Cyberark Software Ltd (CYBR) 2024 Q2 法說會逐字稿

Good morning, and welcome to the second quarter 2024 CyberArk Software Earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. (Operator Instructions)

早安，歡迎參加 Cyber​​Ark Software 2024 年第二季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。 （操作員說明）

I would now like to turn the call over to Sri Anantha, Vice President, Investor Relations. Please go ahead.

我現在想將電話轉給投資者關係副總裁 Sri Anantha。請繼續。

Thank you, operator. Good morning. Thank you for joining us today to review CyberArk's second 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，接線生。早安.感謝您今天與我們一起回顧 Cyber​​Ark 2024 年第二季的財務表現。今天與我一起參加電話會議的是我們的執行長 Matt Cohen；以及我們的財務長 Josh Siegel。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 third 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 年第三季及以後全年營運表現的預期和信念的討論。

I also refer to our expectations and beliefs regarding our proposed acquisition of Venafi. 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 US Securities and Exchange Commission and those referenced in today's press release that are posted to CyberArk's website. CyberArk expressly disclaims any application or undertaking to release publicly any updates or revisions to any forward-looking statements made herein.

我還提到了我們對擬議收購 Venafi 的期望和信念。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。 Cyber​​Ark 明確否認申請或承諾公開發布本文中任何前瞻性陳述的任何更新或修訂。

Additionally, non-GAAP financial measures will be discussed on this conference call. Reconciliation 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.

此外，本次電話會議也將討論非公認會計準則財務指標。今天的新聞稿以及概述今天電話會議中財務討論的最新投資者簡報中還提供了與最直接可比較的公認會計準則財務指標的對帳。今天電話會議的網路廣播也可以在我們網站的 IR 部分觀看。

With that, I would like to turn the call over to our CEO, Matt Cohen.

說到這裡，我想將電話轉給我們的執行長馬特·科恩。

Thanks, Sri. And thanks, everyone for joining the call today. We started the year with a clear vision and strategy to strengthen our position as the identity security company. In the second quarter, we executed against this strategy exceptionally, and the results exceeded expectations with momentum continuing to build across all aspects of our business. After a strong first half of the year and with our proposed acquisition of Venafi in the second half on track, we are well positioned to extend our leadership across all identity use cases with our industry-leading platform and solutions.

謝謝，斯里。感謝大家今天加入電話會議。今年伊始，我們就制定了明確的願景和策略，以鞏固我們作為身分安全公司的地位。第二季度，我們出色地執行了這項策略，結果超出了預期，業務各個方面的勢頭繼續增強。經過上半年的強勁表現以及我們計劃在下半年收購 Venafi 的計劃，我們已做好充分準備，利用我們行業領先的平台和解決方案，在所有身份用例中擴大我們的領導地位。

More on Venafi later, but first a few highlights from our strong second quarter. Net new subscription ARR was $56 million. That's a record outside of our seasonally strong fourth quarter. Subscription ARR of $677 million grew 50% year-over-year. Total ARR of $868 million grew 33% year-over-year. And our Q2 results significantly exceeded guidance across revenue, operating income, and EPS. We delivered record total revenue of $224.7 million, growing 28% year-over-year.

稍後會詳細介紹 Venafi，但首先是我們強勁的第二季的一些亮點。新訂閱淨ARR為5600萬美元。這是除季節性強勁的第四季度之外的記錄。訂閱 ARR 為 6.77 億美元，年增 50%。總 ARR 為 8.68 億美元，年增 33%。我們第二季的業績在收入、營業收入和每股盈餘方面都大大超出了指引。我們的總收入達到創紀錄的 2.247 億美元，年增 28%。

Non-GAAP operating income came in at $23.7 million, highlighting the operating leverage in our business model. Non-GAAP earnings per share was $0.54, and we are pleased to report $41.7 million in free cash flow or a 19% free cash flow margin for the quarter. Another proof point of the subscription flywheel effect and the power of our business model.

非 GAAP 營業收入為 2,370 萬美元，凸顯了我們業務模式中的營運槓桿。非 GAAP 每股收益為 0.54 美元，我們很高興地報告本季自由現金流為 4,170 萬美元，自由現金流利潤率為 19%。訂閱飛輪效應和我們商業模式力量的另一個證據。

We are incredibly proud to be among an elite class of software companies that delivered faster than 30% ARR growth, increased net new ARR year-over-year, and drove meaningful upside in profitability and free cash flow. That's a testament to our relentless focus on driving profitable growth, our expanded position as the leader in identity security, and the unique value proposition of our unified identity security platform, solving clear and present needs for the CISO’s around the world. 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 discuss later.

我們非常自豪能夠成為精英軟體公司之一，這些公司的 ARR 成長速度超過 30%，新 ARR 淨值逐年增加，並推動獲利能力和自由現金流大幅成長。這證明了我們對推動獲利成長的不懈關注、我們作為身分安全領導者的地位的擴大，以及我們統一身分安全平台的獨特價值主張，解決了世界各地 CISO 的明確和當前的需求。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，喬希將在稍後討論。

Today CISOs recognize that traditional methods of securing identity no longer work. Three forces, new identities, new environments, and new attack methods, are fundamentally redefining the market. The modern enterprise has to secure four different types of identities or personas, with each one having unique challenges and levels of complexity. The four groups are workforce, IT, developers, and machines. These identity groups are increasingly accessing heterogeneous targets located on-prem and in hybrid and multi-cloud environments, meaning, security has moved from perimeter-based to identity-centric.

如今，首席資訊安全長 (CISO) 意識到，傳統的身分保護方法不再有效。新身分、新環境、新攻擊方式三種力量正從根本上重新定義市場。現代企業必須保護四種不同類型的身分或角色，每一種都有獨特的挑戰和複雜性。這四個組別分別是勞動力、IT、開發人員和機器。這些身分群組越來越多地存取位於本地以及混合和多雲環境中的異質目標，這意味著安全性已從基於邊界轉向以身分為中心。

Given this complexity, it's no surprise that in today's threat landscape, all roads lead back to identity. Last year, 93% of organizations were victims of an identity-related cyberattack and nearly all of them more than once. As I talk with customers and experts around the world, it's evident that a new paradigm for securing identity is required. This new paradigm centers around our fundamental vision that every identity, human and machine, needs to be secured with the right level of privileged controls. CyberArk's unified end-to-end platform is the only one to deliver on this vision. Increasingly, this is resonating with customers and it's driving tremendous business momentum and fueling our growth.

鑑於這種複雜性，在當今的威脅情況下，所有道路都通往身份也就不足為奇了。去年，93% 的組織成為與身分相關的網路攻擊的受害者，而且幾乎所有組織都不只一次成為受害者。當我與世界各地的客戶和專家交談時，很明顯需要一個新的身分保護範例。這個新範式以我們的基本願景為中心，即每個身份，無論是人類還是機器，都需要透過適當的特權控制來確保安全。 Cyber​​Ark 的統一端到端平台是唯一能夠實現此願景的平台。這越來越引起客戶的共鳴，推動了巨大的業務動力並推動了我們的成長。

In Q2, the strength of our platform and land and expand execution resulted in strong close rates and robust pipeline build. Customers are allocating significant portions of their budget to identity security, consolidating spend and most importantly consolidating trust with CyberArk. As an example of all these factors coming together, we can look at a strategic customer. Less than a year ago, the International Government Agency landed as a new logo with a seven-figure deal that secured IT users with PAM, workforce identities with Identity and EPM, and machines with Secrets Management.

在第二季度，我們平台的實力以及落地和擴展執行力帶來了強勁的成交率和強勁的管道建設。客戶將其預算的很大一部分用於身分安全、整合支出，最重要的是鞏固對 Cyber​​Ark 的信任。作為所有這些因素綜合在一起的一個例子，我們可以看一下戰略客戶。不到一年前，國際政府機構以七位數的價格推出了新徽標，透過 PAM 保護 IT 用戶，透過 Identity 和 EPM 保護員工身份，並透過 Secrets Management 保護機器。

Since then, they have grown with CyberArk, and this quarter, they further expanded their workforce protection with another seven-figure ACV deal. The deep relationship we have formed with ProDesk (ph) and the speed of expansion after initial land shows the power of our identity security platform and how it is well aligned with what great organizations like ProDesk need to do to be secure.

從那時起，他們與 Cyber​​Ark 一起成長，本季度，他們透過另一筆七位數的 ACV 交易進一步擴大了員工保護。我們與 ProDesk (ph) 建立的深厚關係以及初始落地後的擴張速度顯示了我們身分安全平台的強大功能，以及它如何與像 ProDesk 這樣的優秀組織需要採取的安全措施保持一致。

As the scope of PAM programs continues to expand to include shadow IT, database and cloud administrators, as well as high risk workforce users, we are continuing to help our customers modernize their identity security programs with broader, more agile privilege controls across these personas. In a rip and replace new logo win, a leading biotechnology company signed a six-figure deal to replace a competing PAM vendor.

隨著 PAM 計畫的範圍不斷擴大，涵蓋影子 IT、資料庫和雲端管理員以及高風險員工用戶，我們將繼續幫助客戶實現身分安全計畫的現代化，對這些角色進行更廣泛、更靈活的權限控制。一家領先的生物技術公司簽署了一項價值六位數的協議，以取代競爭的 PAM 供應商，從而贏得了「拆除並更換新標誌」的勝利。

CyberArk's comprehensive identity security platform was a key differentiating factor as the customer wanted to modernize not just the protection of the IT user with Privilege Cloud, but also enhance security for their workforce with Workforce Password Manager and protect machine identities with Secrets Management.

Cyber​​Ark 的綜合身分安全平台是一個關鍵的差異化因素，因為客戶不僅希望透過Privilege Cloud 實現IT 用戶保護的現代化，還希望透過Workforce Password Manager 增強員工的安全性，並透過Secrets Management 保護機器身份。

Every organization today has a substantial and rapidly growing developer population. In the pursuit of speed and efficiency, developers are often afforded always-on privileges with only light, if any, security in place. Here, too, we have to shift the paradigm to one of security first, without interfering with the developer's pace of innovation. At the foundation of our developer solution is our Secure Cloud Access or SCA functionality. SCA applies the principle of least privilege access to developers, data scientists, and cloud engineers, while allowing them to work natively and efficiently without having to change the preferred workflow.

如今，每個組織都擁有大量且快速成長的開發人員群體。為了追求速度和效率，開發人員通常被授予永遠在線的特權，但只有輕微的安全性（如果有的話）。在這裡，我們也必須將範式轉變為安全第一，同時不干擾開發人員的創新步伐。我們的開發人員解決方案的基礎是我們的安全雲端存取或 SCA 功能。 SCA 對開發人員、資料科學家和雲端工程師應用最小權限存取原則，同時允許他們在本地有效地工作，而無需更改首選工作流程。

In the second quarter, we continue to see strong traction with this offer. In a deal that included SCA and Privilege Cloud, leading enterprise software company SAP saw standing access just in time access and zero standing privilege from a unified solution as the key differentiator for choosing CyberArk. With SCA, they can now seamlessly enable a zero-standing privilege approach, while fully securing their modern cloud environments.

在第二季度，我們繼續看到這項優惠的強勁吸引力。在一項包括 SCA 和 Privilege Cloud 的交易中，領先的企業軟體公司 SAP 將統一解決方案的即時存取和零常設特權視為選擇 Cyber​​Ark 的關鍵差異化因素。借助 SCA，他們現在可以無縫地啟用零權限方法，同時充分保護其現代雲端環境。

On the spectrum of identities, the need to do things differently is especially top of mind for securing workforce users. Each workforce identity is more powerful today than ever before and can become privileged throughout the workday.

在身分範圍上，為了保護勞動力用戶，需要以不同的方式做事尤其重要。今天，每個員工的身份都比以往任何時候都更加強大，並且可以在整個工作日中享有特權。

Traditional SSO and MFA functionality on their own don't provide the security needed, as evidenced in many high-profile breaches. In the second quarter, our workforce solution was once again one of the strongest performers because we are solving this critical customer problem.

傳統的 SSO 和 MFA 功能本身無法提供所需的安全性，許多引人注目的漏洞就證明了這一點。在第二季度，我們的勞動力解決方案再次成為表現最強勁的解決方案之一，因為我們正在解決這一關鍵的客戶問題。

We reimagined workforce identity by wrapping MFA and SSO with more controls that secure web sessions, the browser, and manage passwords. In addition, workforce protection extends to the endpoint with Endpoint Privilege manager.

我們透過使用更多控制措施來包裝 MFA 和 SSO，以保護 Web 會話、瀏覽器和管理密碼，從而重新構想了員工身分。此外，透過端點權限管理器，勞動力保護可以擴展到端點。

The following two deals showcase the power of bringing privilege controls to the workforce. A US financial services company who is a longtime CyberArk PAM customer had a need to keep its workforce more secure by managing passwords. With double EPM, they can now do exactly that. The ability to add secure browser and secure web sessions on top of their existing vendors, SSO and MFA, means they can also benefit from the additional security layer of CyberArk's broader access suite that's integrated within our platform.

以下兩筆交易展示了為員工帶來特權控制的力量。一家美國金融服務公司是 Cyber​​Ark PAM 的長期客戶，需要透過管理密碼來確保員工的安全。借助雙 EPM，他們現在可以做到這一點。能夠在現有供應商、SSO 和 MFA 之上添加安全瀏覽器和安全 Web 會話，這意味著他們還可以從整合在我們平台中的 Cyber​​Ark 更廣泛的存取套件的附加安全層中受益。

In a different example of the importance of least privilege at the endpoint when securing the workforce, a major aviation company chose to protect their workforce workstations by implementing our EPM solution. Choosing to deploy EPM with our FedRAMP High certification, they landed with a high six-figure deal that closed through the AWS Marketplace.

在另一個說明端點最小權限在保護員工時的重要性的範例中，一家大型航空公司選擇透過實施我們的 EPM 解決方案來保護其員工工作站。他們選擇透過我們的 FedRAMP High 認證來部署 EPM，並透過 AWS Marketplace 達成了一筆六位數的高額交易。

In machine identity, we had an outstanding quarter, and our momentum continues to build. Underpinning our current machine identity solution, our Conjur Cloud and Secrets Hub, which when combined, empower the developer with agility and security within their native workflow. In one outstanding deal from the quarter, a major airline, who is a longstanding CyberArk customer, recognized the need to move its secrets management strategy within the security team's remit. We quickly demonstrated the value of CyberArk Secrets Hub, resulting in a mid-six-figure ACV deal.

在機器身份方面，我們度過了一個出色的季度，並且我們的勢頭繼續增強。我們的 Conjur Cloud 和 Secrets Hub 支撐著我們目前的機器身分解決方案，兩者結合後，可以為開發人員在其本機工作流程中提供敏捷性和安全性。在本季度的一項出色交易中，一家大型航空公司（Cyber​​Ark 的長期客戶）認識到需要將其秘密管理策略納入安全團隊的職責範圍內。我們很快就展示了 Cyber​​Ark Secrets Hub 的價值，最終達成了一筆六位數的 ACV 交易。

We believe that the market for protecting machine identities is inflecting. And, we have increasingly heard from customers that there's an urgent need to protect all machine identities. Machine identities themselves are growing exponentially due to the increase in cloud computing and the rise of AI. The machine identity landscape is also becoming more complex with increasing regulatory scrutiny and emerging standards like Google's guidance to rotate certificates every 90 days. All of this is happening as machine identities are increasingly targeted by adversaries as a weak point in organizational security controls.

我們相信保護機器身分的市場正在改變。而且，我們越來越常從客戶那裡聽到，迫切需要保護所有機器身分。由於雲端運算的成長和人工智慧的興起，機器身分本身正在呈指數級增長。隨著監管審查的加強和不斷出現的標準（例如 Google 每 90 天輪換一次證書的指導），機器身分環境也變得更加複雜。所有這一切都是隨著機器身份越來越多地被對手視為組織安全控制的弱點而發生的。

We are very excited to be building out and expanding our leadership position in machine identities with the pending acquisition of Venafi, which is undergoing regulatory review. All machine identities need to be discovered, secured, managed, and automated to keep their connections and communication safe. Venafi's machine identity management solutions are complementary to CyberArk with no technology overlap. We believe that by combining our Secrets Management with Venafi’s modern machine identity management, certificate lifecycle management, and SSH Key Management, we will set a new standard for end-to-end machine identity security.

我們非常高興能夠透過即將收購 Venafi 來建立和擴大我們在機器身分領域的領導地位，Venafi 正在接受監管審查。所有機器身分都需要被發現、保護、管理和自動化，以確保它們的連接和通訊安全。 Venafi 的機器身分管理解決方案與 Cyber​​Ark 互補，沒有技術重疊。我們相信，透過將我們的秘密管理與 Venafi 的現代機器身分管理、憑證生命週期管理和 SSH 金鑰管理相結合，我們將為端到端機器身分安全制定新標準。

As you can see from these deal examples, our platform provides the ability to land in multiple spots and withmultiple products. In the second quarter, we signed 245 new logos, and approximately half of these new logos landed with two or more solutions. In other words, customers are protecting multiple types of identities with CyberArk from day one. In addition, we had a strong quarter of expansion within our base across all our solutions, but machine identities with secrets management and workforce identities with our access offerings were particularly strong.

正如您從這些交易範例中看到的，我們的平台提供了在多個地點和多種產品落地的能力。第二季度，我們簽署了 245 個新徽標，其中大約一半的新徽標帶有兩個或更多解決方案。換句話說，客戶從第一天起就使用 Cyber​​Ark 來保護多種類型的身份。此外，我們所有解決方案的基礎上都有強勁的季度擴張，但具有秘密管理的機器身份和帶有我們的訪問產品的員工身份尤其強勁。

At IMPACT, our marquee customer event held in May, attendance was up more than 25% compared to last year. We showcased that we are the frontrunner in innovation and are expanding the capabilities of our identity security platform, all serving our fundamental vision of securing every identity, human or machine, with the right level of privilege controls.

在我們 5 月舉辦的大型客戶活動 IMPACT 上，出席人數比去年增加了 25% 以上。我們展示了我們是創新的領導者，並且正在擴展我們的身分安全平台的功能，所有這些都服務於我們透過適當的權限控制來保護每個身分（無論是人還是機器）的基本願景。

We announced exciting product innovations across the whole portfolio, but I want to highlight two of them here, CORA AI and ITDR. CyberArk's CORA AI provides identity security focused artificial intelligence embedded within our identity security platform. Our unique data set on the behavior of all identities enables CORA AI to do more and ultimately effectively analyze sessions, detect threats, and recommend action. In addition, user and admin lives are made easier and adoption is faster with an identity security assistant that understands natural language. This will fundamentally transform how users interact with our platform, significantly reducing the time it takes to deliver critical information and analysis.

我們宣布了整個產品組合中令人興奮的產品創新，但我想在這裡重點介紹其中的兩個創新，即 CORA AI 和 ITDR。 Cyber​​Ark 的 CORA AI 提供嵌入在我們的身份安全平台中的專注於身份安全的人工智慧。我們關於所有身分行為的獨特資料集使 CORA AI 能夠做更多事情，並最終有效地分析會話、偵測威脅並建議採取行動。此外，透過理解自然語言的身份安全助手，使用者和管理員的生活變得更加輕鬆，採用速度也更快。這將從根本上改變用戶與我們平台的互動方式，顯著減少提供關鍵資訊和分析所需的時間。

Identity threat detection and response or ITDR is sometimes discussed as a separate market or product. We at CyberArk believe ITDR capabilities need to be part of a broader platform. They should not just be about monitoring the vendor's infrastructure or limited to active directory, they need to look across all identities to detect identity risk, and then be able to take automated response before damage is done. Our ITDR capabilities powered by CORA AI will detect and identify risky behavior, anomalous use of secrets, and much more. The powerful combination of CORA AI and ITDR enhances security, improves resiliency, drives increased productivity, and enhances engagement with our platform.

身分威脅偵測和回應或 ITDR 有時被當作單獨的市場或產品來討論。 Cyber​​Ark 相信 ITDR 功能需要成為更廣泛平台的一部分。他們不應該僅僅監視供應商的基礎設施或僅限於活動目錄，他們需要查看所有身分以檢測身分風險，然後能夠在造成損害之前採取自動回應。我們由 CORA AI 提供支援的 ITDR 功能將檢測和識別風險行為、秘密的異常使用等等。 CORA AI 和 ITDR 的強大組合增強了安全性、提高了彈性、提高了生產力並增強了與我們平台的互動。

In summary, I want to leave you with the following takeaways from today's: First, momentum continues to accelerate in our business. Identity security is a top priority for CISOs and customers are consolidating spend with CyberArk; Second, our solution selling is increasing our momentum in the market. Applying the right level of privilege controls to every identity is a security imperative that is recognized by boards, by the C-suite, security teams, and increasingly by operations and developers; Third, we are leading the charge when it comes to thought leadership and execution in the identity security space. Our ongoing innovation and pending acquisition of Venafi will further extend our leadership position and competitive mote and help further solidify our position as the identity security company.

總而言之，我想從今天的會議中得到以下幾點啟示：首先，我們業務的勢頭繼續加速。身分安全是 CISO 的首要任務，顧客正在整合 Cyber​​Ark 的支出；其次，我們的解決方案銷售正在增強我們的市場動力。對每個身分應用正確層級的權限控制是一項安全當務之急，董事會、最高管理層、安全團隊以及越來越多的營運和開發人員都認識到這一點；第三，在身分安全領域的思想領導和執行方面，我們處於領先地位。我們持續的創新和即將收購的 Venafi 將進一步擴大我們的領導地位和競爭優勢，並有助於進一步鞏固我們作為身分安全公司的地位。

And lastly, we are executing. Deals are progressing at a faster pace and our close rates remain strong. A clear testament to the fact that customers are allocating budgets to identity security. Momentum continues to build across our entire business and the strength of our platform is driving our outstanding results. With our 28% revenue growth and our 19% free cash flow margin, we were a solid Rule of 40 company in Q2.

最後，我們正在執行。交易進展速度加快，成交率依然強勁。這清楚地證明了客戶正在將預算分配給身分安全這一事實。我們整個業務的勢頭不斷增強，我們平台的實力正在推動我們取得出色的業績。憑藉 28% 的營收成長和 19% 的自由現金流利潤率，我們在第二季躋身 40 強公司之列。

I'll now turn the call over to Josh, who will talk about our strong financial results and the increase in our yearly guidance.

我現在將電話轉給喬什，他將談論我們強勁的財務業績和年度指導的增加。

Thanks, Matt. Q2 was another strong quarter for CyberArk. Once again, we exceeded our guidance across all metrics, highlighting our strong execution and durable demand for our identity security platform. We delivered strong net new ARR growth, 245 new logos, solid top line growth, and our subscription flywheel is helping us drive robust operating leverage and healthy free cash flow.

謝謝，馬特。第二季度是 Cyber​​Ark 另一個強勁的季度。我們的所有指標再次超越了我們的指導，突顯了我們強大的執行力和對身分安全平台的持久需求。我們實現了強勁的新 ARR 淨成長、245 個新商標、穩健的營收成長，而我們的訂閱飛輪正在幫助我們推動強勁的營運槓桿和健康的自由現金流。

Now, moving into the results. Total revenue grew 28% year-on-year, reaching $224.7 million and exceeded the top end of our guidance range. Annual recurring revenue reached $868 million, that's growing 33% year-on-year with $57 million in total net new ARR. As expected, SaaS made up a larger share of our bookings in the second quarter compared to the year ago period from last year. Subscription ARR grew 50% and reached $677 million and is now 78% of total ARR. We added $56 million in net new subscription ARR, that's an increase from the $49 million in the second quarter last year and a record for any non-Q4 quarter. Maintenance ARR was $191 million. Like-for-like conversion activity still represents a single-digit percent of our year-on-year ARR growth.

現在，進入結果。總收入年增 28%，達到 2.247 億美元，超出了我們指導範圍的上限。年度經常性收入達 8.68 億美元，年增 33%，新 ARR 淨值總額為 5,700 萬美元。正如預期的那樣，與去年同期相比，第二季度 SaaS 在我們的預訂中所佔的份額更大。訂閱 ARR 成長了 50%，達到 6.77 億美元，目前佔總 ARR 的 78%。我們的淨新訂閱 ARR 增加了 5,600 萬美元，比去年第二季的 4,900 萬美元有所增加，也是非第四季的記錄。維護ARR 為1.91 億美元。同比轉化活動在我們的 ARR 同比成長中仍然只佔個位數百分比。

Our business continues to benefit from the momentum we are seeing in upselling and cross-selling new solutions across our platform, which is a significant factor in our strong growth. In the second quarter, the cohort of customers with more than $100,000 in ARR grew to nearly 1,900 and the cohort with ARR of more than $500,000 is now over 340 customers that grew 38% year-on-year.

我們的業務繼續受益於我們在平台上追加銷售和交叉銷售新解決方案的勢頭，這是我們強勁成長的重要因素。第二季度，ARR 超過 10 萬美元的客戶群成長到近 1,900 個，ARR 超過 50 萬美元的客戶群目前已超過 340 個，年成長 38%。

Moving into the details of the revenue lines for the second quarter. Recurring revenue reached $208 million, growing 32% year-on-year and accounting for 93% of total revenue, continuing to go up from the 90% in the second quarter last year. Subscription revenue was $158.4 million, growing 49% year-on-year and representing 70% of total revenue. Maintenance and professional services revenue was $62.7 million. Of that, recurring maintenance revenue was $49.6 million compared to $51.6 million in the year ago period, and our maintenance renewal rates remained strong and in line with historic levels. Professional services revenue was $2.1 (ph) million.

進入第二季收入線的詳細資訊。經常性收入達2.08億美元，年增32%，佔總營收的93%，持續高於去年第二季的90%。訂閱收入為 1.584 億美元，年增 49%，佔總收入的 70%。維護和專業服務收入為 6,270 萬美元。其中，經常性維護收入為 4,960 萬美元，而去年同期為 5,160 萬美元，我們的維護續約率仍然強勁，符合歷史水準。專業服務收入為 210 萬美元。

From a geographic perspective, all regions showed healthy growth. Americas was $129.2 million, growing 21% year-on-year. EMEA revenue was $69.9 million, up 39% year-on-year and APJ revenue was $25.6 million, growing 40% year-on-year.

從地理來看，各地區均呈現健康成長態勢。美洲地區為 1.292 億美元，年增 21%。 EMEA 營收為 6,990 萬美元，年增 39%，APJ 營收為 2,560 萬美元，年增 40%。

All P&L items 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. Second quarter gross margin, gross profit was $186.9 million or 83.2% gross margin, that's up from 81.5% in the second quarter last year. In the second quarter, our operating income was $23.7 million or 10.6% operating margin, also up compared to the operating loss of $5.6 million in the second quarter of last year. The significant improvement from the year ago period highlights the inherent operating leverage of our business model.

現在所有損益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。第二季毛利率為 1.869 億美元，毛利率為 83.2%，高於去年第二季的 81.5%。第二季度，我們的營業收入為 2,370 萬美元，營業利潤率為 10.6%，也高於去年第二季度 560 萬美元的營業虧損。與去年同期相比的顯著改善凸顯了我們業務模式固有的營運槓桿。

Net income came in at $26.1 million or $0.54 per diluted share, also significantly outperforming our guidance and up from earnings per share of $0.03 in the year ago period. We ended June with 3,200 employees worldwide, including about 1,370 in sales and marketing.

淨利潤為 2,610 萬美元，即稀釋後每股收益 0.54 美元，也顯著優於我們的指導，高於去年同期的每股收益 0.03 美元。截至 6 月，我們在全球擁有 3,200 名員工，其中約 1,370 名從事銷售和行銷工作。

We are pleased to deliver another strong quarter of free cash flow, which was $41.7 million in the second quarter, as compared to a negative $12.6 million in the second quarter of last year. That means, we have delivered $108 million in free cash flow in the first six months of the year. That's well ahead of our expectations. We believe this is a clear demonstration of the inherent cash flow potential in our recurring revenue model.

我們很高興再次實現強勁的季度自由現金流，第二季為 4,170 萬美元，去年第二季為負 1,260 萬美元。這意味著，今年前六個月我們已經交付了 1.08 億美元的自由現金流。這遠遠超出了我們的預期。我們相信，這清楚地證明了我們經常性收入模式中固有的現金流潛力。

Before going into guidance, I want to briefly touch on our proposed Venafi acquisition, which is still expected to close in the second half of 2024. As we noted previously, Venafi had approximately $150 million in ARR with more than 550 customers. Like CyberArk, about 95% of Venafi's revenue is recurring adding to our durable subscription revenue model. Importantly, we expect Venafi to be immediately accretive to non-GAAP margins. It's rare to find an acquisition opportunity that meets both strategic and financial objectives. We're confident with Venafi, we did exactly that.

在進入指導之前，我想簡單談談我們擬議的 Venafi 收購，該收購預計仍將在 2024 年下半年完成。與 Cyber​​Ark 一樣，Venafi 約 95% 的收入都是經常性收入，並添加到我們的持久訂閱收入模式中。重要的是，我們預計 Venafi 將立即增加非 GAAP 利潤率。很難找到同時滿足策略和財務目標的收購機會。我們對 Venafi 充滿信心，我們確實做到了。

Now, let's turn to our guidance. For the third quarter of 2024, we expect total revenue of $230 million to $236 million, which represents 22% year-on-year growth at the midpoint. We expect non-GAAP operating income in the range of $20.5 million to $25.5 million for the third quarter. We expect our non-GAAP EPS to be in the range of $0.38 to $0.49 per diluted share. Our guidance also assumes 48.2 million weighted average diluted shares and about $12 million in taxes.

現在，讓我們轉向我們的指導。對於 2024 年第三季度，我們預計總營收為 2.3 億美元至 2.36 億美元，中間值年增 22%。我們預計第三季非 GAAP 營業收入將在 2,050 萬美元至 2,550 萬美元之間。我們預計非 GAAP 稀釋後每股收益將在 0.38 美元至 0.49 美元之間。我們的指導還假設加權平均稀釋股票為 4820 萬股，稅費約為 1200 萬美元。

For the full year 2024, we are increasing our guidance across all our metrics. We now expect total revenue in the range of $932 million to $942 million, representing 25% year-on-year growth at the midpoint of the range. As we look at our pipeline for the remainder of the year, SaaS continues to be expected to lead the way. Reflecting the power of our subscription model and our continued commitment to driving operating leverage, we are increasing our full year operating income to a range of $107.5 million to $116.5 million. We expect our non-GAAP earnings per share to be between $2.17 and $2.36 per diluted share. We expect about 48.2 million weighted average diluted shares and about $53 million in taxes for the full year 2024.

對於 2024 年全年，我們將提高所有指標的指導。我們目前預計總收入在 9.32 億美元至 9.42 億美元之間，相當於該範圍中點的年增 25%。當我們審視今年剩餘時間的管道時，預計 SaaS 仍將處於領先地位。我們將全年營業收入提高至 1.075 億美元至 1.165 億美元，這反映了我們訂閱模式的力量以及我們對提高營運槓桿的持續承諾。我們預計非公認會計準則每股攤薄收益將在 2.17 美元至 2.36 美元之間。我們預計 2024 年全年加權平均稀釋股票約為 4,820 萬股，稅金約為 5,300 萬美元。

We are also raising our annual recurring revenue to a range of $985 million to $995 million at December 31, 2024, or about 28% year-on-year growth at the midpoint. We are significantly increasing our free cash flow guidance for the full year to a range of $145 million to $155 million that will represent 16% free cash flow margin at the midpoint. I want to note that our guidance for the third quarter and full year 2024 does not include contribution from the proposed acquisition of Venafi. We will update our guidance for the Venafi acquisition in the first quarterly earnings call after we closed the transaction.

截至 2024 年 12 月 31 日，我們也將年度經常性收入提高至 9.85 億美元至 9.95 億美元，中間值年增約 28%。我們將全年自由現金流指引大幅提高至 1.45 億至 1.55 億美元，這意味著自由現金流利潤率中點為 16%。我想指出的是，我們對 2024 年第三季和全年的指導不包括擬議收購 Venafi 的貢獻。我們將在交易結束後的第一個季度財報電話會議上更新 Venafi 收購的指導。

To sum up, we are thrilled to report another strong quarter to finish out a strong first half of the year and confidently raise our guidance. We are pleased with the progress we have made towards closing the Venafi acquisition and look forward to the industry leader joining CyberArk later this year. With reporting now, the 33% ARR growth, 11% operating margin, 19% free cash flow margin, we are firing on all cylinders. Identity security is a top priority for CISOs, and our platform is a clear industry leader, delivering tremendous value for our customers.

總而言之，我們很高興報告又一個強勁的季度，為今年上半年的強勁業績畫上句號，並充滿信心地提高了我們的指導。我們對完成 Venafi 收購所取得的進展感到高興，並期待行業領導者今年晚些時候加入 Cyber​​Ark。現在報告顯示，ARR 成長 33%、營業利潤率 11%、自由現金流利潤率 19%，我們正在全力以赴。身分安全是 CISO 的首要任務，我們的平台是明顯的產業領導者，為我們的客戶帶來巨大的價值。

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

我現在將把電話轉給接線員進行問答。操作員？

Thank you. (Operator Instructions) Saket Kalia, Barclays. .

謝謝。 （操作員指示）Saket Kalia，巴克萊銀行。 。

Okay, great. Hey, good morning, guys. Thanks for taking my questions here, and congrats on the strong execution.

好的，太好了。嘿，早上好，夥計們。感謝您在這裡提出我的問題，並祝賀您的強大執行力。

Thanks, Saket. We appreciate it.

謝謝，薩凱特。我們很感激。

Absolutely. Matt, maybe just to start with you. I think we all understand CyberArk's sort of undeniable leadership, right, in the PAM market. But I was wondering if you could just talk about how you feel like you're differentiating in areas like workforce identity and Secrets Management. Because during your prepared remarks, it just sounds like there's a lot more functionality that you could offer in at least those two areas versus competitors, but just wanted to hear how you think about that.

絕對地。馬特，也許只是從你開始。我想我們都了解 Cyber​​Ark 在 PAM 市場中無可否認的領導地位。但我想知道您是否可以談談您對在員工身份和秘密管理等領域的差異化有何感受。因為在您準備好的發言中，聽起來您至少在這兩個領域比競爭對手可以提供更多的功能，但只是想聽聽您對此的看法。

Thanks, Saket. I actually love that question. I might spend a little bit more time on answering it because, I think it's core to kind of our growth strategy here is our ability to be able to differentiate on those two pillars versus the market competitors. So if we start with securing the workforce, and you've heard me say this before, but we really have taken a stance that we need to reimagine how we secure workforce identities. And for a long time now, we've been securing the workforce, the general workforce with single sign-on and multifactor authentication. And those are really important core security controls, and we offer it and the competitors offer it.

謝謝，薩凱特。我真的很喜歡這個問題。我可能會花更多的時間來回答這個問題，因為我認為我們成長策略的核心是我們能夠在這兩個支柱上與市場競爭對手區分開來的能力。因此，如果我們從保護勞動力開始，您以前聽過我說過這一點，但我們確實採取了立場，即我們需要重新構想如何保護勞動力身分。長期以來，我們一直透過單一登入和多因素身分驗證來保護員工、一般員工的安全。這些是非常重要的核心安全控制，我們提供它，競爭對手也提供它。

But the reality is, in this breach environment, we need to go beyond those basic security controls. We need to do things like extra security when a high-risk user is accessing the increasing number of SaaS applications. That's our secure web sessions.

但現實是，在這種違規環境中，我們需要超越這些基本的安全控制。當高風險用戶存取越來越多的 SaaS 應用程式時，我們需要採取額外的安全措施。這就是我們的安全網路會話。

And the idea there is, a normal user who's going through their daily work, they can look like a regular user when they're accessing certain applications. But if you're the admin in HR accessing the workday system, you're actually a high-risk privileged user every time you go into that SaaS tool. And so we need to be able to wrap extra security controls for those use cases. We add in our secure browser. The idea of really enterprise-grade security browsing for these users so that we can tie in things like cookie less browsing. We can have the ability to be able to monitor sessions.

這個想法是，一個正在進行日常工作的普通用戶，在訪問某些應用程式時，他們可以看起來像一個普通用戶。但是，如果您是存取工作日系統的 HR 管理員，那麼每次您進入該 SaaS 工具時，您實際上都是高風險特權使用者。因此，我們需要能夠為這些用例包裝額外的安全控制。我們新增到我們的安全瀏覽器。為這些使用者提供真正企業級安全瀏覽的想法，以便我們可以結合無 cookie 瀏覽等功能。我們可以有能力監控會話。

The idea of Workforce Password Manager, which we heard talk about in the release. So these ideas together into one integrated solution puts our package, our solution versus the competitors, and the customers are increasingly saying, wait, I can get that, why wouldn't I go with that because we need to think about how we substantiate a better security posture for the workforce.

我們在發布版本中聽到談論過 Workforce Password Manager 的想法。因此，將這些想法整合到一個整合解決方案中，將我們的方案、我們的解決方案與競爭對手相比，客戶越來越多地說，等等，我能明白這一點，為什麼我不這樣做，因為我們需要考慮如何證實為員工提供更好的安全狀況。

So, we are having a higher win rate. We are seeing strong growth on the workforce side, and you hear the excitement as I'm describing it. It's a similar story over on the machine side. I'd say it's a story that's even going to get better post Venafi acquisition.

所以，我們的勝率更高。我們看到勞動力方面的強勁成長，正如我所描述的那樣，您也聽到了興奮之情。在機器方面也是類似的情況。我想說，在 Venafi 收購後，這個故事甚至會變得更好。

But here, we're talking about the idea of how do we get control across the broad spectrum of machine identities that sit out there. And we can be talking about legacy applications that are still sitting in the data center. We can be talking about modern container-based applications coming out of the developer group. We can even be talking about the idea of the micro services or the workloads that sit underneath all these modern applications. They all have identities. And we need to be able to make sure that we can discover them, we can secure them and we can manage them.

但在這裡，我們討論的是如何控制廣泛的機器身分。我們可以談論仍然位於資料中心的遺留應用程式。我們可以談論來自開發人員團隊的現代基於容器的應用程式。我們甚至可以討論所有這些現代應用程式背後的微服務或工作負載的概念。他們都有身份。我們需要能夠確保我們能夠發現它們，我們能夠保護它們並且我們能夠管理它們。

But we have to do it in a way that naive to the workflow of the people who are actually building these applications in our combination of Conjur Cloud and Secrets Hub allows us to differentiate both the ability to offer a full-scale solution like Conjur Cloud, but also to be able to add or layer on top of the secret stores that sit within the hyperscalers, AWS, Microsoft, Google, so that the developers can actually choose what tools they want to use, but security can layer the right controls on top. And you heard that in the example I used in the script of the airline who basically made a decision that machine identity security was going to be under the control of the security team. And the minute that decision was made, CyberArk became the only choice.

但我們必須以一種對在我們的Conjur Cloud 和Secrets Hub 組合中實際構建這些應用程式的人員的工作流程進行天真的方式來做到這一點，這使我們能夠區分提供像Conjur Cloud 這樣的全面解決方案的能力，而且還能夠在超大規模企業、AWS、微軟、谷歌內部的秘密存儲之上添加或分層，以便開發人員實際上可以選擇他們想要使用的工具，但安全性可以在之上分層正確的控制。您聽說過，在我在航空公司腳本中使用的範例中，航空公司基本上做出了機器身分安全將由安全團隊控制的決定。在做出決定的那一刻，Cyber​​Ark 就成為了唯一的選擇。

So, I think this is what we're seeing out there in the market. And as we think about Venafi and the expanding opportunity to actually go after certificates and other forms of machine identity, we just see a long runway of growth ahead of us.

所以，我認為這就是我們在市場上看到的情況。當我們考慮 Venafi 以及實際追求證書和其他形式的機器身份的不斷擴大的機會時，我們只看到前面有一條漫長的增長道路。

That makes a ton of sense. Josh, maybe for my follow-up for you. The inflection in free cash flow is just great to see. I know that billings isn't a metric that we've really focused on much in the past, but I'm just wondering, is that sort of flywheel with subscription renewals grows, how do you sort of think about when that metric becomes more meaningful?

這很有道理。喬什，也許是為了我對你的後續行動。自由現金流的變動令人欣喜。我知道帳單並不是我們過去真正關注的一個指標，但我只是想知道，這種隨著訂閱續訂而增長的飛輪是否會增長，當該指標變得更多時，您會如何考慮有意義嗎？

Yes. Hi, Saket. Thanks. First of all, you're right. We're really excited with the free cash flow that we generated not only in Q2, but really for the whole first half of the year. And also excited that we're able to continue to raise the guidance significantly for the full year, and it's really based off of the factors around just really strong renewal rates, strong bookings as well. And I think when we think about billings, one of the things is the reason why we've always kind of shied away is the noise that comes from the maintenance piece of the component within the deferred revenue that goes into the billings calculation.

是的。嗨，薩凱特。謝謝。首先，你是對的。我們對我們不僅在第二季度而且在整個上半年產生的自由現金流感到非常興奮。我們也很高興能夠繼續大幅提高全年的指導，這實際上是基於非常強勁的續訂率和強勁的預訂等因素。我認為，當我們考慮帳單時，我們總是迴避的原因之一是來自進入帳單計算的遞延收入中的組件維護部分的噪音。

So I think to the extent that when ARR for the maintenance goes down dramatically, and we become where everything around the ARR growth and the deferred revenue is focused on the subscription SaaS. I think that's where billings becomes a more of a clear predictor or an indicator of the growth in the business, and that's why we're still really focused today on our ARR growth, which is really the strongest indicator because it kind of helps to wash out any impact from the tail of our transition out of the perpetual business model.

因此，我認為，當維護的 ARR 急劇下降時，我們就會將 ARR 成長和遞延收入的所有內容都集中在訂閱 SaaS 上。我認為這就是比林斯成為業務成長的更清晰的預測指標或指標的地方，這就是為什麼我們今天仍然真正關注我們的 ARR 成長，這確實是最強有力的指標，因為它有助於清洗消除我們從永久商業模式轉型的尾部產生的任何影響。

It makes ton of sense. Thanks, guys.

這很有道理。謝謝，夥計們。

Jonathan Ho, William Blair.

喬納森·何，威廉·布萊爾。

Hi, good morning. Matt, can you maybe give us a little bit of additional commentary on how your platform vision is resonating with customers? And are you perhaps seeing channel partners start to bring you more into these types of deals as well?

嗨，早安。馬特，您能否給我們一些關於您的平台願景如何與客戶產生共鳴的額外評論？您是否可能看到通路合作夥伴也開始讓您更參與此類交易？

Yes. Hi, Jonathan. So absolutely. I mean I think the platform is the very foundation of our ability to do solution selling. And it's the combination of both that is actually differentiating us in the market. So, we come to the customers, and we're talking about these four personas, these four identity groups, workforce, IT developers and machines. And then we're talking about this vision, which is the idea to be able to secure every identity with the right level of privilege controls.

是的。嗨，喬納森。絕對是如此。我的意思是，我認為該平台是我們進行解決方案銷售能力的基礎。正是這兩者的結合才真正使我們在市場上脫穎而出。因此，我們來到客戶身邊，我們談論這四種角色、這四種身分群體、勞動力、IT 開發人員和機器。然後我們談論這個願景，即能夠透過正確的權限控制來保護每個身分的想法。

The only way that that's possible is with an integrated platform with the ability to be able to understand the behaviors of each identity group and apply the right level of controls, we call that intelligent privilege controls based upon what behaviors we're seeing, what the user is trying to do, what the target they're trying to access. And so, we're not even into the discussion yet around the particular technologies that we offer. I'm talking about a high-level vision with customers about this ability to be able to expand across all their identity groups. That introduces the notion of the how.

實現這一目標的唯一方法是使用一個整合平台，該平台能夠理解每個身分群組的行為並應用正確層級的控制，我們稱之為智慧權限控制，該控制基於我們所看到的行為、使用者正在嘗試執行的操作，以及他們嘗試存取的目標。因此，我們還沒有開始討論我們提供的特定技術。我正在與客戶談論一種能夠擴展到所有身分群體的能力的高級願景。這就引入了「如何」的概念。

Well, how do we do that? We do that with one integrated platform, one user experience, one ability to be able to run unified audit and unified reporting. And absolutely, that is not only resonating with customers, but I think it's the backbone of the relationship. Because even if a customer decides, you know what, you're the PAM leader. I want to get started with securing IT, they feel future proof. They feel safe in the relationship because they know they can expand off of one platform into those other identity groups when the time comes. Now of course, as we mentioned, about half of our new logos land with more than one solution, more than one identity group because customers actually from the get-go want to get started with leveraging more and more of the platform.

那麼，我們該怎麼做呢？我們透過一個整合平台、一種使用者體驗、一種能夠運行統一審計和統一報告的能力來做到這一點。當然，這不僅能引起客戶的共鳴，而且我認為這是關係的支柱。因為即使客戶做出決定，您也知道，您是 PAM 領導者。我想開始保護 IT 安全，它們感覺面向未來。他們在這種關係中感到安全，因為他們知道，時機成熟時，他們可以從一個平台擴展到其他身分群體。當然，正如我們所提到的，我們大約有一半的新徽標帶有多個解決方案、多個身份組，因為客戶實際上從一開始就希望開始利用越來越多的平台。

So I do think it's fundamental to our strategy, and it's fundamental actually to the elevation of our relationships with our customers as we map out their long-term identity security strategy.

因此，我確實認為這對我們的策略至關重要，而且在我們制定長期身分安全策略時，這對提升我們與客戶的關係也至關重要。

Got it. And then just in terms of a quick follow-up. When we look at the strength in the free cash flow margins this quarter, I mean, is this sort of the new normal level? Or should we expect there to be additional leverage just given the strength in your performance? Thank you.

知道了。然後就快速跟進而言。當我們審視本季自由現金流利潤率的實力時，我的意思是，這是新的正常水平嗎？或者，鑑於您的表現強勁，我們是否應該期望有額外的槓桿作用？謝謝。

Yes. Thanks, Jonathan. So I think we guided and increased our guide for the full year. So that's the expectation going to the back half of the year. But I do think that what the cash flow from the second quarter and also from the first quarter indicators that, yes, we do have a lot of leverage in our model to be able to continuously increase our cash flow margin, our free cash flow margin against revenue going forward, and we anticipate doing that in the years to come.

是的。謝謝，喬納森。所以我認為我們指導並增加了全年的指導。這就是對今年下半年的期待。但我確實認為第二季和第一季的現金流量表明，是的，我們的模型中確實有很多槓桿，能夠不斷增加我們的現金流量利潤率，我們的自由現金流量利潤率與未來的收入相比，我們預計在未來幾年會這樣做。

Thank you.

謝謝。

Madeline Brooks, Bank of America.

馬德琳布魯克斯，美國銀行。

Great. Thanks for taking my questions and nice performance of course. Just two quick ones from me. First of all, Matt, in your prepared remarks you called out some nice wins. And I just wanted to double click on those. I'm trying to understand that or I guess, confirm with you that second quarter was really driven by a host of different deals versus one or two really oversized large ones.

偉大的。感謝您提出我的問題，當然還有出色的表現。我只有兩個快的。首先，馬特，在你準備好的演講中，你提到了一些不錯的勝利。我只想雙擊那些。我正在嘗試理解這一點，或者我想，請向您確認第二季度確實是由一系列不同的交易推動的，而不是一兩個真正超大的大型交易。

And then second question for me, both for Matt as well as for Josh is just getting an update on some of those other business metrics. And you mentioned over 50% are landing with two or more solutions. So how should we think about growth in just core PAM versus the other areas in your portfolio? And additionally, if you could just touch on any type of NRR type of a metric. I know last time you spoke, I think it was still trending above 125%. So if we could just kind of get an indication of where it is now, that would be helpful. Thanks so much.

然後對我來說，無論是馬特還是喬希，第二個問題就是獲取其他一些業務指標的最新資訊。您提到超過 50% 的人會使用兩種或更多解決方案。那麼，與您投資組合中的其他領域相比，我們應該如何考慮核心 PAM 的成長呢？此外，如果您可以觸及任何類型的 NRR 類型的指標。我知道你上次講話時，我認為趨勢仍然高於 125%。因此，如果我們能夠知道它現在在哪裡，那將會很有幫助。非常感謝。

Matt Cohen

馬特·科恩

The company make up from the top 10 deals as a percent of our overall bookings. And we continue to see a really strong breadth of business across all our markets actually driving our results. So it's a great indication actually of the strength of the business when we look under the covers from that perspective. I think when you think about the metrics that we're seeing out there, I think we're continuing to feel good about all of them. I think when we think about our new logo lands, we were really happy with that.

該公司的前 10 筆交易占我們總預訂量的百分比。我們繼續看到我們所有市場上真正強大的業務範圍實際上推動了我們的業績。因此，當我們從這個角度審視幕後時，這實際上很好地表明了業務的實力。我認為，當你考慮我們所看到的指標時，我認為我們對所有這些指標都感覺良好。我想當我們想到我們的新標誌時，我們對此感到非常滿意。

So yes, the multiple solution lands. But just in general, getting to 245 new logos in this economy, it feels like a strong landing spot for us, and we continue to plant seeds across the board, and we plant seeds across the board across all of the product lines. And I think that's the other kind of underlying message.

所以，是的，多重解決方案落地了。但總的來說，在當前經濟形勢下獲得 245 個新徽標，對我們來說感覺像是一個強有力的著陸點，我們繼續全面播種，我們在所有產品線全面播種。我認為這是另一種潛在的訊息。

We've talked about this mix or this pie for a while, and the pie continues to maintain in the consistent kind of slices as we've seen in prior quarters. And the reason for that is that PAM continues to grow. So our newer areas obviously are growing faster, and they're performing well. But the core PAM business itself from an ARR perspective continues to grow. And so the overall shifting of the underlying pie doesn't change all that much.

我們已經討論了這種組合或這個餡餅有一段時間了，並且餡餅繼續保持與我們在前幾個季度所看到的一致的切片類型。原因是 PAM 持續成長。因此，我們的新領域顯然成長更快，而且表現良好。但從 ARR 的角度來看，核心 PAM 業務本身仍在持續成長。因此，底層蛋糕的整體變化並沒有太大變化。

Which is where you want to be, right? You want your core business to continue to perform and you want your emerging businesses to perform even better, but not catch up so much because you have any weakness in your core. And so this is what we're seeing. I think we're still too early to really talk about NRR as a number out there. We want to get through some more cycles. So it's actually not a number that we've disclosed out there. But I think we feel very strong in our ability to be able to harvest deals within our base, and we see really strong expansion within that base.

哪一個才是你想去的地方，對吧？你希望你的核心業務繼續表現，你希望你的新興業務表現得更好，但不要追趕太多，因為你的核心業務有任何弱點。這就是我們所看到的。我認為我們現在真正談論 NRR 這個數字還為時過早。我們希望經歷更多的周期。所以這其實不是我們公開的數字。但我認為我們感覺自己有能力在我們的基地內收穫交易，我們看到該基地內的擴張非常強勁。

Thanks so much.

非常感謝。

Rob Owens, Piper Sandler.

羅伯歐文斯，派珀桑德勒。

Yes. Thanks for taking my question this morning. And Matt, you're coming in at the tail end of earnings and your call sounds quite different than pretty much what we've heard out there. And so, I want to drill down a little bit into that relative, is there a sense of urgency you're finding from companies or customers, excuse me. I mean your new logo count is up, few companies have had the net new ARR growth in the first half that you guys have. So, is it just all coming together at this point? Or is there some sense of urgency, because the economy has been relatively uneven or flat at best for most?

是的。感謝您今天早上提出我的問題。馬特，你正處於盈利尾聲，你的電話聽起來與我們聽到的完全不同。因此，我想深入了解這位親戚，您是否從公司或客戶那裡發現了緊迫感，請問。我的意思是你們的新商標數量增加了，很少有公司在上半年實現新的 ARR 淨成長。那麼，現在一切都湊在一起了嗎？或者是否存在某種緊迫感，因為對大多數人來說，經濟相對不平衡或充其量只是持平的？

Yes, Rob, it's a good question. And I think is indicative of what we're seeing out there. So let's break down again what the landscape looks like. At the moment in time, the threat vectors, the adversaries out there, it continues to elevate, right? And so the breach environment, the risk environment increases. And CISOs and security teams are under a tremendous amount of pressure. And within that construct, they're asked by their Boards, by their C-suite to focus in on what's most important, what's most likely to reduce risk, and that's the ability to actually secure environments.

是的，羅布，這是個好問題。我認為這表明了我們所看到的情況。那麼讓我們再次分解一下景觀是什麼樣子的。此刻，威脅向量、對手在那裡，它繼續升級，對嗎？因此，違規環境、風險環境都會增加。 CISO 和安全團隊承受著巨大的壓力。在這種結構中，董事會和最高管理階層要求他們專注於最重要的事情、最有可能降低風險的事情，以及真正保護環境的能力。

And then, frankly, also what's most likely to help them be resilient if risk materializes. And we, within the identity security space as a whole and as the leader in identity security are just at the forefront of those conversations. Because ultimately, the CISOs prioritize identity security at the top of the list. So the answer of what they can do to reduce risk is, implement core controls, implement privilege controls, understand how to protect the workforce more securely than just MFA, SSO. Go and attack the machine identity environment has been neglected for years, expand out or modernize how we secure IT to make sure that we're not just doing the basics, but we're moving beyond that to actually, for example, secure access to VMs into cloud.

然後，坦白說，如果風險成為現實，什麼最有可能幫助他們保持彈性。而我們，在整個身分安全領域以及身為身分安全領域的領導者，正處於這些對話的最前線。因為歸根結底，CISO 會將身分安全放在首位。因此，他們可以採取哪些措施來降低風險，答案是實施核心控制、實施權限控制、了解如何比僅使用 MFA、SSO 更安全地保護員工。去攻擊多年來被忽視的機器身份環境，擴展或現代化我們保護 IT 的方式，以確保我們不僅僅做基礎工作，而且我們正在超越這一點，例如，安全訪問虛擬機進入雲端。

And so, all of that then becomes a conversation with us and the customer about, all right, how do we move and how fast can we move? Our partners get it, so they're pushing it harder. So we become a top priority for our partner ecosystem. And ultimately, it materializes in the results that we see. I think independent of macros and independent of other factors out there and uncertainty, ultimately, securities teams have a mission, and it's the same mission of ours, which is to secure their environments, to protect their organization and their digital transformations. And I think we're just top of mind for that and then we're able to go deliver and we see that in the results, and we see it even in the outlooks of what we see in the pipe moving forward.

因此，所有這些都變成了與我們和客戶的對話，好吧，我們如何行動以及我們能行動多快？我們的合作夥伴明白這一點，因此他們更加努力地推動這一點。因此，我們成為合作夥伴生態系統的首要任務。最終，它會體現在我們看到的結果中。我認為，獨立於宏觀因素，獨立於其他因素和不確定性，最終，證券團隊有一個使命，這與我們的使命相同，即保護他們的環境，保護他們的組織和數位轉型。我認為我們對此是首要考慮的，然後我們就能夠交付，我們在結果中看到了這一點，甚至在我們在未來管道中看到的前景中也看到了這一點。

Thanks for your commentary there. Josh, just a quick one on free cash flow margin. If I look on a trailing 12-month basis, you're closer to about 20%. Historically, the shape of free cash flow in any given year is a little more second half weighted, if not, even throughout the year. So is there something unique in this year relative to that second half? Because I think guiding to roughly 16.5% cash flow margin at the high end of the range, which is actually below your TTM numbers? Thanks.

感謝您在那裡的評論。喬什，簡單介紹一下自由現金流利潤率。如果我查看過去 12 個月的數據，則接近 20% 左右。從歷史上看，任何一年的自由現金流的形狀都會在下半年加權，如果不是的話，甚至全年都是如此。那麼今年與下半年相比有什麼獨特之處嗎？因為我認為指導現金流量利潤率在該範圍的高端約為 16.5%，這實際上低於您的 TTM 數字？謝謝。

Yes. Thanks, Rob. So when we look at the guidance for the full year that we raised, I think, by $30 million, but we're still handicapping, so to speak, for the impact of the Venafi transaction, of the investment that we're doing today around it and related costs. We're also taking into consideration potential rate cuts in the second half that could be significant on the interest income. And third, I would say that there's consideration of tax obligations in the second half.

是的。謝謝，羅布。因此，當我們看到我們籌集的全年指導時，我認為增加了 3000 萬美元，但可以說，我們仍然阻礙了 Venafi 交易的影響，影響了我們今天正在進行的投資圍繞它和相關成本。我們也考慮到下半年可能降息，這可能對利息收入產生重大影響。第三，我想說下半年會考慮納稅義務。

So when we kind of think about that and obviously, we're much more bullish on our free cash flow this year than we had started out in February. And we were glad that we were able to still increase the guidance for the full year, but we did consider some of these other factors to the extent that we increased our guidance.

因此，當我們考慮到這一點時，顯然，我們對今年的自由現金流比 2 月開始時更加樂觀。我們很高興我們仍然能夠增加全年的指導，但我們確實考慮了其中一些其他因素，以達到我們增加指導的程度。

Thank you.

謝謝。

Shaul Eyal, TD Cowen.

紹爾‧埃亞爾 (Shaul Eyal)，TD‧考恩 (TD Cowen)。

Thanks you. Good morning, good afternoon, guys. Congrats on the ongoing consistent execution. Guys, any views on how the public vertical has performed this quarter? Maybe just to word about linearity trends during the quarter and maybe how it's been performing during the month of July? Thank you.

感謝您。早安，下午好，夥計們。恭喜您持續一致的執行。各位，對本季公共垂直領域的表現有何看法？也許只是想談談本季的線性趨勢以及 7 月的表現如何？謝謝。

Sure. I'll take that. So I think we've talked about this before, but as the nature of our solutions have become more mission-critical, we've seen kind of more even distribution in our federal government space, kind of across the board. And so, we don't generally see a huge tick up. We actually are seeing just good solid behavior across government, global government, across state and local, which is a growth area for us.

當然。我會接受的。所以我想我們之前已經討論過這個問題，但隨著我們解決方案的性質變得更加關鍵，我們已經看到聯邦政府領域的分佈更加均勻，有點全面。因此，我們通常不會看到大幅上漲。事實上，我們看到了政府、全球政府、州和地方的良好可靠行為，這對我們來說是一個成長領域。

And so, I think we're happy with our performance overall. We expect it to continue, but I wouldn't say there was any outsized differences in the quarter. And frankly, I don't think there'll be any outsized differences in the quarter to come. I think we're just going to continue to see strong growth. I think our global government vertical represents about 10% of our overall ARR. And I think we continue to see that perform well.

因此，我認為我們對整體表現感到滿意。我們預計這種情況會持續下去，但我不會說本季有任何巨大差異。坦白說，我認為未來一個季度不會有任何巨大差異。我認為我們將繼續看到強勁的成長。我認為我們的全球政府垂直領域約占我們整體 ARR 的 10%。我認為我們將繼續看到其表現良好。

Any views about linearity trends?

關於線性趨勢有什麼看法嗎？

Across the entire business, we see our normal hockey stick. So we are always back-end loaded in the quarter. We saw Q2 perform kind of consistent with normal Q2s. I would say we've had a strong start to Q3 here. So we're feeling pretty good. But I haven't quite solved the quarterly hockey stick, it's one thing yet to be solved here at CyberArk.

在整個業務中，我們看到了普通的曲棍球棒。因此，我們總是在本季進行後端加載。我們看到第二季的表現與正常第二季的表現有點一致。我想說我們在第三季有一個好的開始。所以我們感覺很好。但我還沒有完全解決季度曲棍球棒問題，這是 Cyber​​Ark 尚未解決的一件事。

Thank you so much.

太感謝了。

John Difucci, Guggenheim.

約翰‧迪福奇，古根漢。

Thank you. I'd like to follow up to Rob's question because the results here, as everyone is saying here, is they're impressive. but it's not only meant that CISOs that have said, hey, identity is a priority here. But it's also cyber insurance companies. I know that you and I have talked about this a lot in the past. But I'm just curious, are you seeing sort of any uptick in at least conversations around cyber insurance or demand? Because to Rob's point, having new logos grow year-over-year for the first time in 1.5 years, in this quarter in this IT spending environment is not only impressive, it's also very unique. Like you spoke about the origin and the strength of the CISOs, they've recognized they really need to protect identities in a more robust way.

謝謝。我想跟進羅布的問題，因為正如每個人都在這裡所說的那樣，這裡的結果令人印象深刻。但這不僅意味著 CISO 會說，嘿，身份是這裡的首要任務。但它也是網路保險公司。我知道你和我過去已經多次討論過這個問題。但我只是很好奇，您至少在圍繞網路保險或需求的對話中是否看到任何上升？因為在 Rob 看來，新商標 1.5 年來首次逐年成長，在本季的 IT 支出環境中不僅令人印象深刻，而且非常獨特。就像您談到 CISO 的起源和實力一樣，他們已經認識到自己確實需要以更強有力的方式保護身份。

But what's the tactical catalyst to that happening other than some of the, I guess, breaches we've heard about out there. to get cyber insurance at a decent price, you have to have PAM, and is that part of what's driving this sort of uniqueness?

但是，除了我們聽說過的一些違規行為之外，導致這種情況發生的戰術催化劑是什麼？為了以合理的價格獲得網路保險，您必須擁有 PAM，這是推動這種獨特性的部分原因嗎？

Yes. Listen, I think we've talked about it, cyber insurance is a nice tailwind for us and absolutely the cyber insurers as they've kind of perfected their models, look at core security controls that need to be in place. And PAM is there. By the way, EPM is increasingly there. You see them starting to move over and look at the machine identity space given the threat vector there. For sure, MFA, SSO has always been there.

是的。聽著，我想我們已經討論過，網路保險對我們來說是一個很好的順風，絕對對網路保險公司來說，因為他們已經完善了他們的模型，看看需要到位的核心安全控制。 PAM 就在那裡。順便說一下，EPM 的應用越來越廣泛。您會看到他們開始移動並查看機器身份空間（考慮到那裡的威脅向量）。當然，MFA、SSO 一直都在那裡。

So, I think cyber insurance is a nice tailwind. And you kind of started to hit on other factors. And what I would tell you is, there's a lot of tailwinds. The regulatory environment is a tailwind for us. We're talking about DORA regulations in Europe or SEC regulations here in the US they create an awareness of what is most important to go do. Cyber insurers, as you just talked about, create an awareness of what's most important to go do.

因此，我認為網路保險是一個很好的推動力。你開始考慮其他因素。我要告訴你的是，有很多順風車。監管環境對我們來說是有利的。我們談論的是歐洲的 DORA 法規或美國的 SEC 法規，它們讓人們意識到什麼是最重要的事情。正如您剛才談到的，網路保險公司讓人們意識到什麼是最重要的事情。

You mentioned the breach environment. And increasingly, we're seeing both customers and even the IR firms making sure that the first thing they go do or recommend is come talk to us, and we see kind of post breach deals picking up coming our way from a CyberArk perspective.

您提到了違規環境。我們越來越多地看到客戶甚至IR 公司都確保他們要做或推薦的第一件事就是來與我們交談，並且從Cyber​​Ark 的角度來看，我們看到一些違規後交易正在向我們走來。

So I think across the board, the tailwinds that support the fundamental thesis that I gave, Rob, which is, we're top of mind and we're a priority. They all kind of reinforce that point and ultimately lead to stronger results.

所以我認為，從整體上看，支持我給出的基本論點的順風，羅布，那就是，我們是首要考慮的，我們是優先事項。它們都強化了這一點並最終帶來更強有力的結果。

Okay. So it sounds like lot of things are happening out there. Okay. Nice job guys. Thank you.

好的。聽起來好像有很多事情正在發生。好的。幹得好，夥計們。謝謝。

Thank you.

謝謝。

Joshua Tilton, Wolfe Research.

約書亞‧蒂爾頓，沃爾夫研究中心。

Hey, guys. Thanks for taking my questions. Just one for me. Matt, I think you mentioned that win rates were improving on the workforce side. I know you guys talk a lot about how your workforce product portfolio is differentiated because you have some adjacent offerings that just makes SSO and MFA feel more secure. But can you talk to some of the strategic pricing initiatives you're taking that help make customers not only feel like the product portfolio is differentiated, but they're just getting much more value from it as well and how that maybe helped driving those improving win rates?

嘿，夥計們。感謝您回答我的問題。只給我一個。馬特，我想你提到了勞動力方面的勝率正在提高。我知道你們經常談論你們的勞動力產品組合如何與眾不同，因為你們擁有一些相鄰的產品，這些產品只會讓 SSO 和 MFA 感覺更安全。但是，您能否談談您正在採取的一些策略性定價舉措，這些舉措不僅讓客戶感覺產品組合與眾不同，而且還從中獲得了更多價值，以及這如何有助於推動這些改進勝率？

Sure. Hi, Josh. So thank you. I think we talked about this a little bit at our Investor Day, but we've moved to this solution motion and it's a really simple concept, right? Which is, we're pricing per the Persona Group -- we're launching solutions for the Persona Group. So there's workforce, again, IT, developers and machines. For each one of those personas, we've got a kind of standard in an enterprise package. And our goal is to make sure that even the standard package is better than anything you can get from any competitor out there.

當然。嗨，喬許。所以謝謝你。我想我們在投資者日討論過這個問題，但我們已經轉向這個解決方案動議，這是一個非常簡單的概念，對吧？也就是說，我們按照 Persona Group 定價——我們正在為 Persona Group 推出解決方案。再一次，這裡有勞力、IT、開發人員和機器。對於每一個角色，我們在企業包中都有一種標準。我們的目標是確保即使是標準套餐也比您從任何競爭對手那裡獲得的任何產品都要好。

And obviously, the enterprise takes it one step further. And so, when we think about the workforce side for a second, and you think about our standard workforce solution, certainly our enterprise one, you're getting a slice of not just MFA, SSO, but you're getting the first two layers of security of secure web sessions and standard and the second two layers in enterprise. You're getting a level of identity management around life cycle management and workflow engine.

顯然，該企業又向前邁進了一步。因此，當我們考慮一下勞動力方面時，您會想到我們的標準勞動力解決方案，當然是我們的企業解決方案，您不僅會獲得 MFA、SSO 的一部分，而且還會獲得前兩層安全Web 會話和標準以及企業中第二兩層的安全性。您將獲得圍繞生命週期管理和工作流引擎的一定程度的身份管理。

You're getting the browser. You're getting an element of Workforce Password Manager. And so, as you kind of pointed out, in spaces where we're competing from the, let's say, challenger position, especially in workforce. We're not the biggest shark out there, then we're competing on value in security, and we're going in with our new solutions, and we're saying, wait, you really want what they offer for SSO, MFA versus what we offer as a total solution to secure your workforce. And I think that's resonating.

您正在獲取瀏覽器。您將獲得 Workforce Password Manager 的一個元素。因此，正如您所指出的，在我們從挑戰者地位競爭的領域，特別是在勞動力領域。我們不是最大的鯊魚，然後我們在安全價值方面進行競爭，我們將推出新的解決方案，我們說，等等，您真的想要他們為 SSO、MFA 提供的功能，而不是我們提供的整體解決方案可確保您的員工安全。我認為這引起了共鳴。

And by the way, it resonates even if the customer doesn't want to swap out their IDP, their SSO, MFA provider. And I shared that example in the script because it's an important one which is to say, listen, if you've made a choice on Microsoft or even Okta recently, and you don't want to swap that out, that's fine. We can start to wrap our security controls on top of that. We can bring you into our platform and then over time, we can see what happens. And I think that's what the sales team is feeling energized by, and they're out there competing not only more effectively, but I think with a lot more confidence.

順便說一句，即使客戶不想更換他們的 IDP、SSO、MFA 供應商，它也會引起共鳴。我在腳本中分享了這個例子，因為它很重要，也就是說，聽著，如果你最近在 Microsoft 甚至 Okta 上做出了選擇，並且你不想更換它，那也沒關係。我們可以開始在此之上包裝我們的安全控制。我們可以將您帶入我們的平台，然後隨著時間的推移，我們可以看到會發生什麼。我認為這就是銷售團隊感到充滿活力的原因，他們不僅更有效地競爭，而且更有信心。

That makes a lot of sense. And then just maybe a quick follow-up. I think also in the prepared remarks, you called out how the lifetime of certificates kind of shrinking to 90 days when it used to be, I think, multiple years. There seems to be a lot of little incremental news headlines of just companies out there losing faith in their incumbent certificate management providers. Are you seeing a rate of change in the demand with which people are realizing that Venafi is a modern solution that can handle these new requirements that the market is impressing upon these companies.

這很有意義。然後也許只是快速跟進。我認為在準備好的發言中，您還指出了證書的有效期如何縮短到 90 天，而我認為證書的有效期曾經是多年。似乎有很多小增量新聞頭條表明公司對現有的證書管理提供者失去了信心。您是否看到需求發生了變化，人們意識到 Venafi 是一種現代化的解決方案，可以滿足市場為這些公司留下的這些新要求。

Yes. Listen, I think we remain incredibly enthused by the Venafi acquisition. We need to go finish it out, close it and get them on board. But I'm out there talking to customers, our customers really every day. And of course, as you might imagine, I'm discussing machine identities. And we're talking about this kind of broad end-to-end machine identity landscape.

是的。聽著，我認為我們對 Venafi 的收購仍然非常興奮。我們需要去完成它，關閉它並讓他們加入。但我每天都在與客戶、我們的客戶交談。當然，正如您可能想像的那樣，我正在討論機器身份。我們正在談論這種廣泛的端到端機器身份景觀。

And I just want everybody to try to understand this for a second. For each machine identity, let's take an application. It can be an application, it can be a bot. It can be an AI-driven bot, it can be an IoT device. But let's take an application. That application has multiple identities. So that application can have an identity that looks a lot like a user name and password. We call that a secret.

我只是想讓每個人都試著去理解這一點。對於每個機器身份，我們採用一個應用程式。它可以是一個應用程序，也可以是一個機器人。它可以是人工智慧驅動的機器人，也可以是物聯網設備。但讓我們來申請一下。該應用程式具有多個身分。因此該應用程式可以擁有一個看起來很像用戶名和密碼的身份。我們稱之為秘密。

It can also have an identity with its core identifying features, think like the equivalent of a human with their passport or their drivers license. That's a certificate. And without the ability to be able to identify themselves through a certificate, they can't, for example, the application can't get listed on website. You can't get listed in Google.

它還可以擁有具有核心識別特徵的身份，就像擁有護照或駕駛執照的人一樣思考。那是一張證書。如果沒有能力透過證書來識別自己的身份，他們就無法，例如，應用程式無法在網站上列出。您無法在 Google 中列出。

So the idea here is, our end-to-end machine identity goes across all machines. And then within each machine can manage whether it's the secrets, the credentials, it can manage the certificates these identifying features. It can manage their (inaudible), modern keys. And our combination of Venafi plus CyberArk allows us to be able to be really the only provider that can do that end-to-end.

所以這裡的想法是，我們的端到端機器身分跨越所有機器。然後在每台機器內都可以管理是否是秘密、憑證，它可以管理證書這些識別功能。它可以管理他們的（聽不清楚）現代鑰匙。我們將 Venafi 與 Cyber​​Ark 結合，使我們能夠真正成為唯一能夠做到這一點的端到端提供者。

Now diving into your question, actually, that was all a long preamble is, when we think about the certificate space, there has been organizations out there that aren't on the upper tier of the enterprise or aren't highly regulated, they thought they could do this themselves.

現在深入探討你的問題，實際上，這是一個很長的序言，當我們考慮證書空間時，他們認為有些組織並不處於企業的上層，或者沒有受到嚴格的監管。 。

I can create a spreadsheet and track all my certificates, which can be in the thousands or even more. And I can figure out when I need to rotate or issue a new certificate when it expires through an automated script, that's impractical today. If you are managing more than 5,000 certificates, the idea of doing it manually or through an automated fashion is just not possible.

我可以創建一個電子表格並追蹤我的所有證書，這些證書可能有數千個甚至更多。我可以透過自動腳本確定何時需要輪換或頒發新證書（當證書過期時），這在今天是不切實際的。如果您管理的證書超過 5,000 個，則手動或透過自動化方式進行管理的想法是不可能的。

And so, that then triggers real interest in an enterprise-grade certificate life cycle management tool in a modern SaaS environment, which is really what Venafi offers. And so, I really think we're at this inflection point where the do-it-myself or do it with some smart people on IT is no longer applicable. So you add that with the total end-to-end story. And that's why, as you can tell because I'm going on about it, that's why you can see this idea of, wow, what can we do at CyberArk as the leader in machine identity. And when we close this acquisition and we come back, we'll talk a little bit more about what that offering looks like and the momentum we'll see.

因此，這引發了人們對現代 SaaS 環境中的企業級憑證生命週期管理工具的真正興趣，而這正是 Venafi 所提供的。因此，我確實認為我們正處於這個轉折點，自己動手或與 IT 領域的一些聰明人一起做不再適用。所以你將其添加到整個端到端的故事中。這就是為什麼，正如你所知道的，因為我正在繼續談論它，這就是為什麼你會看到這樣的想法，哇，作為機器身份領域的領導者，我們可以在 Cyber​​Ark 做什麼。當我們完成這次收購併回來時，我們將更多地討論該產品的外觀以及我們將看到的勢頭。

Fatima Boolani, Citi.

法蒂瑪·布拉尼，花旗銀行。

Hi, good morning. Thank you for taking my questions. Just one from me. Josh, you alluded to maybe bringing down the free cash flow directly in response to some of the things that you might be doing around Venafi.

嗨，早安。感謝您回答我的問題。只有我的一份。喬希，你提到可能會直接降低自由現金流，以回應你可能在 Venafi 周圍做的一些事情。

So I'm wondering if you could give us a little bit more detail or maybe a taste of what maybe some of these anticipatory investments or plans or efforts or initiatives might be around Venafi, provided that hasn't closed yet. But again, anything anticipatory that you're doing, if you could give us a flavor on. Thank you.

因此，我想知道您是否可以給我們更多細節，或者讓我們了解 Venafi 周圍的一些預期投資、計劃、努力或舉措，前提是尚未結束。但同樣，如果你能讓我們了解你正在做的任何預期的事情。謝謝。

Yes, I'll start and Matt, if you have anything to add. But first of all, I think it's from my angle, and we're trying to forecast cash flow, free cash flow for the second half of the year. It's really more around what are we doing now around PMI for the transaction, the additional investments around making sure that it's successful, the full integration as well as, of course, related transactional costs that are going to be going into it, whether the dry one of legal and various advisory costs as well.

是的，我會開始，馬特，如果你有什麼要補充的。但首先，我認為這是從我的角度來看的，我們正在嘗試預測下半年的現金流、自由現金流。實際上更多的是我們現在圍繞交易的 PMI 所做的事情，圍繞確保交易成功的額外投資，全面整合，當然還有將要納入其中的相關交易成本，無論是乾的還是乾的。種諮詢費用之一。

And I would want to repeat, we took actually consideration of where interest rates are going in the second half of the year, which is also has an impact on the free cash flow. But it's really the things around related to what we know we're doing today around direct and indirect costs related to the integration with Venafi.

我想再說一遍，我們實際上考慮了下半年的利率走向，這也對自由現金流產生影響。但這實際上與我們今天所做的事情有關，涉及與 Venafi 整合相關的直接和間接成本。

Junaid Siddiqui, Truist Securities.

朱奈德·西迪基 (Junaid Siddiqui)，Truist 證券公司。

Great. Thank you for taking my questions. Matt, you've talked about the importance of the MSP channel. And have really leaned into it. Could you talk about the traction that you're seeing in the MSP console that you recently launched and maybe any other initiatives that are contributing to growth in new logos?

偉大的。感謝您回答我的問題。 Matt，您談到了 MSP 頻道的重要性。並且已經真正投入其中。您能否談談您在最近推出的 MSP 控制台中看到的吸引力，以及可能有助於新徽標增長的任何其他舉措？

Yes, sure. No. I think MSPs are important component of today and an even more important component of the future. I think more and more organizations, not just down but actually enterprise organizations are choosing to outsource their security stack to the MSP providers for out there. And so, we see that as a big piece of our partner program. We talk about it actually regularly.

是的，當然。不。我認為越來越多的組織（不僅僅是下層組織，實際上是企業組織）選擇將其安全堆疊外包給 MSP 提供者。因此，我們將其視為我們合作夥伴計劃的重要組成部分。我們實際上經常談論它。

We did launch the MSP console earlier in the year, and it's gotten rave reviews. It's made the life of the MSP significantly easier and allows them to be able to focus on going out and helping find us customers. once they have it, keeping those customers happy and satisfied. And the console itself really helps with kind of tenant management. It helps with the ability to understand usage and again, it just makes their life easier. So I think MSPs are a big piece of the future of CyberArk. You see more and more of the kind of nontraditional, kind of SIs get into MSPs, resellers become MSPs. And I think it's a big piece of how we see ourselves going forward.

我們在今年早些時候推出了 MSP 控制台，並獲得了好評。這讓 MSP 的生活變得更加輕鬆，讓他們能夠專注於走出去並幫助我們找到客戶。一旦他們擁有它，讓這些客戶感到高興和滿意。控制臺本身確實有助於租戶管理。它有助於提高理解用法的能力，而且，它只會讓他們的生活更輕鬆。所以我認為 MSP 是 Cyber​​Ark 未來的重要組成部分。您會看到越來越多的非傳統 SI 進入 MSP，經銷商成為 MSP。我認為這是我們如何看待自己未來發展的一個重要部分。

It also allows us, by the way, to talk about a broader portfolio stack. If you would talk to us maybe a year or two ago with the MSPs we did have, they were really focused in on PAM. And now we see the MSPs really embracing the full portfolio strategy, the platform itself, actually moving into machines, moving into the access side. One of the areas that all of our partners, not just the MSPs are most excited about is actually this idea of cloud access and how do we secure developers, whether they're cloud architects sitting in IT, or developers sitting in the developer organization.

順便說一句，它還允許我們討論更廣泛的投資組合堆疊。如果您在一兩年前與我們交談過，我們確實擁有 MSP，他們確實專注於 PAM。現在我們看到 MSP 真正採用了完整的產品組合策略，即平臺本身，實際上正在進入機器、進入存取端。我們所有合作夥伴（不僅僅是MSP）最感興趣的領域之一實際上是雲端存取的想法以及我們如何保護開發人員的安全，無論他們是IT 部門的雲端架構師，還是開發人員組織中的開發人員。

And what we've seen here, and it was evident in the SAP example, we have released a press release and I mentioned them in the script, they really wanted to think about how they expand the notion of PAM to a modern stack that actually secures the cloud environment, and they adopted our Secure Cloud Access is the fundamental component platform of how developers will access the cloud environment. It's a really exciting win for us. And those types of new use cases come to play with the MSPs as well, and they realize that they can cover all of the personas of their organizations if they effectively adopt the CyberArk platform.

我們在這裡看到的，在 SAP 範例中很明顯，我們發布了一份新聞稿，我在腳本中提到了他們，他們真的想考慮如何將 PAM 的概念擴展到實際上的現代堆疊保護雲端環境，他們採用了我們的安全雲端存取作為開發人員如何存取雲端環境的基礎組件平台。這對我們來說真是一場令人興奮的勝利。這些類型的新用例也開始在 MSP 中發揮作用，他們意識到，如果他們有效地採用 Cyber​​Ark 平台，就可以涵蓋其組織的所有角色。

That concludes our question-and-answer session. At this time, I will now turn the call over to Mr. Matt Cohen for closing remarks. Please go ahead.

我們的問答環節到此結束。現在，我將把電話轉給馬特·科恩先生做總結發言。請繼續。

Thank you. And as you can tell, we're just thrilled to deliver another strong quarter. We're delivering innovation, and we're continuing to build our vision around this idea of delivering the right level of privilege controls to every identity. We couldn't be more excited about the Venafi acquisition, which remains on track to close in the second half of 2024.

謝謝。如您所知，我們很高興能夠再次實現強勁的季度業績。我們正在提供創新，並繼續圍繞為每個身份提供適當級別的權限控制這一理念來構建我們的願景。我們對 Venafi 的收購感到非常興奮，該收購仍有望在 2024 年下半年完成。

And we're in an amazing position overall to continue expanding our leadership position in identity security. I want to end by thanking the more than 3,000 employees at CyberArk all around the world for their hard work, and their diligent effort in making CyberArk what it is today. Thank you, and we'll talk soon.

總體而言，我們處於一個令人驚嘆的位置，可以繼續擴大我們在身分安全方面的領導地位。最後，我要感謝 Cyber​​Ark 遍布全球的 3,000 多名員工的辛勤工作，以及他們為 Cyber​​Ark 取得今天的成就而付出的辛勤努力。謝謝您，我們很快就會再談。

This concludes today's call. Thank you all for joining. You may now disconnect.

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。