Cyberark Software Ltd (CYBR) 2023 Q4 法說會逐字稿

Good morning. My name is Dennis, and I will be your conference operator today. At this time, I would like to welcome everyone to the CyberArk Software Fourth Quarter and Full Year 2023 Earnings Conference Call. (Operator Instructions) I would now like to turn the conference over to Erica Smith, Senior Vice President, Finance and Investor Relations. Please go ahead.

早安.我叫丹尼斯，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 2023 年第四季和全年財報電話會議。 （操作員指示）我現在想將會議轉交給財務和投資者關係高級副總裁 Erica Smith。請繼續。

Thank you, Dennis. Good morning. Thank you for joining us today to review CyberArk's strong fourth quarter and full year 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 to a question-and-answer session.

謝謝你，丹尼斯。早安.感謝您今天加入我們，回顧 Cyber​​Ark 強勁的第四季度和 2023 年全年財務業績。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。在準備好發言後，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 first quarter, full year 2024 and beyond. Our actual results may differ materially from those projected in these forward-looking statements.

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資訊做出的最佳判斷。我特別指的是我們對 2024 年第一季、全年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。

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 our website. CyberArk expressly disclaims any application 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.

我請您注意公司向美國證券交易委員會提交的 20-F 表格年度報告中包含的風險因素以及今天發佈在我們網站上的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。此外，本次電話會議也將討論非公認會計準則財務指標。

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 also available on our website in the IR section.

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也可以在我們網站的 IR 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. We had an amazing fourth quarter to round out a momentous year for CyberArk. Early in the year, we were nimble and adjusted our selling motion in light of the macroeconomic backdrop. And in the fourth quarter, it continued to pay off, resulting in another great growth quarter. We entered 2024 a fully recurring revenue company with over 95% of our bookings coming from subscription. Demand for our Identity Security Platform accelerated in 2023, and we ended the year having solidified our leadership position in the market.

謝謝艾麗卡，謝謝大家今天加入電話會議。我們第四季的業績令人驚嘆，為 Cyber​​Ark 重要的一年畫上了圓滿的句號。年初，我們根據宏觀經濟背景靈活調整了拋售動作。而在第四季度，它繼續得到回報，帶來了另一個巨大的成長季度。進入 2024 年，我們成為一家完全經常性收入的公司，超過 95% 的預訂來自訂閱。 2023 年，對我們的身分安全平台的需求加速，我們在年底鞏固了我們在市場上的領導地位。

We delivered a record-breaking fourth quarter, beating our guidance across all metrics. Subscription ARR reached $582 million, growing 60% year-over-year. Total AR reached $774 million, growing 36% year-over-year. We were thrilled to add record sequential net new subscription and total ARR and we exceeded our guidance range across revenue, operating income and EPS.

我們第四季的業績打破了紀錄，所有指標都超出了我們的指導。訂閱 ARR 達到 5.82 億美元，年增 60%。 AR 總額達 7.74 億美元，年增 36%。我們很高興連續淨新增訂閱量和總 ARR 創下歷史新高，並且我們在收入、營業收入和每股收益方面超出了我們的指導範圍。

Total revenue growth accelerated to 32%, reaching $223 million. Non-GAAP operating income came in at approximately $35 million, and we generated non-GAAP earnings per share of $0.81. We also consistently outperformed throughout the year, and delivered total revenue of $752 million with growth accelerating to 27%, non-GAAP operating income of approximately $33 million or a 4% operating margin well above the breakeven we guided for at the beginning of 2023.

總營收成長加速至 32%，達到 2.23 億美元。非 GAAP 營業收入約 3,500 萬美元，非 GAAP 每股收益為 0.81 美元。我們全年的表現也表現出色，總收入達到7.52 億美元，成長加速至27%，非GAAP 營業收入約為3,300 萬美元，營業利潤率為4%，遠高於我們在2023 年初指導的盈虧平衡點。

Non-GAAP earnings per share of $1.12 and while we did not guide for cash flow, we were thrilled to generate $51 million in free cash flow or a 7% margin for the full year 2023. Our performance speaks volumes about our execution. We fine-tuned our go-to-market motion, including platform selling, channel strategy and customer success. We improved the alignment between sales and marketing, generating record high-quality pipeline across all our solutions. And lastly, R&D delivered against our mission to secure all identities with the right level of privileged controls through our groundbreaking identity security platform.

非GAAP 每股收益為1.12 美元，雖然我們沒有對現金流進行指導，但我們很高興能夠在2023 年全年產生5100 萬美元的自由現金流或7% 的利潤率。我們的業績充分說明了我們的執行力。我們微調了市場推廣行動，包括平台銷售、通路策略和客戶成功。我們改善了銷售和行銷之間的一致性，在我們的所有解決方案中創造了創紀錄的高品質管道。最後，研發部門履行了我們的使命，透過我們突破性的身分安全平台，透過適當的特權控制來保護所有身分。

In addition to strong execution, we're benefiting from durable demand trends driven by the proliferation of new identities, new environments and new attack methods. Throughout 2023, organizations were reminded yet again that there is one constant in cyber-attacks, all roads lead to identity.

除了強大的執行力之外，我們還受益於新身分、新環境和新攻擊方法的激增所驅動的持久需求趨勢。在整個 2023 年，組織再次被提醒，網路攻擊有一個不變的事實：條條道路通身分識別。

In the context of these urgent trends, the mission-critical nature of our platform becomes apparent. CyberArk is the only vendor with a platform that can effectively and securely address the new world security requirements, which center on controls. Given our groundbreaking innovation, and the changes in our business over the last few years, I'm going to break from our typical quarterly call cadence to outline how our identity security solutions are helping customers solve these challenges, which also speaks to the massive growth for CyberArk.

在這些緊迫趨勢的背景下，我們平台的關鍵任務性質變得顯而易見。 Cyber​​Ark 是唯一一家擁有能夠有效、安全地滿足以控制為中心的新世界安全要求的平台的供應商。鑑於我們突破性的創新以及過去幾年業務的變化，我將打破我們典型的季度通話節奏，概述我們的身份安全解決方案如何幫助客戶解決這些挑戰，這也說明了巨大的增長對於賽博方舟。

Every organization today has a spectrum of identities from core IT to developers to machines and across the entire workforce. And the number of identities is increasing at an exponential rate. Access for each of these identities has its own unique level of risk and complexity, requiring different levels of controls. Let me take you through this spectrum of identities and what we are seeing from customers and how that has expanded our addressable market.

如今，每個組織都擁有從核心 IT 到開發人員、到機器以及整個員工隊伍的一系列身分。而且身份的數量正在以指數速度成長。每個身分的存取都有其獨特的風險和複雜程度，需要不同程度的控制。讓我帶您了解這些身份以及我們從客戶那裡看到的情況以及這如何擴大了我們的目標市場。

A CyberArk customer typically starts with core privileged access management and is focused on securing standing access for IT users who have high levels of privileges like a database or application administrator or maybe a cloud operations team. As they deploy, they follow a road map that brings a growing number of users within central IT, but also third-party vendors and even shadow IT organizations under PAM security controls. As a result, there's a continuous expansion of the number of users leveraging PAM.

Cyber​​Ark 客戶通常從核心特權存取管理開始，並專注於確保擁有高階特權的 IT 使用者（例如資料庫或應用程式管理員或雲端營運團隊）的常設存取。在部署時，他們遵循一個路線圖，使中央 IT 內越來越多的使用者、第三方供應商甚至影子 IT 組織都受到 PAM 安全控制。因此，使用 PAM 的用戶數量不斷增加。

Adoption begins to accelerate when PAM is delivered as a service. Given an easier adoption path and lower cost of ownership, it accelerates even further when we help customers tackle new use cases through revolutionary new access methods like just-in-time or dynamic access. Just-in-time access cuts the adoption curve down even further by allowing federated access to databases, cloud workloads and other modern targets, while also increasing the security controls by insighting entitlements dynamically at the time of access.

當 PAM 作為服務提供時，採用速度開始加快。鑑於更容易的採用路徑和更低的擁有成本，當我們幫助客戶透過革命性的新存取方法（如即時存取或動態存取）處理新用例時，它會進一步加速。即時訪問允許對資料庫、雲端工作負載和其他現代目標進行聯合訪問，從而進一步縮短採用曲線，同時還透過在訪問時動態洞察權利來增強安全控制。

The modern PAM program has evolved dramatically in the last few years and has opened up a significant expansion opportunity for CyberArk even within the extended IT organization. You see this in our healthy PAM ARR growth rates that have continued to persist. But moving beyond IT for a second, one of the fastest growing areas for human identities is the expanding developer community. Our Secure Cloud Access solution brings privileged controls to the cloud and has meaningfully expanded our TAM to include developers as well as engineering teams and data scientists.

現代 PAM 計劃在過去幾年中發生了巨大的發展，甚至在擴展的 IT 組織內也為 Cyber​​Ark 提供了重要的擴展機會。您可以從我們持續持續的健康 PAM ARR 成長率中看到這一點。但暫時超越 IT 領域，人類身分認同成長最快的領域之一是不斷擴大的開發者社群。我們的安全雲端存取解決方案為雲端帶來了特權控制，並有意義地將我們的 TAM 擴展到包括開發人員以及工程團隊和資料科學家。

We provide native access for developers with a zero standing privilege approach. This innovative solution greatly and measurably reduces risk and organizations can quickly go from dabbling in discovery to actual control of developers as they access their cloud environments.

我們以零常設權限的方式為開發人員提供本機存取。這種創新的解決方案大大降低了風險，組織可以在開發人員存取雲端環境時快速從涉足發現轉變為實際控制。

[OEs] on entitlements to cloud environments are a security nightmare, yet innovation speed is the true promise of modern cloud programs. Secure Cloud Access or SCA ensures that our customers never have to choose between security and innovation speed. While SCA is one of our newest offerings, we had a strong quarter in Q4, and pipeline continues to build. This is one of the areas we are most excited about as we enter 2024. But as these developers work in the cloud, they are focused on creating or extending applications, workloads and APIs that need access to critical data infrastructure and other cloud workloads. This results in the rise of machine identities.

關於雲端環境權利的 [OE] 是一場安全噩夢，但創新速度是現代雲端計畫的真正承諾。安全雲端存取或 SCA 確保我們的客戶永遠不必在安全性和創新速度之間做出選擇。雖然 SCA 是我們最新的產品之一，但我們在第四季度表現強勁，管道仍在繼續建造。進入2024 年，這是我們最興奮的領域之一。但當這些開發人員在雲端工作時，他們專注於創建或擴展需要存取關鍵資料基礎設施和其他雲端工作負載的應用程式、工作負載和API 。這導致了機器身份的興起。

Machine identities represent one of the riskiest and most complex components of the modern enterprise to protect these machines and the secrets that they use customers turn to our secrets management solution. Our secrets management solution securely and centrally manage secrets at enterprise scale, all while avoiding Vault sprawl. It satisfies the CISO's requirements while never impeding the developers' workflows, machine identities are exploding and our ability to bring together human and machine elevates the conversations with our customers.

機器身分是現代企業中風險最大、最複雜的組成部分之一，用於保護這些機器及其使用的秘密，客戶轉向我們的秘密管理解決方案。我們的秘密管理解決方案可以安全、集中地管理企業規模的秘密，同時避免 Vault 蔓延。它滿足 CISO 的要求，同時不會妨礙開發人員的工作流程，機器身分正在爆炸式增長，我們將人和機器結合在一起的能力提升了與客戶的對話。

As we think about our fourth quarter results, Secrets Manager was included in 6 of our top 10 deals, and we are pleased with the early success of Conjur Cloud. We have covered IT. We've covered developers and machines, but now I want to move on to the part of the enterprise that is in need of an entirely new approach to identity security - securing workforce identities. Legacy approaches of MFA and SSO are workforce requirements. But on their own, they provide limited security, evidenced time and time again in major breaches.

當我們思考第四季的業績時，Secrets Manager 被列入我們十大交易中的 6 項，我們對 Conjur Cloud 的早期成功感到高興。我們已經涵蓋了 IT。我們已經介紹了開發人員和機器，但現在我想繼續討論企業中需要全新身分安全方法的部分 - 保護員工身分。 MFA 和 SSO 的傳統方法是勞動力需求。但它們本身只能提供有限的安全性，這一點在重大違規事件中一次又一次得到證實。

Any identity can become privileged, causing CISOs to reconsider the way they secure the workforce. Leveraging intelligent privileged controls, CyberArk has reinvented workforce identity by building on top of traditional MFA and SSO with market-leading innovations like Secure Web sessions, Workforce Password Manager, and CyberArk Secure Browser. When combined with MFA and SSO into one unified solution we have created a more holistic and comprehensive approach to securing the workforce, where intelligent Privilege controls once again are making the enterprise more secure. This approach is paying off and we had a record fourth quarter for our workforce solutions.

任何身分都可能成為特權，導致 CISO 重新考慮保護員工的方式。利用智慧特權控制，Cyber​​Ark 在傳統 MFA 和 SSO 的基礎上建立了安全 Web 會話、勞動力密碼管理器和 Cyber​​Ark 安全瀏覽器等市場領先的創新技術，從而重塑了員工身份。當與 MFA 和 SSO 結合成一個統一的解決方案時，我們創建了一種更全面、更全面的方法來保護員工的安全，其中智慧權限控制再次使企業更加安全。這種方法正在取得成效，我們的勞動力解決方案在第四季度創下了創紀錄的成績。

It's worth pausing for a moment to discuss our CyberArk Secure Browser. Our Secure Browser is built with native integrations to all of our workforce capabilities, and will help customers protect against one of the fastest rising attack methods, which is cookie harvesting and browser-based attacks. It's also built to be the gateway to all our solutions, allowing easy access to all enterprise targets and providing a seamless user experience to our entire Identity Security platform.

值得停下來討論一下我們的 Cyber​​Ark 安全瀏覽器。我們的安全瀏覽器是透過與我們所有員工能力的本機整合建構的，將幫助客戶防範成長最快的攻擊方法之一，即 cookie 收集和基於瀏覽器的攻擊。它還旨在成為我們所有解決方案的網關，允許輕鬆存取所有企業目標，並為我們的整個身分安全平台提供無縫的使用者體驗。

Our workforce solutions, however, do not stop there. The modern workforce logs into desktops, laptops and servers every day as part of their regular workflow. These endpoints need their own form of Intelligent Privilege Controls. Endpoint Privilege Manager or EPM, is seamlessly integrated with our workforce solutions and our browser as well. We are doing this to implement least privilege and secure the endpoint. Least privilege access is a foundational security control. Every endpoint needs EPM to be truly secured.

然而，我們的勞動力解決方案不止於此。作為日常工作流程的一部分，現代員工每天都會登入桌上型電腦、筆記型電腦和伺服器。這些端點需要自己的智慧型權限控制形式。端點權限管理器或 EPM 與我們的勞動力解決方案和瀏覽器無縫整合。我們這樣做是為了實現最低權限並保護端點。最小權限存取是基本的安全控制。每個端點都需要 EPM 才能真正受到保護。

Despite the great growth over the last few years, we still have a tremendous opportunity within our installed base to further cross-sell EPM. And we also see EPM as a strong landing spot for new logos. As we kick off 2024, I wanted to make sure our investors understood how we are setting the pace of innovation, how our solutions work together and how our identity security platform delivers value by dynamically adjusting the level of controls based upon complexity and risk. We are delivering a game changer in the market. We are driving operational efficiency and at the same time, focusing on Privileged controls that help customers to stay safe from cyber threats and move their business forward.

儘管過去幾年取得了巨大的成長，但我們的安裝基礎仍然有巨大的機會進一步交叉銷售 EPM。我們也認為 EPM 是新標誌的一個強有力的落地點。在 2024 年伊始，我希望確保我們的投資者了解我們如何設定創新步伐、我們的解決方案如何協同工作，以及我們的身分安全平台如何透過根據複雜性和風險動態調整控制層級來創造價值。我們正在為市場帶來遊戲規則改變者。我們正在提高營運效率，同時專注於特權控制，幫助客戶免受網路威脅並推動其業務向前發展。

If we move back into the fourth quarter for a second. On the new business side, we signed about 340 new logos in the fourth quarter. As customers prioritize in-depth security controls in this severe threat landscape, new logos are increasingly landed with 2 or more solutions. In fact, in Q4, a number of our largest new customers landed with 5 or more solutions, contributing to the significant increase in new business deal sizes.

如果我們再回到第四節。在新業務方面，我們在第四季度簽署了約340個新標誌。隨著客戶在這種嚴重的威脅環境中優先考慮深入的安全控制，新標誌越來越多地與 2 個或更多解決方案一起落地。事實上，在第四季度，我們的一些最大的新客戶提供了 5 個或更多解決方案，促進了新業務交易規模的大幅成長。

A few of the new logo highlights in the quarter include as the education sector continues to be targeted by bad actors, evolving practices to align with industry-leading security controls are top of mind. This quarter, the London School of Economics, a leading business school globally was looking to significantly and measurably improve its security posture. In this new logo win, they went broad across the platform with PAM, EPM and Secrets Management.

本季度新標誌的一些亮點包括，隨著教育產業繼續成為不良行為者的目標，不斷發展的實踐以與行業領先的安全控制保持一致是首要考慮的。本季度，全球領先的商學院倫敦經濟學院希望顯著且可衡量地改善其安全狀況。在這次新標誌勝利中，他們透過 PAM、EPM 和 Secrets Management 廣泛涵蓋了整個平台。

In an example of the power of our ecosystem, a partner introduced a Fortune 100 financial services customer to CyberArk. This all SaaS 7-figure ACV deal was closed through the AWS Marketplace. We are thrilled to see this customer applying a CyberArk everywhere approach out of the gate, securing Privileged access, Secrets Endpoint, third-party vendors and workforce identities. Our focus on moving from land into expand motion is built into our platform strategy and is contributing to our outperformance.

在我們生態系統力量的一個例子中，合作夥伴向 Cyber​​Ark 介紹了一位財富 100 強金融服務客戶。這筆全 SaaS 7 位數的 ACV 交易是透過 AWS Marketplace 完成的。我們很高興看到該客戶在各處應用 Cyber​​Ark 方法，保護特權存取、Secrets Endpoint、第三方供應商和員工身分。我們對從陸地轉向擴展運動的關注已融入我們的平台策略中，並有助於我們取得優異的業績。

A few examples of expansion deals from the quarter include a government agency that landed with CyberArk last quarter, returned this quarter for more users and more products across our platform, buying PAM, EPM, Secrets, Identity Flows, Identity Compliance, Secure Web session and a 7-figure ACV deal.

本季度擴展交易的一些例子包括一家政府機構，該機構上季度與Cyber​​Ark 合作，本季度在我們的平台上返回更多用戶和更多產品，購買PAM、EPM、Secrets、身份流、身份合規性、安全Web 會話和一筆 7 位數的 ACV 交易。

A major Fortune 100 U.S. retailer chose CyberArk as their trusted strategic adviser in 2020, looking for defense and depth, they are consolidating spend with CyberArk. And another 7-figure ACV deal extended their protection with more Privileged users, Secrets Management, workforce and customer identity, remote access and secure cloud access. To summarize, all the land and expand deals demonstrate that every vertical, every business across all sizes have identity security challenges that our platform can help address.

一家財富 100 強美國大型零售商選擇 Cyber​​Ark 作為他們在 2020 年值得信賴的戰略顧問，尋求防禦和深度，他們正在透過 Cyber​​Ark 鞏固支出。另一項價值 7 位數的 ACV 交易透過更多特權使用者、秘密管理、員工和客戶身分、遠端存取和安全雲端存取擴展了他們的保護。總而言之，所有土地和擴張交易都表明，每個垂直領域、各種規模的每個企業都面臨著身分安全挑戰，而我們的平台可以幫助解決這些挑戰。

Touching briefly on profitability, throughout the year, we demonstrated leverage in our business with each operating expense line improving as a percent of revenue. For the year, we grew revenue over 27% while our non-GAAP operating expenses grew just over 15%. We are striking the right balance between investing in growth and innovation and driving profitability and cash flow.

簡單談談獲利能力，在這一年裡，我們展示了我們的業務槓桿作用，每項營運費用佔收入的百分比都在提高。今年，我們的收入成長超過 27%，而我們的非 GAAP 營運費用成長略高於 15%。我們正在投資成長和創新與提高獲利能力和現金流之間取得適當的平衡。

With our stellar performance in 2023 and the strong guidance you will hear from Josh in just a few minutes, I remain very confident in the long-term targets we have set. As we look ahead, our top priorities for 2024 are, expanding our leadership position in driving identity security growth, delivering cutting-edge innovation and strengthening our industry-leading platform, leveraging data analytics to scale our business, including the use of artificial intelligence and machine learning and delivering outstanding customer experience and value across the customer journey.

憑藉我們在 2023 年的出色表現以及幾分鐘後您將聽到 Josh 的強有力指導，我對我們設定的長期目標仍然充滿信心。展望未來，我們 2024 年的首要任務是擴大我們在推動身分安全成長方面的領導地位，提供尖端創新並加強我們行業領先的平台，利用數據分析來擴展我們的業務，包括使用人工智慧和機器學習並在整個客戶旅程中提供出色的客戶體驗和價值。

I'm also very excited to welcome Eduarda Camacho as our Chief Operating Officer. I have worked closely with her for more than 20 years and have tremendous respect for her and her ability to drive customer outcomes and to lead our go-to-market strategy and field execution. I also want to thank Chris Kelly for his contribution to CyberArk. He'll stay with CyberArk through the end of March to ensure a seamless transition, and we wish him well for the future.

我也非常高興地歡迎愛德華達·卡馬喬 (Eduarda Camacho) 擔任我們的營運長。我與她密切合作了 20 多年，非常尊重她以及她推動客戶成果、領導我們的上市策略和現場執行的能力。我還要感謝 Chris Kelly 對 Cyber​​Ark 的貢獻。他將在 Cyber​​Ark 工作到三月底，以確保無縫過渡，我們祝他未來一切順利。

We are in a position of strength as the leader in Identity Security and our competitive position is incredibly strong. We are addressing a critical customer need with our platform and the threat landscape is keeping Identity Security a top priority at our customers. As I reflect on our accomplishments in 2023, I am even more enthusiastic about CyberArk's future coming into 2024. I did want to pause here to talk about October 7 and how we responded. I am so very proud of our global team and how they came together after the October 7 [mass attack]. As families, friends, colleagues and entire communities continue to navigate through great tragedy, loss and increased stress, our culture and team are what drive our success.

作為身分安全領域的領導者，我們處於優勢地位，我們的競爭地位非常強大。我們正在透過我們的平台滿足關鍵的客戶需求，威脅情勢使身分安全成為我們客戶的首要任務。當我回顧我們在 2023 年的成就時，我對 Cyber​​Ark 進入 2024 年的未來更加充滿熱情。我確實想在這裡暫停一下，談談 10 月 7 日以及我們如何應對。我為我們的全球團隊以及他們在 10 月 7 日[大規模襲擊]後如何團結起來感到非常自豪。當家人、朋友、同事和整個社區繼續經歷巨大的悲劇、損失和壓力時，我們的文化和團隊是我們成功的動力。

I will now turn the call over to Josh, who will discuss our record financial results and provide you with our outlook for 2024 in more detail.

我現在將把電話轉給 Josh，他將討論我們創紀錄的財務業績，並向您更詳細地介紹我們對 2024 年的展望。

Thanks, Matt. We posted outstanding results in the fourth quarter and beat our guidance across all metrics. Total revenue growth accelerated again this quarter to 32%, coming in at a record $223.1 million and significantly exceeding our guidance. Our Identity Security platform continues to drive momentum of upsell, cross-sell and new logos. This allowed us to meet the strategic financial objectives we set for ourselves at the beginning of the year, durable top line growth, improved operating leverage and strong free cash flow generation.

謝謝，馬特。我們在第四季度公佈了出色的業績，所有指標都超出了我們的指導。本季總營收成長再次加速至 32%，達到創紀錄的 2.231 億美元，大大超越我們的指導。我們的身分安全平台持續推動追加銷售、交叉銷售和新商標的發展動能。這使我們能夠實現年初為自己設定的策略財務目標、持久的營收成長、改善的營運槓桿和強勁的自由現金流生成。

Demonstrating the continued momentum in our business, ARR reached $774 million at year-end, growing 36% year-on-year and coming in above the high end of our guidance range. The subscription portion increased 60% and reached $582 million and is now 75% of total ARR. We added a record $78 million in net new subscription ARR as customers are consolidating on CyberArk and continue to land and expand with more of our platform. In addition, we had a record quarter for SaaS bookings, both in absolute dollars and mix of our bookings. Compared to year-end 2022, we added an impressive $218 million of net new subscription ARR, also a record.

截至年底，ARR 達到 7.74 億美元，年成長 36%，高於我們指導範圍的上限，這證明了我們業務的持續成長勢頭。訂閱部分增加了 60%，達到 5.82 億美元，目前佔總 ARR 的 75%。隨著客戶在 Cyber​​Ark 上進行整合，並繼續登陸和擴展我們更多的平台，我們的淨新訂閱 ARR 增加了創紀錄的 7800 萬美元。此外，我們的 SaaS 預訂量創下了季度記錄，無論是絕對金額還是預訂組合。與 2022 年底相比，我們的淨新訂閱 ARR 增加了令人印象深刻的 2.18 億美元，這也是一個記錄。

The maintenance portion of annual recurring revenue declined slightly to $192 million at December 31, which was in line with our expectations. We continue to see strong renewal rates and like-for-like conversion activities still only represents a single-digit percent of our year-on-year ARR growth. Our strong execution is also demonstrated by the 30% increase in customers with more than $100,000 in annual recurring revenue to over 1,700 at the end of the fourth quarter. The cohort of customers with more than $500,000 in ARR also grew over 45% to now being nearly 300 customers.

截至 12 月 31 日，年度經常性收入的維護部分小幅下降至 1.92 億美元，符合我們的預期。我們繼續看到強勁的續訂率和同類轉換活動仍然只占我們的同比 ARR 成長的個位數百分比。截至第四季末，年度經常性收入超過 10 萬美元的客戶數量增加了 30%，達到 1,700 多個，這也證明了我們強大的執行力。 ARR 超過 50 萬美元的客戶群也成長了 45% 以上，目前已接近 300 名客戶。

The biggest driver of this cohort is the upsell of additional users and cross-sell of new solutions across the platform. Matt touched upon our strong execution, and I wanted to briefly touch on the macro. Our solutions continue to be prioritized and budgets allocated, close rates remain strong, productivity improved and deals progressed nicely as we converted our pipeline, including several 7-figure ACV deals. We continue as well to build a strong new pipeline to support our future growth.

該群體的最大推動力是更多用戶的追加銷售以及跨平台新解決方案的交叉銷售。馬特談到了我們強大的執行力，我想簡單談談宏觀方面。隨著我們轉換管道，我們的解決方案繼續優先考慮並分配預算，成交率保持強勁，生產力提高，交易進展順利，包括幾筆 7 位數的 ACV 交易。我們也將繼續建立強大的新管道來支持我們未來的成長。

Moving into the details of the revenue lines for the fourth quarter. Recurring revenue reached $201.5 million, again, making up 90% of total revenue. That's compared to 84% in the fourth quarter last year. Recurring revenue growth accelerated to 41% year-on-year, showing the momentum in our SaaS portfolio continues to gain steam. With total subscription bookings mix of 95% on the full year and our recurring revenue reaching 90% of the total in each of the quarters of 2023, it is safe to say we are now a fully recurring revenue company.

進入第四季營收線的詳細資料。經常性收入再次達到 2.015 億美元，佔總收入的 90%。相比之下，去年第四季這一比例為 84%。經常性收入年增率加速至 41%，顯示我們 SaaS 組合的動能持續增強。全年訂閱預訂總額佔 95%，我們的經常性收入在 2023 年每個季度都達到總收入的 90%，可以肯定地說，我們現在是一家完全經常性收入的公司。

Digging into the specifics, our subscription revenue line reached $150.3 million with growth accelerating to 70% year-on-year and representing 67% of total revenue in the fourth quarter. Our maintenance and professional services revenue was $64.8 million. Of that, $51.2 million coming from recurring maintenance and with professional services revenue at $13.6 million for the quarter.

具體來看，我們的訂閱收入達到 1.503 億美元，年成長加速至 70%，佔第四季總營收的 67%。我們的維護和專業服務收入為 6,480 萬美元。其中，5,120 萬美元來自經常性維護，本季專​​業服務收入為 1,360 萬美元。

Geographically, each of our major territories grew revenue faster than 30% in the fourth quarter. The Americas revenue was $130.3 million, that's growing 31% year-on-year, and the Americas had a record with SaaS reaching over 70% of bookings in the quarter.

從地理位置來看，我們每個主要地區第四季的營收成長均超過 30%。美洲地區營收為 1.303 億美元，年增 31%，美洲地區 SaaS 創下了本季預訂量超過 70% 的記錄。

EMEA grew by 33% year-on-year to $68.7 million in revenue and APJ grew by 35% to $24.1 million in revenue. Diversification has always been a foundation of our strategy, and it is great to see the strength across all of our geographies in the fourth quarter. We also see that universal strength reflected in the full year with the Americas, EMEA and APJ each growing 27% year-on-year. All line items of the P&L now will be discussed on a non-GAAP basis. Please see the full GAAP to non-GAAP reconciliation in the tables of our press release.

歐洲、中東和非洲地區的營收年增 33%，達到 6,870 萬美元，亞太及日本地區的營收成長 35%，達到 2,410 萬美元。多元化一直是我們策略的基礎，很高興看到第四季度我們所有地區的實力。我們也看到，全年的普遍實力得到體現，美洲、歐洲、中東和非洲地區和亞太及日本地區分別較去年同期成長 27%。現在，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 fourth quarter gross profit was $189.7 million. That's an 85% gross margin compared to the 83% in the fourth quarter last year. The expansion of our gross margin is due to revenue outperformance and tight management of our cloud costs. Our operating income of $34.7 million significantly exceeded the top end of our guidance. Our operating leverage was driven by disciplined investments and our revenue outperformance. Net income came in at $38.1 million, that's $0.81 per diluted share, also significantly outperforming our guidance.

我們第四季的毛利為 1.897 億美元。毛利率為 85%，而去年第四季為 83%。我們毛利率的擴大歸因於收入表現出色以及對雲端成本的嚴格管理。我們的營業收入為 3,470 萬美元，大大超出了我們指導的上限。我們的營運槓桿是由嚴格的投資和我們的收入表現所推動的。淨利潤為 3810 萬美元，即每股攤薄收益 0.81 美元，也大大超出了我們的指導。

Moving on to review the full year 2023. We began the year expecting 29% growth in ARR, 23% revenue growth and hitting breakeven operating margin. We finished a great year. ARR grew 36%, revenue came in at $752 million, with growth accelerating now to 27% and we returned to meaningful profitability, delivering non-GAAP operating income of $33.5 million or about 4% operating margin for the full year, and we continue to march towards Rule of 40. Our EPS came in at $1.12 per diluted share.

接下來回顧 2023 年全年。我們年初預計 ARR 成長 29%，營收成長 23%，營運利潤率達到損益平衡。我們度過了美好的一年。 ARR 成長 36%，營收達到 7.52 億美元，目前成長加速至 27%，我們恢復了有意義的獲利能力，全年實現非 GAAP 營業收入 3,350 萬美元，營業利潤率約為 4%，我們將繼續向40 規則邁進。我們的每股攤薄每股收益為1.12 美元。

We ended December with approximately 3,000 employees worldwide, including over 1,320 in sales and marketing. For the full year 2023, free cash flow was $51.3 million or a 7% free cash flow margin. As a reminder, we still consider free cash flow to be the last piece of our model to inflect after the subscription transition, and we are confident that we are just at the beginning of this expansion with our 2023 results.

截至 12 月，我們在全球擁有約 3,000 名員工，其中包括 1,320 多名銷售和行銷人員。 2023 年全年，自由現金流為 5,130 萬美元，自由現金流利潤率為 7%。提醒一下，我們仍然認為自由現金流是訂閱過渡後我們模型中影響的最後一個部分，並且我們有信心我們 2023 年的業績才剛開始這一擴張。

Turning to our guidance. For the first quarter and the full year 2024, our guidance reflects the momentum we're seeing in the business, combined with our confidence to meet the 2024 priorities that Matt outlined earlier. For the first quarter of 2024, we expect total revenue of $209 million to $215 million which represents 31% year-on-year growth at the midpoint, and we expect non-GAAP operating income in the range of $7.5 million to $12.5 million for the first quarter. We expect our non-GAAP EPS to range from $0.21 to $0.31 per diluted share.

轉向我們的指導。對於 2024 年第一季和全年，我們的指導反映了我們在業務中看到的勢頭，以及我們對實現 Matt 早些時候概述的 2024 年優先事項的信心。對於 2024 年第一季度，我們預計總收入為 2.09 億美元至 2.15 億美元，中間值年增長 31%，我們預計非 GAAP 營業收入將在 750 萬美元至 1250 萬美元之間。第一季。我們預計非 GAAP 攤薄後每股收益將在 0.21 美元至 0.31 美元之間。

Our guidance assumes 47.8 million weighted average diluted shares and about $10.5 million in taxes. For the full year 2024, we expect total revenue in a range of $920 million to $930 million, representing 23% growth year-on-year at the midpoint of the range. Reflecting our continued commitment to operating leverage, we expect our full year operating income now to be in the range of $75.5 million to $84.5 million. We expect our EPS to be between $1.63 to $1.81 per diluted share, we expect about 48 million weighted average diluted shares and about $46.5 million in taxes for the full year 2024.

我們的指導假設加權平均稀釋股票為 4,780 萬股，稅費約為 1,050 萬美元。對於 2024 年全年，我們預計總收入在 9.2 億美元至 9.3 億美元之間，年增 23%（以該範圍的中位數計算）。我們預計全年營業收入將在 7,550 萬美元至 8,450 萬美元之間，這反映了我們對營運槓桿的持續承諾。我們預計每股攤薄後每股收益將在 1.63 美元至 1.81 美元之間，我們預計 2024 年全年加權平均攤薄股約為 4,800 萬股，稅金約為 4,650 萬美元。

We expect annual recurring revenue to be between $968 million and $983 million at December 31, 2024, or about 26% year-on-year growth at the midpoint. We are also issuing guidance for free cash flow for the first time and expect free cash flow to be in the range of $85 million to $95 million for the full year 2024, and we remain confident about the long-term target that we outlined at Investor Day. I also want to provide a few pointers to help model our expenses for the year. While we expect to continue to invest in our innovation engine and in sales and marketing in absolute dollars, we do expect to see an improvement in both line items as a percentage of revenue.

我們預計，截至 2024 年 12 月 31 日，年度經常性收入將在 9.68 億美元至 9.83 億美元之間，中間值年增約 26%。我們也首次發布自由現金流指引，預計 2024 年全年自由現金流將在 8,500 萬美元至 9,500 萬美元之間，我們對投資者中概述的長期目標仍然充滿信心。我也想提供一些建議來幫助我們模擬今年的支出。雖然我們預計將繼續以絕對美元投資於我們的創新引擎以及銷售和行銷，但我們確實預計這兩個項目佔收入的百分比都會有所改善。

We will once again hold our IMPACT customer event and our IMPACT World Tour in the second quarter in 2024, begin our IMPACT World Tour in the second quarter of 2024, increasing our marketing expenses for that quarter. Our CapEx is expected to be 1.5% of total revenue.

我們將在2024年第二季再次舉辦我們的IMPACT客戶活動和我們的IMPACT世界巡演，並在2024年第二季開始我們的IMPACT世界巡演，從而增加我們該季度的行銷費用。我們的資本支出預計佔總收入的 1.5%。

So to sum up, we are thrilled to deliver another stellar quarter and amazing full year results showing continued demand for our platform. The execution of our land and expand motion and durable tailwinds that have made Identity Security a must have. As a recurring revenue company and the leader in Identity Security, CyberArk is well positioned to drive leverage in our model across all areas, and deliver the expanded profitability and cash flow levels in 2024 I just discussed. I will now turn the call over to the operator for Q&A. Operator?

總而言之，我們很高興能夠再次實現出色的季度業績和令人驚嘆的全年業績，這表明對我們平台的持續需求。我們的土地和擴張運動的執行和持久的推動力使身分安全成為必須具備的。作為一家經常性收入公司和身份安全領域的領導者，Cyber​​Ark 處於有利地位，可以在所有領域推動我們模型的槓桿作用，並在我剛才討論的2024 年實現擴大的盈利能力和現金流水平。我現在將把電話轉給接線員進行問答。操作員？

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

（操作員說明）您的第一個問題來自巴克萊銀行的 Saket Kalia。

Matt, maybe to start with you. I'd love to dig into prepared remarks on the workforce or single sign on market, very helpful, by the way, prepared remarks. The question is, given some of the noise in that market competitively, how do you think CyberArk is positioned? And what are you seeing in the pipeline there for just the broader identity platform? Does that make sense?

馬特，也許從你開始。我很想深入研究有關勞動力或市場上單一標誌的準備好的評論，順便說一句，準備好的評論非常有幫助。問題是，考慮到該市場競爭的一些噪音，您認為 Cyber​​Ark 的定位如何？您在更廣泛的身份平台方面看到了什麼？那有意義嗎？

It does, and it's a great question. And I think the first thing I would say is independent of the competitive environment and some of the things that are happening there, we feel really strongly, as I kind of outlined that our approach to workforce security is differentiated, that is actually unique in the market. And that -- while MFA and SSO as I said in the prepared remarks, are important. You must have them. They're no longer sufficient for how you actually cover the workforce from an Identity Security perspective.

確實如此，這是一個很好的問題。我認為我要說的第一件事是獨立於競爭環境以及那裡發生的一些事情，我們的感覺非常強烈，正如我概述的那樣，我們的勞動力安全方法是與眾不同的，這實際上是獨一無二的市場。正如我在準備好的演講中所說，MFA 和 SSO 很重要。你必須擁有它們。它們不再足以幫助您從身分安全的角度實際涵蓋勞動力。

And so our notion of a holistic or a unified solution that brings together MFA, SSO, but also brings in our workforce password management, our layers of security that sit within secure web sessions and the browser as the access point, actually, for us, kind of reinvent that space and puts us in a place where we can take some of the -- what we would consider kind of legacy approaches that are out there in the market and put them on their heels in terms of our ability to have a conversation there. Then when you connect that back to the Identity Security Platform and the idea that you can actually manage those users in the same way or at the same time as you do your highly privileged users, it takes a differentiation even further.

因此，我們的整體或統一解決方案的概念不僅將MFA、SSO 結合在一起，而且還引入了我們的員工密碼管理、安全Web 會話中的安全層以及作為接入點的瀏覽器，實際上，對我們來說，重新發明這個空間，讓我們能夠採用一些我們認為市場上存在的遺留方法，並在我們進行對話的能力方面讓它們緊隨其後那裡。然後，當您將其連接回身份安全平台，並且您實際上可以以與管理高特權用戶相同的方式或同時管理這些用戶時，它會進一步實現差異化。

So we feel like we're in kind of entering a sweet spot in terms of our ability to compete in that market. We see it building in our pipeline. And certainly, the competitive atmos out there for us hasn't really ever been better than we're seeing right now as we go into 2024.

因此，我們覺得就我們在該市場的競爭能力而言，我們正進入一個最佳點。我們看到它正在我們的管道中建造。當然，進入 2024 年，我們面臨的競爭氣氛從未比現在更好。

Got it. Got it, very clear. Josh, maybe for my follow-up for you. Great to see the free cash flow inflect this year, and I appreciate the guide. And I know it's early to talk about that metric beyond 2024. But maybe anecdotally, what are some of the puts and takes for free cash flow beyond 2024 structurally that you want us to think about with that metric?

知道了。明白了，非常清楚。喬什，也許是為了我對你的後續行動。很高興看到今年自由現金流的變化，我很欣賞這個指南。我知道現在談論 2024 年之後的指標還為時過早。但也許有趣的是，您希望我們在結構上考慮 2024 年之後自由現金流的一些看跌期權和看跌期權？

Yes. Thanks, Saket. I think it's mostly around puts as we think about the next couple of years, and it's really the expanding leverage that we're getting in the operating income that we're seeing at each of the years on our road to Rule of 40. And then, of course, it's the flywheel effect that we are going to increasingly get this year and then again in 2025, which is really reflecting the renewals, the full-blown renewals of having already gone through round tripping the SaaS and subscription bookings that we built up in the last couple of years. And so that gives us the strong confidence that we're on track to hitting our medium goals there.

是的。謝謝，薩凱特。我認為，當我們考慮未來幾年時，這主要是圍繞看跌期權，這實際上是我們在營業收入中獲得的不斷擴大的槓桿，我們在通往 40 規則的道路上每年都會看到這一點。當然，這是我們今年和2025 年將越來越多地獲得的飛輪效應，這確實反映了更新，我們已經經歷了SaaS 和訂閱預訂的往返的全面更新。近年來建立起來的。因此，這讓我們充滿信心，相信我們正在實現我們的中期目標。

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

您的下一個問題來自 Shaul Eyal 和 TD Cowen 的線路。

Thank you. Congrats on results and guidance. Matt, let me also echo my congrats on those kind of well prepared remarks, taking us through a customer journey as it pertains to CyberArk's expanding platform. Maybe building on that journey. You just put out a press release on Indiana University Hospital, expanding relation with CyberArk maybe a good opportunity here to share with us what is it that they're doing with CyberArk on top of their core PAM deployment? And where else can they expand with you guys now in the coming years? And I have a follow-up?

謝謝。祝賀結果和指導。馬特，讓我也對這些精心準備的演講表示祝賀，帶領我們完成了與 Cyber​​Ark 擴展平台相關的客戶旅程。也許會在此基礎上繼續前進。您剛剛發布了有關印第安納大學醫院的新聞稿，擴大與 Cyber​​Ark 的關係，這也許是一個很好的機會，可以與我們分享他們在核心 PAM 部署之上使用 Cyber​​Ark 做什麼？未來幾年他們還可以在哪些方面與你們一起拓展？我有後續行動嗎？

Yes. Thanks, Shaul, and thanks for the comments on the remarks. And what I really do want to do is help everybody understand the full market opportunity that's before us as we go after the spectrum of identities, and we kind of move beyond where people have traditionally thought of us, which is in IT, it just opens up such a remarkable opportunity for us to expand as we cover the overall enterprise. When we think about that particular customer example, it's a good indicator of what we see across the board when a customer starts to partake of our SaaS platform. It kind of fits the bill, if you will, of the descriptions that I was walking everybody through.

是的。謝謝 Shaul，也謝謝您對言論的評論。我真正想做的是幫助每個人了解我們在追求身份範圍時所面臨的完整市場機會，並且我們超越了人們傳統上對我們的看法，即在 IT 領域，它剛剛開放為我們拓展業務提供瞭如此難得的機會，覆蓋整個企業。當我們考慮特定的客戶範例時，它很好地表明了當客戶開始使用我們的 SaaS 平台時我們所看到的整體情況。如果你願意的話，這有點符合我向大家介紹的描述。

And the idea here is the more solutions people get started on, the more identities they can start to bring into the platform. But even when customers like that get started with multiple solutions, there's such an expansion opportunity as we build up the longer-term road map for them as they bring on more identities. I think a good way to think about the market for us is every proliferation of identity, whether it be human or nonhuman or machine equals another point for us here at CyberArk, another area that we can secure.

這裡的想法是，人們開始使用的解決方案越多，他們可以開始將更多的身分帶入平台。但即使這樣的客戶開始使用多種解決方案，當我們為他們制定長期路線圖時，他們也會帶來更多的身份，因此也存在這樣的擴展機會。我認為，對我們來說，思考市場的一個好方法是，身份的每一次擴散，無論是人類、非人類還是機器，都等於我們在Cyber​​Ark 的另一個點，這是我們可以保護的另一個領域。

And so if you take a customer like that, that's also sitting in health care, that's definitely under attack day in and day out by ransomware and other really kind of terrible threats, they can expand for years to come as we start to help them bring all aspects of their enterprise, all their identities into the platform. So it's a great example actually for us and health care certainly is a vertical that we see exploding for us in the coming years.

因此，如果你有這樣的客戶，他們也坐在醫療保健領域，肯定會日復一日地受到勒索軟體和其他真正可怕的威脅的攻擊，隨著我們開始幫助他們帶來他們企業的各個方面、他們的所有身分都融入平台中。因此，這對我們來說實際上是一個很好的例子，醫療保健無疑是我們認為未來幾年將爆炸性增長的一個垂直領域。

Got it. Got it. And for my next question, either you or Josh, a macro-driven one. I haven't heard you mentioning the term elongated sales cycle. I think maybe you're like amongst a handful of companies implying, stabilizing or a better than [feared] stabilizing macro environment rather than alluding to elongated sales cycle. Why is that? Are things actually becoming better and you guys, unlike other companies are not covering your behind them as kind of adding those elongated sales cycle commentary?

知道了。知道了。對於我的下一個問題，無論是你還是喬什，都是宏觀驅動的問題。我沒有聽到您提到延長銷售週期這個詞。我想也許你們就像少數幾家暗示宏觀環境穩定或比[擔心的]穩定更好的公司，而不是暗示延長銷售週期。這是為什麼？事情真的變得更好了嗎？與其他公司不同，你們並沒有像添加那些延長的銷售週期評論那樣掩蓋您的背後？

Yes, I'll take that one. And it is something that we're particularly both proud of and excited about. And throughout the whole year, you've heard us kind of talk about that, which is -- listen, it is a tough macro. There is no question about it. When I talk with my colleagues and talk to the C-suite at our customers, they're living through tough budget cycles. That being said, everybody has money to spend on what's most important. And generally speaking, cyber is more important than the rest of the kind of tech stack. But within cyber, there are areas that actually are prioritized and we've been lucky to be one of those areas throughout the year, where when customers are putting together their budgets, they don't have the luxury of really avoiding spending on Identity Security and when they're going to spend, they're going to spend with us.

是的，我會接受那個。這是我們特別感到自豪和興奮的事情。在這一整年裡，你都聽到我們談論這個問題，那就是──聽著，這是一個艱難的宏觀政策。毫無疑問。當我與我的同事以及我們客戶的最高管理層交談時，他們正在經歷艱難的預算週期。話雖這麼說，每個人都有錢花在最重要的事情上。一般來說，網路比其他技術堆疊更重要。但在網路領域，有些領域實際上是優先考慮的，我們很幸運能夠全年成為這些領域之一，當客戶匯總預算時，他們無法真正避免在身份安全方面的支出當他們要花錢時，他們會和我們一起花錢。

And so that opens the door, if you will, for a much more fertile ground for us to go harvest in within our customer base and even out into the broader market. Now what we also are, as I said, proud about is that we actually adjusted our execution arm to make sure that we were checking the extra boxes.

因此，如果你願意的話，這為我們打開了大門，為我們在客戶群中收穫甚至進入更廣闊的市場提供了更肥沃的土壤。正如我所說，現在我們感到自豪的是，我們實際上調整了我們的執行臂，以確保我們檢查了額外的方框。

We trained the team early on to bring the CFO into the discussion to make sure the Joshes of the world were actually part of the discussion early. Don't avoid them. Bring them in so they understand the value statement. We help them understand how to structure deals more appropriately for these macros. And so between the mission-critical nature of our solutions and the phenomenal execution of our teams, we've been able to navigate a tough macro throughout the year but do it much more effectively.

我們很早就對團隊進行了培訓，讓財務長參與討論，以確保世界各地的喬許實際上儘早參與了討論。不要迴避他們。讓他們參與進來，讓他們理解價值陳述。我們幫助他們了解如何更適合這些巨集的交易結構。因此，在我們解決方案的關鍵任務性質和我們團隊的出色執行力之間，我們能夠全年應對艱難的宏觀形勢，而且做得更有效。

Now I would say we start to see some shoring up of those macros as we get towards the back half of the year here as we look forward. So that's encouraging for us as we look out. But generally speaking, I think it is a testament to the role of Identity Security and the security stack today.

現在我想說，隨著我們展望今年下半年，我們開始看到這些宏的一些支撐。因此，當我們展望未來時，這對我們來說是令人鼓舞的。但總的來說，我認為這證明了身分安全和當今安全堆疊的作用。

Your next question is from the line of Fatima Boolanii with Citigroup.

您的下一個問題來自花旗集團的 Fatima Boolanii。

Matt, just to start with you, talked a lot about the momentum you're seeing with the new customers coming into the CyberArk installed base family and landing with multiple solutions. But what I wanted to prick your brain on is we're now essentially going to anniversary with 2 year mark of when you did the massive SaaS transition. So I'd love any high-level commentary from you on what this potential wave or renewal cycle tsunami could look like in terms of buying behavior and patterns. And then I have a quick follow-up for Josh, please?

首先，Matt 談到了您所看到的新客戶進入 Cyber​​Ark 安裝基礎系列並登陸多種解決方案的勢頭。但我想讓您明白的是，我們現在即將迎來您進行大規模 SaaS 轉型兩週年紀念日。因此，我希望您能就這一潛在浪潮或更新周期海嘯在購買行為和模式方面的表現發表任何高水準的評論。然後我要快速跟進一下喬什，好嗎？

Yes. So great question. I think what we see, first of all, is that as we go out and we are landing these logos that the time to next purchase continues to compress. So we can land somebody in Q1, and we can get a follow-on deal in Q3 or Q4. And so even before we get to the first anniversary of a renewal date, we're able to drive the land and expand motion. And to be honest, that's one of the things that gets us most excited because the flywheel of the sales process continues to accelerate.

是的。很好的問題。我認為我們首先看到的是，當我們走出去並登陸這些徽標時，下次購買的時間繼續壓縮。因此，我們可以在第一季找到某人，然後我們可以在第三季或第四季獲得後續交易。因此，即使在更新日期一周年之前，我們也能夠推動土地並擴大行動。說實話，這是最讓我們興奮的事情之一，因為銷售過程的飛輪不斷加速。

Now that being said, as you mentioned, all of these contracts as they start to come up for renewal also creates a compelling event for an expansion play. And we think of that as a prime opportunity to not only upsell on the existing suite they have, but to introduce the new solutions and to cross-sell into the base. And we see that kind of sales methodology change kind of kick in more and more over the last couple of quarters, where we're actually enabling our sales team on the conversation of -- it's a different conversation at the point of renewal, just understanding what have they consumed, read the telemetry, get the upsell in there because that's a basic motion you should be able to do always and then understand through adoption curves and road maps that we've seen with other customers, what's the next best solution to introduce and make sure it's part of the renewal cycle when the wallet is already open. And again, that's something that the sales team has really improved at and will continue to improve at, as they are become even more proficient in the SaaS selling motion.

話雖如此，正如您所提到的，所有這些合約在開始續約時也為擴張活動創造了引人注目的事件。我們認為這是一個絕佳的機會，不僅可以對他們現有的套件進行追加銷售，還可以引入新的解決方案並向基礎產品進行交叉銷售。我們看到這種銷售方法的變化在過去幾季中越來越多，我們實際上讓我們的銷售團隊能夠進行對話——這是更新時的不同對話，只是理解他們消費了什麼，閱讀遙測數據，進行追加銷售，因為這是您應該始終能夠執行的基本動作，然後通過我們在其他客戶中看到的採用曲線和路線圖來了解，下一個最佳解決方案是什麼當錢包已經打開時，介紹並確保它是續訂週期的一部分。再說一次，銷售團隊在這方面確實有所改進，並將繼續改進，因為他們對 SaaS 銷售活動變得更加精通。

I appreciate that. Josh, on a related matter, as we work through the maturation, if you will, of the base as it relates to converting some of your customers on the predecessor in a perpetual form factors and you get any prior customers sitting on perpetual maintenance. I'm curious if you can help characterize what proportion of ARR growth is going to be coming from simply converting the prior perpetual maintenance customer and customers? And any impact that had in this quarter to growth?

我很感激。喬什，在相關問題上，如果您願意的話，我們正在努力使基礎成熟，因為這涉及到將您的一些客戶轉換為永久外形尺寸的前身，並且您可以讓任何先前的客戶坐在永久維護中。我很好奇您是否可以幫忙描述一下，僅轉換先前的永久維護客戶和其他客戶將帶來多大比例的 ARR 成長？對本季的成長有何影響？

Yes. Thanks, Fatima. I think as we look at conversions and we go back already a whole bunch of quarters into '23 and even into '22. We're still seeing it really reflecting single digits, mid-single digits of our ARR growth coming from conversions. I think as we look into 2024, We're not really changing that view. We think it should behave similarly to what we saw in '23 and already at the end '22.

是的。謝謝，法蒂瑪。我認為，當我們查看轉換時，我們已經回到了 23 年甚至 22 年的整整一個季​​度。我們仍然看到它確實反映了來自轉換的 ARR 成長的個位數、中個位數。我認為，當我們展望 2024 年時，我們並沒有真正改變這個觀點。我們認為它的表現應該與我們在 23 年以及 22 年底看到的情況類似。

And I'll just add on top of that, just one element from a strategy perspective, if you will, which is -- when you analyze this base of customers and you try to understand, okay, what's their buying patterns, the first thing you're looking at is while they're still on maintenance, are they buying other solutions? Is there any less expansion that we're seeing in that base versus the rest of the base? And if the answer was yes ,then you're really wanting to push them as hard and fast as possible to get them to move because otherwise, you're gated yourself on your expansion in those accounts.

除此之外，如果你願意的話，我只想從戰略角度添加一個要素，那就是——當你分析這個客戶群並嘗試了解他們的購買模式是什麼時，第一件事就是您正在考慮的是，當他們仍在維護時，他們是否購買其他解決方案？與基地的其他部分相比，我們在該基地看到的擴張是否減少？如果答案是肯定的，那麼你真的想盡可能努力地推動他們，讓他們行動起來，因為否則，你在這些帳戶上的擴張就會受到限制。

When we actually analyze the maintenance paying base, their expansion sales, the rate at which they're buying the new solutions is not that much different than people who are sitting in a subscription model or on the SaaS platform. And so that gives us a little bit more leeway to be flexible with that customer base to keep them happy on that self-hosted or perpetual product and move when they're ready and in fact, move them to SaaS when they're ready, not move them over to an on-prem subscription because when we move them to SaaS, the upsell is significantly higher.

當我們實際分析維護付費基礎、他們的擴展銷售、他們購買新解決方案的速度時，他們與採用訂閱模式或 SaaS 平台的人沒有太大區別。因此，這給了我們更多的餘地，可以靈活地對待該客戶群，讓他們對自託管或永久產品感到滿意，並在他們準備好時遷移，事實上，在他們準備好時將他們遷移到SaaS，不要將它們轉移到本地訂閱，因為當我們將它們轉移到 SaaS 時，追加銷售會明顯更高。

So strategically, as Josh said, I don't think you're going to see us be that aggressive in 2025. I think you'll see customers start to migrate because their own plans call for SaaS. But we're really excited by our ability to be able to drive NRR out of any base that we have.

因此，從策略上講，正如 Josh 所說，我認為到 2025 年你不會看到我們那麼激進。我認為你會看到客戶開始遷移，因為他們自己的計畫需要 SaaS。但我們對能夠將 NRR 趕出我們現有的任何基礎的能力感到非常興奮。

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

你的下一個問題來自 Rob Owens 和 Piper Sandler 的對話。

Matt, when you speak to the full identity market opportunity, what are your thoughts around IGA? Is it an IGA light approach? Or is it something that you're going to look to dive into more fully?

Matt，當您談到完整的身份市場機會時，您對 IGA 有何看法？這是 IGA 輕型方法嗎？或者您打算更深入地研究它？

Rob, great question. And I think we still see fundamentally that the siloed nature of PAM access and IGA is at the detriment of customers in their security posture. And that organizations that implement kind of in that silo are not taking the most robust security posture that they can. So we increasingly focusing in on adding to our identity management stack and being able to manage the modern IGA workflows that sit out there in combination with our SCA solution, even in combination with our PAM customer base.

羅布，好問題。我認為我們仍然從根本上看到 PAM 存取和 IGA 的孤立性質不利於客戶的安全狀況。而那些在這種孤島中實施的組織並沒有採取他們所能採取的最強大的安全態勢。因此，我們越來越注重添加我們的身分識別管理堆疊，並能夠與我們的 SCA 解決方案相結合，甚至與我們的 PAM 客戶群相結合來管理現代 IGA 工作流程。

And so I think you'll see us continue to invest in that. Now again, if somebody needs to go and do a large-scale IGA deployment across all legacy assets that sit in the data center, we have a great partnership with SailPoint and we're fine with SailPoint taking that bigger business. But as you move these workloads to the cloud, as you move into a modern real estate, we increasingly believe that in order to win that we need a hybrid approach.

所以我想你會看到我們繼續在這方面投資。現在，如果有人需要對資料中心的所有遺留資產進行大規模 IGA 部署，我們與 SailPoint 有著良好的合作夥伴關係，並且我們同意 SailPoint 承擔這項更大的業務。但是，當您將這些工作負載轉移到雲端中，當您進入現代房地產時，我們越來越相信，為了贏得勝利，我們需要一種混合方法。

And every solution that we bring to market from this point forward, and the team knows it, they hear from me all the time, has to have components of governance, components of access and components of privilege controls, that is what makes us unique. That's what makes our platform unique. And I think you'll hear us talking more about that in the days to come.

從現在開始，我們推向市場的每一個解決方案，團隊都知道這一點，他們一直收到我的來信，都必須具有治理組件、存取組件和權限控制組件，這就是我們的獨特之處。這就是我們平台的獨特之處。我想在未來的日子裡你會聽到我們更多地談論這個問題。

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

你的下一個問題來自喬納森·何（Jonathan Ho）和威廉·布萊爾（William Blair）的對話。

Congratulations on the strong results and guidance. Yes, I just wanted to understood a little bit more about your secure cloud access product. And why don't you give us some additional detail on how big of an opportunity you think this could become?

祝賀您取得了豐碩的成果和指引。是的，我只是想更多地了解你們的安全雲端存取產品。為什麼不向我們提供一些額外的細節，說明您認為這可能會帶來多大的機會？

Thanks, Jonathan, and thanks for asking about my little favorite area here, so you gave me a chance to pontificate a little bit about it. But listen, we believe fundamentally that the idea here in the cloud that customers have moved fast and for good reason into their cloud real estate. And as they moved, they granted unfettered access to all of these users out there in the developer community in order to facilitate speed. And that leads to a world of over entitlement and frankly, lack of control.

謝謝喬納森，也謝謝你在這裡詢問我最喜歡的領域，所以你給了我一個機會來談論它。但聽著，我們從根本上相信雲端中的理念是客戶已經快速且有充分理由進入他們的雲端資產。當他們搬遷時，他們向開發者社群中的所有這些用戶授予不受限制的存取權限，以提高速度。這導致了一個權利過度、坦白說缺乏控制的世界。

Now we have a lot of vendors out there that really look at discovery and trying to understand what that cloud real estate looks like, even presenting ways of managing posture and managing the overall cloud environment. And we think that's important, by the way, and we partner with some of them to make sure that we can tap into the great data that they're able to harvest. But ultimately, like the on-prem world, security comes back to control.

現在，我們有許多供應商真正專注於發現並試圖了解雲端資產是什麼樣子，甚至提出了管理狀態和管理整個雲端環境的方法。順便說一句，我們認為這很重要，我們與其中一些公司合作，以確保我們能夠利用他們能夠收穫的大量數據。但最終，就像本地世界一樣，安全性將重新控制。

And so our SCA solution is built on the idea that you need to have the same levels, the same concepts of control in your cloud estate as you did on-prem. You need to make sure that you're actually isolating sessions. You need to make sure that you understand and controlling entitlements, you need to actually make sure that there is the ability to be able to record, especially in audited industries. And so our SCA solution takes all the principles of PAM. But then what it does, it says, actually, in that environment, you don't need standing access. You can actually have entitlements or privileges assigned at the point of access.

因此，我們的 SCA 解決方案建立在這樣的理念之上：您需要在雲端資產中擁有與本地部署相同的層級和相同的控制概念。您需要確保您確實隔離了會話。您需要確保您了解並控制權利，您需要實際確保有能力進行記錄，尤其是在經過審計的行業。因此，我們的 SCA 解決方案採用了 PAM 的所有原則。但它的作用是，實際上，在那種環境中，你不需要站立訪問。您實際上可以在存取點分配權利或特權。

So a cloud user, a developer can use their federated access, their personal accounts, they can log into the cloud console, they can start to work in the cloud services, and we can apply the right level of entitlements and privileges right at that time for a period of time. And the minute they log out, we can remove those entitlements so that when that account is sitting inactive, it is actually a 0 Privileged account, and we can drive a least privileged approach. We believe, fundamentally, and as you can hear, I get excited when I talk about it, that moving into this control area of the cloud is an underrepresented piece of the market. It's not actually represented in the TAMs of all these other cloud security vendors that are out there and that we're uniquely positioned to actually capitalize on that.

因此，雲端用戶、開發人員可以使用他們的聯合存取、個人帳戶，他們可以登入雲端控制台，他們可以開始在雲端服務中工作，我們可以在那時應用正確級別的權利和特權在一段時間內。他們註銷的那一刻，我們可以刪除這些權利，這樣當該帳戶處於非活動狀態時，它實際上是一個 0 特權帳戶，我們可以採用最小特權方法。我們相信，從根本上講，正如您所聽到的，當我談論這個問題時，我感到很興奮，進入雲端的這個控制領域是一個未被充分代表的市場領域。它實際上並沒有體現在所有其他雲端安全供應商的 TAM 中，而我們擁有獨特的優勢來實際利用這一點。

So while it's early days, and while we're a couple of quarters into the market, I would tell you that at our enterprise accounts, the numbers of conversations that are actually leading with, how do we secure our cloud is remarkable to me, and that then sets up a long-term TAM for us in this area that I believe can be a meaningful -- significantly meaningful contribution to our ARR growth.

因此，雖然現在還處於早期階段，雖然我們進入市場只有幾個季度，但我想告訴您，在我們的企業帳戶中，實際引導的對話數量對我來說是顯著的，我們如何保護我們的雲，然後為我們在這個領域建立一個長期的 TAM，我相信這可以對我們的 ARR 成長做出有意義的貢獻。

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

您的下一個問題來自美國銀行的塔爾·利亞尼 (Tal Liani)。

A few questions. The first one is, can you take us through a journey of a client? You spoke a lot about it, the journey of a client from a point of view of synergy with existing customers. I'm assuming that customers first land with the PAM. What happens when they want to go to different products? Where is the synergy? Is there any synergy in terms of products or sales motion or management, et cetera. What's the incentive for them to continue with you with your other products? Let's take it one by one.

幾個問題。第一個是，您能帶我們回顧一下客戶的旅程嗎？您從與現有客戶協同的角度談了很多關於客戶的旅程。我假設客戶首先使用 PAM。當他們想要使用不同的產品時會發生什麼？協同作用在哪裡？在產品、銷售活動或管理等方面是否有任何協同作用？他們繼續使用您的其他產品的動機是什麼？讓我們一一來看。

Sure. So I think when we think about that synergy or we think about that expand motion, if you will, it really depends on the priorities of the organization, and I'll give you like 2 different examples. You might be sitting in an organization where they have invested heavily in their nonhuman identities, in their machines, in their ability to build out a modern application environment. And in that case, if that's the priority of the organization, it's the most likely next step from someone who secures IT and their PAM users to actually move over and secure the nonhuman identities.

當然。因此，我認為，當我們考慮協同作用或擴展動議時，如果您願意的話，這實際上取決於組織的優先事項，我會給您一個不同的例子。您可能所在的組織在他們的非人類身份、他們的機器以及他們構建現代應用程式環境的能力上投入了大量資金。在這種情況下，如果這是組織的首要任務，那麼保護 IT 及其 PAM 使用者安全的人員最有可能採取的下一步是實際轉移並保護非人類身分。

And the synergy is, hey, we can take a least privileged approach, we can help them understand how to create these controls that I'm talking about but we can do it in a developer friendly or a native way, especially with our Secrets Hub product and our easy to deploy Conjur Cloud product. And so you see some customers where that might be the first path they go towards expansion. An alternative is you might be sitting in an area of high attacks around ransomware. And you might be health care, it might be financial services. And in those areas, okay, they've locked down their core controls and IT. Now they need to secure their end points. They need to secure their servers and the natural extension is to move into EPM. And in that case, that's the next expand motion for that customer.

協同作用是，嘿，我們可以採取最低特權的方法，我們可以幫助他們了解如何創建我正在談論的這些控件，但我們可以以開發人員友好或本機的方式來完成，特別是透過我們的 Secrets Hub產品和我們易於部署的Conjur Cloud 產品。所以你會看到一些客戶，這可能是他們擴張的第一條道路。另一種選擇是您可能處於勒索軟體攻擊頻繁的區域。你可能是醫療保健，也可能是金融服務。在這些領域，他們已經鎖定了核心控制和 IT。現在他們需要確保他們的終點。他們需要保護他們的伺服器，自然的擴充就是遷移到 EPM。在這種情況下，這是該客戶的下一個擴展動議。

And then there's a third type of customer, to be honest, that actually buys a little bit of everything, and they start to deploy in pockets in different work groups, in different areas of the enterprise, and then they look to upsell or expand over time within a broader set of 3, 4 or 5 solutions. So the other way to answer the question is there is no one typical pattern. The underlying element, though, that drives the success is a unified platform with single shared services, a unified audit, an ability to be able to run identity across all of that, the ability to run threat analytics across all of that.

然後還有第三種類型的客戶，說實話，他們實際上什麼東西都買一點，他們開始在不同的工作組、企業的不同領域進行部署，然後他們尋求追加銷售或擴展到更多領域。時間範圍更廣，包含3、4 或5 個解決方案。因此，回答這個問題的另一種方法是，不存在典型的模式。然而，推動成功的基本要素是具有單一共享服務的統一平台、統一審計、跨所有這些運作身分的能力、跨越所有這些運作威脅分析的能力。

And so the idea being, these customers, although they're not fully consolidating day 1 out across the platform, they're future-proofed in terms of the consolidation aims they have for the longer term. I think there was another question?

因此，我們的想法是，這些客戶雖然在第一天就沒有完全整合整個平台，但他們的長期整合目標是面向未來的。我想還有一個問題？

And in these cases, do you replace an existing vendor? Or is it kind of a greenfield where you bring new features to areas where there's no such features. You have to compete with a legacy vendor or an existing vendor that is already there?

在這些情況下，您會更換現有供應商嗎？或者它是一種未開發的領域，您可以將新功能帶到沒有此類功能的區域。您必須與傳統供應商或現有供應商競爭嗎？

Yes. I think, again, it depends. When you move into access in general, we're competing with something that's there. In a lot of cases, it's legacy and it's things that are outdated and not ready for the modern stack. When you move into EPM, sometimes it's greenfield, actually. The concept of least privilege on the endpoint is a new concept for them. And they're sitting with their endpoints unprotected, maybe just having invested in EDR or XDR, but not understanding yet the power of the EPM agent.

是的。我再次認為，這取決於情況。當你進入一般的訪問領域時，我們正在與現有的東西競爭。在很多情況下，它是遺留的，是過時的並且沒有為現代堆疊做好準備的東西。當您進入 EPM 時，有時實際上是一片空白。端點上的最小特權概念對他們來說是一個新概念。他們的端點不受保護，可能只是投資了 EDR 或 XDR，但還不了解 EPM 代理的強大功能。

When you move into the secret space, generally speaking, they're working at the work group level, maybe they're using some open source tools at the work group level, but now they're trying to make an enterprise buy. So you're replacing or you're sitting on top of that open source or for example, you're sitting on top of the cloud services providers and the native secret stores. In the cloud space, for sure, you're going in greenfield, this idea of control and the developer themselves, that's something that's new.

當你進入秘密空間時，一般來說，他們在工作組層級工作，也許他們在工作組層級使用一些開源工具，但現在他們正在嘗試進行企業購買。因此，您正在替換或您坐在開源之上，或者例如，您坐在雲端服務提供者和本機秘密儲存之上。當然，在雲端空間中，您將進入全新領域，這種控制理念和開發人員本身就是新事物。

So I took you around really quickly there, the real estate, but I think that represents the kind of things that we see out there in the market.

所以我很快就帶你們參觀了房地產，但我認為這代表了我們在市場上看到的東西。

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

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

Matt, I thought it was very interesting you talked a lot about new identities in your prepared remarks. How do you see the potential for copilot accounts to maybe act as a tailwind to either PAM or just the broader identity market is organizations pilot to secure what feels like a pretty big wave of incremental credentials that's about to hit the market?

馬特，我認為你在準備好的演講中談論了很多新身份，這非常有趣。您如何看待副駕駛帳戶可能成為 PAM 的推動力，或者只是組織試點更廣泛的身份市場，以確保即將進入市場的一大波增量憑證？

Yes, Josh, it's a really good question, and it speaks to the larger point, which is any identity needs the level of identity security, right? And we believe that we can bring all of them into our platform. So if we take the co-pilot example, it's almost like a hybrid of a human identity and a machine identity all in one. With, generally speaking, granted large swaths of privilege that mirror the human or machine that it's meant to augment or in some cases, replace.

是的，喬什，這是一個非常好的問題，它談到了更重要的一點，即任何身份都需要身份安全級別，對吧？我們相信我們可以將它們全部引入我們的平台。因此，如果我們以副駕駛為例，它幾乎就像人類身分和機器身分的混合體。一般來說，被授予大量特權，這些特權反映了它旨在增強或在某些情況下取代的人類或機器。

And so as AI technology kind of takes off, it creates a lot of vectors for growth. It creates vectors as we kind of compete our combat against the attack vectors fueled by AI. It allows us to be able to build AI into our products to make them more effective, to make them better able to secure environment. And then also is the tools themselves that need to be secured. And co-pilot is a great example of that where we're going to end up with multiple new identities.

因此，隨著人工智慧技術的起飛，它創造了許多成長的載體。當我們與人工智慧推動的攻擊向量進行競爭時，它會創建向量。它使我們能夠將人工智慧建置到我們的產品中，使它們更加有效，使它們能夠更好地保護環境。然後還需要保護工具本身。副駕駛就是一個很好的例子，我們最終將獲得多個新身分。

And we're going to need to secure it just as if it was a new developer coming on or if it's a new member of the workforce coming on and I think that speaks to the market we're in, where if you're in the identity security market, the number of identities is your market and any increase is a good thing.

我們需要確保它的安全，就像新的開發人員加入或新的員工加入一樣，我認為這說明了我們所處的市場，如果你在哪裡在身份安全市場，身份的數量就是你的市場，任何增加都是一件好事。

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

你的下一個問題來自摩根士丹利的 Hamza Fodderwala。

Sorry about that. I had 1 question around distribution for Matt. It seems like you're going after a really broad opportunity and the prepared remarks were really helpful. I'm curious how you plan to continue to improve on the sales velocity to go from 9,000, 10,000, 20,000 customers over time? Or do you feel like there's more opportunity still within the installed base, and that's going to be driving the majority of growth going forward?

對於那個很抱歉。我有 1 個關於 Matt 的分配問題。看來您正在尋求一個非常廣泛的機會，而且準備好的評論非常有幫助。我很好奇，隨著時間的推移，您計劃如何繼續提高銷售速度，從 9,000 名、10,000 名、20,000 名客戶增加到 20,000 名？或者您是否認為安裝基礎中仍然存在更多機會，並且這將推動未來的大部分成長？

Yes. Hamza, thanks for the question. And I wanted to highlight the opportunity within the base because I think it's important that everybody understands how the expansion happens, but you can get me equally excited about our ability to be able to go and grab new logos. And if you were talking with our wonderful CMO, he walks around with a new logo T-shirt on every day because that's what he's going off and trying to drive for us and build up that channel.

是的。哈姆扎，謝謝你的提問。我想強調基地內的機會，因為我認為每個人都了解擴張是如何發生的很重要，但你也可以讓我對我們能夠去獲取新徽標的能力同樣感到興奮。如果您與我們出色的 CMO 交談，您會發現他每天都會穿著新徽標 T 卹四處走動，因為這就是他的目標，並試圖為我們推動並建立該管道。

Now as you said, it's not just about what we do direct. It's about our channel partners in that space. We have the best channel partners in the world, whether it's the CSIs. You heard an example of where one of them was able to bring us into a Fortune 100 account this quarter, whether it's the reselling partners that are out there that are increasingly turning their attention to driving new logos or if it's an area which I'm even more excited about, which is the MSP programs.

正如你所說，這不僅僅是我們直接做什麼的問題。這是關於我們在該領域的通路合作夥伴的。我們擁有世界上最好的通路合作夥伴，無論是 CSI。你聽說過一個例子，其中一個人本季度能夠將我們帶入財富 100 強客戶，無論是那裡的轉售合作夥伴越來越多地將注意力轉向推動新徽標，還是我正在關注的領域更讓人興奮的，就是MSP計畫。

And as you start to embed your entire platform into the MSPs and you start to be able to have them represent you within their vast customer base, even in the enterprise and down market, that becomes a flywheel of its own in terms of the ability to be able to go after new logos and to be able to go after new logos with all of the product set. So I do think you're hitting on a key point here, which is the channel and the force multiplying effect of our channel is a critical ingredient of driving the productivity growth that we want to see, and we continue to want to see more productivity and then also our ability to be able to get outside of our base and really capture this opportunity in the broader market.

當您開始將整個平台嵌入到 MSP 中，並且您開始能夠讓他們在其龐大的客戶群中代表您時，甚至在企業和下游市場中，這也成為了自己的飛輪，能夠追求新的標誌，並能夠在所有產品組中追求新的標誌。所以我確實認為你在這裡抓住了一個關鍵點，那就是渠道，我們渠道的力量倍增效應是推動我們希望看到的生產力增長的關鍵因素，而且我們繼續希望看到更高的生產力然後還有我們能夠走出我們的基地並在更廣泛的市場中真正抓住這個機會的能力。

Your next question is from the line of Ray McDonough with Guggenheim Securities.

您的下一個問題來自古根漢證券公司的雷麥克唐納。

Maybe one for Matt, if I could get a follow-up for Josh after. But Matt, I wanted to follow up on your answer to Hamza's question around the MSP opportunity. What specifically are you doing to enable the channel from a product perspective to help them -- help you attack that market? And then how much of the demand and the need for cyber insurance plays into the rolldown market and what those MSPs can help you achieve in terms of penetration?

也許是給馬特的，如果我能為喬希找到後續的話。但馬特，我想跟進您對哈姆扎關於 MSP 機會問題的回答。您具體做了哪些工作來從產品角度啟用該管道來幫助他們—幫助您進攻該市場？那麼，網路保險的需求和需求有多少會影響到滾動市場，這些 MSP 可以幫助您實現哪些滲透率？

Yes. Great follow-up by the way. And I think there is investments in the product to make it serve the MSP market better. We've got a whole wing of product management that's actually just thinking about the MSP market and what needs to happen. And some of that we've built and some of it is still being built.

是的。順便說一句，後續行動很棒。我認為對該產品進行投資可以使其更好地服務於 MSP 市場。我們有一整個產品管理部門，實際上只考慮 MSP 市場以及需要發生的事情。其中一些我們已經建造，一些仍在建造中。

The idea of easier reporting, the ability of easier way to manage tenancy within the platform. The idea of even on the finance side, which is in the product, but in the organization to be able to bill more effectively and more flexibly. All these things are part of our MSP program holistically. We think of it as a market for us, and we run it like that where we're tracking the contribution and what do we need to do throughout the entire parts of CyberArk concluding product to serve that market.

更簡單的報告的想法，更簡單的方法來管理平台內的租賃的能力。即使在財務方面，這個想法在產品中，但在組織中能夠更有效、更靈活地計費。所有這些都是我們 MSP 計劃的一部分。我們將其視為我們的一個市場，我們以這樣的方式運行它，我們追蹤貢獻以及我們需要在 Cyber​​Ark 最終產品的整個部分中做什麼來服務該市場。

And so I think that's one of the big shifts we've made in the last 18 months is to think of it that way. It's not just a little bit of an offshoot of the channel partner program. It's its own thing. I think to your point, there is intersections all the time between the growth drivers of our business. On one end, you've got cyber insurance with absolutely in the lower end of the enterprise and in the mid-market, is a driver of people towards PAM, towards Identity Security. It's a factor in whether somebody can get cyber insurance.

因此，我認為我們在過去 18 個月中所做的重大轉變之一就是以這種方式思考。它不僅僅是通路合作夥伴計畫的一個分支。這是它自己的事。我認為就你的觀點而言，我們業務的成長動力之間始終存在交叉點。一方面，您在企業的低端和中端市場擁有絕對的網路保險，它是人們走向 PAM 和身分安全的推動力。這是某人能否獲得網路保險的因素。

And by the way, it's a factor in what their premium would look like. Then those companies are looking for an easy way to procure it. They might be procuring it, by the way, not even only through MSPs, they might be procuring it through their AWS marketplace and leveraging some of those lubricated routes to market. But in addition then, MSPs can manage the whole system for them, obscuring them from any of the complexity and make sure that they're able to stand it up quickly and meet the cyber insurance requirements.

順便說一句，這是他們的保費的一個因素。然後這些公司正在尋找一種簡單的方法來採購它。順便說一句，他們可能不僅透過 MSP 採購，還可能透過 AWS 市場採購，並利用其中一些潤滑的市場途徑。但除此之外，MSP 還可以為他們管理整個系統，使他們免受任何複雜性的影響，並確保他們能夠快速適應並滿足網路保險要求。

And we could take any one of the tailwinds that we talk about and routes to market that we talk about, and there's always that juxtaposition and the one you're picking on is a particularly nice one for us as we move forward.

我們可以利用我們談論的任何一種順風和我們談論的市場路線，而且總是存在這種並置，而你所選擇的順風對我們來說是一個特別好的順風順水，因為我們前進。

This concludes the Q&A session. I will now turn the call back to the CEO, Matt Cohen for any closing remarks.

問答環節到此結束。現在，我將把電話轉回給執行長 Matt Cohen，讓其發表結束語。

So thank you to everybody. I want to finish up here by thanking our employees for their hard work and dedication. It's only because of them that we're able to talk about the success we had in 2023 and our optimism for the future. I want to thank our customers and partners for their support and partnership.

所以謝謝大家。最後，我想感謝我們的員工的辛勤工作和奉獻精神。正是因為有了他們，我們才能談論 2023 年所取得的成功以及對未來的樂觀。我要感謝我們的客戶和合作夥伴的支持和合作。

And personally, I also want to thank Udi for his mentorship and support over the last year. I look forward to continuing to partner with him on the long-term strategy in his role as Executive Chair. But personally, I have a big thank you to him to add into the talk track here.

就我個人而言，我還要感謝 Udi 在過去一年的指導和支持。我期待在他擔任執行主席期間繼續與他合作制定長期策略。但就我個人而言，我非常感謝他加入這裡的談話。

With that being said, we look forward to seeing you all and talking to you all real soon. Take care.

話雖如此，我們期待很快見到你們並與你們真正交談。小心。

This concludes the CyberArk Software Fourth Quarter and Full Year 2023 Earnings Conference Call. Thank you for joining. You may now disconnect.

Cyber​​Ark Software 2023 年第四季和全年財報電話會議至此結束。感謝您的加入。您現在可以斷開連線。