Cyberark Software Ltd (CYBR) 2024 Q1 法說會逐字稿

Thank you for standing by. My name is Kath, and I will be your conference operator today. At this time, I would like to welcome everyone to the First Quarter 2024 CyberArk Software Earnings Conference Call. (Operator Instructions) I would now like to turn the call over to Erica Smith, Senior Vice President of Finance and Investor Relations. Please go ahead.

謝謝你的支持。我叫凱絲，今天我將擔任你們的會議操作員。在此，我歡迎大家參加 Cyber​​Ark Software 2024 年第一季財報電話會議。 （操作員指示）我現在想將電話轉給財務和投資者關係高級副總裁 Erica Smith。請繼續。

Thank you, Kath. Good morning. Thank you for joining us today to review CyberArk's strong first quarter 2024 financial results. With me on the call today are Matt Cohen, our Chief Executive Officer; and Josh Siegel, our Chief Financial Officer. After prepared remarks, we will open up the call to a question-and-answer session.

謝謝你，凱絲。早安.感謝您今天加入我們，回顧 Cyber​​Ark 強勁的 2024 年第一季財務業績。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。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 second quarter full year 2024 and beyond.

在我們開始之前，讓我提醒您，今天電話會議上所做的某些陳述可能被視為前瞻性陳述，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 年第二季及以後全年營運表現的預期與信念的討論。

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

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。

We expressly disclaim any application or undertaking to release publicly any statements or revisions to any forward-looking statements made today. Additionally, non-GAAP financial measures will be discussed on today's 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 also available on our website in the Investor Relations section.

我們明確拒絕申請或承諾公開發布任何聲明或對今天所做的任何前瞻性聲明進行修訂。此外，今天的電話會議還將討論非公認會計準則財務指標。今天的新聞稿以及概述今天電話會議中財務討論的最新投資者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 by acknowledging CyberArk's 25th anniversary, which we celebrated just a few weeks ago. Udi Mokady, Cyberark's Founder and Executive Chair is a visionary who, along with the founding team, identified a market need and fit out to secure the most valuable information within the world's most complex global organizations.

謝謝艾麗卡，謝謝大家今天加入電話會議。首先，我想慶祝 Cyber​​Ark 成立 25 週年，我們幾週前才剛慶祝了這一周年。 Cyber​​ark 的創始人兼執行主席Udi Mokady 是一位富有遠見的人，他與創始團隊一起確定了市場需求並進行了調整，以確保在世界上最複雜的全球組織中獲取最有價值的資訊.

Along the way, CyberArk pioneered the privileged access management market, a segment of identity that has become a critical security layer and consistently moved up the CISO's priority list. Since its founding, CyberArk has grown and evolved in many ways. Our success was driven by an unwavering commitment to our mission of securing the world against cyber threats. So together, we can move fearlessly forward. To execute our mission, we consistently delivered a cutting-edge innovation and transformative value to all our customers. Perhaps most importantly, in a world of constantly escalating threats. We have been relentlessly focused on the security first mindset in every decision we make since day 1 of our founding.

一路走來，Cyber​​Ark 開創了特權存取管理市場，這一身份部分已成為關鍵的安全層，並不斷提升 CISO 的優先列表。自成立以來，Cyber​​Ark 在許多方面都取得了成長和發展。我們的成功源自於對保護世界免受網路威脅這項使命的堅定承諾。因此，我們可以齊心協力，無所畏懼地前進。為了履行我們的使命，我們始終如一地為所有客戶提供尖端的創新和變革價值。也許最重要的是，在一個威脅不斷升級的世界。自成立第一天起，我們在所做的每一個決定中都始終堅持安全第一的理念。

As a result of our strong execution and the trust that our security first mindset has created with customers and partners, 25 years later, we are broadly recognized as the leader in identity security. Today, our unique value proposition to secure all identities with the right level of privileged controls on our identity security platform is resonating with customers.

由於我們強大的執行力以及我們的安全第一理念與客戶和合作夥伴建立的信任，25 年後，我們被廣泛認為是身分安全領域的領導者。如今，我們透過身分安全平台上適當程度的特權控制來保護所有身分的獨特價值主張引起了客戶的共鳴。

I am confident that we are only scratching the surface of this large and rapidly growing market opportunity. Our strong first quarter results demonstrate that we built on the momentum we experienced throughout 2023. The durability of demand for our solutions and our execution is highlighted by subscription ARR of $621 million, growing 54% year-over-year. Total ARR of $811 million, growing 34% year-over-year. And Q1 results significantly exceeded guidance across revenue, operating income and EPS.

我相信，我們只是觸及了這個巨大且快速成長的市場機會的表面。我們強勁的第一季業績表明，我們在 2023 年所經歷的勢頭的基礎上再接再厲。總 ARR 為 8.11 億美元，年增 34%。第一季的營收、營業收入和每股盈餘均大幅超出預期。

Total revenue growth accelerated to 37%, reaching approximately $222 million. Non-GAAP operating income came in at $33 million, a big improvement from a loss of $12.6 million in the first quarter of 2023, highlighting the operating live [beverage] in our business model. Non-GAAP earnings per share was $0.75, up significantly from a loss of $0.17 in the year ago period. We are thrilled to report $67 million in free cash flow for the quarter significantly up from $4 million in Q1 of last year and a proof point of our commitment to profitable growth.

總營收成長加速至 37%，達到約 2.22 億美元。非 GAAP 營業收入為 3,300 萬美元，較 2023 年第一季的 1,260 萬美元虧損有了很大改善，凸顯了我們業務模式中的現場運營[飲料]。非 GAAP 每股收益為 0.75 美元，較去年同期的虧損 0.17 美元大幅上升。我們很高興報告本季自由現金流為 6700 萬美元，遠高於去年第一季的 400 萬美元，這證明了我們對獲利成長的承諾。

The strength of our results and business momentum gives us the confidence to raise our guidance for the full year 2024 on all metrics, which Josh will talk about later. Our ongoing success is fueled by a number of secular tailwinds, including the pace of attacker innovation, digital transformation, ongoing migration to the cloud and exponential increases in human and machine identities. Identity is the common denominator in every major cybersecurity breach. Our research has shown that over 90% of organizations have suffered from an identity-related cyber attack, a significant increase from about 60% in the prior year.

我們強勁的業績和業務勢頭使我們有信心提高 2024 年全年所有指標的指導，喬希稍後將談到這一點。我們持續的成功得益於許多長期的推動因素，包括攻擊者創新的步伐、數位轉型、持續遷移到雲端以及人類和機器身分的指數級增長。身分是每個重大網路安全漏洞的共同點。我們的研究表明，超過 90% 的組織遭受與身分相關的網路攻擊，比前一年的約 60% 顯著增加。

Last quarter, we discussed the extensive security challenges faced by CIOs and CISOs and safeguarding the entire spectrum of identities across IT, developers, workforce and machines. In today's severe threat landscape, customers recognize that merely managing identities without privileged security controls is a risk they cannot afford. The security risks are further exasperated by the rise of AI proliferation of machine identities and increased elevation of access for human identities.

上季度，我們討論了 CIO 和 CISO 面臨的廣泛安全挑戰，以及保護 IT、開發人員、員工和機器的整個身份範圍的挑戰。在當今嚴峻的威脅情勢下，客戶意識到，在沒有特權安全控制的情況下僅管理身分是他們無法承受的風險。人工智慧機器身分激增和人類身分存取權限的增加進一步加劇了安全風險。

As a result, organizations need to undergo a paradigm shift in identity security. They can no longer rely on yesterday's solutions and approaches to address today's problems. We at CyberArk are helping customers secure all identities, human and machine as they access all environments, including hybrid and multi-cloud environments. Our differentiation comes from our deep domain expertise and privileged access and retailer privileged controls for each identity group to mitigate risk effectively.

因此，組織需要在身分安全方面進行範式轉移。他們不能再依靠昨天的解決方案和方法來解決今天的問題。 Cyber​​Ark 正在幫助客戶在存取所有環境（包括混合雲和多雲環境）時保護所有身分、人員和機器的安全。我們的差異化來自於我們深厚的領域專業知識以及對每個身分組的特權存取和零售商特權控制，以有效降低風險。

We discover, secure and manage across the entire life cycle of each identity group. We are the vendor best positioned to apply comprehensive intelligent privilege controls across standing access, just-in-time access and a zero standing privilege approach, all from a unified identity security platform. Our land and expand motion and the subscription flywheel continues to gain momentum. It all begins with new logos, and we signed nearly 200 customers in the first quarter. While the majority of customers land with PAM, approximately half of these new logos bought two or more solutions with many choosing to secure multiple identity groups from day 1. This speaks volumes about the power of our platform and the importance of identity security.

我們發現、保護和管理每個身分組的整個生命週期。我們是最有能力在統一的身份安全平台上應用全面的智慧權限控制的供應商，涵蓋常設存取、即時存取和零常設特權方法。我們的土地和擴張運動以及訂閱飛輪繼續獲得動力。這一切都始於新徽標，我們在第一季簽署了近 200 個客戶。雖然大多數客戶都使用PAM，但這些新商標中約有一半購買了兩個或更多解決方案，其中許多人選擇從第一天起保護多個身分組。和身分安全的重要性。

A few exciting new logo examples from the quarter included a deal that perfectly showcases our platform selling motion and new routes to market, which was a financial services company that landed with PAM, EPM for workstations and servers, Conjur Cloud and identity flows in a large 7-figure ACV deal that closed to the Azure marketplace. The PAM market has evolved well beyond securing only high-risk IT personnel. Today, modern PAM programs protect a much broader group of privileged users, including developers, shadow IT and database and cloud administrators.

本季度的一些令人興奮的新徽標示例包括一項交易，該交易完美地展示了我們的平台銷售動態和新的市場路線，該交易是一家金融服務公司，在大型企業中推出了PAM、用於工作站和伺服器的EPM、Conjur Cloud 和身分流。 PAM 市場的發展已經遠遠超出了僅保護高風險 IT 人員的範圍。如今，現代 PAM 程式保護更廣泛的特權使用者群體，包括開發人員、影子 IT 以及資料庫和雲端管理員。

As an example, we have a great customer -- we have great customers in the government and healthcare verticals. And this quarter, we are excited about our new relationship with NHS resolution. A body of the U.K. Department of Health and Social Care. They kicked off their relationship with CyberArk with Privilege Cloud and Secure Cloud access and are planning to grow their footprint in the future. Each workforce identity is more powerful today than ever and traditional MFA and SSO solutions are easily circumvented. We reimagined workforce identity by wrapping MFA and SSO with more controls to our secure web sessions, workforce password manager, EPM and our new secure browser.

舉個例子，我們有一個很棒的客戶——我們在政府和醫療保健垂直領域有偉大的客戶。本季度，我們對與 NHS 決議的新關係感到興奮。英國衛生與社會關懷部的一個機構。他們透過 Privilege Cloud 和 Secure Cloud access 開啟了與 Cyber​​Ark 的合作關係，並計劃在未來擴大其足跡。如今，每個員工身分都比以往任何時候都更加強大，傳統的 MFA 和 SSO 解決方案很容易被規避。我們透過對安全 Web 會話、員工密碼管理器、EPM 和新的安全瀏覽器進行更多控制來封裝 MFA 和 SSO，從而重新構想了員工身分。

This quarter, a large logistics company, pick CyberArk for PAM and workforce identity after a head-to-head competition with a leading IDAS vendor. Our best-in-class security and breadth of our platform were the deciding factors in winning this amazing new logo. Our customer base is also an important growth vector for CyberArk and our platform selling motion is accelerating expansion deals. Overall, we had a strong quarter of expansion within our base across all our solutions with particular strength in our sequence management business.

本季度，一家大型物流公司在與一家領先的 IDAS 供應商進行正面競爭後，選擇 Cyber​​Ark 進行 PAM 和員工識別。我們一流的安全性和平台的廣度是贏得這個令人驚嘆的新徽標的決定性因素。我們的客戶群也是 Cyber​​Ark 的重要成長載體，我們的平台銷售活動正在加速擴張交易。總體而言，我們所有解決方案的基礎上都有強勁的季度擴張，尤其是我們的序列管理業務。

The world of securing machine identities is changing rapidly. Organizations are grappling with a larger variety and an ever-growing number of machines from applications to bots to workloads to IoT devices. Each one of these machines needs to be secured and managed across the life cycle of multiple identity components from secrets to digital keys to certificates. The proliferation of AI is further accelerating the growth and complexity of machine identities. This is becoming a top security challenge. Traditionally, managing machines often sits outside the security teams remit of control.

保護機器身分的世界正在迅速改變。組織正在努力應對種類繁多且數量不斷增加的機器，從應用程式到機器人，從工作負載到物聯網設備。這些機器中的每一台都需要在多個身分組件的生命週期中進行保護和管理，從秘密到數位金鑰再到憑證。人工智慧的擴散進一步加速了機器身分的成長和複雜性。這正成為首要的安全挑戰。傳統上，管理機器通常不屬於安全團隊的控制範圍。

However, this practice exponentially increases risk and is unsustainable in today's threat landscape. Customers increasingly realize they need to scale their machine identity security programs beyond local vaults, loosely enforced policies and open source tools. They need an enterprise-ready machine identity security approach that can scale and is tied into their human identity security program through a single platform.

然而，這種做法會倍增風險，並且在當今的威脅情況下是不可持續的。客戶越來越意識到他們需要將其機器身分安全計畫擴展到本地保管庫、鬆散執行的策略和開源工具之外。他們需要一種企業就緒的機器身分安全方法，該方法可以擴展並透過單一平台與他們的人類身分安全計畫綁定。

One great win that exhibited all I am describing was with a CyberArk customer who has been with us since 2018. We expanded our long-standing relationship with the Department for Work and Pensions in the U.K. with an expanded program while kicking off a robust secrets management program. With CyberArk as a key strategic partner, they are focused on aligning their identity security road map for human and machine identities supporting the U.K. government's focus on a stronger cybersecurity posture.

One great win that exhibited all I am describing was with a CyberArk customer who has been with us since 2018. We expanded our long-standing relationship with the Department for Work and Pensions in the U.K. with an expanded program while kicking off a robust secrets management程式.以 Cyber​​Ark 作為關鍵戰略合作夥伴，他們致力於調整人類和機器身份的身份安全路線圖，支持英國政府專注於加強網路安全態勢。

We talked earlier about how we are protecting the workforce using a reimagined approach that goes beyond SSO and MFA. And for this approach, it needs to extend also to the endpoint, the most common entry point for attackers. By removing local administration rights and enforcing least privilege and detecting identity-based threats targeting the workstations and servers, organizations can reduce the endpoint attack surface. This strategy also protects organizations from attackers who turn off EDR agents and proceed quietly without being detected, which is one of the main reasons a multinational food company in Latam signed a high 6-figure ACV EPM deal in the first quarter. This customer is looking to deploy CyberArk everywhere as part of its broader identity strategy.

我們之前討論過如何使用超越 SSO 和 MFA 的重新設計方法來保護員工隊伍。對於這種方法，它還需要擴展到端點，也就是攻擊者最常見的入口點。透過刪除本機管理權限、強制執行最低權限以及偵測針對工作站和伺服器的基於身分的威脅，組織可以減少端點攻擊面。此策略還可以保護組織免受攻擊者的攻擊，攻擊者關閉EDR 代理商並在不被發現的情況下悄悄進行，這是拉丁美洲跨國食品公司在第一季度簽署6 位數的ACV EPM 交易的主要原因之一。該客戶希望在各地部署 Cyber​​Ark，作為其更廣泛的身份策略的一部分。

During the past few years, EPM experienced strong growth and recently surpassed $100 million in ARR. This achievement is a testament to the solution's ability to extend Identity security and zero trust to workstations and servers. We are excited about the potential for further growth in our EPM business, both with new and existing customers. We also talked though about the exploding population of developers and the need to start securing them as privilege identities without interfering with their speed of innovation.

在過去幾年中，EPM 經歷了強勁成長，最近 ARR 超過了 1 億美元。這項成就證明了該解決方案能夠將身分安全性和零信任擴展到工作站和伺服器。我們對 EPM 業務（無論是新客戶還是現有客戶）進一步成長的潛力感到興奮。我們也討論了開發人員數量的爆炸性成長，以及需要開始確保他們的特權身份，同時又不影響他們的創新速度。

Our Secure Cloud Access solution or SCA, provides best-in-class privileged controls to hybrid and multi-cloud environments. It applies the principle of least privilege access by granting just enough permissions with zero standing privileges while still allowing developers, data scientists and cloud engineers to work natively and efficiently without having to change their preferred workflows.

我們的安全雲端存取解決方案或 SCA 為混合雲和多雲環境提供一流的特權控制。它透過授予零常設權限的足夠權限來應用最小權限存取原則，同時仍允許開發人員、資料科學家和雲端工程師在本地高效地工作，而無需更改他們的首選工作流程。

We are incredibly excited about the solution. And in the first quarter, we continue to see excellent traction with the offering. And a deal with a major retailer, the customer broadly deployed CyberArk SaaS solutions and a continued move to the cloud, but they cited secure cloud access as the most important differentiator and signed a high 6-figure ACV deal that also include Privilege Cloud, secrets and workforce identity.

我們對這個解決方案感到非常興奮。在第一季度，我們繼續看到該產品的出色吸引力。在與一家大型零售商達成的協議中，該客戶廣泛部署了Cyber​​Ark SaaS 解決方案並繼續遷移到雲，但他們認為安全的雲端存取是最重要的差異化因素，並簽署了一份高達6 位數的ACV 協議，其中還包括特權雲、秘密和勞動力身分。

Q1 was an exciting quarter for our focus on innovation and new releases. Last year, we discussed our plans to expand our routes to market and increase our market reach through MSPs. According to Gartner, 40% of security customers are expected to consume solutions to a managed service by 2026. To accelerate this channel, we recently launched the CyberArk MSP console. By providing MSPs with a single command center, this console is a key step in helping our MSP partners build managed services that secure their customers' human and nonhuman identities. We are also very excited about the general availability of CyberArk Secure Browser, the industry's first identity-centric secure browser. It is purpose built for a cloud-first world and protects our customers against emerging threats while enabling productivity and ease of use across all CyberArk solutions.

第一季是一個令人興奮的季度，因為我們專注於創新和新版本。去年，我們討論了擴大市場路線並透過 MSP 擴大市場覆蓋範圍的計劃。據 Gartner 稱，預計到 2026 年，40% 的安全客戶將使用託管服務解決方案。透過為 MSP 提供單一指揮中心，該控制台是幫助我們的 MSP 合作夥伴建立託管服務以保護其客戶的人類和非人類身份的關鍵一步。我們也對業界首款以身分為中心的安全瀏覽器 Cyber​​Ark 安全瀏覽器的全面上市感到非常興奮。它專為雲端優先的世界而構建，可保護我們的客戶免受新出現的威脅，同時提高所有 Cyber​​Ark 解決方案的生產力和易用性。

Secure Browser is designed to help protect customers from fast-growing attack methods like cookie harvesting and browser-based attacks, both at and beyond Log in. It is natively integrated with our workforce solutions, providing a seamless unified user experience and serves also as a direct access portal to our entire platform. We believe Secure Browser will not only enhance security for our customers, but also drive adoption of our solutions.

Secure Browser 旨在幫助保護客戶免受登入內外快速增長的攻擊方法（例如cookie 收集和基於瀏覽器的攻擊）的攻擊。作為直接訪問我們整個平台的門戶。我們相信 Secure Browser 不僅會增強客戶的安全性，還會推動我們解決方案的採用。

Lastly, CyberArk has recently received FedRAMP High authorization for two of its SaaS solutions, Endpoint Privilege Manager and workforce identity. Our investment in FedRAMP High highlights CyberArk's commitment to help the public sector implement strategies that adhere to zero trust principles and move to a more secure and efficient future. As excited as I am to talk about all these great developments, I'm even more excited by what we have in store for our customers and all of you at impact in Nashville in just a few weeks.

最後，Cyber​​Ark 最近獲得了其兩個 SaaS 解決方案（端點權限管理員和員工身分）的 FedRAMP 高授權。我們對 FedRAMP High 的投資凸顯了 Cyber​​Ark 致力於幫助公共部門實施遵守零信任原則的策略並邁向更安全、更有效率的未來。儘管我很高興談論所有這些偉大的發展，但更令我興奮的是我們在短短幾週內為我們的客戶和所有人在納許維爾帶來的影響。

We have a tremendous lineup of truly innovative developments to talk about. So please tune in, and we look forward to seeing many of you there. Josh will go deep deeper into the P&L in just a moment, but I wanted to emphasize that although most of my comments this morning focused on the potential for tremendous growth, we remain equally committed to delivering profitability and cash flow. This was evident in our Q1 results, and we remain well on track to deliver on the long-term targets we introduced last year.

我們有大量真正創新的開發成果可供討論。因此，請收聽，我們期待在那裡見到你們中的許多人。喬許稍後將深入探討損益表，但我想強調，儘管我今天早上的大部分評論都集中在巨大增長的潛力上，但我們仍然同樣致力於提供盈利能力和現金流。這在我們第一季的業績中顯而易見，而且我們仍然有望實現去年提出的長期目標。

In summary, our momentum from 2023 continued in the first quarter, and we kicked off the year with a strong first quarter. I will leave you with four main takeaways. First, demand for our solutions remain strong, and identity security is at the top of CISO's priority list.

總而言之，我們第一季延續了 2023 年以來的勢頭，並以強勁的第一季度拉開了今年的序幕。我將為您留下四個主要收穫。首先，對我們解決方案的需求仍然強勁，而身分安全是 CISO 的首要任務。

Second, our unified identity security platform is meeting a clear customer requirement to apply the right level of privileged controls to every identity, human and machine. Third, our security-first approach is a clear differentiator for CyberArk in the market, helping us win deals. And fourth, we have a long runway for growth and are making disciplined investments to capture a bigger share of a large and growing market opportunity.

其次，我們的統一身分安全平台正在滿足客戶的明確要求，即對每個身分、人和機器應用適當等級的特權控制。第三，我們安全第一的方法是 Cyber​​Ark 在市場上的明顯優勢，幫助我們贏得交易。第四，我們有很長的成長道路，並且正在進行嚴格的投資，以在龐大且不斷增長的市場機會中獲得更大的份額。

Josh, I'll turn the call over to you.

喬許，我會把電話轉給你。

Thanks, Matt. Q1, another strong quarter for CyberArk. We exceeded expectations across all of our guided metrics. We reported strong ARR and revenue growth drove significant operating margin expansion and generated healthy free cash flow. Our strong results highlight the durability of demand for our solutions, the ongoing adoption of our broader identity security platform and the power of our business model as we scale.

謝謝，馬特。第一季度，Cyber​​Ark 又一個強勁的季度。我們的所有指導指標都超出了預期。我們報告強勁的 ARR 和收入成長推動了營業利潤率的顯著擴張並產生了健康的自由現金流。我們的強勁業績凸顯了對我們解決方案的需求的持久性、我們更廣泛的身份安全平台的持續採用以及我們業務模式隨著規模擴張的力量。

Moving into the results. Total revenue growth accelerated to 37% year-on-year, reaching $221.6 million and significantly exceeding the top end of our guidance demonstrating the continued momentum in our business, ARR reached $811 million, that's growing 34% year-on-year. We added $37 million in net new ARR, and that's compared to the $34 million in the first quarter of last year. Subscription ARR grew 54% and reached $621 million and is now 77% of total annual recurring revenue. Maintenance ARR was $190 million and like-for-like conversion activity still represents about a single digit of our year-on-year growth. Our strategy of upselling and cross-selling new solutions has been a significant factor in our strong growth.

進入結果。總營收年增率加速至 37%，達到 2.216 億美元，顯著超出我們指導的上限，顯示我們業務的持續成長動能。我們的淨新 ARR 增加了 3700 萬美元，而去年第一季為 3400 萬美元。訂閱 ARR 成長了 54%，達到 6.21 億美元，目前佔年度經常性收入總額的 77%。維護 ARR 為 1.9 億美元，年比轉換活動仍占我們年成長的個位數左右。我們的追加銷售和交叉銷售新解決方案的策略是我們強勁成長的重要因素。

This is demonstrated by the fact that at the end of the first quarter, the cohort of customers with an ARR of more than $100,000, grew to over 1,780 customers and for the cohort of more than $500,000 ARR, they grew to over 300 customers.

事實證明，第一季末，ARR 超過 10 萬美元的客戶群成長到超過 1,780 名客戶，而 ARR 超過 50 萬美元的客戶群成長到超過 300 名客戶。

Now moving into the details of the revenue lines. For the first quarter, recurring revenue reached $205.8 million, growing 41% year-on-year and accounted for 93% of total revenue. That's compared to 90% in the first quarter last year. Subscription revenue was $156.2 million, growing 69% year-on-year and representing 71% of total revenue, while the primary driver of our outperformance was bookings, we did experience an increase in average contract duration on our self-hosted subscription deals relative to our guidance.

現在進入收入線的細節。第一季經常性收入達2.058億美元，年增41%，佔總營收的93%。相比之下，去年第一季這一比例為 90%。訂閱收入為 1.562 億美元，年增 69%，佔總收入的 71%，雖然我們表現出色的主要驅動力是預訂，但我們的自託管訂閱交易的平均合約期限確實有所增加。

Maintenance and services revenue was $62.4 million. Of that, recurring maintenance revenue was $49.6 million. Our maintenance renewal rates remained strong and in line with historic levels. Professional services revenue was $12.8 million. From a geographic perspective, all regions showed healthy growth, Americas revenue was $124.5 million, growing 27% year-on-year. EMEA revenue was $74 million, up 59% year-on-year, partly benefiting from our bookings and the longer duration that I spoke about earlier. APJ revenue was $23 million, growing 37% year-on-year.

維護和服務收入為 6,240 萬美元。其中，經常性維護收入為 4,960 萬美元。我們的維修更新率保持強勁並與歷史水平一致。專業服務收入為 1,280 萬美元。從地理來看，所有地區均呈現健康成長，美洲地區營收為1.245億美元，較去年同期成長27%。歐洲、中東和非洲地區的收入為 7,400 萬美元，年成長 59%，部分受益於我們的預訂以及我之前提到的更長的持續時間。亞太及日本地區營收為 2,300 萬美元，年增 37%。

Moving to the P&L, all line items will be discussed on a non-GAAP basis. Please see the full GAAP to non-GAAP reconciliation in the tables of our press release. First quarter gross profit was $185.7 million or 83.8% gross margin compared to 81.3% in the first quarter last year. The expansion of our gross margin, primarily driven by revenue outperformance. In the first quarter, our operating income was $33 million. The operating income outperformance was driven by three main factors: the revenue outperformance, the timing of certain marketing-related expenses that we now expect to incur in the second quarter, and three, we did experience a slower hiring pace, particularly in R&D.

轉向損益表，所有項目都將在非公認會計準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。第一季毛利為 1.857 億美元，毛利率為 83.8%，去年第一季為 81.3%。我們毛利率的擴大主要是由營收表現優異所推動的。第一季度，我們的營業收入為 3,300 萬美元。營業收入表現出色是由三個主要因素推動的：收入表現出色、我們現在預計將在第二季度產生的某些營銷相關費用的時間安排，以及第三，我們確實經歷了招聘速度放緩，特別是在研發方面。

Net income came in at $35 million or $0.75 per diluted share, also significantly outperforming our guidance. We ended March with 3,070 employees worldwide including approximately 1,300 in sales and marketing. We continue to see healthy growth in our quota-carrying sales reps, particularly our fully ramped ones. We were thrilled to deliver strong cash flow of -- free cash flow, $66.8 million in the quarter. While we do not guide to cash flow quarterly, I would remind investors that cash flow is seasonally stronger for us in the first quarter and particularly this year, the strong cash flow is partly a function of strong bookings and renewals in the fourth quarter of 2023.

淨利潤為 3500 萬美元，即稀釋後每股收益 0.75 美元，也大大超出了我們的指導。截至 3 月份，我們在全球擁有 3,070 名員工，其中約 1,300 名從事銷售和行銷工作。我們繼續看到我們的配額銷售代表的健康成長，特別是我們全面提升的銷售代表。我們很高興能夠在本季實現 6,680 萬美元的強勁現金流——自由現金流。雖然我們不按季度提供現金流量指引，但我要提醒投資者，我們第一季的現金流量季節性較強，尤其是今年，強勁的現金流量在一定程度上是2023 年第四季度強勁預訂和續訂的結果。

For the remainder of the year, we expect cash flow to follow typical seasonal patterns that's lower in the second and third quarters and an uptick from the third quarter to the fourth quarter.

在今年剩餘時間裡，我們預計現金流將遵循典型的季節性模式，即第二季和第三季較低，第三季至第四季有所上升。

Turning now to our guidance. For the second quarter of 2024, we expect total revenue of $215 million to $221 million, which represents 24% year-on-year growth at the midpoint. We do expect SaaS to make up a bigger portion of our overall subscription mix in the second quarter, impacting recognized revenue in period. We expect non-GAAP operating income in the range of $12 million to $17 million for the second quarter. As a reminder, we will hold our impact customer events in a couple of weeks, and our Impact World Tour will also begin in June increasing our planned marketing expenses for the quarter. We are also seeing a stronger hiring pace, which is reflected in our guidance.

現在轉向我們的指導。對於 2024 年第二季度，我們預計總營收為 2.15 億美元至 2.21 億美元，中間值年增 24%。我們確實預期 SaaS 將在第二季占我們整體訂閱組合的更大比例，從而影響同期的已確認收入。我們預計第二季非 GAAP 營業收入在 1,200 萬美元至 1,700 萬美元之間。提醒一下，我們將在幾週內舉辦影響力客戶活動，我們的影響力世界巡迴演唱會也將於 6 月開始，增加我們本季計畫的行銷費用。我們也看到招募步伐加快，這反映在我們的指導中。

We expect our non-GAAP EPS to be in the range of $0.34 to $0.44 per diluted share. Our guidance also assumes 48.1 million weighted average diluted shares and about $10.2 million in taxes. For the full year 2024, we are increasing guidance across all our metrics. We now expect total revenue in the range of $928 million to $938 million, representing 24% year-on-year growth at the midpoint. And as we look at our pipeline for the remainder of the year, SaaS continues to lead the way. Reflecting our continued commitment to driving operating leverage, we are increasing our full year operating income to a range of $90.5 million to $99.5 million.

我們預計非 GAAP 稀釋後每股收益將在 0.34 美元至 0.44 美元之間。我們的指導也假設加權平均稀釋股票為 4,810 萬股，稅費約為 1,020 萬美元。對於 2024 年全年，我們將增加所有指標的指導。我們目前預計總收入在 9.28 億美元至 9.38 億美元之間，中間值年增 24%。當我們審視今年剩餘時間的管道時，SaaS 繼續處於領先地位。為了體現我們對提高營運槓桿的持續承諾，我們將全年營運收入提高至 9,050 萬美元至 9,950 萬美元。

We expect our non-GAAP EPS to be in the -- between $1.88 to $2.07 per diluted share we expect about 48.1 million weighted average diluted shares and about $51 million in taxes for the full year of 2024. We are also raising our annual recurring revenue now to be in the range of $975 million and $990 million at December 31 or about 27% year-on-year growth at the midpoint. We are significantly also increasing our free cash flow guidance for the full year 2024 to now being in the range of $115 million to $125 million.

我們預計我們的非GAAP 每股攤薄每股收益將在1.88 美元至2.07 美元之間，我們預計2024 年全年加權平均攤薄股票約為4810 萬股，稅金約為5100 萬美元。經常性收入截至 12 月 31 日，目前介於 9.75 億美元至 9.90 億美元之間，即年中位數成長約 27%。我們也大幅提高了 2024 年全年的自由現金流指引，目前在 1.15 億美元至 1.25 億美元之間。

To sum up, we are thrilled to kick off 2024 with another strong quarter of results. Demand for our solution is robust, our platform delivers tremendous value and identity security remains a business imperative. We believe we are well positioned to execute on our targets. I will now turn the call over to the operator for Q&A. Operator?

總而言之，我們很高興以另一個強勁的季度業績開啟 2024 年。對我們解決方案的需求強勁，我們的平台提供了巨大的價值，並且身分安全仍然是業務的當務之急。我們相信我們有能力實現我們的目標。我現在將把電話轉給接線員進行問答。操作員？

(Operator Instructions) And your first question comes from the line of Saket Kalia with Barclays.

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

Congrats on 25 years.

恭喜 25 週年。

Thanks, Saket. Really appreciate it.

謝謝，薩凱特。真的很感激。

Matt, maybe just to start with you. particularly in the wake of some M&A out there, right, particularly IBM and Hashi, I was wondering if you could just talk a little bit about the backdrop here competitively. And since there were so many multiproduct kind of examples on the call, maybe you could touch on that in terms of PAM and also broader identity. I know you spend a lot of time with customers. So just kind of curious what you're seeing competitively?

馬特，也許只是從你開始。特別是在一些併購之後，特別是 IBM 和 Hashi，我想知道您是否可以簡單談談這裡的競爭背景。由於電話會議中有很多多產品類型的範例，也許您可以在 PAM 和更廣泛的身份方面談到這一點。我知道您花了很多時間與客戶打交道。所以只是有點好奇你在競爭中看到了什麼？

Yes, it's a great question, Saket. And I think what we see is the continued evolution competitive environment where our platform begins to put us sleep kind of heads and shoulders above everybody else that's out there. We are consistently able to tell the story of the spectrum of identity groups and our ability to bring more than one identity, more than just IT onto our platform. That begins to differentiate us from the traditional PAM competitors that are out there that aren't really able to deliver on that message.

是的，這是一個很好的問題，薩凱特。我認為我們看到的是持續演變的競爭環境，我們的平台開始讓我們領先其他所有人。我們始終能夠講述一系列身分群體的故事，以及我們將多個身分（不僅僅是 IT）引入我們平台的能力。這開始將我們與那些無法真正傳達這一訊息的傳統 PAM 競爭對手區分開來。

So that starts to differentiate us in the PAM space and allows us to be able to continue to take share. Then when you start to look at our broader identity story, it brings us into spaces like we talk about access. And you hear me emphasize that a lot, which is in the world of commoditized MFA SSO, there isn't that much difference between vendors that are out there, but the ability to be able to wrap privilege controls on top of an MFA SSO solution, ours or somebody else's allows us to be able to start talking about how do we bring workforce identities back into our overall identity security platform.

因此，這開始使我們在 PAM 領域中脫穎而出，並使我們能夠繼續佔據份額。然後，當你開始審視我們更廣泛的身份故事時，它會將我們帶入像我們談論訪問一樣的空間。您會聽到我強調，在商品化 MFA SSO 的世界中，供應商之間沒有太大區別，但能夠在 MFA SSO 解決方案之上包裝權限控制的能力、我們或其他人的身份使我們能夠開始討論如何將員工身分帶回我們的整體身分安全平台。

And we see that strongly in some of the examples that I shared. The final piece, which you kind of hit on we were putting together our talk track for this earnings on our secret story well before the Hashi acquisition by the IBM acquisition of Hashi. We had a really strong secrets quarter. And we've been talking about the momentum building, not only in the products that we've had out for a while, but especially in our Conjur Cloud and Secret Hub and SaaS first solutions. And it really is this pivot where security is getting involved and wants to have an enterprise scalable approach to how you secure machine identities.

我們在我分享的一些例子中強烈地看到了這一點。最後一篇文章，您可能會注意到，早在 IBM 收購 Hashi 之前，我們就在我們的秘密故事中整理了有關此收益的談話軌跡。我們有一個非常強大的秘密季度。我們一直在談論勢頭的建立，不僅是在我們已經推出了一段時間的產品中，而且特別是在我們的 Conjur Cloud 和 Secret Hub 以及 SaaS 優先解決方案中。安全性確實是在這個關鍵點上涉及的，並且希望採用一種企業可擴展的方法來保護機器身份。

And what we've seen in the prior quarters and especially in this quarter, is that those deals are starting to pick up and actually also increase in size as customers want to put in place the enterprise backbone. So back to the point of hand, we've been feeling good about our competitive posture against Hashi as it's become more of an enterprise scale sale and a security sale. The disruption of IBM buying them how IBM is viewed in the market. I think it will just lean in to our ability to be able to capture that market around secrets and machine identity security.

我們在前幾個季度，尤其是本季看到的是，隨著客戶希望建立企業骨幹網，這些交易開始增加，而且實際上規模也有所增加。回到正題，我們對我們與 Hashi 的競爭態勢感覺良好，因為它變得更像是企業規模銷售和證券銷售。 IBM 收購的顛覆性影響了市場對 IBM 的看法。我認為這將取決於我們能否佔領圍繞秘密和機器身分安全的市場。

Got it. That makes a ton of sense. Josh, if I can ask one follow-up for you. I think the part of -- I mean, great to see all the guidance metrics go up, but the one that really stood out to me was the increase in the free cash flow guide. As I think back historically, I think we've talked about sort of a bigger subscription renewal pipeline that maybe would renew at higher incremental margins. Is that sort of the biggest driver for raising at this point of the year? Or is it something else? And maybe on that point, where are sort of we in that renewal flywheel for subscription -- sorry, a lot there, but does that make sense?

知道了。這很有道理。喬希，我可以幫你問一個後續問題嗎？我認為，我的意思是，很高興看到所有指導指標都上升，但對我來說真正突出的是自由現金流指導指標的增加。回顧歷史，我認為我們已經討論過更大的訂閱續訂管道，可能會以更高的增量利潤續訂。這是今年這個時候融資的最大推手嗎？還是別的什麼？也許在這一點上，我們在訂閱續訂飛輪中處於什麼位置——抱歉，有很多，但這有意義嗎？

Yes, Saket, and thanks for asking. I mean, first of all, obviously, we had a great first quarter on cash flow. It was based off of coming off of a really strong year and particularly Q4 and a strong Q4, not just in new business, but as you start to point out, it also included a really nice renewal base from Q4, which is kind of what you started alluding to, which is kind of the beginning of the first glimpse of the power of this model after the transition and now really starting to see kind of the last piece of -- the last part of the flywheel come into effect, which is around cash flow.

是的，Saket，感謝您的提問。我的意思是，首先，顯然我們第一季的現金流表現出色。它是基於非常強勁的一年，特別是第四季度，以及強勁的第四季度，不僅僅是在新業務方面，而且正如您開始指出的那樣，它還包括第四季度的一個非常好的續訂基礎，這就是你開始提到，這是過渡後第一次看到這個模型的力量的開始，現在真正開始看到最後一部分——飛輪的最後一部分生效，這是圍繞現金流。

And of course, we were able to boost from the first quarter by having excellent collections as well and early Q1 bookings, which also supports the cash and still continuing to control our expenses, which you know we like to do. So overall, it reports a stellar cash flow execution for the first quarter. And that really gives us the confidence as one, kind of the first part that I mentioned that actually the renewal and the recurring revenue does create that flywheel for billings and collections, assuming that we continue to collect at the -- at the well-executed rate that we are, that we expect to do. And then, of course, our overall bullishness in the business for the rest of the year as we also raised all of our metrics, not just the cash flow. And so I think it's a complete story around cash flow.

當然，我們能夠透過出色的收藏以及第一季的早期預訂來從第一季開始實現成長，這也支持了現金並繼續控制我們的支出，你知道我們喜歡這樣做。總體而言，該公司第一季的現金流執行情況非常出色。這確實給了我們信心，這是我提到的第一部分，實際上續訂和經常性收入確實為賬單和收款創造了飛輪，假設我們繼續在執行良好的地方收取費用評價我們現在的情況、我們期望要做的事情。當然，我們對今年剩餘時間的業務整體持樂觀態度，因為我們也提高了所有指標，而不僅僅是現金流。所以我認為這是一個圍繞現金流的完整故事。

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

你的下一個問題來自格雷格·莫斯科維茨（Gregg Moskowitz）。與瑞穗。

Nice job on the Q1. Matt, I'd like to ask about EPM because it's an important solution and yet penetration rates remain very low across the industry, and quite honestly, you've been within your own installed base. And I think much of this might be due to a lack of awareness of EPM in some cases, in other cases, just a belief that having an AVR solution might be enough. But is there anything that CyberArk can do that you think can perhaps further accelerate the adoption curve going forward?

Q1 做得很好。 Matt，我想問 EPM，因為它是一個重要的解決方案，但整個行業的滲透率仍然很低，老實說，您一直在自己的安裝基礎中。我認為這在很大程度上可能是由於在某些情況下缺乏對 EPM 的認識，而在其他情況下，只是相信擁有 AVR 解決方案就足夠了。但是，Cyber​​Ark 是否可以做一些您認為可能會進一步加速未來採用曲線的事情？

Yes, Gregg. So you know how we feel about EPM. And I think you've heard us talk about the idea that the core security control that really can protect the endpoint against breach. And our feeling is even stronger in this threat and landscape in this threat environment, that you need an EPM agent installed at the endpoint. You need it on your servers. You needed to protect your EDR investment and ultimately, you needed to secure the endpoint.

是的，格雷格。所以您知道我們對 EPM 的看法。我想您已經聽過我們談論核心安全控制真正可以保護端點免受破壞的想法。在這個威脅和威脅環境中，我們的感覺更加強烈，您需要在端點安裝 EPM 代理程式。您的伺服器上需要它。您需要保護您的 EDR 投資，並且最終需要保護端點的安全。

Now I think what we have really come to the conclusion on is you're right. It's a little bit of education still required in the market to explain that EPM isn't just about removing local admin rights. It's about implementing the least privileged workflow. It's about application control, and it's really about protecting ransomware. And so I think what we're trying to understand and do as a company is start to embed the EPM value prop into each one of those human identity groups that I've been describing. Build it deeper and tighter into the workflow of SSO and MFA.

現在我認為我們真正得出的結論是你是對的。市場上仍然需要一些教育來解釋 EPM 不僅僅是刪除本地管理權限。這是關於實現最低特權的工作流程。它與應用程式控制有關，實際上與保護勒索軟體有關。因此，我認為作為一家公司，我們正在嘗試理解並做的就是開始將 EPM 價值支柱嵌入到我所描述的每個人類身分群體中。將其更深入、更緊密地建置到 SSO 和 MFA 的工作流程中。

Again, ours or anybody else's, make sure that developers workstation start with an EPM control installed. And then obviously, our bread and butter within securing IT, make sure that everyone understands that EDR is really not enough. Where you saw initial real success in EPM was in highly attacked and highly regulated industries. And those big enterprises have been buying EPM for years. And I think we need to take it beyond industries and make sure that everybody can understand the value prop that I just described.

同樣，無論是我們的還是其他任何人的，請確保開發人員工作站在啟動時安裝了 EPM 控制。顯然，我們在保護 IT 方面的麵包和黃油，確保每個人都明白 EDR 確實不夠。您看到 EPM 最初真正成功的地方是受到高度攻擊和高度監管的行業。這些大企業多年來一直在購買 EPM。我認為我們需要將其擴展到行業之外，並確保每個人都能理解我剛才描述的價值支柱。

So final point here is we're continuing to invest not only in the integration and the solutions, but frankly, also in the go-to-market talent to be able to complement our sellers out there to tell the story a little bit richer and deeper as I started to describe on the call.

因此，最後一點是，我們不僅要繼續投資於整合和解決方案，而且坦白說，還要投資於進入市場的人才，以便能夠補充我們的賣家，讓故事講得更豐富、更豐富。在電話中開始描述的那樣，更深層。

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

您的下一個問題來自摩根大通的布萊恩‧艾塞克斯 (Brian Essex)。

I just want to follow up on a question from Gregg on EPM. I think obviously, $100 million ARR is a great milestone, and it's a substantial adjacent TAM for you guys. But I guess, any plans to maybe evaluate go-to-market? And do you see any impact on customer adoption for next-gen EDR or to customers? And this is layer on top of legacy or best-of-breed ER solutions and would love to understand maybe the profile as you see customers adopt EPM, what does the profile of customers tend to look like, maybe the size of the customer, geo sophistication, are they more identity focused? Or do you see that endpoint demand also driving the demand for EPM?

我只想跟進 Gregg 在 EPM 上提出的問題。我認為顯然，1 億美元的 ARR 是一個偉大的里程碑，對你們來說這是一個重要的相鄰 TAM。但我想，是否有計畫評估上市情況？您認為下一代 EDR 對客戶採用或對客戶有什麼影響嗎？這是傳統或同類最佳 ER 解決方案之上的一層，當您看到客戶採用 EPM 時，您可能希望了解客戶的概況、客戶的概況往往是什麼樣的，也許是客戶的規模、地理位置複雜程度，他們是否更注重身分？或者您認為端點需求也推動了對 EPM 的需求？

Thanks, Brian. So I think, first and foremost, as I was hitting on with Gregg, I think we believe that it's a necessary component to actually double down in our marketing organization and in our go-to-market organizations to increase our ability to be able to tell the story in the market, especially outside of the larger enterprises, which is an answer to one of your questions, which adopted the fastest.

謝謝，布萊恩。因此，我認為，首先也是最重要的，正如我與格雷格交談時，我認為我們相信，這是一個必要的組成部分，需要在我們的行銷組織和進入市場組織中加倍努力，以提高我們能夠講一個市場上的故事，特別是在大企業之外，這是對你的問題之一的回答，哪個通過得最快。

I think people with organizations with a security first mindset that understood the threat landscape, they got started on EPM a little bit earlier. And they understood from day 1 that an EDR tool doesn't do the same thing. And in fact, they're very complementary. I think as we've started to expand further and penetrate as we built that $100 million business, we started to see industries like health care and manufacturing start to take off because those, again, are areas that are constantly under attack. You can almost map to the threat environment and the ransomware threat particularly in those industries and those verticals are really the ones that have really started to accelerate and help us with building the momentum around the product.

我認為那些具有安全第一心態的組織了解威脅情勢，他們會更早開始使用 EPM。他們從第一天起就明白 EDR 工具不能做同樣的事情。事實上，它們非常互補。我認為，隨著我們開始進一步擴張和滲透，建立了價值 1 億美元的業務，我們開始看到醫療保健和製造業等產業開始起飛，因為這些領域又不斷受到攻擊。您幾乎可以映射到威脅環境和勒索軟體威脅，特別是在這些行業和垂直行業中，這些行業確實已經開始加速並幫助我們圍繞產品建立動力。

I think when we talk about the opportunity ahead, it's really about, one, making it more seamlessly integrated into our overall portfolio and then enabling and investing in the overlay and marketing capacity to make the story clearer. And then finally, it is about this idea of -- how do we make sure that we take the lessons learned from the big industries and bring it down market to other customers to help them understand why this is -- which the, am I using a, the security control that they should get started with. It's an interesting thing. And some of the less mature markets, let's flip over to places like the state and local governments, we see EPM as being the landing spot. It's actually areas where they get started because they understand they can put in place a core security control very fast.

我認為，當我們談論未來的機會時，它實際上是關於，一，使其更無縫地整合到我們的整體產品組合中，然後啟用和投資疊加和行銷能力，以使故事更清晰。最後，這是關於這個想法 - 我們如何確保我們從大行業中吸取經驗教訓，並將其帶到市場上其他客戶，以幫助他們理解為什麼會這樣 - 我正在使用哪個a，他們應該開始的安全控制。這是一件有趣的事。而一些不太成熟的市場，我們轉向州和地方政府這樣的地方，我們認為EPM是落地點。這實際上是他們開始的領域，因為他們知道他們可以非常快速地實施核心安全控制。

It's a SaaS-based product, easy to adopt, and they can lock down a privilege pathway at the endpoint. So I think, again, we're learning the approach. We're driving significant upside in the business through EPM and I expect that business to continue to build and grow for us in the quarters ahead.

它是一款基於 SaaS 的產品，易於採用，並且可以在端點鎖定權限路徑。所以我認為，我們正在學習這種方法。我們正在透過 EPM 推動業務的顯著成長，我預計該業務將在未來幾季繼續為我們建立和成長。

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。

I wanted to ask on net new subscription ARR, which was flat from a year-over-year perspective. And I wanted to ask a question, I guess, from the perspective of just security spending and environment overall. And within that, if you could parse maybe what you're seeing geographically or enterprise versus SMB, that would be helpful.

我想問一下淨新訂閱 ARR，從同比的角度來看，它是持平的。我想，我想從安全支出和整體環境的角度來問一個問題。在這之中，如果您可以解析您所看到的地理位置或企業與中小企業的情況，那將會很有幫助。

Thanks, Rob. So overall, we had a strong quarter, our ability to be able to continue to drive momentum in the market. You've heard me talk for quarters about the difference in conversation with the CISO, with the CIO, with the C-suite and elevating the conversation up to the identity security story and really talking about how do we help them with their overall security posture and help enable them as they talk to their boards to their auditors and at the top of the list is identity security.

謝謝，羅布。總的來說，我們有一個強勁的季度，我們有能力繼續推動市場動能。您已經聽到我幾個季度談論與 CISO、CIO、C-suite 對話的差異，並將對話提升到身份安全故事，並真正談論我們如何幫助他們改善整體安全狀況並在他們與董事會和審計師交談時幫助他們實現這一目標，其中最重要的是身份安全。

So we continue to see that building. We continue to see that strong. And Q1 was just a continuation of what we've been able to see over the last couple of quarters. As it relates to the Q1 performance itself, we were very happy with where we ended up and the overall performance. There was one element that actually occurred in the quarter where we had about $2 million or so of renewals that basically wasn't able to come in due to the holidays and other stuff and as close sense. And that would have made the net new ARR look a little bit better. It then is demonstrated in our ability to be able to raise full year at a high level. So overall, I would tell you that Q1 was a strong quarter for us, and there's been no change in the environment that we've seen out there.

所以我們繼續看到那棟建築。我們繼續看到這種強勁勢頭。第一季只是我們過去幾季所看到的情況的延續。由於它與第一季的表現本身有關，我們對最終的結果和整體表現感到非常滿意。有一個因素實際上發生在本季度，我們有大約 200 萬美元左右的續訂，但由於假期和其他原因，基本上無法實現。這會讓淨新 ARR 看起來好一些。然後證明我們有能力在全年高水準籌集資金。總的來說，我想告訴你，第一季對我們來說是一個強勁的季度，我們看到的環境沒有任何變化。

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

您的下一個問題來自花旗集團的 Fatima Boolani。

Matt, in your prepared remarks, you shared a lot of anecdotes about customers who are increasingly landing with a higher incidence of products across the portfolio. So when I internalize this as manifesting and maybe increased wallet share. Can you talk to us a little bit about the expansion rates and the in the dollar-based retention rates that you're realizing in the portfolio? And specifically in contrast to maybe some of the newer logo activity that relative to more recent a little bit slower. So just that compare contrast between the momentum and the size and scope of the momentum within the installed base versus the new logo activity in the quarter.

馬特，在您準備好的演講中，您分享了許多關於客戶的軼事，這些客戶越來越多地在整個產品組合中使用更高頻率的產品。因此，當我將其內化為體現並可能增加錢包份額時。您能和我們談談您在投資組合中實現的擴張率和以美元為基礎的保留率嗎？特別是與一些較新的標誌活動相比，它們相對於最近的活動要慢一些。因此，只需比較本季安裝基礎中的動力以及動力的大小和範圍與新標誌活動之間的對比即可。

Yes, absolutely. So first and foremost, I mean, we have a great set of customers. We have more than 8,000 -- 8,800 worldwide. These customers trust us from a security perspective. And so our ability to go back into that base just to upsell them more PAM seats and then expand them into EPM into workforce into secrets into our Secure Cloud access. It's an incredibly strong position that we find ourselves in. And our sales team does an excellent job of really monetizing that base and expanding our footprint. And so I think you heard that in our talk track as we talk about that healthy expansion ability that we have.

是的，一點沒錯。首先，我的意思是，我們擁有大量客戶。我們在全球擁有超過 8,000 至 8,800 名員工。這些客戶從安全角度信任我們。因此，我們有能力回到基地，向他們追加銷售更多 PAM 席位，然後將其擴展到 EPM、勞動力、機密、安全雲端存取。我們發現自己處於一個非常有利的地位。所以我想你在我們的談話中聽到了，當我們談論我們擁有的健康擴張能力時。

And I think it comes back to an earlier question, which is our clear differentiation is the spectrum of identities and customers are buying into the idea that it's not enough to just secure the most privileged IT users with PAM. They need to apply privileged controls across the entire spectrum of identities. So I think on the existing business and our ability to upsell and expand it just continues to be strong. It's been strong, and we're excited to see where we take that for quarters to come.

我認為這又回到了之前的問題，即我們的明顯區別在於身份範圍，而且客戶正在接受這樣的想法：僅使用 PAM 保護最有特權的 IT 用戶是不夠的。他們需要對整個身分範圍應用特權控制。因此，我認為現有業務以及我們追加銷售和擴展業務的能力仍然強勁。它一直很強勁，我們很高興看到未來幾季的表現。

From a new business perspective, we look at it and kind of say, any time we can get 200 new logos in the door in a non-Q4 quarter, we're pretty happy with that. That allows us to be able to start the process of turning them into these longer-term customers to expand across the multiple identity groups. And so we look at Q1. And we've always said that in this macro, in this environment, new logo deals are -- take a little bit longer. They take a little bit more work. We've gotten better and better at doing that. And we're really happy with our ability to be able to land those logos. And frankly, we're really happy about the pipeline on those new logos. The ones we just landed and when they are anticipated to come back for an expansion deal because then the flywheel is really kicking in, and it brings us back to the beginning of my answer.

從新的業務角度來看，我們會說，只要我們能夠在非第四季的季度內推出 200 個新徽標，我們就會對此感到非常滿意。這使我們能夠開始將他們轉變為長期客戶的過程，以擴展到多個身分群體。讓我們來看看第一季。我們總是說，在這個宏觀環境下，新標誌交易需要更長的時間。他們需要做更多的工作。我們在這方面做得越來越好。我們對能夠獲得這些標誌感到非常滿意。坦白說，我們對這些新徽標的管道感到非常高興。我們剛剛登陸的那些，當他們預計會回來進行擴張交易時，因為那時飛輪真的開始發揮作用，這讓我們回到了我的答案的開頭。

Your next question comes from the line of Joseph Gallo with Jefferies.

您的下一個問題來自約瑟夫·加洛 (Joseph Gallo) 與傑弗里斯 (Jefferies) 的對話。

Mr. Joseph Gallo, your line is open.

約瑟夫·加洛先生，您的線路已接通。

Can you hear me? I'm sorry, somehow my headset was not working. Awesome to see the cash flow machine turn on. It was impressive operating margin performance this quarter and the guidance, although the full year raise was modestly less than the beat. Can you just walk us through the dynamics for this year? Is that primarily rev mix shift? I think you mentioned head count growth, but moderating. So just any other investments we should think through given the 34% ARR growth is highly indicative of a large opportunity?

你聽得到我嗎？抱歉，我的耳機無法正常運作。很高興看到現金流機器開啟。儘管全年增幅略低於預期，但本季的營業利潤率表現和指引令人印象深刻。能為我們介紹一下今年的動態嗎？這主要是轉速混合變化嗎？我認為您提到了員工人數成長，但正在放緩。那麼，鑑於 34% 的 ARR 成長高度表明存在巨大機遇，我們還應該考慮其他投資嗎？

Yes. I'll start here. I mean, basically, we're excited that we'll be able to -- that we're raising the metrics across all boards from cash flow through the operating -- through the revenue through the operating. In terms of color on that, we do expect SaaS to be a bigger player on the revenue side as we go into Q2 and into the second half.

是的。我就從這裡開始吧。我的意思是，基本上，我們很高興我們能夠——我們正在提高所有董事會的指標，從現金流到營運——到營運收入。就顏色而言，我們確實預計，隨著進入第二季和下半年，SaaS 將在收入方面發揮更大的作用。

With regard to the investments, we're catching up on some hiring on the slower hiring from Q1 and we anticipate to continue hiring into the second half as well. And so that's where we'll see some of the investment side in R&D and also, of course, in the go-to-market engine as we always like to pre-hire when we look at multiple years of growth. I think from -- I don't -- from another perspective, in terms of the mix, we see the mix continuing on other than the fact that we see it kind of inching up towards some more SaaS business.

在投資方面，我們正在趕上第一季招聘速度放緩的一些招聘，我們預計下半年也會繼續招聘。因此，這就是我們將看到研發方面的一些投資，當然還有進入市場引擎的投資，因為當我們考慮多年的成長時，我們總是喜歡預先招募。我認為——我不這麼認為——從另一個角度來看，就混合而言，我們看到混合仍在繼續，但事實上我們看到它正在朝著更多的 SaaS 業務邁進。

And maybe just one add for me is when we look back on Q1, and we talked, as Josh just said, about a little bit of a slower hiring profile. We've seen that kind of kick in solidly here in April. And so that actually brings up the anticipation of expense, and that's built into our guidance going forward. One of the nice things for me, despite the lower higher in Q1 is when I actually look at the quota carriers, which is what we really are investing in to make sure that we capture the opportunity.

也許對我來說只有一個補充是，當我們回顧第一季時，正如喬許剛才所說，我們談論了招募情況稍微放緩的情況。我們已經在四月看到了這種強勁的勢頭。因此，這實際上帶來了費用預期，這已納入我們未來的指導中。儘管第一季的情況較低，但對我來說，一件好事是當我真正專注於配額承運商時，這就是我們真正投資的內容，以確保我們抓住機會。

We had a nice quarter around ramping up quota carriers, especially fully ramped quota carriers. And that sets us up to be able to go capture the opportunity here throughout the year. As the year goes on, we'll look for more opportunity to be able to capture on this exciting growth opportunity ahead of us.

我們在增加配額承運人方面度過了一個愉快的季度，尤其是全面增加配額承運人。這使我們能夠全年抓住這裡的機會。隨著時間的推移，我們將尋找更多的機會來抓住我們面前這個令人興奮的成長機會。

Your next question comes 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。

Josh, actually a question for you on the guidance. I actually thought the guidance raise was better than expected in light of what we're seeing, I think, in software more broadly. I'm curious, it's Q1, it tends to be the seasonally slowest quarter of the year, and it's early in the year. So what's giving you confidence to raise that ARR guide by the magnitude that you did, given what's still somewhat uncertain macro environment?

喬什，實際上是一個關於指導的問題。事實上，我認為，鑑於我們在更廣泛的軟體領域所看到的情況，指導意見的提高比預期要好。我很好奇，現在是第一季度，它往往是一年中季節性最慢的季度，而且現在還處於年初。那麼，考慮到宏觀環境仍然存在一定的不確定性，是什麼讓您有信心將 ARR 指南提高到如此程度？

Yes. Thanks, Hamza. I think it really starts with the demand environment that Matt talked a lot about already in the earlier questions and in his prepared remarks and that's kind of generating the pipeline coverage and the demand generation that we're seeing for the course of the rest of the year. And I think the other point is we're well positioned from a go-to-market team and engine.

是的。謝謝，哈姆札。我認為這實際上是從馬特在之前的問題和他準備好的發言中談到的需求環境開始的，這在某種程度上產生了管道覆蓋範圍和需求的產生，我們在剩下的過程中看到了這一點。我認為另一點是我們在進入市場的團隊和引擎方面處於有利地位。

Matt just alluded to the fact that we're -- about where we are on quota reps and quota carriers. And just pretty much everything that we see coming out of Q1. Coming -- first of all, coming out of Q4 and then what we saw in Q1 and what we're seeing in the pipeline going forward and the overall demand environment that we're getting from the customer base, we're confident on being able to raise the guidance across those metrics.

馬特只是提到了這樣一個事實：我們在配額代表和配額承運人方面處於什麼位置。我們看到的幾乎所有內容都來自第一季。即將到來 - 首先，從第四季度開始，然後是我們在第一季看到的情況以及我們在未來的管道中看到的情況以及我們從客戶群獲得的整體需求環境，我們有信心成為能夠提高這些指標的指導。

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

你的下一個問題來自 Adam Borg 和 Stifel 的對話。

Awesome. Maybe just on the cloud, it's great to see the continued traction with Secure Cloud Access. And as we think about kind of the cloud opportunity more broadly, we often hear about either Kim or ITDR. I was hoping you could talk more about how you think about these adjacent cloud identity security markets as opportunities for CyberArk over time?

驚人的。也許只是在雲端上，很高興看到安全雲端存取的持續吸引力。當我們更廣泛地思考雲端機會時，我們經常聽到 Kim 或 ITDR。我希望您能更多地談談您如何看待這些相鄰的雲端身分安全市場隨著時間的推移為 Cyber​​Ark 帶來的機會？

Yes. Thanks, Adam. So we are -- and you've all heard me talk about this opportunity of how we secure access to the cloud. And just to start with, that goes across 2 of the identity groups that I was describing. The traditional IT users are increasingly having to access not only on-prem targets, but also cloud assets and cloud environments. And we need a -- what would be considered a traditional PAM tool that's able to actually manage those hybrid environments effectively or secure those hybrid environments effectively.

是的。謝謝，亞當。所以我們 - 你們都聽過我談論我們如何保護雲端存取的機會。首先，這涉及我所描述的兩個身分群體。傳統 IT 使用者越來越不僅需要存取本地目標，還需要存取雲端資產和雲端環境。我們需要一種傳統的 PAM 工具，能夠真正有效地管理這些混合環境或有效地保護這些混合環境。

And so our ability to be able to take SCA and blend it in within our identity security platform, is a key component part of actually how we're staying ahead in securing IT users. Then there is this new population of developers out there. And these developers are hired at an exponential rate. And generally speaking, they're higher to go innovate. And once they start innovating, they're scaling up cloud environments, they have unfettered entitlements and access. And that is just not sustainable and organizations are understanding that they need to put in place controls in the cloud.

因此，我們能夠採用 SCA 並將其融入我們的身分安全平台中，這實際上是我們在保護 IT 用戶方面保持領先地位的關鍵組成部分。然後就有了新的開發人員群。這些開發人員的聘用率呈指數級增長。一般來說，他們更願意創新。一旦他們開始創新，他們就會擴大雲端環境，他們擁有不受限制的權利和存取權限。這是不可持續的，組織明白他們需要在雲端中實施控制。

So our SCA solution, which allows for zero standing privilege, which is a unique approach. No privileges are assigned until the point of access allows us to be able to go in and talk to customers about securing that developer population, allowing them to use native tools and applying security controls at the point of access. So that's a way of building up then to your question, which is, all right, what is the differentiation here? And how do these other markets play in?

因此，我們的 SCA 解決方案允許零常設特權，這是一種獨特的方法。在存取點允許我們能夠進入並與客戶討論保護開發人員群體、允許他們使用本機工具並在存取點應用安全控制之前，不會分配任何特權。所以這是建立你的問題的一種方式，好吧，這裡的差異是什麼？這些其他市場如何發揮作用？

When you start to think about CIEM, when you start to think even about ITDR, it's about really understanding or discovering what's going on. It's even, in some cases, about mapping entitlements versus targets. And we have a place to play in those areas. But the major place we play at CyberArk is in enforcement and in controls. And ultimately, once you discover, once you understand you have to control and our SCA solution is a light touch, easy to deploy security first tool we can apply for controlling privilege access and privilege access specifically as people try to access the cloud. So that's just a little bit more background on it. I think it's an opportunity for us to be able to differentiate this cloud access market from some of the other areas that you were describing. And of course, our ability to be able to bring that into the overall platform is what sets us apart.

當您開始考慮 CIEM 時，甚至當您開始考慮 ITDR 時，它就是真正理解或發現正在發生的事情。在某些情況下，它甚至涉及權利與目標的映射。我們在這些地區有發揮的地方。但我們在 Cyber​​Ark 發揮的主要作用是執行和控制。最終，一旦您發現，一旦您了解您必須進行控制，並且我們的SCA 解決方案是一種輕觸式、易於部署的安全第一工具，我們可以應用它來控制權限訪問以及特別是當人們嘗試訪問雲端時的權限存取。這只是更多的背景知識。我認為這對我們來說是一個機會，能夠將這個雲端存取市場與您所描述的其他一些領域區分開來。當然，我們能夠將其納入整個平台的能力使我們與眾不同。

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

您的下一個問題來自瑞銀證券的羅傑·博伊德。

Great. I do want to go back to Joe's question just on the guide. But regarding the duration tailwind that you've seen term license over the past 2 quarters, any color on what's driving that higher? And Josh, can you just clarify what you're expecting from a duration perspective throughout the rest of the year and how that might be impacting the different updates to the revenue and ARR guidance?

偉大的。我確實想回到指南上喬的問題。但考慮到過去兩個季度定期許可證的持續時間順風，有什麼顏色可以推動這一增長嗎？ Josh，您能否從持續時間的角度澄清今年剩餘時間的預期，以及這可能會如何影響收入和 ARR 指導的不同更新？

Yes. I don't think that there was any one -- there wasn't a trend of it driving higher. I think we saw, though in the first quarter, it go up by a few months, and it contributed about just about $3.5 million in tailwind on the revenue side for the quarter. And I think when we look at it kind of over time and kind of as we look into the pipeline, we kind of see it dropping down again by a couple of months, but it's going to move around between the 20 and the 23-month range.

是的。我不認為有任何一個——它沒有上漲的趨勢。我認為我們看到，儘管在第一季度，它上升了幾個月，並為本季的收入貢獻了約 350 萬美元的順風車。我認為，當我們隨著時間的推移和研究管道時，我們會看到它再次下降了幾個月，但它會在 20 個月到 23 個月之間移動範圍。

I think the bigger point on the look forward really is this idea that Josh hit on earlier around what do we see in the mix when we look into Q2, Q3 and Q4. And when I analyze the pipeline, which unfortunately I still do, (inaudible) and I have great sessions around that. We try to understand what is it shaping up. And with all of our new products coming into play, which are SaaS only, and then where the market is moving, we see the mix of SaaS really stepping up in the quarter and in the out quarters for the year. Now we've taken that into account in our guide. And even with that, we've been able to raise our revenue outlook for the year. But it is a pretty substantial shift in our pipe towards SaaS.

我認為展望中更重要的一點確實是喬許早些時候提出的這個想法，當我們研究第二季、第三季和第四季時，我們會在組合中看到什麼。當我分析管道時（不幸的是我仍然這樣做）（聽不清楚），我圍繞這個問題進行了一次很棒的會議。我們試圖了解它正在形成什麼。隨著我們所有新產品（僅是 SaaS）的發揮作用，以及市場的變化，我們看到 SaaS 的組合在本季和今年的其他季度確實有所加強。現在我們已經在指南中考慮到了這一點。即便如此，我們還是能夠提高今年的營收預期。但這是我們向 SaaS 轉型的一個相當大的轉變。

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

您的下一個問題來自富國銀行的安德魯‧諾溫斯基 (Andrew Nowinski)。

I want to talk about the U.S. federal market. You mentioned you have FedRAMP high status for EPM and PAM now. I guess first, how is demand in the quarter? And then second, has that FedRAMP high status opened up a larger pipeline with new agencies that you can now sell to? And are they also purchasing SaaS or more on-prem?

我想談談美國聯邦市場。您提到您現在在 EPM 和 PAM 方面擁有 FedRAMP 高地位。我想首先，本季的需求如何？其次，FedRAMP 的高地位是否為您現在可以出售給的新機構開闢了更大的管道？他們還購買 SaaS 還是更多本地部署？

Yes. So I think when we think about our FedRAMP, let me first clarify, what we announced was FedRAMP High for EPM and for our identity products. And why did we start there, by the way, versus starting with PAM. It was because we only have SaaS versions of those products. So in order to even be able to sell into the federal government with Identity and with EPM, we needed to be FedRAMP. We believe in the market opportunity. That's why we went and did the heavy lift process, not just to get through FedRAMP but to get to FedRAMP High. That opens up not just the civilian side, of the federal market, but also the DoD side and frankly also helps us at the state level with the state side of the government organization.

是的。因此，我認為，當我們考慮 FedRAMP 時，首先讓我澄清一下，我們宣布的是針對 EPM 和我們的身份產品的 FedRAMP High。順便說一句，我們為什麼從這裡開始，而不是從 PAM 開始。這是因為我們只有這些產品的 SaaS 版本。因此，為了能夠向聯邦政府推銷 Identity 和 EPM，我們需要成為 FedRAMP。我們相信市場機會。這就是為什麼我們進行了繁重的過程，不僅是為了透過 FedRAMP，而且是為了達到 FedRAMP High。這不僅開放了聯邦市場的民用方面，也開放了國防部方面，坦白說，這也有助於我們在州一級與政府組織的州方面合作。

We are very bullish and optimistic of our ability to bring EPM and identity into those markets. Now we have an existing book of business with PAM on-prem that we've had for many years. We have invested in the on-prem certifications. We now are investing as well in PAM FedRAMP certification, and we'll get to that in the time ahead. But in the meantime, we believe that one of the biggest industries or verticals that are being attacked is the government. It's being attacked at the federal level it's being attacked at the state level. And our ability to be able to institute core security controls like I'm describing, lock down the end points have a bigger version of -- or bigger story of identity beyond MFA SSO, allows us to be able to capture a bigger piece of the market in the federal space, which we've done well successfully so far in our history, but we think it's an opportunity for investment and growth in the quarters and years ahead.

我們對將 EPM 和身分識別帶入這些市場的能力非常樂觀。現在，我們已有了多年的本地 PAM 業務手冊。我們投資了本地認證。我們現在也在 PAM FedRAMP 認證方面進行投資，我們將在未來實現這一目標。但同時，我們認為受到攻擊的最大產業或垂直產業之一是政府。它在聯邦一級受到攻擊，在州一級受到攻擊。我們能夠像我所描述的那樣建立核心安全控制，鎖定具有更大版本的端點，或者超越 MFA SSO 的更大身份故事，使我們能夠捕獲更大的一部分迄今為止，我們在聯邦領域的市場做得很好，但我們認為這是未來幾季和幾年的投資和成長機會。

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

你的下一個問題來自 Ittai Kidron 與 Oppenheimer 的關係。

I have two questions, maybe I'll insert them all at once. First for you, Josh, on the bookings upside. Can you just give us a little bit more color there on how much of that duration, new customers, expansion activity stronger than you expected, the mix of products there? Any color would be great. And Matt, going back to the point you mentioned to the question of complementary -- EPM being complementary to EDR. It is complementary today. But clearly, more and more of your portfolio right now is at the edge. I would think the browser. I think about that as an edge product as well. And so as you're moving closer and closer to the edge, can your EPM product evolve into an EDR-like product and be competitive with an EDR solution?

我有兩個問題，也許我會一次全部插入。首先是你，喬什，關於預訂的好處。您能否為我們提供更多信息，包括持續時間、新客戶、擴張活動強於您的預期以及產品組合？任何顏色都會很棒。 Matt，回到您提到的互補性問題—EPM 與 EDR 是互補的。今天它是互補的。但顯然，你現在越來越多的投資組合處於邊緣。我會想到瀏覽器。我也認為這是一種邊緣產品。因此，當您越來越接近邊緣時，您的 EPM 產品能否演變成類似 EDR 的產品並與 EDR 解決方案具有競爭力？

Sure. And I may take both just in the interest of time to move us along, but the questions. So on the first front, when we look at the bookings performance in the quarter, remember, bookings has nothing to do with duration. So the duration, we just wanted to be transparent. It was a bump up in the quarter. It's about $3.5 million of contribution around revenue. But it's not a contributing factor to the strength of our overall business. The strength of our overall business is based upon continued growth across the entire portfolio.

當然。我可能只是為了時間來推動我們前進，但問題。因此，在第一方面，當我們查看本季的預訂表現時，請記住，預訂量與持續時間無關。所以對於持續時間，我們只是想保持透明。這是本季的一個成長。收入貢獻約 350 萬美元。但這並不是我們整體業務實力的影響因素。我們整體業務的實力是基於整個投資組合的持續成長。

We continue to see ARR just grow really strongly for each piece of the platform. Now I highlighted in the call kind of particular strength in the secrets management business, and I'm very excited by that because that, again, is showing our ability to compete effectively as a security sale in the machine identity space. So I would highlight that. I would also highlight, as we talked about earlier, our ability to be able to go back into the base and expand customers beyond PAM or securing IT into new areas like securing developers or our ability to be able to go compete effectively in the quarter around workforce and our differentiated workforce solution. So across the board, I can point to the entire portfolio, talk about strong bookings and that kind of comes from that overall approach. Remind me again of the second question?

我們繼續看到平台各個部分的 ARR 成長非常強勁。現在，我在電話中強調了秘密管理業務中的特殊優勢，我對此感到非常興奮，因為這再次顯示了我們作為機器身份領域的安全銷售進行有效競爭的能力。所以我要強調這一點。我還要強調，正如我們之前談到的，我們有能力回到基礎並將客戶擴展到 PAM 之外，或者確保 IT 進入新領域，例如保護開發人員，或者我們能夠在本季度進行有效競爭的能力勞動力和我們差異化的勞動力解決方案。因此，總的來說，我可以指出整個投資組合，談論強勁的預訂，而這來自於整體方法。再提醒我第二個問題？

EPM into EDR.

EPM 轉換為 EDR。

So on the EPM side, I think we are very comfortable with our definition of identity security. Our definition for these four different identity groups, our ability to be able to be the control point and our ability to be able to apply privileged controls across those. And just like I think that EPM is a complement to EDR. I'm very respectful of the EDR businesses that are out there. I go to customers, and I tell them all the time, yes, they ask me, "should I spend money on next-gen EDR?" And I say, yes. It's a good security control to have in place. And a lot of them have the right security first mindset and how they approach it.

因此，在 EPM 方面，我認為我們對身分安全的定義非常滿意。我們對這四個不同身分群體的定義、我們能夠成為控制點的能力以及我們能夠在這些群體之間應用特權控制的能力。就像我認為 EPM 是 EDR 的補充一樣。我非常尊重現有的 EDR 企業。我去找客戶，我總是告訴他們，是的，他們問我，“我應該花錢購買下一代 EDR 嗎？”我說，是的。這是一個很好的安全控制措施。他們中的許多人都有正確的安全第一心態以及他們的處理方式。

But I think there's plenty of space for us to carve out with the least privilege and privileged control side of the end point. And by the way, when you talk about our browser, you're talking about the same thing, the idea of an identity-centric security control-focused browser that can integrate into our identity security platform. And I think there's plenty of growth ahead of us without having to go into the larger EDR market.

但我認為我們有足夠的空間可以在端點的最低特權和特權控制方面開闢出空間。順便說一句，當您談論我們的瀏覽器時，您談論的是同一件事，即以身份為中心的安全控制瀏覽器的想法，該瀏覽器可以整合到我們的身份安全平台中。我認為我們還有很大的成長空間，而無需進入更大的 EDR 市場。

Your next question comes from the line of Shrenik Kothari with Baird.

你的下一個問題來自 Shrenik Kothari 和 Baird 的對話。

Matt, the follow-up on the secure browser GA looks very timely. As you said, (inaudible) the growing demand for (inaudible) market and designed to go beyond just the (inaudible) harvesting and browser products. One recent comment you made was you believe the browser will not only enhance security but also drive adoption of all the other solutions. I know it's still early days, but the market seems to be moving quite fast. So just curious, are you already kind of seeing signs or the browser is seeing differentiated becoming a landing point and driving demand for other solutions? And then just a quick follow-up on Azure.

Matt，安全瀏覽器 GA 的後續行動看起來非常及時。正如您所說，（聽不清楚）市場需求不斷增長，並且旨在超越（聽不清楚）收穫和瀏覽器產品。您最近發表的一項評論是，您相信瀏覽器不僅會增強安全性，還會推動所有其他解決方案的採用。我知道現在還為時過早，但市場似乎發展得相當快。所以只是好奇，您是否已經看到跡像或瀏覽器正在看到差異化成為著陸點並推動對其他解決方案的需求？然後是 Azure 上的快速跟進。

Sure. So I think just to ground everybody in the release, So when you go into the CyberArk secure browser, you are able to, obviously, from a security control perspective, browse freely with a cookieless browsing with password replacement with other security controls built right in, and it's designed for the privileged users to be able to get to other targets within the enterprise much, much more securely.

當然。因此，我認為只是為了讓每個人都參與到該版本中，因此，當您進入Cyber​​Ark 安全瀏覽器時，顯然，從安全控制的角度來看，您可以通過無cookie 瀏覽方式自由瀏覽，並使用內建的其他安全控制進行密碼替換，它是專為特權使用者能夠更安全地存取企業內的其他目標而設計的。

And it kind of locks down and stops one of the most important or most difficult attacks to be able to protect against, which is post-session authentication hijacking. So we look at it and we pitch it from that perspective, and it is a really nice security story. But underneath that, it is really a gateway and an easy navigation into our identity security platform. When you go into the browser, you're presented with a copilot that allows you to be able to access your single sign-on tiles.

它可以鎖定並阻止最重要或最困難的攻擊之一，即會話後身份驗證劫持。因此，我們從這個角度來看待它並進行宣傳，這是一個非常好的安全故事。但在此之下，它實際上是一個網關，可以輕鬆導航到我們的身分安全平台。當您進入瀏覽器時，您會看到一個副駕駛，讓您可以存取單一登入圖塊。

It allows you to be able to access your infrastructure targets, traditional targets for PAM users. You can go and write from the browser right from the main screen, you can get into your cloud service providers' portals into the back-end micro services. and you can actually do things right in the browser that you would normally have to go into the back-end platform to go do.

它使您能夠存取您的基礎設施目標、PAM 用戶的傳統目標。您可以直接從主畫面上的瀏覽器編寫，您可以進入雲端服務提供者的入口網站進入後端微服務。實際上，您可以在瀏覽器中正確執行通常需要進入後端平台才能執行的操作。

So that creates a much easier path for users and administrators to be able to leverage and use the platform effectively. So when we look and we talk with customers and all the customers that have been using the product when it was in limited release, they start to see this improved pathway of usage, removing the friction of user access in the PAM space and allowing for total integration into our workforce tools.

因此，這為使用者和管理員能夠有效地利用和使用該平台創造了一條更簡單的途徑。因此，當我們觀察並與客戶以及所有在有限版本時使用該產品的客戶交談時，他們開始看到這種改進的使用途徑，消除了 PAM 空間中用戶訪問的摩擦，並允許總體集成到我們的勞動力工具中。

Got it. Super helpful, Matt. And just quickly on the Azure marketplace. You mentioned about a sound figure deal that you guys kind of won aligned with PAM EPM and kind of flow through this new route to market. Can you talk a bit about go-to-market motion and kind of any sense about the relative size or mix or incremental trends around this marketplace motion?

知道了。超級有幫助，馬特。並很快登陸 Azure 市場。您提到了一項與 PAM EPM 一致的合理數位交易，並且透過這條新的市場路線進行流通。您能否談談進入市場的動向，以及對圍繞該市場動向的相對規模、組合或增量趨勢的任何感覺？

Sure. And I think you've heard us talk in the prior quarters about the idea of -- we believe that one of the upside opportunities for us is to continue to exploit new routes to market. You've heard us talk about that in the context of the MSP program, the launch of our MSP console, our ability to be able to actually leverage new channel partners go down market with distributors, continue to push on our SI partnership and our SI relationship.

當然。我想你已經聽過我們在前幾季談論過這個想法——我們相信，我們的上行機會之一是繼續探索新的市場途徑。您已經聽到我們在MSP 計劃的背景下談論這一點，我們的MSP 控制台的推出，我們能夠實際利用新的通路合作夥伴與分銷商一起進入市場，繼續推動我們的SI 合作夥伴關係和我們的SI關係。

So you see, overall, we're investing in enabling and building stronger partnerships. One of those new routes to market is our marketplace. And you've heard us talk about the AWS relationship that we've built and continue to drive on to allow for frictionless buying to leverage the AWS sales force and then to be able to be part of the dollars that sit out there for marketplace purchases. And it's been a great lubrication in the sales cycle. In this quarter, we highlighted the deal that you mentioned, which went through the Azure marketplace. We're earlier days from that perspective for sure. But it speaks to the overall marketplace opportunity as a buying vehicle and as a co-sell motion that can help drive our business forward.

所以你看，總的來說，我們正在投資建立和建立更強大的合作關係。這些新的市場途徑之一就是我們的市場。您已經聽過我們談論我們已經建立並繼續推動的 AWS 關係，以實現無摩擦購買，利用 AWS 銷售人員，然後能夠成為市場購買資金的一部分。這對銷售週期起到了很好的潤滑作用。在本季度，我們重點介紹了您提到的透過 Azure 市場進行的交易。從這個角度來看，我們確實還處於早期階段。但它說明了作為購買工具和共同銷售動議的整體市場機會，可以幫助推動我們的業務向前發展。

That concludes our Q&A session. I will now turn the conference back over to Matt Cohen for closing remarks.

我們的問答環節到此結束。現在我將把會議轉回馬特·科恩作閉幕詞。

Thank you. And I want to go back as we celebrate our 25th anniversary to think about the fact that CyberArk is laser focused on driving innovation and delivering value to our customers. An achievement we owe to the hard work and dedication of over 3,000 CyberArkers today as well as our partners around the world.

謝謝。在我們慶祝成立 25 週年之際，我想回顧一下 Cyber​​Ark 專注於推動創新和為客戶提供價值的事實。我們所取得的成就歸功於當今 3,000 多名 Cyber​​Arkers 以及我們世界各地的合作夥伴的辛勤工作和奉獻。

We are in an amazing position as the leading identity security company that is built to last and thrive for at least another 25 years. We look forward to welcoming many of you at our impact customer event in just over 2 weeks. Thanks for joining the call today.

作為領先的身份安全公司，我們處於令人驚嘆的地位，我們的目標是至少再持續發展 25 年。我們期待在兩週多後的時間裡，在我們的影響力客戶活動中歡迎你們的到來。感謝您今天加入通話。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。