化的重要性以及我們在這裡建立的團隊的重要性有著相似的看法。從提出我們今天的戰略的角度來看，我們之間的聯繫是如此錯綜複雜。

So I think what I have promised to the team and to Udi really is a continuation of the great momentum that we have. We feel like we've never been in a better position or in a better place. And we have a special opportunity here in the market and a group of special people here at the company. And so I'm kind of excited to continue the spirit, as you said, of where we've been and to bring it forward for the years ahead.

所以我認為我對球隊和烏迪的承諾確實是我們擁有的巨大勢頭的延續。我們覺得我們從未處於更好的位置或更好的地方。我們在市場上有一個特殊的機會，在公司裡有一群特殊的人。因此，正如您所說，我很高興能延續我們一直以來的精神，並在未來幾年將其發揚光大。

And are there any areas where you're going to focus on more to try and even accelerate the growth? Or any things that you're going to focus in -- focus on especially to kind of try and bring either new revenues, new areas? Or is it going to be more of the same, basically?

您是否會在哪些領域更加關注以嘗試甚至加速增長？或者你要關注的任何事情——特別關注嘗試帶來新的收入，新的領域？還是基本上會更加相同？

Yes. I mean, we believe that this kind of shift up into the Identity Security vision, the Identity Security platform and our ability to be able to go out there and help our customers across the entire identity landscape, human and nonhuman or machine into access, into all the new areas we've been, that the market opportunity for us remains huge. And we can go and tap into that over the next couple of years. We don't need to pivot to a new strategy. We need to go and execute or continue to execute against the current strategy to go get that opportunity.

是的。我的意思是，我們相信這種向上轉變到身份安全願景、身份安全平台以及我們能夠走出去並幫助我們的客戶跨越整個身份領域，人類和非人類或機器進入訪問，進入我們去過的所有新領域，我們的市場機會仍然巨大。我們可以在接下來的幾年裡深入研究它。我們不需要轉向新戰略。我們需要去執行或繼續執行當前的策略來獲得這個機會。

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

你的下一個問題來自 Jonathan Ho 與 William Blair 的對話。

Udi, let me echo my congratulations as well. It's been a pleasure for all of these years. And Matt, congrats on the new opportunity. Just wanted to maybe dig a little bit more into sort of the new Secrets Management products that you guys referenced. Just -- what's been the initial reception from customers there? How do you think about sort of the total market opportunity? And how does this maybe augment your existing Secrets Management strategy?

Udi，讓我也表示祝賀。這些年來一直很高興。 Matt，恭喜你獲得了新的機會。只是想深入了解一下你們提到的新機密管理產品。只是——那裡的客戶最初的反應是什麼？您如何看待整個市場機會？這如何增強您現有的機密管理策略？

Absolutely, Jonathan. And thank you for those warm words, and thank you for getting to know me when we were an unknown category as we were pioneering PAM as a private company.

當然，喬納森。感謝您說出那些溫暖的話，也感謝您在我們作為私營公司開創 PAM 時還不為人知的類別時認識我。

Yes, I still remember the days of $20 million in ARR. So it's good to see the growth.

是的，我還記得 ARR 達到 2000 萬美元的日子。所以很高興看到增長。

Great. So to your question, I think the two that I would highlight is that we released Conjur Cloud. So the ability to consume Secrets Management as a service, where our customer can hit the ground running and they don't have to set up infrastructure. We have our first customers on that and the reception. That optionality is really well received by customers. They can still decide to have it on-premise or they can now have Conjur as a service, which is really breakthrough innovation in the market.

偉大的。所以對於你的問題，我想我要強調的兩個是我們發布了 Conjur Cloud。因此，能夠將機密管理作為一種服務來使用，我們的客戶可以在其中開始運行，而不必設置基礎設施。我們有我們的第一批客戶和接待處。這種可選性確實深受客戶歡迎。他們仍然可以決定在內部部署它，或者他們現在可以將 Conjur 作為一項服務，這確實是市場上的突破性創新。

And the second one that I mentioned earlier, and it's very strategic for us is Secrets Hub. We're on top of our solution for, I would say, native applications and for dynamic applications. We allow the organizations to decide to use the native cloud Secret Store and CyberArk as the backbone. That was announced, that had an impact and is very well received. The first, the cloud supported is AWS, and we will follow with Azure and GCP. And again, customers are eager, and again, have started with the AWS aspect. And it also further strengthens our partnership with AWS.

我之前提到的第二個對我們來說非常具有戰略意義的是 Secrets Hub。我們在我們的解決方案之上，我想說，本機應用程序和動態應用程序。我們允許組織決定使用原生雲 Secret Store 和 CyberArk 作為主幹。這已經宣布，產生了影響並且受到了廣泛歡迎。首先，支持的雲是 AWS，接下來我們將使用 Azure 和 GCP。再次，客戶渴望，並且再次開始使用 AWS 方面。它還進一步加強了我們與 AWS 的合作夥伴關係。

And so those are being well accepted. And in terms of the opportunity, it's really -- we've highlighted the multibillion dollar opportunity in Identity Security and the machine identity is a big part of that. And we have a unique angle to take after it because we are coming as the trusted security provider, but understanding the unique needs of the developer. So bridging between security and developers is a very large opportunity.

所以這些都被很好地接受了。就機會而言，我們已經強調了身份安全領域數十億美元的機會，而機器身份是其中的重要組成部分。我們有一個獨特的角度來處理它，因為我們作為值得信賴的安全提供商來了，但了解開發人員的獨特需求。因此，安全和開發人員之間的橋樑是一個非常大的機會。

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

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

Udi, it's been an absolute privileged, no pun intended. And Matt, congrats on the appointment. Just a quick one for me. I think in the prepared remarks, you guys touched on this tailwind from cyber insurance. Is there any way you can dive one level deeper on that and just maybe how long do you think this tailwind could last?

Udi，這是一個絕對的特權，沒有雙關語的意思。 Matt，祝賀你的任命。對我來說只是一個快速的。我想在準備好的發言中，你們談到了網絡保險帶來的順風。有什麼方法可以讓您更深入地了解這一點，您認為這種順風可能會持續多久？

I think it's going to -- so thanks for the question and the warm words. I think it's going to last because we're seeing just the early parts of it. It's mostly in North America. We believe similar drivers will show up in Europe and in the rest of the world. The insurers are -- they found themselves like -- every company in the world, every organization is being attacked. It's a given -- and we've recently showed in a conference that companies are being attacked multiple times, even after they recover.

我想它會——所以感謝你的問題和熱情的話。我認為它會持續下去，因為我們看到的只是它的早期部分。它主要在北美。我們相信類似的驅動因素將出現在歐洲和世界其他地區。保險公司——他們發現自己——世界上的每一家公司，每一個組織都在受到攻擊。這是既定的——我們最近在一次會議上表明，公司正遭受多次攻擊，即使在他們恢復之後也是如此。

So the insurance providers had to step up and take an approach of we're going to enforce important layers that make a difference before we ensure you over to lower the premium. So I think it's going to be another one of those drivers that will last. As long as that cyber insurance will exist, then it's going to exist. It's becoming kind of table stakes at companies. And it gives an opportunity for CyberArk and companies like us to also further partner with the insurance companies to educate their customers and make it very seamless for them to get onboard.

因此，保險提供商必須加強並採取一種方法，即在我們確保您降低保費之前，我們將強制執行重要的層級，這些層級會有所作為。所以我認為這將是另一個將持續下去的驅動因素。只要網絡保險存在，它就會存在。它正在成為公司的賭注。它為 CyberArk 和像我們這樣的公司提供了一個機會，可以進一步與保險公司合作，教育他們的客戶，並使他們能夠非常無縫地加入。

And the fact that we now have the SaaS optionality really serves that well that they -- when they need to meet the requirement, they can join CyberArk and be up and running fast and get that insurance set up.

事實上，我們現在擁有 SaaS 可選性，這確實為他們提供了很好的服務——當他們需要滿足要求時，他們可以加入 CyberArk 并快速啟動和運行並設置保險。

Your next question is from the line of Gregg Moskowitz with Mizuho.

你的下一個問題來自瑞穗的 Gregg Moskowitz。

Congratulations, Udi, on everything you've achieved thus far in building such a terrific company. Congrats to Matt as well in an extremely well-deserved promotion. Udi, as you know, CyberArk is one of a select few software vendors that was able to execute at a very high level throughout all of 2022. Many investors wonder if you can continue to defy gravity in this environment. So it might be helpful just to hear a bit more from you on your confidence level in repeating this in 2023, even if we were to assume that the macro gets a little tougher from here.

祝賀 Udi，祝賀你迄今為止在建立如此出色的公司方面所取得的一切成就。祝賀馬特也獲得了當之無愧的晉升。 Udi，如你所知，CyberArk 是為數不多的能夠在整個 2022 年以非常高的水平執行的軟件供應商之一。許多投資者想知道你是否可以在這種環境下繼續克服重力。因此，即使我們假設宏觀從這裡開始變得更加艱難，但如果能多聽聽您關於 2023 年重複這一點的信心水平，可能會有所幫助。

Yes. I would say that we're extremely confident. I think we've built a plan. And like we mentioned, Matt and Josh and I and the executive team, we built a plan that factored the macro. Macro was in the room as we worked on the plan and really also very data-driven, analyzing our pipeline, analyzing our continued contributions from channels. And so we're very confident in the opportunity we have into this year and for our ability to push those levers that we put in place.

是的。我會說我們非常有信心。我想我們已經制定了一個計劃。就像我們提到的，馬特、喬什和我以及執行團隊，我們制定了一個考慮宏觀因素的計劃。當我們制定計劃時，Macro 在房間裡，而且實際上也非常以數據為導向，分析我們的管道，分析我們來自渠道的持續貢獻。因此，我們對今年的機會以及我們推動這些槓桿的能力充滿信心。

I mean, a lot of the components in CyberArk are actually behaving like growth engines, also like start-ups within the company, like the way the Access business is growing. So we have the growth engines, we have the PAM market become -- it's a no greater security layer, and we're taking it all over the world. And so yes, I would answer that. And Josh, do you have a numerical answer for that?

我的意思是，CyberArk 中的許多組件實際上表現得像增長引擎，也像公司內部的初創企業，就像 Access 業務的增長方式一樣。因此，我們擁有增長引擎，我們擁有 PAM 市場——它不再是一個更大的安全層，我們正在將它推向全世界。所以是的，我會回答這個問題。 Josh，你對此有數字答案嗎？

No. I think you said it well in terms of how we built our expectations for the year. I would also add that in our 2023 guide, it actually even includes a $20 million headwind when we think about the kind of the last bit of the transition as we go from kind of the high 80% mix in 2022 to well over 90% mix into 2023. And so I think when you combine all that, I think that we're confident about where we're headed. And if our business trends remain as they are, well, we have the durability of demand in pipeline to support possibly even faster growth.

不，我認為你在我們如何建立對這一年的期望方面說得很好。我還要補充一點，在我們的 2023 年指南中，當我們考慮從 2022 年 80% 的高混合到超過 90% 的混合的最後一點時，它實際上甚至包括 2000 萬美元的逆風到 2023 年。所以我認為當你把所有這些結合起來時，我認為我們對我們的前進方向充滿信心。而且，如果我們的業務趨勢保持不變，那麼，我們將有持久的需求來支持可能更快的增長。

This concludes the Q&A session. I will now turn the call over to Udi Mokady for closing remarks.

問答環節到此結束。我現在將把電話轉給 Udi Mokady 作結束語。

All right. Udi Mokady for the record, but it's all good. So I really want to thank everyone for the warm congrats that we saw throughout the call, we all really appreciate and the support of as you saw CyberArk journey. We're just getting started. We're very excited about the year ahead. And again, we had another strong quarter, demonstrating that durable demand that we talked about. And our platform selling momentum in the market positioning us very well for 2023.

好的。 Udi Mokady 鄭重聲明，但一切都很好。因此，我真的要感謝大家在整個電話會議中給予的熱烈祝賀，我們都非常感謝和支持你們看到 CyberArk 的旅程。我們才剛剛開始。我們對來年感到非常興奮。再一次，我們有另一個強勁的季度，證明了我們談到的持久需求。我們的平台在市場上的銷售勢頭為我們在 2023 年做好了很好的定位。

So thank you to our customers, first and foremost, and partners that are the cornerstone of our success. And I want to extend special appreciation to the entire CyberArk crew around the world for the hard work and strong execution, very mission-driven team. So thank you very much.

因此，首先要感謝我們的客戶和合作夥伴，他們是我們成功的基石。我要特別感謝全世界的 CyberArk 全體工作人員，感謝他們的辛勤工作和強大的執行力，以及非常有使命感的團隊。非常感謝。

Thank you for joining today's call. You may now disconnect.

感謝您參加今天的電話會議。您現在可以斷開連接。