Cyberark Software Ltd (CYBR) 2023 Q1 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 First Quarter 2023 Earnings Conference Call. (Operator Instructions) Erica Smith, SVP, Investor Relations and ESG. You may begin your conference.

早上好。我叫 Rob，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 CyberArk 2023 年第一季度收益電話會議。 （操作員說明）Erica Smith，投資者關係和 ESG 高級副總裁。你可以開始你的會議。

Thank you, Rob. Good morning. Thank you for joining us today to review CyberArk's First Quarter 2023 Financial Results. With me on the call today are Matt Cohen, our Chief Executive Officer; and Josh Siegel, our 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 的 2023 年第一季度財務業績。今天與我通話的是我們的首席執行官馬特·科恩 (Matt Cohen)；和我們的首席財務官 Josh Siegel。在準備好的評論之後，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 reflects management's best judgment, based on currently available information.

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，這些陳述反映了管理層根據當前可用信息做出的最佳判斷。

I refer specifically to the discussion of our expectations and beliefs regarding our projected results of operations for the second quarter, full-year 2023 and beyond. Our actual results might differ materially from those projected in these forward-looking statements.

我特別指的是關於我們對第二季度、2023 年全年及以後的預期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 on CyberArk's website. CyberArk expressly disclaims any application 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 CyberArk 網站上的新聞稿中提到的風險因素。 CyberArk 明確否認任何申請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 in 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 財務指標的對賬也可在今天的新聞稿以及概述今天電話會議中財務討論的最新投資者介紹中找到。

We also want to remind you that we provide information for additional color regarding subscription mix bookings, 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，我們提供了有關訂閱組合預訂的附加顏色信息，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 CEO, Matt Cohen. Matt?

有了這個，我想把電話轉給我們的首席執行官馬特科恩。馬特？

Thanks, Erica. And thanks, everyone, for joining my first earnings call as CyberArk's CEO.

謝謝，艾麗卡。感謝大家參加我作為 CyberArk 首席執行官的第一次財報電話會議。

Since starting my new role about 6 weeks ago, I have met extensively with our team and with customers and partners from around the world. The support, passion and commitment to our mission is palpable. My meetings reinforce that we have amazing people, an impressive base of customers and partners.

自從大約 6 週前開始擔任新職務以來，我與我們的團隊以及來自世界各地的客戶和合作夥伴進行了廣泛的會面。對我們使命的支持、熱情和承諾是顯而易見的。我的會議強化了我們擁有優秀的員工、令人印象深刻的客戶和合作夥伴基礎。

And we are the only vendor tackling the critical security challenge of applying privileged controls to all human and machine identities through a unified Identity Security platform. We are adding the mission-critical controls that stops attacks from progressing, a requirement in today's threat landscape.

我們是唯一一家通過統一的身份安全平台應對將特權控制應用於所有人類和機器身份這一關鍵安全挑戰的供應商。我們正在添加阻止攻擊進行的關鍵任務控制，這是當今威脅環境中的一項要求。

Because of our unique value proposition, CyberArk is being prioritized even in today's macroeconomic backdrop, and I am pleased with how we are navigating the current environment. Subscription ARR reached $403 million and grew 84% year-over-year.

由於我們獨特的價值主張，即使在當今的宏觀經濟背景下，CyberArk 也被優先考慮，我對我們在當前環境中的表現感到滿意。訂閱 ARR 達到 4.03 億美元，同比增長 84%。

Total ARR reached $604 million and grew 42% year-over-year. Total revenue growth accelerated to 27% and came in at $161.7 million for the first quarter, and our subscription bookings mix reached 95%, an all-time high, driven by demand for our SaaS solutions and our platform selling motion.

總 ARR 達到 6.04 億美元，同比增長 42%。第一季度總收入增長加速至 27%，達到 1.617 億美元，我們的訂閱預訂組合達到 95%，創歷史新高，這得益於對我們的 SaaS 解決方案和平台銷售活動的需求。

Before getting into the details of the quarter, I wanted to talk about the macro environment itself. We are pleased that our SaaS and subscription bookings outperformed the macro assumptions embedded in our Q1 guidance.

在進入本季度的細節之前，我想談談宏觀環境本身。我們很高興我們的 SaaS 和訂閱預訂優於我們第一季度指南中嵌入的宏觀假設。

We did continue to see longer cycles in Q1 and select larger deals downsized, reducing the scope of these initial engagements, but we are confident that Identity Security programs are moving forward because many of those customers are already back in the pipeline, and we expect expansion opportunities as we move through the year.

我們確實在第一季度繼續看到更長的周期，並選擇縮減規模更大的交易，縮小這些初始參與的範圍，但我們相信身份安全計劃正在向前推進，因為其中許多客戶已經回到管道中，我們預計會擴展機會，因為我們移動通過這一年。

The strength of our subscription ARR, our ARR guidance and our ability to maintain our full-year revenue guidance despite a material increase in subscription bookings mix speaks to the durability of demand and the prioritization of our Identity Security platform.

我們的訂閱 ARR、我們的 ARR 指南以及我們在訂閱預訂組合大幅增加的情況下保持全年收入指南的能力說明了需求的持久性和我們身份安全平台的優先級。

Deals are progressing through the pipeline, and we are seeing record pipeline growth across the entire portfolio, with strong momentum in our Access, EPM and Secrets business as well as for our Privilege Cloud offering.

交易正在通過管道取得進展，我們看到整個投資組合的管道增長創紀錄，我們的訪問、EPM 和機密業務以及我們的特權雲產品的勢頭強勁。

Moving on to the quarter, we will frame the discussion, as always, around growth, innovation and profitability. The persistent secular tailwinds of digital transformation, cloud migration and attacker innovation are only accelerating. AI is a new powerful example of technology that will shape the cyber landscape.

進入本季度，我們將一如既往地圍繞增長、創新和盈利能力展開討論。數字化轉型、雲遷移和攻擊者創新的持續長期順風只會加速。人工智能是將塑造網絡格局的技術的一個新的強有力的例子。

With weaponized AI, organizations become even more vulnerable to attacks that are difficult, if not impossible, to detect. An assumed breach posture, including implementing privilege controls and lease privilege, is one of the best ways to protect against these emerging threats.

有了武器化的人工智能，組織變得更容易受到攻擊，即使不是不可能，也很難檢測到。假設的違規態勢（包括實施特權控制和租賃特權）是抵禦這些新興威脅的最佳方法之一。

At our Impact customer event taking place in just under 2 weeks, you will not only hear about AI as an attack vector, but also how we can leverage AI to make our customers more secure.

在不到 2 週後舉行的 Impact 客戶活動中，您不僅會聽到 AI 作為攻擊媒介，還會聽到我們如何利用 AI 讓我們的客戶更加安全。

Recently conducted a survey of 1,500 cybersecurity professionals, and 92% consider Identity Security is mission-critical, but only 9% stated that they had a comprehensive strategy in place. There is an enormous gap between the level of identity protection and the maturity of organizations, a massive opportunity for us at CyberArk.

最近對 1,500 名網絡安全專業人士進行了一項調查，92% 的人認為身份安全是關鍵任務，但只有 9% 的人表示他們已製定全面的戰略。身份保護水平與組織成熟度之間存在巨大差距，這對我們 CyberArk 來說是一個巨大的機會。

We have architected our platform strategy to capitalize on these secular tailwinds, and our go-to-market engine is built to scale CyberArk well beyond our $1 billion ARR target.

我們設計了我們的平台戰略以利用這些長期順風，我們的上市引擎旨在擴展 CyberArk，遠遠超過我們 10 億美元的 ARR 目標。

Our recent innovations are gaining traction, workforce password management, Secure Web Sessions, privileged life cycle management, compliance, flows, Conjur Cloud and Secrets Hub, all had key wins in the quarter and are contributing to customer excitement. Our land-and-expand motion begins with new logos, and we signed over 200 customers in the first quarter.

我們最近的創新越來越受歡迎，勞動力密碼管理、安全網絡會話、特權生命週期管理、合規性、流程、Conjur Cloud 和 Secrets Hub，所有這些都在本季度取得了關鍵勝利，並為客戶帶來了興奮。我們的土地擴張行動始於新標識，我們在第一季度簽下了 200 多家客戶。

A few key Q1 wins include a major insurance company, we're struggling to scale and secure its cloud-first strategy with a point PAM provider. This customer wanted deeper protection and to increase security and control by layering privileged controls across every identity.

第一季度的一些關鍵勝利包括一家大型保險公司，我們正在努力通過點 PAM 提供商來擴展和保護其云優先戰略。該客戶希望通過對每個身份進行分層特權控制來提供更深入的保護並提高安全性和控制力。

Our Identity Security platform will be deployed globally, including Secure Web Sessions, identity flows, identity compliance and, of course, Privilege Cloud.

我們的身份安全平台將在全球部署，包括安全網絡會話、身份流、身份合規性，當然還有特權雲。

For many customers, the AWS marketplace is reducing friction in our sales cycle. In the first quarter, a leading healthcare provider leveraged this new route to market to buy workforce password management as well as Privilege Cloud and Secrets Management to secure the DevOps pipeline.

對於許多客戶而言，AWS 市場正在減少我們銷售週期中的摩擦。第一季度，一家領先的醫療保健提供商利用這種新的上市途徑購買了勞動力密碼管理以及 Privilege Cloud 和 Secrets Management 來保護 DevOps 管道。

Regulation, compliance and cyber insurance are broad drivers that contributed to our results, including wins in the banking, insurance and healthcare verticals.

監管、合規和網絡保險是促成我們業績的廣泛驅動力，包括在銀行、保險和醫療保健垂直領域的勝利。

Early in Q2, we formalized the cyber insurance referral program with a leading company. And already, we're receiving opportunities in the pipe. In addition to signing marquee customers, we had a strong expansion quarter for SaaS and subscription.

在第二季度初，我們與一家領先的公司正式確定了網絡保險推薦計劃。而且，我們已經在管道中獲得了機會。除了簽約重要客戶外，我們在 SaaS 和訂閱方面的擴張也很強勁。

Our land-and-expand motion is accelerating across the Identity Security platform, and the most visible metric is the over 40% increase in customers with more than $100,000 in annual recurring revenue, which reached 1,400 customers at the end of Q1.

我們在身份安全平台上的擴張行動正在加速，最明顯的指標是年經常性收入超過 100,000 美元的客戶增加了 40% 以上，在第一季度末達到了 1,400 名客戶。

A few examples include an existing IT software company, that purchased identity flows to automate PAM workflows in order to increase efficiency and also expanded its protection with workforce password management to provide peace of mind by not only managing but securing employee passwords.

一些例子包括一家現有的 IT 軟件公司，該公司購買了身份流來自動化 PAM 工作流程，以提高效率，並通過員工密碼管理擴展其保護，不僅通過管理而且保護員工密碼來提供安心。

A Fortune 100 transportation company, who has been a long-time PAM customer and began protecting end points in the second half of 2022, cited the threat of weaponized AI and our ability to protect against ransomware as key motivators in a significant Q1 expansion deal.

一家財富 100 強運輸公司一直是 PAM 的長期客戶，並於 2022 年下半年開始保護端點，將武器化 AI 的威脅和我們抵禦勒索軟件的能力列為第一季度重大擴張交易的主要動機。

The channel is extending our market reach with more feet on the street, and momentum is building with partner certifications in CyberArk Identity and now also in Secrets Management. While still a relatively small contributor to our overall business, MSPs across APJ, EMEA and Americas are helping us move down market and reach customers who rely on managed services to secure and scale their environments.

該渠道正在擴大我們的市場範圍，更多的人走上街頭，並且通過 CyberArk Identity 和現在的 Secrets Management 中的合作夥伴認證建立勢頭。雖然對我們整體業務的貢獻仍然相對較小，但 APJ、EMEA 和美洲的 MSP 正在幫助我們向下移動市場並接觸依賴託管服務來保護和擴展其環境的客戶。

On the innovation side, we were recognized by KuppingerCole as a leader in Privileged Access Management, further validation of the strength of our solutions.

在創新方面，我們被 KuppingerCole 評為特權訪問管理領域的領導者，進一步驗證了我們解決方案的實力。

Workforce password management is another example, where we are setting the pace of innovation in Identity Security. In the first quarter, we announced that workforce password management used in conjunction with Secure Web Sessions create an industry-first way of accessing sensitive applications.

勞動力密碼管理是另一個例子，我們在其中設定身份安全創新的步伐。在第一季度，我們宣布將員工密碼管理與 Secure Web Sessions 結合使用，創建行業首創的訪問敏感應用程序的方式。

The platform effect is accelerating. Today, early-access customers are leveraging EPM and Privilege Cloud to discover, review and automatically onboard all local Windows and Mac OS endpoint privileged accounts. This enhanced capability improves security and lowers risk of credential theft and privilege escalation at the endpoint.

平台效應正在加速。如今，早期訪問客戶正在利用 EPM 和特權雲來發現、審查和自動加入所有本地 Windows 和 Mac OS 端點特權帳戶。這種增強的功能提高了安全性並降低了端點處的憑據盜竊和特權升級的風險。

Josh will cover profitability in just a few moments, but I wanted to reiterate that as we look into 2023, we will continue to invest with discipline and leverage each of our operating expense lines this year and beyond. Importantly, with our growth, we have the ability to be agile in our investment plans and make adjustments as we move through the year.

Josh 將在短時間內介紹盈利能力，但我想重申，展望 2023 年，我們將繼續有紀律地投資，並在今年及以後利用我們的每條運營支出線。重要的是，隨著我們的成長，我們有能力靈活地制定投資計劃，並在一年中做出調整。

As I've done around with investors, I've been asked about what will I be changing as CEO. As we talked about in February with Udi, at the highest level, we're not changing the strategy. We have all the ingredients to execute and deliver growth and profitability.

正如我在與投資者打交道時，有人問我作為 CEO 將做出哪些改變。正如我們在 2 月份與 Udi 談到的那樣，在最高級別，我們不會改變戰略。我們擁有執行和實現增長和盈利的所有要素。

That said, there remains areas where we can improve our execution and drive the next level of performance. One key focus area is harnessing the data that comes with the subscription transition to drive expansion opportunities, boost productivity and deliver operational excellence.

也就是說，我們仍然可以在某些方面提高執行力並推動更高水平的績效。一個關鍵的重點領域是利用訂閱過渡帶來的數據來推動擴展機會、提高生產力和實現卓越運營。

This data, combined with the same rigorous programmatic execution that allowed us to shift our entire business model in only 5 quarters, will empower the company to take customer success to the next level, increase our sales and marketing productivity and drive more efficiency through our innovation engine as we enhance our Identity Security platform.

這些數據與同樣嚴格的程序化執行相結合，使我們能夠在短短 5 個季度內轉變我們的整個業務模式，將使公司能夠將客戶成功提升到一個新的水平，提高我們的銷售和營銷生產力，並通過我們的創新提高效率引擎，因為我們增強了我們的身份安全平台。

A second focus area and one that we are all laser-focused on is our role as the leader in Identity Security and fully realizing this tremendous opportunity. Consolidation of trust for identity is underway within our customers.

第二個重點領域，也是我們都非常關注的領域，是我們作為身份安全領域領導者的角色，並充分意識到這一巨大機遇。我們的客戶正在鞏固對身份的信任。

Identity is more critical than ever, and organizations are increasingly moving towards trusted partners that can secure the broadest set of use across identities and environments. With this in mind, we are accelerating our platform selling motion, our new platform services and how we leverage our robust partner ecosystem to extend our reach and drive our growth.

身份比以往任何時候都更加重要，組織越來越多地轉向可信賴的合作夥伴，這些合作夥伴可以確保身份和環境中最廣泛的使用。考慮到這一點，我們正在加速我們的平台銷售活動、我們的新平台服務以及我們如何利用我們強大的合作夥伴生態系統來擴大我們的影響力並推動我們的增長。

Securing all identities, not just managing human access, is a requirement at the center of our customers' cybersecurity strategies. And with our approach based on privileged controls, we are best positioned to capture the market.

保護所有身份，而不僅僅是管理人員訪問，是我們客戶網絡安全戰略的核心要求。憑藉我們基於特權控制的方法，我們最有能力佔領市場。

We are becoming the platform of choice for customers. And driving deep alignment across the organization while creating a disciplined execution machine will help ensure we extend our commanding lead in the Identity Security market.

我們正在成為客戶的首選平台。在創建紀律嚴明的執行機器的同時推動整個組織的深度協調將有助於確保我們擴大在身份安全市場的領先優勢。

In the first quarter, we made great progress executing our strategy, and we delivered strong results as we navigated a challenging macro environment. We are executing and on pace to accelerate growth, improve profitability and generate strong cash flow for the year.

在第一季度，我們在執行戰略方面取得了長足進步，並在應對充滿挑戰的宏觀環境時取得了強勁的業績。我們正在執行並正在加速增長，提高盈利能力並在今年產生強勁的現金流。

I will now turn the call over to Josh, who will discuss our financial results in more detail and provide you with our outlook for the second quarter, the increase in our full-year ARR guidance and what is essentially a guidance raise for the full 2023 when you look through the subscription bookings mix headwind. Josh?

我現在將電話轉給 Josh，他將更詳細地討論我們的財務業績，並向您提供我們對第二季度的展望、我們全年 ARR 指導的增加以及基本上是整個 2023 年的指導加薪當您查看訂閱預訂時，會遇到不利因素。喬希？

Thanks, Matt. In the first quarter, we delivered exceptional ARR growth once again. Annual recurring revenue grew 42%, reaching $604 million at March 31, and the subscription portion reached $403 million. That's increasing 84%, representing 67% of our total ARR. We also added $39 million of net new subscription ARR from Q4 2022, which is higher than the sequential increase of the $36 million in the first quarter of last year.

謝謝，馬特。第一季度，我們再次實現了出色的 ARR 增長。年度經常性收入增長 42%，截至 3 月 31 日達到 6.04 億美元，訂閱部分達到 4.03 億美元。這增加了 84%，占我們總 ARR 的 67%。我們還從 2022 年第四季度增加了 3900 萬美元的淨新訂閱 ARR，高於去年第一季度 3600 萬美元的環比增長。

Demand for our SaaS offerings drove our subscription bookings mix up to an all-time high of 95% of total bookings, above our guidance framework of 93%. The 95% compares to only 86% in the first quarter of last year. The maintenance portion of ARR was $202 million at March 31.

對我們的 SaaS 產品的需求推動我們的訂閱預訂組合達到總預訂量的 95% 的歷史新高，高於我們 93% 的指導框架。這一比例為 95%，而去年第一季度僅為 86%。截至 3 月 31 日，ARR 的維護部分為 2.02 億美元。

The decline in maintenance was due to lower perpetual license sales over the last 2 years as a result of our subscription transition. Like-for-like conversion activity still only represented a single-digit percent of our year-on-year ARR growth.

維護費用的下降是由於我們的訂閱過渡導致過去 2 年的永久許可銷售額下降。同類轉化活動仍然只占我們同比 ARR 增長的個位數百分比。

Total revenue was $161.7 million, with growth accelerating to 27% year-on-year. While our record subscription bookings mix resulted in strong ARR growth, it also lowered our total recognized revenue in the first quarter. Normalizing for the higher mix than we assumed in our guidance framework, our recognized revenue would have been at the high end of our guidance range.

總收入為 1.617 億美元，同比增長加速至 27%。雖然我們創紀錄的訂閱預訂組合導致 ARR 強勁增長，但它也降低了我們第一季度的總確認收入。將比我們在指導框架中假設的更高的組合標準化，我們確認的收入將處於我們指導範圍的高端。

Like every company, we are also navigating the current macroeconomic environment. As Matt mentioned, longer approved sales cycles persisted towards the end of the quarter. Select large deals were downsized as customers bought for their immediate needs versus longer-term planning, which would have contributed to more upside in our performance.

與每家公司一樣，我們也在應對當前的宏觀經濟環境。正如 Matt 提到的那樣，在本季度末，批准的銷售週期持續變長。由於客戶購買是為了滿足他們的即時需求而不是長期計劃，因此部分大型交易的規模有所縮減，這本可以為我們的業績帶來更大的上漲空間。

For [sell flow] subscription deals, duration again came in at the lower bound of our range, putting pressure on long-term deferred and recognized revenue. While we signed 200 new logos in the quarter, it was a more challenging environment for new customer acquisition, primarily in our corporate or mid-market segment.

對於 [sell flow] 訂閱交易，持續時間再次進入我們範圍的下限，給長期遞延和確認收入帶來壓力。雖然我們在本季度簽署了 200 個新徽標，但對於新客戶獲取而言，這是一個更具挑戰性的環境，主要是在我們的企業或中端市場領域。

Looking across the metrics, our strong ARR and record pipeline growth illustrate that we are navigating the current macro environment, customers are moving forward with their Identity Security programs and that we remain a priority.

從指標來看，我們強勁的 ARR 和創紀錄的管道增長表明我們正在駕馭當前的宏觀環境，客戶正在推進他們的身份安全計劃，我們仍然是一個優先事項。

Moving into the details of the revenue lines for the first quarter. Subscription revenue reached $92.7 million, growing 78% year-on-year and representing 57% of total revenue in the first quarter. Consistent with our move to our subscription business model, perpetual license revenue did decline, coming in at $3.9 million.

進入第一季度收入線的細節。訂閱收入達到 9270 萬美元，同比增長 78%，佔第一季度總收入的 57%。與我們轉向訂閱業務模式一致，永久許可收入確實下降，為 390 萬美元。

Our maintenance and professional services revenue was $65.1 million, with $53.2 million from recurring maintenance and $11.9 million in services revenue. The recurring revenue portion reached $145.9 million, now hitting 90% of total revenue. That's growing 37% year-on-year from $106.9 million in the first quarter last year.

我們的維護和專業服務收入為 6510 萬美元，其中經常性維護收入為 5320 萬美元，服務收入為 1190 萬美元。經常性收入部分達到 1.459 億美元，目前佔總收入的 90%。與去年第一季度的 1.069 億美元相比，同比增長 37%。

Geographically, the business continues to be well diversified. Americas revenue reached $98.4 million, growing 31% year-on-year. APJ grew by 28% to $16.8 million, and EMEA grew by 18% year-on-year to $46.5 million in revenue.

在地理上，業務繼續多元化。美洲收入達到 9840 萬美元，同比增長 31%。 APJ 收入增長 28% 至 1680 萬美元，EMEA 收入同比增長 18% 至 4650 萬美元。

The EMEA region continued to experience some FX headwinds and had a nearly 10 percentage point increase in subscription bookings mix to 93% in the first quarter. That's compared to 84% in the first quarter last year, creating a meaningful recognized revenue headwind in the quarter.

歐洲、中東和非洲地區繼續經歷一些外匯逆風，第一季度的訂閱預訂組合增長了近 10 個百分點，達到 93%。相比之下，去年第一季度為 84%，在本季度造成了有意義的公認收入逆風。

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.

損益表的所有項目將在非 GAAP 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 調節表。

Our first quarter gross profit was $131.5 million or an 81% gross margin. That's compared with 82% gross margin in the first quarter last year as a result of lower perpetual revenue and higher SaaS business. Our operating expenses increased by 24% to $144.1 million, and that resulted in an operating loss of $12.6 million.

我們第一季度的毛利潤為 1.315 億美元，毛利率為 81%。相比之下，由於永久收入較低和 SaaS 業務較高，去年第一季度的毛利率為 82%。我們的運營費用增加了 24%，達到 1.441 億美元，這導致了 1260 萬美元的運營虧損。

Net loss was $6.9 million or $0.17 per diluted share, while overall profitability continues to be significantly impacted by the mix shift to recurring revenue. Our margin profile has begun to improve as we have -- we planned.

淨虧損為 690 萬美元或攤薄後每股虧損 0.17 美元，而整體盈利能力繼續受到向經常性收入的組合轉變的重大影響。正如我們計劃的那樣，我們的利潤率狀況已經開始改善。

We ended March with over 2,860 employees worldwide, including nearly 1,230 in sales and marketing. For the first 3 months of 2023, free cash flow was $4 million or a 3% free cash flow margin.

截至 3 月，我們在全球擁有 2,860 多名員工，其中包括近 1,230 名銷售和營銷人員。 2023 年前 3 個月，自由現金流為 400 萬美元或 3% 的自由現金流利潤率。

Turning to our guidance. Our guidance for the second quarter and the full year 2023 balances our strong competitive position, the increased headwind created from our higher-than-expected subscription bookings mix and the durable demand for our platform against the uncertainty in the macro environment.

轉向我們的指導。我們對第二季度和 2023 年全年的指導平衡了我們強大的競爭地位、我們高於預期的訂閱預訂組合帶來的逆風增加以及對我們平台的持久需求與宏觀環境的不確定性。

For the second quarter of 2023, we expect total revenue of $170 million to $175 million, which represents 21% year-on-year growth at the midpoint. We expect the subscription mix to be in the mid-90% range and our perpetual license revenue to be similar to the levels we saw in the first quarter.

對於 2023 年第二季度，我們預計總收入為 1.7 億美元至 1.75 億美元，中點同比增長 21%。我們預計訂閱組合將在 90% 左右，我們的永久許可收入將與第一季度的水平相似。

The mix we are assuming for the second quarter is higher than our initial guidance in February, increasing the headwind to reported revenue. We expect a non-GAAP operating loss of about -- of $10.5 million to $6.5 million for the second quarter. And we expect our non-GAAP EPS to range from a net loss of $0.19 to net loss of $0.09 per basic and diluted shares.

我們假設第二季度的組合高於我們 2 月份的初步指導，增加了報告收入的阻力。我們預計第二季度的非 GAAP 運營虧損約為 1050 萬至 650 萬美元。我們預計我們的非 GAAP 每股收益將從每股基本股和稀釋股淨虧損 0.19 美元到淨虧損 0.09 美元不等。

Our guidance also assumes 41.7 million weighted average basic and diluted shares and about $5.1 million in taxes.

我們的指導還假設加權平均基本股和稀釋股為 4170 萬股，稅收約為 510 萬美元。

For the full year 2023, given the increase in our subscription bookings mix in the first quarter and our expectation that it will remain at this level for the rest of the year, we are still maintaining our guidance for total revenue in the range of $724 million to $736 million. The subscription bookings mix assumption for the full year is now about 95%, that's compared to prior expectation in the low 90% range.

對於 2023 年全年，鑑於第一季度我們的訂閱預訂組合有所增加，並且我們預計今年剩餘時間將保持在這一水平，我們仍將總收入的指引維持在 7.24 億美元的範圍內達到 7.36 億美元。全年的訂閱預訂混合假設現在約為 95%，而此前預期為 90% 的低範圍。

Maintaining our revenue guidance for the year at a higher mix is essentially a meaningful raise of our full-year revenue guidance, given the more ratable revenue of our SaaS and subscription bookings. We are maintaining our full-year operating results to be in the range of an operating loss of $5 million and operating income of $5 million.

鑑於我們的 SaaS 和訂閱預訂的收入更高，將我們今年的收入指引維持在更高的組合實質上是對我們全年收入指引的有意義的提高。我們將全年經營業績維持在 500 萬美元的營業虧損和 500 萬美元的營業收入範圍內。

And we are improving our EPS range to a net income per share of $0.16 to $0.38 because of increased interest income for the first quarter. We expect about 46.3 million weighted average diluted shares and about $21.5 million in taxes for the full year of 2023.

由於第一季度利息收入增加，我們正在將每股收益範圍提高到 0.16 美元至 0.38 美元的每股淨收入。我們預計 2023 年全年的加權平均稀釋股數約為 4630 萬美元，稅收約為 2150 萬美元。

On the back of our strong ARR growth and subscription bookings increased in the first quarter, we are raising our guidance for annual recurring revenue to be between $735 million and $745 million at December 31, 2023 or about a 30% year-on-year growth at the midpoint of the range.

在第一季度我們強勁的 ARR 增長和訂閱預訂量增加的支持下，我們將年度經常性收入的指引提高到 2023 年 12 月 31 日的 7.35 億美元至 7.45 億美元之間，即同比增長約 30%在範圍的中點。

Our free cash flow came in at 3% free cash flow margin. As a result of our performance in the first quarter, we are revising the guardrails for free cash flow margin for the full year 2023 upward to the range of non-GAAP net income margin to 5%, above our non-GAAP net income margin.

我們的自由現金流為 3% 的自由現金流利潤率。由於我們在第一季度的表現，我們將 2023 年全年自由現金流利潤率的護欄上調至非 GAAP 淨利潤率至 5% 的範圍，高於我們的非 GAAP 淨利潤率。

We expect there to be fluctuations between the quarters and in -- for example, in the second quarter, we have cash expenses from our Impact customer event and other seasonal expenses that will affect our free cash flow.

我們預計季度之間會出現波動——例如，在第二季度，我們的 Impact 客戶活動產生現金支出，其他季節性支出將影響我們的自由現金流。

Overall, we were pleased with our execution, particularly in this macro environment. The strength of our demand and prioritization of our Identity Security platform are evidenced by accelerating revenue growth, strong net subscription ARR, overall ARR growth and record pipeline build.

總的來說，我們對我們的執行感到滿意，尤其是在這種宏觀環境下。收入增長加快、淨訂閱 ARR 強勁、總體 ARR 增長和創紀錄的渠道建設證明了我們對身份安全平台的需求和優先級的實力。

With 90% of our revenue now recurring, we have a more resilient business model that is beginning to deliver strong growth, operating leverage and improving cash flows.

現在我們 90% 的收入都是經常性的，我們擁有一個更具彈性的商業模式，該模式開始帶來強勁的增長、經營槓桿和改善的現金流。

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

我現在將把電話轉給接線員進行問答。操作員？

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

（操作員說明）您的第一個問題來自巴克萊銀行的 Saket Kalia 系列。

Matt, congrats on your first 6 weeks as CEO.

馬特，祝賀你擔任首席執行官的前 6 週。

Thanks, Saket. Good to hear from you.

謝謝，薩凱特。很高興聽到你的消息。

Yes. Matt, maybe we'll start there since the last couple of months have been interesting, to say the least, for security. I know you spend a lot of time with customers. So maybe the question is, can we just talk about how the March quarter progressed in terms of linearity and conversations?

是的。馬特，也許我們會從那裡開始，因為過去幾個月很有趣，至少可以說是為了安全。我知道你花了很多時間和客戶在一起。所以也許問題是，我們能否談談 3 月季度在線性和對話方面的進展情況？

It's just been such mixed results from other March quarter security companies. Curious, what you saw just in terms of progression? And maybe if you can comment on just anything that you're seeing more recently?

其他 3 月季度安全公司的業績喜憂參半。很好奇，您在進展方面看到了什麼？也許你可以對你最近看到的任何事情發表評論？

Yes, sure. I mean I think as we talked about, we're really pleased with the results on the quarter. When we look back into the quarter and try to analyze what's occurring, we continue to see this phenomenon where when we show up and we're having these conversations with customers, we are at the top of the list of conversations they want to have.

是的，當然。我的意思是，我認為正如我們所談論的那樣，我們對本季度的結果非常滿意。當我們回顧本季度並嘗試分析正在發生的事情時，我們繼續看到這種現象，即當我們出現並與客戶進行這些對話時，我們位於他們想要進行的對話列表的首位。

There's a prioritization process, obviously, across the entire tech stack, but -- even within cybersecurity, and when -- we are a mission-critical solution for these organizations.

顯然，在整個技術堆棧中都有一個優先級排序過程，但是——即使在網絡安全中，以及何時——我們是這些組織的關鍵任務解決方案。

And so while macros are on the mind of everybody, when we're having the conversations with the customers, they understand the importance of their investments in these areas. They understand that actually, this is something they need to be implementing and implementing fast in order to secure in this threat landscape. And overall, we just feel this level of partnership and awareness within our customer base.

因此，雖然每個人都在考慮宏，但當我們與客戶進行對話時，他們了解在這些領域進行投資的重要性。他們明白，實際上，這是他們需要實施并快速實施的東西，以便在這種威脅環境中確保安全。總的來說，我們只是在我們的客戶群中感受到這種程度的合作夥伴關係和意識。

Now, as we mentioned in the prepared remarks here, we do see approval cycles take a little bit longer. One of the thing I tell the sales team all the time is, since we're selling something that's needed, let's make sure that we're going out and actually addressing people who might pop up in the approval cycle. Even some of our sponsors are not always aware of who's going to show up.

現在，正如我們在此處準備好的評論中提到的那樣，我們確實看到批准週期需要更長的時間。我一直告訴銷售團隊的一件事是，由於我們銷售的是需要的東西，所以我們要確保我們走出去，真正解決可能在審批週期中突然出現的人。甚至我們的一些贊助商也不總是知道誰會出現。

So we talk to the teams about actually engage with them early, talk about who else might come in, and let's go pre-brief them in that conversation, make sure they're aware. So that when it gets to their approval level, they're able to actually sign off on it. And we see that type of behavior and execution help us throughout the length of the quarter.

因此，我們與團隊討論如何儘早與他們實際接觸，討論還有誰可能會進來，讓我們在談話中預先向他們介紹情況，確保他們知道。這樣當它達到他們的批准級別時，他們就能夠實際簽署它。我們看到這種行為和執行力在整個季度對我們有所幫助。

We also talked for a second there about this kind of downsizing of deals, and I just want to hit that head on. What that kind of looks like is more of a -- maybe there's a 400-seat expansion deal for PAM.

我們還在那裡討論了這種縮減交易規模的問題，我只想直面這一點。那種看起來更像是——也許 PAM 有 400 個席位的擴展協議。

And when the customer gets there, they realize that there's 300 seats that they can buy right now, they need right now because identities are proliferating. And maybe there's 100 seats that they need in the summer. And so they'll buy the 300 now, and then they'll push off the 100 to later in the summer.

當客戶到達那裡時，他們意識到他們現在可以購買 300 個座位，他們現在需要，因為身份正在激增。也許他們在夏天需要 100 個席位。所以他們現在會購買 300 輛，然後他們會在夏季晚些時候購買 100 輛。

Now, we never want to see deals go a little smaller and definitely limit a little bit of our upside. But what that actually opens up for us and as a selling team, it's actually an exciting fact is a compelling event in the summer to readdress the customer not only now for those 100 seats, but for any other needs that they have. And as a sales team, you're always looking for those moments to kind of open up so that you can go back in.

現在，我們永遠不想看到交易變得更小，這肯定會限制我們的上行空間。但這實際上為我們打開了大門，作為一個銷售團隊，這實際上是一個令人興奮的事實，那就是在夏季舉辦了一場引人注目的活動，不僅現在要為客戶重新定位這 100 個席位，還要滿足他們的任何其他需求。作為一個銷售團隊，你總是在尋找那些可以敞開心扉的時刻，這樣你就可以回去了。

So across the board, that's kind of my sense of what's going on. It's a nice place to be being the type of security company we are, even in this tough macro environment.

所以總的來說，這就是我對正在發生的事情的感覺。這是成為我們這種安全公司的好地方，即使在這個艱難的宏觀環境中也是如此。

Yes, absolutely, Matt, and it shows. Josh, maybe for my follow-up for you. A lot of focus on the financial services vertical in security this quarter. Can we just talk about how that vertical specifically performed?

是的，絕對是，馬特，這表明了。喬希，也許是為了我跟進你。本季度很多人關注安全領域的金融服務垂直領域。我們能談談這個垂直領域的具體表現嗎？

And Josh, if you could, maybe go one level deeper into that exposure because, of course, not all financial institutions are created equal. Can you just maybe talk about how much of that mix is regional banks versus other types of financial institutions?

喬希，如果可以的話，也許可以更深入地了解這種風險，因為當然，並非所有金融機構都是平等的。您能否談談這種組合中有多少是區域性銀行與其他類型的金融機構？

Yes. Thanks, Saket. Actually, I'll start off by saying, our financial vertical was up year-on-year. So -- and overall, what I would also say is that we actually closed deals in kind of the regional bank level, even during the end of the quarter. So I think, from our perspective, financials is an important vertical for us from the small to the large enterprise.

是的。謝謝，薩凱特。實際上，我首先要說的是，我們的財務垂直同比增長。所以 - 總的來說，我還要說的是，即使在本季度末，我們實際上也完成了區域銀行級別的交易。所以我認為，從我們的角度來看，金融對我們來說是一個重要的垂直領域，從小型企業到大型企業。

Clearly, the majority of our business is going to be coming from mid- to large enterprises from the banks. They have a much larger footprint and are going broader across our entire portfolio. So when we look at our pipeline, it's going to be coming from the larger size of the financial enterprises.

顯然，我們的大部分業務將來自銀行的大中型企業。它們的足跡要大得多，並且在我們的整個產品組合中的範圍更廣。因此，當我們查看我們的管道時，它將來自更大規模的金融企業。

And I think the other thing that I would say is that as we look into our pipe going forward, we're not seeing any degradation of the financial customer pipeline. And I think, out in the field, we're not seeing any tapering off of engagement with large financials and with the regional financials as well.

我想我要說的另一件事是，當我們展望未來的管道時，我們沒有看到金融客戶管道有任何退化。而且我認為，在現場，我們沒有看到與大型金融機構和區域金融機構的接觸有任何減少。

And your next question comes from the line of Roger Boyd from UBS Securities.

你的下一個問題來自瑞銀證券的 Roger Boyd。

Maybe a higher-level question for Matt. Matt, I'd be curious, I mean, you have tons of opportunities in Access and EPM and Secrets Management. But where do you think we are in kind of the PAM adoption curve? And any view on what you're seeing in terms of greenfield, brownfield, shift to SaaS in this kind of environment would be helpful as well.

也許是馬特的更高層次的問題。 Matt，我很好奇，我的意思是，您在 Access、EPM 和 Secrets Management 方面有很多機會。但是您認為我們處於 PAM 採用曲線的什麼位置？在這種環境下，您對綠地、棕地、向 SaaS 的轉變的任何看法也會有所幫助。

Yes. I think sometimes we get so excited about the newer areas that we forget to talk about the opportunity in PAM. I think that when we are continually excited about is both the new opportunities, the new prospects out there, not even just in the low end of the market, but even in the kind of sweet spot of the enterprise space. We see the kind of movement towards more mature PAM programs and all that brings.

是的。我認為有時我們對新領域過於興奮，以至於忘記談論 PAM 中的機會。我認為，當我們不斷為新機遇和新前景感到興奮時，不僅在低端市場，而且在企業空間的最佳位置。我們看到了朝著更成熟的 PAM 程序發展的趨勢以及由此帶來的一切。

And then within our base, we actually feel that we're underpenetrated. And the reason for that is that when we started out, there was only a certain type of user that needed a privileged account. And so if you were that type of user within the core IT department, we were going to sell you a license.

然後在我們的基地內，我們實際上覺得我們沒有被滲透。原因是當我們開始時，只有特定類型的用戶需要特權帳戶。因此，如果您是核心 IT 部門中的那種類型的用戶，我們將向您出售許可證。

And now as we start to see this notion of any user can become privileged at any time, the business user actually needs Privileged Access Management, a lot of functions outside of core IT need it, as well as the developer and the development community, the DevOps group.

現在，當我們開始看到任何用戶都可以隨時獲得特權的概念時，業務用戶實際上需要特權訪問管理，核心 IT 之外的許多功能都需要它，以及開發人員和開發社區，開發運營組。

You start to understand a little bit more about how much more room there is to run within our customer base themselves.

您開始更多地了解我們的客戶群本身還有多少運行空間。

And so when you combine both the room to run in the customer base as we broaden the circle of users that we can bring under the PAM umbrella and we look out and see both midsized enterprise all the way down to mid-market really starting to adopt new and modern PAM approaches, it really speaks to the market opportunity that's ahead of us and our ability as the leader in PAM to go out and capitalize on it.

因此，當你把兩個空間結合起來在客戶群中運行時，我們擴大了我們可以在 PAM 保護傘下的用戶圈，我們看到中型企業一直到中端市場真正開始採用新的和現代的 PAM 方法，它確實說明了我們面前的市場機會以及我們作為 PAM 領導者走出去並利用它的能力。

Great. And Josh, just a quick one on the guide. You raised the full-year ARR guide, but I think the deceleration looks a little steeper than we were modeling from the 42% growth in 1Q. Can you just walk us through your assumptions in the macro environment there? And any change that you might be seeing as a little more conservative versus a quarter ago?

偉大的。 Josh，只是快速介紹一下指南。你提高了全年 ARR 指南，但我認為減速看起來比我們根據第一季度 42% 的增長建模的要陡峭一些。你能簡單介紹一下你在宏觀環境中的假設嗎？與一個季度前相比，您可能認為有任何更保守的變化嗎？

Yes, sure, Roger. We're still keeping consistent on our -- on the trends around close rates in light of the macro with new logos, probably potentially being harder and longer approval cycles that Matt was referring to before, and so we're still persisting with that within our guide.

是的，當然，羅傑。我們仍然保持一致——根據帶有新標識的宏觀收盤價趨勢，可能會變得更難和更長的批准週期，這是馬特之前提到的，所以我們仍然堅持這一點我們的嚮導。

But at the same time, we're seeing record pipeline being generated. And so that's what gave us the confidence. That's what gives us the confidence to be able to raise the guide effectively not just on the ARR that you pointed out, but by keeping the revenue guide at the same level, despite really increasing the mix of SaaS subscription by a couple of percentage points.

但與此同時，我們看到正在生成記錄管道。這就是給我們信心的原因。這就是讓我們有信心能夠有效提高指南的原因，不僅是你指出的 ARR，而且通過將收入指南保持在同一水平，儘管 SaaS 訂閱的組合確實增加了幾個百分點。

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

你的下一個問題來自 Stifel 的 Adam Borg。

Maybe for you, Matt. I know you talked a little bit about this in the script, but would love to hear anything more about the platform motion, how that's progressing, and we'll hear more about that at the customer event in a couple weeks. And then I have a follow-up.

也許適合你，馬特。我知道你在劇本中談過一點這個，但很想听到更多關於平台運動的信息，它是如何進展的，我們將在幾週後的客戶活動中聽到更多關於它的信息。然後我有一個後續行動。

Sure, Adam, and thanks for the question. Good to hear from you. So I do get excited about this platform selling motion because I think it represents kind of the maturity or the nature of the market now that we're selling into. We talk a lot about this idea that there is multiple types of identities that need to be secured and multiple types of environments that they're going after that need to be protected.

當然，亞當，謝謝你的提問。很高興聽到你的消息。所以我確實對這個平台銷售動議感到興奮，因為我認為它代表了我們現在銷售的市場的成熟度或性質。我們經常談論這個想法，即需要保護多種類型的身份，並且需要保護他們追求的多種類型的環境。

And so when you start to think about this idea again of human and machine identities and you think about core PAM users and -- as well as business users or the general workforce, and then you move over into the endpoint and least privilege at the end point and the complexity of protecting all of those identities as they go after not just now [on-prem] infrastructure, but hybrid and cloud infrastructure, customers are waking up to the fact that you can't plug in multiple point solutions to be able to solve all those problems. They actually want an integrated approach that they can count on to make sure that all identities are secured.

因此，當您再次開始考慮人類和機器身份的這個想法時，您會考慮核心 PAM 用戶以及 - 以及業務用戶或一般員工，然後您會轉到端點和最後的最小特權點和保護所有這些身份的複雜性，因為他們不僅追求現在 [on-prem] 基礎設施，而且追求混合和雲基礎設施，客戶正在意識到您無法插入多個點解決方案以能夠解決所有這些問題。他們實際上需要一種可以依靠的集成方法來確保所有身份的安全。

And so our entire approach with the platform is meeting that market need, talking to the customers in that context to make sure that actually, we can actually do things that those point solutions, even when netted together, can't do because it's one integrated motion.

因此，我們對該平台的整個方法是滿足市場需求，在這種情況下與客戶交談，以確保我們實際上可以做那些單點解決方案無法做到的事情，即使將它們結合在一起，也無法做到，因為它是一個集成的運動。

So as you know, we've been focused on ramping up the sales team and making sure that they can position that. Our marketing team is out there messaging that. And I just get really excited by the opportunity of ours to be able to go do that.

如您所知，我們一直專注於擴大銷售團隊並確保他們能夠定位。我們的營銷團隊在那里傳達信息。我真的很興奮我們有機會去做那件事。

You heard us use this phrase in the prepared remarks around consolidation of trust. And what we mean by that is that the customer themselves are looking to consolidate their vendors down to partners that they can trust. And we feel like we're well positioned in that environment, well positioned within this identity space to take advantage of that market trend.

你聽說我們在準備好的關於鞏固信任的評論中使用了這個短語。我們的意思是，客戶自己希望將他們的供應商整合為他們可以信任的合作夥伴。我們覺得我們在那個環境中處於有利地位，在這個身份空間中處於有利地位，可以利用該市場趨勢。

Super helpful. And maybe just as a quick follow-up. You did talk about adding over 200 new logos in the quarter, a little bit down year-on-year. You talked about the tough macro and record pipeline. So as I think about 2023, are we really looking at this as more of an upsell year? And if so, are we reorienting any go-to-market efforts back to the base?

超級有幫助。也許只是快速跟進。您確實談到在本季度添加了 200 多個新標識，同比略有下降。你談到了艱難的宏觀和記錄管道。因此，當我想到 2023 年時，我們是否真的將今年視為追加銷售的一年？如果是這樣，我們是否將任何進入市場的努力重新定位回基地？

Yes, sure. No problem. So when we think about new logos, I want to just paint a couple of different things here. One is, obviously, there is the new logo absolute number. And for sure, we saw some pressure there, particularly, by the way, down market in our mid-market space, where deals started to slip out a little bit around new logo acquisition.

是的，當然。沒問題。所以當我們考慮新標誌時，我只想在這裡畫幾個不同的東西。一是，顯然，有新標識的絕對數量。可以肯定的是，我們在那裡看到了一些壓力，特別是，順便說一句，我們的中端市場領域的低端市場，交易開始圍繞新徽標收購有所下滑。

But there's some other trends within our customer business, a new logo business that I think are important to understand. One is the actual deal size of the logos that we are closing is getting bigger, not smaller. The ability to be able to sell multiple products to those new logos beyond PAM, it continues to trend in the right direction. And overall, the contribution, the net ARR contribution from new logos actually was really strong in the quarter.

但是在我們的客戶業務中還有一些其他趨勢，我認為理解一個新的標識業務很重要。一是我們正在關閉的標識的實際交易規模越來越大，而不是越來越小。能夠向 PAM 之外的那些新徽標銷售多種產品的能力，它繼續朝著正確的方向發展。總的來說，本季度來自新標識的淨 ARR 貢獻實際上非常強勁。

So although the absolute number of new logos, and we always want to be planting as many [seeds] as possible for the future, although that occurred in the quarter, we actually are pretty happy with the contribution from the new business.

因此，儘管新標識的絕對數量很多，而且我們總是希望為未來播下盡可能多的[種子]，儘管這發生在本季度，但我們實際上對新業務的貢獻感到非常滿意。

And so we don't actually see a need to shift our overall go-to-market approach. We can go focus on building and planting pipeline for new logos. Even if it closes a little bit slower, it will come to us eventually at the same time as we can upsell and cross-sell with -- upsell and cross-sell within the base.

因此，我們實際上並不認為有必要改變我們的整體上市方法。我們可以專注於為新徽標構建和種植管道。即使它關閉得慢一點，它最終也會在我們可以追加銷售和交叉銷售的同時來到我們這裡——在基地內進行追加銷售和交叉銷售。

The final thing I'll just say is within our new logo business, within our customer business, our win rates continue to be really strong. So although, again, the overall number at 200, maybe a little bit less than we would have liked, overall, we're actually really happy with the new customer business that we're seeing.

我要說的最後一件事是在我們的新徽標業務中，在我們的客戶業務中，我們的贏率仍然非常強勁。因此，儘管總的來說，總數為 200，可能比我們希望的要少一點，但總的來說，我們實際上對我們看到的新客戶業務非常滿意。

And your next question comes from the line of Angie Song from Morgan Stanley.

你的下一個問題來自摩根士丹利的 Angie Song。

Congratulations, Matt, on your first few weeks as CEO. I'm speaking on behalf of Hamza Fodderwala here at Morgan Stanley. So I guess, Matt, just a question for you. It's been a couple of months since the transition of CEO has been announced. So could you just talk to us about your top 3 priorities for the company as CyberArk scaled beyond that $1 billion in ARR by around like fiscal year '25?

祝賀你，馬特，在你擔任首席執行官的頭幾週。我代表摩根士丹利的 Hamza Fodderwala 發言。所以我想，馬特，只是問你一個問題。自宣布 CEO 交接以來已經過去了幾個月。那麼，隨著 CyberArk 在 25 財年左右的 ARR 規模超過 10 億美元，您能否與我們談談您對公司的三大優先事項？

Yes, sure. No. I always love to talk about that. And I think it's been a really fun last 6 weeks or so. I've had the opportunity to kind of travel around the world and go see employees in different locations. I was able to spend my first day as CEO over in our Israel headquarters and meet with our amazing R&D organization and talent there.

是的，當然。不，我總是喜歡談論那個。我認為過去 6 週左右的時間真的很有趣。我有機會環遊世界並拜訪不同地點的員工。我能夠在以色列總部度過我擔任首席執行官的第一天，並在那裡會見了我們出色的研發組織和人才。

And around each one of those conversations when I meet with the customers, as I visit, it comes back to the same things, and that's what sets our priority.

當我與客戶會面時，圍繞著這些談話中的每一個，當我拜訪時，它都會回到同樣的事情上，這就是我們的優先事項。

Increasingly, again, as I was just talking about, they're looking for a platform provider. They're looking for someone that can secure not just privileged users traditional PAM, but that it can actually secure the workforce, secure the human -- the nonhuman identities, even more and more, secure their cloud environments.

正如我剛才所說，他們越來越多地在尋找平台提供商。他們正在尋找的人不僅可以保護傳統 PAM 的特權用戶，而且可以真正保護勞動力，保護人類——非人類身份，甚至越來越多，保護他們的雲環境。

And so the first priority, for sure, is our expansion, continued expansion to own our leadership position in Identity Security. And that really is the anchor point for everything else that we go and look at.

因此，首要任務當然是我們的擴張，繼續擴張以擁有我們在身份安全領域的領導地位。這真的是我們去看看的其他一切的錨點。

We have a second focus, and it's core to us, which is to get our go-to-market engine ramped up, fully ramped from a productivity perspective, from a contribution of marketing, from a modern way of doing the sales process, so that we can take advantage of that market. And that becomes a continuation of something that obviously I was working on for several years, but our ability to be able to go do that.

我們有第二個重點，這對我們來說是核心，那就是讓我們的進入市場引擎加速，從生產力的角度，從營銷的貢獻，從現代的銷售流程方式，全面提升，所以我們可以利用那個市場。這成為我多年來一直致力於的事情的延續，但我們有能力做到這一點。

And then the third thing, and it's important for us because it's fundamental to our DNA, is to make sure that we're scaling efficiently through these next couple of years. We want to make sure that we're delivering the right level of profit back into the investor community, to our shareholders.

然後是第三件事，這對我們很重要，因為它是我們 DNA 的基礎，就是確保我們在未來幾年內有效地擴展。我們希望確保我們將適當水平的利潤回饋給投資者社區，回饋給我們的股東。

And the best way to do that is to exit the subscription transition fully, which obviously we're ramping our way through, and get the leverage back into the business so that we're not just growing the top line, but we're able to deliver a strong cash flow number into the shareholder base.

做到這一點的最好方法是完全退出訂閱過渡，顯然我們正在逐步推進，並將影響力重新投入到業務中，這樣我們不僅可以增加收入，而且我們能夠為股東基礎提供強大的現金流量。

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。

Just one for me. I want to touch a little bit around the partner ecosystem, the indirect contribution you guys see overall and maybe some of the green shoots and opportunities. I know you mentioned AWS Marketplace, but -- just are you seeing channel shift expansion through some of these [CSPs]?

只給我一個。我想談談合作夥伴生態系統，你們看到的總體間接貢獻以及一些萌芽和機會。我知道你提到了 AWS Marketplace，但是——你是否看到通過其中一些 [CSP] 進行渠道轉移擴展？

Yes, sure. No, Rob. Thanks. Great. Great question. And I think one of our differentiators in the market is our partner ecosystem. We've always had a strong indirect component to our business. We run, generally speaking, in the upper 70s, sometimes even touching below 80% of business that's run through our partner ecosystem.

是的，當然。不，羅布。謝謝。偉大的。很好的問題。我認為我們在市場上的差異化因素之一是我們的合作夥伴生態系統。我們一直對我們的業務有很強的間接影響。一般來說，我們在上 70 年代運行，有時甚至觸及通過我們的合作夥伴生態系統運行的業務的 80% 以下。

And as you kind of mentioned, we've seen an increasing kind of shift in how those partners are going to market.

正如您提到的那樣，我們已經看到這些合作夥伴的營銷方式發生了越來越多的轉變。

One, they're following suit with us. They're leading with SaaS. They're able to actually get outside of PAM and actually embracing Access and Secrets Management. So they're bringing the full CyberArk story to market.

第一，他們正在效仿我們。他們以 SaaS 領先。他們實際上能夠脫離 PAM，真正擁抱訪問和機密管理。因此，他們將完整的 CyberArk 故事推向市場。

But we also see newer types of partners emerge. And we did mention the AWS marketplace, which is a great way to kind of lubricate the sales process and actually partake of, what one might call, found money in this macroeconomic environment because they already have purchased those AWS credits that they can use.

但我們也看到出現了新型合作夥伴。我們確實提到了 AWS 市場，這是一種很好的方式來潤滑銷售流程並實際參與，人們可能稱之為，在這種宏觀經濟環境中發現資金，因為他們已經購買了他們可以使用的那些 AWS 積分。

But we also see, as I highlighted in the prepared remarks, the emergence of the MSP or MSSP program. And I think that actually is taking on two flavors: One, it allows us to go down market more effectively. But we see even in the enterprise space that more and more IT organizations and security organizations really do not want to be in the business of managing their solution stack.

但正如我在準備好的發言中強調的那樣，我們也看到了 MSP 或 MSSP 計劃的出現。我認為這實際上有兩種含義：其一，它讓我們能夠更有效地進入低端市場。但我們甚至在企業領域也看到，越來越多的 IT 組織和安全組織確實不想參與管理其解決方案堆棧的業務。

And so they're looking to even bigger SIs, telcos to actually [one-off] managed service their security environment, and we have great partnerships, as many of you know, with the biggest SIs. We've built up the telco program, and we have the MSPs. So as that market starts to mature and accelerate, we can take advantage of it.

因此，他們正在尋求更大的 SI、電信公司來實際 [一次性] 託管服務他們的安全環境，而且正如你們許多人所知，我們與最大的 SI 建立了良好的合作夥伴關係。我們已經建立了電信計劃，並且我們擁有 MSP。因此，隨著該市場開始成熟和加速，我們可以利用它。

Now it's a minimal part of the overall business at the moment, but it's one of the areas that we're exceptionally excited about as we move forward.

現在它只是整個業務的一小部分，但它是我們前進時特別興奮的領域之一。

And your next question comes from the line of Tal Liani from Bank of America.

你的下一個問題來自美國銀行的 Tal Liani。

I have two questions. One is, we hosted Microsoft on Friday, and we see them in more and more and more markets in cybersecurity, extremely successful business. And I'm wondering, how do you see Microsoft, if at all, in the market? And how is competition against them?

我有兩個問題。一是，我們在周五接待了微軟，我們看到他們在越來越多的網絡安全市場，非常成功的業務。我想知道，您如何看待微軟（如果有的話）在市場上的表現？與他們的競爭如何？

And the second question is for Josh. Great success on revenues, great sustainability and stability, but margins are still negative. What's the outlook for margins?

第二個問題是給 Josh 的。在收入、可持續性和穩定性方面取得了巨大成功，但利潤率仍然為負。利潤前景如何？

Great. I'll take the first one, Josh. So Microsoft, as you said, is a formidable software organization, and they've built up a strong cybersecurity core within their overall approach. They've been, frankly, in a kind of coopetition motion with us for a very long time. They're a good partner in a lot of ways. And sometimes we see them show up within our customer base.

偉大的。我要第一個，喬希。因此，正如您所說，微軟是一個強大的軟件組織，他們在其整體方法中建立了強大的網絡安全核心。坦率地說，很長一段時間以來，他們一直在與我們合作。他們在很多方面都是很好的合作夥伴。有時我們會看到他們出現在我們的客戶群中。

What we've seen though is that the minute the conversation kind of turns to core security, like real security, for example, PAM, there really isn't a choice that comes up between Microsoft versus CyberArk. The CISOs, the CIOs, they understand that to do PAM right, to do core security right, they actually need the type of depth of solution that only CyberArk can provide.

不過，我們看到的是，一旦談話轉向核心安全，比如真正的安全，例如 PAM，微軟和 CyberArk 之間真的沒有選擇。 CISO，CIO，他們明白要正確執行 PAM，正確執行核心安全，他們實際上需要只有 CyberArk 才能提供的深度解決方案。

I think we also see them kind of emerge in other areas of the business that we took the fight to them, if you will, when we entered into Access. And for basic MFA and single sign-on, I think they are a very credible force out there.

我認為當我們進入 Access 時，我們也看到它們出現在我們與他們抗爭的其他業務領域，如果你願意的話。對於基本的 MFA 和單點登錄，我認為它們是非常可靠的力量。

And as you've heard us talk about before, when we're competing in the Access market versus Microsoft or Okta for that matter, our differentiation, again, is the applicability of privileged controls or deeper security to even the commoditized MFA or SSO market.

正如您之前聽到我們談論的那樣，當我們在 Access 市場上與 Microsoft 或 Okta 競爭時，我們的差異化再次是特權控製或更深層次的安全性對商品化 MFA 或 SSO 市場的適用性.

And what that means is we bring solutions like Secure Web Sessions or workforce password management that become the security bodyguards that can sit against a single sign-on or MFA solution, where there's comparability between their solution and ours.

這意味著我們帶來了安全網絡會話或員工密碼管理等解決方案，這些解決方案成為可以對抗單點登錄或 MFA 解決方案的安全保鏢，他們的解決方案與我們的解決方案具有可比性。

You even saw them lately enter in and kind of validate the EPM, or the Endpoint Privilege Management, market. Actually, to be honest, that's kind of thrilling for me because the biggest problem we have on EPM is not customers once they understand it, wanting to buy our solution, it's getting customers to be aware, to begin with, if they need the solution.

你甚至看到他們最近進入並驗證了 EPM 或端點權限管理市場。事實上，老實說，這讓我有點激動，因為我們在 EPM 上遇到的最大問題不是客戶一旦了解它，就想購買我們的解決方案，而是讓客戶意識到，首先，如果他們需要解決方案.

And Microsoft entering into a market like that is actually wonderful news for publicity. When we get into deep conversation about features and functions and capabilities, I think our solutions come out on top.

而微軟進入這樣一個市場實際上是一個很好的宣傳消息。當我們深入討論特性、功能和能力時，我認為我們的解決方案脫穎而出。

And so that's my view on the Microsoft landscape. Again, I'm very respectful of them. And I think they kind of help the market overall, but we feel pretty confident when we're head to head against them.

這就是我對微軟前景的看法。同樣，我非常尊重他們。我認為他們對整體市場有所幫助，但當我們與他們正面交鋒時，我們感到非常有信心。

And Tal, to your second question, so we're pleased that we're following our playbook, right, through the transition and -- which kind of drove the shift in our margins negative through last year. We're excited that this year, we're already, now that we're post transition, getting our first year back for improvement to breakeven for our guidance.

Tal，關於你的第二個問題，所以我們很高興我們在過渡期間遵循我們的劇本，正確的，這在某種程度上推動了我們去年利潤率的負增長。我們很高興今年，我們已經，現在我們正在過渡後，讓我們的第一年回來改進我們的指導收支平衡。

And then we anticipate to continue to expand that gross margin next year '24 and further into '25. So we're on the right track for continuing, following our playbook post transition, getting the benefit of the accelerated revenue on the top line.

然後我們預計明年 24 年繼續擴大毛利率，並進一步擴大到 25 年。因此，我們正沿著正確的軌道繼續前進，遵循我們的過渡後劇本，從收入加速中獲益。

And then as Matt pointed out earlier in one of the earlier answers, we are totally focused on making sure that we think about scaling efficiently. And that's going to drive those expansions of the margins already this year that you're seeing in the guide and then next year and going forward.

然後正如 Matt 在較早的答案之一中指出的那樣，我們完全專注於確保我們考慮有效地擴展。這將推動今年你在指南中看到的利潤率的擴張，然後是明年和未來。

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 a strong quarter here. Just to continue the conversation on the margins, a couple of things. I mean it's great to see the maintenance of the margins, just given the increased mix shift to the ratable side of the business.

祝賀這裡有一個強勁的季度。只是為了在邊緣繼續對話，有幾件事。我的意思是很高興看到利潤率的維持，只是考慮到增加的組合轉移到業務的評級方面。

But curious, one, just bigger picture, is there any change in your thoughts on the pace of investments for this year, just given some of the macro. And any change to your hiring plans on -- number one?

但好奇的是，一個，只是更大的圖景，你對今年投資步伐的看法是否有任何變化，只是考慮到一些宏觀因素。第一，你的招聘計劃有什麼變化嗎？

And a follow-up to that, just I think you changed your kind of guidance a little bit on the free cash flow, just that it should be 5 points ahead of net income margin, where I think it was previously kind of in line with net income margin. So just curious the change there, given some of the -- what seems like duration pressure that is [hitting] billings a little bit?

對此的後續行動，我認為你對自由現金流的指導有所改變，只是它應該比淨利潤率高出 5 個百分點，我認為它以前有點符合淨利潤率。所以只是好奇那裡的變化，考慮到一些 - 持續時間的壓力似乎有點 [hitting] 賬單？

Sure. Sure, Eric. I'll take the first part here and -- as it relates to the hiring plan. And I think we continue to calibrate our investment versus the opportunity. And we talked about it at the last earnings call, which is this year, we would see a little bit less overall headcount percentage increase versus what maybe we saw in 2022.

當然。當然，埃里克。我將在這裡進行第一部分——因為它與招聘計劃有關。我認為我們會繼續根據機會來調整我們的投資。我們在今年的上一次財報電話會議上談到了這一點，與 2022 年可能看到的相比，我們將看到整體員工人數百分比的增長略有下降。

And that was because we were taking into account both the macro backdrop and also our need to drive leverage back into the business.

那是因為我們既考慮了宏觀背景，也考慮了將槓桿率重新帶回業務的需要。

And I think we continue to see that play out. We added roughly 95 heads in Q1, and we will look towards the rest of the year and continue to make strategic investments in go-to-market, where we feel like there is opportunity to go capture.

我認為我們會繼續看到這種情況發生。我們在第一季度增加了大約 95 名負責人，我們將展望今年剩餘時間，並繼續對進入市場進行戰略投資，我們認為有機會進入市場。

And then throughout the rest of the company to round out our ability to be able to, for example, deliver on the Identity Security platform vision, drive and support the scaling of the overall operations.

然後在公司的其他部門完善我們的能力，例如，實現身份安全平台願景，推動和支持整體運營的擴展。

So I think we're measured in our head count. Our head count hiring were consistent with what we were talking about. And our belief is, going forward, this is a lever that we can pull in any direction that we need to.

所以我認為我們是根據人數來衡量的。我們的招聘人數與我們所說的一致。我們的信念是，展望未來，這是一個槓桿，我們可以將其拉向我們需要的任何方向。

So we're very agile in our approach, and we'll make the decisions really quarter-by-quarter, should we accelerate more? Should we cut back a little less? And that's the beauty of the model that we're operating under.

因此，我們的方法非常敏捷，我們將真正按季度做出決策，我們是否應該加快速度？我們應該減少一點嗎？這就是我們所採用的模式的美妙之處。

Yes, Eric. And with regard to the cash flow, first of all, we're pleased that we're able to come in already now in the second quarter and start to go up on our cash flow margin guidance to, as you pointed out, net income margin to net income plus -- net income margin plus 5% on a non-GAAP basis.

是的，埃里克。關於現金流，首先，我們很高興我們能夠在第二季度進入並開始提高我們的現金流利潤率指導，正如您所指出的那樣，淨收入淨收入利潤率加 - 淨收入利潤率加 5% 在非 GAAP 基礎上。

And I really think it's -- we have more visibility than we did 3 months ago, and Q1 tracked well. And I think it's a reflection of one where Q1 ended up. But also, as we look at the guide and we look at our pipeline going forward and our success with renewals and our expectations there, we feel comfortable that we'll be even in a better place on cash flow than we said 3 months ago.

而且我真的認為它 - 我們比 3 個月前有更多的知名度，並且第一季度跟踪良好。我認為這反映了第一季度結束的情況。而且，當我們查看指南並查看我們未來的管道以及我們在續訂方面的成功以及我們在那裡的期望時，我們感到很自在，我們的現金流甚至會比我們 3 個月前所說的更好。

Your next question comes from the line of Brian Essex from JPMorgan.

你的下一個問題來自摩根大通的 Brian Essex。

I guess maybe for Matt, what might be helpful is in the onset of the pandemic, we saw a pretty meaningful pause in spend, and we saw a downsizing deal phasing, shorter contract durations.

我想也許對馬特來說，可能有幫助的是在大流行開始時，我們看到了一個非常有意義的支出暫停，我們看到了縮減交易規模，縮短了合同期限。

Could you maybe compare and contrast what you're seeing now versus what you're seeing then on your [call]? Like right after that, we had like SolarWinds and (inaudible) and everyone kind of like trued up -- realize the value of PAM and kind of trued up the deals, and you saw a reacceleration.

您能否比較和對比您現在看到的內容與您當時在 [通話] 中看到的內容？就像在那之後，我們喜歡 SolarWinds 和（聽不清），每個人都有點喜歡 - 意識到 PAM 的價值並有點喜歡交易，你看到了重新加速。

But how does the -- I guess, recognition of the critical nature of PAM and the process of approval and coverage inside your customer base, how do things differ now compared to when we saw that pause a few years ago?

但是，我想，對 PAM 的關鍵性質的認識以及客戶群內部的批准和覆蓋過程，與幾年前我們看到的暫停相比，現在的情況有何不同？

Yes. As we look back on the Q1 and out towards the year ahead, we just -- we don't see that pause in business. We see our ability to be able to generate record pipeline. We see our ability to be able to go out and be at the top of the list of priority at our customers. We see the conversations continuing to progress as we've been talking about.

是的。當我們回顧第一季度並展望未來一年時，我們只是 - 我們沒有看到業務暫停。我們看到我們能夠生成記錄管道的能力。我們看到了我們能夠走出去並成為客戶優先考慮事項的能力。正如我們一直在談論的那樣，我們看到對話繼續取得進展。

And I do think I pull it back to where you hit, which is we are in a different place in terms of our portfolio, our solutions and the maturity of the market and an understanding of the critical nature of the solutions that we sell.

我確實認為我把它拉回到你擊中的地方，那就是我們在我們的產品組合、我們的解決方案和市場的成熟度以及對我們銷售的解決方案的關鍵性質的理解方面處於不同的位置。

The recognition of what it really means to secure identities and the importance of identity in the attack vector is in protecting against the [attack vector], it's just tremendously better. It's a good position to be in.

認識到保護身份的真正含義以及身份在攻擊向量中的重要性在於防止[攻擊向量]，這要好得多。這是一個很好的位置。

And I think we show up now with a broad base of solutions and a platform to sell. And it lends itself to better customer conversations and a better market backdrop, despite, obviously, macros being on everybody's mind.

而且我認為我們現在出現了廣泛的解決方案基礎和銷售平台。它有助於更好的客戶對話和更好的市場背景，儘管顯然每個人都在考慮宏。

Right. Right. That makes sense. And maybe we could just circle back to one of the comments made on [seed] expansion. Any impact this quarter or recently from headcount reductions in your customer base? And how they might be thinking about rationalizing their labor footprint, and how that might impact your business?

正確的。正確的。這就說得通了。也許我們可以回到對 [種子] 擴展所做的評論之一。您的客戶群裁員對本季度或最近有何影響？他們可能如何考慮合理化他們的勞動力足跡，以及這可能如何影響您的業務？

No. We're lucky from that perspective, as I said, that the notion of privileged accounts and privilege identities proliferate regardless. And so when you look at customers that may or may not be in difficult economic situations in certain verticals or industries, I don't think there's a correlation between their decision on headcount and what they need to buy from CyberArk. So that's not one of the things that we worry too much about.

不。從這個角度來看，我們很幸運，正如我所說，特權帳戶和特權身份的概念無論如何都會激增。因此，當您查看某些垂直行業或行業中可能處於或可能不處於困難經濟形勢下的客戶時，我認為他們對員工人數的決定與他們需要從 CyberArk 購買的產品之間沒有相關性。所以這不是我們太擔心的事情之一。

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。

So in the past, the company has emphasized the sales motion for Adaptive or Access is largely installed base adoption. So the question I have is, given your large enterprise installed base, I would think that some portion, if not a large portion, of those organizations have an existing IAM solution.

因此，過去該公司一直強調 Adaptive 或 Access 的銷售動議主要是安裝基礎採用。所以我的問題是，考慮到您的大型企業安裝基礎，我認為這些組織中的一部分（如果不是很大一部分）擁有現有的 IAM 解決方案。

So how do you see that? How much of that might be greenfield? And then also, if you could also just touch on the go-to-market strategy, given the two large and successful incumbents within that market already?

那你怎麼看？其中有多少可能是綠地？然後，考慮到該市場中已經有兩家成功的大型企業，您是否也可以談談進入市場戰略？

Yes, sure. So I think as we talk about the Access business for us, continues to accelerate in a nice way and become a more meaningful piece of our overall business.

是的，當然。所以我認為，當我們為我們談論 Access 業務時，它會繼續以一種很好的方式加速發展，並成為我們整體業務中更有意義的一部分。

And I think that when you look within the customer base, it is somewhat surprising to people how many customers are either completely on legacy solutions or more often than not, actually have multiple solutions throughout different divisions, through acquisition, through other kind of vendor sprawl that's happened within their organizations on the Access side.

而且我認為，當你審視客戶群時，人們會有些驚訝，有多少客戶要么完全使用遺留解決方案，要么經常通過收購、其他類型的供應商擴張在不同部門實際擁有多種解決方案這發生在他們組織的訪問端。

And so we do feel like there is this rich opportunity within our customer base to rip and replace legacy solutions. Obviously competing against those 2 significant competitors in that space, but not having to replace those competitors in that space in order to be able to win.

因此，我們確實覺得在我們的客戶群中有很多機會可以淘汰和替換遺留解決方案。顯然是在那個領域與那兩個重要的競爭對手競爭，但不必為了取勝而取代那個領域的那些競爭對手。

From time to time, we're in a conversation about a replacement, for sure. But it really is the opportunity here to go in and rip and replace those solutions.

當然，我們有時會討論更換人選。但這確實是進入並撕毀和替換這些解決方案的機會。

I also want to emphasize the notion and it will connect to your point of how we differentiate or compete, that our solutions in that portfolio, for example, Secure Web Sessions, can sit on top of any IdP.

我還想強調這個概念，它將與您關於我們如何區分或競爭的觀點聯繫起來，即我們在該產品組合中的解決方案，例如安全 Web 會話，可以位於任何 IdP 之上。

And so even if there is an embedded Microsoft account, we can go in and still talk to them about our overall Identity Security story, and we can talk to them about how they can still take advantage of a more secure way of doing single sign-on and connect it back to privilege controls and back to the overall Identity Security platform.

因此，即使有一個嵌入式 Microsoft 帳戶，我們仍然可以進入並與他們討論我們的整體身份安全故事，我們可以與他們討論他們如何仍然可以利用更安全的方式進行單點登錄-打開並將其連接回權限控制並連接回整個身份安全平台。

And so that becomes our special sauce when we're differentiating. It's not "My SSO is better than your SSO." It's "My Identity Security platform, with strong SSO and MFA, can keep you more secure than their SSO, MFA."

因此，當我們與眾不同時，這就成了我們的特殊調味料。這不是“我的 SSO 比你的 SSO 好”。它是“My Identity Security 平台，具有強大的 SSO 和 MFA，可以讓您比他們的 SSO、MFA 更安全。”

And again, that's becoming more and more of our talk track. Our team is becoming more and more comfortable with that talk track. And that will be what drives the growth, going forward, as we continue to increase our position in that space. Again, as you said, 2 very formidable competitors directly in the Access space.

再一次，這越來越成為我們的話題。我們的團隊越來越適應這種談話方式。隨著我們繼續提高在該領域的地位，這將成為推動增長的動力。同樣，正如您所說，Access 領域有 2 個非常強大的競爭對手。

Your next question comes from the line of (inaudible) from Baird.

你的下一個問題來自 Baird 的（聽不清）。

This is (inaudible) from Baird. Congrats on the first quarter, Matt. So one for you and one quick follow-up for Josh. Matt, you mentioned about AI that's sharing the cyber landscape and weaponized AI in particular, the organizations becoming more vulnerable to attacks that are difficult to detect.

這是 Baird 的（聽不清）。恭喜第一季度，馬特。因此，一份給你，一份給喬什（Josh）的快速跟進。馬特，你提到了共享網絡環境的人工智能，特別是武器化的人工智能，組織變得更容易受到難以檢測的攻擊。

You gave an example of a customer, the Fortune 100 transportation company cited the threat and was a key motivator in the expansion deal. Can you talk a little bit more about AI as a driver this past quarter? And in terms of the pipeline, what do you see in terms of the opportunity ahead? And then one quick follow-up for Josh.

你舉了一個客戶的例子，財富 100 強運輸公司提到了威脅，並且是擴張交易的關鍵推動因素。您能否在上個季度多談談 AI 作為驅動程序？就管道而言，您對未來的機會有何看法？然後是 Josh 的快速跟進。

Yes. I think, in any market, there are things that help to educate the market sometimes through fear that gets the market more ready and understanding of new solutions that they need. And I think AI, because it's captivated so much attention, helps with that from a market perspective.

是的。我認為，在任何市場中，有些東西有時會通過恐懼來幫助教育市場，讓市場做好準備並了解他們需要的新解決方案。我認為人工智能，因為它吸引瞭如此多的關注，從市場的角度來看有助於實現這一目標。

For sure, we -- and we're going to talk about it at our Impact event, which hopefully many of you will join. We're going to talk about this idea of what does a weaponized AI look like, and what is the attack path, and what can you do about it.

當然，我們 - 我們將在我們的 Impact 活動中討論它，希望你們中的許多人會加入。我們將討論武器化 AI 的外觀、攻擊路徑是什麼以及您可以採取什麼措施的想法。

But the reason why we're emphasizing it is not because right now, the notion of weaponized AI is the single most important attack path for organizations. But what it does is it wakes organizations up to the notion that detecting threat is not enough. We actually need to control the threat. And the only way to be able to do that in some cases is by controlling or securing identities.

但我們之所以強調它，並不是因為目前，武器化 AI 的概念是組織最重要的攻擊途徑。但它所做的是讓組織意識到檢測威脅是不夠的。我們實際上需要控制威脅。在某些情況下，唯一能夠做到這一點的方法是控製或保護身份。

And so I'll give an example here, which is at the endpoint -- and this is what the customer that you're referring to was talking about. At the endpoint, you would be silly to not have an EDR installed. Let's be clear. We believe in it. If our own IT department was installing a new environment, they're going to put an EDR of some sort on the location.

所以我將在這裡舉一個例子，它在端點——這就是你所指的客戶所說的。在端點，如果不安裝 EDR 就太傻了。讓我們說清楚。我們相信它。如果我們自己的 IT 部門正在安裝新環境，他們將在該位置放置某種 EDR。

But if you can get around that EDR or more significantly, if you can turn off that EDR because there's local privilege controls and local admin controls sitting at that end point, then that EDR is relatively useless.

但是，如果您可以繞過該 EDR，或者更重要的是，如果您可以關閉該 EDR，因為在該端點有本地權限控制和本地管理控制，那麼該 EDR 就相對無用了。

And AI is a way that you can weaponize that approach and figure out your attack path to be able to get in, get credentials and actually turn off the EDR itself so that no longer can detect.

人工智能是一種你可以將這種方法武器化並找出你的攻擊路徑以便能夠進入、獲取憑證並實際關閉 EDR 本身以便不再能夠檢測到的方法。

Our EPM solution removes the ability to be able to make changes on the local endpoint, on the local desktop, on the local server. And by doing that, you're actually ensuring your investment in your EDR system because you're now going to make sure that it's there, it's available to do what it does really well, which is to detect and respond.

我們的 EPM 解決方案消除了在本地端點、本地桌面和本地服務器上進行更改的能力。通過這樣做，您實際上確保了對 EDR 系統的投資，因為您現在要確保它在那裡，它可以做它真正擅長的事情，即檢測和響應。

And so the AI concept is more of a concept at this point in time. Although we'll talk through some more details, but what it does is, it wakes organizations up, it shakes them and says, assume breach, assume that they're going to get in. Now what do you do to control? And that's where CyberArk comes in because we're all about security and control.

因此，人工智能概念在這個時間點更像是一個概念。雖然我們將討論更多細節，但它所做的是喚醒組織，它動搖他們並說，假設違規，假設他們會進入。現在你要做什麼來控制？這就是 CyberArk 的用武之地，因為我們都關注安全和控制。

Your next question comes from the line of Andrew Nowinski from Wells Fargo.

你的下一個問題來自 Wells Fargo 的 Andrew Nowinski。

So I just wanted to -- trying to go back to gross margin, it was slightly better than expected. Do you think an increase in [discounting] might have prevented some of the downsizing of deals? And is that a tool you would consider using to get some of these deals over the finish line throughout the course of the summer?

所以我只想 - 試圖回到毛利率，它比預期略好。你認為[折扣]的增加可能會阻止一些交易的縮減嗎？您是否會考慮使用該工具在整個夏季完成其中一些交易？

Andrew, I don't think that, that -- I think you're referring kind of to our pricing in -- with regard to the gross margin?

安德魯，我不認為 - 我認為你指的是我們的定價 - 關於毛利率？

Yes. I mean I just -- yes, I mean if the deals were downsized, I'm just wondering if you could have offered any better, more aggressive pricing on it to help get the full deal size?

是的。我的意思是我只是 - 是的，我的意思是如果交易規模縮小，我只是想知道你是否可以提供更好、更積極的定價來幫助獲得完整的交易規模？

I'll let Matt take that in a second. I think, from our perspective, gross margin, we would not have seen that as necessarily the tactic. I'll let Matt talk on the pricing.

我會讓 Matt 等一下。我認為，從我們的角度來看，毛利率，我們不會認為這是必然的策略。我會讓馬特談談定價。

Yes. Listen, I think that we're operating in a tough macro environment, and we're always price conscious across the board, and we're understanding with our customers when budget is a core concern, and we're working with those customers to make sure that we can fit within their budget, while we're getting, as a partner or as a vendor, our value.

是的。聽著，我認為我們在艱難的宏觀環境中運營，我們始終對價格非常敏感，當預算是核心問題時，我們會了解我們的客戶，我們正在與這些客戶合作以確保我們能夠符合他們的預算，同時我們作為合作夥伴或供應商獲得我們的價值。

We continue to see good pricing even in this environment. By the way, we see good pricing on our renewals within this environment. And ultimately, we don't want to force or give away seats.

即使在這種環境下，我們也繼續看到良好的定價。順便說一句，我們看到在這種環境下我們的續訂定價很好。最後，我們不想強迫或放棄座位。

If we feel confident that those seats are still going to come our way just a month or 2 months or 5 months later, certainly, for certain customers, you're trying to get them to buy in, and you're trying to get them to take their first bite. And when that happens, you're aggressive or you work with them on price.

如果我們確信這些座位在一個月或 2 個月或 5 個月後仍會如願以償，那麼對於某些客戶來說，當然，您正在努力讓他們購買，並且您正在努力讓他們購買咬他們的第一口。當這種情況發生時，你會變得咄咄逼人，或者在價格上與他們合作。

But overall, I'm pretty confident in how we approach the market from a pricing perspective. We're flexible when we need to be. But at the end of the day, we're actually creating a business for the long run, and we want to make sure that we're delivering value and then we're receiving the right level of value back in the deals that we sell.

但總的來說，我對我們如何從定價角度進入市場很有信心。我們在需要的時候很靈活。但歸根結底，我們實際上是在創建一項長期業務，我們希望確保我們正在交付價值，然後在我們出售的交易中獲得適當水平的價值回報.

And we have reached the end of our Q&A session. I will now turn the call back over to CEO, Matt Cohen, for some final closing remarks.

我們的問答環節已經結束。我現在將把電話轉回給首席執行官馬特科恩，聽取一些最後的結束語。

Thanks. So I want to thank our employees for their hard work and commitment and our customers and partners for their continued support. As I said, it's been a wonderful 6 weeks so far.

謝謝。因此，我要感謝我們員工的辛勤工作和承諾，感謝我們的客戶和合作夥伴一直以來的支持。正如我所說，到目前為止，這 6 週過得很愉快。

We're looking forward to seeing many of you, hopefully all of you, over a week from now at our customer Impact event, where we're going to be able to talk about the latest and greatest of our Identity Security platform, and update everybody on the latest and greatest of the company. So until then, thanks for the call today. Take care.

我們期待著在一周後的客戶影響活動中見到你們中的許多人，希望你們所有人，我們將在會上討論最新和最棒的身份安全平台，並更新每個人都了解公司的最新和最重要的信息。因此，在此之前，感謝您今天的來電。小心。

This concludes today's conference call. Thank you for your participation.

今天的電話會議到此結束。感謝您的參與。