Cyberark Software Ltd (CYBR) 2022 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to CyberArk First Quarter 2022 Earnings Call. (Operator Instructions) Please be advised that today's call is being recorded. (Operator Instructions) Thank you. Now I would like to welcome Ms. Erica Smith. Ma'am, please go ahead.

女士們先生們，感謝您的支持，歡迎來到 CyberArk 2022 年第一季度財報電話會議。 （操作員說明）請注意，今天的通話正在錄音中。 （操作員說明）謝謝。現在我要歡迎 Erica Smith 女士。女士，請繼續。

Thank you. Good morning. Thank you for joining us today to review CyberArk's first quarter 2022 financial results. With me on the call today are Udi Mokady, Chairman and Chief Executive Officer; and Josh Siegel, Chief Financial Officer. After prepared remarks, we will open the call up to a question-and-answer session.

謝謝你。早上好。感謝您今天加入我們，回顧 CyberArk 2022 年第一季度的財務業績。今天與我通話的是董事長兼首席執行官 Udi Mokady；和首席財務官喬什·西格爾。準備好發言後，我們將打開電話進行問答環節。

Before we begin, let me remind you that certain statements made on the call today may be considered forward-looking statements, which reflects 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 and the full year 2022. Our results might differ materially from those projected in these forward-looking statements. I would direct your attention to the risk factors contained in the company's annual report on Form 20-F filed with the U.S. Securities and Exchange Commission and those referenced in today's press release that are posted to CyberArk's website, as well as the duration and scope of the COVID-19 pandemic, its related impact on global economies and our ability to adjust in response to the pandemic. CyberArk expressly disclaims any application or undertaking to release publicly any updates or revisions to any forward-looking statements made herein.

在開始之前，讓我提醒您，今天在電話會議上發表的某些陳述可能被視為前瞻性陳述，這反映了管理層基於當前可用信息做出的最佳判斷。我特別指的是我們對我們對第二季度和 2022 年全年預計運營結果的預期和信念的討論。我們的結果可能與這些前瞻性陳述中的預測存在重大差異。我想請您注意公司向美國證券交易委員會提交的 20-F 表格年度報告中包含的風險因素，以及發佈在 CyberArk 網站上的今天新聞稿中引用的風險因素，以及持續時間和範圍COVID-19 大流行、其對全球經濟的相關影響以及我們應對大流行的能力。 CyberArk 明確否認任何申請或承諾公開發布對此處所作任何前瞻性陳述的任何更新或修訂。

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

此外，本次電話會議將討論非公認會計準則財務措施。今天的新聞稿以及概述今天電話會議中財務討論的更新的投資者演示文稿中還提供了與最直接可比的 GAAP 財務指標的對賬。

We also want to remind you that we provide the calculated revenue headwind for additional color on the impact of our subscription bookings mix, but it should not be viewed as comparable to or a substitute for reported GAAP revenues or other GAAP metrics. A webcast of today's call is also available on our website in the Investor Relations section.

我們還想提醒您，我們提供了計算出的收入逆風，以便為我們的訂閱預訂組合的影響提供額外的色彩，但不應將其視為與報告的 GAAP 收入或其他 GAAP 指標相當或替代。今天電話會議的網絡廣播也可以在我們網站的投資者關係部分獲得。

With that, I'd like to turn the call over to our Chairman and Chief Executive Officer, Udi Mokady. Udi?

有了這個，我想把電話轉給我們的董事長兼首席執行官 Udi Mokady。烏迪？

Thanks, Erica, and thanks, everyone, for joining the call. We had a fantastic start to 2022. The business once again accelerated. Momentum picked up additional speed with our bookings growth rate accelerating off the record fourth quarter, a testament to our execution and the strong market fundamentals. ARR continues to be the best metric to evaluate the health of the business. In Q1, subscription ARR reached $219 million, and growth accelerated to 149% year-over-year. Total ARR reached $427 million, and growth accelerated once again to 48%, and we have the best sequential increase in subscription ARR and total ARR outside of fourth quarter, outpacing our record-setting third quarter 2021 performance. Josh will talk about it later but given our incredible results we are raising our ARR guidance for the full year.

謝謝 Erica，也謝謝大家加入電話會議。我們在 2022 年有了一個美妙的開端。業務再次加速發展。隨著我們的預訂增長率從創紀錄的第四季度加快，勢頭加快，這證明了我們的執行力和強勁的市場基本面。 ARR 仍然是評估業務健康狀況的最佳指標。第一季度，訂閱 ARR 達到 2.19 億美元，同比增長加速至 149%。總 ARR 達到 4.27 億美元，增長再次加速至 48%，我們的訂閱 ARR 和總 ARR 連續增長是第四季度以外最好的，超過了我們創紀錄的 2021 年第三季度業績。喬希稍後會談到它，但鑑於我們令人難以置信的結果，我們將提高全年的 ARR 指導。

We also achieved an important milestone with the subscription booking mix reaching 86%, surpassing the transition target of 85%. That achievement, paired with our great bookings in the quarter, demonstrate that our go-to-market organization has transformed into a subscription engine. We were thrilled to complete the transition in just 5 quarters, well ahead of our initial plan for an 8- to 10-quarter transition. Our strong bookings in the first quarter exceeded our guidance framework, so even with our significantly higher subscription mix, total revenue came in at $128 million, creating a revenue headwind of about $21 million in the first quarter. Normalizing the mix of bookings to the first quarter of last year, our total revenue line would have grown by about 32% in the first quarter with the license lines growing much faster.

我們還實現了一個重要的里程碑，訂閱預訂組合達到 86%，超過了 85% 的過渡目標。這一成就與我們在本季度的大量預訂相結合，表明我們的上市組織已轉變為訂閱引擎。我們很高興能在短短 5 個季度內完成過渡，遠超我們最初的 8 到 10 個季度過渡計劃。我們第一季度的強勁預訂超出了我們的指導框架，因此即使我們的訂閱組合顯著增加，總收入仍為 1.28 億美元，在第一季度創造了約 2100 萬美元的收入逆風。將預訂組合正常化到去年第一季度，我們的總收入線在第一季度將增長約 32%，而許可線的增長速度要快得多。

Our results clearly demonstrate; first and foremost, Identity Security is more critical than ever, particularly given the significantly heightened threat landscape and geopolitical tensions. Second, demand for our Identity Security platform centered on privileged access continues to accelerate. And third, we are well positioned to execute against a multiyear durable growth opportunity. I will frame today around the pillars of growth, subscription transition and innovation. Starting with growth.

我們的結果清楚地表明；首先，身份安全比以往任何時候都更加重要，尤其是在威脅形勢和地緣政治緊張局勢顯著加劇的情況下。其次，對我們以特權訪問為中心的身份安全平台的需求持續增長。第三，我們有能力應對多年的持久增長機會。今天，我將圍繞增長、訂閱過渡和創新的支柱展開框架。從成長開始。

Secular tailwinds of digital transformation, the adoption of Zero Trust and attacker innovation continue to push Identity Security to the center of every customer discussion. Geopolitical tensions and Russia's invasion into Ukraine, have further heightened the incredibly severe threat landscape. Our recent Identity Security threat landscape survey identified that the race to digitize created an explosion of human and machine identities and an acute cybersecurity debt. Unmanaged and unprotected identities are exposing organizations to significant risk, which could have crippling effects. Less than half of our respondents have Identity Security controls in place to protect their business-critical applications. Another key statistic, over 70% of organizations surveyed experienced ransomware attacks in the past year, 2 each on average.

數字化轉型的長期順風、零信任的採用和攻擊者創新繼續將身份安全推向每個客戶討論的中心。地緣政治緊張局勢和俄羅斯入侵烏克蘭，進一步加劇了令人難以置信的嚴重威脅形勢。我們最近的身份安全威脅形勢調查發現，數字化競賽造成了人類和機器身份的爆炸式增長以及嚴重的網絡安全債務。不受管理和不受保護的身份使組織面臨重大風險，這可能會產生嚴重影響。不到一半的受訪者擁有身份安全控制措施來保護他們的關鍵業務應用程序。另一個關鍵統計數據是，超過 70% 的受訪組織在過去一年中遭受過勒索軟件攻擊，平均每人 2 次。

Our survey results reinforce the durability of demand for Identity Security. All of these factors came into play with customers and prospects in the first quarter. Privilege Cloud, Endpoint Privilege Manager and Access, all SaaS solutions more than doubled again. Momentum continued to build for CyberArk Identity with even more pickup in new logos, cross-sell and add-on deals in the first quarter. In sequence management, we are increasingly securing across customers' application estate from DevOps, commercial off-the-shelf, self-hosted as well as Kubernetes and large-scale container environments. Geographically, we had strong contributions from all our regions with each exceeding our transition expectations.

我們的調查結果強化了身份安全需求的持久性。所有這些因素都在第一季度對客戶和潛在客戶產生了影響。 Privilege Cloud、Endpoint Privilege Manager 和 Access，所有 SaaS 解決方案再次增加了一倍多。 CyberArk Identity 的勢頭繼續增強，第一季度在新徽標、交叉銷售和附加交易方面取得了更多進展。在序列管理方面，我們越來越多地從 DevOps、商業現成、自託管以及 Kubernetes 和大型容器環境中保護客戶的應用程序資產。從地理上看，我們所有地區都做出了巨大貢獻，每個地區都超出了我們的過渡預期。

New business doubled year-over-year. It was a great quarter. We signed nearly 250 new logos across customer sizes and verticals from airlines, cruise ships, schools and hospitals to board in the cloud software. Identity Security is becoming a universal requirement.

新業務同比翻了一番。這是一個很棒的季度。我們從航空公司、遊輪、學校和醫院簽署了近 250 個新徽標，涵蓋客戶規模和垂直領域，以登上雲軟件。身份安全正在成為一項普遍要求。

There were many great new business wins, but I want to highlight a few. In a 7-figure ACV deal, a major local government landed with Privilege Cloud and Endpoint Privilege Manager as part of its digital transformation to secure its Azure consoles, Office 365, all network devices and much more. Scalability and protecting against ransomware attacks were key in this deal. A travel and leisure company still grappling from the impact from the global pandemic picked up CyberArk because of our multiple deployment options, including remote access for both self-hosted PAM and Privilege Cloud. After trying to secure privilege with a homegrown solution, a board in the cloud cryptocurrency company landed with CyberArk to meet the increased compliance requirements in its industry, superior security, customer integration and scalability were the deciding factors.

有許多偉大的新業務勝利，但我想強調一些。在一項 7 位數的 ACV 交易中，一個主要的地方政府使用 Privilege Cloud 和 Endpoint Privilege Manager 作為其數字化轉型的一部分，以保護其 Azure 控制台、Office 365、所有網絡設備等。可擴展性和防止勒索軟件攻擊是這筆交易的關鍵。一家仍在努力應對全球大流行影響的旅遊和休閒公司選擇了 CyberArk，因為我們有多種部署選項，包括對自託管 PAM 和 Privilege Cloud 的遠程訪問。在嘗試使用本土解決方案保護特權後，雲加密貨幣公司的董事會選擇 CyberArk 來滿足其行業日益增長的合規性要求，卓越的安全性、客戶集成和可擴展性是決定性因素。

Cyber insurance continues to be a driver for our business. In one highly competitive access deal, a leading retail technology vendor picks CyberArk Identity to meet its stringent cyber insurance requirements and aggressive Office 365 migration timeline. We saw concrete examples of the heightened threat landscape and geopolitical tensions increasing the sense of urgency with some customers, including a major state transportation division that bought Privilege Cloud in response to the potential threat against critical infrastructure. We are also seeing increased velocity in our add-on business, customers adding more users and expanding to new solutions faster. As examples, a major health company -- health plan company is implementing a CyberArk Everywhere strategy to standardize on PAM, securing more privileged users and is also expanding into Secrets Manager for DevOps. A Fortune 100 transportation company landed with PAM in 2018. The customer success team has built an amazing relationship with this customer, and they will now leverage Endpoint Privilege Manager to secure across more than 75,000 endpoints, including 15,000 employees and 60,000 customer touch points. A state government expanded from Privilege Cloud to secure web sessions in the quarter to provide more visibility and protection across applications and users. Our land and expand strategy is at work, and this customer is now evaluating a broad workforce identity rollout for our single sign-on and MFA.

網絡保險繼續成為我們業務的驅動力。在一項競爭激烈的訪問交易中，一家領先的零售技術供應商選擇 CyberArk Identity 來滿足其嚴格的網絡保險要求和激進的 Office 365 遷移時間表。我們看到了威脅形勢加劇和地緣政治緊張局勢加劇了一些客戶的緊迫感的具體例子，其中包括一個主要的州交通部門，該部門購買了 Privilege Cloud 以應對對關鍵基礎設施的潛在威脅。我們還看到我們的附加業務速度加快，客戶增加了更多用戶並更快地擴展到新的解決方案。例如，一家大型健康公司 - 健康計劃公司正在實施 CyberArk Everywhere 戰略以標準化 PAM，保護更多特權用戶，並且還擴展到用於 DevOps 的 Secrets Manager。一家財富 100 強運輸公司於 2018 年與 PAM 合作。客戶成功團隊與該客戶建立了良好的關係，他們現在將利用 Endpoint Privilege Manager 保護超過 75,000 個端點，包括 15,000 名員工和 60,000 個客戶接觸點。州政府在本季度從 Privilege Cloud 擴展到保護 Web 會話，以提供跨應用程序和用戶的更多可見性和保護。我們的土地和擴展戰略正在發揮作用，該客戶現在正在評估我們的單點登錄和 MFA 的廣泛勞動力身份部署。

VARs global system integrators, advisories and manage security service providers are building CyberArk Identity Security practices across PAM, Access and DevSecOps. Enablement picked up significantly in the first quarter with both the number of CyberArk certified partners and the average number of certifications trending up. Josh will get into the specifics of the transition dynamics, but I wanted to reiterate that we were thrilled to exceed our 85% booking target well ahead of our transition timeline and are now focused on operating and scaling as a subscription company. We are already seeing the flywheel effect in action. We now have more than 960 customers with over $100,000 in annual recurring revenue, up over 50% from Q1 2021. We're even more thrilled that our transition is based on a strong SaaS foundation where we continue to see SaaS first in almost all regions.

VAR 的全球系統集成商、諮詢和管理安全服務提供商正在跨 PAM、Access 和 DevSecOps 構建 CyberArk 身份安全實踐。隨著 CyberArk 認證合作夥伴的數量和認證的平均數量呈上升趨勢，第一季度啟用顯著增加。 Josh 將詳細介紹過渡動態，但我想重申，我們很高興在過渡時間表之前遠遠超過 85% 的預訂目標，現在專注於作為訂閱公司的運營和擴展。我們已經看到了飛輪效應。我們現在擁有超過 960 名客戶，年經常性收入超過 100,000 美元，比 2021 年第一季度增長了 50% 以上。我們更加激動的是，我們的過渡基於強大的 SaaS 基礎，我們繼續在幾乎所有地區首先看到 SaaS .

On innovation, I want to highlight that while we have been transforming CyberArk into a subscription company, we have also been building the industry's most comprehensive, scalable Identity Security platform in the market. Our platform is centered on PAM to provide customers with the highest levels of security, but it extends well beyond to secure all human and machine identities. Along with the increasing demand for Privilege Cloud, our growth engines like Endpoint Privilege Manager, CyberArk Identity and Secrets Manager are making meaningful contributions to the business. Most visible is the strength of our subscription ARR.

在創新方面，我想強調的是，雖然我們一直在將 CyberArk 轉變為訂閱公司，但我們也一直在構建市場上業界最全面、可擴展的身份安全平台。我們的平台以 PAM 為中心，為客戶提供最高級別的安全性，但它遠遠超出了保護所有人類和機器身份的範圍。隨著對 Privilege Cloud 的需求不斷增長，我們的 Endpoint Privilege Manager、CyberArk Identity 和 Secrets Manager 等增長引擎正在為業務做出有意義的貢獻。最明顯的是我們訂閱 ARR 的實力。

We recently announced that CyberArk Identity achieved four nines of availability, which enhances security and risk mitigation and drives productivity gains. CyberArk Identity protects against the leading point of attack used in data breaches, compromised credentials. Our solution unifies SSO, adaptive MFA, user behavior analytics, lifecycle management and directory services into one integrated solution. CyberArk Identity and Endpoint Privilege Manager also reached in-process status for FedRAMP high authorization. The government's most sensitive status for unclassified data in cloud environments, putting us in a great position to extend further into U.S. Federal with new solutions.

我們最近宣布 CyberArk Identity 實現了四個 9 的可用性，這增強了安全性和風險緩解並推動了生產力的提高。 CyberArk Identity 可防止數據洩露中使用的主要攻擊點、憑據受損。我們的解決方案將 SSO、自適應 MFA、用戶行為分析、生命週期管理和目錄服務統一到一個集成解決方案中。 CyberArk Identity and Endpoint Privilege Manager 也達到了 FedRAMP 高授權的進程中狀態。政府對雲環境中非機密數據的最敏感狀態，使我們處於有利位置，可以通過新的解決方案進一步擴展到美國聯邦。

In April, we rolled out EPM for Linux, significantly expanding our opportunity and building on the incredible growth in EPM. We are very excited to announce that we added API, a provider of advanced and modern no-code application integration and workflow automation to CyberArk. We acquired the company late in the first quarter and are looking forward to sharing more details about how we integrate their technology for access capabilities into our solution at Impact Live, our customer event in July.

4 月，我們推出了適用於 Linux 的 EPM，極大地擴展了我們的機會，並在 EPM 令人難以置信的增長基礎上再接再厲。我們很高興地宣布，我們向 CyberArk 添加了 API，它是高級和現代無代碼應用程序集成和工作流自動化的提供商。我們在第一季度末收購了這家公司，並期待在 7 月的客戶活動 Impact Live 上分享更多關於我們如何將他們的訪問技術集成到我們的解決方案中的細節。

With our roots in cybersecurity and our Identity Security platform centered on Privileged Access Management, we are in the best position of any vendor to help customers navigate the heightened threat landscape. We have an incredible opportunity to execute against this massive multiyear growth opportunity.

憑藉我們紮根於網絡安全和以特權訪問管理為中心的身份安全平台，我們處於任何供應商中的最佳位置，可以幫助客戶應對日益嚴重的威脅形勢。我們有一個難以置信的機會來執行這個巨大的多年增長機會。

Before I hand over to Josh, I want to welcome to CyberArk a strong addition to the team in Simon Mouyal, who joins us as our Chief Marketing Officer. Simon brings 25 years of experience in driving strong growth, transformational change and leadership in SaaS companies. I'm excited to see how he and his team further improve our leadership position and continue to increase demand for our Identity Security platform.

在移交給 Josh 之前，我想歡迎 CyberArk 加入 Simon Mouyal 團隊，他將作為首席營銷官加入我們。 Simon 在推動 SaaS 公司強勁增長、轉型變革和領導力方面擁有 25 年的經驗。我很高興看到他和他的團隊如何進一步提高我們的領導地位並繼續增加對我們身份安全平台的需求。

I will now turn the call over to Josh, who will discuss our great financial results in more detail and provide you with our outlook for the second quarter and full year 2022, including raising our ARR guidance for the year. Over to you, Josh.

我現在將把電話轉給 Josh，他將更詳細地討論我們出色的財務業績，並向您提供我們對 2022 年第二季度和全年的展望，包括提高我們今年的 ARR 指導。交給你了，喬希。

Thanks, Udi. And we'd like to remind you first that we posted slides to the website that walk through our results. As Udi mentioned, we had a stellar first quarter to kick off the year. Momentum continues to build in our business, fueled by amazing execution and a strong demand environment.

謝謝，烏迪。我們想首先提醒您，我們在網站上發布了展示我們結果的幻燈片。正如 Udi 所提到的，我們在今年的第一季度表現出色。在驚人的執行力和強勁的需求環境的推動下，我們的業務繼續發展勢頭。

In terms of the headline P&L, we generated total revenue of $127.6 million in the first quarter with an 86% mix of subscription bookings. We'll come back to the mix in a moment, but as a reminder, the combination of revenue in line with guidance and a mix higher than we anticipated demonstrates that total bookings again outperformed our guidance framework for the quarter.

就整體損益而言，我們第一季度的總收入為 1.276 億美元，其中訂閱預訂組合佔 86%。我們稍後會回到組合，但提醒一下，收入符合指導和高於我們預期的組合表明，總預訂量再次超過了我們本季度的指導框架。

Perhaps the best example of the momentum and the health of the business is the acceleration of our annual recurring revenue growth. Starting with the subscription portion, which reached $219 million and grew 149% year-on-year. The subscription portion now represents over 50% of total annual recurring revenue. And just a year ago, the subscription portion was only $88 million or just 30% of total.

或許我們的年度經常性收入增長加速是業務發展勢頭和健康狀況的最佳例證。從訂閱部分開始，達到 2.19 億美元，同比增長 149%。訂閱部分現在佔年度經常性總收入的 50% 以上。而就在一年前，訂閱部分僅為 8800 萬美元，僅佔總數的 30%。

We were thrilled with the sequential increase in the subscription portion of $36 million off the strong seasonality in enterprise software we saw in the fourth quarter.

由於我們在第四季度看到的企業軟件的強勁季節性，訂閱部分連續增加了 3600 萬美元，我們對此感到非常興奮。

Total annual recurring revenue was $427 million as of March 31, with growth accelerating to 48% year-on-year. The acceleration of the business in our first quarter off an incredible fourth quarter 2021 results when ARR grew also 44% really underscores that the business is firing on all cylinders.

截至 3 月 31 日，年度經常性總收入為 4.27 億美元，同比增長加速至 48%。我們第一季度的業務加速了令人難以置信的 2021 年第四季度業績，當時 ARR 也增長了 44%，這確實突顯了該業務正在全力以赴。

Moving to revenue, subscription revenue generated from SaaS and self-hosted subscription contracts reached $51.9 million and represented 41% of total revenue in the first quarter. That's increasing 110% year-on-year. Consistent with the progression of our subscription transition, perpetual license revenue declined to $10.6 million. Our maintenance and services -- professional services revenue was $65.1 million with $54.9 million from recurring maintenance and $10.1 million in professional services revenue.

轉向收入，SaaS 和自託管訂閱合同產生的訂閱收入達到 5190 萬美元，佔第一季度總收入的 41%。這比去年同期增長了 110%。隨著我們訂閱過渡的進展，永久許可收入下降至 1060 萬美元。我們的維護和服務——專業服務收入為 6510 萬美元，其中 5490 萬美元來自經常性維護，1010 萬美元來自專業服務收入。

Recurring revenue, defined as our total subscription plus our maintenance related to the perpetual license revenue reached $106.9 million or 84% of total revenue, that's growing 40% year-on-year. With the strength of our execution, we are quickly approaching our target of more than 90% of revenue from recurring.

經常性收入（定義為我們的總訂閱加上與永久許可收入相關的維護）達到 1.069 億美元，佔總收入的 84%，同比增長 40%。憑藉我們的執行力，我們正在迅速接近 90% 以上的經常性收入的目標。

Our subscription bookings mix increased to 86% in the first quarter. That's significantly ahead of our guidance of 79% bookings mix and now surpassing the subscription transition target of 85% we set. We reached our mix target in just 5 quarters, as Udi mentioned, well ahead of the 8- to 10-quarter subscription transition timeline that we outlined in the early 2021, substantially now completing the transition from a sales perspective.

我們的訂閱預訂組合在第一季度增加到 86%。這大大超過了我們 79% 預訂組合的指導，現在超過了我們設定的 85% 的訂閱過渡目標。正如 Udi 所說，我們僅在 5 個季度內就達到了我們的組合目標，遠遠早於我們在 2021 年初概述的 8 到 10 季度訂閱過渡時間表，從銷售角度來看，現在基本上完成了過渡。

Economically, the headwind created by the mix was approximately $21 million in the first quarter and when we compare it like-for-like to the first quarter of 2021 when the mix was only 51%. Normalizing our growth for the mix shift in the subscription transition, the license portion of our business, our SaaS, self-hosted subscription and perpetual would have grown about 62%.

從經濟上講，第一季度混合產生的逆風約為 2100 萬美元，當我們將其與 2021 年第一季度的混合比例僅為 51% 進行比較時。將我們的增長正常化以適應訂閱過渡的混合轉變，我們業務的許可部分、我們的 SaaS、自託管訂閱和永久訂閱將增長約 62%。

Taking the calculated revenue headwind into consideration, total revenue growth would have accelerated to a strong 32% year-on-year. Geographically, the business is well diversified. The Americas, in particular, had a standout quarter, generating $75 million in revenue, representing 59% of total revenue. The Americas, again, had the strongest percentage of SaaS bookings during the quarter. EMEA had $39 million in revenue or 31% of total revenue, with SaaS bookings more than tripling over the last year. APJ is also executing well with SaaS and subscription representing now nearly 75% of bookings, a great accomplishment for that region. If we look across the geographies, adjusted for the calculated revenue headwind created by the mix, the Americas license revenue would have grown by over 100%, EMEA by over 30% and APJ by about 10%.

考慮到計算出的收入逆風，總收入同比增長將加速至強勁的 32%。從地域上看，業務多元化。尤其是美洲，該季度表現出色，創造了 7500 萬美元的收入，佔總收入的 59%。美洲再次在本季度擁有最強的 SaaS 預訂百分比。 EMEA 的收入為 3900 萬美元，佔總收入的 31%，SaaS 預訂量比去年增加了兩倍多。 APJ 在 SaaS 和訂閱方面也表現良好，現在佔預訂量的近 75%，這對該地區來說是一項了不起的成就。如果我們縱觀各個地區，並根據組合產生的計算收入逆風進行調整，美洲許可收入將增長 100% 以上，歐洲、中東和非洲地區增長 30% 以上，亞太及日本地區增長約 10%。

All line items of the P&L will be discussed on a non-GAAP basis. Please see the full GAAP to non-GAAP reconciliation in the tables of our press release.

損益表的所有項目都將在非公認會計原則的基礎上進行討論。請在我們的新聞稿表格中查看完整的 GAAP 與非 GAAP 對賬。

Our first quarter gross profit was $104.1 million or an 82% gross margin. That's compared with 85% gross margin in the first quarter last year, primarily the result of the increase in our SaaS business. We continued to make investments to drive innovation and growth, resulting in operating expenses of $115.9 million, a 29% increase year-on-year and generating an operating loss of $11.8 million in the quarter.

我們第一季度的毛利潤為 1.041 億美元，毛利率為 82%。相比之下，去年第一季度的毛利率為 85%，這主要是由於我們 SaaS 業務的增長。我們繼續進行投資以推動創新和增長，導致運營費用為 1.159 億美元，同比增長 29%，本季度運營虧損為 1180 萬美元。

Our operating results were lowered by $1.5 million from foreign exchange rates and the approximate $21 million calculated revenue headwind we discussed. Adjusting for the headwind and FX, operating margin would have been positive 6% in the first quarter.

我們的經營業績因外匯匯率和我們討論的大約 2100 萬美元的計算收入逆風而降低了 150 萬美元。調整逆風和外匯後，第一季度的營業利潤率為正 6%。

Net loss was $11.9 million or $0.30 per diluted share for the first quarter. We continue to attract and retain top talent, a testament to our culture, and our success in the market, and we ended March with over 2,300 employees worldwide. That's including more than 1,000 employees in sales and marketing. For the first quarter, free cash flow was $23 million or an 18% free cash flow margin. The strong cash flow is a result of our seasonally strong fourth quarter bookings, renewals as well as just great collections. This cash flow contributed to our strong balance sheet, and we ended the quarter with $1.2 billion in cash and investments.

第一季度的淨虧損為 1190 萬美元或每股攤薄收益 0.30 美元。我們繼續吸引和留住頂尖人才，這證明了我們的文化以及我們在市場上的成功，截至 3 月，我們在全球擁有超過 2,300 名員工。其中包括 1,000 多名銷售和營銷員工。第一季度，自由現金流為 2300 萬美元，自由現金流利潤率為 18%。強勁的現金流是我們季節性強勁的第四季度預訂、續訂以及大量收藏的結果。這種現金流為我們強勁的資產負債表做出了貢獻，我們在本季度結束時擁有 12 億美元的現金和投資。

Now turning to our guidance. Our guidance for the second quarter of 2022 and the full year reflects the robust industry tailwinds, execution and our growing ARR base. For the second quarter of 2022, we expect total revenue of $135 million to $141 million. We expect a non-GAAP operating loss of about $14.5 million to $9.5 million for the second quarter. We expect our earnings per share to range from non-GAAP net loss of $0.37 to $0.25 per basic and diluted share. This guidance assumes about 87% of subscription bookings mix and a calculated revenue and profitability headwind of approximately $15 million for the second quarter. Our guidance also assumes 40.6 million basic and diluted shares and about $2 million in taxes.

現在轉向我們的指導。我們對 2022 年第二季度和全年的指導反映了強勁的行業順風、執行力和我們不斷增長的 ARR 基礎。對於 2022 年第二季度，我們預計總收入為 1.35 億美元至 1.41 億美元。我們預計第二季度的非公認會計準則營業虧損約為 1450 萬美元至 950 萬美元。我們預計我們的每股收益將在非 GAAP 淨虧損 0.37 美元至每股基本和稀釋股 0.25 美元之間。該指引假設訂閱預訂組合約佔 87%，第二季度計算的收入和盈利能力逆風約為 1500 萬美元。我們的指導還假設了 4060 萬股基本股和稀釋股以及約 200 萬美元的稅收。

For the full year of 2022, we are raising the midpoint of our full year guidance and now expect total revenue in the range of $583.5 million to $598.5 million. We are also increasing the mix assumption underlying our guidance to 88% from subscription bookings, and our revenue headwind is also increasing now to approximately $61 million for the year.

對於 2022 年全年，我們正在提高全年指導的中點，現在預計總收入在 5.835 億美元至 5.985 億美元之間。我們還將我們指導的混合假設提高到訂閱預訂的 88%，我們的收入逆風現在也增加到今年大約 6100 萬美元。

So for the full year, we expect non-GAAP operating loss to be between $33.5 million and $20.5 million. We expect our non-GAAP net loss per basic and diluted share to be in the range of $0.92 to $0.60. For the full year, we expect about 40.7 million basic and diluted shares and about $10 million in taxes.

因此，我們預計全年非 GAAP 運營虧損將在 3350 萬美元至 2050 萬美元之間。我們預計我們的非 GAAP 每股基本和稀釋後淨虧損將在 0.92 美元至 0.60 美元之間。全年，我們預計約有 4070 萬股基本股和稀釋股，以及約 1000 萬美元的稅收。

Given that we surpassed our subscription transition bookings mix of 85%, we want to reiterate the impact on the business for 2022. As we talked about last quarter, the faster SaaS-heavy transition is having an impact on the slope of revenue growth and profitability exiting the transition. For the next few quarters, we will continue to face a headwind to our revenue and profitability given last year's booking mix. Annual recurring revenue and the subscription portion of ARR are the best metrics to evaluate the health of the business.

鑑於我們超過了 85% 的訂閱轉換預訂組合，我們想重申對 2022 年業務的影響。正如我們上個季度所談到的，更快的 SaaS 重度轉型正在對收入增長和盈利能力的斜率產生影響退出過渡。在接下來的幾個季度，鑑於去年的預訂組合，我們將繼續面臨收入和盈利能力的逆風。年度經常性收入和 ARR 的訂閱部分是評估業務健康狀況的最佳指標。

As you saw from our guidance, revenue is rebounding already in 2022 with 18% growth at the midpoint of the guidance. We also want to reiterate that our approach to investment hasn't changed. The profitability of our operations is masked by the subscription transition, and we expect to return to the Rule of 40 once the transition dynamics play out. Given the acceleration in our business, we are increasing our full year guidance for annual recurring revenue, which we now expect to be between $535 million and $541 million at December 31, 2022. That's a 37% growth year-over-year at the midpoint.

正如您從我們的指導中看到的那樣，收入已經在 2022 年反彈，在指導的中點增長 18%。我們還想重申，我們的投資方式沒有改變。訂閱過渡掩蓋了我們運營的盈利能力，一旦過渡動態發揮作用，我們預計將回到 40 規則。鑑於我們業務的加速，我們正在提高對年度經常性收入的全年指導，我們現在預計到 2022 年 12 月 31 日，該收入將在 5.35 億美元至 5.41 億美元之間。中點同比增長 37% .

We continue to expect maintenance ARR to decline, which impacts the total ARR growth rate. When you think about our guidance, it is important to note: First, the combination of higher mix headwind and revenue midpoint means we are increasing the booking assumptions underlying our guidance. And second, raising our full year ARR guidance after just the first quarter of the year demonstrates our confidence in the business and the strong demand we are seeing. In terms of cash flow, while we had a seasonally very strong first quarter, we still anticipate that it will be in line with our non-GAAP net income margin over a 12-month period.

我們繼續預計維護 ARR 會下降，這會影響總 ARR 增長率。當您考慮我們的指導時，重要的是要注意：首先，更高的混合逆風和收入中點的結合意味著我們正在增加我們指導的預訂假設。其次，僅在今年第一季度之後就提高了我們的全年 ARR 指引，這表明我們對業務的信心以及我們所看到的強勁需求。在現金流方面，雖然我們的第一季度季節性非常強勁，但我們仍預計它將在 12 個月內與我們的非公認會計原則淨利潤率保持一致。

The first quarter was a standout quarter to kick off what I'm confident will be another stellar year for CyberArk. Our bookings mix target for the subscription transition is now behind us. We are focused on capitalizing on the massive opportunity in front of us. I will now turn the call over to the operator for Q&A.

第一季度是一個出色的季度，我相信這將是 CyberArk 又一個輝煌的一年。我們訂閱過渡的預訂組合目標現在已經過去了。我們專注於利用我們面前的巨大機會。我現在將把電話轉給接線員進行問答。

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

（操作員說明）您的第一個問題來自 Barclays 的 Saket Kalia。

Udi, maybe for you. Great to see the results, first of all, maybe you could just zoom out a little bit and just talk to us a little bit about the competitive environment. And to what extent you feel like the broader identity platform that CyberArk has is helping you competitively?

烏迪，也許適合你。很高興看到結果，首先，也許你可以縮小一點，和我們談談競爭環境。您覺得 CyberArk 擁有的更廣泛的身份平台在多大程度上可以幫助您提高競爭力？

Sure thing, Saket. And then -- and great to hear from you. So I would say that honestly, this is one of the best, if not the best competitive positions we've ever been with in. On the PAM front, some of the traditional PAM vendors are, I would say, are still working through changing hands from private equity and the disruption there is long lasting. And particularly because they haven't been investing in R&D, and that starts to show up in sales cycles and in renewal opportunities. And in this environment, in this threat landscape environment, it's just critical to make those investments and we're making sure that our Identity Security platform is -- we're investing in it, it's secure and we keep up with the pace of change in enterprise IT. So that's on the PAM front. For Access, we see the IDaaS vendors, so Okta and Microsoft and in DevOps, we see Hashi. But our approach is fundamentally different. I think creating the speedboats or those business units we created in 2021 really made a difference. We're better at selling our platform to your question. And customers buy in on our security expertise with PAM, but they want to take the full journey for all identities, human and machine, with us across the platform. And based on that expertise and the center of excellence, we're selected. And I think we're also seeing it in the analyst reports out there, whether it's the Gartner Magic Quadrant for PAM and Forrester Wave for IDaaS. So I would say bottom line, the foundation in PAM really puts us in the best position to go after the full Identity Security opportunity.

當然，薩克特。然後 - 很高興收到您的來信。因此，老實說，這是我們遇到過的最好的，即使不是最好的競爭職位之一。在 PAM 方面，我想說，一些傳統的 PAM 供應商仍在努力改變來自私人股本的手和那裡的破壞是持久的。特別是因為他們沒有投資於研發，而這開始出現在銷售週期和更新機會中。在這種環境中，在這種威脅環境中，進行這些投資至關重要，我們確保我們的身份安全平台是——我們正在投資它，它是安全的，我們跟上變化的步伐在企業 IT 中。所以這是在 PAM 方面。對於 Access，我們看到了 IDaaS 供應商，因此 Okta 和 Microsoft 以及在 DevOps 中，我們看到了 Hashi。但我們的方法根本不同。我認為創建快艇或我們在 2021 年創建的那些業務部門確實有所作為。我們更擅長向您的問題出售我們的平台。客戶通過 PAM 購買我們的安全專業知識，但他們希望在整個平台上與我們一起為所有身份（包括人和機器）完成整個旅程。基於這種專業知識和卓越中心，我們被選中。我認為我們也在分析師報告中看到了這一點，無論是針對 PAM 的 Gartner 魔力像限還是針對 IDaaS 的 Forrester Wave。所以我想說的是，PAM 的基礎確實使我們處於獲得完整身份安全機會的最佳位置。

Got it. Got it. Very clear. Josh, maybe for you for my follow-up. Great to see the full year go up, particularly the ARR. Just to make sure the question is asked, was there anything to note just on timing of deals? It felt like the beat in the quarter was stronger than what most were expecting on ARR. It feels like a portion of that is flowing through, not the entire thing. Again, understanding it's early in the year, so maybe that's the answer. But again, I just want to make sure the question was asked on how you sort of feel about the full year guide going up versus the beat in the quarter.

知道了。知道了。非常清楚。喬希，也許是為了我的後續行動。很高興看到全年增長，尤其是 ARR。只是為了確保問題被問到，在交易時間方面有什麼需要注意的嗎？感覺本季度的節拍比大多數人對 ARR 的預期要強。感覺就像是其中的一部分在流動，而不是全部。同樣，了解它是在年初，所以也許這就是答案。但同樣，我只是想確保這個問題是關於你對全年指南上升與本季度節拍的感覺如何。

Yes. Thanks, Saket, and thanks for the question. The revenue in the quarter was impacted by really the great mix of outperforming on bookings and the overall business that we saw from the first quarter. And our ability to raise for the year is because we outperformed in the first quarter, and we're increasing underlying booking assumptions for the year. And I think you also were alluding to it, but the fact that we're able to increase our guidance now for the ARR this early in the year, really [attest] to our confidence in what we're seeing from the demand environment.

是的。謝謝，Saket，謝謝你的問題。本季度的收入受到了我們從第一季度看到的預訂表現和整體業務的巨大影響。我們今年籌集資金的能力是因為我們在第一季度表現出色，而且我們正在增加今年的基本預訂假設。而且我認為您也暗示了這一點，但是我們現在能夠在今年年初增加對 ARR 的指導這一事實，確實 [證明] 我們對從需求環境中看到的情況充滿信心。

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

您的下一個問題來自 Stifel 的 Adam Borg。

So this is either for -- either Udi or Josh, just on EMEA. So it's great to see the traction there, and you talked about bookings. I believe SaaS bookings up triple digits, but just given the proximity to the war and your larger EMEA footprint, maybe just talk a little bit more about the demand trends you're seeing? And has anything changed either positively or negatively in the month of April?

所以這要么適用於 - Udi 或 Josh，就在 EMEA 上。所以很高興看到那裡的牽引力，你談到了預訂。我相信 SaaS 的預訂量增長了三位數，但考慮到戰爭的臨近和您在歐洲、中東和非洲地區的更大足跡，也許只是多談談您所看到的需求趨勢？ 4 月份有什麼積極或消極的變化嗎？

Sure, Udi here, and I'll kick it off. I would say we're fresh from actually meeting the EMEA leadership team in person and they are reporting strong demand and very strong pipeline. And if we talk about the macro [tension], it's only creating a tailwind of urgency and the need to take a serious look at cybersecurity. So I think some of the trends we saw in the Americas in previous years of increased awareness are definitely reaching Europe. And for us, it's a well-performing region.

當然，烏迪在這裡，我會開始的。我想說的是，我們剛剛親自與 EMEA 領導團隊會面，他們報告了強勁的需求和非常強大的管道。如果我們談論宏觀[緊張]，它只會帶來緊迫感，需要認真看待網絡安全。因此，我認為我們在前幾年在美洲看到的提高意識的一些趨勢肯定正在波及歐洲。對我們來說，這是一個表現良好的地區。

And maybe just as a quick follow-up. So it was great to see a record new logos in 1Q, and you talked in the past about SaaS improving velocity and probably the reduced friction in sales cycle. Just curious if you're starting to see a greater emphasis, more down market from your traditional -- the enterprise stronghold and kind of what other investments are you making to better capitalize on that?

也許只是作為一個快速跟進。因此，很高興在第一季度看到創紀錄的新徽標，您過去曾談到 SaaS 提高速度以及可能減少銷售週期中的摩擦。只是好奇你是否開始看到一個比你的傳統——企業大本營更受重視的、更低的市場，以及你為了更好地利用它而進行的其他投資嗎？

Yes. So again, I would say on all fronts, both on the enterprise front and as we look in the commercial market, we're landing with SaaS. And we have more landing -- we have more landing spots with both Privilege Cloud, EPM and CyberArk Identity in the commercial sector, as we call it, which is, again, the high end of the mid-market, certainly, they're embracing our SaaS solution and the fact that there is quick time to value, and you can see that, it's about 2/3 of those 250 new logos in Q1 came from that segment of the market.

是的。再說一次，我想說的是，在所有方面，無論是在企業方面，還是在我們看商業市場時，我們都在使用 SaaS。而且我們有更多的登陸點——我們在商業領域擁有更多的 Privilege Cloud、EPM 和 CyberArk Identity 登陸點，這也是中端市場的高端，當然，它們是擁抱我們的 SaaS 解決方案以及可以快速實現價值的事實，您可以看到，第一季度這 250 個新徽標中約有 2/3 來自該細分市場。

Your next question is from the line of Rob Owens from Piper Sandler.

您的下一個問題來自 Piper Sandler 的 Rob Owens。

Great. We'd love to touch on the new logo growth as well, just given, I think what we've seen throughout the earnings season has been durability of spend, but it really feels like your business is seeing inflection here. So can you maybe speak -- you gave us the 250 number, but maybe speak a little bit to the pipeline that you're seeing as you head into the June quarter here.

偉大的。我們也很想談談新徽標的增長，我認為我們在整個財報季看到的是支出的持久性，但真的感覺你的業務在這裡看到了拐點。所以你能不能說一下 - 你給了我們 250 的號碼，但也許可以談談你在進入六月季度時看到的管道。

All right. Great. So we've been talking about the buildup of pipeline in the last several calls, and I think the great new business and the doubling of new business sales is actually executing on that record pipeline we've been talking about the landing with more spots, like I just mentioned, we're having more solutions as landing spot, the channel strength and the channel pipeline, and also landing in larger deal sizes, which is often more products and more users. And I would say that the new business portion as you're asking about the pipe -- the forward-looking pipeline, new business as the percent of pipeline continues to grow. So that trend continues, and its that strong execution of the team against that -- against this demand environment.

好的。偉大的。所以我們在過去的幾次電話會議中一直在討論管道的建立，我認為偉大的新業務和新業務銷售額的翻番實際上是在我們一直在談論登陸的創紀錄管道上執行的，有更多的位置，就像我剛才提到的，我們有更多的解決方案，如落地點、渠道實力和渠道管道，以及更大的交易規模，通常是更多的產品和更多的用戶。我想說的是，當您詢問管道時，新業務部分 - 前瞻性管道，新業務作為管道的百分比繼續增長。因此，這種趨勢仍在繼續，並且團隊對此的強大執行力 - 針對這種需求環境。

Your next question is from the line of Brian Essex from Goldman Sachs.

您的下一個問題來自高盛的 Brian Essex。

Maybe to kind of pivot off of Rob's question. Could you give us an understanding -- maybe a little bit of perspective, I guess, during the onset of pandemic, when you saw a little pullback in deal sizes and how the platform is being consumed, given the mix that you have now with greater SaaS mix and the greater awareness, how do you think about the durability of growth and if we were to head into a more challenging macro environment, where do you think you might see either benefit or risk to the durability of growth with regard to how enterprises consume the platform?

也許是為了擺脫 Rob 的問題。您能否給我們一個理解——我猜，在大流行開始期間，當您看到交易規模和平台的消費方式略有回落時，考慮到您現在擁有更大的組合，您能否給我們一個理解SaaS 組合和更高的意識，您如何看待增長的持久性，如果我們要進入一個更具挑戰性的宏觀環境，您認為您可能會在哪些方面看到關於企業如何增長的持久性的好處或風險消費平台？

Absolutely. I would say we're confident that we're looking at a durable long-term opportunity. We've done so much in these past 2 years to create a wide large platform and increase our leadership position, expanding from PAM to Identity Security and having those initial so many landing points. If you look at the beginning, we talked about customers not being strategic. And if we talk about 2 years ago, are they thinking about this strategically, they definitely are. They see Identity Security and PAM at the center as the vector of attack. And we're seeing that trickle across geography, across vertical. You see how diverse we are from a vertical perspective, and that's only strengthening. And then the adoption of the SaaS solutions, as Josh mentioned, even in regions like APJ where we thought it would take longer, here in Europe for the prior question, we just have, I would say, a stronger demand environment, a wider platform-based solution set to execute on that. And you have a management team that has seen different times and crossed those areas with great success. So we're very realistic. We look at numbers. We're -- when we allude to the strength of the pipeline and the demand environment, we really believe it's durable and strong.

絕對地。我想說，我們有信心看到一個持久的長期機會。在過去的 2 年中，我們做了很多工作來創建一個廣泛的大型平台並提高我們的領導地位，從 PAM 擴展到身份安全，並擁有最初的這麼多登陸點。如果你從一開始看，我們談到客戶不是戰略性的。如果我們在 2 年前談論，他們是否在戰略上考慮這一點，他們肯定是。他們將身份安全和 PAM 視為攻擊的中心。我們看到了跨越地理、跨越垂直的涓涓細流。你從垂直的角度看到我們是多麼的多樣化，這只會加強。然後採用 SaaS 解決方案，正如 Josh 所提到的，即使在我們認為需要更長時間的 APJ 等地區，在歐洲，對於前面的問題，我們只是擁有更強大的需求環境，更廣泛的平台-based 解決方案集在其上執行。您擁有一支經歷過不同時期並在這些領域取得巨大成功的管理團隊。所以我們很現實。我們看數字。我們 - 當我們提到管道的力量和需求環境時，我們真的相信它是持久和強大的。

Great. That's very helpful. Maybe just a quick follow-up. So I want to congratulate you on the CMO hire. I know it's early days, but what do you anticipate you might see with regard to changes within the sales and marketing management structure of the company? And how are hiring trends, I guess, expected to be impacted due to the change?

偉大的。這很有幫助。也許只是一個快速的跟進。所以我要祝賀你聘用 CMO。我知道現在還為時尚早，但是您預計您會看到公司銷售和營銷管理結構的變化嗎？我猜，招聘趨勢將如何因變化而受到影響？

Yes, so we expect a smooth transition from an organizational perspective because this was highly embraced by the sales leadership team. And we all believe that we're -- back to your prior question, that we're actually in the best setup right now to step on that (inaudible) of both on the gross marketing element, elevating our Identity Security posture and getting it out there, the leadership position that is reflected in the customer base and getting it out there and leveraging this flywheel effect that we're now seeing from that platform. So we love that Simon comes from SaaS and in building great brands. And so [he's] basically hit the ground running. So our expectation is upwards and upwards. And like I mentioned, our next upcoming thing is our first event, our first live event out of the pandemic in July with our customers and prospects.

是的，所以我們希望從組織的角度來看會平穩過渡，因為銷售領導團隊高度接受了這一點。而且我們都相信我們 - 回到您之前的問題，我們現在實際上處於最佳設置中，可以在總體營銷元素上踩到（聽不清），提升我們的身份安全態勢並獲得它在那裡，反映在客戶群中的領導地位，並將其推廣到那裡，並利用我們現在從該平台看到的這種飛輪效應。所以我們喜歡 Simon 來自 SaaS 並建立了偉大的品牌。所以[他]基本上是一發不可收拾。所以我們的期望是向上和向上的。就像我提到的那樣，我們接下來即將舉行的活動是我們的第一個活動，這是我們在 7 月份與我們的客戶和潛在客戶一起擺脫大流行的第一個現場活動。

(Operator Instructions) Your next question is from Fatima Boolani from Citi.

（操作員說明）您的下一個問題來自花旗的 Fatima Boolani。

Udi, I want to go back to the script. You talked about Linux support for EPM. I'm curious if you can characterize and quantify for us how much of that actually opens up incremental opportunity around Endpoint Privilege Management that you previously weren't addressing? And how that might change the competitive or [cooptitive] dynamic with some of the traditionally defined endpoint security vendors. And then I have a quick follow-up for Josh, please.

Udi，我想回到劇本。您談到了 Linux 對 EPM 的支持。我很好奇您是否可以為我們描述和量化其中有多少實際上為您之前沒有解決的端點特權管理帶來了增量機會？以及這可能如何改變一些傳統定義的端點安全供應商的競爭或 [cooptitive] 動態。然後我有一個快速跟進喬希，請。

Great, Fatima. First of all, great question. It's -- and I only have one sentence for it, but I'm super excited about EPM for Linux. Because first of all, EPM is one of our strong performance and more than doubled for us along with the other SaaS solutions. And I would say from a leadership position, it's just a great -- we're in a great place, but we've been addressing so far, Windows endpoints, Windows servers and endpoints and Mac endpoints, and this really takes us to the Linux platform, both servers and there are, of course, Linux endpoints as well and really taking us into our customers' cloud environments and for those who are hybrid to the data centers and giving them a (inaudible) that same easy to manage policies for least privilege for the Linux environment, which is so important to -- in preventing ransomware and privilege escalation and all the, I would say, nonrepeatable points of attack. So I would say it's within the [huge TAM] that we're addressing, but we went after the Windows environment first and the team and our channels are very excited about this, and we'll make more of a splash at our Impact even. From a competitive standpoint, I talked about standalone -- we have been fully partnering with the EDR vendors to date. EPM is not an EDR solution, it's an Identity Security solution for enforcing least privilege on the endpoint. And we think that it applies just the same as we expand to the Linux environment. But from a stand-alone competitive standpoint, it gives us even additional advantage to do what we have today to be able to basically cover all platforms. And again, leverage the multiple landing points we had, we have now to also Linux.

太好了，法蒂瑪。首先，很好的問題。它是——我只有一句話，但我對 Linux 的 EPM 感到非常興奮。因為首先，EPM 是我們強大的性能之一，並且與其他 SaaS 解決方案一起為我們增加了一倍多。我會從領導職位上說，這真是太棒了——我們處於一個很好的位置，但到目前為止，我們一直在解決 Windows 端點、Windows 服務器和端點以及 Mac 端點，這真的把我們帶到了Linux 平台，包括服務器，當然還有 Linux 端點，真正將我們帶入客戶的雲環境，並為那些與數據中心混合的用戶提供（聽不清）同樣易於管理的策略Linux 環境的最低特權，這對於防止勒索軟件和特權升級以及所有不可重複的攻擊點非常重要。所以我想說它在我們正在解決的 [巨大的 TAM] 之內，但我們首先關注的是 Windows 環境，團隊和我們的渠道對此非常興奮，我們甚至會在 Impact 上大放異彩.從競爭的角度來看，我談到了獨立——迄今為止，我們一直與 EDR 供應商全面合作。 EPM 不是 EDR 解決方案，它是用於在端點上強制執行最低權限的身份安全解決方案。我們認為它與我們擴展到 Linux 環境一樣適用。但從獨立競爭的角度來看，它為我們提供了額外的優勢來做我們今天所擁有的，能夠基本上覆蓋所有平台。再一次，利用我們擁有的多個登陸點，我們現在也必須使用 Linux。

I appreciate that. And Josh, very quickly, I appreciate the EMEA demand environment and the feedback you're getting from the regional sales team has been pretty robust and strong. But I was hoping you could more discreetly address any business activity in the conflict regions? And if there was any financial impact to your business vis-a-vis any suspension of operations, any write-down of business? Any quantification on your [reserve current] exposure would be very helpful.

我很感激。喬希，很快，我很欣賞歐洲、中東和非洲的需求環境，你從區域銷售團隊得到的反饋非常強大和強烈。但我希望你能更謹慎地處理衝突地區的任何商業活動？如果您的業務因任何暫停運營、任何業務減記而受到任何財務影響？對您的 [儲備當前] 暴露進行任何量化都會非常有幫助。

Yes, Fatima, thanks. That area is -- it's not impacting our results. It's already reflected in our guidance. We're not doing business there. And in total anyway, the whole area is less than 1%. So on the flip side, it's kind of a tailwind when you think about the geopolitical volatility, especially as it elevates cyber risk, but we don't see it being a material impact on us.

是的，法蒂瑪，謝謝。這個領域是——它不會影響我們的結果。這已經反映在我們的指導中。我們不在那裡做生意。無論如何，總面積不到 1%。因此，另一方面，當您考慮地緣政治波動時，這是一種順風，特別是因為它會增加網絡風險，但我們認為它不會對我們產生重大影響。

Your next question is from the line of Gregg Moskowitz from Mizuho.

您的下一個問題來自瑞穗的 Gregg Moskowitz。

Very impressive acceleration in ARR, congrats as well on reaching subscription bookings transition so far, the target so far ahead of schedule. So I had a question, Udi, on EPM as well. Can you maybe just expand on what has made EPM in particular so much more valuable to the point where it's become a key driver of that acceleration that you've been showing?

ARR 的加速非常令人印象深刻，恭喜到目前為止訂閱預訂過渡已經實現，目標提前完成。所以我也有一個關於 EPM 的問題，Udi。您是否可以擴展一下使 EPM 變得特別有價值的原因，以至於它已成為您所展示的加速的關鍵驅動力？

Yes. I think it's -- the whole Zero Trust framework doesn't really work if someone can take over that end machine that somebody is establishing that touch point or handshake with. EPM really allows organizations to know that, okay, that endpoint will run with minimal privileges. We'll be in a least privilege mode and it's really foundational to Zero Trust. And then there's the additional added benefit discovered over the years. I mean it was -- least privilege really prevents a malware from running and moving laterally and it's become an important enforce point for preventing ransomware from spreading. And so we see those 2 major drivers and solutions to help basic cyber hygiene of running a least privilege mode to support the Zero Trust framework and it helps prevent even if ransomware landed, it helps to prevent most ransomware from running, but even if it landed from proper gaming. And of course, the many years of investing in making it super user-friendly is that it applies to all users in an organization, and they don't feel that it is very transparent to the user.

是的。我認為是——如果有人可以接管與某人建立接觸點或握手的終端機器，那麼整個零信任框架就不會真正起作用。 EPM 確實讓組織知道，好吧，該端點將以最低權限運行。我們將處於最低權限模式，它是零信任的基礎。然後還有多年來發現的額外好處。我的意思是——最小權限確實可以防止惡意軟件運行和橫向移動，並且它已成為防止勒索軟件傳播的重要執行點。因此，我們看到這 2 個主要驅動程序和解決方案有助於運行最低權限模式以支持零信任框架的基本網絡衛生，即使勒索軟件登陸，它也有助於防止大多數勒索軟件運行，但即使它登陸從適當的遊戲。當然，多年來為使其超級用戶友好而進行的投資是它適用於組織中的所有用戶，他們並不覺得它對用戶非常透明。

All right. That's great. And then just as a follow-up, Udi, can you talk to how your global government business performed this quarter as well as what your expectations are for this vertical over the rest of the year?

好的。那太棒了。然後，作為後續行動，Udi，您能否談談您在本季度的全球政府業務表現如何，以及您對這一垂直行業在今年剩餘時間的期望是什麼？

Yes. No, absolutely. We -- as you can see probably in the slides that we presented, the global government is nicely at 10% part of the pie. And really, I would say we're seeing the steady adoption worldwide, and it continues to be an important vertical that we're investing in. I talked about the investment in the FedRAMP certifications to be able to begin to sell our SaaS solutions to the U.S. Federal government, but we're seeing adoption around the world both for SaaS solutions, but also for governments that do want our self-hosted. We're giving that optionality, and that's very important for them. And very often now, U.S. certifications are giving us credit elsewhere around the world on our investments in the security and scalability of the platform.

是的。不，絕對。我們——正如你可能在我們展示的幻燈片中看到的那樣，全球政府很好地佔了蛋糕的 10%。真的，我想說我們正在看到全球範圍內的穩定採用，它仍然是我們正在投資的一個重要垂直領域。我談到了對 FedRAMP 認證的投資，以便能夠開始將我們的 SaaS 解決方案銷售給美國聯邦政府，但我們看到世界各地都在採用 SaaS 解決方案，但也適用於確實希望我們自託管的政府。我們提供了這種選擇權，這對他們來說非常重要。現在，美國認證經常使我們在世界其他地方對我們在平台安全性和可擴展性方面的投資給予肯定。

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

您的下一個問題來自摩根士丹利的 Hamza Fodderwala。

So really appreciate all the great detail earlier. Maybe just one for Josh. I'm curious as you think about your full year outlook, how are you handicapping for all the macro uncertainty out there? I guess that security right now is fairly defensive given the geopolitical volatility. But in the past, CyberArk has had, I think, relatively longer sales cycles. And then in relation to that, how should we think about the seasonality in net new ARR for the rest of the year?

所以真的很感謝之前所有的細節。也許只是喬希的一個。當您考慮全年前景時，我很好奇，您如何應對所有宏觀不確定性？鑑於地緣政治的動盪，我想現在的安全性是相當防禦性的。但在過去，我認為 CyberArk 的銷售週期相對較長。然後與此相關，我們應該如何考慮今年剩餘時間淨新增 ARR 的季節性？

Yes. So thanks, Hamza. I mean with regard to your first question, we're very confident about what's going on this year. Obviously, the economy will do what the economy was doing, but I think Udi addressed it earlier on today that we have a very strong, resilient type of a business model that is basically, especially now with us hitting our kind of our subscription mix at over 85%, where we're really now driving towards going through to the other side of the transition towards growth and profitability. And when we think about this year, the demand environment has not changed, and if anything, has strengthened in the course of time. I mean, I think we saw news even this morning of pretty material events in Costa Rica. And so we're continuing to invest. However, I will point out that we're an experienced management team, and Udi already talked about this before. So we understand that we're constantly monitoring the situation. But at this point, we're very confident on where the business is, where our pipeline is and the demand environment around cyber. So it's sail ahead. And on the second question, remind me?...

是的。所以謝謝，哈姆扎。我的意思是關於你的第一個問題，我們對今年的情況非常有信心。顯然，經濟會像經濟一樣做，但我認為 Udi 今天早些時候已經解決了這個問題，我們有一個非常強大、有彈性的商業模式，基本上，尤其是現在我們達到了我們的訂閱組合超過 85%，我們現在正在真正推動向增長和盈利過渡的另一端前進。當我們考慮今年時，需求環境並沒有改變，如果有的話，隨著時間的推移有所加強。我的意思是，我想我們甚至在今天早上也看到了哥斯達黎加發生重大事件的新聞。所以我們繼續投資。不過，我要指出的是，我們是一支經驗豐富的管理團隊，而 Udi 之前已經談到過這一點。所以我們知道我們一直在監控情況。但在這一點上，我們對業務在哪裡、我們的管道在哪里以及網絡周圍的需求環境非常有信心。所以它在前面航行。關於第二個問題，提醒我？...

The ARR seasonality for the rest of the year.

今年剩餘時間的 ARR 季節性。

Yes, so I think clearly, we're -- as we get further and further into the year where the delta and -- with the delta on the mix gets smaller and smaller. So we have much bigger compares when we get into the second half of the year. So you're going to see a smaller growth in ARR, and we started off with a very strong growth of 48% in the first quarter. So I think that it will go kind of in tandem with the narrowing of the headwind delta between the 80 -- the high 80s that we're doing in subscription business this year versus the 70s that we did last year. And so Q3 and Q4, we'll have the narrowest jump.

是的，所以我清楚地認為，我們 - 隨著我們越來越遠地進入增量和 - 混合的增量越來越小的那一年。因此，當我們進入下半年時，我們會有更大的比較。因此，您將看到 ARR 的增長較小，我們在第一季度以 48% 的強勁增長開始。因此，我認為這將與 80 年代之間的逆風三角洲縮小同步 - 我們今年在訂閱業務中所做的 80 年代與去年的 70 年代相比。所以第三季度和第四季度，我們將有最窄的跳躍。

Your next question is from the line of Joshua Tilton from Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Joshua Tilton。

Congrats on the results. I wanted to go back to the ARR raise first. Can you guys maybe just comment on how much of that is possible conservatism versus this dynamic of expanding subscription versus declining maintenance net new ARR that you guys baked into the guidance?

祝賀結果。我想先回到 ARR 加註。你們是否可以評論一下，與這種擴大訂閱的動態與下降的維護淨新 ARR 相比，你們在指導中加入了多少可能的保守主義？

Yes, I think we do anticipate some decline in the maintenance, which actually makes our expansion of that ARR guide even much more powerful because we have to make up for that maintenance reduction. And we're really excited about the fact that we're able to come in at a 37% guide for the ARR. And it's -- I would say that the increase is really reflective of a lot from the net new ARR business that we're doing. So it's not -- it's around the new business that we're doing and the continued renewals and upsell of the existing customers.

是的，我認為我們確實預計維護會有所下降，這實際上使我們對 ARR 指南的擴展更加強大，因為我們必須彌補維護的減少。我們對能夠以 37% 的 ARR 指南進入這一事實感到非常興奮。它是 - 我會說這種增長確實反映了我們正在做的淨新 ARR 業務的很多方面。所以它不是 - 它是圍繞我們正在做的新業務以及現有客戶的持續更新和追加銷售。

And when you guys -- could you possibly maybe just expand on what you're seeing in regard to maybe deal sizes and ASPs as you continue to be more successful with your bundling strategy? And maybe how did that is it all benefit growth in the quarter?

當你們——隨著捆綁策略繼續取得更大成功，你們是否可以擴展你們所看到的關於交易規模和 ASP 的內容？也許這一切對本季度的增長有什麼好處？

Yes, we're actually seeing an uptick as we have for several quarters in a row on deal size. And I think Udi alluded to it before, particularly on [new bids], which really, really starting to surge this quarter. We saw an uptick on the new bids deal size. So I think...

是的，我們實際上看到了交易規模連續幾個季度的上升。而且我認為 Udi 之前提到過它，特別是在 [新出價] 上，這真的，真的在本季度開始飆升。我們看到新的投標交易規模有所上升。所以我認為...

And it's landing with more products and more users because of how we created the platform strength.

由於我們如何創建平台實力，它正在登陸更多的產品和更多的用戶。

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

您的下一個問題來自瑞銀證券的 Roger Boyd。

Congrats on a nice quarter. Wondering if you could talk about the cloud marketplace, AWS marketplace, the size and growth of that pipeline and just how you expect that opportunity to evolve as you push further with secrets management and add things like EPM for Linux?

祝賀一個不錯的季度。想知道您是否可以談論云市場、AWS 市場、該管道的規模和增長，以及隨著您進一步推進秘密管理並添加諸如 EPM for Linux 之類的東西，您希望該機會如何發展？

Yes, I'm personally very, very bullish about that the partnership we're building in AWS, and it's kind of a new thing that evolved and started last year. If we look at -- just in Q1, we had great examples of that synergy where it actually complements what our channels are doing and we can streamline opportunities through the mutual AWS customers, and I will say strong momentum continuing into Q1, and there's a strong pipe build for the rest of the year and for next year. So we'll try to give more specific numbers, but I can tell you, I can definitely say that there's a strong pipeline build. And you're right that the additional solutions that we are rolling out create even more opportunity on that collaboration. There'll be -- there are some things in the works that we will elaborate in our customer event of more streamlined ways to partner up with AWS.

是的，我個人非常非常看好我們在 AWS 中建立的合作夥伴關係，這是一種從去年開始演變並開始的新事物。如果我們看一下——就在第一季度，我們有很好的協同效應的例子，它實際上補充了我們的渠道正在做的事情，我們可以通過共同的 AWS 客戶簡化機會，我會說強勁的勢頭持續到第一季度，而且有一個為今年餘下時間和明年建造強大的管道。所以我們會嘗試給出更具體的數字，但我可以告訴你，我可以肯定地說，有一個強大的管道構建。您說得對，我們正在推出的其他解決方案為這種合作創造了更多機會。將會有一些工作正在進行中，我們將在我們的客戶活動中詳細說明與 AWS 合作的更簡化的方式。

Got it. Makes sense. One quick follow-up. Can you just talk about operational security, Udi, the role of CyberArk plays in securing infrastructure? And what you're seeing in demand just given the emphasis on protecting critical infrastructure worldwide?

知道了。說得通。快速跟進。您能否談談運營安全、Udi、CyberArk 在保護基礎設施方面的作用？鑑於對保護全球關鍵基礎設施的重視，您所看到的需求是什麼？

Yes, yes, we've seen -- I would say when we -- and I think we even painted that in our last Investor Day that organizations usually leave that part to last because it's a separate type of network, but we have multiple customers securing their operational technology environment with CyberArk from electricity companies, energy companies, sometimes even remote locations in their environment. And so it's become a stage of what we call the CyberArk blueprint as customers roll out Identity Security and Privileged Access Management, they expand to their OT environment. Sometimes we have built-in integrations directly with the providers of, I would say, the endpoint on the operational side. And sometimes we partner with gateway providers where they bridge us to be able to manage and rotate and secure identities for those environments. I agree with you, it's a growing concern for these infrastructure organizations, and we're an important part of the solution.

是的，是的，我們已經看到 - 我會說當我們 - 我認為我們甚至在上一個投資者日描繪了組織通常將這部分留到最後，因為它是一種單獨的網絡類型，但我們有多個客戶使用 CyberArk 保護他們的運營技術環境免受電力公司、能源公司的影響，有時甚至是他們環境中的偏遠地區。因此，隨著客戶推出身份安全和特權訪問管理，我們將其稱為 CyberArk 藍圖的一個階段，他們擴展到他們的 OT 環境。有時我們會直接與運營端端點的提供者進行內置集成。有時我們會與網關提供商合作，他們會在這些提供商之間架起橋樑，讓我們能夠管理、輪換和保護這些環境的身份。我同意你的看法，這是這些基礎設施組織日益關注的問題，我們是解決方案的重要組成部分。

Your next question is from Ittai Kidron from Oppenheimer.

您的下一個問題來自奧本海默的 Ittai Kidron。

A lot of questions have been asked. But Josh, I want to, just from a financial standpoint, it looks like perpetual is kind of coming down. So in your guide for the next quarter, can you help us kind of get our hands on what do you think perpetual revenue? What is your assumption for perpetual revenue as part of the overall pie? And then second question is around inflation. Clearly, everyone is carrying the higher expenses with inflation, we feel it everywhere. How do you think about price increases going forward in your products or perhaps on maintenance as well? I mean it's the first time that maintenance is down quarter-over-quarter ARR. So I'm just kind of trying to understand how you're going to play that price increase card going forward.

已經問了很多問題。但是喬希，我想，從財務的角度來看，看起來永久的有點下降。因此，在您的下一季度指南中，您能否幫助我們了解您認為永久收入是多少？作為整體蛋糕的一部分，您對永久收入的假設是什麼？第二個問題是關於通貨膨脹的。顯然，隨著通貨膨脹，每個人都承擔著更高的開支，我們到處都能感受到。您如何看待您的產品或維護方面的價格上漲？我的意思是，這是第一次維護 ARR 季度環比下降。所以我只是想了解你將如何打出未來的漲價牌。

Ittai, and thanks for the question. I'll start with the second question, so I don't forget it. But -- so we do have price increases, particularly as we -- particularly around the maintenance and things that are also very personnel related. So in terms of services, in terms of maintenance, in terms of renewals, we have built-in ways for price increases. I think also, when we think about our -- on our perpetual, those prices have increased as well. And we -- every year, annually, look at price increases as it relates to the current inflation. But we have incorporated that into our model for this year. And with regard to the perpetual revenue, I mean, we gave the kind of the mix at guiding for Q2 and a related headwind, I think the best way to look at it is probably similar to Q1.

Ittai，謝謝你的問題。我將從第二個問題開始，所以我不會忘記它。但是 - 所以我們確實有價格上漲，特別是因為我們 - 特別是在維護和與人事相關的事情上。所以在服務方面，在維護方面，在續訂方面，我們已經內置了漲價的方法。我還認為，當我們考慮我們的 - 在我們的永久，這些價格也上漲了。我們 - 每年，每年都會關注與當前通貨膨脹相關的價格上漲。但我們已將其納入今年的模型中。關於永久收入，我的意思是，我們給出了第二季度的指導組合和相關的逆風，我認為最好的看待它的方式可能類似於第一季度。

Your next question is from the line of Eric Heath from KeyBanc Capital.

您的下一個問題來自 KeyBanc Capital 的 Eric Heath。

I'll echo my congrats as well. Udi, just curious to hear your thoughts maybe on the impact of the (inaudible) security incident in the quarter, what that might have had an impact on the market more broadly and maybe how it affected your business or customer conversations in the quarter. And more specifically, just curious if you saw this, provide a tailwind for your vendor access solution.

我也會回應我的祝賀。 Udi，只是想听聽您對本季度（聽不清）安全事件的影響的看法，這可能對市場產生更廣泛的影響，以及它如何影響您在本季度的業務或客戶對話。更具體地說，如果您看到這一點只是好奇，為您的供應商訪問解決方案提供順風。

Yes. So I would say that it underscores that every company has to be diligent on security. And so it became one of those things, one of those names that come up or an example of a brief that comes up of that importance of investing in security and also to your last point in ensuring the vendor access and third-party controls. We have a 6- to 9-month cycle. So it didn't have a Q1 impact, but I think the important thing is the momentum we're seeing for our access solution is really because customers are requiring a security-first approach. It helps us emphasize you need a security-first approach and this foundation of, hey, from the makers of PAM were coming from (inaudible) users and third parties, we're well positioned. So I think the example -- it can also lead to that growing awareness of the importance to -- for securing third-party and vendor access. And the most important thing is that we're proud of our security-first approach to identity.

是的。所以我想說，它強調了每家公司都必須注意安全。因此，它成為了其中之一，出現的名稱之一或簡要說明了投資安全性的重要性以及確保供應商訪問和第三方控制的最後一點。我們有一個 6 到 9 個月的周期。所以它沒有對第一季度產生影響，但我認為重要的是我們看到訪問解決方案的勢頭確實是因為客戶需要安全第一的方法。它有助於我們強調您需要一種安全第一的方法，並且這個來自 PAM 製造商的基礎來自（聽不清）用戶和第三方，我們處於有利地位。所以我認為這個例子 - 它也可以導致人們越來越意識到保護第三方和供應商訪問的重要性。最重要的是，我們為我們以安全為先的身份識別方法感到自豪。

Great. That's helpful. And just one quick follow-up. Just on secrets management. Just curious on how you update the timing of the launch of the cloud version and how you might see that changing your competitive positioning or maybe an accelerating adoption of secrets management within your customer base?

偉大的。這很有幫助。只需快速跟進。只是關於秘密管理。只是好奇您如何更新雲版本的發佈時間，以及您如何看待這會改變您的競爭定位，或者可能會在您的客戶群中加速採用秘密管理？

Yes, so like it's -- we'll give more specific timing. It's going to be launched this year. It will take away some of the -- reduce the time to value for customers. So any time we do that, and we've done that across the portfolio, it helps in adoption and that will give us a competitive edge. So in terms of timing, the SaaS version will be within this year and stay tuned. In the meantime, we're helping customers in their hybrid environment and signing up some great marquee accounts and again, especially in their modern Kubernetes container environments like I mentioned.

是的，就像這樣——我們將給出更具體的時間安排。它將於今年推出。它將帶走一些——減少為客戶創造價值的時間。因此，任何時候我們這樣做，並且我們已經在整個產品組合中做到了這一點，它有助於採用，這將給我們帶來競爭優勢。所以在時間上，SaaS版本會在今年內，敬請期待。與此同時，我們在他們的混合環境中幫助客戶，並一次又一次地註冊一些很棒的賬戶，尤其是在他們的現代 Kubernetes 容器環境中，就像我提到的那樣。

Your next question is from the line of Trevor Walsh from JMP Securities.

您的下一個問題來自 JMP 證券公司的 Trevor Walsh。

Maybe just one quick one for you, Udi. I wanted to follow up on one of the points you made during your prepared remarks around wins. You mentioned the cryptocurrency company that had actually replaced a homegrown solution. I just wanted to confirm or kind of make sure I'm clear. Was that a PAM related homegrown solution or something well in the access space? If you can maybe give us some more detail there. And then as a follow-up to that, is that a trend that you see just generally within the PAM part of the house of customers kind of having homegrown solutions. I mean, if you can give us some more color around that trend as you see it.

也許只是給你一個快速的，Udi。我想跟進你在準備好的關於勝利的評論中提出的觀點之一。您提到了實際上取代了本土解決方案的加密貨幣公司。我只是想確認或確保我清楚。那是與 PAM 相關的本土解決方案還是訪問空間中的其他解決方案？如果你可以在那裡給我們一些更詳細的信息。然後作為後續行動，您通常在客戶之家的 PAM 部分中看到一種趨勢，即擁有本土解決方案。我的意思是，如果你能在你所看到的趨勢中為我們提供更多的色彩。

I actually would say that in the past, it was in our early years is when we saw that some of the highly regulated organizations, we're making an attempt to create their own homegrown and we were rapidly replacing that, and they're familiar with our strength in the financial industry. I think this was an example where kind of type of a born on modern environment company took a stab at building it on its own and just saw that it doesn't scale, and it's not -- and it doesn't provide the security that they need. So it was a great win for us. And just like we saw other great wins in the quarter in born-in-the-cloud type organizations where we can come in and be part of the solution. And of course, they're very similar to a financial organization and are very -- and are highly targeted. So it was a great win for us. And actually, I'm hoping that one of the days we will be able to actually show a case study and disclose the customer name with their consent because it's definitely a great logo.

我實際上會說，在過去，在我們早年的時候，當我們看到一些受到高度監管的組織時，我們正在嘗試創建自己的本土組織，我們正在迅速取代它，而且他們很熟悉憑藉我們在金融行業的實力。我認為這是一個例子，一種在現代環境中誕生的公司嘗試自行構建它，只是看到它不能擴展，而且它不是——而且它沒有提供安全性他們需要。所以這對我們來說是一場偉大的勝利。就像我們在本季度在雲中誕生的組織中看到的其他重大勝利一樣，我們可以進入並成為解決方案的一部分。當然，它們與金融組織非常相似，並且非常具有針對性。所以這對我們來說是一場偉大的勝利。實際上，我希望有一天我們能夠真正展示一個案例研究並在他們同意的情況下披露客戶名稱，因為這絕對是一個很棒的標誌。

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

您的下一個問題來自富國銀行的 Andrew Nowinski。

This is Justin Donati on for Andy. You've talked about the strong pipeline. I was just wondering if you could quantify anything around how your win very -- sorry, your win rates have been trending? And just any color you could add there.

這是安迪的賈斯汀·多納蒂。您已經談到了強大的管道。我只是想知道你是否可以量化你的獲勝方式——抱歉，你的獲勝率一直在變化？以及您可以添加的任何顏色。

Yes, I don't have numerical. I would say, back to my initial comment, I'm just going fast because we're at the end of the call. As I mentioned, competitive position is probably one of the best we've seen it in on the PAM front, so that's very strong. And for us, the world of access is an expansion. So we're very excited to see our win rates trend up and be very differentiated there.

是的，我沒有數字。我想說，回到我最初的評論，我只是說得很快，因為我們已經結束了通話。正如我所提到的，競爭地位可能是我們在 PAM 方面看到的最好的地位之一，所以它非常強大。對我們來說，訪問世界是一個擴展。因此，我們很高興看到我們的贏率呈上升趨勢並在那裡變得非常與眾不同。

And if I could just ask 1 follow-up question. Outside of PAM, what is typically the next add-on for the customers?

如果我可以問 1 個後續問題。在 PAM 之外，客戶的下一個附加組件通常是什麼？

So I would say that the landing spots are our Privilege Cloud, EPM and our CyberArk Identity. And often, we see a combination of those in the land. And whatever was not part of that would be the [run-off] followed by secrets management as add-on business. especially in our strategic accounts that follow our blueprint and are expanding us to secrets management. But it rotates between Privilege Cloud -- landing with Privilege Cloud, EPM and/or CyberArk Identity and it would -- expansion around there. And very often, we're coming in with a package that introduces them and give them a flavor of the other solution. And hence, that's why we talk about the velocity of add-on because they had a (inaudible) to consume [quick signs] of value and we can get that add-on business faster.

所以我想說著陸點是我們的 Privilege Cloud、EPM 和 CyberArk Identity。而且，我們經常看到這片土地上的這些組合。任何不屬於其中的都是[徑流]，然後是作為附加業務的秘密管理。特別是在我們遵循我們的藍圖並將我們擴展到秘密管理的戰略賬戶中。但它在 Privilege Cloud 之間輪換——使用 Privilege Cloud、EPM 和/或 CyberArk Identity 登陸，它會在附近擴展。很多時候，我們會提供一個包來介紹它們，並為它們提供另一種解決方案的味道。因此，這就是為什麼我們談論附加組件的速度，因為他們有（聽不清）消耗價值的[快速跡象]，我們可以更快地獲得附加業務。

There are no further questions. Mr. Udi Mokady, please go ahead.

沒有進一步的問題。 Udi Mokady 先生，請繼續。

Great, thank you very much. We are thrilled to start 2022 with an incredible quarter with strong demand for our Identity Security platform. And as always, I want to thank our customers and partners for being that cornerstone of our success. I also want to extend special appreciation to the entire CyberArk team who came together and worked hard to execute on this subscription transformation strategy and shifting us in 5 quarters. Amazing. Thank you.

太好了，非常感謝。我們很高興以令人難以置信的季度開始 2022 年，對我們的身份安全平台的需求強勁。與往常一樣，我要感謝我們的客戶和合作夥伴是我們成功的基石。我還要特別感謝整個 CyberArk 團隊，他們齊心協力，努力執行這一訂閱轉型戰略，並在 5 個季度內對我們進行轉變。驚人的。謝謝你。

And with that, this concludes today's conference call. Thank you for attending. You may now disconnect.

至此，今天的電話會議到此結束。感謝您的出席。您現在可以斷開連接。