Cyberark Software Ltd (CYBR) 2024 Q4 法說會逐字稿

Good morning.

早安.

My name is Aaron, and I will be your conference operator for today.

我叫 Aaron，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the Q4 and full-year 2024 CyberArk earnings conference call.

現在，我歡迎大家參加 Cyber​​Ark 2024 年第四季和全年財報電話會議。

(Operator Instructions)

（操作員指令）

And with that, I'd like to turn the call over to Sri Anantha, Vice President, Investor Relations.

接下來，我想將電話轉給投資人關係副總裁 Sri Anantha。

Sri, you may begin.

斯瑞，你可以開始了。

Thank you.

謝謝。

Thank you, operator.

謝謝您，接線生。

Good morning.

早安.

Thank you for joining us today to review CyberArk's strong fourth quarter and full-year 2024 financial results.

感謝您今天加入我們，回顧 Cyber​​Ark 強勁的第四季度和 2024 年全年財務業績。

With me on the call today are Matt Cohen, our Chief Executive Officer; and Erica Smith, our Chief Financial Officer.

今天與我一起參加電話會議的還有我們的執行長 Matt Cohen；以及我們的財務長 Erica Smith。

After prepared remarks, we will open up the call to a question-and-answer session.

在準備好發言後，我們將進入問答環節。

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.

在我們開始之前，讓我提醒您，今天電話會議上發表的某些聲明可能被視為前瞻性聲明，反映了管理層根據當前可用的信息做出的最佳判斷。

I refer specifically to the discussion of our expectations and beliefs regarding our projected results of operations for the first quarter of full year 2025 and beyond.

我特別提到了我們對 2025 年全年第一季及以後預計經營業績的期望和信念的討論。

I also refer to our expectations and beliefs regarding the integration of Venafi and Zilla Security into our operations.

我還提到了我們對將 Venafi 和 Zilla Security 整合到我們的營運中的期望和信念。

Our actual results might differ materially from these projected in these forward-looking statements.

我們的實際結果可能與這些前瞻性陳述中的預測有重大差異。

I direct your attention to the risk factors contained in the company's annual report on Form 20-F filed with the US Securities and Exchange Commission and those referenced in today's press release that are posted to CyberArk's website.

我請您注意公司向美國證券交易委員會提交的 20-F 表年度報告中包含的風險因素以及今天的新聞稿中提及的發佈在 Cyber​​Ark 網站上的風險因素。

CyberArk expressly disclaims any application or undertaking to release publicly any updates or revisions to any forward-looking statements made herein.

Cyber​​Ark 明確表示不承認或承諾公開發布本文所述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.

此外，本次電話會議也將討論非公認會計準則財務指標。

Reconciliations to the most directly comparable GAAP financial measures are also available in today's press release as well as an updated investor presentation that outlines the financial discussion in today's call.

今天的新聞稿中還提供了與最直接可比較的 GAAP 財務指標的對帳表，以及概述今天電話會議中財務討論內容的最新投資者介紹。

A webcast of today's call is also available on our website in the IR section.

我們網站的 IR 部分也提供了今天電話會議的網路直播。

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

說到這裡，我想把電話轉給我們的執行長 Matt Cohen。

Thanks, Sri, and thanks, everyone, for joining the call today.

謝謝 Sri，也謝謝大家今天參加電話會議。

We are incredibly excited about the strong results we delivered in the quarter and for the full year 2024.

我們對本季和 2024 年全年的強勁業績感到非常興奮。

Before I dive into specifics, I'd like to reflect on 2024 as a whole.

在深入探討具體細節之前，我想先對 2024 年進行整體回顧。

This has been a truly momentous year of continued transformation and growth for CyberArk.

對 Cyber​​Ark 來說，這是真正具有里程碑意義的一年，也是其持續轉型和發展的重要一年。

By all metrics, it was an exceptional year, filled with major milestones to celebrate.

從各方面來看，這都是不平凡的一年，充滿了值得慶祝的重大里程碑。

In 2024, we blew passed the $1 billion ARR mark, a milestone we are very proud of.

2024 年，我們的 ARR 突破了 10 億美元大關，這是一個讓我們感到非常自豪的里程碑。

And as you will see in a moment, we hit that milestone even without the successful contribution from Venafi.

您馬上就會看到，即使沒有 Venafi 的成功貢獻，我們也達到了這個里程碑。

We also exceeded the benchmark of $1 billion in revenue for the first time.

我們的營收也首度突破10億美元大關。

In 2024, we also demonstrated the inherent leverage in our business model, increasing our operating margin to 15% and we fired up the cash flow engine with $221 million in free cash flow in 2024.

2024 年，我們也展示了我們商業模式中固有的槓桿作用，將我們的營業利潤率提高到 15%，並在 2024 年以 2.21 億美元的自由現金流啟動了現金流引擎。

Putting these numbers together, we returned to being a Rule of 40 company, a place we know well, a year ahead of the playbook and the long-term targets we outlined at our 2023 Investor Day.

把這些數字放在一起，我們重新成為了一家「40 法則」公司，一家我們非常熟悉的公司，比我們在 2023 年投資者日概述的劇本和長期目標提前了一年。

The numbers as proud of them as I am, just begin to tell the story of 2024.

我為這些數字感到自豪，但它們才剛開始講述 2024 年的故事。

This was also the year where our industry-leading platform and differentiated persona-based solutions began to truly drive the conversation among security teams and in the C-suite.

這也是我們行業領先的平台和差異化的基於角色的解決方案開始真正推動安全團隊和高階主管之間對話的一年。

We are speaking their language in solving their biggest problems.

我們用他們的語言來解決他們最大的問題。

Our solutions approach facilitate deeper relationships, bigger wallet shares, and the ability to design more strategic Identity Security road maps.

我們的解決方案方法有利於建立更深層的關係、擴大錢包份額、以及設計更具策略性的身份安全路線圖的能力。

In a world of escalating fear, brought on by increasingly sophisticated and relentless attacks, we are trusted because we, along with our partners, are always in it together with our customers, providing proven solutions and delivering demonstrable customer outcomes that they can trust to make them more secure.

在這個由日益複雜和無情的攻擊引發的恐懼不斷升級的世界裡，我們之所以值得信賴，是因為我們和我們的合作夥伴始終與客戶並肩作戰，提供行之有效的解決方案，並提供值得客戶信賴的、可證明的客戶成果，從而使客戶更加安全。

As I reflect on the year, my excitement about the milestones we are celebrating is exceeded by my excitement for what I see ahead and the sheer potential in the market.

回顧這一年，我對我們正在慶祝的里程碑的興奮遠大於我對未來的展望和市場的巨大潛力的興奮。

What is clear is that Identity Security has reached a defining moment and CyberArk has established its right to win.

顯然，身分安全已經到了決定性的時刻，Cyber​​Ark 已經確立了其獲勝的權利。

Bad actors are placing identity at the center of their attacks and identity programs in the past are falling short of answering the call.

不法分子將身分置於攻擊的中心，而過去的身份程序未能滿足要求。

The new Identity Security imperative is being driven by four security realities.

新的身分安全要求受到四個安全現實的推動。

We will discuss these four areas at our Investor Day in a little over a week, but I did want to preview them here as they help frame the opportunity ahead for CyberArk.

我們將在一周多後的投資者日上討論這四個領域，但我想在這裡預覽它們，因為它們有助於為 Cyber​​Ark 建立未來的機會。

First, privileged access is now everywhere.

首先，特權存取現在無所不在。

The entire spectrum of identities can become privileged depending on task, target, and even situation.

根據任務、目標、甚至情況的不同，整個身分範圍都可能變得享有特權。

This changes the game of how Identity Security solutions must respond.

這改變了身分安全解決方案的回應方式。

Second, the number of machine identities and the associated risks are exploding.

其次，機器身分的數量及其相關風險正在激增。

Cloud computing increased regulations and changing standards and the very roll machines play in our rapidly evolving world means machine identities of all types need to be discovered, secured, and automatically managed throughout their life cycle to avoid leaving organizations completely exposed.

雲端運算增加了法規和不斷變化的標準，以及機器在我們快速發展的世界中發揮的作用，意味著所有類型的機器身份都需要在其整個生命週期中被發現、保護和自動管理，以避免組織完全暴露。

Third, CISOs are overwhelmed by the sheer number of security tools and the integral nature of problems across access, PAM, and IGA.

第三，CISO 被大量的安全工具以及跨訪問、PAM 和 IGA 問題的複雜性所困擾。

As a result, they're looking to consolidate in order to decrease complexity to lower spend and, most importantly, to strategically scale and grow with a vendor they can trust.

因此，他們希望透過整合來降低複雜性、降低開支，最重要的是，與他們可以信賴的供應商一起策略性地擴大規模和成長。

And fourth, securing against AI and the securing of AI are soon to be among the biggest challenges we will all face.

第四，防範人工智慧和保護人工智慧的安全很快將成為我們面臨的最大挑戰之一。

AI makes attackers more efficient, more pervasive and ultimately more successful their targets, the identities we secure require more protection than ever.

人工智慧使攻擊者變得更有效率、更具滲透力並最終更容易成功攻擊目標，我們所保護的身份資訊需要比以往更加嚴格的保護。

At the same time, AI is introducing brand-new identities in the form of the agenic workforce, that will quickly outnumber humans and just like every other identity will need CyberArk to be secure.

同時，人工智慧正在以人工智慧勞動力的形式引入全新的身份，其數量很快就會超過人類，就像其他所有身份一樣，需要 Cyber​​Ark 來保障其安全。

When you think about these four market realities combined with CyberArk's leadership position, our trusted security first reputation and our strong ability to execute, which continues to make me so proud.

當你將這四個市場現實與 Cyber​​Ark 的領導地位、我們值得信賴的安全第一聲譽以及我們強大的執行能力結合起來時，我會感到非常自豪。

As much as I enjoy 2024, you can understand why we are so eager to get started on the year ahead.

儘管我很享受 2024 年，但你可以理解為什麼我們如此渴望開始新的一年。

We have the leading Identity Security platform in the market, but we are not done yet and remain focused on continuing to innovate and invest in our platform to meet the growing needs of the market.

我們擁有市場上領先的身份安全平台，但我們還沒有完成，我們將繼續專注於繼續創新和投資我們的平台，以滿足市場日益增長的需求。

Earlier today, we announced the exciting acquisition of Zilla Security.

今天早些時候，我們宣布了令人興奮的收購 Zilla Security 的消息。

This acquisition is a game changer for the identity governance landscape, addressing long-standing challenges that have hindered traditional IGA solutions.

此次收購改變了身分認同治理格局，解決了阻礙傳統 IGA 解決方案發展的長期挑戰。

Legacy IGA are often slow to deploy, difficult to integrate, have limited integration with modern systems and are relying on manual processes.

傳統的 IGA 通常部署緩慢、難以整合、與現代系統的整合有限並且依賴手動流程。

This leads to inefficiencies and heightened security and compliance risks in a modern world where identities are no longer static, but instead are dynamic and need access on the fly, the only way to efficiently and securely provision all these identities is with an automated life cycle management solution.

這會導致效率低下和安全與合規風險的增加，在現代世界中，身份不再是靜態的，而是動態的且需要動態訪問，有效和安全地提供所有這些身份的唯一方法是使用自動化生命週期管理解決方案。

In stark contrast to legacy IGA systems, Zilla's modern IGA SaaS platform was built from scratch to address today's digital environments characterized by an explosion of SaaS applications, decentralized management and identity-based security threats.

與傳統的 IGA 系統形成鮮明對比的是，Zilla 的現代 IGA SaaS 平台是從零開始構建的，旨在應對當今以 SaaS 應用程式爆炸式增長、分散式管理和基於身份的安全威脅為特徵的數位環境。

Leveraging AI-driven role management, Zilla automates the processes of identity compliance and provisioning, making governance easy, intuitive and all-inclusive for the modern enterprise.

Zilla 利用人工智慧驅動的角色管理，自動化身分合規和配置流程，使現代企業的治理變得簡單、直觀和全面。

It offers the most complete set of integrations for both commonly used and custom SaaS applications.

它為常用和客製化的 SaaS 應用程式提供了最完整的整合。

Compared to legacy IGA, Zilla can be deployed five times faster complete access reviews with 80% less effort and enable faster provisioning with 60% fewer service tickets.

與傳統 IGA 相比，Zilla 的部署速度提高了五倍，用更少的精力完成了訪問審查，並且用更少的服務票證實現了更快的配置。

For customers, this acquisition means faster time to value with a modern approach to governments that reduces operational complexity.

對客戶而言，此次收購意味著可以更快實現價值，並能以現代化的方式與政府打交道，從而降低營運的複雜性。

By integrating Zilla's best-in-class modern IGA capabilities with the CyberArk Identity Security platform, we will redefine what's possible in IGA.

透過將 Zilla 一流的現代 IGA 功能與 Cyber​​Ark 身份安全平台相結合，我們將重新定義 IGA 的可能性。

Together, we will make the future of identity security smarter, faster and more effective than ever before.

我們將共同努力，使身分安全的未來比以往任何時候都更加聰明、更快、更有效。

We are thrilled to welcome the talented Zilla team to CyberArk.

我們非常高興歡迎才華橫溢的 Zilla 團隊加入 Cyber​​Ark。

Erica will talk about the transaction details and the financial impact later in her remarks.

埃里卡將在稍後的演講中討論交易細節和財務影響。

As mentioned, Q4 saw the business continue to accelerate.

如上所述，第四季度業務繼續加速發展。

Customers are navigating the risks of the threat landscape daily, and they understand that the traditional network perimeter has long been a thing of the past.

客戶每天都在應對威脅情勢的風險，他們明白傳統的網路邊界早已成為過去。

In December, we were once again reminded of the severity of the threat landscape when a nation state attacker leveraged the critical vendor vulnerability to compromise the US Department of Treasury.

12 月，一個國家攻擊者利用關鍵的供應商漏洞攻擊了美國財政部，這再次提醒我們威脅情況的嚴重性。

The attack came down to exploiting a vulnerability in software and ultimately stealing an API key, a type of machine identity to get into the support system, access applications and workstations, and eventually exfiltrate data.

這次攻擊最終利用了軟體漏洞並最終竊取了 API 金鑰（一種機器身分），從而進入支援系統、存取應用程式和工作站，並最終竊取資料。

Not having best-in-class security controls across all identities is a risk that organizations cannot afford to take.

缺乏對所有身分的最佳安全控制是組織無法承受的風險。

Other vendors provide Zilla Solutions that are stitched together, which is both inefficient and ineffective.

其他供應商提供拼湊在一起的 Zilla 解決方案，既低效又無效。

We provide a unified platform that empowers customers with complete visibility, automation and control to secure every identity human and machine.

我們提供統一的平台，為客戶提供完整的可視性、自動化和控制，以保護每個人和機器的身份。

Customers are increasingly deploying on and expanding across the entire platform, securing multiple identity groups and consolidating spend with CyberArk.

客戶越來越多地在整個平台上部署和擴展，保護多個身分組並使用 Cyber​​Ark 整合支出。

All of our top deals in the fourth quarter had multiple solutions, and I want to share a specific example that illustrates how we are selling the entire platform.

我們第四季的所有頂級交易都有多種解決方案，我想分享一個具體的例子來說明我們如何銷售整個平台。

And our top deal from the quarter, a leading global professional services company went all in on CyberArk and decided to replace a competing legacy PAM vendor, but they did not stop there.

我們本季最重要的交易是一家領先的全球專業服務公司全力投入 Cyber​​Ark，並決定取代競爭對手的傳統 PAM 供應商，但他們並沒有就此止步。

They also secure machines with Secrets Management and the workforce across the entire solution, including endpoint, secure browser, MFA, and SSO.

他們還使用 Secrets Management 保護機器的安全，並保護整個解決方案中的員工安全，包括端點、安全瀏覽器、MFA 和 SSO。

The real dealmaker for them was our SaaS platform scalability fast away ray of integrations, and most of all, are session management capabilities for modern PAM workflows in the cloud.

對他們來說，真正的交易是我們的 SaaS 平台可擴展性、快速集成，最重要的是，是雲端現代 PAM 工作流程的會話管理功能。

This deal represents the strength of the platform on full display, and our powerful platform is the enabler that allows us to offer comprehensive persona-based solutions that align to the major identity group's organizations have today, the workforce, IT, developers, and machines.

這筆交易充分展現了該平台的實力，我們強大的平台使我們能夠提供全面的基於角色的解決方案，與組織當今的主要身分群體、勞動力、IT、開發人員和機器相一致。

These solutions are resulting in new customers landing with bigger deals and also accelerating our expand motion.

這些解決方案為新客戶帶來了更大的交易，也加速了我們的擴張步伐。

Let's take a very quick tour through each major identity group and how our solutions are winning us new customers and helping us expand our base.

讓我們快速了解每個主要的身份群體，以及我們的解決方案如何為我們贏得新客戶並幫助我們擴大客戶群。

The modern workforce user requires seamless access anytime, anywhere from any device.

現代勞動力用戶需要隨時隨地透過任何設備進行無縫存取。

The same user can become privileged based on their activity or system they are accessing.

同一用戶可以根據其活動或所訪問的系統獲得特權。

Core controls like MFA and SSO alone are not enough.

僅靠 MFA 和 SSO 等核心控制是不夠的。

Our protection of the workforce extends to the endpoint, the browser, passwords, secure web sessions and SaaS applications.

我們對員工的保護延伸到端點、瀏覽器、密碼、安全網路會話和 SaaS 應用程式。

Putting all this together, we have reimagined how to secure the workforce.

綜合考慮所有這些，我們重新設想瞭如何保障勞動力的安全。

Solventum, a leading US healthcare company had been a long-time TAM customer.

Solventum 是一家美國領先的醫療保健公司，一直是 TAM 的長期客戶。

Last quarter, they recognized the need for a modern workforce suite with our secure web sessions and Workforce Password Manager capabilities, setting us apart from the traditional access management competition.

上個季度，他們意識到需要一套現代化的勞動力套件，其中包含我們的安全網路會話和勞動力密碼管理器功能，這使我們在傳統的存取管理競爭中脫穎而出。

Seeing the outcomes that delivered, they quickly returned this quarter again to substantially expand their workforce footprint to all of their employees while also adding solutions to protect IT developers and machines.

在看到所取得的成果後，他們在本季度迅速再次回歸，將員工隊伍大幅擴大到所有員工，同時也增加了解決方案來保護 IT 開發人員和機器。

Today, Identity Security programs for securing IT users need a modernized zero standing privilege approach to PAM that extends beyond IT administrators and standing access.

如今，用於保護 IT 使用者的身分安全程序需要一種現代化的零權限方法，以實現 PAM，其範圍超越了 IT 管理員和權限存取。

We must secure access for cloud administrators as well as shadow IT and vendors.

我們必須確保雲端管理員以及影子 IT 和供應商的存取權限。

These programs become a core part of our expand motion, a Fortune 500 pharmaceutical company who has been a long-term customer needed a scalable modern platform to secure and streamline multiple identity groups in its cloud environment.

這些程序成為我們擴展計劃的核心部分，一家作為長期客戶的財富 500 強製藥公司需要一個可擴展的現代平台來保護和簡化其雲端環境中的多個身分組。

In a mid-six-figure ACV deal, they are protecting IT and cloud admins by implementing modern privileged controls.

在一筆六位數中價位的 ACV 交易中，他們透過實施現代特權控制來保護 IT 和雲端管理員。

Zero standing access to modern cloud infrastructure and cloud environments is awesome mission critical to securing the most privileged human identity group in the enterprise to developers.

對現代雲端基礎設施和雲端環境的零基礎存取權對於確保企業中最具特權的人類身分組對開發人員至關重要。

If left unintended with always on access developer identities dramatically increased risk and expand the attack surface, our solution for securing developers offers the best of TAM without interfering with workflows and the pace of innovation.

如果不加以控制，開發人員身分的存取將大大增加風險並擴大攻擊面，而我們用於保護開發人員的解決方案提供了最佳的 TAM，而不會幹擾工作流程和創新步伐。

This is demonstrated another amazing deal from the quarter with builder.ai.

這證明了本季與 builder.ai 達成的另一項令人驚奇的交易。

As a born in the cloud AI software and application development company, they understand the power of a unified platform to scale and innovate in a cloud-first world.

作為一家誕生於雲端的 AI 軟體和應用程式開發公司，他們深知統一平台在雲端優先世界中擴展和創新的力量。

With a focus on developers first, they chose the CyberArk Secure Cloud Access and a new logo deal that also covered IT in their workforce.

他們首先關注開發人員，因此選擇了 Cyber​​Ark 安全雲端存取和新的標誌協議，該協議也涵蓋了其員工隊伍中的 IT 部門。

Our momentum in securing machine identities continued in the fourth quarter, and we had our best quarter ever for Secrets Management.

我們在保護機器身份方面的勢頭在第四季度得以延續，並且這是我們在秘密管理方面表現最好的一個季度。

For the full year, Secrets was our fastest-growing solution on a year-over-year basis, followed closely by workforce.

就全年而言，Secrets 是我們年成長最快的解決方案，其次是勞動力。

In Q4, we saw not only an acceleration in sequence management growth, but also a heavy double-digit increase in average deal sizes when compared to last Q4.

在第四季度，我們不僅看到序列管理成長加速，而且與去年同期相比，平均交易規模也實現了兩位數的大幅成長。

We believe the success in Secrets Management is also an indicator of the market readiness for Venafi.

我們相信 Secrets Management 的成功也顯示 Venafi 已做好市場準備。

Our performance on Venafi in the quarter speaks to this massive base opportunity in the machine identity security market with new customers as well as the large opportunity we have to cross sell into our base.

本季我們在 Venafi 上的表現說明了機器身分安全市場在新客戶方面擁有巨大的基礎機會，以及我們向我們的基礎客戶進行交叉銷售的巨大機會。

We are thrilled to see strong early traction, and I want to talk about two deals in particular that illustrate our early success with Venafi.

我們很高興看到早期強勁的吸引力，我想特別談談兩筆交易，它們說明了我們與 Venafi 早期取得的成功。

The first new logo is a European government agency managing more than 40,000 certificates across operations.

第一個新標誌是一個歐洲政府機構，負責管理其業務範圍內的 40,000 多份證書。

They needed a modern, scalable, automated machine identity solution and Venafi's largest ever deal in EMEA.

他們需要現代、可擴展、自動化的機器身分解決方案以及 Venafi 在 EMEA 地區有史以來最大的交易。

Next, I want to talk about a large European bank, who has been a long-time CyberArk customers.

接下來我想談談一家大型歐洲銀行，它是 Cyber​​Ark 的長期客戶。

This quarter, they enhance the protection of IT users with our enterprise solution and also added Conjur Cloud and Secret Hub, but they also added Venafi in a six-figure ACV deal.

本季度，他們透過我們的企業解決方案增強了對 IT 用戶的保護，也增加了 Conjur Cloud 和 Secret Hub，但他們也在六位數的 ACV 交易中加入了 Venafi。

As you can see, we also had great customer response in regions where there was previously little or no Venafi go-to-market presence, resulting in a record quarter for Venafi in EMEA.

如您所見，在先前 Venafi 很少或沒有上市的地區，我們也獲得了客戶的積極響應，這使得 Venafi 在 EMEA 地區創下了創紀錄的季度業績。

This early traction gives us confidence we can tap into the regional expansion opportunity as one driver the revenue synergies we expect to realize with a combined machine in entity go-to-market motion.

這種早期的牽引力使我們有信心，我們可以利用區域擴張的機會作為推動收入協同效應的一個動力，我們期望透過合併機器實現實體上市。

Our innovation in the machine identity market will not stop there.

我們在機器身分市場的創新不會止步於此。

As I mentioned earlier, another topic customers are asking us about as it relates to machine identities is AI, and in particular, agentic AI and how this impacts their security posture.

正如我之前提到的，客戶向我們詢問的另一個與機器身分相關的主題是人工智慧，特別是代理人工智慧以及它如何影響他們的安全態勢。

Historically, functionality like RPA, for example, required humans to write code for automation that mimic human behavior.

從歷史上看，例如 RPA 這樣的功能需要人類編寫模仿人類行為的自動化程式碼。

When artificial intelligence evolves from generative AI and copilots to agents, with the autonomy to complete tasks on a user's behalf, they can create their own automation entirely.

當人工智慧從生成式人工智慧和副駕駛發展到代理商時，它們可以自主地代表用戶完成任務，從而完全創建自己的自動化。

In other words, they receive and grant privilege, and in turn, the attack surface expands.

換句話說，他們獲得並授予特權，反過來，攻擊面擴大了。

Like humans, AI agents will need the right level of privileged controls.

與人類一樣，人工智慧代理需要適當的特權控制。

And just like any other identity group, they will need CyberArk.

正如任何其他身份群體一樣，他們需要 Cyber​​Ark。

We look forward to talking more about the agentic AI opportunity and the detailed plans we have in this area at the upcoming Investor Day.

我們期待在即將到來的投資者日上進一步討論代理 AI 機會以及我們在該領域的詳細計劃。

To sum up, I want to leave you with these three key takeaways today.

總而言之，今天我想留給你們以下三個關鍵要點。

First, the escalating threat environment and changing attack landscape places identity security at the top of the CECL priority list with a growing focus on securing all identities, and there is strong environment in what CyberArk offers to what the market needs.

首先，不斷升級的威脅環境和不斷變化的攻擊情勢使身分安全成為 CECL 優先事項的首要任務，人們越來越關注保護所有身分的安全，而 Cyber​​Ark 提供的產品能夠很好地滿足市場需求。

Second, our unified identity security platform is uniquely differentiated.

第二，我們的統一身分安全平台具有獨特的差異化。

Our solutions are designed to drive meaningful security outcomes.

我們的解決方案旨在推動有意義的安全成果。

And with the addition of Venafi and now Zilla, we are expanding our leadership position in Identity Security.

隨著 Venafi 和 Zilla 的加入，我們正在擴大在身分安全領域的領導地位。

And third, to go after this opportunity and win, we have put all the right pieces in place to continue to outperform with best-in-class execution.

第三，為了抓住這個機會並取得勝利，我們已經做好了一切正確的準備，以便繼續以一流的執行力取得優異表現。

We are solving real urgent problems for our nearly 10,000 customers globally.

我們正在為全球近 10,000 名客戶解決真正緊急的問題。

And as their trusted partner, as you continue to get more strategic with CyberArk.

作為他們值得信賴的合作夥伴，您可以繼續透過 Cyber​​Ark 獲得更具策略性的成果。

We are proud to reach the milestone of $1 billion in ARR and return to the Rule of 40 with our expanded profitability and cash flow.

我們很自豪地達到了 10 億美元的 ARR 里程碑，並隨著盈利能力和現金流的擴大而重回 40 規則。

The best part we're just getting started.

最好的部分我們才剛開始。

We look forward to seeing you at our 2025 Investor Day on February 24 and encourage you to also tune into the live stream as we share more about our amazing position to deliver another standout year in 2025 and beyond.

我們期待在 2 月 24 日的 2025 年投資者日上見到您，並鼓勵您收看直播，我們將與您分享更多有關我們在 2025 年及以後再創輝煌的驚人優勢的信息。

With that, I'll turn it over to Erica.

說完這些，我會把話題交給 Erica。

Thanks, Matt.

謝謝，馬特。

Q4 was another strong quarter, capping off a great year.

第四季又是一個表現強勁的季度，為豐收的一年畫上了圓滿的句點。

We exceeded our guidance and delivered against our strategic and financial targets.

我們超越了預期，實現了策略和財務目標。

ARR reached over $1 billion, both with and without Venafi, we expanded our operating margin significantly, and we delivered record free cash flow.

無論有沒有 Venafi，ARR 都達到了 10 億美元以上，我們的營業利潤率大幅提高，並實現了創紀錄的自由現金流。

As Matt mentioned, we are again a Rule of 40 company, a full year ahead of our long-term framework.

正如馬特所提到的，我們再次成為一家「40 法則」公司，比我們的長期框架提前了整整一年。

As I walk through our results for the quarter, keep in mind that Venafi closed on October 1, and its contribution is included in our fourth quarter results for 2024, but is not in the comparable period in 2023.

當我回顧本季的業績時，請記住 Venafi 於 10 月 1 日關閉，其貢獻已包含在我們 2024 年第四季的業績中，但不包含在 2023 年的可比期間中。

Annual recurring revenue exceeded our guidance, reaching $1.169 billion, including about $166 million in ARR from Venafi.

年度經常性收入超過了我們的預期，達到 11.69 億美元，其中包括來自 Venafi 的約 1.66 億美元的 ARR。

Subscription ARR grew to $977 million, including approximately $161 million from Venafi and now represents 84% of total ARR.

訂閱 ARR 成長至 9.77 億美元，其中來自 Venafi 的約 1.61 億美元，目前佔總 ARR 的 84%。

Our maintenance ARR was $192 million, including about $6 million from Venafi, which is from their base of recurring services.

我們的維修 ARR 為 1.92 億美元，其中約 600 萬美元來自 Venafi，這是來自其經常性服務的基礎。

Like-for-like, conversion activity remains a single-digit percent of our year-over-year ARR growth.

與去年同期相比，轉化活動仍只占我們 ARR 年成長的個位數百分比。

Organically, total ARR reached $1.3 billion, representing net new ARR of $76 million.

從有機角度來看，總 ARR 達到了 13 億美元，代表淨新 ARR 為 7,600 萬美元。

Organic subscription ARR reached $816 million, representing record net new subscription ARR of $81 million and maintenance ARR was $186 million.

有機訂閱 ARR 達到 8.16 億美元，創下 8,100 萬美元的淨新訂閱 ARR 紀錄，維護 ARR 為 1.86 億美元。

I wanted to point out that late in the fourth quarter, there were meaningful fluctuations in the euro and the pound, which created a $2 million headwind to total and subscription ARR.

我想指出的是，在第四季末，歐元和英鎊出現了顯著的波動，這給總 ARR 和訂閱 ARR 帶來了 200 萬美元的阻力。

Total revenues significantly beat our guidance, reaching $314.4 million in Q4.

總收入大大超出我們的預期，第四季達到 3.144 億美元。

That includes a contribution of approximately $47 million from Venafi, which also exceeded our guidance.

其中包括 Venafi 捐贈的約 4700 萬美元，這也超出了我們的預期。

Moving on to the revenue lines.

繼續討論收入問題。

For the fourth quarter, recurring revenue reached $292.2 million, including approximately $43 million of recurring revenue from Venafi.

第四季度，經常性收入達到 2.922 億美元，其中來自 Venafi 的經常性收入約 4,300 萬美元。

Our subscription revenue reached $243 million and now represents 77% of total revenue.

我們的訂閱收入已達 2.43 億美元，佔總收入的 77%。

Venafi accounted for about $41 million of subscription revenue in the fourth quarter.

Venafi 第四季的訂閱收入約為 4,100 萬美元。

Maintenance and professional services revenue was $66.4 million, of which about $6 million was from Venafi, and that was primarily professional services.

維護和專業服務收入為 6,640 萬美元，其中約 600 萬美元來自 Venafi，主要是專業服務。

I also wanted to summarize our organic performance for the fourth quarter.

我還想總結一下我們第四季的有機業績。

Total revenue reached $267 million, growing 20% year over year.

總收入達2.67億美元，年增20%。

Recurring revenue reached $250 million, growing 24% year-over-year.

經常性收入達到 2.5 億美元，年增 24%。

Subscription revenue reached $202 million, growing 34% year over year.

訂閱收入達2.02億美元，年增34%。

Maintenance revenue was $48 million and professional services was about $13 million.

維護收入為 4,800 萬美元，專業服務收入約 1,300 萬美元。

We also had a higher SaaS bookings mix.

我們的 SaaS 預訂組合也更高。

If we were to normalize for mix headwind, our total revenue growth would have been about 2 percentage points higher.

如果我們根據混合逆風進行正常化，我們的總收入成長將會高出約 2 個百分點。

The business remains geographically diverse, and we saw growth across all regions.

業務仍然保持著地理分佈的多樣性，我們看到所有地區都有成長。

Including Venafi, America's revenue reached $189.5 million. EMEA

如果算上 Venafi，美國的收入達到了 1.895 億美元。歐洲、中東和非洲

revenue was about $94.5 million, and APJ revenue was $30.4 million.

收入約 9,450 萬美元，APJ 收入為 3,040 萬美元。

Organically, the Americas grew 17% year over year.

從有機角度來看，美洲地區年增了 17%。

EMEA grew 26% year over year, and APJ grew about 19% year over year.

EMEA 地區年增 26%，APJ 地區年增約 19%。

We were thrilled to see the early momentum from Venafi across all regions and we are seeing strong pipeline growth in the Americas, EMEA, and in APJ.

我們很高興看到 Venafi 在所有地區的早期發展勢頭，並且我們看到美洲、歐洲、中東和非洲地區以及亞太及日本地區的通路強勁成長。

As Matt discussed, our persona-based solution selling continues to power our land and expand motion as customers move to secure more users and more personas.

正如馬特所討論的，隨著客戶轉向獲得更多用戶和更多角色，我們基於角色的解決方案銷售將繼續為我們的土地提供動力並擴大行動。

In the fourth quarter, we signed 346 new logos, bringing us to a 1,013 new logos for the full year.

第四季度，我們簽署了 346 個新標識，全年新標識數量達到 1,013 個。

We also experienced a meaningful increase in the average deal sizes from new customers.

我們也發現新客戶的平均交易規模有顯著增加。

In fact, our three largest deals in the quarter were seven-figure new logo wins.

事實上，本季我們最大的三筆交易都是七位數的新標誌勝利。

All P&L lines will be discussed on a non-GAAP basis.

所有損益表都將以非 GAAP 為基礎進行討論。

Please see the full GAAP to non-GAAP reconciliation in the tables of our press release.

請參閱我們新聞稿表格中完整的 GAAP 與非 GAAP 對帳表。

Fourth-quarter gross profit was $267.1 million or an 85% gross margin.

第四季毛利為 2.671 億美元，毛利率為 85%。

Our organic gross margin is also about 85%.

我們的有機毛利率也約為85%。

Our operating income was $58.7 million or a 19% operating margin, well ahead of our fourth quarter guidance.

我們的營業收入為 5,870 萬美元，營業利潤率為 19%，遠高於我們第四季的預期。

Our organic margin was about 16%, consistent with the fourth quarter of last year.

我們的有機利潤率約為 16%，與去年第四季一致。

It is important to note that our organic operating expenses in the fourth quarter do include some integration costs associated with Venafi as well as increased R&D investments in our machine identity solutions, which we believe will position CyberArk to capitalize on the combination of Venafi and Secrets Management.

值得注意的是，我們第四季的有機營運費用確實包括與 Venafi 相關的一些整合成本以及對機器身分解決方案的增加的研發投資，我們相信這將使 Cyber​​Ark 能夠利用 Venafi 和 Secrets Management 的結合。

As you can see from our results, Venafi was accretive to our P&L in the fourth quarter right out of the gate.

從我們的結果可以看出，Venafi 在第四季一開始就增加了我們的損益。

Net income came in at $40.4 million or $0.80 per diluted share, also ahead of our guidance.

淨收入達到 4,040 萬美元，即每股 0.80 美元，也高於我們的預期。

For the year, I'm going to start by outlining our results, including Venafi's contribution for the fourth quarter.

對於今年，我將首先概述我們的業績，包括 Venafi 在第四季度的貢獻。

Revenue reached $1 billion, growing 33% year over year.

營收達10億美元，年增33%。

We delivered an operating margin of 15%.

我們的營業利益率達到了 15%。

For the full year 2024, we organically generated $954 million in revenue, growing 27% year over year.

2024 年全年，我們自然創造收入 9.54 億美元，年增 27%。

And our subscription revenue reached $692 million, growing 47% year over year and representing 73% of total revenue.

我們的訂閱收入達到 6.92 億美元，年增 47%，佔總收入的 73%。

We also posted an operating margin of 14% organically for the full year 2024, up about 10 percentage points compared to 2023.

我們也公佈了 2024 年全年有機營業利潤率為 14%，比 2023 年增長約 10 個百分點。

We ended December with approximately 3,800 employees worldwide, including approximately 400 employees from Venafi.

截至 12 月份，我們在全球擁有約 3,800 名員工，其中包括約 400 名來自 Venafi 的員工。

We also had approximately 1,570 employees in sales and marketing at year-end.

截至年底，我們的銷售和行銷員工總數約為 1,570 名。

Despite making meaningful investments in the business, as promised, at the beginning of 2024, we delivered leverage against each of our operating expense lines.

儘管我們按照承諾在 2024 年初對業務進行了有意義的投資，但我們仍對每項營運費用項目都施加了槓桿。

Profitable growth remains a core tenet of how CyberArk operates its business.

獲利成長仍然是 Cyber​​Ark 營運業務的核心原則。

We generated record free cash flow of $221 million or a margin of about 22%.

我們創造了2.21億美元的創紀錄自由現金流，利潤率約為22%。

That includes the $15 million contribution from Venafi.

其中包括 Venafi 捐贈的 1500 萬美元。

Organically, we generated $206 million in free cash flow for the year, also a 22% free cash flow margin, a significant expansion compared to our 7% free cash flow margin in the full year of 2023.

從有機角度來看，我們今年創造了 2.06 億美元的自由現金流，自由現金流利潤率也達到 22%，與 2023 年全年 7% 的自由現金流利潤率相比有顯著擴大。

We ended the year with approximately $841 million in cash and marketable securities.

截至年底，我們的現金和有價證券約為 8.41 億美元。

That reflects the $1 billion cash portion of the consideration paid for the Venafi acquisition on October 1.

這反映了 10 月 1 日支付的收購 Venafi 的 10 億美元現金部分。

It also includes cash proceeds of approximately $260 million that we received from the cap call associated with the convertible notes that matured on November 15.

它還包括我們從 11 月 15 日到期的可轉換票據相關的上限催繳中獲得的約 2.6 億美元現金收益。

As you can see, we continue to have a very strong balance sheet.

如您所見，我們的資產負債表仍然非常強勁。

I want to share some further details on the Zilla acquisition.

我想分享一些有關 Zilla 收購的更多細節。

CyberArk acquired Zilla Security for about $165 million in cash and $10 million in an earnout related to key milestones.

Cyber​​Ark 以約 1.65 億美元現金和 1000 萬美元與關鍵里程碑相關的盈利收購了 Zilla Security。

As of December 2024, Zilla's ARR was about $5 million.

截至 2024 年 12 月，Zilla 的 ARR 約為 500 萬美元。

They had over 125 customers, most of which are in the United States, and about 40 full-time employees.

他們擁有超過 125 個客戶，其中大部分在美國，還有大約 40 名全職員工。

As Matt mentioned, Zilla brings unique modern IGA solutions to CyberArk, and we are thrilled to have them join our team.

正如 Matt 所說，Zilla 為 Cyber​​Ark 帶來了獨特的現代 IGA 解決方案，我們很高興他們加入我們的團隊。

Before I provide guidance for the full year -- for 2025, I want to remind investors that while we give qualitative commentary on Venafi's performance in progress, given our selling motion of machine identities we will not be able to break out the specific contribution from Venafi in our guidance or our results as we move through 2025.

在我提供全年（即 2025 年）的指引之前，我想提醒投資者，雖然我們對 Venafi 的當前表現給出了定性評論，但鑑於我們出售機器身份的動議，我們將無法在我們的指引或 2025 年的業績中列出 Venafi 的具體貢獻。

Now turning to our guidance.

現在轉向我們的指導。

I want to remind investors that Venafi only contributed to our fourth quarter and were not included in the comparable first, second, or third quarters of 2024.

我想提醒投資者，Venafi 僅對我們的第四季做出了貢獻，並且未包含在 2024 年可比的第一季、第二季或第三季。

For the first quarter of 2025, we expect total revenue to be between $301 million to $307 million, which represents 37% year-over-year growth at the midpoint.

對於 2025 年第一季度，我們預計總營收在 3.01 億美元至 3.07 億美元之間，中位數年增 37%。

We expect non-GAAP operating income in the range of $42.5 million to $47.5 million in the first quarter.

我們預計第一季非公認會計準則營業收入將在 4,250 萬美元至 4,750 萬美元之間。

We expect our non-GAAP EPS to be in the range of $0.74 to $0.81 per diluted share.

我們預計非公認會計準則每股收益在每股 0.74 美元至 0.81 美元之間。

Our guidance assumes 51.3 million weighted average diluted shares.

我們的指導假設是加權平均稀釋股份為 5,130 萬股。

It also assumes about $7 million in financial income and a tax rate of about 23% in the first quarter.

它還假設第一季的財務收入約為 700 萬美元，稅率約為 23%。

For the full year of 2025, we expect total revenue in the range of $1,308 million to $1,318 million, representing 31% year-over-year growth at the midpoint of the range.

我們預計 2025 年全年總營收將在 13.08 億美元至 13.18 億美元之間，中間值年增 31%。

We expect our full-year operating income to be between $215 million to $225 million.

我們預計全年營業收入在 2.15 億美元至 2.25 億美元之間。

We expect our non-GAAP EPS to be between $3.55 and $3.70 per diluted share for the full year.

我們預計全年非公認會計準則每股收益將在每股 3.55 美元至 3.70 美元之間。

We expect about 51.5 million weighted average diluted shares.

我們預計加權平均攤薄股份約為 5,150 萬股。

The guidance also assumes about $26 million in financial income and a tax rate of about 24% for the full year 2025.

該指引也假設 2025 年全年的財務收入約為 2,600 萬美元，稅率約為 24%。

We expect our annual recurring revenue to be in the range of $1,410 million and $1,420 million at December 31, 2025, representing about 21% year-over-year growth at the midpoint.

我們預計，截至 2025 年 12 月 31 日，我們的年度經常性收入將在 14.1 億美元至 14.2 億美元之間，中間值年增約 21%。

And our 2025 ARR guidance does assume about a $6 million of an FX headwind that we are also absorbing.

我們的 2025 年 ARR 指引確實假設我們也將吸收約 600 萬美元的外匯逆風。

While we do not guide to the pieces of the ARR separately, we expect maintenance ARR to continue to decrease as we move through 2025, with the largest sequential decrease in the fourth quarter.

雖然我們沒有單獨指導 ARR 的各個部分，但我們預計到 2025 年維護 ARR 將繼續下降，第四季度的連續降幅最大。

Now moving on to cash flow.

現在討論現金流。

We expect adjusted free cash flow for the full year 2025 to be in the range of to $300 million to $310 million, representing 23% adjusted free cash flow margin at the midpoint.

我們預計 2025 年全年調整後自由現金流將在 3 億至 3.1 億美元之間，中間值為 23% 的調整後自由現金流利潤率。

As we mentioned in the press release, this adjusted free cash flow guidance normalizes for an estimated $70 million one-time tax payment on the capital gain from the migration of Venafi's SaaS IP to CyberArk's Israeli entity, we expect to pay the tax obligation in the second quarter of 2025.

正如我們在新聞稿中提到的那樣，該調整後的自由現金流指引針對 Venafi 的 SaaS IP 遷移到 Cyber​​Ark 的以色列實體所產生的資本收益的約 7000 萬美元一次性納稅進行了正常化，我們預計將在 2025 年第二季度繳納稅款。

We expect our capital expenditures to be between 1% and 1.5% of revenue in 2025.

我們預計 2025 年的資本支出將佔收入的 1% 至 1.5% 之間。

To sum up, 2024 was a milestone year.

總而言之，2024年是里程碑的一年。

We grew ARR 30% and revenue 27%, both organically.

我們的 ARR 成長了 30%，營收成長了 27%，這兩項都是有機成長。

We also expanded our profitability from 4% operating margin and 7% free cash flow margin in 2023 to 14% operating margin and 22% free cash flow margin in 2024, that is the organic expansion.

我們還將獲利能力從 2023 年的 4% 營業利潤率和 7% 自由現金流利潤率擴大到 2024 年的 14% 營業利潤率和 22% 自由現金流利潤率，這就是有機擴張。

You can see from the fourth-quarter performance, the acquisition of Venafi is not only strategic from a growth perspective, but it is also already accretive to our operating and cash flow margins.

從第四季的業績可以看出，收購 Venafi 不僅從成長角度具有策略意義，還能增加我們的營業利潤和現金流利潤。

Our core business continues to post strong growth.

我們的核心業務持續保持強勁成長。

And with the acquisitions of Venafi and Zilla, we have significantly expanded our total addressable market and our competitive moat.

透過收購 Venafi 和 Zilla，我們大幅擴展了我們的整體目標市場和競爭優勢。

Our strong business and financial model is enabling us to deliver more than 20% growth and strong profitability and cash flow, which puts us among an elite group of not only cybersecurity companies but also the broader software market.

我們強大的業務和財務模式使我們能夠實現超過20％的成長以及強勁的盈利能力和現金流，這使我們不僅躋身於網路安全公司的精英行列，而且也躋身於更廣泛的軟體市場的精英行列。

Before I turn the call over to the operator for Q&A, I do want to express my gratitude to Josh Siegel.

在我將電話轉給接線員進行問答之前，我確實想向喬希·西格爾表達我的謝意。

He has played an instrumental role in CyberArk's growth and the company's execution, and he continues to be a mentor and friend to me.

他在 Cyber​​Ark 的發展和公司運營中發揮了重要作用，他也一直是我的導師和朋友。

And with that, I'm going to turn the call over to the operator.

說完這些，我將把電話轉給接線生。

Operator?

操作員？

(Operator Instructions) Saket Kalia, Barclays.

(操作員指示) Saket Kalia，巴克萊銀行。

My question here -- and congrats on crossing the $1 billion ARR Mark.

我的問題是——恭喜 ARR 突破 10 億美元大關。

I'll keep it to one, Matt, and maybe make it for you.

我會把它保留為一個，馬特，也許會為你做一個。

Investors often think about identity as a series of different swim lanes where buyers seem to have sort of preferred vendors in each lane.

投資者通常將身份視為一系列不同的泳道，買家似乎在每條泳道中都有自己偏好的供應商。

CyberArk now is kind of competing in several of those swim lanes to really offer a pretty broad identity platform.

Cyber​​Ark 目前正在參與其中幾條泳道的競爭，以真正提供相當廣泛的識別平台。

Maybe the question is, where do you think customers are in their journey of thinking of identity as a platform versus a series of swim lanes?

也許問題是，您認為客戶在將身份視為平台而不是一系列泳道的過程中處於什麼位置？

Yes, it's a great question, Saket.

是的，這是一個很好的問題，Saket。

I think we have to kind of look at it from two different angles.

我認為我們必須從兩個不同的角度來看待這個問題。

The first one is across all of these so-called swim lanes, the most important thing is having an integrated security posture that actually works.

第一個是在所有這些所謂的泳道上，最重要的是擁有一個真正有效的綜合安全態勢。

And customers are more and more looking for a partner, a vendor that can provide the trusted platform that actually allows them to secure their organization.

客戶越來越多地尋找合作夥伴、能夠提供可信任平台的供應商，以真正保護他們的組織安全。

And so that becomes part of the conversation with CISOs in the C-suite regardless of any swim lanes is how much can they cover with somebody that they trust.

因此，這成為與高階主管中的 CISO 對話的一部分，無論泳道如何，他們可以用他們信任的人來涵蓋多少。

I think there's a second element here, though, specific to the more modern environment.

不過，我認為這裡還有第二個因素，特定於更現代的環境。

In the original world of identity from a decade ago, environments were very static.

在十年前的原始身分世界中，環境非常靜態。

The on-prem environment, the kind of large heterogeneous data center, it was easier to be able to stand up stand-alone tools because they were going to persist with managing and securing kind of standing access and standing controls.

在內部部署環境中，即大型異質資料中心，更容易建立獨立的工具，因為它們將堅持管理和保護常規存取和常規控制。

The reality is in the modern environments of SaaS applications, cloud consoles, even hybrid IT environments, these spaces are incredibly dynamic, and customers need to be able to find the identities, understand the risk of those identities.

現實情況是，在現代 SaaS 應用程式、雲端控制台甚至混合 IT 環境中，這些空間極具動態性，客戶需要能夠找到身分並了解這些身分的風險。

They then need to be able to secure access to those indemnities and they need to be able to grant and remove the right level of entitlements from those identities.

然後，他們需要能夠確保獲得這些賠償的權限，並且需要能夠授予和刪除這些身分適當等級的權利。

And so when you're actually managing security around the SaaS stack or the cloud stack, there are no swim lanes.

因此，當您實際管理 SaaS 堆疊或雲端堆疊周圍的安全性時，沒有泳道。

They're all integrated into one story of managing the full life cycle of those identities themselves.

它們都融入管理這些身分本身的整個生命週期的故事。

We see that with our customers.

我們在我們的客戶身上也看到了這一點。

Our customers have been asking us to get deeper into the ability to be able to offer modern IGA, and we found this great, great opportunity with Zilla to bring them into our platform and build out our leading stack.

我們的客戶一直要求我們更深入地了解提供現代 IGA 的能力，我們發現 Zilla 是一個絕佳的機會，可以將他們納入我們的平台並建立我們領先的堆疊。

Hamza Fodderwala, Morgan Stanley.

摩根士丹利的 Hamza Fodderwala。

All right.

好的。

Matt, another one for you. 2025 seems to be the year of AI agents.

馬特，再給你一個。 2025 年似乎是人工智慧代理之年。

And agents, I think, in some ways, they are like machines, maybe some ways like humans because they can behave in somewhat nondeterministic ways.

我認為，代理在某些方面就像機器，也許在某些方面像人類，因為它們可以以某種不確定的方式行事。

I'm curious why you think CyberArk with the roots in PAM and the machine identity platform that you're developing is in the pole position when it comes to securing AI agents?

我很好奇，為什麼您認為植根於 PAM 且您正在開發的機器身份平台的 Cyber​​Ark 在保護 AI 代理方面處於領先地位？

Yes.

是的。

It's a great question.

這是一個很好的問題。

I'm going to give you a brief answer now, and then I'm going to invite everybody to kind of come to the Investor Day in a week where we're going to be talking about this in much more depth.

我現在就向你們做一個簡短的回答，然後我將邀請大家參加一周後的投資者日，屆時我們將更深入地討論這個問題。

So since there's such a queue of people wanting to ask questions, I won't use too much of our time today.

因此，既然有這麼多人排隊提問，我今天就不會佔用我們太多的時間。

But the reality is this, you're exactly right.

但事實是這樣的，你說得完全正確。

They're both machines, but they act like humans.

它們都是機器，但它們的行為卻像人類一樣。

And ultimately, they're accessing data information and infrastructure within organizations, and they're deterministic in nature, meaning they can be reinventing themselves and actually elevating privilege as they go.

最終，他們可以存取組織內的資料資訊和基礎設施，而且它們的本質是確定性的，這意味著他們可以不斷重塑自我，並在過程中提升特權。

That is the very fundamental problem that CyberArk has been solving for decades.

這正是 Cyber​​Ark 幾十年來一直在解決的根本問題。

It's the core of our identity security platform.

這是我們身分安全平台的核心。

And ultimately, when you take both the tools we offer around dynamic secure access on the human side, and the machine identity offerings in our solution set, you combine them together, we can actually take a agentic AI, take those agents themselves and make sure that they're secured as their privilege changes in a dynamic environment.

最終，當您同時使用我們在人機端動態安全存取方面提供的工具和我們解決方案集中的機器身份產品時，您將它們結合在一起，我們實際上可以採用代理 AI，接管這些代理本身，並確保它們的權限在動態環境中發生變化時是安全的。

Again, we'll talk a lot more about this next week.

再次，我們將在下週進一步討論這個問題。

But as you can tell, I think it's an area that CyberArk really can capture.

但正如您所知，我認為這是 Cyber​​Ark 真正可以佔領的領域。

Rob Owens, Piper Sandler.

羅伯歐文斯、派珀桑德勒。

I was going to ask Erica to repeat all those numbers in hazier a little bit given this is our first quarter, but I think I'll given time, I'll ask Matt one here.

由於這是我們的第一季度，我本來想讓 Erica 稍微重複一下這些數字，但我覺得如果有時間的話，我會在這裡問 Matt 一個。

Matt, if you look at the three largest deals that you talked about being new logo wins and the consolidation of identity that you're speaking to, can you just talk about how broad you're landing with these customers across products as you're seeing success with new logos?

馬特，如果您看一下您談到的三筆最大的交易，即新標識的勝利和您正在談論的身份的鞏固，您能否談談在看到新標識取得成功的同時，您在產品方面與這些客戶的關係有多廣泛？

Yes.

是的。

Thanks.

謝謝。

This was an exceptional quarter for our ability to be able to land broad with the full platform story.

這是一個非凡的季度，我們有能力透過完整的平台故事取得廣泛進展。

As Erica mentioned, our top three deals in the quarter and into Q4, right?

正如 Erica 所提到的，這是我們本季和第四季的三大交易，對嗎？

So there are bigger deals were all new logos, and they really were full-scope deals, meaning we weren't just securing privileged access for IT.

因此，更大的交易都是新標識，而且它們實際上都是全方位的交易，這意味著我們不僅在確保 IT 的特權存取。

We were securing the workforce.

我們正在確保勞動力的安全。

We were securing machines, in a couple of cases, developers as well. there was an exponential increase in the size of those deals.

我們正在保護機器，在某些情況下，也保護開發人員。這些交易的規模呈指數級增長。

And the reason was that Identity Security was so critical to where they needed to place their bets in the coming year that they didn't want to start with just one solution here or there.

原因是身分安全對於他們來年需要下注的地方至關重要，他們不想只從一種解決方案開始。

They actually wanted to partake of the full platform.

他們實際上想要參與整個平台。

And we're seeing that more and more, not only in the big deals that I'm talking about, but throughout the whole stack is customers are saying, I can't just do a human.

我們越來越多地看到這種情況，不僅僅是在我談論的大交易中，而且在整個堆疊中，客戶都在說，我不能只做人類。

I need to do machine as well, or I can't just do IT.

我也需要做機器，否則我不能只做 IT。

I need to figure out a way to really secure my workforce when they're accessing SaaS applications.

我需要找到一種方法來真正確保我的員工在存取 SaaS 應用程式時的安全。

And so these drivers, if you will, are increasing the deal size across the board.

因此，如果你願意的話，這些驅動因素正在全面增加交易規模。

But in the new logo part of the business, particularly, it was really an exceptional quarter.

但在新標誌業務部分，這確實是一個特殊的季度。

Jonathan Ho, William Blair.

喬納森·何、威廉·布萊爾。

Let me echo my congratulations as well.

我也謹向你表示祝賀。

I just wanted to dig a little bit into oil and the differentiation that you sort of talked about as well.

我只是想深入了解石油和您所談到的差異化。

Can you also help us understand how the solution aligns with your broader platform strategy?

您還可以幫助我們了解該解決方案如何與您的更廣泛的平台策略保持一致嗎？

Yes.

是的。

Sure, Jonathan.

當然，喬納森。

And I think it's important to try to understand kind of legacy or traditional IGA versus modern IGA.

我認為嘗試理解傳統 IGA 與現代 IGA 的差異非常重要。

And these big IGA projects that have been out there in the market, generally, they're about taking the kind of static IT population and making sure that we control their access basically as they granting access when people join, change roles or leave and managing their overall entitlements to the traditional heavy stack that sat in IT.

市場上已經存在的這些大型 IGA 項目，一般都是關於接收靜態的 IT 人員，並確保我們基本上控制他們的訪問權限，即在人們加入、更改角色或離開時授予訪問權限，並管理他們對傳統繁重的 IT 堆疊的總體權利。

What happened over the last couple of years is the massive acceleration in the sheer number of SaaS applications and cloud consoles that organizations are giving access to.

過去幾年來，組織允許存取的 SaaS 應用程式和雲端控制台的數量急劇增加。

And you have to figure out in that new modern stack who is the owner of the application and what level of privileges and entitlement each user should have.

並且您必須在新的現代堆疊中弄清楚誰是應用程式的所有者，以及每個用戶應該擁有什麼級別的特權和權利。

So if I take an example for a second, think about Salesforce or Workday or ServiceNow.

因此，如果我舉一個例子，想想 Salesforce 或 Workday 或 ServiceNow。

You have these users spread out throughout the organization.

這些用戶遍布整個組織。

They're constantly joining their being granted access.

他們不斷地加入並被授予存取權限。

They're changing roles.

他們正在轉換角色。

They need new access profiles and then eventually maybe they're leaving the organization, and that dynamic access needs to be at the entitlement layer that actually ensure security.

他們需要新的存取設定文件，然後最終他們可能會離開組織，並且動態存取需要處於真正確保安全的權利層。

Too many organizations actually don't even know who the owner of the application is.

太多的組織實際上甚至不知道應用程式的所有者是誰。

And oftentimes, in addition to not knowing the owner, when they're granting access, they just say, what's the most likely equivalent role.

而且很多時候，除了不了解所有者之外，當他們授予存取權限時，他們只會說，最有可能的等效角色是什麼。

So if it's Erica, for example, hiring a new employee, they'll assign the same level of entitlements or privileges to someone she's hiring because they happen to work in the CFO organization.

因此，如果 Erica 僱用了一名新員工，他們會為她僱用的某人分配相同級別的權利或特權，因為他們恰好在 CFO 組織中工作。

That's a tremendous risk for an organization, and it's an unsolved risk in so many organizations in the modern stack and the modern area.

對於組織而言，這是一個巨大的風險，也是現代堆疊和現代領域中許多組織尚未解決的風險。

So yes, there are strong traditional legacy providers we can sit right next to them and solve the modern problem, but solve it much faster, quicker with an AI-generated approach.

所以是的，有強大的傳統遺留提供商，我們可以坐在他們旁邊解決現代問題，但使用人工智慧生成的方法可以更快地解決問題。

And then in addition, there's a whole market, down market where people have not had to implement traditional IGA tools, and now they can actually approach it with a modern stack.

此外，在整個市場，在低端市場中，人們不需要實施傳統的 IGA 工具，現在他們實際上可以使用現代堆疊來處理它。

To your final point, Jonathan, it then gets integrated directly into our platform.

關於你提到的最後一點，喬納森，它會直接整合到我們的平台中。

So we're not just managing entitlements, provisioning and compliance.

因此，我們不只是管理權利、供應和合規性。

We're also able from the same tool to grant access and provide controls.

我們還可以使用同一工具授予存取權限並提供控制。

And that integrated nature then creates a much more secure footprint across these modern environments.

這種整合特性在這些現代環境中創造了更安全的基礎。

Shaul Eyal, TD Cowen.

沙烏爾·埃亞爾（Shaul Eyal），TD Cowen。

Congrats on all fronts, Matt, Erica and the entire team.

向馬特、艾莉卡和整個團隊表示祝賀。

Matt, a number of US cyber-related companies brought up some growing uncertainty as it relates to federal government spending given the incoming administration's views.

馬特，考慮到新政府的觀點，一些美國網路相關公司對聯邦政府支出提出了一些越來越不確定的問題。

It would appear this topic burns little impact when listening to the commentary and looking at results and guidance.

當聽取評論並查看結果和指導時，這個主題似乎影響不大。

Can you share with us what your customers are relaying to you in that respect?

您能否與我們分享您的客戶在這方面向您傳達的訊息？

Yes, sure.

是的，當然。

Thanks, Shaul.

謝謝，Shaul。

So listen, I think when we think about the federal space, obviously, there's some level of uncertainty as everyone tried to understand all the changes that are happening.

所以聽著，我認為當我們考慮聯邦空間時，顯然存在一定程度的不確定性，因為每個人都試圖了解正在發生的所有變化。

But we're in a kind of enviable position in a couple of ways.

但在某些方面，我們處於令人羨慕的地位。

First of all, while global government represents about 10% of our overall ARR, but only half of that is in the federal government.

首先，雖然全球政府約占我們整體 ARR 的 10%，但其中只有一半屬於聯邦政府。

Within that, we are spread out wide within the federal base, meaning we don't have any oversized agency or organization within the overall government.

在聯邦政府內，我們分佈廣泛，這意味著我們在整個政府內沒有任何超大的機構或組織。

It really is a broad base of support that we have within the agencies and the civilian and on the defense side.

我們確實在各機構、民間和國防方面擁有廣泛的支持基礎。

That's helpful as well.

這也很有幫助。

And maybe most importantly, when you look at what we're able to offer, especially with our FedRAMP investment and our FedRAMP emphasis, is the ability actually to help the government save money by bringing in an ability to be able to have modern stack, modern software that actually requires less support, less individuals to be able to run.

也許最重要的是，當你看看我們能夠提供什麼，特別是我們對 FedRAMP 的投資和對 FedRAMP 的重視，我們實際上能夠幫助政府節省資金，因為我們能夠擁有現代堆疊、現代軟體，而這些軟體實際上需要更少的支持，更少的個人就可以運作。

The core, what we offer is not a nice to have.

核心在於，我們所提供的並不是一種可有可無的東西。

It's a must-have.

這是必需品。

But when we can do it more efficiently, more effectively on a lower cost, which is what we've been doing for years, it also creates less scrutiny in this environment.

但當我們能夠更有效率、更有效地以更低的成本完成這項工作時（這正是我們多年來一直在做的事情），在這種環境下，審查也會減少。

So we feel pretty good about the position we're in with respect to our federal business.

因此，我們對於我們在聯邦業務方面的現狀感到非常滿意。

We'll watch closely, and we'll let you know if anything changes.

我們會密切關注，如果有任何變化，我們會告知您。

But as you said, it didn't have a meaningful play in how we looked at guidance for the year.

但正如你所說，它對我們如何看待今年的指導沒有起到什麼作用。

Andy Nowinski, Wells Fargo.

富國銀行的安迪諾溫斯基 (Andy Nowinski)。

Okay.

好的。

First off, congratulations, Erica, on your new role as CFO, you're off to a great start.

首先，恭喜 Erica 擔任財務長這一新職務，已經有了一個很好的開始。

And maybe just a question for either you or Matt.

也許這只是您或馬特的一個問題。

I think you previously talked about Venafi ARR being able to grow in that 25% plus range, I think exiting 2026.

我記得您之前談到 Venafi ARR 能夠成長 25% 以上，我認為到 2026 年就可以實現。

But -- of course, we understand it will take some time to get that growth rate up to that level as you train your channel on it.

但是——當然，我們知道，當你訓練你的頻道時，將成長率提高到那個水平需要一些時間。

But when you think about the mix of identifying your core business in terms of ARR in 2025, if we assume about or [190] from Venafi, I think that implies your core business growing around 22%.

但是，當您考慮以 2025 年的 ARR 形式確定您的核心業務的組合時，如果我們假設或 [190] 來自 Venafi，我認為這意味著您的核心業務將增長約 22%。

I mean, is that the right way to think about the split for this year as you scale the Venafi business?

我的意思是，在擴大 Venafi 業務規模時，這是考慮今年拆分的正確方式嗎？

Yes.

是的。

I think, Andy, I'll jump in here.

安迪，我想我會跳進去。

I think when you think about that split, it's a good way of thinking about it.

我認為當你考慮這種分裂時，這是一個很好的思考方式。

But as we talked about in the prepared remarks, it's even hard today from a business perspective as we're looking through our planning to disentangle some of the Venafi contribution from the Secrets Management contribution because we're going to market with that as a full solution.

但正如我們在準備好的演講中談到的那樣，從商業角度來看，今天這甚至很困難，因為我們正在製定計劃，將 Venafi 的一些貢獻與 Secrets Management 的貢獻區分開來，因為我們將把它作為一個完整的解決方案推向市場。

And so it's a great framework for you to kind of think about the starting point for the year and for the business.

所以這是一個很好的框架，可以幫助您思考今年和業務的起點。

But I think it -- as you think about that as the exit rate for the year, there will be some in mesh between Secrets and Venafi but certainly a good framing of that 20%-plus growth on the core business for sure.

但我認為——當你將其視為今年的退出率時，Secrets 和 Venafi 之間會存在一些差距，但肯定會很好地框定核心業務 20% 以上的成長。

Roger Boyd, UBS.

瑞銀（UBS）羅傑·博伊德（Roger Boyd）。

Great.

偉大的。

Again, congrats on everything.

再次恭喜一切。

I wanted to touch on maintenance there, which was, I think, [Q for Q.] And I know Venafi added some to that number, but even on an organic basis, it seems like the pace of conversions may be leveling off a little bit heading into 2025.

我想談談維護問題，我想，[Q for Q] 而且我知道 Venafi 增加了一些這個數字，但即使在有機基礎上，轉換速度似乎可能會在 2025 年趨於平穩。

So, would love any thoughts there?

那麼，您有什麼想法嗎？

And I know you gave some color on expectations there, but any higher-level thoughts on how much conversion opportunity you really see left?

我知道您對那裡的期望進行了一些闡述，但對於您真正看到剩餘的轉換機會，您有什麼更高層次的想法嗎？

Yes.

是的。

Thanks, Roger.

謝謝，羅傑。

We saw some conversion activity in the fourth quarter.

我們在第四季看到了一些轉換活動。

I think those conversion deals oftentimes take some time to materialize.

我認為這些轉換交易通常需要一些時間才能實現。

We do think that there's significant conversion opportunity in that base of $186 million of maintenance ARR.

我們確實認為，在 1.86 億美元的維護 ARR 基礎中存在重大的轉換機會。

But I don't think you're going to see it kind of inflect, I think you'll see a healthy pace of that conversion activity and likely to pick up as we move through this year.

但我不認為你會看到它發生某種變化，我認為你會看到這種轉換活動的健康步伐，並且可能在今年內加快。

But we certainly see lots of opportunity there.

但我們確實看到那裡有很多機會。

John DiFucci, Guggenheim.

古根漢的約翰·迪富奇。

Matt and team, this is another exciting acquisition here. it seems like now you have just about everything, identity of PAM, you have traditional workforce.

馬特和團隊，這是另一項令人興奮的收購。現在似乎你已經擁有了一切，PAM 的身份，你擁有傳統的勞動力。

You have machine and now IGA.

您有機器，現在有 IGA。

But my understanding of machine identity, and I know it's sort of a newer area for a lot of us.

但就我對機器身分的理解而言，我知道這對我們許多人來說是一個較新的領域。

Is that it's not as simple as 1 category, similar to human identity management and there's sort of a higher-level machine identity management which is what Venafi has always done.

它並不像 1 個類別那麼簡單，類似於人類身分管理，還有一種更高階的機器身分管理，這正是 Venafi 一直在做的事情。

And then there's sort of a governance and administration layer that's really still evolving.

然後還有一種治理和管理層，它實際上仍在不斷發展。

It's sort of newly thought of.

這是個新想法。

I guess first, is this accurate?

我首先想問的是，這是準確的嗎？

And second, if so, would the acquisition of Zilla better position you to develop that governance layer for machine identities?

其次，如果是這樣，收購 Zilla 是否會讓您更有能力開發機器身分治理層？

Yes.

是的。

John, great question.

約翰，這個問題問得好。

And I think you're right, first of all, in thinking about it, the machine world is more complex than just machines.

我認為你是對的，首先，思考一下，機器世界比機器更複雜。

We talk a lot just in terms of machine types that we talk about workloads.

我們經常談論機器類型以及工作負載。

We talk about devices, IoT OT, now we're going to be talking about agents.

我們討論設備、物聯網 (OT)，現在我們要討論代理。

So you have multiple types of machines themselves.

因此，您擁有多種類型的機器。

As we talked about, there's multiple types of identities, it could be certificates, it can be keys.

正如我們所討論的，身分有多種類型，可以是證書，也可以是金鑰。

It actually can go on and on and on there.

它實際上可以一直持續下去。

But as you said, then there's the layers, right?

但正如你所說，還有層次，對嗎？

And I think if you have a machine identity solution in a whole, you need to be able to, what we call, observe, you have to find all these machine identities that are exploding.

我認為，如果你有一個整體的機器身份解決方案，你需要能夠，我們所說的觀察，你必須找到所有這些正在爆炸式增長的機器身份。

And you have to put them in context of the risk of those machine identities.

你必須將它們置於這些機器身分的風險背景中。

You need to be able to secure access.

您需要能夠安全存取。

That's a little bit of what Secrets does and certificate Lifecycle Management does as well.

這有點像 Secrets 以及證書生命週期管理所做的事情。

And across all of that, you need to automate the life cycle of it because constantly they're coming on just like humans, onboarding and leaving and you need to keep track of them as they go through.

在所有這些過程中，您需要實現其生命週期的自動化，因為員工就像人類一樣不斷地到來、入職、離開，您需要在他們整個過程中追蹤他們。

So you are thinking about it completely right.

所以你想的完全正確。

We have a much broader portfolio across all of that than probably maybe some people understand between what we've developed organically with the Venafi acquisition and what they were already working on with the Secrets Management solution.

我們在所有這些領域擁有比某些人所了解的更廣泛的投資組合，我們透過收購 Venafi 而有機開發的產品與他們已經在 Secrets Management 解決方案上進行的工作不同。

And as you just pointed out, absolutely, Zilla capabilities can be applied over here as well as we build out the future of that complete machine identity security solution.

正如您剛才指出的，Zilla 功能絕對可以在這裡應用，並且我們可以建立完整的機器身分安全解決方案的未來。

But we feel really confident in our ability to be able to be an end-to-end just platform or solution on the machine side that covers all those areas you just described because they are important to making sure that we take control of the machine identity landscape.

但我們對自己的能力充滿信心，我們能夠成為一個端到端的平台或機器端解決方案，涵蓋您剛才描述的所有領域，因為它們對於確保我們控制機器身份格局至關重要。

Adam Borg, Stifel.

亞當·博格（Adam Borg），斯蒂費爾（Stifel）。

Maybe just for Matt on the channel.

也許只是為了頻道上的馬特。

Talk a little bit about the strategy and the plans for this year, not just overall, but also on the MSP opportunity, that would be great.

談談今年的策略和計劃，不僅是整體的，還包括 MSP 機會，那就太好了。

Yes.

是的。

Thanks, Adam.

謝謝，亞當。

I mean we see the channel as a special differentiator for CyberArk.

我的意思是，我們將通路視為 Cyber​​Ark 的一個特殊差異化因素。

You've heard us mention it even in the context of Venafi, where we say, hey, they didn't have much of a channel.

您甚至在 Venafi 的背景下也聽到我們提到這一點，我們說，嘿，他們沒有太多的管道。

We're going to turn our channel loose from that perspective.

從這個角度來看，我們將放開我們的頻道。

So we're continually enthused by the force multiplying effect of our channel itself.

因此，我們一直對我們通路本身的力量倍增效應感到興奮。

As you mentioned, MSPs are a big growth area for us.

正如您所說，MSP 是我們一個巨大的成長領域。

We saw that throughout the course of FY24.

我們在整個 24 財年都看到了這一點。

We saw it in the Q4 results as well, where continually the MSPs are adopting more and more of our solution set and actually helping really us bring new logos into the portfolio, and it's one of the drivers of our strong new logo performance in Q4 and throughout the year.

我們也在第四季度的業績中看到了這一點，MSP 不斷地採用我們越來越多的解決方案，並真正幫助我們將新標誌引入產品組合，這是我們在第四季度和全年新標誌表現強勁的驅動力之一。

So we do see MSPs as part of our differentiator moving forward.

因此，我們確實將 MSP 視為我們未來差異化因素的一部分。

Our relationships with the SIs are deep and broad, and we continue to see them driving deals our way.

我們與 SI 的關係深厚而廣泛，我們繼續看到他們以我們的方式推動交易。

And then as you see kind of the traditional resellers themselves are reinventing themselves into MSP providers and value-added providers in the market and our relationships continue to carry the day there.

然後，正如您所看到的，傳統經銷商正在將自己重塑為市場上的 MSP 提供者和增值提供者，而我們的關係將繼續佔據主導地位。

We were really, really enthused by the performance of our channel partners in generating pipe and ultimately in delivering results for us throughout 2024, but particularly in Q4.

我們對通路合作夥伴在 2024 年（尤其是在第四季）為我們創造管道並最終帶來成果的表現感到非常非常興奮。

Ittai Kidron, Oppenheimer.

伊泰·基德倫，奧本海默。

I appreciate it.

我很感激。

Congrats on great numbers.

恭喜您取得優異成績。

And Erica, congrats on your first quarter, well done.

艾麗卡，恭喜你第一季的出色表現。

I guess my question is going back to the guidance for the year, Erica.

我想我的問題是關於今年的指導，艾莉卡。

If you could give us -- you certainly have a few more moving pieces with Venafi and the acquisition you just closed of Zilla.

如果您能為我們提供一些關於 Venafi 和剛完成的 Zilla 收購的詳細資訊。

So I'm trying to get my head around the potential for upside for you in the year.

因此，我正在努力思考你今年的上升潛力。

Last year, you ultimately delivered $25 million above the midpoint of our ARR.

去年，您最終交付了比我們的 ARR 中點高出 2500 萬美元的資金。

How do I think about your guidance build process this time around versus last?

與上次相比，我如何看待您這次的指導建構過程？

In what way is it different?

它有何不同？

And where are you giving itself a little bit more of a buffer room given the moving pieces?

考慮到移動部件，您在哪裡為自己留出更多的緩衝空間？

I appreciate it.

我很感激。

Yes, Ittai, thank you for the question.

是的，Ittai，謝謝你的提問。

So as you think about our guidance philosophy that we have going into 2025, it's very similar from a guidance philosophy that we had going into 2024.

因此，當您思考我們邁向 2025 年的指導理念時，您會發現它與我們邁向 2024 年的指導理念非常相似。

We're not assuming any major changes in the macro environment from what we saw last year, and we're kind of guiding roughly to a net new ARR on an organic basis that looks similar to what we did in the prior year.

我們不認為宏觀環境與去年相比會發生任何重大變化，我們大致預期有機淨新 ARR 與上年類似。

So I think from a business perspective, the guidance is a very similar philosophy from what we've had previously.

因此我認為從商業角度來看，該指導與我們先前的理念非常相似。

I think certainly, when we think about the opportunity that we have with Zilla as well as the opportunity that we have with the Venafi acquisition, I think we've got to work hard to continue to get the execution machine and the integrations with Venafi are going incredibly well.

我認為，當我們考慮到與 Zilla 合作的機會以及收購 Venafi 的機會時，我認為我們必須努力繼續獲得執行機器，並且與 Venafi 的整合進展非常順利。

We think that there's a lot of opportunity there.

我們認為那裡有很多機會。

So guidance philosophy though hasn't changed at all.

因此指導理念根本沒有改變。

Matt Hedberg, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Matt Hedberg。

Congrats from me as well on all the milestones.

我也對所有的里程碑表示祝賀。

From a go-to-market perspective, with Venafi for the whole year, could you give us a little update on how you're thinking about the go-to-market in terms of sales incentives kind of integrating the sales forces or having it be more of sort of like independent for a bit.

從市場進入的角度來看，對於 Venafi 全年的發展，您能否向我們介紹一下您對市場進入的看法，在銷售激勵方面，如何整合銷售隊伍，還是讓它更像獨立一點。

But just a little more color on that would be helpful.

但只要再多一點色彩就會很有幫助。

Yes, sure, Matt.

是的，當然，馬特。

So listen, I think we see just really strong momentum on the integration effort and the kind of sales alignment around Venafi.

所以聽著，我認為我們看到了整合工作和圍繞 Venafi 的銷售協調的強勁勢頭。

We saw it in Q4, it drove some outperformance.

我們在第四季度看到了這一點，它推動了一些優異的表現。

We see it in the early days here in Q1 in terms of the pipe build and the conversations we're having.

就管道建設和我們正在進行的對話而言，我們在第一季的早期就看到了這一點。

The strategy is pretty simple.

該策略非常簡單。

First and foremost, we've got 8,000 customers that we can go sell Venafi to, and we're going to go sell it right away.

首先，我們有 8,000 名客戶可以向他們銷售 Venafi，而且我們會立即開始銷售。

And so we want the traditional CyberArk AE to take the lead, open the door and have the conversation, and we've put the Venafi team into an overlay role where they can help support those conversations, come in and really make sure that we can deliver on the message of the importance of not only Venafi, by the way, but the complete machine identity solutions suite and some of the new packages that we come out with.

因此，我們希望傳統的 Cyber​​Ark AE 能夠發揮領導作用，打開大門，開展對話，而我們讓 Venafi 團隊承擔起覆蓋角色，他們可以幫助支持這些對話，參與進來，真正確保我們能夠傳達不僅是 Venafi 的重要性，還有完整的機器身份解決方案套件和我們推出的一些新軟體包的重要性。

So it's actually really thrilled with how fast it's going.

所以它對於自己的速度確實感到非常興奮。

The channel partners continue to ramp on the back end.

通路夥伴持續在後端加大投入。

That takes a little bit longer, but we're starting to see some momentum there as well.

這可能需要更長的時間，但我們也開始看到一些動力。

And I think you're going to see that as we build pipe throughout the year.

而且我認為，隨著我們全年建造管道，您會看到這一點。

And then as we talked about, as the results start to kick in, in the back half of the year, but we've found that our traditional seller can go in position and sell incredibly effectively, the Venafi story.

然後正如我們所說的，隨著結果在下半年開始顯現，但我們發現我們的傳統賣家可以進入位置並進行非常有效的銷售，這就是 Venafi 的故事。

And as I've talked to you all before, the CISO conversation around Venafi is a meaningful conversation more so than I even thought when we made the acquisition.

正如我之前和大家談過的那樣，圍繞 Venafi 的 CISO 對話比我收購時想像的更有意義。

And it's going to drive, I think, the upside in the business as we look out past the building pipe phase and into the closing phase.

我認為，當我們展望建設管道階段並進入收尾階段時，它將推動業務的上升。

Gregg Moskowitz, Mizuho.

瑞穗的格雷格·莫斯科維茲。

I'll add my congratulations as well.

我也要表示祝賀。

I also had a follow-up on the channel because, Matt, we've been just hearing a lot of early enthusiasm from the channel around Venafi.

我還對該頻道進行了跟踪，因為馬特，我們剛剛從該頻道聽到了很多有關 Venafi 的早期熱情。

With that said, how quickly, broadly speaking, do you think that your traditional CyberArk partners can really start to, first of all, put resources behind Venafi and then drive good cross-sell in addition to hopefully more new local activity as well.

話雖如此，從廣義上講，您認為您的傳統 Cyber​​Ark 合作夥伴能多快真正開始首先將資源投入到 Venafi 上，然後推動良好的交叉銷售，此外還希望開展更多新的本地活動。

Yes, sure, sure.

是的，當然，當然。

Listen, I think just one comment again over on the opportunity here.

聽著，我想就這裡的機會再發表一則評論。

The notion we talked about around volume, variety and velocity being driving factors that are making the machine identity market, really pivot upward, is what's out there right now.

我們談論的數量、種類和速度是推動機器身分市場真正向上發展的驅動因素，這也是目前的現狀。

I mean, the machine identity landscape is just exploding.

我的意思是，機器身份領域正在爆炸式增長。

We got in deeper at the exact right time, and that ultimately leads to a level of conversation with the market that resonates.

我們在適當的時機進行了更深入的探討，最終與市場產生了共鳴。

It resonates in the same way with our partners, as you mentioned.

正如您所說，它與我們的合作夥伴產生了同樣的共鳴。

Now it takes generally about one to two quarters to change your channel, it's then going to take somewhere around six to nine months sales cycles because that's what we see on the Venafi side.

現在，改變通路通常需要大約一到兩個季度的時間，然後大約需要六到九個月的銷售週期，因為這就是我們在 Venafi 方面看到的情況。

I think they will start to have some real channel impact as we get towards the back half of the year, like we said before, and it will really accelerate into 2026 and beyond.

我認為，就像我們之前所說的，到今年下半年，它們將開始對通路產生一些真正的影響，而這種影響將真正加速到 2026 年及以後。

I think we've already seen partners jump in and help us close some of those -- some of that business in Q4.

我認為我們已經看到合作夥伴加入並幫助我們在第四季度完成部分業務。

So I think it's the flywheel is starting to kick in, but it does take a couple of quarters to actually get through your whole channel.

所以我認為飛輪開始啟動了，但實際上需要幾個季度才能完成整個頻道。

And of course, again, a little bit longer sales cycles here of about six to nine months, not longer same as CyberArk, but six to nine-month sales cycles before you actually close that business.

當然，這裡的銷售週期稍微長一點，大約為六到九個月，與 Cyber​​Ark 不同，而是六到九個月的銷售週期，然後你才能真正完成業務。

But as you said, the reception is tremendous.

但正如你所說，反應非常熱烈。

Thank you for your question.

感謝您的提問。

And ladies and gentlemen, that is all the time we have for questions for today.

女士們、先生們，今天我們提問的時間就到此為止。

And to close that, I'd like to turn the call over back to Matt.

最後，我想把電話轉回給馬特。

I want to finish here by thanking our employees all around the world for their hard work and dedication.

最後，我想感謝我們遍布世界各地的員工的辛勤工作和奉獻精神。

I think this is a milestone moment for all of us here at CyberArk.

我認為對於 Cyber​​Ark 的所有人來說，這都是一個里程碑時刻。

As we passed the $1 billion mark in ARR, we deliver a rule of 40 year, one year earlier than we thought.

當我們的 ARR 突破 10 億美元大關時，我們實現了 40 年規則，比我們預想的早了一年。

And ultimately, we set the stage for the great, great year ahead.

最終，我們為即將到來的偉大的一年做好了準備。

We welcome all of you in a week's time to our Investor Day, either in person or remotely, and thanks for joining the call today.

一週後，我們歡迎大家親臨或遠端參加我們的投資者日活動，感謝您今天的電話會議。