Cyberark Software Ltd (CYBR) 2023 Q3 法說會逐字稿

Hello, and welcome to the CyberArk Earnings Conference Call. (Operator Instructions)

您好，歡迎參加 Cyber​​Ark 收益電話會議。 （操作員說明）

I will now turn the conference over to Erica Smith, SVP, Investor Relations and ESG. Please go ahead.

我現在將會議交給投資者關係和 ESG 高級副總裁 Erica Smith。請繼續。

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

謝謝你，傑伊。早安.感謝您今天與我們一起回顧 Cyber​​Ark 2023 年第三季的財務表現。今天與我一起參加電話會議的是我們的執行長 Matt Cohen；以及我們的財務長 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 reflects management's best judgment based on currently available information. I refer specifically to the discussion of our expectations and beliefs regarding our projected results of operations for the fourth quarter full year 2023 and beyond. Our actual results might differ materially from those projected in these forward-looking statements. I direct your attention to the risk factors contained in the company's annual report on Form 20-F filed with the U.S. Securities and Exchange Commission and those referenced in today's press release that are posted to CyberArk's website.

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，這反映了管理層根據當前可用資訊做出的最佳判斷。我特別指的是我們對 2023 年第四季及以後的預期營運表現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的預測有重大差異。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，以及今天發佈在 Cyber​​Ark 網站上的新聞稿中引用的風險因素。

CyberArk expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements made today. 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. A webcast of today's call is available on our website in the Investor Relations section.

Cyber​​Ark 明確聲明不承擔任何義務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。此外，本次電話會議也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簡報中還提供了與最直接可比較的公認會計準則財務指標的對帳。今天電話會議的網路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執行長馬特·科恩。馬特？

Thanks, Erica, and thanks, everyone, for joining the call today. I want to start off by saying our hearts go out to Israel and the Global Israeli community as they navigate through this incredibly difficult time. The atrocities committed by Hamas in Israel are horrific and as an organization, we condemn these barbaric acts. The health and safety of our team continues to be our top priority. We are providing all of our employees with the flexibility required to care for their well-being for their families and for their communities. The resiliency and spirit of our team has been nothing short of remarkable. The outreach and support from our customers, our partners, and the Wall Street community has helped us all through the last few weeks, and we greatly appreciate it.

謝謝艾麗卡，謝謝大家今天加入電話會議。首先，我想說，在以色列和全球以色列社區度過這段極其困難的時期時，我們的心與他們同在。哈馬斯在以色列犯下的暴行是可怕的，作為一個組織，我們譴責這些野蠻行徑。我們團隊的健康和安全仍然是我們的首要任務。我們為所有員工提供所需的靈活性，以照顧他們的家庭和社區的福祉。我們團隊的韌性和精神非常出色。過去幾週，我們的客戶、合作夥伴和華爾街社區的外展和支持為我們提供了幫助，我們對此深表感謝。

Moving into the quarter. We had one of the best quarters in the company's history. We saw a significant step up in demand for our platform. Our go-to-market teams continue to deliver and identity security remains a top priority for global CISOs. In the third quarter, our bookings growth accelerated and total bookings significantly outpaced our guidance framework. Demand served across our platform, resulting in stellar results that beat our guidance across the board.

進入季度。我們經歷了公司歷史上最好的季度之一。我們看到對我們平台的需求顯著增加。我們的行銷團隊持續提供服務，身分安全仍然是全球 CISO 的首要任務。第三季度，我們的預訂量成長加速，總預訂量大大超過了我們的指導框架。我們的平台滿足了需求，並取得了全面超越我們指導的出色表現。

Subscription ARR reached $504 million, growing 68% year-over-year. Total ARR reached $705 million, growing 38%. We added a robust $52 million in net new ARR and we exceeded our guidance range across revenue, operating income and EPS, with total revenue accelerating to 25% growth, reaching $191 million. Non-GAAP operating income came in at approximately $17 million, and we generated non-GAAP earnings per share of $0.42. Throughout the year, our team has personified excellence in execution, and we have navigated the macroeconomic landscape exceptionally well. While uncertainty persisted in the third quarter, we experienced a firming of the macro environment compared to the last few quarters. Our execution was even stronger in Q3 as seen in our meaningful top and bottom line outperformance and a significant step-up in our ARR guidance for the full year 2023.

訂閱 ARR 達到 5.04 億美元，年增 68%。總 ARR 達到 7.05 億美元，成長 38%。我們的淨新 ARR 增加了 5,200 萬美元，超出了我們在收入、營業收入和每股盈餘方面的指導範圍，總收入加速成長 25%，達到 1.91 億美元。非 GAAP 營業收入約 1,700 萬美元，非 GAAP 每股收益為 0.42 美元。在這一年裡，我們的團隊在執行力方面表現出色，我們對宏觀經濟情勢的駕馭能力也非常出色。儘管第三季的不確定性依然存在，但與過去幾季相比，我們經歷了宏觀環境的趨緊。我們在第三季的執行力更加強勁，從我們有意義的營收和利潤表現以及 2023 年全年 ARR 指導的顯著提升中可以看出。

Our close rates improved and we had strong conversion of our record pipeline. While we didn't see any outside deals in the third quarter, there was a healthy increase in 7-figure ACV contracts as customers are more than willing to allocate significant portions of their cybersecurity budgets to our mission-critical solutions. In addition to strong execution across our go-to-market and product development teams, we continue to benefit from robust secular tailwinds that are becoming even stronger. The exponential growth of identities, cloud migration and the elevated threat landscape are all contributing to the momentum in our business.

我們的成交率有所提高，我們的創紀錄的管道實現了強勁的轉換。雖然我們在第三季沒有看到任何外部交易，但 7 位數的 ACV 合約出現了健康成長，因為客戶非常願意將其網路安全預算的很大一部分分配給我們的關鍵任務解決方案。除了我們的上市和產品開發團隊的強大執行力之外，我們還繼續受益於日益強勁的強勁長期順風。身分的指數級成長、雲端遷移和威脅情勢的加劇都促進了我們業務的發展勢頭。

One thing remains constant in cybersecurity incidents. All roads in the attack chain lead to identity. The MGM incident is one of the most recent examples of identity and privilege access being leveraged to move laterally regardless of environment and how attackers can inflict devastating damage, including a complete shutdown of an organization. As identities across the enterprise become more powerful, cybersecurity leaders recognize that to be secure all identities need the right level of privileged controls.

在網路安全事件中，有一件事始終不變。攻擊鏈中的所有道路都通往身分。米高梅事件是利用身分和特權存取進行橫向移動的最新範例之一，無論環境如何，也無論攻擊者如何造成毀滅性破壞，包括組織的完全關閉。隨著整個企業的身份變得更加強大，網路安全領導者認識到，為了確保所有身分的安全，需要適當的特權控制。

Organizations are also grappling with how to assign privileges and provision access to provide each identity with the right level of security at the right time. We are the only company with an identity security platform that can offer our customers the flexibility to provide standing access, just-in-time access or zero standing privileges, depending on the type of identity and the nature of the targets they need to access. What differentiates our platform even further is that we can do this across hybrid and cloud-native environments.

組織也正在努力解決如何分配權限和配置存取權限，以便在正確的時間為每個身分提供正確等級的安全性。我們是唯一一家擁有身分安全平台的公司，可以根據身分類型和他們需要存取的目標的性質，為客戶提供靈活的常設存取、即時存取或零常設權限。我們的平台的進一步與眾不同之處在於，我們可以在混合和雲端原生環境中做到這一點。

Based on our truly differentiated capabilities, our platform selling motion continues to gain traction and all our solutions are being adopted by customers at an accelerated pace, driving strong growth. This includes PAM, which despite having a much bigger base, it's still one of our fastest-growing areas. Equally exciting, customers today understand that EDR is not enough and they need endpoint privilege manager to lock down every endpoint with the least privileged approach.

基於我們真正的差異化能力，我們的平台銷售動力繼續受到關注，我們所有的解決方案都在加速被客戶採用，推動了強勁的成長。其中包括 PAM，儘管它擁有更大的基礎，但它仍然是我們成長最快的領域之一。同樣令人興奮的是，今天的客戶明白 EDR 還不夠，他們需要端點權限管理器以最少特權的方法鎖定每個端點。

Our access solutions remain both in expansion and landing opportunity. Conjur Cloud and Secrets Hub are leading a SaaS first strategy for our Secrets management business, an equally exciting, the early momentum we are seeing with secure cloud access remains very strong and opens up an entirely new group of identities for CyberArk within the developer community.

我們的接取解決方案仍處於擴張和落地機會之中。 Conjur Cloud 和Secrets Hub 正在為我們的Secrets 管理業務引領SaaS 優先策略，這同樣令人興奮，我們在安全雲端存取方面看到的早期勢頭仍然非常強勁，並在開發人員社群中為Cyber​​Ark 開闢了一組全新的身份。

We have an all-star lineup making up our portfolio. We are empowering our customers throughout their digital transformation journeys by securing access to their cloud environments and protecting their developer communities and the applications they are building, all without getting in the way of innovation. Ensuring every identity across the workforce is truly secure sets us apart and is helping us achieve these strong results.

我們擁有全明星陣容。我們透過保護對雲端環境的存取並保護他們的開發人員社群和他們正在建立的應用程序，在整個數位轉型之旅中為客戶提供支持，而所有這些都不會妨礙創新。確保員工隊伍中的每個身分都真正安全，這使我們與眾不同，並幫助我們取得了這些出色的成果。

Digging into some of the key deals in the quarter. The threat landscape is driving customers to adopt our robust identity security platform and has pushed CyberArk into the top competitive position. We had a strong new business quarter and signed about 230 new logos with customers increasingly landing with 2 or more solutions. A few great wins in the quarter included [ProDesk] and international government agency recognizing the mission-critical nature of Identity Security and went deep with CyberArk from the start, landing with PAM, EPM, Access and Secrets in a 7-figure deal.

深入研究本季的一些關鍵交易。威脅情勢正在推動客戶採用我們強大的身份安全平台，並將 Cyber​​Ark 推向頂級競爭地位。我們的新業務季度表現強勁，簽署了約 230 個新徽標，客戶越來越多地使用 2 個或更多解決方案。本季的一些重大勝利包括[ProDesk] 和國際政府機構認識到身份安全的關鍵任務性質，並從一開始就深入研究Cyber​​Ark，以7 位數的價格與PAM、EPM、Access 和Secrets 達成合作。

A manufacturing company landed with PAM, vendor PAM and access. Our platform capabilities were a key differentiator over competing identity vendors, influence from both an advisory firm and a channel partner demonstrates the powerful combination of our platform and partner network in this great new logo win. Glasgow Caledonian University was looking for a modernization and upgrade of their identity stack driven by a need for stronger security controls.

一家製造公司登陸了 PAM、供應商 PAM 和存取權限。我們的平台功能是與競爭身份供應商的一個關鍵區別，諮詢公司和通路合作夥伴的影響力證明了我們的平台和合作夥伴網絡在這次偉大的新徽標勝利中的強大結合。由於需要更強大的安全控制，格拉斯哥卡利多尼亞大學正在尋求對其身份堆疊進行現代化和升級。

Recognizing the need to look at identities holistically, they brought CyberArk security first mindset onboard broadly adopting Privilege Cloud, Identity, workforce password manager and secure web sessions. The velocity of our business is picking up as customers achieve faster time to value with our SaaS solutions. One thing I want to drive home is that our expansion business is coming both from our new solutions as well as expanding PAM within our existing customers. The land and expand motion is built into our model and its success is represented by the 33% increase in customers with more than $100,000 in annual recurring revenue to 1,585 customers at the end of Q3. We're seeing even faster growth in the larger cohort of customers with over $500,000 ARR.

他們意識到需要全面審視身份，因此將 Cyber​​Ark 安全第一的理念引入廣泛採用特權雲端、身份、員工密碼管理器和安全網路會話。隨著客戶利用我們的 SaaS 解決方案更快實現價值，我們的業務發展速度正在加快。我想強調的一件事是，我們的業務擴展既來自於我們的新解決方案，也來自於我們現有客戶中 PAM 的擴展。土地和擴張行動已納入我們的模型中，其成功體現在，截至第三季末，年度經常性收入超過 10 萬美元的客戶數量增加了 33%，達到 1,585 名。我們看到 ARR 超過 50 萬美元的更多客戶群成長更快。

A few examples of expansion deals include a long-term CyberArk PAM customer in financial services, needed an additional layer of security for its broader workforce. This quarter, they added CyberArk identity, secure web sessions and Workforce Password Manager, taking the first step into our SaaS capabilities with discussions already underway to go deeper across the platform. We had a great quarter for our Secrets management business. In a 7-figure ACV deal, a Fortune 500 financial services company who added Secrets management for the first time for a subsidiary at the end of 2022 is now deploying CyberArk as the de facto provider for all its data centers globally. This is another example of CyberArk serving as the secrets backbone for the enterprise.

擴張交易的一些例子包括金融服務領域的長期 Cyber​​Ark PAM 客戶，需要為其更廣泛的員工提供額外的安全層。本季度，他們添加了 Cyber​​Ark 身份、安全 Web 會話和 Workforce 密碼管理器，邁出了我們 SaaS 功能的第一步，並且已經在討論如何在整個平台上進行更深入的討論。我們的秘密管理業務季度表現出色。在一筆價值7 位數的ACV 交易中，一家財富500 強金融服務公司於2022 年底首次為子公司增加了Secrets 管理，現在正在部署Cyber​​Ark 作為其全球所有資料中心的事實上的提供商。這是 Cyber​​Ark 作為企業秘密支柱的另一個例子。

With the recent uptick in high-profile breach activity, EPM remains a must-have. Adding to its existing CyberArk portfolio in a 7-figure ACV add-on deal, this Fortune 100 retailer was looking to deploy EPM across all its workstations and servers, allowing consistent policy adoption, removing local admin rights and running in lease privilege at the endpoint delivered measurable risk reduction across the enterprise. We continue to see great alignment and momentum in the channel partners and partnerships providing new valuable routes to market that allow us to extend our footprint even more effectively and reach new customer segments. The number of certifications and unique certified partners continue to show healthy growth across PAM, Access and Secrets management. The partner community is a big part of our growth, and we are thrilled with the depth of our relationships. And while MSPs are still a small percentage of our business today, momentum is continuing to pick up. Our MSP deals are on average about 50% larger in size than traditional channel deals with a faster sales cycle.

隨著最近引人注目的違規活動的增加，EPM 仍然是必備的。這家財富100 強零售商希望在其所有工作站和伺服器上部署EPM，從而以7 位數的ACV 附加交易添加其現有的Cyber​​Ark 產品組合，從而實現一致的策略採用、消除本地管理權限並在端點以租賃特權運作在整個企業內實現了可衡量的風險降低。我們繼續看到通路合作夥伴和合作夥伴的良好協調和勢頭，提供了新的有價值的市場路線，使我們能夠更有效地擴展我們的足跡並接觸新的客戶群。 PAM、存取和機密管理方面的認證和獨特認證合作夥伴的數量繼續呈現健康成長。合作夥伴社群是我們成長的重要組成部分，我們對我們關係的深度感到興奮。儘管目前 MSP 仍占我們業務的一小部分，但勢頭正在繼續增強。我們的 MSP 交易規模平均比傳統通路交易大 50% 左右，且銷售週期更快。

In the third quarter, a Nordic MSP doubled the number of PAM and workforce password manager users after an initial purchase in March. Their managed service operations have expanded significantly as they build out their identity security offering. Results like this are becoming commonplace and our MSP pipeline continues to see strong growth.

繼 3 月首次購買後，第三季度，北歐 MSP 的 PAM 和員工密碼管理器用戶數量增加了一倍。隨著他們建立身份安全產品，他們的託管服務業務顯著擴展。這樣的結果已經變得司空見慣，我們的 MSP 管道持續強勁成長。

Moving on to innovation. In early September, we launched our Artificial Intelligence Center of Excellence. The center builds on our long track record of using artificial intelligence and machine learning to fortify and expand generative AI and ML capabilities across our identity security platform. We are harnessing these capabilities to drive risk analysis and risk reduction, threat detection to simplify the user experience through automation and optimize policy to be more effective and boost productivity. AI is also being weaponized by attackers, which is increasing the severity of the threat landscape. The CyberArk Labs team was founded on the principle of thinking like an attacker, and is providing ongoing research in how generative AI is driving attacker innovation.

持續創新。九月初，我們啟動了人工智慧卓越中心。該中心建立在我們利用人工智慧和機器學習來強化和擴展整個身分安全平台的生成式人工智慧和機器學習能力的長期記錄的基礎上。我們正在利用這些功能來推動風險分析和風險降低、威脅偵測，透過自動化簡化使用者體驗，並優化策略以提高效率並提高生產力。人工智慧也被攻擊者武器化，這加劇了威脅情勢的嚴重性。 Cyber​​Ark Labs 團隊的成立遵循像攻擊者一樣思考的原則，並且正在提供關於生成式 AI 如何推動攻擊者創新的持續研究。

The Labs team is working closely with the Center of Excellence, and together, they are fighting attacker innovation with innovation of our own to more effectively secure our global customers. In early October, we announced new risk-based controls for identities in the cloud, strengthening our Secure Cloud Access solution. These enhanced capabilities enable just-in-time access with zero standing privilege to a diverse set of cloud services that sit behind the cloud management consoles for all cloud service providers.

實驗室團隊正在與卓越中心密切合作，共同利用我們自己的創新來對抗攻擊者的創新，以更有效地保護我們的全球客戶。十月初，我們宣布了針對雲端中身分的新的基於風險的控制，加強了我們的安全雲端存取解決方案。這些增強的功能支援以零常設權限即時存取位於所有雲端服務提供者的雲端管理控制台後面的各種雲端服務。

These services run in multi-cloud environments with no added friction to the user experience. While many other vendors focus on visibility in the cloud, no other vendor can bring privileged controls to the cloud like CyberArk can. We were excited once again to be named a leader for PAM by 2 major industry analysts, including in the Forrester Wave for Privileged Identity Management. Our Identity Security platform received a top score in the current offering category and the highest possible score in 16 criteria including lease privilege access, just-in-time access, development and DevOps support, threat detection and response, innovation and partner ecosystem.

這些服務在多雲環境中運行，不會增加使用者體驗的阻力。雖然許多其他供應商專注於雲端中的可見性，但沒有其他供應商可以像 Cyber​​Ark 那樣為雲端帶來特權控制。我們很高興再次被兩位主要產業分析師（包括 Forrester Wave for Privileged Identity Management）評為 PAM 領導者。我們的身分安全平台在當前產品類別中獲得最高分，並在 16 項標準中獲得最高分，包括租賃特權存取、即時存取、開發和 DevOps 支援、威脅偵測和回應、創新和合作夥伴生態系統。

As you have heard from us for a while now, the investment in our identity security platform has dramatically increased our ability to innovate and bring new integrated services to market at an even faster rate, while driving down our overall cost of development. The threat landscape is evolving quickly, but we are well positioned to live our mission of securing our customers around the world against cyber threats with constant innovation and security first solutions.

正如您一段時間以來從我們那裡聽到的那樣，對我們的身份安全平台的投資極大地提高了我們的創新能力，並以更快的速度將新的整合服務推向市場，同時降低了我們的整體開發成本。威脅情勢正在迅速發展，但我們有能力履行我們的使命，透過不斷創新和安全第一的解決方案，保護世界各地的客戶免受網路威脅。

Switching gears to profitability. The effects of our subscription transition are entering its final phase. Our top line growth is accelerating and our outperformance in Q3 shows the inherent operating leverage in our business. We are marching towards our goal of returning to a rule of 40 company or even beyond. We are striking the right balance between investing in growth and innovation and driving profitability. In addition, the final piece of the transition is cash flow, which we expect to expand in 2024. With our stellar performance in the quarter, I remain very confident in the long-term targets we outlined earlier in the year.

轉向盈利。我們的訂閱過渡的影響正在進入最後階段。我們的營收成長正在加速，第三季的優異表現顯示了我們業務固有的營運槓桿。我們正在朝著恢復 40 家公司甚至更多公司規則的目標邁進。我們正在投資成長和創新與提高獲利能力之間取得適當的平衡。此外，轉型的最後一部分是現金流，我們預計現金流將在 2024 年擴大。憑藉我們在本季度的出色表現，我對我們今年早些時候概述的長期目標仍然非常有信心。

To sum up my discussion today, we posted a stellar quarter with our business accelerating, our industry-leading platform drove strong new and add-on business. We offer a must-have layer of security that is truly differentiated in the market. Our competitive position has never been stronger, and you are seeing the momentum in our business. We are the only vendor in the market today who has a full identity security platform, one that can apply the right level of controls over any identity regardless of environment.

總結我今天的討論，我們發布了一個出色的季度業績，我們的業務不斷加速，我們行業領先的平台推動了強勁的新業務和附加業務。我們提供真正在市場上脫穎而出的必備安全層。我們的競爭地位從未如此強大，您也看到了我們業務的發展勢頭。我們是當今市場上唯一擁有完整身分安全平台的供應商，該平台可以對任何身分進行適當程度的控制，無論環境如何。

I'll now turn the call over to Josh, who will discuss our outperformance in more detail and how the significant increase in our full year revenue, operating income and ARR guidance demonstrates the confidence in our execution and the durability of the demand environment. Josh?

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，以及我們全年收入、營業收入和ARR 指導的顯著增長如何表明我們對執行力和需求環境的持久性的信心。喬許？

Thanks, Matt. We posted outstanding results in the third quarter and beat our guidance across all metrics. Our bookings outperformance compared to our guidance framework for the third quarter resulted in top line revenue growth accelerating to 25% coming in at a record $191.2 million. We were particularly pleased with our results because of our subscription bookings mix in the third quarter was 97% that's higher than our guidance framework of 95% evidenced that the booking strength was even more impressive than the top line outperformance. Our business continues to be driven by upsell, cross-sell and new logos, landing with a bigger piece of our identity security platform.

謝謝，馬特。我們在第三季公佈了出色的業績，所有指標都超越了我們的指導。與第三季的指導框架相比，我們的預訂表現優於我們的指導框架，導致營收成長加速至 25%，達到創紀錄的 1.912 億美元。我們對我們的結果感到特別滿意，因為我們第三季的訂閱預訂組合為 97%，高於我們 95% 的指導框架，這證明預訂實力甚至比營收表現更令人印象深刻。我們的業務繼續由追加銷售、交叉銷售和新徽標推動，並在我們的身分安全平台上佔據更大的份額。

ARR demonstrates the momentum in our business and reached $705 million at September 30, growing 38%. The subscription portion increased 68% and reached $504 million. The strong $53 million in net new subscription ARR shows the step-up in demand for our identity security platform as customers increasingly move to protect all identities with intelligent privileged controls. The maintenance portion of ARR was just over $200 million at September 30. Strong renewal rates persisted in the third quarter, and we were able to capture price increases resulting in a relatively flat maintenance ARR compared to the second quarter.

ARR 展現了我們業務的強勁勢頭，截至 9 月 30 日達到 7.05 億美元，成長 38%。認購部分增加了 68%，達到 5.04 億美元。新增淨訂閱 ARR 高達 5300 萬美元，這表明隨著客戶越來越多地透過智慧特權控制來保護所有身份，對我們的身份安全平台的需求不斷增加。截至 9 月 30 日，ARR 的維護部分剛剛超過 2 億美元。第三季續訂率持續強勁，我們能夠抓住價格上漲的機會，從而導致維護 ARR 與第二季相比相對持平。

Like-for-like conversion activity still only represents a single-digit percent of our year-on-year ARR growth. Moving into the details of the revenue lines for the third quarter, subscription revenue reached $122.9 million with growth accelerating to 65% year-on-year and representing 64% of total revenue in the third quarter. Perpetual license revenue came in at $4.1 million. Our maintenance and professional services revenue was $64.3 million. Of that, $51.5 million came from recurring maintenance.

年比轉化活動僅占我們的 ARR 年成長的個位數百分比。從第三季的營收細節來看，訂閱營收達到 1.229 億美元，年成長加速至 65%，佔第三季總營收的 64%。永久授權收入為 410 萬美元。我們的維護和專業服務收入為 6,430 萬美元。其中 5,150 萬美元來自經常性維護。

The consistent maintenance revenue is because of our strong renewal rates and the uplift in prices we are capturing for our mission, critical software, professional services, and professional services revenue was $12.8 million in the third quarter. Recurring revenue reached $174.4 million and is now 91% of total revenue compared to 84% in the third quarter last year, demonstrating the subscription engine we have built. Recurring revenue growth accelerated to 36% year-on-year.

持續的維護收入是由於我們強勁的續訂率以及我們為我們的任務捕獲的價格上漲，關鍵軟體、專業服務和專業服務收入在第三季為 1280 萬美元。經常性收入達到 1.744 億美元，目前佔總收入的 91%，而去年第三季為 84%，證明了我們建構的訂閱引擎。經常性收入年增速加快至36%。

Geographically, the business continues to be well diversified. The Americas revenue reached $112.4 million, growing 20% year-on-year. APJ grew by 21% to $18.7 million and EMEA grew by 38% year-on-year to [$60.1] million in revenue. One thing to note is that every one of our major territories had a subscription mix of over 94%. 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.

從地域上看，業務持續多元化。美洲地區營收達1.124億美元，年增20%。亞太及日本地區的營收年增 21% 至 1,870 萬美元，歐洲、中東和非洲地區的營收年增 38% 至 [6,010 萬美元]。需要注意的一件事是，我們每個主要地區的訂閱率都超過 94%。損益表的所有項目都將在非公認會計原則的基礎上進行討論。請參閱我們新聞稿表格中的完整 GAAP 與非 GAAP 調整表。

Our third quarter gross profit was $158.2 million or 83% gross margin, consistent with the third quarter last year. Our operating income of $16.9 million far exceeded the top end of our guidance. We are pleased that our commitment to the profitability and leverage is now paying off. Sequentially, our operating expenses declined from the second quarter of 2023, primarily because of our Impact Customer Conference. As a reminder, in 2022 we hosted our Impact customer event in the third quarter and it fell in the second quarter of this year. That's affecting the year-on-year comparison in addition to the sequential.

我們第三季的毛利為 1.582 億美元，毛利率為 83%，與去年第三季持平。我們的營業收入為 1,690 萬美元，遠遠超出了我們指導的上限。我們很高興我們對盈利能力和槓桿率的承諾現在得到了回報。隨後，我們的營運費用較 2023 年第二季有所下降，這主要是由於我們的影響力客戶會議。提醒一下，我們在 2022 年第三季舉辦了影響力客戶活動，但在今年第二季舉行。除了環比之外，這也影響同比比較。

Net income came in at $19.6 million or $0.42 per diluted share, also significantly outperforming our guidance. For the first 9 months of 2023, free cash flow was $5.1 million or 1% free cash flow margin. We ended September with approximately 3,000 employees worldwide, including 1,320 in sales and marketing.

淨利潤為 1,960 萬美元，即稀釋後每股收益 0.42 美元，也大大超出了我們的指導。 2023 年前 9 個月，自由現金流為 510 萬美元，即 1% 的自由現金流利潤率。截至 9 月底，我們在全球擁有約 3,000 名員工，其中 1,320 名從事銷售和行銷工作。

Turning to our guidance. For the fourth quarter and the full year 2023, our guidance reflects our strong execution and durable demand, while still balanced against the continued uncertainty in the broader environment. For the fourth quarter of 2023, we expect total revenue of $206.5 million to $211.5 million, which represents 24% year-on-year growth at the midpoint. We expect the subscription mix to be about 95%, and we expect non-GAAP operating income in the range of $19 million to $23 million for the fourth quarter, and we expect our non-GAAP EPS to range from $0.41 to $0.50 per diluted share. Our guidance also assumes 47.1 million weighted average diluted shares and about $11.6 million in taxes.

轉向我們的指導。對於第四季和 2023 年全年，我們的指導反映了我們強大的執行力和持久的需求，同時仍與更廣泛環境中持續的不確定性保持平衡。對於 2023 年第四季度，我們預計總營收為 2.065 億美元至 2.115 億美元，中間值年增 24%。我們預計認購比例約為 95%，預計第四季度非 GAAP 營業收入將在 1,900 萬美元至 2,300 萬美元之間，我們預計非 GAAP 稀釋後每股收益將在 0.41 美元至 0.50 美元之間。我們的指導也假設加權平均稀釋股票為 4,710 萬股，稅費約為 1,160 萬美元。

For the full year of 2023, we are raising our guidance for total revenue to be in the range of $735 million to $740 million that's representing 25% growth year-on-year at the midpoint of the range and an acceleration from the 18% in 2022. We are significantly raising our profitability outlook and now expect our full year operating income to be in the range of $17.7 million to $21.7 million. We expect our EPS range to be $0.72 to $0.80 per diluted share, and we expect about 46.5 million weighted average diluted shares and about $32 million in taxes for the full year of 2023.

對於 2023 年全年，我們將總收入指引上調至 7.35 億美元至 7.4 億美元之間，這意味著該範圍中點同比增長 25%，比 2020 年的 18% 有所加速。2022 年。我們正在大幅提高獲利前景，目前預計全年營業收入將在1,770 萬美元至2,170 萬美元之間。我們預計稀釋後每股盈餘範圍為 0.72 至 0.80 美元，預計 2023 年全年加權平均稀釋後股票約為 4,650 萬股，稅金約為 3,200 萬美元。

Now that we are in the fourth quarter, we wanted to frame up the cash flow guide rails, which translates to a range of $33 million to $38 million for the full year 2023. We are also significantly raising our guidance for the annual recurring revenue by about $15 million to now be between $758 million and $768 million in this December 31, 2023, or about 34% year-on-year growth at the midpoint of the range.

現在已進入第四季度，我們希望制定現金流量指引，即 2023 年全年的現金流量範圍為 3,300 萬至 3,800 萬美元。我們還將對年度經常性收入的指導大幅提高到2023 年12 月31 日，這一數字將達到約1500 萬美元，目前將達到7.58 億美元至7.68 億美元，即該範圍中點的同比增長約34%。

Overall, we were thrilled with another quarter of strong execution and see a step-up in momentum and demand for our solutions and platform. Recurring revenue is now the lion's share of our business and its acceleration this quarter demonstrates that demand for our platform is building. At the same time, we are driving leverage in our model, resulting in our significantly improved profitability and cash flow.

總體而言，我們對另一個季度的強勁執行力感到興奮，並看到對我們的解決方案和平台的勢頭和需求的增加。經常性收入現在是我們業務的最大份額，本季的加速顯示對我們平台的需求正在增加。同時，我們正在推動模型中的槓桿作用，從而顯著提高獲利能力和現金流。

Now I want to take a moment and echo math sentiment and that we are fully supporting everyone affected by the horrific attacks on Israel. We are grateful for those bravely serving Israel, and our thoughts and prayers are with them.

現在我想花點時間表達數學觀點，我們全力支持所有受到以色列恐怖攻擊影響的人。我們感謝那些勇敢地為以色列服務的人，我們的思念和祈禱與他們同在。

Before moving on to the Q&A, I also wanted to address some of the questions we have been getting about our operations in Israel and the employees who are being called to military duty. Organizationally, about 1,000 employees or 30% of our total team is based in Israel with the biggest group being in R&D and product management and then HR, finance, IT and legal teams. At this time, just under 3% of our global employees have been called up into the reserves. As a global company, business continuity has always been foundational to our strategy, and we are moving the business forward even in these unprecedented times.

在進行問答之前，我還想回答一些有關我們在以色列的業務以及被徵召入伍的員工的問題。從組織架構來看，以色列約有 1,000 名員工，佔團隊總數的 30%，其中最大的團隊負責研發和產品管理，然後是人力資源、財務、IT 和法律團隊。目前，我們全球員工中只有不到 3% 已被徵召入伍。作為一家全球性公司，業務連續性始終是我們策略的基礎，即使在這個前所未有的時代，我們也正在推動業務向前發展。

We remain confident in our ability to hit our short- and long-term goals. Our team has been incredible and I'm proud of what they are accomplishing together as we navigate this challenging time. We all stand united in support of our Israeli employees around the world, and we will emerge stronger as an organization and a community.

我們對實現短期和長期目標的能力仍然充滿信心。我們的團隊非常出色，當我們度過這個充滿挑戰的時期時，我為他們共同取得的成就感到自豪。我們團結一致，支持世界各地的以色列員工，我們作為一個組織和社區將變得更加強大。

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 of Barclays.

（操作員說明）您的第一個問題來自巴克萊銀行的 Saket Kalia。

Okay. Great to see the momentum and also wanted to echo those thoughts there, Josh, to all your employees in Israel as well.

好的。很高興看到這種勢頭，喬許也想向以色列的所有員工表達這些想法。

Thank you, Saket. Thank you.

謝謝你，薩凱特。謝謝。

Thank you.

謝謝。

For sure. Matt, maybe just to start with you. A lot of great stuff to talk about. But maybe we can touch on maybe some of the recent events in the identity space broadly. Specifically, I'd love to touch on whether you think the MGM Caesars breach is driving maybe additional interest in PAM broadly? And what do you think some of the vulnerabilities for other identity players are maybe driving interest in CyberArk's broader identity platform. Does that make sense?

一定。馬特，也許只是從你開始。有很多值得談論的好東西。但也許我們可以廣泛地談談身份領域最近發生的一些事件。具體來說，我想談談您是否認為 MGM Caesars 的違規行為可能會引起人們對 PAM 的廣泛興趣？您認為其他身分參與者的一些漏洞可能會激發人們對 Cyber​​Ark 更廣泛的身份平台的興趣。那有意義嗎？

It does. And I think it's a key element, actually, of our continued performance and our continued results. Like when we think about the threat landscape today, and we'll talk generally to begin with, we said it in the prepared remarks, all roads lead towards identity. When you start to digest or dissect some of these breaches themselves, you start to see that they all start kind of with a profiling and understanding a phishing attack that goes out after weakness in an employee, maybe it's MFA fatigue, maybe it's tricking a help desk. And ultimately, organizations see quite quickly that MFA, multifactor authentication is not enough. When you track the pathways that then are occurring in these breaches, ultimately, you see the lateral movement to a privileged account and then the privileged account being exploited, which allows the data infiltration and the ability to be able to recap it within an organization.

確實如此。我認為這實際上是我們持續表現和持續成果的關鍵因素。就像我們今天思考威脅情勢時一樣，我們首先會進行一般性討論，我們在準備好的發言中說過，所有道路都通往身分。當您開始消化或剖析其中一些漏洞本身時，您會開始發現它們都是從分析和理解網路釣魚攻擊開始的，這種攻擊是在員工的弱點之後發生的，也許是MFA 疲勞，也許是在欺騙幫助桌子。最終，組織很快就會發現 MFA、多因素身份驗證還不夠。當您追蹤這些違規行為中發生的路徑時，最終您會看到特權帳戶的橫向移動，然後特權帳戶被利用，這允許資料滲透並能夠在組織內重述資料。

And this is actually not new news. When you track any major breach of the last decade, it comes back to the need to be able to protect every identity within an organization, human or nonhuman and apply the right level of privilege controls and organizations that just stop at basic security controls are not really secure in this day and age. And so I think when you look at our results, you see CISOs who have understood this not because of a recent breach, but understood it for years, getting more support from their C-suite from their Boards. As they understand the dire consequences of not implementing a broader identity security strategy.

這其實不是什麼新消息。當您追蹤過去十年中的任何重大違規行為時，您會發現需要能夠保護組織內的每個身份（無論是人類還是非人類），並應用正確級別的權限控制，而僅僅停留在基本安全控制的組織則無法做到這一點。在當今時代確實很安全。因此，我認為，當您查看我們的結果時，您會發現CISO 並不是因為最近的違規行為才理解這一點，而是多年來一直理解這一點，並從董事會的最高管理層那裡獲得了更多支持。因為他們了解不實施更廣泛的身份安全策略的可怕後果。

Now we see it obviously in customer breaches. We see it in breaches that have occurred throughout the industry, the identity industry, they all actually have the similar foundation, which is we need to make sure that the privilege controls are placed against all identities. And I think our customers understand that we're the only company out there that's able to bring a security-first identity security story that they can trust and trust to be able to consolidate their offerings on to the CyberArk platform.

現在我們在客戶違規行為中明顯看到了這一點。我們在整個產業、身分認同產業發生的違規行為中看到了這一點，它們實際上都有相似的基礎，那就是我們需要確保針對所有身分進行權限控制。我認為我們的客戶明白，我們是唯一一家能夠提供安全第一的身份安全故事的公司，他們可以信任並相信我們能夠將他們的產品整合到 Cyber​​Ark 平台上。

Got it. That makes a lot of sense. Josh, maybe for my follow-up for you. It's great to see the maintenance ARR hold in with -- I mean you called out strong retention and price increases as well. The question is, how do you think about maintenance ARR going forward, just tactically, but also strategically, when do you think these customers maybe start to convert to subscription or SaaS in a bigger way?

知道了。這很有意義。喬什，也許是為了我對你的後續行動。很高興看到維護 ARR 保持不變——我的意思是您還指出了強勁的保留率和價格上漲。問題是，您如何看待未來的維護 ARR，無論是戰術上還是戰略上，您認為這些客戶可能何時開始更大規模地轉向訂閱或 SaaS？

Yes. Thanks, Saket. So we think about Q4, I mean, we think about a decline in the maintenance ARR, probably in the mid-single digits -- going -- and that would kind of give us about -- just over a $10 million type of a decline in the last -- for the 12-month period. And I think as we see it kind of playing out into 2024, I think that we'll probably see as -- right now, we're above the -- and already Q3, we're 98%, we're looking at kind of just in the 95-plus range for the full year this year in terms of SaaS and subscription. So already next year, it will be above that. So really, the perpetual business is really evaporating for next year. So we should expect to see, I would call, a larger decline compared to the low double digits this year, but not a falloff just kind of continuing to increase the number. And I think the strategy is we're really focused on doing what's right for the customer and what's right and best for the customer.

是的。謝謝，薩凱特。因此，我們考慮第四季度，我的意思是，我們考慮維護 ARR 的下降，可能會下降到個位數中間，這會給我們帶來約 1000 萬美元以上的下降過去 12 個月期間。我認為，當我們看到這種情況會持續到 2024 年時，我認為我們可能會看到——現在，我們已經超過了——而且已經是第三季度了，我們是 98%，我們正在考慮就SaaS 和訂閱而言，今年全年的數字剛好在95 以上。所以明年，它就會高於這個數字。所以說，明年的永久業務真的會消失。因此，我認為，與今年的低兩位數相比，我們應該預計會看到更大的下降，但不是下降，只是數字繼續增加。我認為我們的策略是真正專注於為客戶做正確的事情，以及為客戶做正確且最好的事情。

And so clearly, as customers are part of the cloud journey for moving their PAM and their identity security to the cloud, we are absolutely part of that program. And then we also are -- as the customer wants to upgrade and update their current hosted environment, we're there, but we're not necessarily forcing a change to move it. But we do anticipate it growing because the perpetual business is evaporating. And over time, more and more customers will be moving to the SaaS environment, and we'll be there for that.

很明顯，隨著客戶參與將 PAM 和身分安全遷移到雲端的雲端之旅，我們絕對是該計劃的一部分。然後我們也是——當客戶想要升級和更新他們當前的託管環境時，我們就在那裡，但我們不一定會強制進行更改來移動它。但我們確實預期它會成長，因為永久性業務正在消失。隨著時間的推移，越來越多的客戶將轉向 SaaS 環境，我們將為此提供支援。

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

您的下一個問題來自 Piper Sandler 的 Rob Owens。

We'd like to echo our thoughts relative to your employees and the people of Israel, tough situation. Wanted to drill down, Josh, a little bit and just one question from me into the free cash flow guide. I realize that there was puts and takes with previous guide around duration of maintenance contracts. But it looks like some of that previous guidance of that net income margin spread relative to free cash flow aren't necessarily going to hold. So can you unpack that for us and help us get to an understanding of free cash flow for this year and where it's coming in? And then any thoughts relative to how that might accelerate next year in terms of that spread?

我們想表達我們對你們的員工和以色列人民的想法，他們的處境很艱難。喬希，我想深入了解自由現金流指南中我提出的一個問題。我意識到之前關於維護合約期限的指南存在一些看跌期權。但看起來之前關於淨利潤率相對於自由現金流的利差的一些指導不一定會成立。那麼您能否為我們解開這個謎題，幫助我們了解今年的自由現金流及其來源？那麼對於明年這種傳播可能如何加速有什麼想法嗎？

Yes. Thanks, Rob. So actually, I think when we looked at the -- at the third quarter, free cash flow was in line with our expectations. And we basically -- and Matt alluded to it in his prepared remarks, when we think about cash flow, it's kind of the last piece of the transition coming out going from perpetual SaaS and subscription. We really hit first on the revenue acceleration in the transition. And then it moved, as you started to see during this year into the operating income, and we'll see more of that expansion going into next year.

是的。謝謝，羅布。所以實際上，我認為當我們看到第三季時，自由現金流符合我們的預期。基本上，馬特在他準備好的演講中提到了這一點，當我們考慮現金流時，這就是永久 SaaS 和訂閱轉型的最後一部分。我們首先真正關注的是轉型過程中收入的加速成長。然後它發生了變化，正如你在今年開始看到營業收入一樣，我們將在明年看到更多的擴張。

And when we think about cash flow, it's the third piece of the puzzle and it's really because when we're thinking about that transition, we're dropping down from a perpetual sell, which also comes with a maintenance, one or multiple year contract that's all paid upfront, now going to either a SaaS or a subscription contract, which is being typically paid in a 1-year contract upfront.

當我們考慮現金流時，這是難題的第三部分，這實際上是因為當我們考慮這種轉變時，我們正在從永久出售中掉下來，永久出售還附帶維護、一年或多年合約這一切都是預先支付的，現在要么是SaaS，要么是訂閱合同，通常是通過為期1 年的合同預先支付。

So we are starting to -- we started to see the beginning pieces of it this year, but we see the real inflection as we go through the full renewals, and we are able to enjoy the SaaS subscription play instead of -- without the perpetual, we'll start to see the compare really go strong in next year and '24 and '25 and confident about the numbers that we've set out in our long-term targets.

因此，我們今年開始看到它的開始部分，但當我們經歷全面更新時，我們看到了真正的變化，我們能夠享受 SaaS 訂閱遊戲，而不是——沒有永久的服務。 ，我們將開始看到明年以及24 和25 年的比較確實強勁，並對我們在長期目標中設定的數字充滿信心。

And then just to add -- just to emphasize, I think we set out guardrails that came in and basically, our guidance, which is cash flow in line with our net income margin is where we see it kind of playing out. So on the lower end of the guardrails, but within those guardrails for the rest of this year. And then I just want to reiterate what Josh said, which is we see an inflection point going into next year, and we're extremely confident in the cash flow targets that we put out there for the long-range model for 2025 and 2027. Nothing's changed there.

然後補充一點——只是強調一下，我認為我們制定了護欄，基本上，我們的指導，即與我們的淨利潤率一致的現金流量，是我們看到的結果。因此，在護欄的下端，​​但今年剩餘時間都在這些護欄內。然後我只想重申 Josh 所說的，那就是我們看到明年將出現一個拐點，我們對我們為 2025 年和 2027 年長期模型製定的現金流目標非常有信心。那裡什麼都沒有改變。

Your next question comes from the line of Roger Boyd of UBS.

你的下一個問題來自瑞銀集團的羅傑博伊德。

Great. Congrats on the quarter and again, echo thoughts on your employees and everybody in Israel. I wonder if you could talk about new logos. I think -- I apologize if I missed. I don't think I heard a new logo of disclosure, but I think for the past few quarters, you've talked about the fact that it's a tougher environment for that, but that the customers you are landing bigger with the platform. It clearly sounds like that was the case in 3Q, but I love any thoughts on how you're thinking about new logo contribution is maybe around the corner into next year?

偉大的。再次恭喜本季度，回應您的員工和以色列每個人的想法。我想知道你能否談談新標誌。我想——如果我錯過了，我會道歉。我認為我沒有聽到新的披露標識，但我認為在過去的幾個季度中，您談到了這樣一個事實：這是一個更艱難的環境，但您通過該平台獲得了更大的客戶。聽起來顯然是第三季度的情況，但我喜歡您如何考慮明年可能即將到來的新徽標貢獻？

Yes, sure. So I think we did mention it, but I'll mention again, which is we did about 230 new logos in the quarter, that is basically flat year-over-year. And as we've talked about, I think we're pretty -- actually excited by that number. We're continuing to be able to land new customers. If you remember, we're primarily serving either the enterprise or the upper end of the mid-market. And we've been able to successfully continue to land customers with PAM, increasingly with more than 1 product, 2 or more. We've landed customers this quarter with EPM and with access, and we see that business for us as really a great feeder system for our future growth, giving our land and expand motion.

是的，當然。所以我認為我們確實提到過這一點，但我會再次提到，我們在本季度製作了大約 230 個新徽標，與去年同期基本持平。正如我們所討論的，我認為我們對這個數字感到非常興奮。我們將繼續能夠吸引新客戶。如果你還記得的話，我們主要為企業或中端市場的高端服務。我們已經能夠繼續透過 PAM 成功吸引客戶，並越來越多地使用 1 種以上、2 種或更多產品。本季我們已經透過 EPM 和訪問管道吸引了客戶，我們認為這項業務對我們來說確實是我們未來成長的一個偉大的支線系統，為我們提供了土地和擴張動力。

I will also emphasize and I think you hinted at it in the call, we continue to see that the deal size of our new logos is increasing dramatically. And we actually are up well above our growth rate in terms of the overall size of the contribution of those new logos from a booking perspective. So we think this is a healthy new logo quarter in this environment. Certainly, it does have a little bit of a slower close rate because of the macros, but we're excited by the performance in the queue.

我還要強調，我認為您在電話中暗示了這一點，我們繼續看到我們新徽標的交易規模正在急劇增加。從預訂的角度來看，這些新徽標的貢獻整體規模實際上遠高於我們的成長率。因此，我們認為在這種環境下，這是一個健康的新標誌季度。當然，由於巨集的原因，它的關閉速度確實有點慢，但我們對隊列中的性能感到興奮。

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

你的下一個問題來自摩根士丹利的 Hamza Fodderwala。

And I also want to extend my support to all your family's, friends in Israel. Josh, I'll hope to see you there next year.

我也想向你們在以色列的所有家人和朋友表示支持。喬什，我希望明年能在那裡見到你。

Look forward to it.

對此期待。

Yes. Matt, maybe a question for you on a more high level. CISOs are dealing with a lot going into next year, you've got a rising threat environment. You've got these new SEC rules. Now they can be held personally liable for breaches. I'm curious, as customers think about their budgets for next year, what are you hearing from them? What is the priority level and what are the main concerns from CISOs right now, whether it be related to identity security or just more broadly?

是的。馬特，也許有一個更高層次的問題想問你。明年，首席資訊安全長將面臨許多問題，威脅環境不斷加劇。你已經有了這些新的 SEC 規則。現在，他們可以對違規行為承擔個人責任。我很好奇，當客戶考慮明年的預算時，您從他們那裡聽到了什麼？目前 CISO 的優先事項是什麼？主要關注點是什麼，是與身分安全相關還是更廣泛的安全？

Yes, Hamza. I think you captured it well. the job of a CISO is not an easy job. I spend a lot of my time with them. And they're stressed, impressed beyond belief as they try to figure out how to counter all of the factors that you described, both from the threat environment and from the regulations. I think when we talk, and we're having, again, really genuine, transparent conversations, they're trying to understand, as always, what are the priorities that are going to have the most amount of impact on risk. And they could do 800 things. So they could do everything that you could imagine, but they have to boil it down to the programs and projects that are going to make sure that they can answer to their Board why they're more risk reduced this year than the year before and so on.

是的，哈姆札。我認為你捕捉得很好。 CISO 的工作並不輕鬆。我花了很多時間和他們在一起。當他們試圖弄清楚如何應對您所描述的所有因素（無論是來自威脅環境還是來自法規）時，他們都感到壓力重重，印象深刻。我認為，當我們交談時，我們再次進行真正真誠、透明的對話，他們一如既往地試圖了解哪些優先事項將對風險產生最大的影響。他們可以做 800 件事。因此，他們可以做你能想像到的一切，但他們必須將其歸結為計劃和項目，以確保他們能夠向董事會回答為什麼今年的風險比前一年降低了更多，所以在。

And when they look at that, they really do inherently understand this concept that all roads lead to identity. And so everything they're thinking about is about locking down their overall posture around identity, identity security. Now you can do EDR on the endpoint to make sure that you're able to detect and respond to things that are coming in from the outside, and that's still a priority for our CISOs and for our customers. But when they're thinking about what can have the biggest impact, what can reduce risk the most. It's really their identity projects, which is why we see ourselves be prioritized. And why, as CECLs look towards their next year's budgets and we have those budget conversations obviously already started, they're prioritizing our spend into their overall budget plan, and we're talking with them about their road map, not just for the quarter we're in, but for the year or 2 years ahead.

當他們看到這一點時，他們確實從本質上理解了「條條道路通往身分」這一概念。因此，他們所考慮的一切都是為了鎖定他們在身分、身分安全上的整體態勢。現在，您可以在端點上執行 EDR，以確保您能夠偵測並回應從外部傳入的訊息，這仍然是我們的 CISO 和客戶的​​首要任務。但當他們考慮什麼可以產生最大的影響，什麼可以最大程度地降低風險。這實際上是他們的身份項目，這就是為什麼我們認為自己被優先考慮。為什麼，當CECL 展望明年的預算時，我們顯然已經開始了這些預算對話，他們將我們的支出優先納入他們的總體預算計劃，而我們正在與他們討論他們的路線圖，而不僅僅是本季度的路線圖我們已經加入了，但是是在未來一兩年。

And it is a journey to lock down identities and cover all identities, human and nonhuman to cover both on-prem and in the cloud. And so we see a road map that materializes over an 18, 24-month period that allows us to continually work with these customers to help protect them and secure them. And so it is actually a great bidirectional conversation that we're having, and we feel like we're at the top of the list.

這是一個鎖定身份並覆蓋所有身份（人類和非人類）以覆蓋本地和雲端的旅程。因此，我們看到了一個在 18、24 個月期間實現的路線圖，使我們能夠繼續與這些客戶合作，幫助保護他們並確保他們的安全。因此，這實際上是我們正在進行的一次很棒的雙向對話，我們感覺自己處於清單的首位。

Your next question comes from the line of Ittai Kidron of Oppenheimer.

你的下一個問題來自奧本海默的 Ittai Kidron。

Matt, Josh had a couple of questions, Matt, to you. On the go-to-market side, where is your priority right now, expansion with existing customers given the massive growth in the portfolio and what you have to offer or going after new customers. Clearly, everyone would have had -- would want to have another 100 salespeople running around. But given what you have, how are you reorienting your sales force right now? What is the priority?

馬特，喬許有幾個問題要問你。在進入市場方面，您現在的首要任務是，考慮到產品組合的大幅成長以及您必須提供的服務或吸引新客戶，擴大現有客戶。顯然，每個人都希望再有 100 名銷售人員四處奔走。但考慮到您所擁有的資源，您現在該如何重新調整您的銷售團隊呢？什麼是優先事項？

And for you, Josh, on the financial side, I want to go back to Saket's comments. Clearly, you've done a very good job in keeping up maintenance and the price increases are clearly helping. But we're now getting into, right, the 3-year mark of the real big shift in subscription. And so I'm kind of wondering if there -- there's a cohort of large customers that were on 3 or perhaps even 5-year contracts with you that are now coming for renewal, is there a risk that they -- not a risk, but is there a possibility that they shifted the cloud in a way that creates significant step-downs in maintenance as they shift from one tool to another. Help me understand that transition. Why should we keep thinking that maintenance will just keep on slowly gliding down rather than have big step-downs? Sorry for the long question.

對於你，喬什，在財務方面，我想回到薩基特的評論。顯然，你們在維護方面做得非常好，而且價格上漲顯然有所幫助。但我們現在正進入訂閱真正重大轉變的三年期。所以我有點想知道，是否有一群大客戶與你們簽訂了 3 年甚至 5 年的合同，現在正在續簽，是否存在他們的風險，而不是風險，但是，當他們從一種工具轉向另一種工具時，他們是否有可能以某種方式轉移雲，從而顯著減少維護工作。幫助我理解這種轉變。為什麼我們要一直認為維護費用只會繼續緩慢下滑而不是大幅下降？抱歉問了這麼長的問題。

No, no, it's good questions. And again, thanks for the support. On the go-to-market side, I think the answer is both, and let me now dig into that a little bit. So we believe that the sales team incredibly well equipped to do the upsell and cross-sell motion. We have deep relationships with our customers. We have the conversations that I was describing in the prior answer. And so our sales team is really empowered to focus most of their feet on the street motion to the cross-sell and upsell motion. At the same time, we've invested heavily in our marketing organization in both the demand gen programs, the brand campaigns, the ability to be able to ramp up more SDRs, sales development reps who are doing some of the cold calling and outbound calling.

不，不，這是好問題。再次感謝您的支持。在進入市場方面，我認為答案是兩者兼而有之，現在讓我深入探討。因此，我們相信銷售團隊非常有能力進行追加銷售和交叉銷售。我們與客戶有著深厚的關係。我們進行了我在先前的回答中所描述的對話。因此，我們的銷售團隊確實能夠將大部分精力集中在街頭運動、交叉銷售和追加銷售運動上。同時，我們在需求產生計劃、品牌活動、獲得更多特別提款權的能力、進行一些推銷電話和外撥電話的銷售開發代表等方面對營銷組織進行了大量投資。 。

All of that allows us to use the marketing engine to actually go generate the new logos and actually set up the meetings, get them qualified before we hand them over to the sales force. Then we get a sales team involved and obviously, they can help participate in moving it through the pipe. So we've kind of set up this really strong engine where everybody knows their role, marketing is primarily focused on making sure we drive new logos, building the pipeline for the future, making sure 2024 and 2025 are going to be incredibly successful.

所有這些使我們能夠使用行銷引擎來實際產生新徽標並實際設定會議，在將它們移交給銷售人員之前使它們合格。然後我們讓銷售團隊參與進來，顯然，他們可以幫助參與推動它通過管道。因此，我們建立了一個非常強大的引擎，每個人都知道自己的角色，行銷主要集中在確保我們推出新徽標，為未來建立管道，確保 2024 年和 2025 年將取得令人難以置信的成功。

And the sales team is out there leveraging their relationships to drive upsell and cross-sell. And then there's a third dynamic here on the go-to-market perspective, which is our partner organization, which mirrors us in that respect. And so by driving up our relationships with advisory firms with the MSP providers, with our traditional reselling partners, they're out there in the market, helping to push not only PAM, which is what we would have said 2 years ago, but the entire identity security story. And by that, we get exponential feet on the street who can drive our go-to-market motion.

銷售團隊利用他們的關係來推動追加銷售和交叉銷售。然後，在進入市場的角度上還有第三個動態，即我們的合作夥伴組織，它在這方面反映了我們。因此，透過加強我們與顧問公司、MSP 提供者以及我們傳統轉售合作夥伴的關係，他們在市場上不僅有助於推動PAM（這是我們2 年前所說的），而且有助於推動PAM的發展。整個身分安全故事。這樣，我們就可以在街上獲得指數級的支持，從而推動我們的市場推廣行動。

And so all of that together is really how we're focused. We continue to layer in capacity to make sure we have enough direct sales capacity. We continue to layer in investment in certification and ramping up partners, and we spend money in marketing. And together, that's what's driving our go-to-market engine itself.

因此，所有這些確實是我們關注的重點。我們持續分層產能，確保我們有足夠的直銷能力。我們繼續增加對認證和擴大合作夥伴的投資，並在行銷方面投入資金。總之，這就是推動我們進入市場的引擎本身。

And Ittai, as it relates again to the maintenance. So absolutely, we believe 2024 will be a larger number than what we've seen in reduction in 2023. But we think it's not going to be like a huge step down. And we're seeing that because conversion still today are only as we talked about earlier in the prepared remarks, there's still only a single-digit percentage of our ARR growth. We also have, obviously, a good view on our pipeline for where conversions are going and certainly in the next -- for the next 2 to 3 quarters.

還有Ittai，因為它又與維護有關。因此，我們絕對相信 2024 年的減排量將比我們在 2023 年看到的減少量更大。但我們認為這不會是一個巨大的下降。我們看到，由於今天的轉換仍然只是我們之前在準備好的評論中討論的那樣，因此我們的 ARR 成長仍然只有個位數百分比。顯然，我們也對我們的管道有一個很好的了解，了解轉換的進展情況，當然還有接下來的 2 到 3 個季度。

And we feel that, yes, we are going to have more conversions, and we have less perpetual. So that's why it's going to increase over 2023. But the good news about CyberArk, and you've been following us for a long time is that we actually are not a large deal dependent type company. We do a lot of -- we have a lot of large transactions, but we're very diversified across the world, across verticals, across deal sizes and so we don't see necessarily the floor dropping off on maintenance. And by the way, to the extent that it's as a result of moving to SaaS, it's actually still good for the business.

我們覺得，是的，我們將會有更多的轉變，而我們的永久轉變會更少。這就是為什麼它會在 2023 年增加。但關於 Cyber​​Ark 的好消息，以及您長期以來一直關注我們的消息是，我們實際上並不是一家大型交易依賴型公司。我們做了很多——我們有很多大型交易，但我們在世界各地、跨垂直行業、跨交易規模非常多元化，因此我們不認為維護的底線會下降。順便說一句，就遷移到 SaaS 的結果而言，它實際上對業務仍然有利。

So SaaS dollars and SaaS deployments would be excellent for the business even as it moves more and more in that direction. So I think overall, we'll come back in February with maybe a tighter view on where we see 2024. But at this point, we're kind of seeing it along the lines of what we've seen in 2023 with a site -- with a continued increase on an annual basis for 2024.

因此，SaaS 資金和 SaaS 部署對於企業來說將是極好的，即使它越來越朝著這個方向發展。因此，我認為總體而言，我們將在 2 月回來，也許會對 2024 年的情況有更嚴格的了解。但目前，我們的看法與 2023 年網站的情況類似 - - 2024年逐年持續增長。

And just one add for me on top of what Josh said, which was strong and accurate was is this idea of what are we actually going to do with this base of maintenance paying customers. And Josh mentioned it, which is when we convert them, great, we get this really nice uplift, 3x uplift and they're expanding their footprint and they're buying more stuff. So I don't really want to force them through forced migration if they're not ready because I don't want to really miss out on that uplift.

除了喬許所說的之外，我還要補充一點，這是強而有力且準確的，那就是我們實際上要對這個維護付費客戶群做什麼。喬許提到了這一點，那就是我們轉換他們的時候，太棒了，我們得到了非常好的提升，3 倍的提升，他們正在擴大他們的足跡，他們正在購買更多的東西。因此，如果他們還沒準備好，我真的不想強迫他們強制遷移，因為我不想真正錯過這種提升。

But a second really important point is it those customers who are still sitting on perpetual assets for their PAM solution are buying our newer solutions in a SaaS motion. So it's not stopping those customers from expanding their footprint with CyberArk with SaaS solutions, it probably that wasn't the case, we pushed them a little bit harder. But since the cross-sell and upsell can still happen into that base with our greatest SaaS products, I'm happy to leave them there until they're ready to move.

但第二個真正重要的點是，那些仍然坐擁 PAM 解決方案永久資產的客戶正在透過 SaaS 方式購買我們更新的解決方案。因此，這並不能阻止這些客戶透過 Cyber​​Ark 和 SaaS 解決方案擴大其足跡，但情況可能並非如此，我們對他們施加了更大的壓力。但由於交叉銷售和追加銷售仍然可以透過我們最出色的 SaaS 產品發生在該基礎上，因此我很樂意將它們留在那裡，直到它們準備好遷移為止。

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

你的下一個問題來自摩根大通的布萊恩艾塞克斯。

I'd also like to echo my support for your friends and colleagues in Israel. It's great to see the strong net new ARR growth as well as a large deal momentum. But maybe to follow up on the question that was just asked. Could you touch a bit on a mix of term in SaaS in subscription ARR. And then strategically, as we track your progress towards your calendar '27 goals, are you seeing traction opportunity down market as SaaS continues to gain traction on your platform? Or is SaaS going to be -- continue to be more of a, I guess, larger enterprise opportunity with ability to drive easier and more cost-effective adoption?

我也要向你們在以色列的朋友和同事表達我的支持。很高興看到強勁的新 ARR 淨增長以及大量交易勢頭。但也許是為了跟進剛才提出的問題。您能否談談訂閱 ARR 中 SaaS 中的一些術語組合。然後從策略上講，當我們追蹤您的日曆 '27 目標的進展時，您是否看到隨著 SaaS 繼續在您的平台上獲得吸引力，市場中存在吸引力機會？或者，我認為 SaaS 會不會——繼續成為一個更大的企業機會，有能力推動更輕鬆、更具成本效益的採用？

Yes. Thanks, Brian, and thanks for the support. I think when we think about the SaaS term-based license or subscription mix, it continues to be about 2/3, 1/3, and that's kind of held up throughout the transition. So I don't think we see a major shift in that at the moment. Obviously, as more and more of the pure new product sell, the SaaS number will tick up, but it's 2/3, 1/3 is good for modeling purposes. In terms of our ability to go down market, it's very clear when we go down market, that is a SaaS sell. In fact, the SaaS mix there would be well over 80% on SaaS offering actually probably looking a little higher than that when we're selling down market.

是的。謝謝布萊恩，也謝謝你的支持。我認為，當我們考慮基於 SaaS 期限的授權或訂閱組合時，它仍然約為 2/3、1/3，並且在整個過渡過程中保持不變。所以我認為目前我們沒有看到重大轉變。顯然，隨著越來越多的純新產品銷售，SaaS 數量將會上升，但它是 2/3，1/3 對於建模目的是有好處的。就我們進入下游市場的能力而言，很明顯，當我們進入下游市場時，那就是 SaaS 銷售。事實上，SaaS 組合中 80% 以上都是 SaaS 產品，實際上看起來可能比我們在市場上銷售時的比例要高一些。

So we lead with SaaS, customers only want SaaS when we're going down into what we call our corporate market, which is customers that are about $500 million to $1.5 billion in annual revenue. That's our down market and for that market, they're adopting SaaS solutions. And we love it because it's a quick adoption and then a quick ability to be able to expand them over time.

因此，我們以 SaaS 為主導，當我們進入所謂的企業市場時，客戶只需要 SaaS，即年收入約 5 億至 15 億美元的客戶。這是我們的下游市場，對於這個市場，他們正在採用 SaaS 解決方案。我們喜歡它，因為它可以快速採用，並且能夠隨著時間的推移快速擴展它們。

Your next question comes from the line of John DiFucci of Guggenheim.

你的下一個問題來自古根漢的約翰·迪福奇（John DiFucci）。

I'm sorry. This is John Diffuse for Ray McDonough. Josh, I don't normally try to repeat what everyone else is saying, but it's important to just express our thoughts and prayers with your employees and the people. Guys, you continue to put up impressive top line momentum in an environment would, frankly, most aren't even in the Security segment. And we really appreciate the bottom line discipline.

對不起。我是雷·麥克唐納的約翰·迪弗斯。喬希，我通常不會嘗試重複其他人所說的話，但重要的是向您的員工和人民表達我們的想法和祈禱。夥計們，坦白說，你們在一個環境中繼續展現出令人印象深刻的營收勢頭，大多數人甚至不屬於安全領域。我們非常欣賞底線紀律。

But I have a question sort of following up Ittai's question on go-to-market. And it's something you might not have much control over. Are there any general trends worth noting for the second half of this year? For instance, we're generally hearing about exhausted security budgets coming into the end of '23. It's very good reason because people have spent a lot on security throughout '23. Are you hearing this at all? And if so, are you seeing any deals that might be getting pushed out into '24 at the end of the year? Or is budget getting pulled into '23 from '24 to satisfy current security needs?

但我有一個問題想跟進 Ittai 關於上市的問題。這是你可能無法控制的事情。今年下半年有哪些值得關注的整體趨勢？例如，我們通常聽到安全預算將在 23 年底耗盡。這是一個很好的理由，因為整個 23 年人們在安全方面投入了大量資金。你聽到這個了嗎？如果是這樣，您是否看到任何交易可能會推遲到今年年底的“24”？或者預算從 24 年拉至 23 年以滿足當前的安全需求？

Thanks. And again, thanks for the support. We really do appreciate it. So listen, I think when we look at our go-to-market environment, we continue to see actually strengthening. And we've talked about a strong environment for us to be able to execute -- our ability to execute throughout the whole year. And you heard me mention that in Q3, we saw it become even better for us. I think we talk about it in 2 lights. One is better for us in terms of the customers are more willing to spend their budgets and better for us in terms of the team is executing even more efficiently, more effectively within -- with our customers.

謝謝。再次感謝您的支持。我們真的很感激。所以聽著，我認為當我們審視我們的市場環境時，我們繼續看到實際的加強。我們已經討論了一個讓我們能夠執行的強大環境—我們全年的執行能力。你聽到我提到，在第三季度，我們看到它對我們來說變得更好。我認為我們可以從兩個方面來討論它。一個對我們來說更好，因為客戶更願意花費他們的預算，對我們來說更好，因為團隊在我們的客戶中更有效率、更有效地執行。

I would actually say we see a little bit of the opposite of what you're describing. We see budgets kind of firming up. We have good line of sight to those budgets, which goes into how we look at the year and frankly, how we think about next year. We also see deal sizes increasing, not going down. We saw close rates going up, not even staying flat, but going up. So our overall productivity goes up. We saw again another quarter of amazing pipeline build. A lot of that pipeline will come to realization in 2024, might not be in Q4 here.

實際上我想說我們看到的情況與你所描述的有點相反。我們看到預算有點緊縮。我們對這些預算有很好的了解，這關係到我們如何看待這一年，坦白說，也關係到我們如何看待明年。我們也看到交易規模在增加，而不是減少。我們看到收盤價正在上升，甚至不是持平，而是上升。所以我們的整體生產力提高了。我們再次看到了另一個季度令人驚嘆的管道建設。其中許多管道將在 2024 年實現，但可能不會在第四季度實現。

But -- so I think when we look at the environment, we talk to stressed out CISO, so stressed is the right word. But we see the fact that what we're working with them around is not a budget optional decision. It's where you want to spend money if you have any money at all. And I think that is what's driving our success, and it drives our outlook going forward, and it drives our confidence in the overall market that we're playing in, in this identity security market itself.

但是，所以我認為，當我們審視環境時，我們會與壓力重重的 CISO 交談，所以壓力是正確的詞。但我們看到這樣一個事實，即我們與他們合作的並不是一個可選擇的預算決定。如果你有錢的話，這就是你想花錢的地方。我認為這就是推動我們成功的因素，它推動了我們未來的前景，也推動了我們對我們所參與的整個市場以及身分安全市場本身的信心。

Your next question comes from the line of Fatima Boolani of Citi.

您的下一個問題來自花旗銀行的法蒂瑪·布爾尼 (Fatima Boolani)。

Sending my well wishes to you and the entire CyberArk family. Either for Matt or Josh, feel free to jump all this one. I wanted to get a sense of sales cycle trends within the new logo and expansion activity that you're very strongly executing on. And really, the spirit of the question is you've got a much more expanded portfolio. So how are you managing the extension of sales cycles that typically come with the sale of a broader portfolio?

向您和整個 Cyber​​Ark 家族致以良好的祝愿。無論是馬特還是喬什，都可以隨意跳過這一切。我想了解您正在大力執行的新徽標和擴張活動中的銷售週期趨勢。事實上，問題的本質是你擁有更廣泛的投資組合。那麼，您如何管理通常伴隨著更廣泛的產品組合銷售而來的銷售週期的延長呢？

Yes. Thank you, and thanks for the support. I think we always have had enterprise grade is how I describe it, sales cycles. We've always had to sell over multiple quarters even when we were just selling PAM because it was a big program, and it was a significant sale. And so I think we're pretty used to longer sales cycles as we moved to a platform selling motion, broader portfolio. We haven't seen any real elongation in our overall sales cycle. On the flip side, we haven't seen it kind of really dramatically come down in its time lines, either even though we've moved to a SaaS sale, which traditionally might bring some of those sales cycles in.

是的。謝謝您，也謝謝您的支持。我認為我們一直都有企業級，正如我所描述的那樣，銷售週期。即使我們只是銷售 PAM，我們也總是必須分多個季度進行銷售，因為它是一個大項目，而且是一筆重要的銷售。因此，我認為當我們轉向平台銷售動議和更廣泛的產品組合時，我們已經非常習慣更長的銷售週期。我們的整體銷售週期並未出現任何真正的延長。另一方面，我們還沒有看到它的時間線真正大幅下降，即使我們已經轉向 SaaS 銷售，傳統上這可能會帶來一些銷售週期。

So I think we're operating consistently with what we've always done, which is expansion sales cycles are shorter. New logo sales cycles take a little bit more time. In the early part of the year, especially in the Q1, as we talked about, sales cycles for new logos were a little bit longer. We've continued to see our ability to firm that up over time here. And so I think when we look at the Q3 performance as a whole, it's consistent with a firming up environment. And again, I know I say this a lot, but they're near and dear to my heart. Our go-to-market team continues to execute at just phenomenal rates to be able to make sure that they bring the deals in when they say they're going to bring the deals in.

因此，我認為我們的營運方式與我們一直以來所做的保持一致，即擴張銷售週期更短。新標誌的銷售週期需要更多的時間。在今年年初，特別是在第一季度，正如我們所討論的，新商標的銷售週期有點長。隨著時間的推移，我們不斷看到我們有能力鞏固這一點。因此，我認為，當我們從整體上看第三季的表現時，它與堅挺的環境是一致的。再說一次，我知道我說了很多次，但它們對我來說是很親近的。我們的進入市場團隊繼續以驚人的速度執行，以確保他們在他們說要引入交易時引入交易。

Your next question comes from the line of Junaid Siddiqui of Truist Securities.

您的下一個問題來自 Truist Securities 的 Junaid Siddiqui。

You highlighted secure cloud access that you just launched recently. I was just curious about some of the other new products that you launched that impact like Secure Browser. What's been a positive surprise to you in terms of how quickly they're being adopted by customers and contributing to growth?

您強調了最近剛推出的安全雲端存取。我只是對你們推出的其他一些具有影響力的新產品（例如安全瀏覽器）感到好奇。就它們被客戶採用並促進成長的速度而言，令您感到驚訝的是什麼？

Sure. So on Secure Browser, we have not released that for general availability yet that will come out towards the end of this year here. We continue to have really, really strong conversations with customers about it, both as a more secure way of browsing and also as a front-end user interface for the identity security platform that we offer out into the market. And by the way, we see -- and you see it in some of the recent breaches, that the notion of session hijacking is one of the most risky new attack methods that's accelerating in the market and our Secure Browser, which allows for cookie list browsing really protects against session hijacking. But I would say on the browser front, way too early to comment in terms of -- it's not even out in the main market yet.

當然。因此，在安全瀏覽器上，我們尚未發布其全面可用性，但將於今年年底發布。我們持續與客戶就此進行非常非常深入的對話，這既是一種更安全的瀏覽方式，也是我們向市場提供的身份安全平台的前端使用者介面。順便說一句，我們看到——您可以在最近的一些違規行為中看到，會話劫持的概念是市場上和我們的安全瀏覽器中正在加速發展的最危險的新攻擊方法之一，它允許cookie 清單瀏覽確實可以防止會話劫持。但我想說的是，在瀏覽器方面，現在評論還為時過早——它甚至還沒有進入主要市場。

As we talk about secure cloud access, I get kind of unbridled enthusiasm here. And why is that? Because it's bringing the best of PAM, the best of the idea of privilege controls, session management, session isolation, session recording. It's bringing that to a brand-new population. And what we need to understand about the cloud security market overall that everybody is talking about is most of what's being done in the cloud security market is around posture management, it's around discovery, it's around visibility. It's because over time, as these developers have gotten so many extra privileges, people want to understand what's going on. It's the Wild West and that's a good first step, and there's a lot of really, really strong companies that are focusing in that area.

當我們談論安全的雲端存取時，我對此充滿了無限的熱情。為什麼是這樣？因為它帶來了 PAM 的優點、權限控制、會話管理、會話隔離、會話記錄的最佳概念。它將這一點帶給了全新的人群。我們需要了解每個人都在談論的雲端安全市場整體情況，雲端安全市場所做的大部分工作都是圍繞著狀態管理、發現和可見性進行的。這是因為隨著時間的推移，隨著這些開發人員獲得瞭如此多的額外特權，人們想要了解正在發生的事情。這是狂野的西部，這是很好的第一步，並且有許多非常非常強大的公司專注於該領域。

We're unique in the cloud space in that, we're not all that concerned about visibility and about discovery. Other people can do that. What we want to be able to do is lock down control in the cloud. We want to take all of these thousands of developers who have unfettered access to the AWS or Microsoft, cloud services, the platform itself. And we want to make sure that those users can still innovate, they can still build. They can still troubleshoot, but they have privilege controls applied when they're doing it. And we do it uniquely with this idea of zero standing privilege so that the actual account of the developer, their account, Federated account has no privileges, for example, in the AWS console. So when it's sitting there on the side, it's secure. When they go to log into the console, that's when the privileges are applied just in time.

我們在雲端領域的獨特之處在於，我們並不那麼關心可見度和發現。其他人也能做到。我們希望能夠鎖定雲端中的控制權。我們希望讓這數千名開發人員能夠不受限制地存取 AWS 或 Microsoft、雲端服務和平臺本身。我們希望確保這些用戶仍然可以創新，並且仍然可以建置。他們仍然可以排除故障，但在執行此操作時會套用權限控制。我們以零常設特權的想法來獨特地做到這一點，以便開發人員的實際帳戶、他們的帳戶、聯合帳戶沒有任何特權，例如在 AWS 控制台中。因此，當它放在一邊時，它是安全的。當他們登入控制台時，就會及時套用權限。

They're able to execute their work and then it's removed immediately as soon as they log out, and it's controlled with workflows with time-bound access. Now I went a little deeper there on that because I love the question, but I also went a little deeper there for people to understand the opportunity that arises for us as everybody thinks about cloud security, for us to bring what we do best, which is privileged controls, locking down access to this entire population that needs to be secured. And so that's really an exciting motion for us. We had some great wins actually in the quarter, still very tiny business. It's only 1 or 2 quarters in, but you can hear the optimism for me around this piece of our business as I'm describing our unique approach.

他們能夠執行他們的工作，然後在他們註銷後立即將其刪除，並且透過具有有時限存取的工作流程進行控制。現在我更深入地討論了這個問題，因為我喜歡這個問題，但我也更深入地討論了這個問題，讓人們了解當每個人都在考慮雲端安全時，我們會遇到什麼機會，讓我們能夠帶來我們最擅長的東西，這是特權控制，鎖定對需要保護的整個人群的訪問。所以這對我們來說確實是一個令人興奮的動議。實際上，我們在本季度取得了一些巨大的勝利，但業務規模仍然很小。雖然只有一兩個季度，但當我描述我們獨特的方法時，你可以聽到我對我們這部分業務的樂觀態度。

Your next question comes from the line of Adam Borg of Stifel.

您的下一個問題來自 Stifel 的 Adam Borg。

Awesome. And again, all-in for my thoughts about the entire Israeli team and the community of Israel more broadly. Real quickly on the government opportunity. So it was 8% mix of ARR in the quarter. Maybe just talk a little bit more about how federal played out in the quarter and how you think about government more broadly over the next 12 months?

驚人的。再次，全面表達我對整個以色列團隊和更廣泛的以色列社區的看法。真正迅速抓住政府機會。因此，本季的 ARR 組合為 8%。也許只是多談談聯邦政府在本季的表現以及您對未來 12 個月政府的更廣泛看法？

Thanks, Adam, and thanks for the support. Listen, I think when we -- and we've been talking about this for a little while here, right? We're very happy with our position within federal government here in the U.S., the global government where we see a lot of momentum even in the state and local government that falls up into our SLED business. What we see across the board is whereas in the past, a lot of the budget purchases were at the point of kind of year-end budget flush, we've seen because of the criticality of identity security that the actual purchases are much more spread out throughout the year. And they're coming in conjunction with need and actual deployment plans to get them into place.

謝謝亞當，也謝謝你的支持。聽著，我想當我們——我們已經在這裡討論這個問題有一段時間了，對吧？我們對我們在美國聯邦政府、全球政府中的地位感到非常滿意，甚至在州和地方政府中我們也看到了參與我們 SLED 業務的巨大動力。我們全面看到的是，雖然在過去，許多預算採購都處於年底預算充裕的程度，但由於身分安全的重要性，我們看到實際採購更加分散全年外出。他們將結合需求和實際部署計劃來將其落實到位。

That actually is a much more exciting place for us to be in. It allows us to be able to have a thriving and healthy global government business all year around. And it allows us to be able to invest in the ability to bring new solutions to that customer population, including our investment in getting our EPM and identity and bring cloud into the Fed ramp process over time here, it's our ability to be able to actually expand beyond our strong PAM footprint in a lot of these agencies and accounts.

這實際上對我們來說是一個更令人興奮的地方。它使我們能夠全年擁有蓬勃發展和健康的全球政府業務。它使我們能夠投資於為客戶群體帶來新解決方案的能力，包括我們對獲取 EPM 和身分的投資，以及隨著時間的推移將雲端引入聯準會的升級流程，這是我們能夠真正做到的能力超越我們在許多此類機構和客戶中強大的PAM 足跡。

And so when we look at government, in fact, we highlighted a government account in the script that actually is outside of the U.S. But when we look at government, we see the threat landscape actually expanding on them exponentially even more than some of the private sector and their recognition of the need for proper identity security solutions continues on. So we think there's a long runway of growth within the government sector. And we're really happy with our results from that perspective.

因此，當我們審視政府時，事實上，我們在劇本中強調了一個實際上位於美國境外的政府帳戶。部門及其對適當身分安全解決方案需求的認識仍在繼續。因此，我們認為政府部門內部還有很長的成長道路。從這個角度來看，我們對我們的結果非常滿意。

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

你的下一個問題來自史蒂芬斯的布萊恩·科利（Brian Colley）。

And certainly like to echo my support as well for the team in Israel and the people of Israel more broadly. I'm curious if you saw any divergence and demand trends this quarter between the enterprise and mid-market segments of your business. We've heard some other cybersecurity companies said they started seeing some softness in the third quarter in the mid-market. So I'm wondering if that's something you saw materialize in any way.

當然，我也想表達我對以色列團隊和更廣泛的以色列人民的支持。我很好奇您在本季是否看到您的企業和中階市場領域之間存在任何差異和需求趨勢。我們聽說其他一些網路安全公司表示，他們在第三季開始看到中階市場出現一些疲軟。所以我想知道這是否是你所看到的以某種方式實現的事情。

So we didn't see any change in that environment. I think we've talked about the idea that the mid-market is more affected by macros than the enterprise space. But we haven't seen any real change or diversion -- any change in that from that perspective. I think one of the things that we have to keep reminding everybody around and it's different than some of our other cybersecurity peers is that we're really not playing in the low end of the mid-market. And I know I said it a couple of minutes ago, but I'll say it again, our mid-market, which we call corporate customers of $500 million to $1.5 billion. CyberArk would be a "mid-market account" for CyberArk. And so I think those organizations, especially the ones in the upper end there kind of mirror in their behaviors, what we're seeing in the enterprise space, and that continues on in the third quarter.

所以我們沒有看到那個環境有任何改變。我想我們已經討論過中端市場比企業市場更容易受到宏觀影響的想法。但我們還沒有看到任何真正的變化或轉移——從這個角度來看有任何變化。我認為我們必須不斷提醒周圍所有人的一件事是，與我們其他一些網路安全同行不同的是，我們實際上並不是中端市場的低端市場。我知道我幾分鐘前就說過了，但我會再說一遍，我們的中端市場，我們稱之為 5 億至 15 億美元的企業客戶。 Cyber​​Ark 將是 Cyber​​Ark 的「中端市場帳戶」。因此，我認為這些組織，尤其是高端組織的行為反映了我們在企業領域所看到的情況，而這種情況在第三季度繼續存在。

Your next question comes from the line of Alex Henderson of Needham.

你的下一個問題來自李約瑟的亞歷克斯·亨德森（Alex Henderson）。

Great. I'm rarely hear somebody talk about an "amazing pipeline build". And I was hoping you could talk a little bit about the composite of that. How much of that is driven off of just simply the broader adoption of the platform existing customers and the like -- and how much of that is driven off of the -- the recent new product and technologies that were announced and the reaction from your trade show mid-summer. And the reason I ask the question is, obviously, with the 6-months plus sales cycle. I assume that, that mid-summer build might be helping visibility?

偉大的。我很少聽到有人談論“驚人的管道構建”。我希望你能談談其中的綜合情況。其中有多少是由平台現有客戶等的更廣泛採用所驅動的，有多少是由最近宣布的新產品和技術以及您的交易的反應驅動的顯示仲夏。顯然，我問這個問題的原因是 6 個月以上的銷售週期。我認為仲夏的建造可能有助於提高可見度？

Sure, sure. So listen, I think when we think about our pipeline, it's a little bit of check, check, check, all of the above. We see our pipeline being affected by the ability to be able to sell a much broader portfolio. And in fact, while the PAM pipeline continues to grow in a really nice way, and you saw that in our results this quarter, we see the solutions outside of PAM, they're growing at a faster rate. We see our Access business continue to grow. Our Secrets business continue to grow. As I mentioned, we see some nice pipeline build around our Secure Cloud Access. EPM continues to be a bright spot for us.

一定一定。所以聽著，我認為當我們考慮我們的管道時，需要進行一些檢查、檢查、檢查，以上所有內容。我們看到我們的管道受到銷售更廣泛投資組合的能力的影響。事實上，雖然 PAM 管道繼續以非常好的方式成長，並且您在本季的業績中看到了 PAM 以外的解決方案，但它們正在以更快的速度成長。我們看到我們的 Access 業務持續成長。我們的秘密業務持續成長。正如我所提到的，我們看到圍繞安全雲端存取建立了一些不錯的管道。 EPM 仍然是我們的亮點。

So we definitely see the kind of mix of the portfolio coming to play to help build the year-over-year growth rate in pipeline. And whenever I'm talking about pipeline, I'm always talking about year-over-year growth, not just an absolute number. Now in addition to all of that, we also see the way the pipeline getting built to be in a much more healthy manner. Meaning, if you rewind -- rewound a couple of years ago, all pipeline came from sales. And now we start to see actually that our routes of pipeline build, what's marketing-generated pipe, what's channel-generated pipe, we see those starting to kick into high gear and that broadens our ability to have a better go-to-market engine.

因此，我們肯定會看到投資組合的組合將發揮作用，以幫助建立管道中的同比增長率。每當我談論通路時，我總是談論同比增長，而不僅僅是絕對數字。現在除了所有這些之外，我們還看到管道的建設方式更加健康。這意味著，如果你倒回幾年前，所有的管道都來自銷售。現在我們開始真正看到我們的管道建設路線，什麼是行銷產生的管道，什麼是管道產生的管道，我們看到這些開始進入高速狀態，這擴大了我們擁有更好的進入市場引擎的能力。

And so when you combine a broader portfolio that seems to resonate with customers, with broader routes to market that actually can build pipeline, that's how you end up in the situation that we've been in for several quarters where we've talked about our pipeline kind of building at a really strong rate. The events that we put on are wonderful, and we didn't just do the by the way, the event in last spring. We've been doing a world tour at '15, '17, whatever it is countries around the way, I can't keep a track because we've been traveling so much. And each one helps us to tell the story and help customers understand why identity security is so important and why CyberArk, who they should choose. And that all goes together to put us in a healthy position as a company where we had a really great quarter that we could talk to. We were able to guide forward with the guidance we put out there, and we look towards next year with optimism. And for sure, we look towards our 2025 and 2027 targets with a strong degree of confidence in our ability to be able to go ahead.

因此，當你將似乎能引起客戶共鳴的更廣泛的產品組合與實際上可以建立管道的更廣泛的市場路線結合起來時，這就是你最終陷入我們幾個季度以來一直在談論的情況的情況。管道建​​置速度非常快。我們舉辦的活動非常精彩，我們不只是舉辦去年春天的活動。我們在 15 年、17 年進行了一次世界巡演，無論周圍的國家是什麼，我都無法跟踪，因為我們已經旅行了太多次。每一個都幫助我們講述故事，幫助客戶理解為什麼身份安全如此重要以及為什麼 Cyber​​Ark，他們應該選擇誰。所有這些共同使我們作為一家公司處於健康的地位，我們度過了一個非常好的季度，我們可以與之交談。我們能夠按照我們在那裡提出的指導方針向前邁進，我們樂觀地展望明年。當然，我們對 2025 年和 2027 年的目標充滿信心，相信我們有能力繼續前進。

We've run out of time for questions. So I will now turn the call over to CEO, Matt Cohen for closing remarks.

我們已經沒有時間提問了。因此，我現在將把電話轉給執行長馬特·科恩 (Matt Cohen)，讓他發表結束語。

Thanks, everybody, and thanks again for everybody's support to us personally. It means the world. I want to finish by where I started by saying our #1 priority is our employees, their health, their well-being. They've done such a tremendous job of working under these challenging conditions. And I'm really proud to be part of this company and work with such amazing people. We continue together to make sure we focus all together on our customers and securing them against the cyber threats that are out there. Thanks, and talk soon.

謝謝大家，再次感謝大家對我們個人的支持。它意味著世界。最後我想說的是，我們的第一要務是我們的員工、他們的健康和福祉。他們在充滿挑戰的條件下完成瞭如此艱鉅的工作。我非常自豪能夠成為這家公司的一員並與如此出色的人一起工作。我們將繼續共同努力，確保我們共同關注客戶並保護他們免受網路威脅。謝謝，盡快談談。

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

今天的電話會議到此結束。您現在可以斷開連線。