Cyberark Software Ltd (CYBR) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q1 2025 CyberArk Software Ltd earnings conference call. (Operator Instructions)

感謝您的支持。我叫凱特，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Cyber​​Ark Software Ltd 2025 年第一季財報電話會議。（操作員指示）

Thank you. I would now like to turn the call over to Srinivas, VP of Investor Relations. Please go ahead.

謝謝。現在我想將電話轉給投資者關係副總裁斯里尼瓦斯 (Srinivas)。請繼續。

Thank you, operator. Good morning. Thank you for joining us today to review CyberArk's strong first quarter 2025 financial results. With me on the call today are Matt Cohen, our Chief Executive Officer; and Erica Smith, our Chief Financial Officer. After prepared remarks, we will open up the call to a question-and-answer session.

謝謝您，接線生。早安.感謝您今天加入我們，共同回顧 Cyber​​Ark 2025 年第一季強勁的財務表現。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。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. I refer specifically to the discussion of our expectations and beliefs regarding our projected results of operations for the second quarter, full year 2025 and beyond.

在我們開始之前，請允許我提醒您，今天電話會議上發表的某些聲明可能被視為前瞻性聲明，這些聲明反映了管理層根據當前可用資訊做出的最佳判斷。我特別提到了我們對 2025 年第二季、全年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. 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.

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。我們的實際結果可能與這些前瞻性陳述中預測的結果有重大差異。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到的發佈在 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. 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.

Cyber​​Ark 明確否認有任何申請或承諾公開發布對本文所作任何前瞻性陳述的任何更新或修訂。此外，本次電話會議也將討論非公認會計準則財務指標。今天的新聞稿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中也提供了與最直接可比較的 GAAP 財務指標的對帳。我們的網站 IR 部分也提供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.

說完這些，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. We're excited to kick off 2025 with a strong first quarter that exceeded all of our guided metrics. This performance highlights not only the critical role Identity Security plays in the broader cybersecurity landscape, but also our team's unwavering focus on excellence in execution.

謝謝 Sri，也謝謝大家今天參加電話會議。我們很高興 2025 年第一季的業績表現強勁，超越了我們所有的指導指標。這項表現不僅凸顯了身分安全在更廣泛的網路安全領域中發揮的關鍵作用，也凸顯了我們團隊對卓越執行的堅定關注。

In Q1, we achieved total ARR of $1.215 billion, revenue of $318 million, an 18% operating margin and generated $96 million in free cash flow, a great quarter all around. Our results continue to demonstrate that identity is the new perimeter and that demand remains robust. With more than 90% of organizations experiencing identity-related breaches, security leaders recognize that Identity Security is a mission-critical imperative. CyberArk is at the forefront of this imperative, offering the most comprehensive and most effective platform for securing every identity, human machine and now AI.

在第一季度，我們實現了 12.15 億美元的總 ARR、3.18 億美元的收入、18% 的營業利潤率以及 9,600 萬美元的自由現金流，總體而言這是一個出色的季度。我們的結果繼續表明，身份是新的邊界，需求仍然強勁。超過 90% 的組織經歷過與身分相關的洩漏事件，安全領導者認識到身分安全是一項關鍵任務。Cyber​​Ark 處於這項要求的最前沿，提供最全面、最有效的平台來保護每個身分、人機以及現在的人工智慧。

Before I dive into the quarter, let's touch on the broader macro environment. As you can see from our results, demand for our solutions is increasing, and we continue to deliver strong growth. Despite ongoing macro uncertainty, we have not seen any impact on our business. Given the elevated threat landscape, cybersecurity remains a top priority for organizations. And within that, Identity Security is a nondiscretionary investment. It is a foundational to business continuity, customer trust and regulatory compliance.

在深入探討本季之前，讓我們先來談談更廣泛的宏觀環境。從我們的結果可以看出，對我們的解決方案的需求正在增加，並且我們繼續實現強勁成長。儘管宏觀不確定性持續存在，但我們的業務並未受到任何影響。鑑於威脅情勢加劇，網路安全仍是各組織的首要任務。其中，身分安全是一項非自由支配的投資。它是業務連續性、客戶信任和法規遵循的基礎。

Of course, we are carefully monitoring the economic situation and its potential impact. And as we have always done, if we see any negative trends, we will be disciplined in our execution and make the necessary strategic adjustments. We have successfully navigated similar conditions before by staying close to our customers and infusing even more rigor into our go-to-market execution. Importantly, we believe times like these push customers towards our platform and consolidation and specifically consolidation of trust.

當然，我們正在密切關注經濟情勢及其潛在影響。正如我們一直以來所做的那樣，如果我們發現任何負面趨勢，我們將嚴格執行並做出必要的策略調整。透過與客戶保持密切聯繫並在市場執行中註入更多嚴謹性，我們之前已經成功應對了類似的情況。重要的是，我們相信這樣的時代會推動客戶走向我們的平台和整合，特別是信任的整合。

Our confidence in the underlying demand trends was further reinforced recently with thousands of customers in attendance at the recent IMPACT and RSA conferences. At these conferences, I had the opportunity to engage directly with hundreds of customers and partners in one-on-one meetings. The feedback was clear and consistent. Identity Security continues to be a top spending priority. Organizations are actively seeking to consolidate fragmented security tools, modernize legacy systems, address the growing challenges of machine identities and get advice on how to integrate security from day one into their agentic AI initiatives.

最近，數千名客戶參加了 IMPACT 和 RSA 會議，這進一步增強了我們對潛在需求趨勢的信心。在這些會議上，我有機會與數百名客戶和合作夥伴進行一對一的直接交流。回饋清晰且一致。身分安全仍然是首要的支出重點。各組織正在積極尋求整合分散的安全工具、對遺留系統進行現代化改造、應對機器身份日益嚴峻的挑戰，並獲得有關如何從第一天起將安全性融入其代理 AI 計劃的建議。

The level of strategic discussions we are having with the C-suite at our customers and prospects has never been more constructive and underscores the growing demand for our unified Identity Security solutions. I come away from these events more confident than ever in our vision and ability to win and drive long-term durable growth.

我們與客戶和潛在客戶的高階主管進行的策略討論從未如此富有建設性，並凸顯了對我們統一身分安全解決方案日益增長的需求。參加這些活動後，我對我們的願景以及贏得並推動長期永續成長的能力比以往任何時候都更有信心。

I want to center our discussion today around three key pillars that anchor so many of these one-on-one conversations I have been having. First, the Identity Security imperative; second, our unified platform for every identity and third, our relentless innovation.

今天我想圍繞著三個關鍵支柱展開討論，這些支柱是我進行的許多一對一對話的基礎。首先，身分安全至關重要；第二，我們為每個身分提供統一的平台；第三，我們堅持不懈地創新。

Starting with the Identity Security imperative. As I mentioned at our IMPACT conference last month, we are living and operating in an exponential era, an age where the speed of change, the scale of threats and the complexity of digital ecosystems are compounding at a pace we've never seen before. The threat landscape continues to intensify with state-sponsored actors, cyber criminals and emerging threats like AI-driven exploits increasing in both frequency and sophistication.

從身分安全要求開始。正如我在上個月的 IMPACT 會議上提到的那樣，我們生活和運作在一個指數時代，在這個時代，變化的速度、威脅的規模和數位生態系統的複雜性正在以我們從未見過的速度增長。隨著國家支持的行為者、網路犯罪分子以及人工智慧驅動的攻擊等新興威脅的頻率和複雜程度不斷增加，威脅情勢持續加劇。

Identity is the connective tissue of every digital interaction across every user, system, cloud and application, making it foundational to any modern cybersecurity strategy. With identity at the center of virtually every breach, it's crystal clear that if you don't have a strong Identity Security, you simply don't have security at all.

身分是每個使用者、系統、雲端和應用程式之間每次數位互動的連接組織，使其成為任何現代網路安全戰略的基礎。身分幾乎是每一次違規行為的核心，很明顯，如果你沒有強大的身分安全，那麼你根本就沒有安全。

We are seeing the Identity Security imperative proliferate across the three different identity groups that our platform is purpose-built and protect: human, machine and AI. For humans, privileges have proliferated across the entire spectrum of identities, including IT admins, cloud ops, developers and SaaS admins. In today's dynamic work environment, every employee interacts with sensitive data or critical systems.

我們看到身分安全的必要性在我們平台專門建構和保護的三個不同身分群體中不斷擴散：人類、機器和人工智慧。對於人類而言，特權已遍布整個身分範圍，包括 IT 管理員、雲端操作、開發人員和 SaaS 管理員。在當今動態的工作環境中，每個員工都會與敏感資料或關鍵系統互動。

Identity Security requires us to reimagine privilege as a dynamic, contextual and tightly controlled concept delivered across the workforce without friction. We're bringing layered in-depth defense to every human identity without compromising user experience. Applying privilege controls against all identities is among the most complex cybersecurity challenge, and our deep expertise and leadership position sets us apart from the competition, which you see in our results.

身分安全要求我們將特權重新想像為一種動態的、情境化的、嚴格控制的概念，並在整個勞動力隊伍中順利傳遞。我們在不影響使用者體驗的情況下為每個人類身分提供分層深度防禦。對所有身分應用特權控制是最複雜的網路安全挑戰之一，而我們深厚的專業知識和領導地位使我們在競爭中脫穎而出，您可以從我們的成果中看到這一點。

When it comes to machine identities, a year ago, you heard us talk about a 45:1 ratio of machine-to-human identities. Today, it's over 80, and that number is still rising rapidly. These machine identities are granted access to critical infrastructure and sensitive information yet they often operate without oversight. Without an identity-first approach to securing machines, organizations leave a massive blind spot in their defenses.

談到機器身份，一年前，您聽到我們談論機器與人類身份的比例為 45:1。如今，這一數字已超過80，並且仍在快速上升。這些機器身分被授予存取關鍵基礎設施和敏感資訊的權限，但它們通常在無人監督的情況下運作。如果不採用身分優先的方法來保護機器，組織就會在防禦中留下巨大的盲點。

Identity Security is the only way to bring visibility, control and governance to this rapidly growing attack surface. With the addition of Venafi, our machine identity solutions are setting a new standard on how to address this challenge.

身分安全是為這個快速成長的攻擊面帶來可見性、控制力和治理的唯一方法。隨著 Venafi 的加入，我們的機器身分解決方案正在為如何應對這項挑戰設定新的標準。

And turning to AI, we are seeing AI everywhere embedded in organizational workflows and opening the door to new use cases. It's challenging how privileges are signed, creating new identities and becoming a force multiplier for both defenders and attackers. The need to secure AI agents, both autonomous and human-directed is becoming increasingly top of mind. And as we dive deeper into the depths of agentic approaches, it's increasingly understood that securing AI agents is an Identity Security problem, not a data problem.

談到人工智慧，我們看到人工智慧已經融入組織工作流程中，並為新的用例打開了大門。它對如何簽署特權提出了挑戰，創造了新的身份並成為防御者和攻擊者的力量倍增器。保護自主和人類主導的人工智慧代理的需求正變得越來越重要。隨著我們對代理方法的深入研究，我們越來越認識到，保護人工智慧代理是一個身分安全問題，而不是資料問題。

The Identity Security imperative is clear, rise to meet the exponentially increasing threat landscape by securing every identity with the right level of privileged controls, which takes us to our second pillar, our unified Identity Security platform. Our platform starts with the idea that discovery and context is critical, understanding what identities exist across human, machine and AI, their associated access rights, risk profiles, and appropriate privileged controls is foundational to any effective Identity Security strategy.

身份安全的必要性很明確，透過使用適當的特權控制來保護每個身份，以應對指數級增長的威脅形勢，這將帶我們進入我們的第二個支柱，即統一的身份安全平台。我們的平台首先認為發現和背景至關重要，了解人類、機器和人工智慧中存在的身份、它們相關的存取權限、風險概況和適當的特權控制是任何有效身分安全策略的基礎。

Once discovered and onboarded, applying industry-leading privilege controls is the most essential step and cornerstone of our differentiation. Privilege controls that cover credential management, authentication management, session management and entitlements management are the secret sauce of our platform and create a deep competitive moat against all competitors.

一旦發現並加入，應用行業領先的權限控制是我們差異化的最重要一步和基石。涵蓋憑證管理、身分驗證管理、會話管理和權利管理的權限控制是我們平台的秘密武器，並在與所有競爭對手的競爭中建立了強大的競爭力。

Next comes policy automation, which is also crucial. Given the scale and scope of modern Identity Security, it's no longer enough to merely impose policies, they must be automated. We offer automated enforcement of contextual security policies to eliminate manual overhead, reduce time to value and support rapid scalability across complex environments.

接下來是政策自動化，這也至關重要。考慮到現代身分安全的規模和範圍，僅僅實施政策已經不夠了，必須實現政策自動化。我們提供情境安全策略的自動化實施，以消除人工開銷、縮短價值實現時間並支援在複雜環境中的快速擴展。

Along with policy automation, you need to automate life cycles, which is the ability to onboard and offboard, dynamically provision entitlements and provide just-in-time access with the goal of streamlining security to reduce risk and ensure continuous compliance.

除了策略自動化之外，您還需要實現生命週期自動化，即能夠加入和退出、動態配置權限並提供即時訪問，目的是簡化安全性以降低風險並確保持續合規。

And lastly, governance and compliance are essential for meeting the growing oversight, both within organizations and increasing regulatory standards being imposed by government organizations. As we'll talk about later, with Zilla's modern IGA, we are setting out the free organizations from the long-standing challenges of legacy IGA.

最後，治理和合規性對於滿足組織內部日益嚴格的監督以及政府組織實施的日益嚴格的監管標準至關重要。正如我們稍後將要討論的，借助 Zilla 的現代 IGA，我們正在將自由組織從傳統 IGA 的長期挑戰中解放出來。

These components are the building blocks and the unique differentiators of our platform. They are the blueprint for how we talk with our customers and partners. More importantly, they enable us to deliver measurable customer outcomes, reducing cyber risk, strengthening business resilience, satisfying audit and compliance, all while increasing efficiency and automation. This is why, while customers may come to us hoping to solve one use case, instead, they often expand to secure additional identities across our solutions and consolidate on our platform over time.

這些組件是我們平台的基石和獨特優勢。它們是我們與客戶和合作夥伴溝通的藍圖。更重要的是，它們使我們能夠提供可衡量的客戶成果，降低網路風險，增強業務彈性，滿足審計和合規性，同時提高效率和自動化程度。這就是為什麼，儘管客戶來找我們是為了解決一個用例，但他們往往會擴展我們的解決方案以保護更多身份，並隨著時間的推移在我們的平台上進行整合。

Moving on to our third pillar, which is innovation. At IMPACT, we introduced new solutions and capabilities across human, machine and AI identities. And I want to highlight a few of them one more time today. For secure and human identities, we announced the availability of Zilla provision and compliant modules. Since we closed the acquisition, customer feedback has been overwhelmingly positive, especially around how CyberArk and Zilla can simplify access reviews and automate provisioning across modern environments. Both customers and partners recognize the powerful combination of having modern IGA on our platform and the synergies we are confident we can realize.

接下來是我們的第三個支柱，即創新。在 IMPACT 上，我們引入了跨人類、機器和人工智慧身分的新解決方案和功能。今天我想再次強調其中的幾點。為了實現安全和人性化的身份，我們宣布推出 Zilla 規定和相容模組。自從我們完成收購以來，客戶回饋非常積極，尤其是關於 Cyber​​Ark 和 Zilla 如何簡化存取審查並在現代環境中實現配置自動化。客戶和合作夥伴都認識到在我們的平台上擁有現代 IGA 的強大組合以及我們有信心實現的協同效應。

On the machine identity side, we announced our Secure Workload Access solution, which combines modern workload identity management with CyberArk's secrets management capabilities for the industry's first and most comprehensive protection for all nonhuman identities that matter, giving security teams visibility and control throughout the machine identity life cycle.

在機器身分方面，我們宣布了安全工作負載存取解決方案，該解決方案將現代工作負載身分管理與 Cyber​​Ark 的秘密管理功能相結合，為所有重要的非人類身分提供業界首個也是最全面的保護，使安全團隊能夠在整個機器身分生命週期內獲得可見性和控制力。

I did want to pause to quickly mention another key development in machine Identity Security around the lifespan of certificates. The Certification Authority browser form which sets guidelines for certificate life cycles, recently voted to significantly reduce certificate lifespans from 398 days to just 47 days. Major industry players, including Apple, Google and Microsoft supported this change, emphasized the growing need for automated management of short-lived certificates.

我確實想停下來快速提一下圍繞證書生命週期的機器身份安全的另一個關鍵發展。制定證書生命週期指南的認證機構瀏覽器表單最近投票決定將證書壽命從 398 天大幅縮短至 47 天。包括蘋果、谷歌和微軟在內的主要行業參與者都支持這項變化，並強調對短期證書自動化管理的需求日益增長。

In an increasingly complex security environment, this is top of mind for our customers. At the recent RSA conference, this industry change drove more traffic to our booth than any other topic. Customers are realizing that the time to get this part of the machine identity security under control is now.

在日益複雜的安全環境中，這是我們客戶最關心的問題。在最近的 RSA 大會上，這一行業變化比任何其他主題都為我們的展位帶來了更多的流量。客戶意識到現在是時候控制這部分機器身分安全了。

The final major innovation we talked about was in the field of agentic AI. Agentic AI sits the intersection of human and machine identity security. AI agents are machine identities that act like or on behalf of humans, proliferating at machine scale, gaining access to and granting privileges over critical infrastructure. As a result, they will require the same security principles as human identities, and soon, billions of AI agents will require robust access controls, governance and privilege management frameworks.

我們討論的最後一個重大創新是在代理人工智慧領域。Agentic AI 處於人類和機器身分安全的交匯處。人工智慧代理是像人類一樣或代表人類行事的機器身份，在機器規模上激增，獲得關鍵基礎設施的存取權並授予特權。因此，它們將需要與人類身分相同的安全原則，並且很快數十億人工智慧代理將需要強大的存取控制、治理和權限管理框架。

To address the security challenges of AI agents, we introduced our Secure AI Agents Solution, which integrates our platform capabilities with AI-specific discovery and contact privileged controls, policy automation, life cycle management and governance. We expect this solution to be widely available to customers later this year.

為了應對人工智慧代理的安全挑戰，我們推出了安全人工智慧代理解決方案，它將我們的平台功能與人工智慧特定的發現和聯繫特權控制、策略自動化、生命週期管理和治理相結合。我們預計該解決方案將在今年稍後廣泛提供給客戶。

Additionally, we announced a strategic partnership with Accenture, integrating our Identity Security platform with Accenture's AI Refinery. Together, we'll offer customers out-of-the-box security for AI-driven agents, ensuring secure adoption of emerging AI technologies at an exponential scale.

此外，我們宣布與埃森哲建立戰略合作夥伴關係，將我們的身分安全平台與埃森哲的人工智慧精煉廠結合。我們將共同為客戶提供針對人工智慧驅動代理的開箱即用的安全性，確保以指數級規模安全採用新興人工智慧技術。

Beyond these highlighted announcements, we also launched major innovations across workforce, IT, developer and machine solutions that deliver incremental value and real-world security controls to meet the demands of the current and future threat landscape. The product and engineering team at CyberArk continues to amaze me in their ability to lead the market.

除了這些重點公告之外，我們還在員工、IT、開發人員和機器解決方案方面推出了重大創新，這些創新提供了增量價值和現實世界的安全控制，以滿足當前和未來威脅情勢的需求。Cyber​​Ark 的產品和工程團隊引領市場的能力不斷令我驚嘆。

As I said, Q1 was a great way to start the year. And I did want to quickly highlight just a few deals from the quarter to illustrate how we are delivering valuable customer outcomes across our platform as well as an early Zilla deal.

正如我所說，第一季是開啟新一年的絕佳方式。我確實想快速強調本季的幾筆交易，以說明我們如何透過我們的平台以及早期的 Zilla 交易提供有價值的客戶成果。

In a deal that showcases the power of our full platform, a leading US enterprise software company replaced a competing PAM vendor, prioritizing CyberArk's ability to deliver a complete Identity Security platform. They are boldly focused on just-in-time access and zero-standing privilege to secure IT and developers and a complete solution for the machine identities in a multi-figure, six-figure ACV deal.

在一項展示我們完整平台強大功能的交易中，一家領先的美國企業軟體公司取代了競爭對手的 PAM 供應商，優先考慮 Cyber​​Ark 提供完整身分安全平台的能力。他們大膽地專注於即時存取和零特權，以保護 IT 和開發人員的安全，並為多位數、六位數的 ACV 交易中的機器身分提供完整的解決方案。

In another full platform deal focused solely on modern use cases, a leading US healthcare company wanted to secure modern cloud workloads for developers, protect their entire workforce, both the user and at the endpoint and secure machine identities with Secrets Hub in another multi-six figure ACV add-on deal.

在另一項專注於現代用例的全平台交易中，一家領先的美國醫療保健公司希望為開發人員保護現代雲端工作負載，保護其整個員工隊伍（包括用戶和終端），並在另一項價值六位數的 ACV 附加交易中使用 Secrets Hub 保護機器身分。

We continue to see great momentum with Venafi. And this quarter, a Fortune 100 financial services company who is a long-time CyberArk customer on the human identity side is now deploying all of our certificate life cycle management and PKI offerings in a competitive multi-six-figure ACV deal.

我們繼續看到 Venafi 的強勁發展勢頭。本季度，一家財富 100 強金融服務公司是 Cyber​​Ark 在人類身份識別方面的長期客戶，目前正在以具有競爭力的六位數 ACV 交易部署我們所有的證書生命週期管理和 PKI 產品。

And in a great Venafi deal that demonstrates our cross-sell motion, PDS Health, a leading integrated healthcare support organization, who has been a CyberArk customer since 2019, built on that long-standing relationship, expanding further on the machine identity side with our certificate manager and zero-touch PKI in a 6-figure Q1 ACV deal. The excitement around Venafi deals continues to build across our go-to-market teams, and stories like this are becoming commonplace as the business begins to scale.

在一項出色的 Venafi 交易中，我們展示了交叉銷售的動向，領先的綜合醫療支援組織 PDS Health 自 2019 年以來一直是 Cyber​​Ark 的客戶，在長期合作關係的基礎上，透過我們的證書管理器和零接觸 PKI 在機器身份方面進一步擴展，達成了 6 位數的 Q1 ACV 交易。我們的行銷團隊對 Venafi 交易的興奮之情持續高漲，隨著業務規模的擴大，這樣的故事也變得越來越普遍。

Finally, in a Q1 Zilla deal, we saw early success after the acquisition closed with a financial services company who landed as a new logo with a six-figure ACV deal, replacing a competing legacy IGA vendor. The customer highlighted that the acquisition by CyberArk gave them strong confidence in closing out this deal and starting their modern IGA journey.

最後，在第一季的 Zilla 交易中，我們在收購一家金融服務公司後看到了早期的成功，該公司以六位數的 ACV 交易作為新標誌登陸，取代了競爭對手的傳統 IGA 供應商。客戶強調，Cyber​​Ark 的收購讓他們對完成這筆交易並開始現代 IGA 之旅充滿信心。

In summary, I want to leave you with the following takeaways today. First, the Identity Security imperative is real and accelerating. As the digital ecosystem grows more interconnected and decentralized, the threat landscape is not just expanding, it's evolving at an unprecedented pace. Organizations must respond.

總而言之，今天我想留給你們以下幾點收穫。首先，身分安全的必要性是真實存在的，並且正在加速顯現。隨著數位生態系統變得越來越互聯和分散，威脅情勢不僅在擴大，而且還在以前所未有的速度發展。組織必須做出回應。

Second, CyberArk is uniquely positioned with the only unified platform for securing every identity and addresses a critical pain point for overburdened CISOs by simplifying Identity Security. Third, our relentless innovation is strengthening our competitive moat as we solve our customers' problems of today and the future.

其次，Cyber​​Ark 擁有獨特的優勢，它是唯一一個可以保護每個身分的統一平台，並透過簡化身分安全解決了負擔過重的 CISO 的關鍵痛點。第三，我們不斷的創新正在加強我們的競爭力，因為我們解決了客戶當前和未來的問題。

Fourth, cybersecurity spend and certainly identity is defensible in all macro environments as organizations realize the importance of protecting their most critical assets, particularly in this escalating threat environment.

第四，隨著組織意識到保護其最關鍵資產的重要性，尤其是在這種不斷升級的威脅環境中，網路安全支出以及身分認同在所有宏觀環境中都是值得防禦的。

And finally, we are executing with discipline and confidence. Our go-to-market teams are an exceptional differentiator for us. Our continued execution and strong demand environment positions us to deliver strong growth and profitability.

最後，我們以紀律和信心執行任務。我們的行銷團隊是我們與眾不同的特色。我們持續的執行和強勁的需求環境使我們能夠實現強勁的成長和獲利。

Now, I'll turn it over to Erica to walk through our strong financials and updated guidance.

現在，我將讓 Erica 介紹我們強勁的財務狀況和最新的指導。

Thanks, Matt. We're off to a strong start in 2025 with our first quarter results exceeding all of our guided metrics. We delivered solid top line growth, expanded operating profitability and generated robust free cash flow. As we review our results, please note that Venafi, which closed in October 2024; and Zilla, which closed in February 2025, contributed to our Q1 results of this year, but were not part of the comparable period in 2024.

謝謝，馬特。2025 年我們迎來了良好的開端，第一季的業績超出了我們所有的指導指標。我們實現了穩健的營收成長、擴大了營運獲利能力並產生了強勁的自由現金流。當我們回顧我們的結果時，請注意 Venafi 於 2024 年 10 月關閉；以及 2025 年 2 月關閉的 Zilla 對我們今年第一季的業績有所貢獻，但不屬於 2024 年可比期間。

Moving to our results. Annual recurring revenue reached $1.215 billion. Net new ARR was $46 million, up from $37 million in Q1 of last year. As a reminder, Zilla brought to CyberArk approximately $5 million of ARR when we closed the acquisition. Lastly, fluctuations in the euro and pound created about a $1 million headwind to ARR in the first quarter.

轉向我們的結果。年度經常性收入達12.15億美元。淨新 ARR 為 4,600 萬美元，高於去年第一季的 3,700 萬美元。提醒一下，當我們完成收購時，Zilla 為 Cyber​​Ark 帶來了約 500 萬美元的 ARR。最後，歐元和英鎊的波動在第一季為 ARR 帶來了約 100 萬美元的阻力。

As Matt mentioned, the Venafi integration is progressing ahead of expectations. Pipeline continues to build, and we are executing on the cross-sell synergies. Momentum in our machine identity business overall, including Secrets Management was strong in the first quarter with Venafi and Secrets included in 9 of our top 10 deals.

正如 Matt 所提到的，Venafi 整合的進展超出了預期。管道繼續建設，我們正在執行交叉銷售協同效應。包括 Secrets Management 在內的我們的機器身分業務整體在第一季發展勢頭強勁，其中 Venafi 和 Secrets 被列入我們十大交易中的 9 筆。

As we noted on our last earnings call, we don't plan to break out Venafi's contribution separately given that customers are increasingly buying across our platform and our machine identity solutions can include both Venafi and Secrets Management.

正如我們在上次財報電話會議上指出的那樣，我們不打算單獨列出 Venafi 的貢獻，因為客戶越來越多地透過我們的平台進行購買，並且我們的機器識別解決方案可以同時包括 Venafi 和 Secrets Management。

The value proposition we outlined at the time of the Venafi acquisition is being validated by strong cross-sell into existing customer base, new customers being added and growing activation of our channel partners with several hundred certified since we closed the acquisition.

我們在收購 Venafi 時提出的價值主張正在透過對現有客戶群的強勁交叉銷售、新客戶的增加以及我們通路合作夥伴的不斷活躍而得到驗證，自我們完成收購以來，已有數百家合作夥伴獲得認證。

Subscription ARR grew to $1.028 billion with subscription net new ARR of $51 million compared to $39 million in Q1 of last year. Our maintenance ARR was $188 million. Like-for-like conversion activity remains a single-digit percent of our year-over-year ARR growth. As you saw in the release we posted this morning, we are now reporting revenue in two lines: a subscription line, which includes SaaS and self-hosted subscription; and maintenance, professional services in other line, which includes perpetual maintenance, services and perpetual license revenues.

訂閱 ARR 成長至 10.28 億美元，訂閱淨新 ARR 為 5,100 萬美元，去年第一季為 3,900 萬美元。我們的維護 ARR 為 1.88 億美元。同類轉化活動仍然只占我們 ARR 年成長的個位數百分比。正如您在我們今天早上發布的新聞稿中看到的，我們現在報告兩條線路的收入：訂閱線路，其中包括 SaaS 和自託管訂閱；和維護、其他線的專業服務，包括永久維護、服務和永久許可收入。

Given that nearly 95% of our business is recurring revenue, and we expect our perpetual license revenue to represent about 1% of total revenue, we changed the P&L to better reflect the value we provide to our customers and to represent the way we look at our business.

鑑於我們近 95% 的業務都是經常性收入，並且我們預計永久許可收入約佔總收入的 1%，因此我們更改了損益表，以更好地反映我們為客戶提供的價值並代表我們看待業務的方式。

Total revenues significantly beat our guidance reaching $317.6 million in Q1. For the first quarter, recurring revenue reached $298.2 million, representing 94% of total revenue. Our subscription revenue reached $250.6 million or 79% of total revenue. The outperformance in Q1 was from two primary factors: the strength in our overall business compared to our guidance; and a slightly higher-than-expected mix of self-hosted subscription. Maintenance and professional services and other revenue was $67 million in the quarter.

第一季總收入大大超出我們的預期，達到 3.176 億美元。第一季度，經常性收入達到 2.982 億美元，佔總營收的 94%。我們的訂閱收入達到 2.506 億美元，佔總收入的 79%。第一季的優異表現主要源自於兩個因素：與我們的預期相比，我們的整體業務表現強勁；以及略高於預期的自架訂閱組合。本季維護、專業服務及其他收入為 6,700 萬美元。

The business remains geographically diverse. Americas revenue was $193.5 million, EMEA revenue came in at $93.8 million and APJ revenue was $30.4 million. We had strong organic and inorganic revenue growth across the platform in all regions. In addition, we're leveraging the strength of our sales force to drive Venafi demand and experienced healthy overall growth, particularly in EMEA.

該公司的業務仍保持地域多元化。美洲區收入為 1.935 億美元，歐洲、中東和非洲區收入為 9,380 萬美元，亞太及日本區收入為 3,040 萬美元。我們平台所有地區的有機收入和無機收入均實現了強勁成長。此外，我們正在利用銷售團隊的力量來推動 Venafi 需求，並實現了整體健康成長，尤其是在歐洲、中東和非洲地區。

In the first quarter, we signed about 200 new logos. Consistent with prior periods, we continue to see strong momentum in multi-solution adoption with approximately half of new logos purchasing two or more solutions at land. This contributed to a year-over-year double-digit percent increase in new business deal sizes in the first quarter of 2025.

第一季度，我們簽署了大約200個新標誌。與前期一致，我們繼續看到多解決方案採用的強勁勢頭，大約一半的新品牌同時購買了兩個或更多的解決方案。這導致 2025 年第一季新業務交易規模年增兩位數。

All P&L line items will be discussed on a non-GAAP basis. Please see the full GAAP to non-GAAP reconciliation in the tables of our press release. First quarter gross profit was $269 million or an 85% gross margin. The expansion of our gross margin was in part due to the higher self-hosted subscription revenue in the quarter, as I mentioned earlier.

所有損益項目都將以非 GAAP 為基礎進行討論。請參閱我們新聞稿表格中完整的 GAAP 與非 GAAP 對帳表。第一季毛利為 2.69 億美元，毛利率為 85%。正如我之前提到的，我們的毛利率擴大部分是由於本季自架訂閱收入的增加。

Our operating income was $57.5 million or 18% operating margin, well ahead of our guidance. Our operating margin expanded by 3 percentage points from Q1 of last year, even as we absorbed over 400 employees from Venafi and incurred approximately six weeks of expenses from the Zilla acquisition. We ended March with approximately 3,930 employees worldwide, including adding approximately 60 employees from Zilla. We had approximately 1,590 employees in sales and marketing at the end of the quarter.

我們的營業收入為 5,750 萬美元，營業利潤率為 18%，遠高於我們的預期。儘管我們從 Venafi 吸收了 400 多名員工，並因收購 Zilla 而產生了大約六週的費用，但我們的營業利潤率仍比去年第一季擴大了 3 個百分點。截至三月底，我們在全球擁有約 3,930 名員工，其中包括從 Zilla 新增的約 60 名員工。截至本季末，我們擁有約 1,590 名銷售和行銷員工。

Net income came in at $50.3 million or $0.98 per diluted share, also ahead of our guidance. We generated strong free cash flow of $95.5 million or a margin of about 30% in the first quarter. This performance reflects the power of our recurring revenue model, our disciplined execution and the continued operating efficiency. We continue to maintain a strong balance sheet and ended the quarter with approximately $776 million in cash, which takes into account the approximately $165 million of consideration paid for the Zilla acquisition in Q1.

淨收入達到 5,030 萬美元，即每股 0.98 美元，也高於我們的預期。我們在第一季產生了 9,550 萬美元的強勁自由現金流，利潤率約為 30%。這項業績體現了我們經常性收入模式的強大力量、我們嚴謹的執行力以及持續的營運效率。我們繼續保持強勁的資產負債表，本季末現金約為 7.76 億美元，其中包括第一季為收購 Zilla 支付的約 1.65 億美元對價。

Before moving to our guidance, I want to comment on the macroeconomic environment. As you can see from our strong Q1 results, the recent macroeconomic conditions have not impacted our business. Demand remains robust across our platform and our solutions. Execution is strong and Venafi is performing ahead of our expectations.

在談到我們的指導之前，我想先評論一下宏觀經濟環境。從我們強勁的第一季業績可以看出，近期的宏觀經濟狀況並未影響我們的業務。我們的平台和解決方案的需求依然強勁。執行力很強，Venafi 的表現超出了我們的預期。

As Matt discussed, Identity Security continues to be a top priority for CIOs and for CISOs, and we believe spending on security is resilient across macroeconomic environments. That said, despite the strength in our pipeline and the strategic importance of identity, we are taking the current macroeconomic environment into consideration in our full year 2025 outlook.

正如馬特所討論的，身分安全仍然是 CIO 和 CISO 的首要任務，我們相信在宏觀經濟環境下，安全支出具有彈性。儘管如此，儘管我們的產品線實力雄厚，且身分具有戰略重要性，但我們在製定 2025 年全年展望時仍將當前的宏觀經濟環境納入考量。

Now turning to our guidance. For the second quarter of 2025, we expect total revenue to be between $312 million to $318 million. We expect non-GAAP operating income to be in the range of $41.5 million to $46.5 million for the second quarter. That includes the seasonal increase in marketing expenses related to our IMPACT customer event as well as our IMPACT World Tour. It also reflects a full quarter of costs related to the Zilla acquisition.

現在轉向我們的指導。對於 2025 年第二季度，我們預計總營收將在 3.12 億美元至 3.18 億美元之間。我們預計第二季非公認會計準則營業收入將在 4,150 萬美元至 4,650 萬美元之間。其中包括與我們的 IMPACT 客戶活動以及 IMPACT 世界巡迴活動相關的行銷費用的季節性增加。它還反映了與 Zilla 收購相關的整個季度的成本。

We expect our non-GAAP EPS to be in the range of $0.74 to $0.81 per diluted share. Our guidance assumes 51.5 million weighted average diluted shares outstanding. It also assumes about $8.5 million in financial income and a tax rate of 24% in the second quarter.

我們預計非公認會計準則每股收益將在每股 0.74 美元至 0.81 美元之間。我們的指導假設流通在外的加權平均稀釋股份為 5,150 萬股。它還假設第二季的財務收入約為 850 萬美元，稅率為 24%。

For the full year, we are increasing our total revenue to be in the range of $1.313 billion to $1.323 billion, representing 32% year-over-year growth at the midpoint of the range. Keep in mind, the 2025 growth rate includes a full year of Venafi contribution in 2025 compared to just one quarter in 2024.

就全年而言，我們將總收入提高至 13.13 億美元至 13.23 億美元之間，按中點計算，年增 32%。請記住，2025 年的成長率包括 2025 年全年的 Venafi 貢獻，而 2024 年僅包括四分之一。

We are increasing our full year non-GAAP operating income to be between $221 million and $229 million. We expect our non-GAAP EPS to be between $3.73 and $3.85 per diluted share for the full year. That assumes 51.6 million weighted average diluted shares and approximately $32 million in financial income.

我們將全年非公認會計準則營業收入提高至 2.21 億美元至 2.29 億美元之間。我們預計全年非公認會計準則每股收益將在每股 3.73 美元至 3.85 美元之間。假設加權平均稀釋股數為 5,160 萬股，財務收入約 3,200 萬美元。

We are now assuming a tax rate of 24% for the full year. We expect our annual recurring revenue to be in the range of $1.410 billion and $1.420 billion at December 31, 2025, representing about 21% year-over-year growth at the midpoint.

我們現在假設全年稅率為 24%。我們預計，截至 2025 年 12 月 31 日，我們的年度經常性收入將在 14.10 億美元至 14.20 億美元之間，中間值年增約 21%。

Turning to cash flow. We expect adjusted free cash flow for the full year 2025 to be in the range of $300 million to $310 million, representing an adjusted free cash flow margin of 23% at the midpoint. As outlined in our press release, adjusted free cash flow excludes the estimated onetime tax payment of $42 million related to the migration of Venafi's SaaS IP to our Israeli entity and about $15 million of capital expenditures associated with leasehold improvements to our new US headquarters. We signed a lease for this office space in the second quarter.

轉向現金流。我們預計 2025 年全年調整後的自由現金流將在 3 億至 3.1 億美元之間，中間值調整後的自由現金流利潤率為 23%。正如我們的新聞稿中所述，調整後的自由現金流不包括與將 Venafi 的 SaaS IP 遷移到我們的以色列實體相關的估計 4200 萬美元的一次性稅款，以及與我們新的美國總部租賃改良相關的約 1500 萬美元的資本支出。我們在第二季簽署了該辦公空間的租約。

We expect to incur $15 million in capital expenditures, primarily in the third and fourth quarters of 2025. Accordingly, we are raising our CapEx forecast to be between 2.5% and 3% of revenue. I also want to comment on taxes. The reduction in our estimated IP transfer tax payment from approximately $70 million to $42 million is in part due to the certain tax credits and the strong growth in our US business.

我們預計將產生 1500 萬美元的資本支出，主要在 2025 年第三季和第四季。因此，我們將資本支出預測上調至收入的 2.5% 至 3% 之間。我還想對稅收發表一些評論。我們的預期智慧財產權轉讓稅支付額從約 7,000 萬美元減少至 4,200 萬美元，部分原因是某些稅收抵免和我們美國業務的強勁增長。

As a result of this growth, CyberArk is now subject to approximately $17 million to $20 million of US-based erosion taxes under the Tax Cuts and Jobs Act, also referred to as BEAT tax. This tax expense was not anticipated in the initial February guidance, and it is part and it is in part related to the IP transfer. The BEAT tax will be an ongoing expense and as a result, we've absorbed it within our reported free cash flow guidance.

由於這一增長，Cyber​​Ark 目前根據《減稅與就業法案》（也稱為 BEAT 稅）需繳納約 1700 萬至 2000 萬美元的美國侵蝕稅。這筆稅費在二月的初始指引中沒有預料到，它部分與智慧財產權轉讓有關。BEAT 稅將是一項持續支出，因此，我們已將其納入報告的自由現金流指引中。

To sum up, we're pleased with our strong first quarter results, which underscores the continued prioritization of identity securities by enterprises around the world. As a market leader, we are well positioned to capture greater share of security spend as customers consolidate around strategic platforms. Our solutions continue to deliver significant value by addressing critical security challenges, improving resiliency and driving operational efficiencies.

總而言之，我們對第一季的強勁業績感到滿意，這強調了全球企業對身分安全的持續重視。身為市場領導者，隨著客戶圍繞著策略平台進行整合，我們有能力佔據更大的安全支出份額。我們的解決方案透過解決關鍵的安全挑戰、提高彈性和提高營運效率，持續提供巨大的價值。

With that, I will turn the call over to the operator for Q&A. Operator?

說完這些，我將把電話轉給接線生進行問答。操作員？

(Operator Instructions) Saket Kalia, Barclays.

（操作員指示）Saket Kalia，巴克萊銀行。

Okay. Great. Nice start to the year. Matt, maybe for you. I'm wondering if you could just talk a little bit about customers' willingness to buy multiple products here as you become more of an identity platform.

好的。偉大的。今年的開始很好。馬特，也許對你來說是這樣。我想知道，隨著您越來越成為一個身分平台，您是否可以稍微談談客戶在這裡購買多種產品的意願。

I mean you had some great customer examples, right, that you spoke about in the prepared remarks. Erica, I think, threw out some stats in her prepared remarks as well. But maybe you could just bring that home for us and maybe also touch on what are you doing to drive that multiproduct sale more?

我的意思是，您在準備好的發言中談到了一些很好的客戶案例。我認為，艾莉卡在她準備好的演講中也提到了一些統計數據。但也許您可以讓我們明白這一點，也許還可以談談您正在採取什麼措施來推動多產品銷售？

Yeah. Sure, Saket. And listen, I mean, I shared a little bit of some examples of the conversations I was having at IMPACT and the conversations I had at RSA and frankly, the conversations I have every day here at our visit center. And I would tell you that there's not one conversation I have, not one that isn't multiproduct or multi-solution based. Customers want to engage in a conversation that is specifically around how do they tackle their entire Identity Security problems or opportunities there.

是的。當然，Saket。聽著，我的意思是，我分享了一些我在 IMPACT 和 RSA 進行的對話的例子，坦白說，還有我每天在我們參觀中心進行的對話。我想告訴你，我進行的每一次對話都是基於多產品或多解決方案的。客戶希望參與如何解決整個身分安全問題或機會的對話。

It could be that they want to talk about human and machine, and we're talking about PAM plus machine identity either in the form of Secrets and Venafi or both. It can be on the human spectrum, how do they actually get all of their human identities covered from IT to developers back into the workforce. And we're talking about not only our IT solutions, but also our endpoint solutions as well as our access solutions. It's really across the board, and it's the foundation of our entire discussion is -- our entire strategy at this point.

他們可能想談論人類和機器，而我們談論的是 PAM 加上機器身份，可以是 Secrets 和 Venafi 的形式，也可以是兩者兼而有之。它可以存在於人類範圍內，他們實際上如何將所有人類身分從 IT 人員到開發人員重新納入勞動力。我們不僅討論我們的 IT 解決方案，還討論我們的端點解決方案以及我們的存取解決方案。這確實是全面的，也是我們整個討論的基礎——我們目前的整個策略。

So what are we doing? We continue to elevate the team's ability to talk platform versus individual areas. We go in and we talk about 3-year road maps really around value, around architecture and then ultimately, how do you build that into a plan.

那我們在做什麼？我們持續提升團隊討論平台與個別領域的能力。我們深入討論圍繞價值、圍繞架構的 3 年路線圖，然後最終討論如何將其納入計劃。

Even customers that want to get started with one solution, Erica mentioned that about 50% or so of new logos land with multiple solutions. But even the ones that don't are working with us on that road map, on that architecture about where they're going to go over time. And ultimately, that lends itself to our confidence in what we're going to be able to get from a lifetime value out of our customer base.

Erica 提到，即使是那些只想從一種解決方案開始的客戶，大約 50% 左右的新標誌也會採用多種解決方案。但即使那些沒有這樣做的公司也正在與我們合作制定路線圖和架構，以確定他們未來將走向何方。最終，這增強了我們對從客戶群中獲得終身價值的信心。

That makes a ton of sense. Erica, maybe for my follow-up for you, obviously, a smaller and smaller part of the business, but can we just talk a little bit about the maintenance business? How do you think about that sort of decline or shift this year? And how are you thinking about that conversion opportunity?

這很有道理。艾莉卡，也許對我來說，顯然業務的後續部分越來越小，但是我們可以稍微談一下維護業務嗎？您如何看待今年的這種下降或轉變？您如何看待這個轉換機會？

Yeah. Saket, it's a great question on that maintenance business. We're at about that $188 million, and I think all of the things that Matt just talked about really do apply to that maintenance business as well, meaning that the customer base is now more willing to move to our SaaS and our subscription solutions.

是的。Saket，關於維護業務，這是一個很好的問題。我們的金額約為 1.88 億美元，我認為 Matt 剛才談到的所有事情也確實適用於維護業務，這意味著客戶群現在更願意轉向我們的 SaaS 和訂閱解決方案。

We saw a little bit of an uptick in the conversion activity in Q1. As I mentioned in the prepared remarks, it was still a single-digit percent of our overall growth, but we did see a slight uptick. I think as we progress through the year, our expectation is that the readiness of our customer base is increasing. And we do think we'll see an increase of that maintenance ARR coming down.

我們看到第一季的轉換活動略有上升。正如我在準備好的發言中提到的那樣，它仍然只占我們整體成長的個位數百分比，但我們確實看到了輕微的上升。我認為，隨著一年的進展，我們預計客戶群的準備程度將會提高。我們確實認為，維護 ARR 的成長將會下降。

Think about it in the tune of about $15 million, roughly, but I think really, there is a tremendous opportunity for us there to continue to execute on that maintenance ARR, and the customer readiness is moving in that direction. We don't expect it to be a meaningful change in what we've seen in the past and still a single-digit percent to the overall growth, but there should be an uptick as we move through the year here.

想想大約 1500 萬美元，但我認為，我們確實有巨大的機會繼續執行維護 ARR，而客戶準備正在朝著這個方向發展。我們預計這不會與過去的情況相比發生重大變化，而且對整體成長率的影響仍將只有個位數，但隨著今年的推進，成長率應該會有所上升。

And maybe just one add for me, just again, back because it's so fresh in my mind, all the customer conversations we've been having at IMPACT. I got a chance to meet with several customers who have been customers of ours for a long time, think financial institutions. And we're having conversations with them about migration and conversion.

也許對我來說只需要補充一點，因為我對 IMPACT 上與客戶進行的所有對話記憶猶新。我有機會與幾位長期以來一直是我們的客戶（例如金融機構）見面。我們正在與他們討論遷移和轉換的問題。

Now it takes a while to plan those things out. But the number 1 comment I heard coming into those conversations was, I'm excited by what you guys are talking about on stage. I want that platform, help me figure out how to get there. And I think that sets the stage for the next couple of years as we think about the migration and conversion opportunity.

現在需要花一些時間來規劃這些事情。但我在這些對話中聽到的第一條評論是，我對你們在舞台上談論的內容感到興奮。我想要那個平台，請幫我弄清楚如何到達那裡。我認為這為我們未來幾年考慮遷移和轉換機會奠定了基礎。

Joe Gallo, Jefferies.

喬加洛，傑富瑞。

Erica, I wanted to circle back to what you said regarding guidance. Have you seen macro headwinds, or you're just embedding that it gets worse in your updated guidance? Can you just walk us through any changes to your process versus 90 days ago?

艾莉卡，我想回到你所說的有關指導的問題。您是否看到了宏觀逆風，或者您只是在更新後的指導中暗示情況會變得更糟？您能否向我們介紹與 90 天前相比，您的流程有哪些改變？

We have not seen any macro headwinds. Our Q1 results were strong. Pipeline continues to be strong, close rates were consistent. I think we just wanted to -- as we looked at the macro volatility we were seeing in the market, we wanted to make an assumption in the guide that took a bit more conservatism than certainly we were seeing in the trends and the data.

我們沒有看到任何宏觀阻力。我們第一季的業績表現強勁。管道持續保持強勁，成交率保持穩定。我認為我們只是想——當我們觀察市場上的宏觀波動時，我們想在指南中做出一個假設，這個假設比我們在趨勢和數據中看到的更保守。

And so when you think about that guidance, if the macro holds and the trends we saw in Q1 persist as we move through the year, there's room for us to move that guidance up. But given that we were in the first quarter, there were a lot of moving parts around the tariffs and around the broader macro, we thought it best to take a more prudent approach to those very strong metrics we were seeing coming out of the first quarter and apply that to the guidance as we move forward here.

因此，當您考慮該指導時，如果宏觀經濟保持不變，並且我們在第一季看到的趨勢在全年持續下去，那麼我們就有空間上調該指導。但考慮到我們正處於第一季度，關稅和更廣泛的宏觀因素有很多變化，我們認為最好對第一季度看到的非常強勁的指標採取更謹慎的態度，並將其應用於我們未來的指導。

Crystal clear. And then maybe as a follow-up, how should we think about sales capacity, sales comfortability, selling Venafi in this ever-broadening portfolio and where your go-to-market investments are going?

晶瑩剔透。然後也許作為後續問題，我們應該如何考慮銷售能力、銷售舒適度、在這個不斷擴大的產品組合中銷售 Venafi 以及您的市場投資方向是什麼？

Yeah. I'll jump in there. I mean, we see an uptick of Venafi pipeline at a really strong rate. We see sales across not just Americas where they were traditionally strong but actually into EMEA and APJ running Venafi and kind of machine identity as a whole, cross-sell campaigns. We see a real exceptional reception from the customers. In fact, actually, while we talk here, the European IMPACT events are going on this week, and I got notes this morning about the level of attendance in our machine identity sessions that are going on there.

是的。我會跳進去。我的意思是，我們看到 Venafi 管道以非常強勁的速度成長。我們看到，Venafi 的銷售不僅涵蓋傳統上強勁的美洲地區，而且實際上還涵蓋了 EMEA 和 APJ 地區，這些地區都運行著 Venafi 和整體機器識別、交叉銷售活動。我們看到了顧客們熱情的歡迎。事實上，實際上，當我們在這裡交談時，歐洲 IMPACT 活動正在本週進行，今天早上我收到了有關在那裡舉行的機器身份會議的出席人數的記錄。

So I think across the board, we see a go-to-market organization that's poised to attack that opportunity. I think they're also extremely excited about the Zilla opportunity in the IGA space. And they continue to see momentum in just our core business around human Identity Security. And so across the board, it's a good time to be in go-to-market at CyberArk and we feel that when we're out there in the field meeting with the teams.

因此我認為，從總體上看，我們看到一個準備抓住這一機會的行銷組織。我認為他們也對 Zilla 在 IGA 領域的機會感到非常興奮。他們繼續看到我們圍繞人類身分安全的核心業務的發展勢頭。因此，總體而言，現在是 Cyber​​Ark 進入市場的好時機，我們在現場與團隊會面時感受到了這一點。

Brian Essex, JPMorgan.

摩根大通的布萊恩艾塞克斯。

This is Charlotte Bedick on for Brian Essex. It was nice to see great results. Now that we're in -- still in early days with Zilla and Venafi, can you talk about if you've seen any trends of adoption across segments or even just like size of customers? Is there anyone that's particularly looking to adopt those types of technologies?

這是 Brian Essex 的 Charlotte Bedick。很高興看到如此出色的成果。現在我們處於 Zilla 和 Venafi 的早期階段，您能否談談您是否看到了各個細分市場的採用趨勢，甚至只是客戶規模？有人特別希望採用這類技術嗎？

Sure. So let me start -- obviously, in different points of maturity of absorption within the company. So Venafi, we've got a couple of quarters under our belts. We've been out there training, enabling, working with our customers, working with our sales teams, working with our partners. And ultimately, what we're seeing is kind of universal interest.

當然。那麼讓我開始吧——顯然，在公司內部吸收的成熟度方面存在不同程度的差異。所以 Venafi，我們已經有幾季取得了成功。我們一直在那裡進行培訓、支持，與我們的客戶、我們的銷售團隊和我們的合作夥伴合作。最終，我們看到的是一種普遍的興趣。

And I mentioned that little story about our RSA booth around this 47-day mandate around certificate life cycles because it was really remarkable. It was remarkable to see customers come in and basically from all segments, big and small, and say, can you help us with this problem?

我提到了有關我們的 RSA 展位的有關證書生命週期 47 天授權的小故事，因為它確實很了不起。看到來自各個領域、大大小小的客戶紛紛前來詢問“您能幫我們解決這個問題嗎？”，真是令人驚奇。

And I think that's what we're seeing across the board is a shift. I think we talked about it when we acquired Venafi, that we were seeing that shift in the market where the time for machine Identity Security was now where certificate life cycle management was becoming top of mind.

我認為這就是我們所看到的全面轉變。我想我們在收購 Venafi 時就討論過這個問題，我們看到了市場的轉變，機器身份安全時代已經到來，證書生命週期管理正成為人們關注的首要問題。

And even though it had been a long process to get here, we felt like we could really amplify the success that Venafi was going to be able to have in the market. Well, that is what we're seeing across the board, and we see it in our sales reception, we see it in our customer reception. And ultimately, we see it in the pipeline build.

儘管這是一個漫長的過程，但我們覺得我們真的可以擴大 Venafi 在市場上的成功。嗯，這就是我們所看到的，我們在銷售接待中看到它，我們在客戶接待中看到它。最終，我們在管道構建中看到了它。

Zilla is earlier days. Zilla we're starting the conversations. But I would say there, it's been an interesting set of dozens and dozens, if not hundreds of conversations where customers are coming to us, and they're really leaning in to the thesis of the acquisition. They're saying, we've deployed a traditional IGA provider out there in the market. We've spent a lot of money deploying that.

Zilla 是早期的。Zilla，我們正在開始對話。但我想說的是，這是一系列有趣的對話，客戶來找我們，進行了數十次甚至數百次對話，他們確實傾向於收購的論點。他們說，我們已經在市場上部署了傳統的 IGA 提供者。我們花費了大量資金來部署它。

And the time to value has taken a very long time. Can you help us get started on managing the governance and administration of our modern environment? Because we need to move faster, we need to be more efficient, more effective. We need to have apps online in days and weeks, not months and years. And that type of discussion is what frames our early discussions around Zilla. And that ultimately gives us the optimism that as we get into the back half of this year and certainly into 2026, that Zilla can start to contribute as we get past the sales cycles that we need to build.

而且實現價值所需的時間非常長。您能幫助我們開始管理現代環境的治理和管理嗎？因為我們需要行動更快，我們需要更有效率、更有效。我們需要在幾天或幾週內，而不是幾個月或幾年內，將應用程式上線。這種討論就是我們早期圍繞 Zilla 進行討論的基礎。這最終讓我們感到樂觀，隨著我們進入今年下半年，當然還有 2026 年，隨著我們度過需要建立的銷售週期，Zilla 可以開始做出貢獻。

Matt Hedberg, RBC Capital Markets.

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

Matt, I had a question on pricing. In your prepared remarks, you noted that the number of machines to humans has increased pretty significantly. I think you said it was 45:1, now it's 80:1. I can imagine a similar dynamic will play out for agents as agent proliferation continues.

馬特，我有一個關於定價的問題。在您準備好的發言中，您指出機器與人類的數量已經顯著增加。我認為您說的是 45:1，現在是 80:1。我可以想像，隨著代理商的不斷擴散，類似的動態也會對代理商產生影響。

I guess the question is, how do you think about pricing longer term from these nonhuman identities, especially as the numbers increase? I mean do you kind of think that it has to evolve over time?

我想問題是，您如何看待這些非人類身份的長期定價，尤其是隨著數量的增加？我的意思是，您是否認為它必須隨著時間的推移而發展？

Yeah, Matt. Great question. I think as we look forward, the lens we should look through is the machine lens even when we're applying it against the AI agent space, which is the idea that it becomes a curve, right? As you get exponential numbers, the price per agent or in the case of machines, the price per application or workload starts to come down. And in some cases, it comes down dramatically.

是的，馬特。好問題。我認為，當我們展望未來時，我們應該透過機器鏡頭來看，即使我們將其應用於人工智慧代理空間，它也會變成曲線，對嗎？隨著數字呈指數級增長，每個代理的價格，或者就機器而言，每個應用程式或工作負載的價格開始下降。在某些情況下，這一數字會急劇下降。

I don't think anyone is going to be -- if they have hundreds of millions of agents running around, they're not going to be paying us top dollar for every agent, but you're going to start to see the deals as the deal size continue to increase.

我認為沒有人會這樣做——如果他們有數億經紀人四處奔波，他們就不會為每個經紀人支付最高的報酬，但隨著交易規模的不斷增加，你會看到交易的增加。

Already, we see the average deal size on the machine side is often 2 or 3 times what we see and if we're just going out there and selling PAM. And I expect that to be similar on the AI agent side even at the scale we're talking about.

我們已經看到，機器方面的平均交易規模通常是我們所看到的以及我們只是出去銷售 PAM 的 2 到 3 倍。我預計，即使在我們所討論的規模上，人工智慧代理方面也會有類似的情況。

So I think it is a slightly different pricing model in that you're able to scale the cost effectively or efficiently as the numbers become really large. But ultimately, it's the total deal size that matters, and we're optimistic about what those average deal sizes will look like as we scale that piece of the business.

因此，我認為這是一個略有不同的定價模式，因為隨著數字變得非常大，您可以有效或有效率地擴展成本。但最終，重要的是交易總規模，隨著我們擴大這部分業務，我們對平均交易規模將如何感到樂觀。

Keith Weiss, Morgan Stanley.

摩根士丹利的基斯‧韋斯。

Congratulations on a good quarter. Two questions. One kind of more strategic, one more tactical. On the strategic side of the equation, definitely heard and felt the excitement around identity and Identity Security at RSA. A lot of vendors are running around trying to tell their new identity stories.

恭喜本季業績良好。兩個問題。一種更具戰略性，一種更具戰術性。從戰略角度來看，我們肯定聽到並感受到了 RSA 對身分和身分安全的興奮。許多供應商都在四處奔走，試圖講述他們的新身分故事。

Have you been seeing any change in the competitive environment? I'm sure you do, to some extent, now that like Venafi and Zilla are part of the equation. So perhaps you could talk to us about the evolution of your competitive environment, who do you see yourselves coming up against more so as you sell the broader set of solutions into the customers.

您是否發現競爭環境有任何變化？我相信你會在某種程度上這樣做，因為 Venafi 和 Zilla 都是其中的一部分。因此，也許您可以和我們談談您的競爭環境的演變，當您向客戶銷售更廣泛的解決方案時，您認為自己會遇到哪些競爭對手。

And then on the more tactical side, and this is, I think, one of the debates that's going on in our e-mail boxes right now. You haven't spoke specifically to the contribution of ARR from Venafi or Zilla. But if we think about that $51 million in net new ARR, is that still growing on a year-on-year basis, if we take out the incremental contributions from Venafi and Zilla?

從更具戰術性的角度來說，我認為這是目前我們電子郵件中正在發生的爭論之一。您還沒有具體談到 Venafi 或 Zilla 對 ARR 的貢獻。但是，如果我們考慮 5,100 萬美元的淨新 ARR，如果我們扣除 Venafi 和 Zilla 的增量貢獻，它是否仍會同比增長？

So why don't -- Erica, why don't you jump in on the second one, and then I'll come back around to the first.

那為什麼不呢——艾莉卡，你為什麼不先討論第二個，然後我再回到第一個。

Yeah. So I think the way you should really think about the contribution and the growth of net new ARR, we are seeing their growth on the subscription net new ARR side. And so that would be where we would anchor. We aren't going to break out the various component parts. I think that the reality is that there's a lot of customers that are buying or beginning to buy the combined SKUs.

是的。所以我認為你應該真正思考淨新 ARR 的貢獻和成長，我們看到他們在訂閱淨新 ARR 方面的成長。這就是我們要停泊的地方。我們不會將各個組成部分分開來看。我認為現實情況是有很多客戶正在購買或開始購買組合 SKU。

And then when you kind of think about the broad platform selling motion, you are seeing some very strong synergies across the broader platform. But you should think of that as being -- net new ARR growing, but we aren't going to break it out in more granularity.

然後，當您考慮廣泛的平台銷售動議時，您會看到更廣泛平台上的一些非常強大的協同效應。但你應該認為這是——淨新 ARR 的成長，但我們不會更詳細地分解它。

Net new ARR organic subscription growth --

淨新ARR有機訂閱成長--

Yeah. 100%.

是的。100%。

Yeah. Exactly. Okay. I think on the more strategic question, I was at that RSA conference as well, and I like to do it too, I do it to myself. I walk the booths, and I walk around the floor, and I feel out what's going on. And at one level, you're right, it's like identity, identity, identity in every booth. And on the other side, it's what is the message that they're trying to tell.

是的。確切地。好的。我認為在更具策略性的問題上，我也參加了那次 RSA 會議，而且我也喜歡這樣做，我自己也這樣做。我走過各個攤位，在地板上走來走去，了解正在發生的事情。從某種程度上來說，你是對的，每個展位都存在著身份、身份、身份。另一方面，這就是他們想要傳達的訊息。

And I think what you see with those kind of upstart competitors is that they're trying to solve a small slice of the Identity Security problem. They may be talking a big message, but when you actually pin them down and ask what's the use case, they're solving a very narrow use case.

我認為，你看到的這些新興競爭對手正在試圖解決身分安全問題的一小部分。他們可能正在傳達一個重要訊息，但當你真正詢問他們用例是什麼時，他們正在解決的是一個非常狹窄的用例。

I think what differentiates us in the market and is the reason for our strong results and our outlook going forward is Identity Security can't be solved in small little increments. In fact, CISOs are overwhelmed with all the tools they already have. They don't need more tools to go do small levels of solutions.

我認為我們在市場上的與眾不同之處以及我們取得強勁業績和展望未來的原因在於身份安全問題不能透過小的增量來解決。事實上，CISO 已經對他們已經擁有的所有工具感到不知所措。他們不需要更多的工具來解決小層次的問題。

They need a tool that actually can solve human and machine. We are the only one in the market that's able to do that. They need one that can apply privileged controls effectively, not only in a standing access motion, but also in this just-in-time zero-standing privileged access, we're the only ones who can do that.

他們需要一個真正能夠解決人與機器問題的工具。我們是市場上唯一能夠做到這一點的公司。他們需要一種能夠有效應用特權控制的方法，不僅在常設訪問動議中，而且在這種即時零常設特權訪問中，我們是唯一能夠做到這一點的人。

And ultimately, those are the conversations we're having with customers where, yes, of course, they hear the noise, and they see some of these other providers. And then we sit down, and we do these, again, valuable architecture road map workshops.

最終，這些都是我們與客戶的對話，是的，當然，他們聽到了聲音，也看到了一些其他供應商。然後我們坐下來，再次進行這些有價值的架構路線圖研討會。

And coming out of that, they see that actually their best path forward for actual coverage and ultimately consolidation is to come on to our platform. So ultimately, the answer -- the short answer to that is we don't really see a strong change in the competitive positioning or competitive situation. We don't see somebody growing in competitiveness at the moment. And ultimately, we find the market to be the same market that we were operating in from a competitive positioning last year and the year before.

從中他們發現，實現實際覆蓋和最終整合的最佳途徑實際上是加入我們的平台。所以最終的答案——簡短的回答是，我們並沒有真正看到競爭定位或競爭情況發生重大變化。目前我們還沒有看到有人的競爭力有提升。最終，我們發現這個市場與我們去年和前年在競爭定位下營運的市場是一樣的。

John DiFucci, Guggenheim Securities.

古根漢證券公司的約翰‧迪富奇 (John DiFucci)。

I want to go back to Joe Gallo's question, Erica. You said you're being -- just being more conservative with annual ARR guidance. But just trying to gauge that a little bit more. Matt talked a lot about conversations with customers for machine identity that make CyberArk feel good about the future there.

艾莉卡，我想回到喬·加洛的問題。您說過，您對年度 ARR 指導的態度比較保守。但只是想進一步衡量一下。馬特談了很多與客戶就機器身份進行的對話，這讓 Cyber​​Ark 對那裡的未來充滿信心。

I mean even though the quarter was strong and it was -- and pipeline is good, are there -- is it customer conversations that give you pause on that guidance? Or is it just the press because that could change day to day?

我的意思是，儘管本季表現強勁，而且管道良好，但是，是否是客戶對話讓您暫停對該指導？或者這只是媒體報道，因為情況每天都在變化？

Yes, no. I mean it's a great question, John. And it really -- the customer conversations, as Matt has outlined, have been incredibly positive. And so if you think about IMPACT, our IMPACT event, where we had very constructive conversations with the customers, not just about machine identities, but across the broader platform and our offerings, it's been very consistently positive.

是的，不是。我的意思是，這是一個很好的問題，約翰。正如馬特所概述的那樣，與客戶的對話確實非常積極。因此，如果你想想 IMPACT，我們的 IMPACT 活動，我們與客戶進行了非常有建設性的對話，不僅涉及機器身份，還涉及更廣泛的平台和我們的產品，它一直非常積極。

So really, when we provided the guidance, it was more around the fact that we weren't sure of what the impact would be on our customers if there were things around tariffs that had moved forward. So we wanted to be more prudent in the guidance and really take a haircut against some of the metrics that we saw in the first quarter to ensure that if something were to happen in the back half of the year, that we accounted for that in the guidance.

因此，實際上，當我們提供指導時，更多的是圍繞著這樣一個事實：我們不確定如果關稅方面出現問題，會對我們的客戶產生什麼影響。因此，我們希望在製定指引時更加謹慎，並根據第一季看到的一些指標進行調整，以確保如果下半年發生某些事情，我們會在指引中考慮到這一點。

At this point, it just didn't seem like there was much benefit to us being more aggressive on the guide despite the positive feedback we were getting from the customers. So nothing to make us pause at this point, but we thought that it was the right approach for us to take given what -- the noise that we were hearing in the broader macro.

目前，儘管我們從客戶那裡得到了積極的回饋，但似乎我們在指南上採取更積極的措施並沒有帶來太多好處。因此，現在沒有什麼可以讓我們停下來，但我們認為，考慮到我們在更廣泛的宏觀層面聽到的噪音，這是我們採取的正確方法。

Yeah. Maybe just some -- in those customer conversations, and I'm generally talking to C-suite there and in some cases, even higher, a Board or two. What is on their mind is the macros. Like let me be clear, like our customers, when you meet with an auto OEM in Germany, they're worried about the tariffs. When you meet with manufacturing organization here in the US that's planning out their strategy, they're worried about the economics and the tariffs. We get into a conversation about that, and I noticed the worry.

是的。可能只是一些 - 在那些客戶對話中，我通常會與那裡的高管交談，在某些情況下，甚至與更高級別的一兩個董事會交談。他們所想的是宏大的事情。讓我明確一點，就像我們的客戶一樣，當你與德國的汽車原始設備製造商會面時，他們會擔心關稅。當你與正在製定策略的美國製造業組織會面時，他們會擔心經濟和關稅。我們開始談論這個話題，我注意到了他的擔憂。

We then get into a conversation about their cybersecurity strategy, what they have to go do and where Identity Security ranks on their list and my worry kind of moves away for a while. But when you're having those conversations about the overall macros with customers, you have to take that into account from where you sit and you're watching carefully to understand if it's ever going to come in to your space and have impact on your business. That's the smart thing to go do.

然後我們開始談論他們的網路安全策略、他們要做什麼以及身分安全在他們的名單上排名如何，我的擔憂暫時消失了。但是，當您與客戶討論整體宏觀問題時，您必須從自己的角度考慮到這一點，並仔細觀察以了解它是否會進入您的領域並對您的業務產生影響。這才是明智之舉。

So I think what Erica is really emphasizing is we sat down and we said, listen, based upon that uncertainty that our customers have around the broader macro is not specific to us, do we pass our beat through or not. And the thought process was it's Q1 and there's a lot going on, and we probably shouldn't pass our beat through because that's the responsible thing to go do. So just taking it down to that level there for you.

所以我認為 Erica 真正強調的是，我們坐下來說，聽著，基於我們的客戶對更廣泛的宏觀環境的不確定性，這並不是我們獨有的，我們是否要傳遞我們的節奏。我們的想法是，現在是第一季度，有很多事情要做，我們可能不應該把我們的工作交給別人，因為這是負責任的做法。因此，只需將其降低到那個水平即可。

That makes lot of sense, Matt and Erica. But I think the confusion out there with the investment community is that not everybody has done what you've done. But thank you for all the explanation. It makes total sense.

這很有道理，馬特和艾莉卡。但我認為投資界存在的困惑是，並不是每個人都做過你所做的事情。但感謝您的所有解釋。這完全有道理。

Roger Boyd, UBS.

瑞銀的羅傑·博伊德。

Congrats on a great quarter. Matt, I appreciate your comments on identity consolidation. I think maybe just to play devil's advocate, when we talk to CISOs, there's generally an admission that projects around identity can be lengthy, complex, expensive and to your point around IGA, in some cases, have significant sunk costs.

恭喜本季取得優異成績。馬特，我很欣賞你對身分鞏固的評論。我認為也許只是扮演魔鬼代言人，當我們與 CISO 交談時，他們通常承認圍繞身份的項目可能很長、很複雜、很昂貴，並且正如你提到的 IGA 項目，在某些情況下會產生大量沉沒成本。

It sounds like you're seeing very good momentum on that consolidation kind of play. But as you think about kind of the next couple of quarters, what are you contemplating from a sales cycle perspective? Have you seen any sort of expansion to date? And when, Erica, when you think about kind of a more conservative outlook, is that the primary way that's manifesting as your sales cycle is taking longer?

聽起來你看到這種整合行動的動力非常好。但是當您考慮接下來的幾個季度時，從銷售週期的角度您會考慮什麼？到目前為止，您是否看到任何形式的擴張？艾莉卡，當您考慮一種更保守的觀點時，主要表現是否是您的銷售週期變得更長？

Yeah. So no, I mean, we haven't seen any change in sales cycles. Actually, Q1 was, if anything, a little bit of a tick up in improvement. But overall, they've been pretty consistent, they've been pretty consistent over the last -- more than several quarters. So I don't think we see any changes there.

是的。所以不，我的意思是，我們沒有看到銷售週期有任何變化。實際上，第一季的情況略有改善。但總體而言，他們的表現相當穩定，在過去的幾個季度中一直相當穩定。所以我認為我們不會看到任何變化。

In general, our sales process is to talk, as I said, about longer-term road maps to design out how somebody might take advantage of the platform, but to get them started where they are. So if they're not ready to make a full platform purchase, then get started with one or two solutions, and you see that in some of the new logos that come in. And then over time, we'll expand your footprint and we'll expand you across the whole platform. Most cases, we have a road map, a plan for that already, even if they're getting started with less of the platform.

總的來說，正如我所說，我們的銷售流程是討論長期路線圖，設計出人們如何利用該平台，但要讓他們從現在開始。因此，如果他們還沒有準備好購買整個平台，那麼就從一兩個解決方案開始，您會在一些新出現的標誌中看到這一點。隨著時間的推移，我們將擴大您的足跡，並將您擴展到整個平台。大多數情況下，即使他們剛開始使用較少的平台，我們也已經有了路線圖和計劃。

That being said, as Erica mentioned, if you look at our top 10 deals in the quarter in Q1 almost all of them, actually 9 out of the 10 were multi-platform deals, I mean multi-solution deals across the platform. And it speaks to the ability we already have to be able to drive that conversation with our customers.

話雖如此，正如 Erica 所提到的，如果你看看我們第一季的前 10 筆交易，幾乎所有交易，實際上 10 筆中有 9 筆都是多平台交易，我的意思是跨平台的多解決方案交易。這說明我們已經具備與客戶對話的能力。

So no, I don't think it changes the sales cycle because our go-to-market team is excellent at understanding where the customer is and to keep them moving on their buyer's journey, if you will. I think what you will see is, as you try to bring in some of these displacement opportunities, those will take a little bit longer.

所以，不，我不認為這會改變銷售週期，因為我們的行銷團隊非常擅長了解客戶在哪裡，並讓他們繼續進行購買旅程，如果你願意的話。我想你會看到，當你試圖引入一些這樣的替代機會時，這將會花費更長的時間。

And so we're not building that into our guidance, the idea that we're going to go in and disrupt legacy IGA rather than sit alongside of it. We've built in an idea of how we sit alongside of it. We're not going to build any disruption because that will take a little bit more time to materialize.

因此，我們不會將其納入我們的指導方針中，即我們將介入並顛覆傳統的 IGA，而不是與其並存。我們已經構思好如何與之共處。我們不會製造任何混亂，因為這需要更多的時間才能實現。

But in a lot of cases, when we're talking about our platform, they don't have in place the machine side yet. And so it's a pure expansion, not a replacement. When you're talking about going into the access or the workforce side, the EPM side, in a lot of cases, we're layering security controls on top of what they already have, so they don't have to replace. And that allows them to efficiently get onto our platform quickly even in a tougher macro environment.

但在很多情況下，當我們談論我們的平台時，他們還沒有準備好機器端。因此，這只是一次純粹的擴展，而不是替代方案。當您談論進入訪問或勞動力方面、EPM 方面時，在許多情況下，我們會在現有的基礎上分層安全控制，這樣他們就不必更換。這使得他們即使在更嚴峻的宏觀環境下也能有效率地快速進入我們的平台。

Gregg Moskowitz, Mizuho.

瑞穗的格雷格·莫斯科維茲。

All right. In your recent identity survey, we found it interesting that 42% of machine identities have access to sensitive data, which is a little higher than it is for human users. And yet only 12%, I think, consider machine identities to be privileged users. Matt, you mentioned that Venafi is performing ahead of expectations so far. But the data here also shows that there is clearly still an awareness gap. So how do you go about closing this?

好的。在您最近的身份調查中，我們發現一個有趣的現象：42％的機器身份可以存取敏感數據，這一比例略高於人類用戶。但我認為只有 12% 的人認為機器身分是特權使用者。馬特，你提到 Venafi 目前的表現超出了預期。但這裡的數據也表明，顯然仍有認識差距。那你該如何解決這個問題呢？

Yeah. Listen, I think that's the moment of now, right? And I think we've been talking about it when we acquired Venafi. By the way, we're talking about it beforehand with our Secrets business and kind of the takeoff we've seen in the Secrets business. The moment is now that security is getting involved in the discussion.

是的。聽著，我想這就是現在的時刻，對吧？我認為我們在收購 Venafi 時就一直在談論這個問題。順便說一句，我們之前就討論過我們的 Secrets 業務以及我們在 Secrets 業務中看到的起飛。現在安全問題已經介入討論。

And I think we've talked about that before, right, which is a lot of these machine Identity Security decisions were left to the DevOps teams, to the local developers to choose on their own, which left no visibility to central security on what was actually happening. That's the fact that comes out in that data.

我想我們之前已經討論過這個問題了，很多機器身分安全決策都留給了 DevOps 團隊，由本地開發人員自行選擇，這使得中央安全部門無法了解實際發生的情況。這就是數據顯示的事實。

So what happens now is the CISO and the security team is saying, no way, no way are you making those decisions without us. No way are you having localized vault sprawl throughout your organization. No way are you doing certificates on spreadsheets anymore. And they're coming with a central authority.

所以現在發生的情況是，CISO 和安全團隊說，沒辦法，沒辦法在沒有我們的情況下做出這些決定。您絕對不可能在整個組織內出現局部保險庫蔓延的情況。您再也無法在電子表格上製作證書了。他們帶著中央權威而來。

When the CISO gets the right to have central authority, CyberArk wins. And that's what we're seeing today in the market. And so it's really a matter of helping the CISO get control rather than it is us educating the market on something.

當 CISO 獲得中央權威的權利時，Cyber​​Ark 就獲勝了。這就是我們今天在市場上看到的情況。因此，這實際上是幫助 CISO 獲得控制權的問題，而不是我們對市場進行某些教育。

Shaul Eyal, TD Cowen.

沙烏爾·埃亞爾（Shaul Eyal），考恩（Cowen）TD。

Congrats on a great quarter all around. I wanted to go back to Matt Hedberg's question on machine identity and pricing. I understand the ratio of 80:1. Specifically on pricing, SailPoint, for example, they indicate that pricing of their machine identity is going to come at about one third of human identity. And I understand you guys are different companies, yet operating in the same broader arena. What's the thinking along these lines?

恭喜本季圓滿成功。我想回到 Matt Hedberg 關於機器身分和定價的問題。我理解 80:1 的比例。具體到定價方面，以 SailPoint 為例，他們表示機器身分的定價將約為人類身分的三分之一。我知道你們是不同的公司，但都在同一個更廣闊的領域運作。您這樣的想法是怎麼樣的呢？

And maybe just as a follow-up, been getting some e-mail, some questions about the -- commentary about the certificate life cycle change. Is that a recommendation? Or is that a decision being supported by some industry regulations?

也許只是作為後續行動，我收到了一些電子郵件，其中有一些關於證書生命週期變化的評論的問題。這是建議嗎？或者這個決定是否得到了某些行業法規的支持？

Yeah. Sure. So to your pricing discussion and again, specifically around what we see, I think it's -- and I bring it back, I know it's the same answer I gave Matt, but I bring it back to the idea of it's the deal size that matters, not the individual cost per identity. I think you should expect to see a fully deployed customer on the machine side to basically 1.5 to 2 times on the Secret side and 1.5 to 2 times on the certificate side to what we are able to do on the human side.

是的。當然。因此，對於您的定價討論，特別是圍繞我們所看到的情況，我認為 - 我把它帶回來，我知道這是我給馬特的相同答案，但我把它帶回這個想法，重要的是交易規模，而不是每個身份的個人成本。我認為您應該會看到在機器端完全部署的客戶在秘密端基本上是人類端能夠做到的 1.5 到 2 倍，在憑證端是人類端能夠做到的 1.5 到 2 倍。

Ultimately, when you're fully deployed on the machine side, we're talking about somewhere between 3 to 5 times the size of the base that we can go sell to. And it's a big deal. It's an enterprise sale. And ultimately, over time, it will continue to grow. I think that's what we see.

最終，當您在機器方面全面部署時，我們談論的是我們可以銷售的基礎規模的 3 到 5 倍。這是一件大事。這是一次企業銷售。最終，隨著時間的推移，它將繼續增長。我想這就是我們所看到的。

Listen, I don't think SailPoint is really in the machine space, so I'm not sure where their pricing is coming from, but it's not really covering the type of machine identity that we're talking about.

聽著，我不認為 SailPoint 真正處於機器領域，所以我不確定他們的定價來自哪裡，但它實際上並沒有涵蓋我們正在談論的機器身份類型。

The second part of your question around Certificate Authority, it is a mandate. So it's an actual -- it's called the CA/Browser Forum. It is a kind of governing body, and it's mandated that it go down to 47 days. That mandate is for 2028 or 2029. But basically, it indicates that the Google 90-day mandate, which was kind of a Google specific thing, didn't go far enough. They want to go even further, and they want to push the envelope there.

您問題的第二部分是關於證書頒發機構的，它是一項授權。所以它是一個實際的——它被稱為 CA/瀏覽器論壇。它是一種管理機構，其規定將任期縮短至 47 天。該授權期限為 2028 年或 2029 年。但從根本上來說，這表明谷歌的 90 天授權（這是谷歌特有的措施）還遠遠不夠。他們想要走得更遠，他們想要突破極限。

It basically wakes people up to the idea that certificates are a thing that's going to change. Their world of certificates and long-lived certificates are not going to exist for long. And I think enterprise companies are coming in and saying, what can I do about it? And we've got the perfect solution to solve that problem for them.

它基本上讓人們意識到證書是一個即將改變的東西。他們的證書和長期證書的世界不會存在很長時間。我認為企業公司會介入並問，我能做些什麼？我們有完美的解決方案來幫助他們解決這個問題。

I will now turn the call back to Matt Cohen, CEO, for closing remarks.

現在我將把電話轉回給執行長馬特‧科恩 (Matt Cohen)，請他作最後發言。

So thanks, everybody, for the questions today and the dialogue. It was fun and appreciated. I want to conclude by thanking our customers and our partners for their support and trust and most importantly, our employees here at CyberArk who wake up every day and make sure we can deliver strong quarters like we did today. When we think about a world where Identity Security is an imperative, we feel ready to respond, continue to grow and drive durable growth for the future. Thanks, everybody.

所以感謝大家今天的提問和對話。這很有趣，我很感激。最後，我要感謝我們的客戶和合作夥伴的支持和信任，最重要的是，感謝 Cyber​​Ark 的員工，他們每天醒來，確保我們能夠像今天這樣實現強勁的季度業績。當我們想到身份安全至關重要的世界時，我們感到準備好做出回應，繼續發展並推動未來的持久成長。謝謝大家。

Ladies and gentlemen, that concludes today's call. You can now disconnect. Thank you and have a great day.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。謝謝您，祝您有愉快的一天。