Cyberark Software Ltd (CYBR) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Jay, and I will be your conference operator today. At this time, I would like to welcome everyone to the Third Quarter 2024 CyberArk Software Limited Earnings Conference Call. (Operator Instructions)

謝謝你的支持。我叫 Jay，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 Limited 2024 年第三季財報電話會議。 （操作員說明）

I would now like to turn the conference over to Sri Anantha, Vice President, Investor Relations. You may begin.

現在我想將會議交給投資者關係副總裁 Sri Anantha。你可以開始了。

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

謝謝你，接線生。早安.感謝您今天加入我們，回顧 Cyber​​Ark 強勁的 2024 年第三季財務業績。今天與我一起參加電話會議的是我們的執行長 Matt Cohen；喬許‧西格爾，我們的財務長；和我們的副財務長艾麗卡史密斯。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 your expectations and beliefs regarding our projected results of operations for the fourth quarter, full year 2024 and beyond. I also refer to our expectations and beliefs regarding the integration of Venafi into our operations. 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.

在我們開始之前，讓我提醒您，今天電話會議上所做的某些陳述可能被視為前瞻性陳述，它們反映了管理層根據當前可用資訊做出的最佳判斷。我特別提及您對我們第四季、2024 年全年及以後的預期營運表現的期望和信念的討論。我還提到了我們對將 Venafi 整合到我們營運中的期望和信念。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。

CyberArk expressly disclaims any application or undertaking to release publicly any updates or revisions to any forward-looking statements made herein. As a reminder, we closed the acquisition of Venafi on October 1. So the results we discussed today are CyberArk on a standalone basis. We do not have any financial contribution from Venafi in the third quarter. Our guidance for the fourth quarter does include contributions from Venafi.

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。提醒一下，我們在 10 月 1 日完成了對 Venafi 的收購。第三季我們沒有從 Venafi 獲得任何財務貢獻。我們對第四季的指導確實包括 Venafi 的貢獻。

Additionally, non-GAAP financial measures will be discussed on this conference call. Reconciliations to the most directly comparable GAAP financial measures are also available in today's press release as well as in an updated investor presentation that outlines the financial discussion in today's call. A webcast of today's call is 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 are very pleased to post strong third quarter results, outperforming our guidance across all metrics. Our results continue to demonstrate that our ability to secure every identity, human to machine with the right level of privileged controls is resonating with customers. This is a key motivator for customers to consolidate spend across the full breadth of our Identity Security platform and create even more strategic relationships with CyberArk, which in turn is driving our ARR growth.

謝謝斯里，謝謝大家今天加入電話會議。我們很高興發布強勁的第三季業績，在所有指標上都超出了我們的指導。我們的結果繼續證明，我們透過適當的特權控制來保護每個身分、人與機器的安全能力正在引起客戶的共鳴。這是客戶整合我們整個身分安全平台的支出並與 Cyber​​Ark 建立更具策略性關係的關鍵動力，這反過來又推動了我們的 ARR 成長。

A few financial highlights from the quarter. Subscription ARR was $735 million, growing 46% year-over-year. Net new subscription ARR was $59 million. That's a record outside of our seasonally strong fourth quarter. Total ARR was $926 million, growing 31% year-over-year. And we outperformed our guidance metrics across every variable. We delivered a record total revenue of $240.1 million, growing 26% year-over-year.

本季度的一些財務亮點。訂閱 ARR 為 7.35 億美元，年增 46%。新訂閱淨 ARR 為 5,900 萬美元。這是除季節性強勁的第四季之外的記錄。總 ARR 為 9.26 億美元，年增 31%。我們在每個變數上的表現都優於我們的指導指標。我們的總收入達到創紀錄的 2.401 億美元，年增 26%。

Non-GAAP operating income came in at $35.4 million or 15% margin. That's up from a 9% margin in the year ago period, highlighting the operating leverage in our business model as we come out of the subscription transition. And we are pleased to report $51.6 million in free cash flow or a 21% free cash flow margin for the quarter.

非 GAAP 營業收入為 3,540 萬美元，利潤率為 15%。這比去年同期的 9% 的利潤率有所上升，突顯了我們在完成訂閱轉型後業務模式中的營運槓桿。我們很高興地報告本季自由現金流為 5,160 萬美元，自由現金流利潤率為 21%。

Our results are driven by 3 main factors: first, the mission-critical nature of our solutions. In a world where more than 90% of organizations are victims of an identity-related cyber attack, customers recognize that merely managing identities is not enough. Identities, both human and machines are the predominant threat vectors in today's attacks and the traditional way of securing identities in siloed on commoditized point solutions is no longer sufficient.

我們的成果由三個主要因素驅動：首先，我們解決方案的關鍵任務性質。在當今世界，超過 90% 的組織都是與身分相關的網路攻擊的受害者，客戶意識到僅僅管理身分是不夠的。人和機器的身份是當今攻擊中的主要威脅媒介，在商品化單點解決方案中保護孤立身份的傳統方法已不再足夠。

Second, the power of our platform, we offer the only integrated platform that can help enterprises discover with context, secure with intelligent privileged controls and automate the life cycle across all identities from workforce to IT, to developers and machines. We further strengthened our ability to deliver on this vision with the closing of the acquisition of Venafi on October, 1.

其次，我們平台的力量，我們提供唯一的整合平台，可以幫助企業根據上下文進行發現，透過智慧特權控制進行安全保護，並自動化從勞動力到 IT、開發人員和機器的所有身分的生命週期。隨著 10 月 1 日完成對 Venafi 的收購，我們進一步增強了實現這一願景的能力。

And third, the strength of our execution. To us, execution means working hand-in-hand with our customers to ensure their businesses can move forward and take full advantage of a digital world without fear by delivering measurable risk reduction in every program. Our relentless focus on ensuring customers realize transformative value from our solutions and platform is the foundation of our excellence in execution.

第三，我們的執行力。對我們來說，執行意味著與客戶攜手合作，透過在每個專案中實現可衡量的風險降低，確保他們的業務能夠向前發展並毫無恐懼地充分利用數位世界。我們不懈地致力於確保客戶從我們的解決方案和平台中實現變革性價值，這是我們卓越執行的基礎。

We are benefiting from the market shift to consolidation of trust. As you can see in the success we are having selling our platform. In the third quarter, we continue to see momentum build in full platform deals. In one example, a leading health care company was driven by a desire to consolidate human and machine identities with one vendor. They replaced the competing Secret Vendor and landed with CyberArk Everywhere, across 4 of our solutions. This customer will leverage CyberArk's capabilities across SSO, MFA, PAM, Endpoint Privilege and Secrets management, by protecting IT users, workforce endpoints and machine identities from the get-go.

我們受惠於市場向信任鞏固的轉變。正如您所看到的，我們正在出售我們的平台。在第三季度，我們繼續看到全平台交易的勢頭增強。在一個範例中，一家領先的醫療保健公司希望與一個供應商整合人類和機器身分。他們取代了競爭的 Secret Vendor，並在我們的 4 個解決方案中使用了 Cyber​​Ark Everywhere。該客戶將利用 Cyber​​Ark 的 SSO、MFA、PAM、端點權限和秘密管理功能，從一開始就保護 IT 使用者、員工端點和機器身分。

Independently, this customer also closed a deal with Venafi at the end of Q3. While the Venafi team closed with them on their own, we are confident this deal is a strong indication of the top line synergies we can achieve as a combined company. As customers look to modernize their approach to securing IT, they are expanding their PAM programs with our enterprise IT solution. This solution provides a unique way to protect a broad set of users, including IT administrators, shadow IT, database and cloud administrators.

該客戶還在第三季末獨立地與 Venafi 達成了一項交易。雖然 Venafi 團隊自行與他們達成了協議，但我們相信這筆交易有力地表明了我們作為合併後的公司可以實現的營收協同效應。隨著客戶希望實現 IT 保護方法現代化，他們正在利用我們的企業 IT 解決方案擴展其 PAM 計劃。該解決方案提供了一種獨特的方式來保護廣泛的用戶，包括 IT 管理員、影子 IT、資料庫和雲端管理員。

While the need for traditional PAM use cases of vaulting shared accounts, passive rotation and session management as foundational layers of security remains. Today's PAM programs are so much more. Enterprises are looking for a quicker adoption and faster time to value. They need secure access to modern databases, workloads and cloud services. This needs to be done with a just-in-time and 0 standing privileged approach without inhibiting the user's workflow, combining for a healthy marriage of security and productivity.

儘管仍需要將儲存共用帳戶、被動輪替和會話管理等傳統 PAM 用例作為安全的基礎層。今天的 PAM 程式遠不止於此。企業正在尋求更快的採用和更快的價值實現時間。他們需要安全地存取現代資料庫、工作負載和雲端服務。這需要透過即時和零特權的方法來完成，而不抑制使用者的工作流程，從而實現安全性和生產力的健康結合。

What makes CyberArk truly powerful? We deliver all of these comprehensive capabilities from one single seat. Integrated into our platform and fully enabled with built-in core AI and threat detection and response. The modern PAM program powered by CyberArk delivered through our IT solution is setting the new standard in the industry. This is helping to win new logos, and we added nearly 230 in the third quarter.

是什麼讓 Cyber​​Ark 真正強大？我們透過一個座位提供所有這些綜合功能。整合到我們的平台中，並完全啟用內建核心人工智慧以及威脅偵測和回應。由 Cyber​​Ark 透過我們的 IT 解決方案提供支援的現代 PAM 程序正在樹立行業新標準。這有助於贏得新徽標，我們在第三季度添加了近 230 個徽標。

In addition, it's driving our expansion with existing customers as they protect more users across more use cases. Our innovation and leadership position was once again recognized by industry analysts in the quarter. We were pleased to be named a leader in the 2024 Gartner Magic Quadrant for Privileged Access Management, positioned as the leader for the sixth consecutive time and furthest in completeness of vision. We were also recognized as an Overall Leader in the 2024 Leadership Compass on Privileged Access Management by KuppingerCole, scoring Hyatt in all 3 categories of product innovation and market leadership.

此外，它還推動了我們與現有客戶的擴展，因為他們在更多用例中保護更多用戶。我們的創新和領導地位在本季再次得到產業分析師的認可。我們很高興被評為 2024 年 Gartner 特權存取管理魔力像限的領導者，連續第六次被評為領導者，並且在願景完整性方面處於領先地位。我們也被 KuppingerCole 評為 2024 年特權存取管理領導指南中的整體領導者，為凱悅在產品創新和市場領導力的所有 3 個類別中得分。

Modern PAM though goes beyond just securing IT users. The concept of 0 standing privilege to access modern cloud infrastructure and cloud environments is the key to securing the most privileged human identity group in the enterprise, the developer. Often left unattended with always on access, developer identities dramatically increase risk and expand the attack surface. By offering 0 standing privilege, CyberArk Secure Cloud Access is a game changer for securing this high-risk population with native workflows and access and automated life cycles and controls, our solution for securing developers offers the best of PAM without needing a behavior change.

現代 PAM 不僅僅只是保護 IT 使用者。存取現代雲端基礎設施和雲端環境的零常設特權的概念是保護企業中最有特權的人類身分群體（開發人員）的關鍵。開發人員身分經常處於無人看管且始終處於存取狀態的情況下，會大大增加風險並擴大攻擊面。透過提供0 常設權限，Cyber​​Ark Secure Cloud Access 改變了遊戲規則，透過本機工作流程和存取以及自動化的生命週期和控制來保護這一高風險人群，我們的保護開發人員的解決方案提供了最好的PAM，而無需改變行為。

More importantly, with our solution, security is not an impediment to innovation. It is an enabler of the innovation machine within organizations. In the third quarter, a leading European bank, who is a long-time CyberArk customer and has worked with us closely to protect privileged access for the IT and extended IT teams over many years. Now decided to tackle the high-risk developer population. We were excited to see the customer expand into this new identity group buying our Enterprise Solution in a 7-figure ACV deal.

更重要的是，透過我們的解決方案，安全不再成為創新的障礙。它是組織內部創新機器的推動者。第三季度，一家領先的歐洲銀行是 Cyber​​Ark 的長期客戶，多年來一直與我們密切合作，保護 IT 和擴展 IT 團隊的特權存取。現在決定解決高風險開發者群體。我們很高興看到客戶擴展到這個新的身分群體，以 7 位數的 ACV 交易購買我們的企業解決方案。

In the untamed world of cloud security and developer access, where developers often have always on and over privileged entitlements, it is critical we approach security as a team sport. We were thrilled to announce our strategic partnership with Wiz, unifying the capabilities of our identity security platform with Wiz's cloud security platform to help enhance customers as they tackle their multi-cloud security posture. Wiz's best-in-class visibility over risky and misconfigured cloud access and CyberArk's control over privilege with 0 standing privilege approach, can measurably reduce the risk of unauthorized access, all without impacting the speed and scale of cloud development.

在雲端安全和開發人員訪問的狂野世界中，開發人員經常擁有無限的特權，因此我們將安全視為團隊運動至關重要。我們很高興宣布與 Wiz 建立策略合作夥伴關係，將我們的身分安全平台的功能與 Wiz 的雲端安全平台結合，幫助客戶解決多雲安全問題。 Wiz 對有風險和錯誤配置的雲端存取的一流可見性以及Cyber​​Ark 透過0 常設特權方法對特權的控制，可以顯著降低未經授權的存取風險，而所有這些都不會影響雲端開發的速度和規模。

Our customers are excited about this partnership and the immediate benefit it can have in gaining control of their cloud environments and developer access points. Moving on to securing the workforce. We had another strong quarter with our Workforce Solutions, which crossed the threshold of $100 million in ARR this quarter. Workforce identity is transforming from an efficiency tool where SSO and MFA were considered enough to one where every employee needs the right level of privilege controls throughout their workday, from the moment they sit down at their end point.

我們的客戶對這種合作夥伴關係以及它在控制雲端環境和開發人員存取點方面可以帶來的直接好處感到興奮。持續確保勞動力安全。我們的勞動力解決方案又迎來了一個強勁的季度，本季 ARR 突破了 1 億美元的門檻。勞動力身分正在從一種效率工具（單點登入和 MFA 被認為足夠）轉變為每個員工在整個工作日（從他們在終點坐下的那一刻起）都需要適當級別的權限控制的工具。

As a result, there is a substantial and growing cohort of both CIOs and CISOs that not only understand but prioritize security-first across all their workforce identities. Our workforce solutions implement lease privilege on managed and unmanaged devices, secure and streamline the browsing experience, substantiate more secure SSO with intelligent privileged controls and even integrate the ability to protect everyday workforce users passwords with the security of the CyberArk Vault.

因此，越來越多的 CIO 和 CISO 不僅了解安全第一，而且在所有員工身分中優先考慮安全第一。我們的勞動力解決方案在託管和非託管設備上實施租賃特權，保護和簡化瀏覽體驗，透過智慧特權控制實現更安全的SSO，甚至將保護日常勞動力用戶密碼的功能與Cyber​​Ark Vault 的安全性相結合。

Our solutions enable a passwordless workflow, seamlessly authenticating into the environment and reimagines the way enterprise secure their entire workforce. This is evidenced by a leading SaaS company who landed with a substantial 6-figure workforce deal, as the de facto protection against ransomware, our solution was the tip of the spear and a great showcase of the multiple landing spots of our platform.

我們的解決方案支援無密碼工作流程，無縫地對環境進行身份驗證，並重新構想企業保護全體員工的方式。一家領先的SaaS 公司證明了這一點，該公司獲得了6 位數的巨額勞動力交易，作為針對勒索軟體的事實上的保護，我們的解決方案是矛尖，也是我們平台多個登陸點的絕佳展示。

Before I move on to Venafi and our Machine Identity Security vision, I wanted to just highlight another very strong year of growth for Secrets Management. We have never been in a better competitive position. The value of Secrets Management at enterprise scale is resonating and the combination of Conjur Cloud and Secrets Hub means SaaS is leading the way. I want to share a deal with a leading US energy company who recognize the value of Secrets and Machine Identities with CyberArk. Expanding with a mid 6-figure ACV deal this quarter, they are protecting more of their IT users and tackling Secrets and Machines for the first time with Conjur Cloud and Secrets Hub.

在繼續討論 Venafi 和我們的機器身分安全願景之前，我想強調一下秘密管理又一個非常強勁的增長年。我們從未處於比現在更好的競爭地位。 Secrets Management 在企業規模的價值正在引起共鳴，Conjur Cloud 和 Secrets Hub 的結合意味著 SaaS 處於領先地位。我想與一家美國領先的能源公司達成協議，該公司認識到 Cyber​​Ark 的秘密和機器身份的價值。他們本季透過一筆 6 位數的 ACV 交易進行擴張，保護更多的 IT 用戶，並透過 Conjur Cloud 和 Secrets Hub 首次解決 Secrets 和 Machines 問題。

We are thrilled to close the acquisition of Venafi on October 1. I want to take this opportunity to formally welcome the tremendous Venafi team to CyberArk. From the onset of our discussions with Venafi, it was clear that this acquisition was more than just a strategic fit. It was a powerful convergence of vision, technology and culture. The past months have only reinforced our belief that joining forces will reshape the landscape of machine identity security. The feedback from customers and partners further rose our confidence and the tremendous value Venafi will bring to our platform.

我們很高興在 10 月 1 日完成對 Venafi 的收購。從我們與 Venafi 討論一開始，很明顯，這次收購不僅僅是策略契合。這是願景、科技和文化的強大融合。過去的幾個月讓我們更加相信，聯合起來將重塑機器身分安全的模式。客戶和合作夥伴的回饋進一步增強了我們的信心，也增強了 Venafi 將為我們平台帶來的巨大價值。

In explaining the Machine Identity Security landscape and the problems we have to solve as an industry, I often use the 3 Vs; volume, variety and velocity. Starting with volume. The sheer number of machines, whether they are devices or workloads is exploding. We have talked about the ratio of 45 machine identities for every human identity in a constantly accelerating world that is only increasing its reliance on cloud native applications and workloads, IoT devices and AI agents. This ratio will soon be obsolete.

在解釋機器身分安全領域以及我們作為一個行業必須解決的問題時，我經常使用 3V；數量、多樣性和速度。從音量開始。機器的絕對數量，無論是設備還是工作負載，都在爆炸性地增加。我們已經討論過，在一個不斷加速的世界中，每個人類身份對應 45 個機器身份，而這個世界只會增加對雲端原生應用程式和工作負載、物聯網設備和人工智慧代理的依賴。這個比例很快就會過時。

With a rapidly growing volume, the ability to discover, secure and manage machines with an automated life cycle is critical to keeping this new world secure. On to variety. Variety refers to not just the various machine types I mentioned, but also the variety in the forms of identity. From certificates to secrets to keys to tokens, there's a large variety of identity types, adding a level of complexity not seen on the human side of identity.

隨著數量的快速增長，透過自動化生命週期發現、保護和管理機器的能力對於確保這個新世界的安全至關重要。走向多樣化。多樣性不僅指我提到的各種機器類型，也指身份形式的多樣性。從憑證到秘密，從金鑰到令牌，身分類型多種多樣，這增加了人類身分方面未曾見過的複雜程度。

Managing this complexity requires an integrated solution. Organizations cannot get away with siloed tools or manual processes anymore. Customers have a clear and urgent need to simplify, reduce complexity and bring in an enterprise-grade solution to bear across the diverse landscape of machine and machine identity types.

管理這種複雜性需要一個整合的解決方案。組織無法再擺脫孤立的工具或手動流程。客戶明確且迫切地需要簡化、降低複雜性並引入企業級解決方案來適應機器和機器身份類型的多樣化環境。

And finally, velocity, machines themselves are no longer static devices and applications. They are constantly changing and in some cases, like with the femoral workloads, they exist only for a brief period of time and then disappear. When you put together the pace of change of these identities and the shorter lifespan, all of a sudden, the velocity of issuance and management of these identities has also exploded.

最後，速度，機器本身不再是靜態設備和應用程式。它們會不斷變化，在某些情況下，例如股骨工作負荷，它們只會存在很短的一段時間，然後就會消失。當你把這些身分的變化速度和較短的壽命放在一起時，突然間，這些身分的發行和管理速度也呈現爆炸性成長。

The combination of CyberArk Secrets Management offerings with Venafi Machine Identity Management offerings will provide organizations with a centralized solution to manage and protect all machine identity types. By automating and securing these identities will help prevent misuse and compromise, ultimately reducing risk and enhancing operational efficiency. With the Venafi acquisition closed, I want to highlight our top priorities over the coming months.

Cyber​​Ark Secrets Management 產品與 Venafi 機器身分管理產品的結合將為組織提供集中式解決方案來管理和保護所有機器身分類型。透過自動化和保護這些身分將有助於防止濫用和妥協，最終降低風險並提高營運效率。隨著 Venafi 收購的完成，我想強調我們未來幾個月的首要任務。

First, we will unleash our go-to-market organization around the world to tap into the more than 8,500 CyberArk customers who are not Venafi customers yet. Second, we will rapidly integrate our Secrets Management capabilities and Venafi capabilities into a streamlined machine identity solution. And third, we will work with our partner ecosystem to get them both certified on Venafi and ready to hit the ground running as they go after the $10 billion addressable market.

首先，我們將在全球範圍內啟動我們的行銷組織，以吸引 8,500 多名尚未成為 Venafi 客戶的 Cyber​​Ark 客戶。其次，我們將快速將我們的秘密管理功能和 Venafi 功能整合到簡化的機器身分解決方案中。第三，我們將與我們的合作夥伴生態系統合作，讓他們在 Venafi 上獲得認證，並準備好在追逐 100 億美元的潛在市場時立即投入使用。

In summary, I want to leave you with the following takeaways. Identity Security is a clear and present need for CISOs and our solution selling has further aligned how we see how the customer wants to buy, and this is resonating with customers. Our vision to deliver the right level of privileged controls to every identity, human and machine, is expanding our competitive moat and leadership position in identity security. With Venafi, we're setting a new standard for end-to-end machine identity security. And finally, with our strong execution and unique platform, we are well positioned to deliver a stellar next phase of durable profitable growth and take CyberArk to the next level.

總之，我想留給您以下要點。身分安全是 CISO 的明確且當前的需求，我們的解決方案銷售進一步調整了我們如何看待客戶想要購買的方式，這引起了客戶的共鳴。我們的願景是為每個身分、人類和機器提供適當的特權控制，這正在擴大我們在身分安全方面的競爭護城河和領導地位。借助 Venafi，我們正在為端到端機器身分安全制定新標準。最後，憑藉我們強大的執行力和獨特的平台，我們有能力實現下一階段的持久盈利增長，並將 Cyber​​Ark 提升到新的水平。

Before I turn the call over to Josh, I'm sure you've seen the CFO transition we announced this morning. Josh will see it through the year-end and will be stepping down from his CFO role in January, as part of a planned succession. We are grateful he has agreed to stay on at an adviser role through 2025 to ensure a smooth transition. I want to take a moment to acknowledge Josh's countless contributions to CyberArk for more than 13 years.

在我將電話轉給喬許之前，我相信您已經看到了我們今天早上宣布的財務長的過渡。作為繼任計畫的一部分，喬許將在年底前完成這項工作，並將在一月份辭去財務長的職務。我們很感激他同意在 2025 年之前繼續擔任顧問，以確保平穩過渡。我想花點時間感謝 Josh 在 13 年多的時間裡為 Cyber​​Ark 做出的無數貢獻。

Josh is an amazing leader. In his time at CyberArk, he guided the finance organization from less than $40 million in revenue in 2011, when he joined, through our IPO the transition from a perpetual to subscription model and turned finance into a force multiplier, enabling the scale and results you have seen us deliver. We have scaled the company and stayed true to our values of delivering strong growth and profitability. He has been my trusted partner since I joined the company, and his contributions are measurable.

喬許是一位了不起的領導者。在Cyber​​Ark 任職期間，他帶領財務組織在2011 年的收入不足4000 萬美元的情況下加入我們，透過我們的IPO 實現了從永久模式向訂閱模式的轉變，並將財務轉變為力量倍增器，使您的規模和成果得以實現。我們擴大了公司規模，並始終恪守實現強勁成長和獲利能力的價值觀。自從我加入公司以來，他一直是我值得信賴的合作夥伴，他的貢獻是可以衡量的。

I'm also though delighted to announce that Erica Smith will be our new CFO effective January 1, 2025. Erica has been a core member of our finance leadership team and has worked closely with me on the subscription transition and our long-term strategy. She is a trusted partner to the Board and our executive leadership team, and I couldn't think of anyone better suited to be our next CFO. So Erica, congratulations on your new role.

我還很高興地宣布，Erica Smith 將成為我們的新財務官，自2025 年1 月1 日起生效。我密切合作。她是董事會和我們執行領導團隊值得信賴的合作夥伴，我想不出還有誰比她更適合擔任我們的下一任財務長。艾麗卡，恭喜你擔任新角色。

With that, I want to hand it over to Josh.

有了這個，我想把它交給喬許。

Thank you, Matt, for those kind words. I'm indeed proud to have been part of this amazing CyberArk journey, and I'm grateful to you, our executive team and the Board of Directors for many years of partnership. I'm extremely pleased that Erica will assume the role of CFO starting January 1. I worked closely with Erica for more than 9 years. She has been a core member of our finance leadership team holding broad responsibilities in the finance organization and include Investor Relations, FP&A, treasury, ESG and now the Venafi finance team.

馬特，謝謝你的客氣話。我確實很自豪能夠參與這一令人驚嘆的 Cyber​​Ark 之旅，並感謝您、我們的執行團隊和董事會多年來的合作夥伴關係。我非常高興 Erica 從 1 月 1 日起擔任財務長。她一直是我們財務領導團隊的核心成員，在財務組織中承擔廣泛的職責，包括投資者關係、FP&A、財務、ESG 以及現在的 Venafi 財務團隊。

It is critical for all of us to have a smooth transition, continuity of leadership and someone who knows how and will execute, so we continue to march forward and scale. Erica is a strong leader and has a deep understanding of our business. She is a great addition to the executive team. And given her performance and focus on scale, I am extremely confident that as CFO, he will help ensure CyberArk is positioned to execute on its long-term strategy.

對我們所有人來說，平穩過渡、領導力連續性以及知道如何執行並願意執行的人至關重要，這樣我們才能繼續前進並擴大規模。 Erica 是一位強大的領導者，對我們的業務有著深刻的了解。她是執行團隊的重要補充。鑑於她的表現和對規模的關注，我非常有信心，作為首席財務官，他將幫助確保 Cyber​​Ark 能夠執行其長期戰略。

With that, I'm going to hand it over to Erica for just a few words from her, and then I'll return to speak about the quarter. Erica?

說到這裡，我將把它交給艾麗卡，只聽她幾句話，然後我會回來談論這個季度的事情。艾麗卡？

Thanks, Josh. It is an honor to be named the next CFO of CyberArk. I am grateful for the trust you, Matt and the leadership team, as well as the Board is placing in me. As Matt said, Josh has played a critical role in setting the company's culture of operational excellence that has supported our strong growth and focus on profitability. He has been my mentor and I am grateful for all of his guidance and support over the years. I am also looking forward to working closely with him as we move into 2025.

謝謝，喬許。很榮幸被任命為 Cyber​​Ark 的下一任 CFO。我感謝您、馬特和領導團隊以及董事會對我的信任。正如馬特所說，喬許在建立公司卓越營運文化方面發揮了關鍵作用，這種文化支持了我們的強勁成長和對獲利能力的關注。他一直是我的導師，我感謝他多年來的指導和支持。當我們進入 2025 年時，我也期待與他密切合作。

Thank you, Josh, for staying on as an adviser to support the transition. I am also excited to work closely with such a talented and dedicated group of finance professionals in our corporate headquarters in Israel as well as our offices in Asia, Europe and the US continuity of our operating rhythm and execution will be a key focus as I move into my new role. I'm committed to building on our strong foundation as CyberArk looks to scale well beyond $1 billion in ARR.

喬什，謝謝你繼續擔任顧問以支持過渡。我也很高興能在以色列公司總部以及亞洲、歐洲和美國辦事處與如此才華橫溢、敬業的財務專業人士團隊密切合作，我們的營運節奏和執行的連續性將成為我搬遷時的重點關注點進入我的新角色。我致力於為 Cyber​​Ark 的 ARR 規模遠遠超過 10 億美元奠定堅實的基礎。

With that, I'll hand it back to Josh to discuss our results in more detail. Josh?

這樣，我會將其交還給喬什，以更詳細地討論我們的結果。喬許？

Thanks, Erica. And now on to the quarter results. The third quarter was another strong quarter, beating guidance across all metrics. We reported solid net new ARR, strong top line growth and substantial improvement in operating and free cash flow margins. Our execution is a testament to our platform differentiation, the growing criticality of identity security and our ability to capitalize on these secular trends.

謝謝，艾麗卡。現在來看看季度業績。第三季度又是一個強勁的季度，所有指標都超出了預期。我們報告了穩健的淨新 ARR、強勁的營收成長以及營運和自由現金流利潤率的大幅改善。我們的執行力證明了我們的平台差異化、身分安全日益增長的重要性以及我們利用這些長期趨勢的能力。

Before I provide more details on the quarter, I want to remind everyone that while we are very excited to have closed the acquisition of Venafi on October 1. It did not contribute to our third quarter results. All numbers I'm about to discuss other than the guidance are on a stand-alone basis.

在提供有關本季度的更多詳細資訊之前，我想提醒大家，雖然我們非常高興在 10 月 1 日完成了對 Venafi 的收購，但它並沒有對我們第三季的業績做出貢獻。除了指導之外，我要討論的所有數字都是獨立的。

Moving into the results. Total revenue grew 26% year-on-year, reaching $240.1 million and exceeding the top end of our guidance range. Annual recurring revenue reached $926 million, that's growing 31% year-on-year. We added $58 million in total net new ARR, up from $52 million in the third quarter last year. As expected, the SaaS share of our bookings increased compared to the third quarter in the year ago period and made up more than two-thirds of subscription bookings.

進入結果。總收入年增 26%，達到 2.401 億美元，超出了我們指導範圍的上限。年經常性收入達到 9.26 億美元，年增 31%。我們的淨新 ARR 總額增加了 5,800 萬美元，高於去年第三季的 5,200 萬美元。正如預期的那樣，SaaS 在我們預訂中的份額與去年同期第三季相比有所增加，佔訂閱預訂的三分之二以上。

Subscription ARR grew 46% year-on-year to $735 million and is now 79% of our total ARR. We also added $59 million in a net new subscription ARR and an 11% increase from the $53 million in the third quarter last year, and that sets a new record for any non-Q4 quarter.

訂閱 ARR 年增 46% 至 7.35 億美元，目前占我們總 ARR 的 79%。我們的新訂閱 ARR 淨值還增加了 5,900 萬美元，比去年第三季的 5,300 萬美元增長了 11%，這創下了非第四季季度的新紀錄。

Our maintenance annual recurring revenue was $191 million, a decrease year-on-year, consistent with our move away from perpetual licenses and like-for-like conversion activity still remains a single-digit percent of our year-on-year ARR growth. Our platform selling motion continues to drive land and expand as customers move to secure more users and more personas with CyberArk.

我們的維護年度經常性收入為 1.91 億美元，年減，這與我們放棄永久授權的情況一致，而且同類轉換活動仍然占我們的同比 ARR 成長的個位數百分比。隨著客戶透過 Cyber​​Ark 獲得更多用戶和更多角色，我們的平台銷售活動繼續推動土地和擴張。

In the third quarter, we signed nearly 230 new logos. And with our expansion engine, we also had a healthy mix of upsell and cross-sell into new solutions. In the third quarter, the cohort of customers was more than $100,000 in ARR, grew to over 2,000 customers. The cohort with ARR of more than $500,000 is now over 375 customers, and that's growing nearly 40% year-on-year.

第三季度，我們簽署了近230個新標誌。借助我們的擴張引擎，我們也將追加銷售和交叉銷售健康地結合到了新的解決方案中。第三季度，客戶群的 ARR 超過 10 萬美元，成長到 2,000 多名客戶。 ARR 超過 50 萬美元的客戶群現已超過 375 名，且較去年同期成長近 40%。

Now moving to the revenue lines. For the third quarter, recurring revenue reached $224.2 million, growing 29% year-on-year and accounting for 93% of total revenue. Subscription revenue was $175.6 million, growing 43% year-on-year and representing 73% of total revenue. Maintenance and services revenue was $61.6 million, and of that, recurring maintenance revenue was $48.6 million, compared to $51.5 million in the year ago period, and that's reflecting the year-on-year decreases in our maintenance ARR balance.

現在轉向收入線。第三季經常性收入達2.242億美元，年增29%，佔總營收的93%。訂閱收入為 1.756 億美元，年增 43%，佔總收入的 73%。維護和服務收入為 6,160 萬美元，其中經常性維護收入為 4,860 萬美元，而去年同期為 5,150 萬美元，這反映了我們的維護 ARR 餘額同比下降。

From a geographic perspective, all regions continue to show healthy growth. Americas grew by 26% to $141.8 million. EMEA revenue was $73.1 million, that's up 22% year-on-year, and APJ revenue was $25.1 million, growing 34% year-on-year. All P&L line items will now be discussed on a non-GAAP basis. Please see the full GAAP to non-GAAP reconciliation in the tables of our press release.

從地理來看，各地區均持續呈現健康成長態勢。美洲成長 26%，達到 1.418 億美元。歐洲、中東和非洲地區營收為 7,310 萬美元，年增 22%；亞太及日本地區營收為 2,510 萬美元，較去年同期成長 34%。所有損益項目現在都將在非 GAAP 基礎上進行討論。請參閱我們新聞稿表格中的完整 GAAP 與非 GAAP 調整表。

Third quarter gross profit was $200.3 million or 83.4% gross margin, compared to 82.7% in the third quarter last year. In the third quarter, our operating income was $35.4 million or 14.7% operating margin that's well ahead of our guidance and a significant increase from an operating income of $16.9 million or the 8.8% operating margin in the third quarter last year. The outperformance was driven in part by the revenue upside as well as certain program expenses moving into the fourth quarter.

第三季毛利為 2.003 億美元，毛利率為 83.4%，去年第三季為 82.7%。第三季度，我們的營業收入為 3,540 萬美元，營業利潤率為 14.7%，遠高於我們的指導，比去年第三季度的營業收入 1,690 萬美元或 8.8% 的營業利潤率大幅增長。業績優異的部分原因是收入成長以及進入第四季度的某些項目支出。

Net income came in at $45.1 million or $0.94 per diluted share, also significantly outperforming our guidance and more than doubling from the EPS of $0.42 in the year ago period. We ended September with 3,300 employees worldwide, including 1,400 in sales and marketing. We are pleased to deliver another strong quarter of free cash flow, with $51.6 million in the third quarter or margin of 21%, and that's compared to $13.6 million in the third quarter of last year, our margin of 7%.

淨利潤為 4,510 萬美元，即稀釋後每股收益 0.94 美元，也顯著優於我們的指導，比去年同期每股收益 0.42 美元增長了一倍多。截至 9 月份，我們在全球擁有 3,300 名員工，其中 1,400 名從事銷售和行銷工作。我們很高興再次實現強勁的季度自由現金流，第三季自由現金流為 5,160 萬美元，利潤率為 21%，而去年第三季為 1,360 萬美元，利潤率為 7%。

We ended the third quarter with approximately $1.5 billion in cash and marketable securities. As a reminder, our cash balance at the end of the third quarter does not reflect the $1 billion cash portion of the consideration paid for the Venafi acquisition on October 1. I want to touch on the upcoming settlement of our convertible senior notes maturing on November 15. We plan to settle these convertible notes with shares as we outlined in our 6-K filing with the SEC back in March. The approximately 3.7 million shares associated with the convert have been included in our fully diluted share count as applicable already since the fourth quarter of 2022.

第三季末，我們擁有約 15 億美元的現金和有價證券。提醒一下，我們第三季末的現金餘額並未反映 10 月 1 日支付的 Venafi 收購對價中的 10 億美元現金部分。正如我們在3 月向SEC 提交的6-K 文件中所述，我們計劃用股票結算這些可轉換票據。自 2022 年第四季以來，與轉換相關的約 370 萬股已納入我們的完全稀釋股份總數中。

Further, we expect a CAP call associated with the convertible notes to result in cash proceeds of approximately $260 million. We will receive those proceeds at the maturity of the convertible notes. As you can see, we continue to have a strong balance sheet that supports our growth strategy. So now turning to our guidance. For the fourth quarter of 2024, we expect total revenue of $297 million to $303 million, which represents 34% year-on-year growth at the midpoint, and that includes approximately $41 million from Venafi.

此外，我們預計與可轉換票據相關的 CAP 召集將帶來約 2.6 億美元的現金收益。我們將在可轉換票據到期時收到這些收益。正如您所看到的，我們繼續擁有強大的資產負債表來支持我們的成長策略。現在轉向我們的指導。對於 2024 年第四季度，我們預計總營收為 2.97 億美元至 3.03 億美元，中間值年增 34%，其中包括來自 Venafi 的約 4,100 萬美元。

We expect non-GAAP operating income in the range of $43.5 million to $48.5 million for the fourth quarter, and that includes a contribution of approximately $11 million from Venafi. We expect our non-GAAP EPS to be in the range of $0.65 to $0.75 per diluted share. And our guidance assumes 51.2 million weighted average diluted shares. Our guidance also assumes about $16.7 million in taxes.

我們預計第四季度非 GAAP 營業收入將在 4,350 萬美元至 4,850 萬美元之間，其中包括 Venafi 約 1,100 萬美元的貢獻。我們預計非 GAAP 稀釋後每股收益將在 0.65 美元至 0.75 美元之間。我們的指導假設加權平均稀釋股份為 5,120 萬股。我們的指導還假設約 1,670 萬美元的稅收。

Looking at the full year 2024, we expect total revenue in the range of $983 million to $989 million, representing 31% year-on-year at the midpoint. We expect our full year operating income to be in the range of $135 million to $140 million. And as a reminder, our full year guidance also includes $41 million contribution to revenue and $11 million to non-GAAP operating income from Venafi's fourth quarter that I just said earlier.

展望 2024 年全年，我們預計總營收在 9.83 億美元至 9.89 億美元之間，年比中位數成長 31%。我們預計全年營業收入將在 1.35 億美元至 1.4 億美元之間。提醒一下，我們的全年指引還包括我剛才所說的 Venafi 第四季的 4,100 萬美元收入貢獻和 1,100 萬美元非 GAAP 營業收入。

We expect our non-GAAP EPS to be between $2.85 and $2.96 per diluted share we expect about 49 million weighted average diluted shares and about $52.2 million in taxes for the full year 2024. We expect our annual recurring revenue to be in the range of $1.153 billion and $1.163 billion at December 31, 2024, that includes an expected contribution of approximately $164 million from Venafi at the year end.

我們預計我們的非公認會計準則每股攤薄每股收益將在2.85 美元至2.96 美元之間。經常性收入將在1.153 美元範圍內截至 2024 年 12 月 31 日，預計將貢獻 11.63 億美元，其中包括 Venafi 在年底預計貢獻的約 1.64 億美元。

For the combined company, our guidance represents about a 50% year-on-year growth at the midpoint. I would remind investors that as a result of the largest cohort of customers coming up for renewal in the fourth quarter, we do typically see the largest sequential decrease to our maintenance ARR also in the fourth quarter. We are significantly increasing our cash flow guidance -- our free cash flow guidance for the full year 2024 to a range of $203 million to $213 million, and that represents 21% free cash flow margin at the midpoint, that includes $8 million contribution from Venafi.

對於合併後的公司，我們的指引中位數年增約 50%。我想提醒投資者，由於第四季續訂的客戶群最多，我們通常也會在第四季看到維護 ARR 的最大連續下降。我們正在大幅提高現金流指引——2024 年全年自由現金流指引達到 2.03 億美元至 2.13 億美元，這意味著中點自由現金流利潤率為 21%，其中包括 Venafi 的 800 萬美元貢獻。

To sum up, we are pleased to report another strong quarter and are thrilled to welcome the Venafi team to CyberArk. While the guidance I just provided includes the contribution from Venafi, it is important to note that even on a stand-alone basis, we are increasing our guidance for the year across all metrics. We are well ahead of the playbook we outlined at our Investor Day in 2023, which speaks to how we have expanded our leadership position and delivered consistently strong execution. With 31% ARR growth, 26% revenue growth, 15% non-GAAP operating margin and 21% free cash flow margin in the third quarter, we're in an elite group of enterprise software companies that are operating above the Rule of 40 benchmark.

總而言之，我們很高興報告又一個強勁的季度，並很高興歡迎 Venafi 團隊加入 Cyber​​Ark。雖然我剛剛提供的指導包括 Venafi 的貢獻，但值得注意的是，即使在單獨的基礎上，我們也會增加今年所有指標的指導。我們遠遠領先於我們在 2023 年投資者日概述的策略，該策略說明了我們如何擴大我們的領導地位並始終如一地提供強大的執行力。第三季的 ARR 成長 31%，營收成長 26%，非 GAAP 營運利潤率 15%，自由現金流利潤率 21%，我們躋身於營運高於 40 規則基準的企業軟體公司菁英群體之列。

Before I hand it over for the Q&A portion of the call, I want to take this opportunity to express my gratitude to all those at CyberArk and also a special note of gratitude to our founder and Executive Chair, Udi Mokady, whose friendship and mentorship I treasure greatly. I also want to thank our investors and the broader investor community for their support, and I'm very excited about the future of CyberArk and believe we are in a position of strength to continue to deliver strong results going forward.

在進行電話問答部分之前，我想藉此機會向Cyber​​Ark 的所有人表示感謝，並特別感謝我們的創始人兼執行主席烏迪·莫卡迪(Udi Mokady)，他的友誼和指導讓我受益匪淺。我還要感謝我們的投資者和更廣泛的投資者群體的支持，我對 Cyber​​Ark 的未來感到非常興奮，並相信我們有能力繼續取得強勁的業績。

With that, I'm now going to turn the call over to the operator for QA. Operator?

這樣，我現在將把呼叫轉交給接線員進行品質檢查。操作員？

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

（操作員說明）您的第一個問題來自巴克萊銀行的 Saket Kalia。

Josh, let me just start by saying, I tip my cap to you man on just a heck of a run, and and Erica, congrats as well. It's just great to see the continuity and what seems like a very smooth transition.

喬什，讓我先說，我在跑步中向你致敬，艾麗卡，也恭喜你。很高興看到連續性和看起來非常平穩的過渡。

Thank you, Saket.

謝謝你，薩凱特。

Thanks Saket, appreciate it.

謝謝Saket，非常感謝。

Absolutely. Matt, maybe on to the business and what was a very strong quarter, maybe for you. You called out the power of the platform in your prepared remarks. Then you mentioned some examples of customers that consolidated their identity solutions to CyberArk. Can you just maybe talk about that trend as we look forward? And is there anything that you're doing at Cyber to drive that motion within the sales team of a more consolidated type of sale, if that makes sense?

絕對地。馬特，也許對你來說，也許是關於業務以及一個非常強勁的季度。您在準備好的發言中強調了平台的力量。然後您提到了一些將其身分解決方案整合到 Cyber​​Ark 的客戶範例。您能否談談我們展望的這一趨勢？您在 Cyber​​ 是否正在做任何事情來推動銷售團隊內部更整合的銷售類型的動議（如果這有意義的話）？

It does, Saket. Thanks for the question. I think what we see out there at the highest level is that customers are having for lack of a better phrase, an identity crisis, right? As they try to figure out what are they going to do with the threat landscape that they face. And they're trying to figure out who they can trust in that threat landscape to actually provide security across all the types of identities that they need to secure.

確實如此，薩凱特。謝謝你的提問。我認為我們在最高層看到的是，客戶因為缺乏更好的措辭而面臨身份危機，對嗎？當他們試圖弄清楚如何應對所面臨的威脅時。他們試圖找出在這種威脅環境中可以信任的人，以真正為他們需要保護的所有類型的身份提供安全保障。

And increasingly, the conversations with us in the CISOs and the C-suite, CIOs kind of across the board is the conversation is not specific to platform to begin with. It's specific to the idea of you have the spectrum of identities, you need security across all of them, only CyberArk can do that for you, do that across human and machine, do it across the workforce and IT and developers. And so we get engaged in that type of conversation, and then we use our solution selling approach to make sure that we can provide a quick on-ramp and a quick time to value against whatever identity groups are top of mind or top priority.

越來越多地，首席資訊安全長 (CISO) 和最高管理層 (C-suite)、首席資訊長 (CIO) 與我們進行的全面對話並不是特定於平台的。它具體針對這樣的想法：您擁有多種身份，您需要所有身份的安全性，只有Cyber​​Ark 可以為您做到這一點，跨人類和機器，跨員工、IT 和開發人員做到這一點。因此，我們參與這種類型的對話，然後我們使用我們的解決方案銷售方法來確保我們能夠提供快速的入口和快速的時間來評估任何身份群體的首要考慮或首要任務。

Then we bring in the platform selling approach to future proof them to tell them, listen, you can get started with one identity group. You can get started with multiple. We will be there for you on an extensible platform that can bring you to value when you're ready. So we're not pushing it from that perspective. What's happening in the market is that customers more and more are recognizing they want to go faster, they want to go deeper.

然後我們引入平台銷售方法來證明他們的未來，告訴他們，聽著，你可以從一個身分群體開始。您可以從多個開始。我們將在一個可擴展的平台上為您提供幫助，當您準備好時，該平台可以為您帶來價值。所以我們不會從這個角度推動它。市場上正在發生的事情是，越來越多的客戶意識到他們想要走得更快、走得更深。

And so if they're security minded, and you heard me call that out, the security-minded buyer, they're sitting there and saying, why not go faster with CyberArk, since they have the platform since we need to tackle this identity security problem. Since my Board, my rest of the executive team are asking me about this. And so it becomes a very organic sales process of conversations and as I like to point out, trust in the CyberArk relationship.

因此，如果他們有安全意識，你聽到我這麼說，有安全意識的買家，他們會坐在那裡說，為什麼不更快地使用Cyber​​Ark，因為他們擁有平台，因為我們需要解決這個身份問題安全問題。自從我的董事會以來，我的其他執行團隊都在問我這個問題。因此，它成為一個非常有機的對話銷售流程，正如我想指出的那樣，信任 Cyber​​Ark 關係。

Makes a ton of sense. Josh and Erica, maybe for my follow-up for you, folks. I really appreciate the detail on Venafi. Understanding it's early, how do you sort of think about the growth profile for Venafi relative to CyberArk's organic growth in terms of ARR? And as part of that, do you expect any changes in the makeup of Venify's ARR as you go into next year?

很有道理。喬許和艾麗卡，也許是我對你們的後續行動，夥計們。我真的很欣賞 Venafi 的細節。您知道現在還為時過早，您如何看待 Venafi 相對於 Cyber​​Ark 的有機增長（ARR）的增長？作為其中的一部分，您預計明年 Venify 的 ARR 組成會有任何變化嗎？

Yes. Thanks, Saket. We absolutely see Venafi portion really contributing well. And at CyberArk a higher growth rate on -- we're confident about that. And one of the things that we'll also see is really a lot -- is a lot of movement towards their bookings going towards SaaS. And we can easily see next year with the majority of the SaaS where the majority of the bookings will be in SaaS, and that's a change compared to their history where they've been traditionally more on-prem until this last year, where they've started to ratchet that up.

是的。謝謝，薩凱特。我們絕對看到 Venafi 部分確實做出了很好的貢獻。 Cyber​​Ark 的成長率更高，我們對此充滿信心。我們還將看到的事情之一是，他們的預訂大量轉向 SaaS。我們可以很容易地看到，明年大多數 SaaS 的大部分預訂都將在 SaaS 中進行，與他們的歷史相比，這是一個變化，他們傳統上更多地在本地部署，直到去年，他們’我們已經開始加大力度。

Yes. So I think I'll just jump in. I think when we think about Venafi, it's a growth play for us. We just see this broad landscape of kind of unprotected machine identities. And I think as Josh said, we believe in our hands. We said it since day 1, and we've become even more confident in that, that Venafi will grow at or above the CyberArk growth rates, once we are fully able to roll it out across the sales team.

是的。所以我想我會加入進來。我們只是看到了這種不受保護的機器身份的廣闊前景。我認為正如喬許所說，我們相信我們的雙手。我們從第一天就這麼說了，而且我們對此更加有信心，一旦我們完全能夠在整個銷售團隊中推廣，Venafi 將達到或超過 Cyber​​Ark 的成長率。

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

你的下一個問題來自摩根士丹利的 Hamza Fodderwala。

Great. First off, congrats Erica, and congrats to Josh on a great run not only for your contributions to CyberArk, but also to the broader cyber and Israeli start-up community. I know you've been a mentor to many CFOs including a few CEOs. So thank you for all your contribution.

偉大的。首先，恭喜 Erica，也恭喜 Josh 的出色表現，不僅因為您對 Cyber​​Ark 的貢獻，還因為您對更廣泛的網路和以色列新創社群的貢獻。我知道您是許多財務長（包括一些執行長）的導師。感謝您所做的所有貢獻。

Thank you, Hamza, for those words. It really means a lot. Thank you.

謝謝哈姆札的這些話。這確實意義重大。謝謝。

Yes. And thank you for the well wishes Hamza. I appreciate it.

是的。感謝哈姆扎的良好祝愿。我很感激。

I wanted to ask a question for Matt. So a lot of CISos we talked to are talking more and more about machine identity. I wanted to just maybe drill into a little bit what that looks like. So you talked about a deal. I think where you were able to cross-sell your machine identity capability with Venafi. What does that look like? I mean, are you -- your core product is obviously priced on a seat basis. Was this the upsell based on the number of certificates? Was it other type of machines? And what could the deal multiplier be if Venafi is included with CyberArk?

我想問馬特一個問題。因此，我們採訪的許多 CISos 越來越多地談論機器身分。我只是想稍微深入了解一下它的樣子。所以你們談到了一筆交易。我認為您可以與 Venafi 交叉銷售您的機器身份功能。那看起來像什麼？我的意思是，您的核心產品顯然是按座位定價的。這是基於證書數量的追加銷售嗎？是其他類型的機器嗎？如果 Venafi 包含在 Cyber​​Ark 中，交易乘數會是多少？

Yes, sure. So I think the foundational answer is the human side of the Identity business is based upon humans. So the number of seats. On the machine side, it's generally based upon what you're securing. So for our secrets business, especially our SaaS-based Conjur Cloud and Secrets Hub, we're generally basing it upon applications because you're building in the credential management for applications as part of the secret security process. So on the machine side, on the secrets, it's going to be applications on the machine side of Venafi or certificate life cycle management, it's going to be based upon certificates. We call those instances. The reason we call it instances is actually each certificate can actually be stored or be leveraged across multiple machines.

是的，當然。所以我認為基本的答案是身份業務的人性方面是基於人類的。所以座位數。在機器方面，它通常是基於您要保護的內容。因此，對於我們的機密業務，尤其是基於 SaaS 的 Conjur Cloud 和 Secrets Hub，我們通常基於應用程序，因為您正在建立應用程式的憑證管理作為機密安全流程的一部分。因此，在機器方面，在秘密方面，它將是 Venafi 機器方面的應用程式或證書生命週期管理，它將基於證書。我們稱這些實例為實例。我們稱之為實例的原因實際上是每個憑證實際上可以在多台機器上儲存或利用。

And we actually charge for each instance of that certificate. So you're going to see those differences across the board when we kind of bundle it together, we're looking at ways to make it easy for the customer to buy, especially between the secrets obviously and the certificate side. I think when you think about what potential there are here, you've heard us talk for a while that the secrets business alone can be a multiple of -- for example, the PAM business that you've heard us talk about. We've talked about it actually being a fully deployed Secrets deployment is 1.5 times the deployed PAM deployment.

我們實際上對該憑證的每個實例收費。因此，當我們將其捆綁在一起時，您將全面看到這些差異，我們正在尋找使客戶能夠輕鬆購買的方法，特別是在明顯的秘密和證書方面之間。我認為，當您思考這裡的潛力時，您已經聽我們談論過一段時間了，僅秘密業務就可以是多種業務——例如，您聽到我們談論的 PAM 業務。我們已經討論過，實際上完全部署的 Secrets 部署是已部署的 PAM 部署的 1.5 倍。

I think on the certificate side, we see even bigger multiple opportunity where it could be 2x. It's a little bit bigger than even the secret side. So when you start to look at the deal size and really once deployed, footprint that can happen on the machine identity side when you combine secrets with certificates, those are bigger deals and ultimately, it can be a nice high-growth business for us.

我認為在證書方面，我們看到了更大的倍數機會，可能是 2 倍。它甚至比秘密面還要大一點。因此，當您開始考慮交易規模以及真正部署後，當您將秘密與證書相結合時，機器身份方面可能會發生的足跡，這些都是更大的交易，最終，這對我們來說可能是一項不錯的高成長業務。

Your next question comes from the line of Matt Hedberg of RBC Capital Markets.

您的下一個問題來自加拿大皇家銀行資本市場公司的 Matt Hedberg。

Offer my congrats as well to both Josh and Erica. I wanted to ask a little bit about your Workforce business. It's impressive to see past the $100 million ARR mark this quarter. I'm wondering if you could provide a little bit more context about how quickly that's actually growing in the base? And maybe what percentage of the base is actually leveraging Workforce?

我也向喬許和艾麗卡表示祝賀。我想詢問一些有關您的勞動力業務的情況。本季 ARR 突破 1 億美元大關令人印象深刻。我想知道您是否可以提供更多有關基地實際增長速度的背景資訊？也許有多少比例的基數實際上在利用勞動力？

Sure, Matt, and welcome to the call. When we look at Workforce, let's just start again with the kind of the strategic ability to be able to go in. Where we're winning is with CISO, CIOs that have a security-first or security-minded way of buying. Some people still buy workforce SSO MFA as an efficiency tool. And in that case, Microsoft or other providers out there are perfectly good solution to provide kind of what we consider commoditized SSO MFA.

當然，馬特，歡迎來電。當我們審視勞動力時，讓我們重新從能夠進入的戰略能力開始。有些人仍然購買勞動力 SSO MFA 作為效率工具。在這種情況下，Microsoft 或其他提供者提供了完美的解決方案來提供我們認為商品化的 SSO MFA。

Our solution is based upon the idea that actually that's not enough. It's not enough in this threat environment, in this threat landscape. And we need to use MFA SSO as kind of base level controls where we wrap around intelligent privilege controls, evolving a personal passwords, a more secure browsing and actually a really tight tie-in to least privilege at the endpoint in our EPM product. And so that becomes the foundation of how we compete, how we differentiate out there.

我們的解決方案基於這樣的想法：實際上這還不夠。在這種威脅環境、這種威脅情勢下，這還不夠。我們需要使用 MFA SSO 作為基本層級的控制，在其中我們圍繞智慧權限控制、發展個人密碼、更安全的瀏覽以及實際上與 EPM 產品端點上的最小權限的緊密結合。因此，這成為我們如何競爭、如何脫穎而出的基礎。

As you mentioned, we're pretty proud to see that business kind of cross the $100 million ARR threshold, kind of in line with where we actually expected it to be when we actually acquired Adaptive several years ago. And what we see there is that it's a business that's growing really strongly faster than our core for sure, and increasingly becoming a part of more and more deals.

正如您所提到的，我們非常自豪地看到該業務突破了 1 億美元的 ARR 門檻，這與我們幾年前實際收購 Adaptive 時的實際預期一致。我們看到的是，這個業務的成長速度肯定比我們的核心業務要快得多，並且越來越多地成為越來越多交易的一部分。

Now you asked the question around our penetration rate, I would tell you the penetration rate is still pretty low. We've got over 9,000 customers now. And I think we're talking about a little around 1,000 or so that are using our Workforce Solutions. And I think that's the opportunity we still have here is to sell into that base, really bring them onto the platform, as you heard me talk about on Saket's question a little bit earlier and expand the number of identities that our platform is securing as a whole. It's an exciting opportunity for us.

現在你問了我們的滲透率問題，我告訴你滲透率仍然很低。我們現在有超過 9,000 名客戶。我認為我們談論的是大約 1,000 人左右正在使用我們的勞動力解決方案。我認為我們仍然擁有的機會是向該基地出售產品，真正將他們帶入平台，正如您早些時候聽到我談論 Saket 的問題一樣，並擴大我們平台作為一個身份保護的身份數量。這對我們來說是一個令人興奮的機會。

And I do want to just call out the tie-in between the workforce business, the traditional SSO MFA and our kind of advanced controls, and the EPM business, which is securing the endpoint of that Workforce user because when you combine those 2 businesses together, you start to see a really meaningful portion of our ARR coming from securing the Workforce population as a whole.

我確實想指出勞動力業務、傳統 SSO MFA 和我們的高級控制以及 EPM 業務之間的聯繫，EPM 業務保護勞動力用戶的端點，因為當您將這兩項業務結合在一起時，您開始看到我們的ARR 中真正有意義的部分來自於保護整個勞動力人口。

Great, comprehensive answer. And then maybe just a quick housekeeping one for Josh or Erica. It looks like Venafi is contributing about $160 million of ARR to the year. I'm curious how quickly was Venafi ARR growing exiting kind of the Q3 quarter? And do you have a rough estimate of what that SaaS mix was in Q3?

很棒的、全面的答案。然後也許只是為喬希或艾麗卡做一次快速的家務工作。看起來 Venafi 今年貢獻了約 1.6 億美元的 ARR。我很好奇 Venafi ARR 在第三季的退出成長速度有多快？您對第三季的 SaaS 組合有一個粗略的估計嗎？

So yes, they were growing at about at the 10% mark, if you think about it in the double digits and then the SaaS mix was actually roughly 10% of their overall base. A little -- it's ratcheted up in the last few quarters to closer to 12% right now, but it's -- is right in that range.

所以，是的，如果你以兩位數的數字來考慮的話，他們的增長率約為 10%，那麼 SaaS 組合實際上大約佔其總體基數的 10%。在過去幾個季度中，這一比例有所上升，目前已接近 12%，但確實在這個範圍內。

And it's something we see, which is really interesting, we've talked about even in our core business, which is just a dramatic shift to SaaS as the leading motion our sales team is most comfortable with. So while they sat at 10% of ARR and a small percentage of their overall new bookings earlier in the year, even when we look into the pipeline for Q4, we see -- as Josh said, it's starting to become more of the majority of the pipeline is SaaS led for the PAM. And as you've seen with us, it just continues to grow each quarter, the amount of our pipe on our execution that's tied to our SaaS portfolio.

這是我們所看到的，這非常有趣，我們甚至在我們的核心業務中也談過，這只是向 SaaS 的巨大轉變，成為我們銷售團隊最熟悉的主導動議。因此，儘管他們只佔ARR 的10%，並且只佔今年早些時候新預訂總量的一小部分，但即使我們研究第四季度的管道，我們也發現——正如Josh 所說，它開始變得越來越多該管道是由 PAM 主導的 SaaS。正如您在我們身上看到的那樣，與我們的 SaaS 產品組合相關的執行管道數量每季都在持續成長。

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

你的下一個問題來自摩根大通的布萊恩艾塞克斯。

First of all, Josh, congratulations to you. What a great track record you've built. And Erica, congratulations to you as well. It's great to see.

首先，喬什，恭喜你。你已經建立了多麼好的記錄。艾麗卡，也恭喜你。很高興看到。

Thanks Brian.

謝謝布萊恩。

Of course. Maybe for Matt, I know you talked about in your prepared remarks the ability to unleash your go-to-market motion on over 8,500 on Venafi customers now within your installed base. Can you just talk a little bit about what needs to be done within your direct sales force? And then what you're doing within the channel and perhaps how long that will take to have an effect on the trajectory of Venafi's growth rate?

當然。也許對 Matt 來說，我知道您在準備好的發言中談到了向您現有安裝基礎中超過 8,500 名 Venafi 客戶發起上市動議的能力。能簡單談談您的直銷團隊需要做什麼嗎？然後，您在通路內所做的事情以及可能需要多長時間才能對 Venafi 的成長率軌跡產生影響？

Sure. Yes. Great question. We started training our sales team the minute we could. And in fact, we've gone out and really gotten them ready to have the conversation. And so we're already seeing pipeline being built here in Q4 for next year that our sales team is able to contribute hand-in-hand with the Venafi team. So we feel ready to go. I think at some level, we were itching to go and we wanted to get through, obviously, the regulatory approval so that we could get started. And we really can't wait to start -- as I said, and then you repeated, unleash that sales team to be able to go push this product.

當然。是的。很好的問題。我們一有機會就開始培訓我們的銷售團隊。事實上，我們已經出去真正讓他們準備好進行對話。因此，我們已經看到明年第四季的管道正在建設中，我們的銷售團隊能夠與 Venafi 團隊攜手做出貢獻。所以我們準備好了。我認為在某種程度上，我們渴望去，顯然我們希望獲得監管部門的批准，以便我們可以開始。我們真的迫不及待地想開始——正如我所說，然後你重複了，釋放銷售團隊的力量，去推銷這個產品。

It is a really easy conversation. And what I mean by that is it's the CISO who's sponsoring the conversation. It's the same buyer. We know who the party is involved. And ultimately, it becomes part of our talk track pretty easily, pretty quickly, and we haven't seen a need to kind of bring in specialists in every conversation.

這是一次非常輕鬆的對話。我的意思是 CISO 正在發起這場對話。是同一個買家。我們知道當事人是誰。最終，它很容易、很快就成為我們談話軌道的一部分，而且我們沒有看到需要在每次對話中引入專家。

I think the partner one side of the fence is probably what surprised us the most to the upside. I think when we first announced it, we said we were, I think, down at the event and we had our partners in the other room. And we said they were so excited. And sometimes that can fade. What we found is the exact opposite. We actually were at standing room only in classes and certifications that we're doing for partners around the world throughout the last quarter. We had to actually add in more and more training classes for our partners. We're kind of racing to kind of a first-mover advantage to be able to bring Venafi into the market.

我認為圍欄一側的合作夥伴可能是最讓我們驚訝的。我想當我們第一次宣布這一消息時，我們說我們在活動現場，我們的合作夥伴在另一個房間。我們說他們非常興奮。有時這種感覺會消失。我們發現的情況恰恰相反。實際上，我們只在上個季度為世界各地的合作夥伴提供的課程和認證中站著。我們實際上必須為我們的合作夥伴增加越來越多的培訓課程。我們正在爭奪先發優勢，以便能夠將 Venafi 引入市場。

So I think we've seen even more of an uptake in the partner community than I would have expected, to be honest, and I think it speaks to the need to solve a problems of the machine identity security story. Now I will say that it's a similar sales cycle to the CyberArk sales cycle. So we've always talked about a 3, 4 quarter sales cycle, and sometimes we do better and it's 2 quarters or so. So I think we will see the impact of all this enablement and certification happen as we get into next year and into the back half of the year, especially.

因此，老實說，我認為合作夥伴社群的接受程度比我預期的還要多，而且我認為這說明需要解決機器身分安全問題。現在我要說的是，這是一個與 Cyber​​Ark 銷售週期類似的銷售週期。所以我們總是談論3、4季的銷售週期，有時我們做得更好，大約2個季度。因此，我認為，當我們進入明年，尤其是今年下半年時，我們將看到所有這些支援和認證所產生的影響。

But it's why we're so confident in our ability to say we're going to grow this at or better than the CyberArk overall growth rate is because we see these conversations really taking off.

但這就是為什麼我們對自己的能力如此有信心，說我們的成長速度將達到或超過 Cyber​​Ark 的整體成長率，因為我們看到這些對話真正起飛。

Got it. That's super helpful. Maybe one quick housekeeping question, if I could, for Josh or Erica, is there any deferred revenue write-down that we have to consider as we tune our models and we add Venafi into the equation?

知道了。這非常有幫助。也許有一個簡單的內務問題，如果可以的話，對於喬許或埃里卡，在我們調整模型並將 Venafi 添加到等式中時，是否需要考慮任何遞延收入減記？

No, there's no -- nothing material on that stuff.

不，沒有──那些東西沒有任何實質內容。

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

你的下一個問題來自威廉布萊爾的喬納森何（Jonathan Ho）。

Let me echo my congratulations to Josh and Erica as well. It has been fantastic to work with you, Josh. Just in terms of Venafi, can you talk a little bit about the opportunity to expand the awareness of the machine identity problem? And across your base as you engage with customers, can you give us a sense of where they are in terms of understanding the challenges as well?

讓我也向喬許和艾麗卡表示祝賀。喬什，和你一起工作真是太棒了。就Venafi而言，您能談談擴大機器身分問題意識的機會嗎？當您與客戶互動時，您能否讓我們了解他們在理解挑戰方面的情況？

Sure, Jonathan. And I think it's -- I'll use a couple of examples maybe to help here. just in terms of the ability for us to scale, right? We've talked before about more than 10x sales reps and our ability to be able to bring it into the base and educate through a sales-driven process. But we've also been able to really attack it already from a marketing event-based process from a partner landscape, as I was talking about. They did an event prior to close here in Boston called the Machine Identity Security Summit. And there were a couple of hundred people there. I think it was about 200 people, and it was a great message.

當然，喬納森。我認為——我將使用幾個例子也許能有所幫助。只是就我們的擴展能力而言，對吧？我們之前討論過超過 10 倍的銷售代表，以及我們能夠將其帶入基地並透過銷售驅動的流程進行教育的能力。但正如我所說，我們也已經能夠從合作夥伴的基於行銷事件的流程中真正地攻擊它。他們在波士頓閉幕前舉辦了一場名為「機器身分安全高峰會」的活動。那裡有幾百人。我想大約有 200 人參加，這是一個很棒的訊息。

We then took the content combined it in with our impact on the road. World Tour did an event out in San Jose. We had well over 300 people there at the event. We had well over 1,000 people register for the event online. And you start to see the scale take off in just amplifying the message out into the base. We've obviously gone out and pushed our partners around in this enablement and in this training, also can they turn on their marketing engine around this problem of machine identity.

然後我們將內容與我們對道路的影響結合起來。世界巡迴演唱會在聖荷西舉辦了一場活動。我們有超過 300 人參加了這次活動。我們有超過 1,000 人在線上註冊參加活動。你開始看到，僅僅將訊息放大到基礎中，規模就開始起飛。顯然，我們已經出去推動我們的合作夥伴在這種支援和培訓中，他們也可以圍繞機器身份問題啟動他們的行銷引擎。

And they've been rallying around our Secret story over the last couple of quarters, and I think this just becomes a nice extension of what they've already been doing. I think you're going to see that the, education process, the awareness process has really started to kick into full gear. Our marketing team has a great plan of attack for how they're going to continue pushing it going forward. And I think when you talk with the customer base, and I've done 40 or so calls in the very near recent couple of weeks. They all understand that they've got to get their arms around this machine identity problem or they're going to get themselves in a lot of trouble.

在過去的幾個季度裡，他們一直圍繞著我們的秘密故事團結起來，我認為這只是他們已經在做的事情的一個很好的延伸。我想你會看到教育過程、意識過程已經真正開始全面啟動。我們的行銷團隊有一個很好的進攻計劃，他們將如何繼續推動它向前發展。我認為當你與客戶群交談時，我在最近幾週內打了 40 個左右的電話。他們都明白，必須解決這個機器身分問題，否則會為自己帶來很多麻煩。

This Google mandate for example, that brought down certificate life spans from hundreds of days to a mandate of 90 days. Apple came out with a mandate of 45 days. Those things are driving actually a good degree of uncertainty down into the enterprise and what are they going to do if they're managing certificates, keys in a manual process. And so I really feel strongly that we are at a cusp of where the customer understands it, our marketing engine is going to kick in. And ultimately, this is an area where the customers are going to start pulling as much as we're pushing.

例如，Google 的這項強制規定將憑證的有效期從數百天縮短至 90 天。蘋果公司給了 45 天的授權。這些事情實際上為企業帶來了很大程度的不確定性，如果他們在手動過程中管理憑證、金鑰，他們會做什麼。因此，我強烈感覺到，我們正處於客戶理解的風口浪尖，我們的行銷引擎將啟動。

Excellent. And just in terms of a quick follow-up, can you give us a sense of what drove the strong margin outperformance this quarter -- is just exceptional in terms of the profitability.

出色的。就快速跟進而言，您能否讓我們了解是什麼推動了本季利潤率的強勁表現——就盈利能力而言，這是非常出色的。

In part, it's the revenue to be, as you saw, we ended up beating new -- about the top line. And then our -- I call this out, there are some expenses that we'll be doing in Q4 that were planned for Q3. And then just overall, good, strong efficiency as we operate the company.

在某種程度上，正如你所看到的，我們最終擊敗了新的收入——關於營收。然後我們的——我指出，我們將在第四季度進行一些原計劃在第三季度進行的支出。然後，我們在經營公司時總體上表現出良好、強勁的效率。

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

你的下一個問題來自瑞銀證券的羅傑博伊德。

I'll add my respective congrats to both Josh and Erica. Happy for you both. Matt, a high-level question around post quantum. It seems like awareness is raising there. I'm wondering, based on your conversations with customers, do you think that we're getting into the actual adoption curve where customers are looking to pick up post-quantum security tools, some of the stuff you're talking with being able to gauge exposure and get to a place of certificate of agility? And now with Venafi platform, just any sense of how material you think this could be as a driver into next year? And then I have a quick follow-up.

我將分別向喬許和艾麗卡表示祝賀。為你們倆高興。馬特，一個關於後量子的高階問題。那裡的意識似乎正在提高。我想知道，根據您與客戶的對話，您是否認為我們正在進入實際的採用曲線，客戶正在尋求採用後量子安全工具，您正在談論的一些東西能夠衡量暴露程度並獲得敏捷證書？現在有了 Venafi 平台，您認為這對明年的推動作用有多大？然後我會進行快速跟進。

Sure. Yes. No, I think you hit it -- a nail on the head there around the idea that the willingness and want to talk about kind of post-quantum plan is a part of every conversation we're having on the Venafi side. Now I still think it's obviously separate until the actual quantum impact is felt and thankfully for that. But what we're able to do now is really talk with the customers about their programs and plans. We have our ability to come in and do workshops around how the Venafi solution in our overall machine Identity Security Solution can help prepare for post-quantum world.

當然。是的。不，我認為你擊中了這一點——關於這樣一個想法，即願意並想要談論某種後量子計劃是我們在 Venafi 方面進行的每一次對話的一部分。現在我仍然認為在感受到實際的量子影響之前它顯然是分開的，值得慶幸的是。但我們現在能做的是真正與客戶討論他們的計劃和計劃。我們有能力參加研討會，圍繞我們的整體機器身份安全解決方案中的 Venafi 解決方案如何幫助為後量子世界做好準備。

And it speaks not only to the need for, obviously, innovating around the algorithm and making sure that you're able to prepare. It also speaks to this idea of life cycle management because in a post-quantum world, where an algorithm might be able to be breached or hacked into, we need to be aware of all of the assets, all the identities out there, and we need to be able to reissue maybe with a new algorithm on demand based upon what's happening in the -- kind of threat landscape or threat environment.

顯然，這不僅表明需要圍繞演算法進行創新並確保您能夠做好準備。它也談到了生命週期管理的想法，因為在後量子世界中，演算法可能會被破壞或駭客入侵，我們需要了解所有資產、所有身份，並且我們需要能夠根據威脅形勢或威脅環境中發生的情況按需使用新演算法重新發布。

So I do think it's a piece of the strategy. I think you're right that customers are starting to talk about it. Still many years out until they have to actually implement. But I think it's a part of what's driving the awareness of what we're doing on the machine identity side.

所以我確實認為這是戰略的一部分。我認為客戶開始談論它是對的。距離真正實施還有很多年的時間。但我認為這是提高人們對我們在機器身份方面所做工作的認識的一部分。

Got it. Super helpful. And then just for Josh or Erica, just around 4Q, I know you've talked about moving to shorter contract durations on the maintenance side. Any color you can provide on what you're seeing around renewal rates there? And anything to be mindful of relative to your 4Q assumptions for maintenance given the renewal base and seasonally larger quarter?

知道了。超有幫助。然後，就喬希或埃麗卡而言，就在第四季度左右，我知道你們已經談到了在維護方面縮短合約期限。您能提供有關您所看到的續訂率的任何顏色嗎？考慮到續訂基數和季節性較大的季度，相對於您的第四季度維護假設，有什麼需要注意的嗎？

Yes, Roger, it's a great question. I think we've seen continued strong renewal rates as it relates to that maintenance space. But as you know, that Q4 is one of the biggest quarters. So baked into kind of our forward-looking our fourth quarter guidance is about an $8 million to $10 million decline in that overall maintenance ARR sequentially. So just kind of keep that in mind when you're thinking about the ARR build into the fourth quarter and the exit rate there.

是的，羅傑，這是一個很好的問題。我認為我們已經看到與維護空間相關的持續強勁的續訂率。但如您所知，第四季度是最大的季度之一。因此，我們第四季度的前瞻性指導是整體維護 ARR 環比下降約 800 萬至 1000 萬美元。因此，當您考慮第四季度的 ARR 建置和退出率時，請記住這一點。

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

您的下一個問題來自 Adam Borg Stifel。

And of course, Josh and Erica many congratulations to you, both. Maybe a bigger picture question for you, Matt. You talked about the platform selling approach is in great traction, especially with some of the wins you talked about. I was just curious maybe from a technology perspective under the hood, especially as you now holdinf Venafi. How do we think about how integrated, let's call it, the human side of the portfolio is today, you talked about efforts to integrate Secrest and Venafi. And how should I think about almost a converged human/nonhuman identity portfolio on the back end in coming years?

當然，喬許和艾麗卡都祝賀你們。也許對你來說是一個更大的問題，馬特。您談到平台銷售方式非常受歡迎，尤其是您談到的一些勝利。我只是從幕後的技術角度好奇，尤其是當你現在持有 Venafi 的時候。我們如何思考今天投資組合的人性化程度如何，您談到了整合 Secrest 和 Venafi 的努力。我應該如何考慮未來幾年後端幾乎融合的人類/非人類身份組合？

Sure, Adam. So I think as you highlighted, our first priority is let's get Venafi and see integrated into what we're calling this Machine Identity Security Solution. and let us hit the ground running as fast as possible with that so we can take advantage of the increased awareness and the need to really lock down those machine identities themselves.

當然，亞當。因此，我認為正如您所強調的，我們的首要任務是讓 Venafi 整合到我們所謂的機器身分安全解決方案中。讓我們盡快開始行動，這樣我們就可以利用意識的增強和真正鎖定這些機器身份本身的需要。

I think -- what we look for is 2 things. One is the shared experience across human and machine so the organizations and customers can partake share dashboard, share discovery. And I think those types of things start to come online more towards the end of the year into 2026. And then we're always looking to look how can we leverage the shared services of our platform, for example, things like unified audit and unified identity management. And that's an area where we can be building up over time also as part of a shared platform approach.

我認為──我們尋找的是兩件事。一是人類和機器之間的共享體驗，讓組織和客戶可以參與共享儀表板、共享發現。我認為這些類型的事情在 2026 年底開始更多地上線。這是我們可以隨著時間的推移而建立的領域，也是共享平台方法的一部分。

So I think 2025 is really about integrating the Machine Identity Solution is set out. 2026, you start to see the technologies come together, and we have a road map and an idea of what that would look like. Independent of the technology there's a conversation with customers that we're having all the time, which is machines and humans need to be integrated and managed under one platform, one ability to understand what is going on.

所以我認為 2025 年確實是關於整合機器身分的解決方案。 2026 年，你開始看到科技融合在一起，我們有一個路線圖和一個關於它會是什麼樣子的想法。獨立於技術之外，我們一直在與客戶進行對話，即機器和人類需要在一個平台下整合和管理，一種理解正在發生的事情的能力。

We need to make sure that we can provide a future proof for the years to come across human/machine. And because that's needed for a comprehensive view of what identity security is. And so I think that starts from day 1. And frankly, I've received multiple comments from customers. Customers I trust implicitly actually that help advise that say, this is like one of the things that they would have hoped happened in the industry is bringing human machine more together for where they need to go for the future.

我們需要確保我們能夠為未來幾年遇到的人/機器提供未來的證據。因為這是全面了解身分安全的必要條件。所以我認為這從第一天開始。我暗中信任的客戶實際上會幫助建議說，這就像他們希望在行業中發生的事情之一，即將人類機器更多地結合在一起，以實現未來的發展。

Your next question comes from the line of Don DiFucci of Guggenheim Securities.

你的下一個問題來自古根漢證券公司的唐迪福奇（Don DiFucci）。

I have been called Don before. But anyway, I don't mean to beat a dead horse on this, but really, I think I'm curious like why Venafi represents an incremental growth plan for you. Matt, you talked about the go-to-market push, and that makes some sense. And you talked about a bunch of things here. But we've heard about this for a while, and Venafi has been around for a while, and it was a good company, a decent company, but it never seem to fulfill its promise, right? Machine identities always made sense, but they never fulfilled.

我以前被稱為唐。但無論如何，我並不是想在這件事上死馬當活，但實際上，我想我很好奇為什麼 Venafi 代表了你們的增量增長計劃。馬特，你談到了進入市場的推動，這是有道理的。你在這裡談論了很多事情。但我們聽說這個已經有一段時間了，Venafi 已經存在了一段時間了，它是一家好公司，一家體面的公司，但它似乎從未兌現過它的承諾，對吧？機器身份總是有意義的，但它們從未實現。

And I just wonder if we're getting a little bit too far ahead of ourselves here. And you guys have executed really well, and that's part of it, too, right? That's positive. But I don't know if you could speak a little bit to that? I'm sure there's a question in there somewhere.

我只是想知道我們是否有點超前了。你們執行得非常好，這也是其中的一部分，對吧？這是積極的。但我不知道你能不能談談這個問題？我確信某處有一個問題。

There is. And I think it's a good one, which is why now. And I think I've hit on, as you mentioned, -- all right, did Venafi ever invest in the go-to-market scale and breadth to be able to truly go out there and penetrate the market, they were mainly focused in the US. They didn't have much presence in EMEA and APJ. They had a relatively limited spending on marketing and on sales. They had a very, very, very small channel program so they were not able to actually bring in the SIs and the bigger channel partners that we bring to the table.

有。我認為這是一件好事，這就是為什麼現在。我想我已經想到了，正如您所提到的，好吧，Venafi 是否曾經在進入市場的規模和廣度上進行過投資，以便能夠真正走出去並滲透市場，他們主要專注於美國。他們在歐洲、中東和非洲和亞太及日本地區的業務並不多。他們在行銷和銷售方面的支出相對有限。他們有一個非常非常小的通路計劃，因此他們無法真正引入我們帶來的 SI 和更大的通路合作夥伴。

So for sure, one part of it is what CyberArk brings to the story. But I think there is a second part, which is an inflection in the market of, as I said, volume variety and velocity. And that's a change. Like if we go back 5, 6 years ago, the volume was not where it was. And the variety actually was not as complex. And ultimately, the very nature of these modern workload identities were much different in terms of the velocity of change that was happening.

所以可以肯定的是，Cyber​​Ark 為故事帶來的內容是其中的一部分。但我認為還有第二部分，正如我所說，這是市場數量變化和速度的變化。這就是一個改變。就像我們回到 5、6 年前一樣，銷量已經不在原來的水平了。而且品種其實沒有那麼複雜。最終，這些現代工作負載身分的本質在變化的速度方面有很大不同。

When you go out and look at the market factors around the Google mandate, the actually regulations that are coming in that actually speak to the machine identity landscape. There wasn't the pressure your arms around what was a very basic problem to begin with of certificate life cycle management. What's happening now -- and by the way, that's what drove them up into only the upper echelon of big banks, big financial institutions where the problem was really tough and they weren't actually penetrating down into the mainstream enterprise because it wasn't really part of a big problem statement, given the volume, given the variety, given the velocity -- what we find now is actually manual processes, spreadsheets, kind of point solutions, can't manage the problem. And that's what our enterprise customers were telling us before we acquired Venafi. And that's what they're telling us even more now post acquire Venafi. So I think when you combine those factors together, that's what gives us the excitement and the confidence in what we're out there describing. And ultimately, you'll see that materialize as we move throughout 2025.

當你出去看看圍繞谷歌指令的市場因素時，你會發現實際上正在出台的法規實際上涉及機器身份領域。對於證書生命週期管理的一個非常基本的問題，您沒有壓力。現在發生的事情 - 順便說一句，這就是驅使他們只進入大銀行、大型金融機構的上層的原因，這些問題確實很棘手，而且他們實際上並沒有滲透到主流企業，因為它不是考慮到數量、多樣性和速度，這實際上是一個大問題陳述的一部分——我們現在發現的實際上是手動流程、電子表格、點解決方案，無法管理問題。這就是我們收購 Venafi 之前我們的企業客戶告訴我們的。這就是他們在收購 Venafi 後告訴我們的更多資訊。所以我認為，當你將這些因素結合在一起時，這就是讓我們對我們所描述的內容感到興奮和自信的原因。最終，隨著我們邁向 2025 年，您將看到這一點成為現實。

Okay. Okay. And I just want to make sure that Josh wasn't putting for Eric, just leaving that for her because I know -- well, she's been by his side for a long time. But Okay. And I guess --

好的。好的。我只是想確保喬許不會替艾瑞克做事，而是把這個留給她，因為我知道——好吧，她已經在他身邊很久了。但好吧。我猜——

I don't know that Josh has ever found a high bar. I think you always is putting the right bar out there prudently. That's why I love Josh.

我不知道喬許曾經找到過一個高標準。我認為你總是謹慎地把正確的欄位放在那裡。這就是我愛喬許的原因。

That all makes sense. And you guys, like I said, have executed well. But I guess ARR was strong this quarter, my follow-up here. And it was in the range of what we thought you could do like -- and that's great. But just curious if you saw any influence on this last quarter due to the US election? And if you did, how do you see this influencing business going forward, if at all?

這一切都是有道理的。正如我所說，你們表現得很好。但我認為本季 ARR 表現強勁，這是我的後續行動。它在我們認為您可以做的範圍之內——這很棒。但只是好奇您是否認為美國大選對上個季度有任何影響？如果您這樣做了，您如何看待這種影響業務的未來發展（如果有的話）？

Yes. So we definitely didn't see anything materially different than what we've seen in other quarters. I think we continue to see, like we say, a tough macro out there, one in which, though we continue to perform well. Security being at the top of the list, our security -- identity security being at the top of that list. You've heard me say that before. I don't think we saw anything measurable or change there.

是的。因此，我們絕對沒有看到任何與我們在其他方面看到的東西有實質不同的東西。我認為，正如我們所說，我們繼續看到一個艱難的宏觀環境，儘管我們仍然表現良好。安全性是重中之重，我們的安全－身分安全是首要任務。你以前聽過我這麼說過。我認為我們沒有看到任何可衡量的或變化。

I think as we look towards Q4, we're not anticipating some budget flush out there as people kind of figure out maybe what the implications of the macros in the environment is. So our guide doesn't assume that. But no, I don't think we're seeing anything different in the environment as a whole, and we're kind of in a wait-and-see approach as it relates to the election itself.

我認為，當我們展望第四季時，我們預計不會出現一些預算沖刷，因為人們可能會弄清楚宏觀經濟對環境的影響是什麼。所以我們的指南可不這麼認為。但不，我認為我們在整個環境中沒有看到任何不同，我們對選舉本身採取觀望態度。

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

我們的問答環節到此結束。現在，我將把會議轉回執行長 Matt Cohen 致閉幕詞。

Thank you. And we are excited to deliver another strong quarter that showcases our leadership in Identity Security and that our vision of delivering the right level of privilege controls for every identity is working. We're thrilled to welcome the exception of Venafi team to CyberArk. I want to congratulate Erica on joining the leadership team, and I want to save my heartfelt thanks to Josh for being such a strong partner to me as I came into the CEO role and for helping to guide CyberArk for all these years to our success. Thank you, everybody.

謝謝。我們很高興能夠提供另一個強勁的季度，展示我們在身分安全方面的領導地位，以及我們為每個身分提供適當的權限控制的願景正在發揮作用。我們很高興歡迎 Venafi 團隊加入 Cyber​​Ark。我要祝賀 Erica 加入領導團隊，並衷心感謝 Josh 在我擔任執行長期間成為我如此強大的合作夥伴，並幫助指導 Cyber​​Ark 多年來取得成功。謝謝大家。

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

今天的電話會議到此結束。您現在可以斷開連線。