Cyberark Software Ltd (CYBR) 2023 Q2 法說會逐字稿

Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the CyberArk Software Earnings Conference Call. Today's conference is being recorded. (Operator Instructions) At this time, I would like to turn the conference over to Erica Smith, SVP, Investor Relations and ESG. Please go ahead.

早上好。我叫奧德拉，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Cyber​​Ark Software 收益電話會議。今天的會議正在錄製中。 （操作員指示）此時，我想將會議轉交給投資者關係和 ESG 高級副總裁 Erica Smith。請繼續。

Thank you, Audra. Good morning. Thank you for joining us today to review CyberArk's second 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，奧德拉。早上好。感謝您今天與我們一起回顧 Cyber​​Ark 2023 年第二季度的財務業績。今天與我一起參加電話會議的是我們的首席執行官馬特·科恩 (Matt Cohen)；以及我們的首席財務官喬什·西格爾 (Josh Siegel)。準備好發言後，我們將開始問答環節。

Before we begin, let me remind you that certain statements made on the call today may be considered forward-looking statements, which reflect management's best judgment based on currently available information. I refer specifically to the discussion of our expectations and beliefs regarding our projected results of operations for the third quarter, full year 2023 and beyond.

在我們開始之前，讓我提醒您，今天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。我特別指的是我們對第三季度、2023 年全年及以後的預計運營業績的期望和信念的討論。

Our actual results might differ materially from those projected in these forward-looking statements. I direct your attention to the risk factors contained in the company's annual report on Form 20-F filed with the U.S. Securities and Exchange Commission and those 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.

我們的實際結果可能與這些前瞻性陳述中的預測存在重大差異。我請您注意該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 Cyber​​Ark 網站上發布的今天新聞稿中引用的風險因素。 Cyber​​Ark 明確否認申請或承諾公開發布對今天所做的任何前瞻性聲明的任何更新或修訂。

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 the updated investor presentation that outlines the financial discussion in today's call. A webcast of this call is available on our website in the Investor Relations section.

此外，本次電話會議還將討論非公認會計準則財務指標。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演示文稿中還提供了與最直接可比的公認會計準則財務指標的對賬。本次電話會議的網絡廣播可在我們網站的投資者關係部分觀看。

With that, I'd like to turn the call over to our CEO, Matt Cohen. Matt?

說到這裡，我想將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 the call today. Momentum continues to build across our business. Our strong second quarter performance underscores the 3 key reasons we are winning. First, the power of our Identity Security platform to drive our land-and-expand motion. Our comprehensive portfolio and the depth of our SaaS solutions are continuing to increase the velocity in our business.

謝謝艾麗卡，謝謝大家今天加入電話會議。我們的業務繼續保持強勁勢頭。我們第二季度的強勁表現凸顯了我們獲勝的 3 個關鍵原因。首先，我們的身份安全平台推動我們土地擴張行動的力量。我們全面的產品組合和 SaaS 解決方案的深度正在不斷提高我們業務的速度。

Second, Identity Security is a nonnegotiable requirement for organizations. This is only amplified by the ever-increasing importance of protecting hybrid and cloud-native environments.

其次，身份安全是組織不可協商的要求。由於保護混合和雲原生環境的重要性不斷增加，這一點只會被放大。

And third, we are executing against our strategic imperatives: accelerating our platform selling motion, extending our reach through the channel, enhancing our customer success organization, and delivering cutting-edge innovation. The strength of our execution and the durability of demand is evident in our performance.

第三，我們正在執行我們的戰略要務：加速我們的平台銷售行動，通過渠道擴大我們的影響力，增強我們的客戶成功組織，並提供尖端創新。我們的執行力和需求的持久性在我們的業績中顯而易見。

Subscription ARR reached $451 million, growing 77% year-over-year. Total ARR reached $653 million, growing 40%. We added a robust $49 million in net new ARR. And we exceeded our guidance range across revenue, operating loss and EPS with total revenue growing 24% to $176 million. Non-GAAP operating loss coming in at $6 million and non-GAAP earnings per share of $0.03, all above the range.

訂閱 ARR 達到 4.51 億美元，同比增長 77%。總 ARR 達到 6.53 億美元，增長 40%。我們的淨新 ARR 增加了 4,900 萬美元。我們在收入、營業虧損和每股收益方面超出了我們的指導範圍，總收入增長了 24%，達到 1.76 億美元。非 GAAP 運營虧損為 600 萬美元，非 GAAP 每股收益為 0.03 美元，均高於該範圍。

I am incredibly proud of how we are navigating the macroeconomic backdrop. Our go-to-market teams continue to adjust their selling approach to overcome the increased deal scrutiny and longer approval cycles that we have seen for several quarters, enabling us to deliver a really well-executed performance.

我對我們在宏觀經濟背景下的應對方式感到無比自豪。我們的上市團隊繼續調整他們的銷售方式，以克服幾個季度以來不斷加強的交易審查和更長的審批週期，使我們能夠提供真正執行良好的業績。

We had a strong new business quarter, and customers continue to broaden their CyberArk relationships by new users and expanding to new solutions across the platform. Our pipeline continues to build at a record pace. Deals are progressing, and our win rates are really strong.

我們的新業務季度表現強勁，客戶繼續通過新用戶擴大他們的 Cyber​​Ark 關係，並擴展到整個平台的新解決方案。我們的管道繼續以創紀錄的速度建設。交易正在取得進展，我們的勝率非常高。

We hosted our IMPACT customer event in May. It was great to see so many of you who attended in person, and we appreciate those who tuned into the virtual sessions. IMPACT in Boston is our marquee event, but we are also hosting our IMPACT world tour across 20 cities across the world throughout the summer and fall.

我們於五月舉辦了 IMPACT 客戶活動。很高興看到這麼多人親自參加，我們感謝那些參加虛擬會議的人。波士頓的 IMPACT 是我們的重要活動，但我們還在夏季和秋季在全球 20 個城市舉辦 IMPACT 世界巡演。

Over the last few months, we have touched thousands of customers, prospects and partners as part of this program. The feedback is resoundingly positive. We are helping customers mitigate risk and drive efficiency as they manage the explosion of new identities, new environments and new attack methods.

在過去的幾個月裡，作為該計劃的一部分，我們已經接觸了數千名客戶、潛在客戶和合作夥伴。反饋非常積極。我們正在幫助客戶在管理新身份、新環境和新攻擊方法的爆炸式增長時降低風險並提高效率。

Moving on to the details of the quarter. We will frame the discussion around growth, innovation and profitability. Starting with our growth drivers. A typical organization has thousands of unique identities, and those identities have more access today than ever before.

繼續討論本季度的細節。我們將圍繞增長、創新和盈利能力進行討論。從我們的增長動力開始。一個典型的組織擁有數千個獨特的身份，並且這些身份現在比以往任何時候都擁有更多的訪問權限。

In our recently released Identity Security Threat Landscape Report, every organization we surveyed expects an identity-related compromise in the year ahead, and more than half say this will happen as part of a digital transformation initiative. Generative AI is compounding these trends. Attackers are innovating faster than ever and are more sophisticated, further elevating the urgency for comprehensive identity security.

在我們最近發布的身份安全威脅形勢報告中，我們調查的每個組織都預計在未來一年會出現與身份相關的妥協，超過一半的組織表示這將作為數字化轉型計劃的一部分發生。生成式人工智能正在加劇這些趨勢。攻擊者的創新速度比以往任何時候都快，也更加老練，進一步提高了全面身份安全的緊迫性。

As a result, organizations are consolidating across security vendors based on trust, what we refer to as a consolidation of trust. They are choosing long-term partners like CyberArk because of deep domain expertise, leadership position, breadth of platform and superior technology.

因此，組織正在基於信任來整合跨安全供應商，我們稱之為信任整合。他們之所以選擇 Cyber​​Ark 這樣的長期合作夥伴，是因為其深厚的領域專業知識、領先地位、廣泛的平台和卓越的技術。

Our differentiation includes our ability to secure all identities, human and machine, as they access all environments, including hybrid and multi-cloud environments while applying our comprehensive intelligent privileged controls across standing access, just-in-time access and our 0 standing privilege approach.

我們的差異化包括我們能夠在訪問所有環境（包括混合雲和多雲環境）時保護所有身份、人員和機器的安全，同時在常設訪問、即時訪問和零常設特權方法中應用我們全面的智能特權控制。

Our most recent product introduction, Secure Cloud Access, which provides secure native access with 0 standing privileges across multi-cloud environments, is resonating with customers. When combined with just-in-time access for cloud workloads, it creates the ability for a customer for -- it creates the ability for customers to reimagine their PAM programs.

我們最新推出的產品“安全雲訪問”能夠跨多雲環境提供安全的本機訪問，且具有 0 常設權限，引起了客戶的共鳴。當與雲工作負載的即時訪問相結合時，它為客戶創造了重新構想其 PAM 程序的能力。

In addition, when Secure Cloud Access is combined with Secrets Hub and Conjur Cloud, developers and the security teams can innovate even faster in the cloud. For the workforce, we take this one step further, providing privileged controls to the enterprise with secure web sessions and workforce password management.

此外，當 Secure Cloud Access 與 Secrets Hub 和 Conjur Cloud 相結合時，開發人員和安全團隊可以在雲中更快地進行創新。對於員工而言，我們更進一步，通過安全的網絡會話和員工密碼管理為企業提供特權控制。

These are great examples of how our platform is delivering compelling value to customers and driving our long-term growth. Our innovation engine and go-to-market execution contributed to our strong new business quarter and 235 new logos. While PAM continues to be the primary landing spot, our platform (inaudible) key to our success with customers increasingly landing with 2 or more solutions.

這些都是我們的平台如何為客戶提供令人信服的價值並推動我們長期增長的絕佳例子。我們的創新引擎和上市執行為我們強勁的新業務季度和 235 個新徽標做出了貢獻。雖然 PAM 仍然是主要登陸點，但我們的平台（聽不清）是我們成功的關鍵，客戶越來越多地使用 2 個或更多解決方案登陸。

Digging into a few wins in the quarter, driven by cyber insurance requirements, an industry-leading Fortune 500 transportation company wanted a solution that would evolve and scale with the company's cloud strategy. In addition to Privilege Cloud, the customer will centrally secure human and nonhuman privilege access across its global multi-cloud infrastructure with Secure Cloud Access and Secrets Hub.

在網絡保險需求的推動下，一家行業領先的財富 500 強運輸公司在本季度取得了一些成果，希望有一種解決方案能夠隨著公司的雲戰略而發展和擴展。除了特權雲之外，客戶還將通過安全雲訪問和 Secrets Hub 集中保護其全球多雲基礎設施中的人類和非人類特權訪問。

As part of its Zero Trust strategy, a leading cybersecurity company landed with our Endpoint Privilege Manager to remove local admin rights from all endpoints and help mitigate the risk of ransomware attacks. A leading telecommunication provider in South America is embracing our Identity Security platform to achieve operational efficiencies and measurable risk reduction. This customer is consolidating vendors and will be using the CyberArk platform, including PAM, Endpoint Privilege Manager and Secrets Manager across all 7 of its companies.

作為其零信任戰略的一部分，一家領先的網絡安全公司使用我們的端點權限管理器來刪除所有端點的本地管理權限，並幫助降低勒索軟件攻擊的風險。南美一家領先的電信提供商正在採用我們的身份安全平台，以提高運營效率並顯著降低風險。該客戶正在整合供應商，並將使用 Cyber​​Ark 平台，包括其所有 7 個公司的 PAM、Endpoint Privilege Manager 和 Secrets Manager。

The velocity of our business is also picking up as customers achieve faster time to value with our SaaS solutions. The success of our land-and-expand motion is represented by the nearly 40% increase in customers with more than $100,000 in annual recurring revenue to approximately 1,500 at the end of Q2. A few examples include: a Global 500 energy company embraced our Identity Security vision and expanded from a large PAM footprint to DevOps and cloud security in Q2, with Conjur Cloud, Secrets Hub and Secure Cloud Access; an auto manufacturing company who bought CyberArk PAM in the third quarter of 2022 was looking to expand with a modern Identity Security platform. During the second quarter, they bought more Privilege Cloud and added workforce password manager as its first CyberArk identity solution.

隨著客戶利用我們的 SaaS 解決方案更快地實現價值，我們的業務發展速度也在加快。我們的土地擴張行動取得了成功，年經常性收入超過 100,000 美元的客戶數量增加了近 40%，到第二季度末達到約 1,500 家。一些例子包括：一家全球 500 強能源公司接受了我們的身份安全願景，並在第二季度從大型 PAM 足跡擴展到 DevOps 和雲安全，包括 Conjur Cloud、Secrets Hub 和 Secure Cloud Access；一家汽車製造公司於 2022 年第三季度購買了 Cyber​​Ark PAM，希望通過現代身份安全平台進行擴張。在第二季度，他們購買了更多的 Privilege Cloud，並添加了員工密碼管理器作為其第一個 Cyber​​Ark 身份解決方案。

Accenture is one of our most successful advisory partners with a strong CyberArk Identity Security practice. Given their deep understanding of the security market, we are pleased they will expand their use of CyberArk for the cloud to deliver advanced cybersecurity controls for clients and also utilize for themselves. We look forward to continuing to extend our relationship with Accenture.

埃森哲是我們最成功的諮詢合作夥伴之一，擁有強大的 Cyber​​Ark 身份安全實踐。鑑於他們對安全市場的深入了解，我們很高興他們將擴大 Cyber​​Ark 的雲使用範圍，為客戶提供先進的網絡安全控制，也為自己所用。我們期待繼續擴大與埃森哲的關係。

The channel is extending our market reach with more feet on the street and more services power. Certifications for Endpoint Privilege Manager, CyberArk Identity and Secrets Management are growing quickly. MSPs remain a key pillar for the future growth, and we are gaining traction with GuidePoint, (inaudible), NTT, among others, who delivered key wins in Q2 and are helping us reach new customer segments.

該渠道正在通過更多的腳步和更多的服務力量來擴大我們的市場範圍。端點權限管理器、Cyber​​Ark 身份和秘密管理的認證正在快速增長。 MSP 仍然是未來增長的關鍵支柱，我們正在吸引 GuidePoint、（聽不清）、NTT 等公司的關注，他們在第二季度取得了重大勝利，並幫助我們開拓了新的客戶群。

In fact, BT, a leading British multinational telecommunications company, needed a modern, scalable security partner as it rapidly scales its global managed services operations to help ensure their customers' critical identities are protected. During the second quarter, they made the strategic decision to leverage CyberArk Identity as their key access solution.

事實上，英國電信（BT）是一家領先的英國跨國電信公司，它需要一個現代化的、可擴展的安全合作夥伴，因為它正在迅速擴展其全球託管服務業務，以幫助確保其客戶的關鍵身份受到保護。在第二季度，他們做出了利用 Cyber​​Ark Identity 作為其關鍵訪問解決方案的戰略決策。

Moving on to innovation. At our Impact customer event in May, we were excited to share how we are at the leading edge of innovation in Identity Security, including the introduction of AI-powered automation and policy creation for EPM to help reduce risk and implement least privilege at the endpoint. CyberArk has a long track record of working to stay ahead of both the competition and attackers.

繼續創新。在 5 月份的 Impact 客戶活動中，我們很高興分享我們如何處於身份安全創新的前沿，包括引入人工智能驅動的自動化和 EPM 策略創建，以幫助降低風險並在端點實現最低權限。 Cyber​​Ark 長期以來一直致力於在競爭和攻擊者中保持領先地位。

Today, the attackers are leveraging AI to exponentially increase their effectiveness. And capacity to change tactics and techniques and procedures continues to increase. While attack methods are evolving rapidly, the common denominator in these attacks remains identities.

如今，攻擊者正在利用人工智能來成倍地提高他們的效率。改變戰術、技術和程序的能力不斷增強。雖然攻擊方法正在迅速發展，但這些攻擊的共同點仍然是身份。

We are harnessing generative AI to develop new security solutions and enhancements for our customers, innovation to combat innovation. We have a team dedicated to integrating AI across our product portfolio as well as new innovations, and we are looking forward to sharing information about our initiatives later in the year.

我們正在利用生成式人工智能為客戶開發新的安全解決方案和增強功能，以創新對抗創新。我們有一個團隊致力於將人工智能集成到我們的產品組合以及新的創新中，我們期待在今年晚些時候分享有關我們舉措的信息。

At IMPACT, we also launched Secrets Hub for Azure and PAM self-hosted. Since launching last year, security professionals love the security controls, while developers can continue their workflow but with frictionless protection, making CyberArk the Secrets backbone of the enterprise.

在 IMPACT 上，我們還推出了適用於 Azure 的 Secrets Hub 和 PAM 自託管。自去年推出以來，安全專業人士喜歡安全控制，而開發人員可以繼續他們的工作流程，但獲得無摩擦的保護，使 Cyber​​Ark 成為企業的 Secrets 支柱。

CyberArk Secure Browser was one of the highlights of the event. Secure Browser is purpose built for the enterprise and deliver security, privacy and productivity. It can act as a front end to CyberArk's Identity Security platform, while also securing the overall browsing experience for privileged users.

Cyber​​Ark Secure Browser 是本次活動的亮點之一。 Secure Browser 專為企業打造，可提供安全性、隱私性和生產力。它可以充當 Cyber​​Ark 身份安全平台的前端，同時還可以保護特權用戶的整體瀏覽體驗。

One of the areas that our customers are most intrigued by is the ability to stop session hijacking, an increasingly dangerous form of attack where hackers are looking to steal cookies and takeover sessions to harvest critical data and IP.

我們的客戶最感興趣的領域之一是阻止會話劫持的能力，這是一種日益危險的攻擊形式，黑客試圖竊取 cookie 並接管會話以獲取關鍵數據和 IP。

Moving on to profitability. As the dynamics of the subscription transition begin to subside, we are marching towards our Rule of 40 goal as you see in our full year bottom line raise. Our Identity Security platform will not only help increase our go-to-market productivity but also drive operating leverage by supporting rapid cost-effective innovation across all of our product groups.

轉向盈利。隨著訂閱過渡的動力開始消退，我們正在朝著 40 條規則的目標邁進，正如您在全年利潤增長中看到的那樣。我們的身份安全平台不僅有助於提高我們的上市生產力，而且還通過支持我們所有產品組的快速、經濟有效的創新來提高運營槓桿。

We have always made disciplined investments to support our growth, and I remain very confident in the long-term profit goals we put out at our Investor Day just a few months ago.

我們一直進行嚴格的投資來支持我們的增長，我對我們在幾個月前的投資者日上提出的長期利潤目標仍然充滿信心。

In summary, our go-to-market organization and innovation engine are delivering. We are accelerating our platform selling motion, our new platform services and how we leverage our robust partner relationships to extend our reach and drive our growth.

總而言之，我們的市場進入組織和創新引擎正在發揮作用。我們正在加速我們的平台銷售行動、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關係來擴大我們的影響力並推動我們的增長。

We are thrilled with the early adoption of our cloud security solutions and the momentum we are seeing in the market. Securing all identities, not just managing human access is a requirement at the center of our customers' cybersecurity strategies. As we look ahead, the momentum in our business, strong execution in the first half, and disciplined investment approach positioned us to confidently raise our full year guidance for ARR and improve our operating profitability.

我們對我們的雲安全解決方案的早期採用以及我們在市場上看到的勢頭感到非常興奮。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策略的核心要求。展望未來，我們的業務勢頭、上半年的強勁執行力以及嚴格的投資方法使我們能夠自信地提高全年的 ARR 指引並提高我們的運營盈利能力。

I will now turn the call over to Josh, who will discuss our outperformance in more detail and provide you with our guidance for the third quarter of the year.

我現在將把電話轉給喬什，他將更詳細地討論我們的優異表現，並向您提供我們今年第三季度的指導。

Thanks, Matt. We delivered yet another strong quarter, beating our guidance across the board. ARR grew an exceptional 40% and reached $653 million at June 30, while the subscription portion increased 77% and reached $451 million.

謝謝，馬特。我們再次實現了強勁的季度業績，全面超出了我們的預期。截至 6 月 30 日，ARR 增長了 40%，達到 6.53 億美元，而訂閱部分增長了 77%，達到 4.51 億美元。

Momentum continues to pick up. And in the second quarter, we had $49 million in net new subscription ARR. This represents the largest amount of net new subscription ARR outside the seasonally strong fourth quarter of 2022.

勢頭繼續增強。第二季度，我們的淨新訂閱 ARR 為 4900 萬美元。這是除季節性強勁的 2022 年第四季度之外的最大淨新訂閱 ARR。

As Matt mentioned already, our Identity Security strategy is resonating with customers, embracing our SaaS solutions and expanding across our platform. The maintenance portion of annual recurring revenue was $201 million at June 30.

正如 Matt 已經提到的，我們的身份安全戰略正在引起客戶的共鳴，採用我們的 SaaS 解決方案並在我們的平台上進行擴展。截至 6 月 30 日，年度經常性收入的維護部分為 2.01 億美元。

In the second quarter, we were thrilled, particularly in today's macro environment, to capture an increase in annual maintenance rates, which combined with our strong continued renewal rates demonstrate that our solutions are mission-critical and deliver amazing value to our customers.

在第二季度，特別是在當今的宏觀環境下，我們很高興看到年度維護率的增長，這與我們強勁的持續更新率相結合，表明我們的解決方案是關鍵任務，並為我們的客戶提供了驚人的價值。

Like-for-like, the conversion activity still just represents a single-digit percent of our year-on-year ARR growth. (inaudible) exceeded our guidance and came in at $175.8 million with growth of 24% year-on-year.

類似地，轉換活動仍然只占我們的同比 ARR 增長的個位數百分比。 （聽不清）超出了我們的指導，收入達 1.758 億美元，同比增長 24%。

Year-to-date, our total revenue grew 25%. That's an acceleration from 17% in the first half of last year. Our subscription bookings mix came in at 95% in the quarter. That's compared to 88% in the second quarter of last year. Our growth was well balanced across (inaudible) expansion business. Self-hosted subscription duration again came in at the lower bound of our range, continuing to put pressure on recognized revenue, and that's about $3 million.

今年迄今為止，我們的總收入增長了 25%。這比去年上半年的 17% 有所增長。本季度我們的訂閱預訂率為 95%。相比之下，去年第二季度這一比例為 88%。我們的增長在（聽不清）擴張業務中取得了很好的平衡。自託管訂閱持續時間再次進入我們範圍的下限，繼續對已確認的收入造成壓力，約為 300 萬美元。

Moving into the details of the revenue lines for the second quarter. Subscription revenue reached $106.2 million, growing 61% year-on-year and representing 60% of total revenue in the second quarter.

進入第二季度收入線的詳細信息。訂閱收入達到 1.062 億美元，同比增長 61%，佔第二季度總收入的 60%。

Consistent with our move to a subscription business model, perpetual license revenue came in at $5.1 million. Our maintenance and professional services revenue was $64.6 million, with $51.6 million coming from recurring maintenance and $13 million in professional services revenue.

與我們向訂閱業務模式的轉變相一致，永久許可收入達到 510 萬美元。我們的維護和專業服務收入為 6460 萬美元，其中 5160 萬美元來自經常性維護，1300 萬美元來自專業服務收入。

The recurring revenue portion reached $157.8 million or 90% of total revenue. That's growing 31% year-on-year from the $120.4 million or just 85% of total revenue in the second quarter of last year.

經常性收入部分達到 1.578 億美元，佔總收入的 90%。與去年第二季度 1.204 億美元（僅佔總收入的 85%）相比，同比增長 31%。

Geographically, the business continues to be well diversified. The Americas revenue reached $107.1 million, growing 28% year-on-year. APJ grew by 24% to $18.3 million in revenues, and EMEA grew by 15% year-on-year to $50.4 million in revenue. The EMEA region had nearly a 13 percentage point increase in subscription bookings mix to 95% in the second quarter from about 82% in the second quarter last year, creating a meaningful recognized revenue headwind in the quarter.

從地域上看，業務繼續多元化。美洲地區收入達到1.071億美元，同比增長28%。亞太及日本地區的收入同比增長 24%，達到 1,830 萬美元；歐洲、中東和非洲地區的收入同比增長 15%，達到 5,040 萬美元。歐洲、中東和非洲地區的訂閱預訂比例從去年第二季度的 82% 左右增加到第二季度的 95%，增長了近 13 個百分點，為本季度帶來了顯著的公認收入逆風。

All line items in the P&L will now be discussed on a non-GAAP basis. Please see the full GAAP to non-GAAP reconciliation in the tables of our press release.

現在，損益表中的所有項目都將在非 GAAP 基礎上進行討論。請參閱我們新聞稿表格中的完整 GAAP 與非 GAAP 調節表。

Our second quarter gross profit was $143.3 million or an 81% gross margin compared to the 82% gross margin in the second quarter last year. Our operating loss of $5.6 million came in better than the top end of our guidance. As a reminder, we incurred expenses from our IMPACT event in the second quarter of approximately $4 million. Even with the increase in expenses from IMPACT, we are demonstrating leverage in our business with our revenue growing 24% and operating expenses increasing only 17% year-on-year.

我們第二季度的毛利潤為 1.433 億美元，毛利率為 81%，而去年第二季度的毛利率為 82%。我們的運營虧損為 560 萬美元，好於我們指導的上限。提醒一下，我們第二季度的 IMPACT 活動產生了約 400 萬美元的費用。儘管 IMPACT 費用有所增加，但我們的業務仍發揮著槓桿作用，收入同比增長 24%，而運營費用僅增長 17%。

Net income exceeded guidance coming in at $1.3 million or $0.03 per diluted share. We ended June with over 29 -- 2,950 employees worldwide, including 1,300 in sales and marketing.

淨利潤超出指導值 130 萬美元，即稀釋後每股收益 0.03 美元。截至 6 月，我們在全球擁有超過 29 名員工（2,950 名），其中 1,300 名從事銷售和營銷工作。

For the 6 months of 2023, free cash flow was a negative $8.6 million or a negative 2.5% free cash flow margin. As a reminder, we expected operating margin and free cash flow to be lower sequentially in the second quarter as a result of the IMPACT customer event and other seasonal expenses.

2023 年的 6 個月，自由現金流為負 860 萬美元，即自由現金流利潤率為負 2.5%。提醒一下，由於 IMPACT 客戶活動和其他季節性費用，我們預計第二季度的營業利潤率和自由現金流將環比下降。

Turning to our guidance. For the third quarter and the full year 2023, our guidance reflects our strong execution, leading competitive position and platform selling motion, and that's balanced against still the uncertainty in the macro environment.

轉向我們的指導。對於第三季度和 2023 年全年，我們的指導反映了我們強大的執行力、領先的競爭地位和平台銷售動力，並且與宏觀環境的不確定性保持了平衡。

For the third quarter of 2023, we expect total revenue of $181.5 million to $186.5 million, which represents 21% year-on-year growth at the midpoint. We expect the subscription mix will continue to be above the 95% level.

對於 2023 年第三季度，我們預計總收入為 1.815 億美元至 1.865 億美元，中間值同比增長 21%。我們預計認購比例將繼續高於 95% 的水平。

We expect non-GAAP operating income in the range of $4 million to $8 million for the third quarter. And we expect our non-GAAP EPS to range from $0.19 to $0.27 per diluted share. Our guidance assumes 46.8 million weighted average diluted shares. And about $6 million in taxes.

我們預計第三季度非 GAAP 營業收入在 400 萬美元至 800 萬美元之間。我們預計非 GAAP 攤薄後每股收益將在 0.19 美元至 0.27 美元之間。我們的指導假設加權平均稀釋股份為 4680 萬股。還有大約 600 萬美元的稅收。

For the full year 2023, we expect total revenue in the range of $726 million to $736 million, representing 24% year-on-year growth at the midpoint of the range and an acceleration from the 18% for full year last year. We are significantly raising our full year operating results to be in the range of breakeven to operating income of $9 million.

對於 2023 年全年，我們預計總收入在 7.26 億美元至 7.36 億美元之間，同比增長 24%，較去年全年的 18% 增長。我們將大幅提高全年經營業績，使其達到盈虧平衡至 900 萬美元的營業收入。

We expect our EPS range to be $0.44 to $0.63 per diluted share, and we expect about 46.4 million of weighted average diluted shares and about $24 million in taxes for the full year of 2023. On the back of a strong ARR growth, we are also raising our guidance for annual recurring revenue to now be between $743 million and $753 million at December 31, 2023. That's about a 31% year-on-year growth at the midpoint of the range.

我們預計每股攤薄後每股收益範圍為 0.44 至 0.63 美元，預計 2023 年全年加權平均攤薄股數約為 4,640 萬股，稅金約為 2,400 萬美元。在 ARR 強勁增長的背景下，我們還我們將截至2023 年12 月31 日的年度經常性收入指引提高至7.43 億美元至7.53 億美元之間。按該範圍的中值計算，同比增長約為31%。

Overall, we were pleased with our execution, particularly in this macro environment. Our subscription transition is playing out against our playbook. Revenue in the first 6 months of the year accelerated to 25% growth, and our operating margin is improving. As we talked about at our Investor Day, we are driving towards our near- and long-term goals as momentum in our business continues to build.

總的來說，我們對我們的執行感到滿意，特別是在這個宏觀環境下。我們的訂閱過渡正在按照我們的劇本進行。今年前 6 個月的收入加速增長 25%，我們的營業利潤率正在改善。正如我們在投資者日談到的那樣，隨著我們業務勢頭的不斷增強，我們正在努力實現我們的近期和長期目標。

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) We'll go first to Saket Kalia at Barclays.

（操作員指示）我們將首先前往巴克萊銀行的 Saket Kalia。

Okay. Great. Matt, maybe to start with you. It's just great to see the resilience of the subscription ARR line, just to the point made earlier in this macro and the continued sort of net new ARR growth. Maybe the question that's most appropriate to start with is, why do you think this space, identity, PAM, et cetera, is just doing so much better than other areas of security?

好的。偉大的。馬特，也許從你開始。很高興看到訂閱 ARR 線的彈性，正如之前在本宏觀中提到的那樣，以及新 ARR 淨增長的持續增長。也許最適合開始的問題是，為什麼您認為這個空間、身份、PAM 等比其他安全領域做得更好？

Do you feel like that's CyberArk-specific? Do you think that Identity in general is just a healthier area of security spending? Any thoughts on why you feel like CyberArk and Identity in general is just doing so much better?

你覺得這是 Cyber​​Ark 特有的嗎？您是否認為身份總體上只是安全支出中更健康的領域？您是否認為 Cyber​​Ark 和 Identity 總體上做得更好？

No, it's a great question, and it starts with this idea that we are so thrilled with the results to see the kind of continued ARR growth that we're able to achieve. And I think when we look at it internally, we kind of map it back to 3 main causes of our success from this perspective.

不，這是一個很好的問題，它始於這樣一個想法：我們對我們能夠實現的 ARR 持續增長的結果感到非常興奮。我認為，當我們在內部審視它時，我們會從這個角度將其映射回我們成功的三個主要原因。

One certainly is the market we play in, as you mentioned (inaudible). We talk a lot about this idea that at the core of where the attackers are trying to get to is identities. And as identities proliferate through organizations, the cybersecurity strategies need to evolve, and they need to focus in on identity as the centerpiece of the overall strategy. And so that's maybe the market we play in and the particular area of cyber that we chose to participate in.

正如您提到的（聽不清），其中之一當然是我們所處的市場。我們經常討論這樣的想法：攻擊者試圖獲取的核心是身份。隨著身份在組織中激增，網絡安全策略需要不斷發展，並且需要將身份作為整體策略的核心。這可能就是我們所處的市場以及我們選擇參與的特定網絡領域。

But I think the other 2 reasons which are CyberArk-specific are really driving the success. One is this ability for us to be able to differentiate in the market with our Identity Security platform, the ability to be able to protect any identity, human and nonhuman machine identities, regular workforce users as well as the most privileged users sitting in IT, and be able to do that all from one platform with one solution set. I think that resonates with our customers as they build their longer-term plans and point them in the direction of CyberArk.

但我認為 Cyber​​Ark 特有的另外兩個原因確實推動了成功。一是我們能夠通過我們的身份安全平台在市場上脫穎而出，能夠保護任何身份、人類和非人類機器身份、普通員工用戶以及 IT 領域最有特權的用戶，並且能夠通過一個平台使用一套解決方案來完成這一切。我認為，當我們的客戶制定長期計劃並為他們指明 Cyber​​Ark 的方向時，這會引起他們的共鳴。

And then the third area, and a lot of the team members listen to this call, and I'll tell you, they're doing a phenomenal job executing out there. They are adjusting their execution to the macro environment.

然後是第三個領域，很多團隊成員都在聽這個電話，我會告訴你，他們在那裡執行得非常出色。他們正在根據宏觀環境調整執行力。

We talked about this a little bit before, but they come in, and they've changed their value story to make it easier for the customer to buy. They're mapping to the Board initiatives that are out there. For example, they're able to pivot a lot of their story to deal with people like Josh sitting next to me, the CFO in the company and actually pitch a value story for them to go side-by-side with how we're talking to IT, to the CIO and to the CISO. And so I think phenomenal execution kind of rounds out the picture that starts with participating in a great market and having a differentiated solution.

我們之前討論過這個問題，但他們進來了，他們改變了他們的價值故事，讓客戶更容易購買。他們正在根據董事會的計劃制定計劃。例如，他們能夠圍繞自己的很多故事來與像坐在我旁邊的公司首席財務官喬希這樣的人打交道，並實際上為他們提供一個價值故事，以與我們的方式並肩作戰。與IT、CIO和CISO 交談。因此，我認為，非凡的執行力可以讓我們從參與一個偉大的市場並擁有差異化的解決方案開始。

Got it. Got it. That makes a ton of sense. Josh, maybe for my follow-up for you. Great to see the upside on the income statement this quarter, both in revenue and operating income. And also great to see the operating income, guide go up so much for the year, I think more than this quarter's beat.

知道了。知道了。這很有道理。喬什，也許是為了我對你的後續行動。很高興看到本季度損益表的收入和營業收入都有所上升。也很高興看到今年的營業收入和指導增長如此之大，我認為超過了本季度的增長。

Maybe the question for you, though, is I think we're taking the revenue guide up slightly at the bottom end. Maybe the question is, what were some of the puts and takes that you sort of considered when thinking about how just the ARR success is going to flow through to the revenue line? Does that make sense?

不過，也許您的問題是，我認為我們正在將收入指南的底端略微上調。也許問題是，在考慮 ARR 成功將如何流入收入線時，您考慮了哪些看跌期權和看跌期權？那有意義嗎？

Yes, it does, Saket, and thanks for the question. And yes, we are thrilled that we were able to raise the ARR guide for the full year by $7 million. And we're also happy that we were able to pass and (inaudible) up the revenue full year as well.

是的，確實如此，Saket，謝謝你的提問。是的，我們很高興能夠將全年的 ARR 指南提高 700 萬美元。我們也很高興我們能夠通過並（聽不清）全年收入。

And when we think about kind of the take then on the ARR, one of the things that we want to preserve for the back half is that we -- our pipeline has been growing at record levels. And -- but we're also seeing it very heavily weighted towards SaaS.

當我們考慮對 ARR 的看法時，我們希望為後半段保留的事情之一是我們的管道一直在以創紀錄的水平增長。而且 - 但我們也看到它非常偏向 SaaS。

And so we want to -- while we are getting that increase in the ARR, we also want to preserve that the second half could, could [IGA] up even above our 95% of SaaS and subscription mix, and we want to consider that. And I think where it could -- where we'll definitely see it roll into though is into 2024.

因此，我們希望——在 ARR 增加的同時，我們還希望保持下半年 [IGA] 的 SaaS 和訂閱組合的佔比甚至超過 95%，我們希望考慮到這一點。我認為，我們肯定會在 2024 年看到它的實現。

We'll move next to Jonathan Ho at William Blair.

我們將搬到威廉·布萊爾的喬納森·何 (Jonathan Ho) 旁邊。

Let me congratulate my -- the strong performance on the quarter. I wanted to maybe dig into maybe individual products. Was there anything that sort of surprised you in terms of strength in the quarter or that stood out relative to your expectations?

讓我祝賀我的——本季度的強勁表現。我想深入研究個別產品。就本季度的實力而言，有什麼事情讓您感到驚訝或者相對於您的預期而言比較突出嗎？

Jonathan, it's Matt here. So listen, I think across the board, it was a strong quarter. We saw a really good performance back in the PAM business itself, particularly on the Privilege Cloud front. We saw strong ARR growth in EPM and in Secrets, in the identity and access space, especially in some of the areas that we say differentiate us there, Secure Web Sessions, workforce password manager and some of the areas there.

喬納森，我是馬特。所以聽著，我認為從整體上看，這是一個強勁的季度。我們在 PAM 業務本身中看到了非常好的表現，特別是在特權雲方面。我們看到 EPM 和 Secrets、身份和訪問領域的 ARR 強勁增長，特別是在我們所說的使我們脫穎而出的一些領域，例如安全網絡會話、員工密碼管理器和其中的一些領域。

So I think it was one of the quarters where we were kind of strong across the board. We highlighted in the prepared remarks some of the newer stuff because I think maybe that's where we were a little more surprised kind of the intake of our Secure Cloud Access solution for protecting native cloud environments maybe took us a little bit by surprise in terms of how quickly it's being brought into deals even more so into the pipeline of deals looking forward.

所以我認為這是我們在各方面都表現強勁的季度之一。我們在準備好的評論中強調了一些較新的內容，因為我認為這可能是我們更驚訝的地方，用於保護本機雲環境的安全雲訪問解決方案的採用可能讓我們有點驚訝它很快就會被納入交易，甚至更多地被納入未來的交易渠道中。

We saw the SaaS side of the Secrets business, Conjur Cloud and Secrets Hub start to take off. And so I would tell you it was a strong quarter across the board and with really nice signs on some of the newer innovations that we were able to talk about at Impact.

我們看到 Secrets 業務的 SaaS 方面、Conjur Cloud 和 Secrets Hub 開始騰飛。所以我想告訴你，這是一個全面強勁的季度，我們在 Impact 上討論的一些較新的創新有非常好的跡象。

We'll go next to Rob Owens at Piper Sandler.

接下來我們將採訪 Piper Sandler 的 Rob Owens。

Great. Last quarter, you did note some downsizing of deals. And just curious, given the puts and takes with the economy what you guys are seeing now in terms of deal size.

偉大的。上個季度，您確實注意到交易規模有所縮小。只是好奇，考慮到你們現在在交易規模方面所看到的經濟形勢。

Yes. So I think we talked about it a little bit in depth last quarter, and we talked about 2 things, the downsizing of deals, we also talked about, though, that the component parts that were downsized maybe were put into the back half of the year pipeline, and we're ready for expansion motion. The deals, first of all, to double down on that or come back to that, the deals that we saw happen in Q1, the other component parts still do sit in the back half of the year, and actually are progressing really nicely. So we're really happy with that.

是的。因此，我認為我們上個季度對此進行了深入討論，我們討論了兩件事，即交易規模的縮小，不過，我們也討論了縮小規模的零部件可能被放入了後半部分。年管道，我們已準備好進行擴張行動。首先，要加倍努力或回到這一點，我們看到第一季度發生的交易，其他組成部分仍然會在今年下半年進行，而且實際上進展非常好。所以我們對此感到非常高興。

I think what I would say as it related to the second quarter here is the team did a better job of actually positioning the right deal upfront for the customer based upon a better understanding of their budgets, based upon a better understanding of what they needed to procure and maybe weren't seeking out the supersize deal to begin with. And in that case, we didn't see as much downsizing at the end of the quarter.

我認為我要說的是，與第二季度相關的是，團隊在更好地了解客戶的預算、更好地了解他們需要什麼的基礎上，在實際為客戶預先定位正確的交易方面做得更好。採購，也許一開始就沒有尋求超大規模的交易。在這種情況下，我們在季度末並沒有看到如此多的裁員。

We actually just saw a strong performance, strong execution and the ability to be able to kind of deliver against the close rates that we would expect. So I would say the market itself continues to stabilize around us. We feel like we're in a strong position vis-a-vis the macros at the moment. And I wouldn't say there's been any change in trends of a dramatic nature.

實際上，我們只是看到了強勁的表現、強大的執行力以及能夠按照我們預期的收盤價交付的能力。所以我想說，我們周圍的市場本身繼續穩定。我們覺得目前我們在宏觀方面處於有利地位。我不會說趨勢發生了任何戲劇性的變化。

Great. And I guess building on that, if I look at ARR, and ARR guide for the second half, this year implies about 45% of your ARR would come in the first half of the year, 55% in the back half. That's about a 5-point shift from last year, which was 40-60. So what's implied in that ARR guidance as we kind of contemplate the second half? And any help around Q3 versus Q4, would be great.

偉大的。我想在此基礎上，如果我查看 ARR 和下半年的 ARR 指南，今年意味著大約 45% 的 ARR 將出現在上半年，55% 將出現在下半年。與去年的 40-60 相比，差距大約為 5 個百分點。那麼，當我們考慮下半年時，ARR 指導意味著什麼？圍繞第三季度和第四季度的任何幫助都會很棒。

Yes. Thanks, Rob. So I mean, essentially, we're -- the guide implies a flat net new ARR for subscription business because we anticipate definitely some reduction on the maintenance side of the ARR. That can even get to $10 million for the second half.

是的。謝謝，羅布。所以我的意思是，本質上，我們的指南暗示訂閱業務的淨新 ARR 是固定的，因為我們預計 ARR 的維護方面肯定會有所減少。下半年甚至可能達到 1000 萬美元。

So we're looking at flat on the net new ARR, and we were glad that we were able to achieve -- overachieve on the net new ARR for the first half and then the take is the decline in the maintenance business ARR for the second half.

因此，我們看到的是淨新 ARR 持平，我們很高興我們能夠實現上半年的淨新 ARR 超額完成，然後採取的是下半年維護業務 ARR 的下降一半。

And then I would just add that I think we see a normal seasonal kind of split between Q3 and Q4, consistent with prior years.

然後我想補充一點，我認為我們在第三季度和第四季度之間看到了正常的季節性劃分，與前幾年一致。

We'll go next to [Andrew Hallam] at Morgan Stanley.

接下來我們將採訪摩根士丹利的[安德魯·哈勒姆]。

So could you just talk a little bit about the success that you've been seeing with bundling? What percentage of customers bought multiple products this quarter?

那麼您能否簡單談談您在捆綁方面取得的成功？本季度有多少比例的客戶購買了多種產品？

Yes. So we continue to see not just through bundling, by the way, but just through selection in the deal process, we continue to see customers purchase multiple solutions. When we talk about new logos, generally speaking, it's greater than 50%. It can even tick up higher than that, that are buying more than one solution on their landing spot. And certainly, that trend continues if not more in the base as we expand our customers kind of in that land-and-expand motion.

是的。因此，順便說一句，我們繼續看到，不僅通過捆綁，而且通過交易過程中的選擇，我們繼續看到客戶購買多種解決方案。當我們談論新標誌時，一般來說，它大於50%。如果在著陸點購買不止一種解決方案，價格甚至可能會更高。當然，隨著我們以土地擴張的方式擴大我們的客戶，這種趨勢甚至會在基礎上繼續下去。

So what we generally see though is that the customers have a prioritization process. At one level, they're focused in on core PAM controls. And then they're looking ahead to what are they going to do next or what are they going to do in parallel.

所以我們通常看到的是客戶有一個優先級流程。一方面，他們專注於核心 PAM 控制。然後他們會展望下一步要做什麼或同時要做什麼。

And for some customers, it's about locking down the least privilege on the endpoint, and so EPM becomes a priority. For other customers, they're seeing this need to really understand the nonhuman component, the machine identities, and so secret management becomes a priority kind of side-by-side with PAM.

對於某些客戶來說，這關乎鎖定端點上的最小權限，因此 EPM 成為優先事項。對於其他客戶來說，他們認為需要真正了解非人類組件、機器身份，因此秘密管理成為與 PAM 並列的優先事項。

And then for some, they're really looking to swap out their legacy IdP and thinking about access and their understanding that actually they can do that with the Identity Security platform from CyberArk. So each customer pool would be a little bit different.

對於某些人來說，他們確實希望更換舊的 IdP，並考慮訪問權限以及他們的理解：實際上他們可以使用 Cyber​​Ark 的身份安全平台來做到這一點。因此，每個客戶群都會有所不同。

But in general, customers are wanting to either start or expand with more than just PAM, and we're really happy with that. We also do, do a nice job, though, of seeding some of our more innovative products into our packages.

但總的來說，客戶希望開始或擴展時不僅僅使用 PAM，我們對此非常滿意。不過，我們也做得很好，將一些更具創新性的產品植入到我們的包裝中。

When you buy Privilege Cloud, you get a little bit of workforce password management, you get a little bit of the identity suite. And that helps us so that when we go back for the expansion motion, the customers are already familiar with our products, and they're ready to adopt and expand later. So that's a little bit around how we see that world, packaging, but also just the very nature of how customers are buying more than one product from us.

當您購買 Privilege Cloud 時，您將獲得一點勞動力密碼管理功能，您將獲得一點身份套件。這對我們很有幫助，這樣當我們回去進行擴張行動時，客戶已經熟悉了我們的產品，並且他們準備好在以後採用和擴張。這與我們如何看待這個世界、包裝有關，但也與客戶從我們這裡購買多種產品的本質有關。

We'll take our next question from Gregg Moskowitz at Mizuho.

我們將回答 Mizuho 的 Gregg Moskowitz 的下一個問題。

Nice job executing in the Q2. Matt, I think everyone would agree that generative AI is spawning more cyber attacks and that this is only going to increase. And you spoke in your prepared remarks about innovations that you're working on in this area. But is Gen AI something that you look at as an incremental revenue opportunity for CyberArk? What are your thoughts here?

第二季度執行得很好。馬特，我想每個人都會同意，生成式人工智能正在引發更多的網絡攻擊，而且這種攻擊只會增加。您在準備好的發言中談到了您在該領域正在開展的創新工作。但您是否將 Gen AI 視為 Cyber​​Ark 的增量收入機會？您對此有何想法？

Yes. It's an interesting topic and one that comes up in almost every conversation at this point in time. And the nice thing about what we're talking about is it's very practical and real. We're not talking about some mythical thing. We're talking about what's happening out there in enterprises today.

是的。這是一個有趣的話題，此時幾乎每一次談話都會出現這個話題。我們所談論的好處是它非常實用和真實。我們不是在談論一些神話般的事情。我們正在談論當今企業中正在發生的事情。

Our threat landscape, talking with CISOs and security practitioners of thousands of enterprises around the world, it was over 85% of them that were anticipating a generative AI-based attack in the year ahead. So on that kind of offensive side, we certainly see this ability for attackers to innovate, and innovate by really making their existing attack methods more effective.

根據我們與全球數千家企業的 CISO 和安全從業人員交談的威脅情況，超過 85% 的人預計未來一年會出現基於人工智能的生成式攻擊。因此，在進攻方面，我們當然看到了攻擊者的這種創新能力，並且通過真正使他們現有的攻擊方法更加有效來進行創新。

And I think that kind of sets the stage to a degree for how we will operate from a defensive perspective. If they're making their existing attacks which are generally targeting identities more effective with AI then we need to make our existing solutions AI-enabled to be able to protect against those attacks.

我認為這在一定程度上為我們如何從防守的角度進行運作奠定了基礎。如果他們利用人工智能使現有的通常針對身份的攻擊更加有效，那麼我們需要使我們現有的解決方案支持人工智能，以便能夠防範這些攻擊。

And I said it in the prepared remarks, but fight innovation with innovation. So for sure, there will be some new pockets of innovation or creativity where we might create some new solutions that harness the power of the data we're collecting to be able to do analytics better and provide that insight into the product suite.

我在準備好的發言中說過，要用創新來對抗創新。因此，可以肯定的是，將會出現一些新的創新或創造力，我們可能會創建一些新的解決方案，利用我們收集的數據的力量來更好地進行分析並提供對產品套件的洞察。

But in general, I would tell you our strategy is let's go make our solutions more effective, let's go make our solutions easier to deploy so that they can cover more identities. And let's make sure that we understand how attackers are using AI and defend against that using what we believe is the primary mechanism we have, which is intelligent privilege controls.

但總的來說，我會告訴你，我們的策略是讓我們的解決方案更有效，讓我們的解決方案更易於部署，以便它們可以覆蓋更多身份。讓我們確保我們了解攻擊者如何使用人工智能，並使用我們認為我們擁有的主要機制（即智能權限控制）來防禦攻擊。

We'll go next to Brian Essex at JPMorgan.

接下來我們將採訪摩根大通的布萊恩·埃塞克斯 (Brian Essex)。

I want to follow up on Rob's question, particularly with regard to some of the dynamics around ARR and conversions. I notice you had a little bit of spike in perpetual this quarter. But -- and Josh, I think you noted, what, about 4 points help on conversions for subscription ARR.

我想跟進 Rob 的問題，特別是有關 ARR 和轉化的一些動態。我注意到這個季度你的業績出現了一些持續的增長。但是，Josh，我想您已經註意到，大約 4 點有助於訂閱 ARR 的轉化。

So I guess -- and I also caught the comment that the $10 million, I think, decline anticipated for maintenance in the back half of the year. So maybe if you could unpack a little bit how conversions from the installed base are trending, how you're approaching that? And what expectations might be in the future quarters for that versus new logo adds?

所以我猜想——而且我還聽到這樣的評論，我認為，預計今年下半年的維護費用將減少 1000 萬美元。那麼，如果您能稍微了解一下已安裝基礎的轉化趨勢，您將如何實現這一目標？與添加的新徽標相比，未來幾個季度對此的期望是什麼？

Sure, sure. And I'll start, and then maybe Josh will jump in and add some color. But first of all, I want to just say the perpetual business itself didn't grow. It actually was pretty consistent quarter-over-quarter. And that's what we're seeing now, which is really kind of an absolute number versus even a percentage.

一定一定。我會開始，然後喬什可能會介入並添加一些顏色。但首先，我想說的是，永續業務本身並沒有增長。事實上，季度環比相當一致。這就是我們現在看到的，這實際上是一個絕對數字，甚至是一個百分比。

And as we look out into the pipe going forward, we see perpetual at the best flat and maybe even trailing down a little bit as we go forward. So the perpetual business definitely is seeing its last notes here at CyberArk. And I think we're good with that, obviously.

當我們展望未來的管道時，我們會看到永遠處於最佳平坦狀態，甚至在我們前進時可能會稍微下降。因此，永恆的業務肯定會在 Cyber​​Ark 上看到它的最後筆記。顯然，我認為我們對此很擅長。

I think from a conversion perspective, I'm not sure Josh actually gave a number, but he talked about single-digit impact from conversions in terms of our overall growth. And I think that continues to be the case.

我認為從轉化的角度來看，我不確定喬什是否真的給出了一個數字，但他談到了轉化對我們整體增長的個位數影響。我認為情況仍然如此。

You've heard me talk about this maybe before, but we believe fundamentally that we're getting such a big upside when people do convert, meaning not what we charge for the like-for-like, although that's incremental as well. We get 2 to 3x on maintenance rates for like-to-like conversion.

你可能以前聽過我談論過這個問題，但我們從根本上相信，當人們進行轉換時，我們會得到如此大的好處，這意味著不是我們對同類產品收取的費用，儘管這也是增量的。我們將點贊轉化的維護率提高了 2 到 3 倍。

We also create such a strong compelling buying opportunity to expand into new products and even to upsell existing products that we're not coming at customers with a stick and saying you have to convert. We're actually approaching them and figuring out when it makes sense to slot it into their road map.

我們還創造瞭如此強大的、令人信服的購買機會，以擴展到新產品，甚至追加銷售現有產品，我們不會拿著棍子向客戶說你必須轉換。我們實際上正在接近他們，並弄清楚何時將其納入他們的路線圖是有意義的。

And since we're such a core security control and we want customers primarily to go to SaaS, it takes a little bit of planning to figure out when that customer should go. And I think it's going to materialize over the next 2 to 3 years, and it's not going to be any big jump in any given quarter as we kind of move forward. So I think that's how we see the kind of conversion activity happening.

由於我們是一個核心安全控制機構，並且我們希望客戶主要使用 SaaS，因此需要進行一些規劃才能確定客戶應該何時使用。我認為這將在未來 2 到 3 年內實現，並且隨著我們的前進，在任何特定季度都不會出現任何大的跳躍。所以我認為這就是我們看待轉化活動發生的方式。

I would say on the maintenance ARR decline, what we are seeing is not -- that's not due to some big uptick in conversions. That's due to the fact that we're not selling much perpetual anymore.

我想說的是，就維護 ARR 下降而言，我們所看到的並不是——這並不是由於轉化率大幅上升所致。這是因為我們不再銷售太多永續合約。

And just think about we were 95% in this quarter, and the year before, we were in the upper 80s. You're starting to really tick down in the new maintenance that's coming in. And when we look towards the back half of the year, where we see 95% or better, we are anticipating the maintenance ARR coming down pretty strongly in respect of that kind of tail off.

想想我們這個季度的比例是 95%，而前一年，我們的比例是 80% 以上。你開始真正開始關注即將到來的新維護。當我們展望今年下半年時，我們看到 95% 或更好，我們預計維護 ARR 會在這方面大幅下降有點尾巴掉了。

Now in Q2, we were able to see some nice realization from a captive rate perspective. Renewal rates overall were actually in the best shape they've been. Price increase has started to materialize its way through and helped us to the tune of maybe $1 million. So we didn't see as much tail-off here in Q2, but we definitely see it starting to kick in, in the back half of the year.

現在在第二季度，我們從自保率的角度看到了一些不錯的實現。整體續訂率實際上處於有史以來的最佳狀態。價格上漲已經開始顯現，幫助我們增加了大約 100 萬美元。因此，我們在第二季度並沒有看到如此多的衰退，但我們肯定會看到它在今年下半年開始發揮作用。

We'll take our next question from Eric Heath at KeyBanc Capital Markets.

我們將回答 KeyBanc Capital Markets 的 Eric Heath 提出的下一個問題。

Great to see the great results there. Just a 2-parter for me, Matt and Josh, if I could. Just first, any uptick in noise in the market or any change in sales cycles at all that related to Hashi self-managed boundary offering or (inaudible) upcoming [PAM]?

很高興看到那裡取得了巨大的成果。如果可以的話，對我來說只是一個二人組，馬特和喬什。首先，市場中是否有任何與 Hashi 自我管理邊界產品或（聽不清）即將推出的 [PAM] 有關的噪音上升或銷售週期發生任何變化？

And secondary, I just wanted to ask on M&A, Matt. Just if there's any areas of interest for you as you look to kind of accelerate the product road map? And that's it.

其次，我只是想問一下併購問題，馬特。當您希望加快產品路線圖時，是否有您感興趣的領域？就是這樣。

Yes, sure. Great questions. And from a competitive landscape perspective, we haven't seen any change and that would be across the entire portfolio. Specific to the 2 areas you talked about, from a Secrets Management, Hashi perspective, Hashi Vault and then kind of on the PAM side with Hashi Boundary, we don't see any difference in the competitive dynamic there.

是的，當然。很好的問題。從競爭格局的角度來看，我們沒有看到任何變化，這將遍及整個投資組合。具體到您談到的兩個領域，從秘密管理、Hashi 角度、Hashi Vault 以及 PAM 方面的 Hashi Boundary 來看，我們沒有看到那裡的競爭動態有任何差異。

And I'll just take a second there to maybe double-click and try to help explain a little bit of our competitive posture against Hashi. What happens with these development groups that are going on, and Hashi offers a fabulous developer platform across the board. Developers get started. They're using the Hashi tool set, and they need to actually manage secrets in a local vault.

我會花一點時間雙擊一下，​​並嘗試幫助解釋一下我們與 Hashi 的競爭態勢。這些正在發生的開發團隊會發生什麼，Hashi 提供了一個出色的全面開發者平台。開發人員開始使用。他們正在使用 Hashi 工具集，並且需要實際管理本地保管庫中的機密。

So they -- they're at least no longer hard coding secrets into the applications they're building. And they're setting up a Hashi Vault instance, for example, locally for their work group as they work on their project.

因此，他們至少不再將秘密硬編碼到他們正在構建的應用程序中。例如，他們正在為他們的工作組在處理項目時在本地設置一個 Hashi Vault 實例。

And what happens at enterprises is that one Hashi vault becomes multiple Hashi vaults. And then there's other development efforts going on, and it's in AWS Secret store or Microsoft Key Vault. And you end up with this kind of vault sprawl across the enterprise.

而在企業中發生的情況是，一個哈希金庫變成了多個哈希金庫。然後還有其他開發工作正在進行，並且在 AWS Secret store 或 Microsoft Key Vault 中進行。最終你會發現這種保險庫遍布整個企業。

At some point in time, security gets involved and says, great that you're not hard coding your passwords anymore into your applications. But how do we actually manage policy on the back end at an enterprise grade, at an enterprise scale? How do we make sure that those passwords are actually being rotated? How do we make sure that the other policies are being implemented?

在某個時間點，安全部門介入並表示，很高興您不再將密碼硬編碼到應用程序中。但我們如何在企業級、企業規模上實際管理後端策略呢？我們如何確保這些密碼確實被輪換了？我們如何確保其他政策得到落實？

And now they have a decision to make. Do they actually go and upgrade and basically swap out tool sets to a more bigger offering from Hashi? Or do they bring in a security vendor that they're already used to dealing with on their PAM portfolio and expand with us into Secrets?

現在他們需要做出決定。他們是否真的去升級並基本上將工具集換成 Hashi 提供的更大的產品？或者他們是否會引入一個他們已經習慣在 PAM 產品組合上與之打交道的安全供應商，並與我們一起擴展到 Secrets 領域？

And that's the competitive fight that we have, and it's a competitive fight that we're very confident in that we can become the enterprise backbone for Secrets, not only in those modern scenarios, but also back into the legacy applications that we're able to provide options around and in the multi-cloud environments that we're able to deliver Secrets through with our Secrets Hub.

這就是我們所面臨的競爭，我們非常有信心能夠成為 Secrets 的企業支柱，不僅在那些現代場景中，而且還回到我們能夠的遺留應用程序中提供多雲環境周圍和多雲環境中的選項，我們能夠通過我們的Secrets Hub 提供Secret。

Now as they move into boundary, it's not really PAM. And it would be the same answer then that I would pivot on over into what we're seeing around Okta, which is they are coming at it from an ease-of-use perspective and a lite use case scenario perspective.

現在，當他們進入邊界時，它就不再是真正的 PAM。這將是同樣的答案，我將轉向我們在 Okta 周圍看到的情況，即他們從易用性的角度和精簡用例場景的角度來解決這個問題。

And I think it maybe has some room to play down market for people who are just getting started on their PAM journey. But we don't see that as a current competitive threat within our market.

我認為對於那些剛剛開始 PAM 之旅的人來說，它可能有一些淡化市場的空間。但我們並不認為這是我們市場中當前的競爭威脅。

Our enterprise customers are not talking about pitches around Okta's PAM solution. And we'll keep an eye on it when it finally comes out and see what it looks like, and we'll be ready to respond. But I give you a little bit of a longer answer here because it's an area that we feel we're strongly positioned against, and we continue to see that dynamic be beneficial for us.

我們的企業客戶並不是在談論 Okta 的 PAM 解決方案。當它最終發佈時，我們將密切關注它，看看它是什麼樣子，我們將準備好做出回應。但我在這裡給你一個更長的答案，因為我們認為這是一個我們強烈反對的領域，而且我們仍然認為這種動態對我們有利。

From the second question perspective, I think when we think about M&A, it's kind of similar to some answers we've given in the past. We continue to look at -- we have a clear vision for our Identity Security platform and where it will go over the next 3 to 5 years. And we always are looking and trying to understand, is there an inorganic method to significantly accelerate any component parts of that Identity Security vision.

從第二個問題的角度來看，我認為當我們思考併購時，它與我們過去給出的一些答案有點相似。我們將繼續關注——我們對身份安全平台以及未來 3 到 5 年的發展方向有清晰的願景。我們一直在尋找並試圖了解是否有一種無機方法可以顯著加速身份安全願景的任何組成部分。

We're sitting on a $50 billion TAM. So we don't need to go someplace else with our acquisition strategy, but we might need to accelerate key component parts. And you hear us talk about cloud, and you hear us talk about access and endpoint in these nonhuman areas. And they're really exciting areas, and we're always looking to see if there's a good match between us and something out in the market with a realistic valuation that can help accelerate our organic road map and get us to market faster. And that's how we think about the kind of M&A approach going forward.

我們坐擁 500 億美元的 TAM。因此，我們不需要去其他地方實施我們的收購策略，但我們可能需要加快關鍵零部件的速度。您會聽到我們談論云，您會聽到我們談論這些非人類領域的訪問和端點。它們確實是令人興奮的領域，我們一直在尋找我們與市場上具有現實估值的產品之間是否存在良好匹配，這可以幫助加快我們的有機路線圖並讓我們更快地進入市場。這就是我們對未來併購方式的思考。

We'll take our next question from Roger Boyd at UBS.

我們將回答瑞銀集團羅傑·博伊德的下一個問題。

Again, congrats on the very nice execution. This is definitely a difficult environment for customer additions. But Matt, I think you mentioned 235 in the quarter, which is certainly an impressive result.

再次祝賀您的出色執行。對於增加客戶來說，這絕對是一個困難的環境。但是 Matt，我認為您提到了本季度的 235 個，這無疑是一個令人印象深刻的結果。

Last quarter, you made the comment that you're expecting maybe fewer but bigger lands this year. Wondering if that was still the case this quarter? And then again, with the record pipeline, any color on what you're expecting from a new logo perspective through the end of the year.

上個季度，您曾表示預計今年土地面積可能會更少但更大。想知道本季度情況是否仍然如此？再說一次，隨著創紀錄的管道，到今年年底，從新標誌的角度來看，你所期望的任何顏色。

Yes, sure. Thanks. And I think it's a really important point because it's really sequentially up 15% new logos from Q1 to Q2, and that's a good sign for us. We did see in Q1, we mentioned it that it was harder to go land. And I think in any macro environment, that's a headwind. You're always a little harder to close the deals with a new customer. They take a little bit longer.

是的，當然。謝謝。我認為這是非常重要的一點，因為從第一季度到第二季度，新徽標確實連續增加了 15%，這對我們來說是一個好兆頭。我們確實在第一季度看到，我們提到著陸變得更困難。我認為在任何宏觀環境中，這都是一個逆風。與新客戶達成交易總是有點困難。他們需要更長的時間。

We definitely saw an uptick here in Q2, which is nice. We certainly expect it to continue into Q3 and Q4. But the secondary point you made absolutely played out once again, which is our average selling price and average deal size for those new logos was up pretty dramatically in Q2 and helped fuel our results.

我們在第二季度確實看到了增長，這很好。我們當然預計它會持續到第三季度和第四季度。但您提出的第二點絕對再次得到體現，即這些新徽標的平均售價和平均交易規模在第二季度大幅上升，有助於推動我們的業績。

And so the ones we are landing, are landing with much more of the Identity Security portfolio, and they're making a bigger bet on CyberArk. And so that's why we look at the new logo quarter and really the new business quarter in Q2, and we're really, really happy with the step function change we saw versus Q1.

因此，我們正在登陸的那些，正在登陸更多的身份安全產品組合，他們在 Cyber​​Ark 上下了更大的賭注。這就是為什麼我們在第二季度關注新徽標季度和新業務季度，我們對與第一季度相比所看到的階躍功能變化感到非常非常滿意。

We'll go next to Joshua Tilton at Wolfe Research.

接下來我們將採訪沃爾夫研究中心的約書亞·蒂爾頓。

I'll echo my congrats on a great quarter. I actually just had one for me. How -- any updates on how we should think about free cash flow for the balance of the year? And maybe what are some of the puts and takes around outperforming free cash flow in the back half?

我將表達對這個偉大季度的祝賀。事實上我只擁有一件。關於我們應該如何考慮今年剩餘時間的自由現金流，有什麼更新嗎？也許後半段有哪些看跌期權和看跌期權的表現優於自由現金流？

Yes, Josh, thanks for the question. This is -- we're, first of all, we're glad we're in line with our expectations as we reported through the first half of the year. And I think that -- and we're certainly in line with where we are for full year -- with full year expectations.

是的，喬什，謝謝你的提問。首先，我們很高興我們的業績符合我們上半年報告的預期。我認為，我們肯定與全年的情況一致，符合全年的預期。

I think when you ask about puts and takes, this is still a transition year. And so some of the puts and takes are around duration on the self-hosted and, of course, on the maintenance as well, which can create some headwind or tailwind on the free cash flow as it relates to billings. And we see in both of them, certainly in Q2, we saw some reduction in duration around the subscription, and I talked about that as an impacted revenue.

我認為當你問起投入和支出時，這仍然是一個過渡年。因此，一些看跌期權和看跌期權是圍繞自託管的持續時間，當然還有維護的持續時間，這可能會對與賬單相關的自由現金流產生一些逆風或順風。我們在這兩個方面都看到，當然是在第二季度，我們看到訂閱持續時間有所減少，我將其視為受影響的收入。

And anyway, maintenance, we're seeing a decline over already for the last year since we started our transition for the last 2 years, we're seeing the decline where we did a lot of 3-year deals going down out to 1-year deal. And that's our initiative to renew maintenance contracts only on a 1-year basis as opposed to a 3-year basis. So we're in line with what we expect for this year, and those are the puts.

不管怎樣，維護，自從我們開始過去兩年的轉型以來，我們已經看到去年的下降，我們看到了下降，我們做了很多 3 年期交易，下降到 1-年交易。我們倡議僅續簽一年而不是三年的維護合同。所以我們今年的預期是一致的，這些就是看跌期權。

Yes. And I would just add, just jumping in, I think for sure, first of all, like Josh said, the quarter played out as we expected. I think we were pretty clear upfront that this was going to be a not the strongest cash flow quarter, given the dynamic of our quarterization of expenses and some other areas around insurance and other areas that we talked about.

是的。我想補充一點，我想肯定的是，首先，正如喬什所說，本季度的表現符合我們的預期。我認為我們一開始就很清楚，考慮到我們的支出季度化以及圍繞保險和我們討論的其他領域的其他一些領域的動態，這將不是現金流最強勁的季度。

But I want to reiterate that I said in the prepared remarks, I'll say it again, that the cash flow story starts to kick in, in 2024 and accelerate in 2025 into 2027. And we are extremely confident in the $200 million of cash flow that we put out for 2025, the $375 million in cash flow for 2027. And we're right on track with that as we get into next year and expand from there.

但我想重申，我在準備好的發言中說過，我會再說一遍，現金流的故事在 2024 年開始啟動，並在 2025 年到 2027 年加速。我們對 2 億美元的現金非常有信心我們為2025 年制定的現金流量，為2027 年制定的現金流量為3.75 億美元。當我們進入明年並以此為基礎進行擴張時，我們正朝著這個方向前進。

We'll take our next question from Adam Borg at Stifel.

我們將回答 Stifel 的 Adam Borg 提出的下一個問題。

Awesome. Maybe just for Matt on the channel and the MSP opportunity in particular, you talked about that a little bit in the script. Maybe talk more about the opportunity for partners to introduce managed PAM offerings, and how that could broaden your reach even more down market? And then I have a follow-up.

驚人的。也許只是為了頻道上的馬特，特別是 MSP 的機會，你在劇本中談到了這一點。也許更多地談論合作夥伴引入託管 PAM 產品的機會，以及這如何能夠擴大您的業務範圍，甚至更深入的市場？然後我有一個後續行動。

Yes. I mean, I think this MSP market for us is -- I don't know how to describe it other than it's captivated us. I think we've been always looking at it. You heard me talk this quarter with some excitement. You'll hear me talk about it now.

是的。我的意思是，我認為我們的 MSP 市場是——除了它讓我們著迷之外，我不知道如何描述它。我想我們一直在關注它。你聽到我談論這個季度時感到有些興奮。現在你會聽到我談論它。

I think it's because it's actually broader than what we thought. I think when you start out, you think MSPs, you think down market, oh, it's going to help us reach a bunch of new logos. I think what we're seeing actually is it playing out on the dynamic across upper end of the enterprise, enterprise, corporate all the way down.

我認為這是因為它實際上比我們想像的更廣泛。我認為當你開始時，你會想到 MSP，你會想到低端市場，哦，這將幫助我們獲得一堆新徽標。我認為我們實際上看到的是它在企業的上層、企業、企業一直到下層的動態中發揮作用。

And it's because this growing trend that organizations really can't afford to sustain and support the [mass spend] on IT, specifically on cyber that's going on within their enterprises. And so there's a recent Gartner report that came out that estimated something like 30% or 40% of the cyber spend will move to MSP in the next 3 years. And I think that trend line kind of feels real to us.

正是因為這種不斷增長的趨勢，組織確實無力維持和支持 IT 上的[大規模支出]，特別是企業內部正在進行的網絡支出。最近 Gartner 發布的一份報告估計，未來 3 年內 30% 或 40% 的網絡支出將轉移到 MSP。我認為趨勢線對我們來說有點真實。

The exciting piece is what you just said, which is if you get into the MSPs as the backbone of their offering, and they build and embed their value-added services around it, it's a very sticky approach. And so we see our MSPs, not only, by the way, wanting to bring our priv cloud. It's generally a SaaS motion, wanting to bring our priv cloud to market.

令人興奮的是你剛才所說的，如果你進入 MSP 作為他們產品的支柱，並且他們圍繞它構建和嵌入他們的增值服務，這是一個非常粘性的方法。順便說一句，我們看到我們的 MSP 不僅希望引入我們的私有云。這通常是一個 SaaS 動議，希望將我們的私有云推向市場。

We see, as we mentioned about BT looking over into our access solution portfolio. We see an increasing uptake on our Secrets Management and nonhuman side. And so we really believe that actually, it's a great way to reach all types of customers, obviously, to go out and find new customer segments down market, but also to get the broader portfolio adopted out into the market.

正如我們提到的，英國電信正在審視我們的接入解決方案組合。我們看到我們的秘密管理和非人類方面的採用率越來越高。因此，我們確實相信，實際上，這是接觸所有類型客戶的好方法，顯然，可以走出去尋找市場中的新客戶群，同時也可以將更廣泛的產品組合引入市場。

And I think you can hear it as I start talking, I just think it's going to be such a strong growth driver for us going forward. Early days, early days, but I can point to specific wins in Q2 that we would not have had if we didn't have the great MSP partnerships that we built up.

我想當我開始講話時你就能聽到，我只是認為這將成為我們未來發展的強勁增長動力。早期，早期，但我可以指出第二季度的具體勝利，如果我們沒有建立良好的 MSP 合作夥伴關係，我們就不會取得這些勝利。

That's great. I appreciate that. Maybe just as a quick follow-up just on the vertical mix in the quarter. I did see that financial services still your top mix, but I think it did tick down sequentially. I do think the definition may have changed as well though. Maybe anything to call out there on what you're seeing in your largest vertical. Again, really appreciate it.

那太棒了。我很感激。也許只是作為本季度垂直組合的快速跟進。我確實看到金融服務仍然是您的首選組合，但我認為它確實在連續下降。我確實認為定義也可能發生了變化。也許有什麼值得你在最大的垂直領域看到的東西。再次，真的很感激。

Yes. I'll just jump in. I mean, our big growth verticals were manufacturing, and we also saw a nice growth in retail as well and probably followed up by pharma. Banking was -- and financial is still strong in our vertical mix.

是的。我想插話一下。我的意思是，我們的主要增長垂直行業是製造業，我們也看到零售業也有不錯的增長，製藥業也可能緊隨其後。銀行業在我們的垂直組合中曾經是——而且金融業仍然很強大。

And overall, we always like to go back to the fact that we're really well diversified across many verticals. I think we have 9 verticals that are 5% more of the business of the pie, and we see them move around in the quarters. But overall, we continue to be really strong across no matter where the enterprise sits.

總的來說，我們總是喜歡回到這樣一個事實：我們在許多垂直領域確實實現了多元化。我認為我們有 9 個垂直行業，佔整個餅圖業務的 5% 以上，而且我們看到它們在各個季度中不斷變化。但總體而言，無論企業位於何處，我們都仍然非常強大。

We'll go next to Trevor Walsh at JMP Securities.

接下來我們將採訪 JMP 證券公司的特雷弗·沃爾什 (Trevor Walsh)。

Just a quick one for me. Matt, maybe best for you, but Josh, feel free to chime in as well. You mentioned in your prepared remarks about the telco deal in South America, and it was more of a consolidation play. Just curious if you can dive in a little bit deeper there.

對我來說只是一個快速的。馬特，也許最適合你，但喬什，也請隨意插話。您在準備好的評論中提到了南美電信交易，這更像是一場整合。只是好奇你是否可以在那裡深入一點。

Was that -- was there a displacement involved? If there were, how many other tools approximately maybe without naming names, of course? But just give us a sense maybe when you do see that [subscription] motion kind of how it's playing out, kind of what's the critical mass of tools around identity that might be there to start? And what's going to look like when the customer gets to their -- kind of their end state?

那是——是否涉及位移？當然，如果有的話，大約有多少其他工具可能沒有命名？但是，也許當您確實看到[訂閱]運動是如何進行時，請讓我們了解一下可能會開始的圍繞身份的關鍵工具有哪些？當客戶達到他們的最終狀態時會是什麼樣子？

Yes, sure. On that particular deal, it was consistent with what we would normally see on a bigger enterprise offering, which is yes, we're displacing a legacy PAM tool and consolidating in Access and in Secrets in that particular case. I think what we see in general when we land a new enterprise logo is that customers are foundational on our privileged controls, on our PAM offering.

是的，當然。就該特定交易而言，這與我們通常在更大的企業產品中看到的情況一致，是的，我們正在取代傳統的 PAM 工具，並在特定情況下在 Access 和 Secrets 中進行整合。我認為，當我們推出新的企業徽標時，我們通常會看到客戶是我們特權控制和 PAM 產品的基礎。

And then as I mentioned earlier, they're partaking up a couple of other solutions in order to be able to get started on their journey. We use this phrase, and we use it a lot because it's the foundation of how we view the market, which is it's a consolidation of trust that is happening.

正如我之前提到的，他們正在採用其他一些解決方案，以便能夠開始他們的旅程。我們使用這個短語，並且經常使用它，因為它是我們看待市場的基礎，即正在發生的信任鞏固。

And that can happen with a new logo. That can also happen with an existing customer as we expand the footprint. And it's the idea that it's not about just that we offer all of these things in the market, and maybe we can give a better price point because you're buying it from one vendor. That's the traditional vendor consolidation and one throat to choke.

新徽標可以實現這一點。當我們擴大業務範圍時，現有客戶也可能會發生這種情況。我們的想法不僅僅是我們在市場上提供所有這些東西，也許我們可以提供更好的價格點，因為你是從一個供應商那裡購買的。這是傳統的供應商整合，也是一個令人窒息的問題。

It's really the idea that our customers trust us as a core security control in their stack. They know that we're security first. They know that, actually our mindset every day when we wake up is that we're in partnership with them to secure their enterprise.

這確實是我們的客戶信任我們作為其堆棧中的核心安全控制的想法。他們知道我們的安全第一。他們知道，實際上我們每天醒來時的心態都是我們與他們合作以確保他們的企業安全。

And so as they look to understand within the identity space how they can consolidate, how they can get to a vendor that they trust in this increasingly threat landscape that's again hard to operate in, they look and they say, I know CyberArk. I trust CyberArk, come talk to CyberArk.

因此，當他們希望了解在身份空間內如何進行整合，如何在這個威脅日益嚴重、又難以操作的環境中找到他們信任的供應商時，他們會說，我知道 Cyber​​Ark。我信任Cyber​​Ark，來和Cyber​​Ark談談吧。

And that's a really interesting place to be, too, because we're actually receiving the inbound and saying, hey, can you come talk to us versus having to always be out there positioning ourselves. So it's a great position to be in, and that was an excellent deal that we're really proud of that they delivered down there in the LatAm team.

這也是一個非常有趣的地方，因為我們實際上收到了來電，並說，嘿，你能來和我們談談嗎，而不是必須總是在那裡定位自己。所以這是一個很好的位置，這是一筆很棒的交易，我們為他們在拉丁美洲團隊中所做的事情感到非常自豪。

We'll go next to Alex Henderson at Needham & Company.

接下來我們將前往 Needham & Company 的 Alex Henderson。

Great. And thanks for the consistency in strong execution you guys have been delivering quarter after quarter, after quarter. I was hoping you could move to a little bit broader view of the world from -- than just looking at what CyberArk is seeing, and talk to us about what you're hearing from the C-suite at your customers and in the marketplace.

偉大的。感謝你們每個季度、每個季度都始終如一地提供強有力的執行力。我希望您能從更廣闊的角度看待世界，而不僅僅是看看 Cyber​​Ark 所看到的情況，並與我們談談您從客戶和市場的最高管理層那裡聽到的情況。

There seems to be 2 specific dynamics that have set up the fear after the Fortinet print that people are cutting back on spending. Conversely, the software companies seem to be talking about an improved normalization and stability. So what are you seeing from the aggregate C-suite about what their intentions are on overall spending on security?

在《Fortinet》報導之後，似乎有兩個具體的因素引發了人們對人們正在削減開支的擔憂。相反，軟件公司似乎正在談論改進規範化和穩定性。那麼，您從總體最高管理層中看到了他們對總體安全支出的意圖是什麼？

Sure. I mean, I'll comment my vantage point. And really, it's coming from my conversations, like you said, with the C-suite of customers that still happens day in and day out. And what we see out there is that the C-suite understands that the threat landscape is getting worse.

當然。我的意思是，我會評論我的觀點。事實上，正如你所說，這來自於我與客戶高管的對話，這種對話仍然日復一日地發生。我們看到的是，最高管理層明白威脅形勢正在變得更糟。

They understand that work from home or now hybrid work makes things harder. They understand that digital transformation can't slow down. More and more, they're understanding that all this great work that's being done by developers to build modern applications are being done kind of outside the purview of the security organization and the controls that have been put in place.

他們明白，在家工作或現在的混合工作會讓事情變得更加困難。他們明白數字化轉型不能放緩。他們越來越認識到，開發人員為構建現代應用程序所做的所有這些偉大工作都是在安全組織和已實施的控制範圍之外完成的。

And so what you see is, I think, actually awareness of the need of the cybersecurity spend, full stop, not CyberArk spend, but cybersecurity spend is going up. It's even more on the Board agenda. And you see regulation coming out here in the U.S. that actually even pushes that even further to say around disclosure requirements and making the Board maybe even more aware.

所以我認為，你所看到的是，實際上人們意識到了網絡安全支出的必要性，句號，不是 Cyber​​Ark 支出，而是網絡安全支出正在增加。這甚至更多地出現在董事會議程上。你會看到美國出台的監管措施實際上甚至進一步推動了信息披露要求的製定，並使董事會可能更加意識到這一點。

So I think cyber as a topic, believe it or not, continues to elevate in its importance. I think then in this macro environment, the C-suite does have to make difficult decisions, and they need to prioritize.

所以我認為，無論你信不信，網絡作為一個話題，其重要性正在不斷提升。我認為在這個宏觀環境下，最高管理層確實必須做出艱難的決定，他們需要確定優先順序。

And to be honest, that's where they look towards the experts in their organization to say, how can we do primary risk reduction? Where is the threats most severe? And what are the tool sets either I have in-house or I need in-house that are going to drive us to a better security posture?

老實說，這就是他們向組織中的專家詢問的地方，我們如何才能降低主要風險？哪裡的威脅最嚴重？我內部擁有或需要哪些工具集可以推動我們獲得更好的安全態勢？

And I think then in those cases, they're certainly willing to spend. And we saw it in our results. We see in our pipeline, and I think that then becomes to a degree within cyber spend haves and have-nots for the time being because in a more tight environment, they are going to make more discriminating choices. We're lucky to be part of the choice, and we're happy with that position.

我認為在這種情況下，他們肯定願意花錢。我們在結果中看到了這一點。我們在我們的渠道中看到，我認為這將在一定程度上成為網絡支出的富人和窮人的範圍，因為在更緊張的環境中，他們將做出更具區別性的選擇。我們很幸運能夠成為選擇的一部分，並且我們對這個職位感到滿意。

We'll move next to Rudy Kessinger at D.A. Davidson.

我們將搬到 D.A. 的魯迪·凱辛格 (Rudy Kessinger) 旁邊。戴維森。

Just one for me. Matt, you talked about this a little bit, but I think it's applied more to the new customer side. You've talked about 50%, 60% landing with 2-plus products. I guess I'm curious with the existing customers, how much emphasis are you putting on the cross-sell motion? Take the conversions out of it. You've talked about building those road maps with those perpetual customers to migrate them potentially with multiple products.

只給我一個。馬特，你談到了這一點，但我認為它更多地應用於新客戶方面。您談到了 50%、60% 的人會使用 2 種以上的產品。我想我對現有客戶很好奇，你們對交叉銷售運動的重視程度如何？從中取出轉換。您已經討論過與這些永久客戶一起構建這些路線圖，以便將它們遷移到多種產品。

But if you look at your existing subscription customers, what kind of expansion rates are you seeing with that installed base? And how much emphasis have you placed (inaudible) the cross-sell motion?

但是，如果您查看現有的訂閱客戶，您會發現該安裝基礎的擴張率是多少？您對交叉銷售動議給予了多少重視（聽不清）？

Yes. No, I think it's some level of the backbone of our growth story. We still see, by the way, strong upsell of PAM seats. They own some, and they're expanding to more. And as more users become privileged, they need to expand out.

是的。不，我認為這是我們成長故事的某種程度的支柱。順便說一句，我們仍然看到 PAM 席位的強勁追加銷售。他們擁有一些，並且正在擴展到更多。隨著越來越多的用戶獲得特權，他們需要擴展。

But I would tell you that the sales team is eating their dinners off of the cross-sell motion because it is the compelling story in the market. It's the compelling story of our Identity Security platform.

但我想告訴你，銷售團隊正在從交叉銷售動議中吃掉他們的晚餐，因為這是市場上引人注目的故事。這是我們身份安全平台的引人入勝的故事。

Hey, you're protecting IT, protect the workforce. You're protecting the on-prem environment, protect the cloud, protect the hybrid and lift-and-shift environments. You're doing human. Now you need to start doing nonhuman and machine identities.

嘿，您正在保護 IT，保護員工隊伍。您要保護本地環境、雲、混合和直接遷移環境。你這是在做人。現在你需要開始進行非人類和機器身份識別。

So I would tell you that we are thrilled, I would use that word, with our expansion selling capabilities, our expansion selling performance. And I think that's what sets us up for such a strong future.

所以我想告訴你們，我們對我們的擴張銷售能力、我們的擴張銷售業績感到興奮，我會用這個詞。我認為這就是我們為美好未來奠定基礎的原因。

I think at our Investor Day, we talked about an $8 billion TAM within our installed base. And those motions, to be honest, are easier than going and landing a new logo. And so when we have that kind of well lubricated and working, the growth story really takes off from the base.

我想在我們的投資者日，我們討論了我們的安裝基礎中 80 億美元的 TAM。老實說，這些動議比推出新徽標要容易得多。因此，當我們擁有良好的潤滑和工作狀態時，增長故事就真正從基礎開始起飛。

We'll take our final question from Andrew Nowinski at Wells Fargo.

我們將回答富國銀行安德魯·諾溫斯基的最後一個問題。

So there were many instances this quarter where I think privilege escalation was used as part of that MOVEit file transfer breach. I'm wondering if that had a positive impact on your (inaudible) the pipeline. And then I was also hoping you could comment on the Fed -- the pipeline you have in the Fed, given that we're heading into the fiscal year in there.

因此，本季度有很多實例，我認為權限升級被用作 MOVEit 文件傳輸漏洞的一部分。我想知道這是否對您的（聽不清）管道產生積極影響。然後我也希望你能對美聯儲發表評論——考慮到我們即將進入美聯儲的財政年度，你在美聯儲的渠道。

Yes, sure. I'll take them, and Josh will sit to my side not talking too much. But I think when we think about the kind of threat landscape, listen, when we understand a little bit more about any of these, any of these well-publicized breaches, it comes back to privilege escalation. It comes back to credential theft. It comes back to the things that we at CyberArk do.

是的，當然。我會拿走它們，喬什會坐在我身邊，不會說太多話。但我認為，當我們思考威脅形勢時，聽著，當我們對其中任何一個、任何這些廣為人知的違規行為有更多了解時，就會回到特權升級。這又回到了憑證盜竊問題。這又回到了我們 Cyber​​Ark 所做的事情。

And so I would tell you that it's always a help. It always is a tailwind. It never drives a deal in the quarter, more or less. Obviously, there's a few deals that come with someone who's particularly breached, and they need to recover quickly, and that's a quick sales cycle.

所以我想告訴你，這總是有幫助的。它總是順風。它或多或少不會推動本季度的交易。顯然，有一些交易是與特別受到破壞的人進行的，他們需要快速恢復，這是一個快速的銷售週期。

But it's the second part of what you said. It drives the pipeline expansion, the pipeline growth that we see out there in the market because any of these breaches -- by the way, same thing we would say about generative AI. It causes organizations to have to think the way we want them to think, which is assume breach.

但這是你所說的第二部分。它推動了管道擴張，我們在市場上看到的管道增長，因為任何這些違規行為——順便說一句，我們對生成人工智能也會說同樣的事情。它導致組織必須按照我們希望他們思考的方式思考，這就是假設違規。

And the minute you assume breaches in an organization, it's not enough to detect. It's not enough to lock down the perimeter. You have to actually implement controls that stops somebody once they get inside because you have to assume they're already inside. And the MOVEit breach and kind of the play out of that just reemphasizes that factor.

一旦您發現組織存在漏洞，僅僅檢測是不夠的。僅僅封鎖周邊還不夠。你必須實際實施控制措施，一旦有人進入就阻止他們，因為你必須假設他們已經在裡面。 MOVEit 違規行為以及由此引發的事件再次強調了這一因素。

To your second question here before we wrap, we continue to see a Fed environment that's consistent with what we've seen before. We talked about before, it's kind of become more ordinary course of business that happens each quarter versus some big, big buildup that happens at the end of the year.

關於結束之前的第二個問題，我們繼續看到美聯儲的環境與我們之前看到的一致。我們之前談到過，每個季度都會發生這種情況，而與年底發生的一些巨大的積累相比，這已經成為一種更平常的業務過程。

People are having to buy each quarter because the priority is evident. So we embedded our Fed business into our guidance for Q3. We're happy with our overall Fed business, our overall global government, which I think is 11% of our overall vertical mix.

人們每個季度都必須購買，因為優先級是顯而易見的。因此，我們將美聯儲業務納入了第三季度的指導中。我們對美聯儲的整體業務、全球政府的整體業務感到滿意，我認為它們占我們整體垂直組合的 11%。

By the way, I would highlight we see a strong growth potential in the SLED business, the state and local areas. We closed a really nice deal in Q2 at a state entity. It was a large deal adopting the full Identity Security suite. So we see that as a growth driver as well even when you get beyond the traditional federal market.

順便說一句，我想強調的是，我們看到 SLED 業務、州和地方地區的強勁增長潛力。我們在第二季度與一家國有實體達成了一筆非常好的交易。採用完整的身份安全套件是一件大事。因此，即使超越傳統的聯邦市場，我們也將其視為增長動力。

And that does conclude our question-and-answer session. I would like to turn the conference back over to Matt Cohen for closing remarks.

我們的問答環節到此結束。我想將會議轉回由馬特·科恩（Matt Cohen）發表閉幕詞。

Yes. So I want to end by really thanking our employees for their hard work, their commitment. You heard me talk about their execution, and I'm incredibly proud by everything that everybody does at CyberArk. Want to thank our partners for helping us drive the business and, of course, our customers. And thank you for all the informative questions, and we'll talk to you soon. Thanks.

是的。最後，我想衷心感謝我們的員工的辛勤工作和奉獻精神。你聽到我談論他們的執行情況，我對每個人在 Cyber​​Ark 所做的一切感到無比自豪。感謝我們的合作夥伴幫助我們推動業務發展，當然還有我們的客戶。感謝您提出的所有信息豐富的問題​​，我們很快就會與您聯繫。謝謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。