Cyberark Software Ltd (CYBR) 2021 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to CyberArk Fourth Quarter and Full Year 2021 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Erica Smith. Please go ahead.

美好的一天，感謝您的支持。歡迎來到 CyberArk 2021 年第四季度和全年財報電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）我現在想把會議交給你今天的演講者，Erica Smith。請繼續。

Thank you [Eva]. Good morning. Thank you for joining us today to review CyberArk's Fourth Quarter and Year-end 2021 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[伊娃]。早上好。感謝您今天加入我們，回顧 CyberArk 的 2021 年第四季度和年終財務業績。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 first quarter and full year 2022.

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。我特別指的是關於我們對 2022 年第一季度和全年預計運營結果的期望和信念的討論。

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 U.S. Securities and Exchange Commission and those referenced in today's press release that are posted to CyberArk's website, as well as risks regarding our ability to continue to transition the business to a subscription model, the duration and scope of the COVID-19 pandemic, its related impact on global economies and our ability to adjust in response to the global -- to the COVID-19 pandemic.

我們的實際結果可能與這些前瞻性陳述中預測的結果大不相同。我提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，以及與我們繼續經營能力有關的風險將業務轉變為訂閱模式、COVID-19 大流行的持續時間和範圍、其對全球經濟的相關影響以及我們為應對全球 - COVID-19 大流行而進行調整的能力。

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

CyberArk 明確否認任何申請或承諾公開發布對今天做出的任何前瞻性陳述的任何更新或修訂。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也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 shift, but it should not be viewed as comparable to or a substitute for reported GAAP revenues or other GAAP metrics.

我們還想提醒您，我們提供了計算出的收入逆風，以增加我們訂閱預訂組合轉變的影響，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。

A webcast of today's call is also available on our website in the IR section. With that, I would like to turn the call over to our Chairman and Chief Executive Officer, Udi Mokady. Udi?

今天電話會議的網絡廣播也可以在我們網站的 IR 部分獲得。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 this morning. It was a record-breaking year for CyberArk, best characterized by transformation, out performance and acceleration. Momentum continues to build as we move through 2021, culminating in a record fourth quarter. The most important takeaway from Q4 is that we experienced another step function increase in demand for our platform with our SaaS solutions driving our performance.

謝謝 Erica，謝謝大家今天早上加入電話會議。對於 CyberArk 來說，這是創紀錄的一年，其最大特點是轉型、卓越性能和加速。隨著我們進入 2021 年，勢頭繼續增強，最終在創紀錄的第四季度達到頂峰。第四季度最重要的收穫是，我們的 SaaS 解決方案推動了我們的績效，我們的平台需求又出現了一步功能增長。

We delivered the largest ever sequential increase in ARR, off an incredible record Q3. Subscription ARR reached $183 million and growth accelerated to 146%. Total ARR reached $393 million and growth accelerated to 44%. Again, in the fourth quarter, we significantly beat our bookings assumptions resulting in total revenue of $151 million and a 71% booking mix with a $33 million calculated revenue headwind, all above the guidance framework.

我們在第三季度創下了令人難以置信的記錄，實現了 ARR 有史以來最大的連續增長。訂閱 ARR 達到 1.83 億美元，增長加速至 146%。總 ARR 達到 3.93 億美元，增長加速至 44%。同樣，在第四季度，我們大大超過了我們的預訂假設，總收入為 1.51 億美元，預訂組合佔 71%，計算的收入逆風為 3300 萬美元，均高於指導框架。

While the subscription transition masks the underlying growth of the business, if you adjust from (inaudible) bookings, our license line grew by about 40% in the fourth quarter. Geographically, we have another perfect gain. Every region outperformed our guidance framework.

雖然訂閱過渡掩蓋了業務的潛在增長，但如果您根據（聽不清）預訂進行調整，我們的許可線在第四季度增長了約 40%。在地理上，我們還有另一個完美的收穫。每個地區的表現都優於我們的指導框架。

From every angle, it was a stellar quarter. Operationally, we outperformed against our strategic imperatives to drive growth, execute our subscription transition, continue to deliver innovation and profitably scale our operations. I will frame today's discussion around these pillars, starting with growth.

從各個角度來看，它都是一個恆星季度。在運營方面，我們在推動增長、執行訂閱過渡、繼續提供創新和以盈利方式擴展運營方面的戰略要求表現出色。我將圍繞這些支柱構建今天的討論，從增長開始。

We are one of the best -- we are in one of the best positions, if not the best position to drive long-term sustainable growth, with strong secular tailwinds of digital transformation, cloud migration and attacker innovation gathered more speed in the fourth quarter and continue to push identity security to the center of every customer discussion.

我們是最好的之一——我們處於最好的位置之一，如果不是推動長期可持續增長的最佳位置，數字化轉型、雲遷移和攻擊者創新的強勁長期順風在第四季度加快了速度並繼續將身份安全推到每個客戶討論的中心。

As we all know, 2021 kicked off under the dark cloud of SolarWinds and we ended the year with the Log4j vulnerability with countless attacks in between. Most recently, CISO published an advisory of a state-sponsored Advanced Persistent Threat, or APT, in this effect and others throughout the year, stolen credentials where the common denominator leveraged in the (inaudible).

眾所周知，2021 年在 SolarWinds 的烏雲下開始，我們以 Log4j 漏洞結束了這一年，中間發生了無數次攻擊。最近，CISO 發布了一份關於國家資助的高級持續性威脅 (APT) 的諮詢意見，在這種情況下以及全年的其他情況下，在（聽不清）中共同點利用的憑證被盜。

The threat landscape is the most aggressive that I have received. With our foundation in PAM, we are in the best position of any vendor to address the identity security challenge.

威脅形勢是我收到的最具侵略性的。憑藉我們在 PAM 方面的基礎，我們在任何供應商中處於應對身份安全挑戰的最佳位置。

Our results demonstrate that enterprises agree. While post-breach activity is a small part of our business, we have been pulled into engagements in the wake of these attacks as the second cause behind remediation firms because of our trusted advisor status as cybersecurity experts.

我們的結果表明，企業同意。雖然違規後活動只是我們業務的一小部分，但由於我們作為網絡安全專家的值得信賴的顧問身份，我們在這些攻擊之後作為補救公司背後的第二個原因被拉入了參與。

Beyond secular entailments, we made the right strategic moves at the right time, supercharging the acceleration of our business. We formally rolled out our transformation program early in 2021, creating centers of excellence in PAM, Access and DevSecOps, unifying our experience under one umbrella, our customer experience under one umbrella and driving the business towards a recurring revenue.

除了世俗的影響，我們在正確的時間採取了正確的戰略舉措，加速了我們的業務發展。我們於 2021 年初正式推出了轉型計劃，在 PAM、Access 和 DevSecOps 方面建立了卓越中心，將我們的經驗統一在一個保護傘下，將我們的客戶體驗統一在一個保護傘下，並推動業務實現經常性收入。

Each quarter in 2021 was significantly better than the previous with our execution kicking into an even higher year in Q4 of an incredible third quarter, as I mentioned.

正如我所提到的，2021 年的每個季度都明顯好於上一個季度，我們的執行力在令人難以置信的第三季度的第四季度進入了更高的一年。

Importantly, productivity is back well above 2019 levels. This, combined with the increased sales capacity, creates a strong foundation for growth in the quarters ahead. SaaS reached yet another record with particular strength in Privilege Cloud, Endpoint Privilege Manager and CyberArk Identity.

重要的是，生產力已遠高於 2019 年的水平。這與增加的銷售能力相結合，為未來幾個季度的增長奠定了堅實的基礎。 SaaS 在 Privilege Cloud、Endpoint Privilege Manager 和 CyberArk Identity 方面以特別的優勢再創佳績。

The growth in our Privileged Access Solutions outstrip industry estimates for 2021. On the Access and DevSecOps front to increase focus and specialized resources significantly improved our competitive position. From a bookings perspective, Access more than doubled in 2021, and we have key competitive enterprise wins for Secrets Manager.

到 2021 年，我們的特權訪問解決方案的增長超過了行業預期。在訪問和 DevSecOps 方面，增加重點和專業資源顯著提高了我們的競爭地位。從預訂的角度來看，Access 在 2021 年增長了一倍多，我們為 Secrets Manager 贏得了關鍵的競爭企業勝利。

We will talk about innovation in a bit, but Secure Web Sessions and Dynamic Privileged Access are game changers, moving us further ahead of competition. Optimizing our go-to-market machine paves the way for our record new business quarter with more than 375 new logos added during the quarter and a material increase in new business deal sizes.

我們稍後將討論創新，但安全 Web 會話和動態特權訪問改變了遊戲規則，使我們在競爭中進一步領先。優化我們的上市機器為我們創紀錄的新業務季度鋪平了道路，本季度新增了超過 375 個新徽標，新業務交易規模大幅增加。

A few new wins to highlight. As part its digital transformation, a large broadcaster bought our Identity Security platform, because of its foundation in PAM, including Privilege Cloud, Endpoint Privilege Manager, Sequence Manager Remote Access and Cloud Entitlements Manager. A travel and transportation company that has outgrown a competitive PAM offering is moving to Privilege Cloud because of our scalability and fast time to value.

一些新的勝利值得強調。作為其數字化轉型的一部分，一家大型廣播公司購買了我們的身份安全平台，因為它以 PAM 為基礎，包括 Privilege Cloud、Endpoint Privilege Manager、Sequence Manager Remote Access 和 Cloud Entitlements Manager。由於我們的可擴展性和快速的價值實現時間，一家已經超越了具有競爭力的 PAM 產品的旅遊和運輸公司正在遷移到 Privilege Cloud。

This customer is 1 among many turning to CyberArk to meet today's rigorous cyber insurance requirements and trying to expect to pick up in 2022. The crippling effect of ransomware contributed to our record year for EPM and also the strong growth in PAM. Our 2 largest deals in the quarter were expansion from PAM into EPM. We signed our largest ever EPM deal with a European manufacturing company and a major deal into a large U.S. bank. In fact, EPM was in 8 of our top 10 deals in the quarter.

該客戶是眾多轉向 CyberArk 以滿足當今嚴格的網絡保險要求並試圖在 2022 年恢復的眾多客戶之一。勒索軟件的嚴重影響促成了我們創紀錄的 EPM 一年以及 PAM 的強勁增長。我們本季度最大的兩筆交易是從 PAM 擴展到 EPM。我們與一家歐洲製造公司簽訂了有史以來最大的 EPM 交易，並與一家大型美國銀行簽訂了一項重大交易。事實上，EPM 在我們本季度前 10 項交易中的 8 項。

With our subscription model resonate and SaaS taking off the velocity of our business is picking up steam with customers adding on both more users and more products faster. As examples, expanding from PAM into identity, a regional investment bank that has been worked -- has been a CyberArk customer since 2012 and required the efficiency of workforce identity for all users and is all to Secure Web Sessions.

隨著我們的訂閱模式引起共鳴和 SaaS 的起飛，我們的業務正在加速發展，客戶更快地增加了更多的用戶和更多的產品。例如，從 PAM 擴展到身份，一家已經工作的區域投資銀行 - 自 2012 年以來一直是 CyberArk 的客戶，需要為所有用戶提供勞動力身份的效率，並且全部用於安全 Web 會話。

As part of a broad PAM program, an existing insurance (inaudible) customer needed a single pane of glass for managing all human and nonhuman identities and expanded from core privileged access into secrets management. Traditionally, our customers have leveraged PAM as a jumping off point for their identity security programs. As our platform motion is gaining momentum, we are excited to see newer EPM and cyber identity customers expand into PAM.

作為廣泛 PAM 計劃的一部分，現有的保險（聽不清）客戶需要一個單一的管理平台來管理所有人類和非人類身份，並從核心特權訪問擴展到機密管理。傳統上，我們的客戶利用 PAM 作為其身份安全計劃的起點。隨著我們的平台運動獲得動力，我們很高興看到新的 EPM 和網絡身份客戶擴展到 PAM。

In Q4, a global food manufacturing company and CyberArk identity customer extended their CyberArk program with Privileged Cloud, Remote Vendor Access and EPM. Strengthening our partner program was another focus area in 2021. We are deepening our relationships across our vast global system integrators and advisories, managed security service providers, cloud marketplace and (inaudible) partners.

在第四季度，一家全球食品製造公司和 CyberArk 身份客戶通過特權雲、遠程供應商訪問和 EPM 擴展了他們的 CyberArk 計劃。加強我們的合作夥伴計劃是 2021 年的另一個重點領域。我們正在加深與我們龐大的全球系統集成商和諮詢機構、託管安全服務提供商、雲市場和（聽不清）合作夥伴之間的關係。

On the cloud marketplace side, our business with AWS continued to gain traction in the fourth quarter and our pipeline going tripled. Marketplaces are a productive, efficient, highly scalable complementary new route to market for cyber.

在雲市場方面，我們與 AWS 的業務在第四季度繼續獲得牽引力，我們的管道增長了兩倍。市場是一種高效、高效、高度可擴展的補充網絡市場新途徑。

Moving to subscription transition. Our transformation is well on its way. And as we mentioned, we outperformed again in the fourth quarter. Our SaaS products continue to lead the way, and we are already seeing the (inaudible) effect. We are confident this will result in higher lifetime value. We now have more than 890 customers with over $100,000 in annual recurring revenue.

轉向訂閱過渡。我們的轉型進展順利。正如我們所提到的，我們在第四季度再次表現出色。我們的 SaaS 產品繼續引領潮流，我們已經看到了（聽不清）效果。我們相信這將帶來更高的生命週期價值。我們現在有超過 890 名客戶，年經常性收入超過 100,000 美元。

Given our success in 2021, we are accelerating the transition exit and expect to reach about 85% of bookings from subscription in the second quarter of 2022 or in just 6 quarters, which is well ahead of our initial time line outlined in February of 2021.

鑑於我們在 2021 年取得的成功，我們正在加速過渡退出，並預計在 2022 年第二季度或僅 6 個季度內，訂閱的預訂量將達到約 85%，這遠遠超過了我們在 2021 年 2 月概述的初始時間線。

Innovation is a core pillar of our growth strategy. And in 2021, we introduced Secure Web Sessions and Dynamic Privileged Access. The pace of demand for Secure Web Sessions is incredibly strong. In the first few weeks after [GA], we got (inaudible) and strong pipeline heading into 2022.

創新是我們增長戰略的核心支柱。並且在 2021 年，我們引入了安全 Web 會話和動態特權訪問。對安全 Web 會話的需求速度非常強勁。在 [GA] 之後的最初幾週，我們（聽不清）和強大的管道進入 2022 年。

Secure Web Sessions harnesses the power of both IDaaS and PAM, providing PAM security and controls with a frictionless user experience. It is an elegant solution and no other vendor in the market can provide this level of operational efficiency and security in a single platform.

Secure Web Sessions 利用 IDaaS 和 PAM 的強大功能，為 PAM 安全和控制提供順暢的用戶體驗。這是一個優雅的解決方案，市場上沒有其他供應商可以在單一平台中提供這種級別的運營效率和安全性。

We also won early Dynamic Privilege Access for DPA customers in Q4. DPA uniquely positions CyberArk as the only vendor who secures both standing and dynamic privileges regardless of environment from boarding the cloud to hybrid to self-hosted.

我們還在第四季度為 DPA 客戶贏得了早期的動態特權訪問。 DPA 將 CyberArk 獨特地定位為唯一一家無論環境如何，從登入雲到混合再到自託管，都能確保長期和動態特權的供應商。

We are hearing from customers that the combination of DPA and Secure Web Sessions changes the competitive landscape for identity security. I will wrap up my discussion with some comments on profitability.

我們從客戶那裡聽說，DPA 和安全 Web 會話的結合改變了身份安全的競爭格局。我將以一些關於盈利能力的評論來結束我的討論。

Our investments in 2021 delivered exceptional returns. With our strong execution, the inflection in the demand environment and our incredibly favorable competitive position across PAM, Access and (inaudible), we plan to invest in growth and innovation in 2022.

我們在 2021 年的投資帶來了非凡的回報。憑藉我們強大的執行力、需求環境的變化以及我們在 PAM、Access 和（聽不清）方面令人難以置信的有利競爭地位，我們計劃在 2022 年投資於增長和創新。

Our investments demonstrate the confidence in our unprecedented opportunity as identity-centric security models are now required. Our approach to investment hasn't changed. We invest in step with the demand, our focus on impactful spending and given our track record are confident in our ability to deliver long-term profitable growth.

我們的投資表明了對我們前所未有的機會的信心，因為現在需要以身份為中心的安全模型。我們的投資方式沒有改變。我們根據需求進行投資，我們專注於有影響力的支出，並且鑑於我們的業績記錄，我們對我們實現長期盈利增長的能力充滿信心。

Our priorities heading into 2022 include: complete our subscription transition by the second quarter; invest in our global sales organization, including our partner ecosystem to drive growth; protect our ARR by investing in customer success, support and services; and invest in research and development to enhance our dental security platform and drive innovation.

我們進入 2022 年的優先事項包括：在第二季度之前完成我們的訂閱過渡；投資於我們的全球銷售組織，包括我們的合作夥伴生態系統以推動增長；通過投資於客戶成功、支持和服務來保護我們的 ARR；並投資於研發以增強我們的牙科安全平台並推動創新。

With our turbocharge performance in the fourth quarter, we are in an incredible position to execute against our massive opportunity. I will now turn the call over to Josh, who will discuss our financial results in more detail and provide you our outlook for the first quarter and full year 2022. Over to you, Josh.

憑藉我們在第四季度的強勁表現，我們處於一個令人難以置信的位置，可以利用我們的巨大機會執行。我現在將把電話轉給喬希，他將更詳細地討論我們的財務業績，並向您提供我們對 2022 年第一季度和全年的展望。喬希，交給您。

Thanks, Udi. We'd like to remind you that we posted slides to the website that will be helpful as we walk through our results. So as Udi mentioned, we had a record fourth quarter, capping off an incredible year of acceleration, out performance and transformation. In terms of the headline P&L, we generated record total revenue above the high end of the range of $151.3 million in the fourth quarter with a 71% mix of subscription bookings that is ahead of our guidance framework of the 68% mix.

謝謝，烏迪。我們想提醒您，我們在網站上發布了幻燈片，這將有助於我們瀏覽我們的結果。正如 Udi 所說，我們在第四季度創下了創紀錄的成績，為令人難以置信的加速、業績和轉型的一年畫上了句號。就整體損益而言，我們在第四季度創造了高於 1.513 億美元範圍高端的創紀錄總收入，其中 71% 的訂閱預訂組合超過了我們 68% 組合的指導框架。

We were thrilled to again see both revenue and mix out performance really a great demonstration of the strength in our bookings. Before digging deeper into the P&L revenue, I want to highlight our annual recurring revenue, which illustrates the step function change in the demand environment for the fourth quarter. We experienced our largest ever sequential increase, adding $44 million to the subscription ARR in the fourth quarter alone.

我們很高興再次看到收入和混合表現確實很好地證明了我們的預訂實力。在深入研究損益表收入之前，我想強調一下我們的年度經常性收入，這說明了第四季度需求環境的階躍函數變化。我們經歷了有史以來最大的連續增長，僅在第四季度就為訂閱 ARR 增加了 4400 萬美元。

The subscription portion of our annual recurring revenue reached $183 million, representing over 46% of the total and year-over-year growth accelerating to 146%. Just 1 year ago, the subscription portion was only $74 million or 27% of total. Our total ARR was $393 million. That is an acceleration to 44% year-on-year versus 38% year growth that we showed in the third quarter of 2021.

我們年度經常性收入的訂閱部分達到 1.83 億美元，佔總收入的 46% 以上，同比增長加速至 146%。就在一年前，訂閱部分僅為 7400 萬美元，佔總數的 27%。我們的總 ARR 為 3.93 億美元。這與我們在 2021 年第三季度顯示的 38% 的年增長率相比，同比增長了 44%。

The maintenance portion was $210 million at December 31 and reflects our strong renewal rates. The acceleration in our ARR is driven by the strong demand environment, transformation of our business and great execution of our go-to-market engine, all of which sets us up very well for 2022 and beyond.

截至 12 月 31 日，維護部分為 2.1 億美元，反映了我們強勁的續訂率。強勁的需求環境、業務轉型和上市引擎的出色執行推動了我們 ARR 的加速，所有這些都為我們在 2022 年及以後做好了準備。

In addition, we are pleased with our increased visibility from the strong execution of our transition. We ended 2021 with remaining performance obligation of $516 million, that is 42% growth from year-end 2020.

此外，我們對強有力的過渡執行提高了我們的知名度感到高興。到 2021 年底，我們的剩餘履約義務為 5.16 億美元，比 2020 年底增長 42%。

Moving to revenue. Subscription revenue that includes SaaS and self-hosted subscription reached $47.6 million and represented 31% of total revenue in the fourth quarter, that's increasing 142%. Consistent with our transition progress, perpetual license revenue declined to $38.7 million. Our Maintenance and Professional Services revenue was $65.1 million with $55.3 million coming from recurring maintenance and $9.8 million in Professional Services revenue.

轉向收入。包括 SaaS 和自託管訂閱在內的訂閱收入達到 4760 萬美元，佔第四季度總收入的 31%，增長了 142%。與我們的過渡進度一致，永久許可收入下降至 3870 萬美元。我們的維護和專業服務收入為 6510 萬美元，其中 5530 萬美元來自經常性維護，980 萬美元來自專業服務收入。

Recurring revenue, defined as our total subscription plus our maintenance related to perpetual license revenue, reached $102.9 million or 68% of total revenue, growing 48% year-on-year. We continue to have a SaaS-heavy transition with nearly 50% of our total bookings coming from SaaS with our mix reaching 71% in the fourth quarter, we have made great progress transforming CyberArk into a subscription company.

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 1.029 億美元，佔總收入的 68%，同比增長 48%。我們繼續進行以 SaaS 為主的轉型，近 50% 的總預訂量來自 SaaS，第四季度我們的組合達到 71%，我們在將 CyberArk 轉變為訂閱公司方面取得了巨大進展。

Economically, the headwind created by the mix was approximately $33 million in the fourth quarter when we compare like-for-like to the mix in the fourth quarter 2020.

從經濟上講，當我們將同類產品與 2020 年第四季度的同類產品進行比較時，第四季度該產品組合帶來的逆風約為 3300 萬美元。

Normalizing for the mix shift, growth in the license portion of the business, our SaaS self-hosted subscription and perpetual would have grown about 40% and demonstrates the underlying growth in the business. Taking the calculated revenue into consideration, total revenue growth would have accelerated to 28% year-on-year.

正常化混合轉變、業務許可部分的增長、我們的 SaaS 自託管訂閱和永久訂閱將增長約 40%，並展示了業務的潛在增長。考慮到計算出的收入，總收入同比增長將加速至 28%。

New business also accelerated in the quarter. We signed more than 375 new customers, and that's a record. New business average deal sizes also increased by just over 20% in the fourth quarter, driven by strong demand for SaaS in particular.

本季度新業務也加速發展。我們簽下了超過 375 個新客戶，這是一個記錄。由於對 SaaS 的強勁需求，第四季度新業務的平均交易規模也增加了 20% 以上。

Geographically, the business is well diversified -- the Americas generated $86.2 million in revenue, representing 57% of total revenue. The Americas again had the strongest percentage of SaaS bookings during the quarter. EMEA had $49.3 million in revenue or 33% of total revenue with SaaS bookings more than doubling over the last year.

從地域上看，該業務非常多元化——美洲地區創造了 8620 萬美元的收入，佔總收入的 57%。美洲在本季度再次擁有最強的 SaaS 預訂百分比。 EMEA 的收入為 4930 萬美元，佔總收入的 33%，SaaS 預訂量比去年增加了一倍多。

APJ generated $15.8 million in revenue or 10% of total revenue, with SaaS and subscription now over 50% of bookings for that quarter. If we look across the geographies, adjusted for the calculated revenue headwind created by the mix, each region would have grown by over 25% in license revenue, with our license line growing over 25% in EMEA, about 45% in Americas and over 60% in APJ.

APJ 的收入為 1580 萬美元，佔總收入的 10%，其中 SaaS 和訂閱現在佔該季度預訂量的 50% 以上。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，每個地區的許可收入將增長超過 25%，我們的許可線在歐洲、中東和非洲地區增長超過 25%，在美洲增長約 45%，在 60 多個地區增長亞太及日本地區的百分比。

Normalizing for the revenue headwind, our license line grew over 30% in each region on a full year basis. All line items of the P&L will now be discussed on a non-GAAP basis. Please see the full GAAP to non-GAAP reconciliation in the tables of our press release.

針對收入逆風正常化，我們的許可線在每個地區全年增長超過 30%。現在將在非公認會計原則的基礎上討論損益表的所有項目。請在我們的新聞稿表格中查看完整的 GAAP 與非 GAAP 對賬。

Our fourth quarter gross profit was $130.1 million or an 86% gross margin. That's compared with 88% gross margin in the fourth quarter last year, primarily the result of the increase in our SaaS business in 2021. We continue to make investments to drive innovation and growth, resulting in operating expenses of $113.8 million, a 31% increase year-on-year and operating income of $16.3 million in the quarter, significantly beating the high end of our guidance.

我們第四季度的毛利潤為 1.301 億美元，毛利率為 86%。相比之下，去年第四季度的毛利率為 88%，這主要是由於 2021 年我們 SaaS 業務的增長。我們繼續投資以推動創新和增長，導致運營費用為 1.138 億美元，增長 31%本季度同比和營業收入為 1630 萬美元，大大超過了我們指導的高端。

It is important to remember that our operating income is lower by $2.2 million from foreign exchange and the approximately $33 million calculated revenue headwind. Isolating for the calculated revenue headwind, our operating margin would have been approximately 26%. And adjusting for the FX impact, the margin would have increased by another 2 points to 28% in the fourth quarter of 2021.

重要的是要記住，我們的營業收入因外匯而減少了 220 萬美元，而計算所得的收入逆風約為 3300 萬美元。排除計算出的收入逆風，我們的營業利潤率約為 26%。調整外匯影響後，到 2021 年第四季度，利潤率將再增加 2 個百分點至 28%。

Net income was $11.8 million or $0.28 per diluted share for the fourth quarter. For the full year, revenue was over $500 million, and that's a great milestone for CyberArk, reaching $502.9 million with a 66% subscription bookings mix for the year. This resulted in a $74 million calculated headwind for the full year and taking the economic impact from the headwind into consideration, the year-on-year comparison would be over 35% license revenue growth and 24% total revenue growth.

第四季度淨收入為 1180 萬美元或每股攤薄收益 0.28 美元。全年收入超過 5 億美元，這對 CyberArk 來說是一個偉大的里程碑，達到 5.029 億美元，全年訂閱預訂組合佔 66%。這導致全年計算出 7400 萬美元的逆風，考慮到逆風帶來的經濟影響，與去年同期相比，許可收入增長超過 35%，總收入增長超過 24%。

To underscore how great a year 2021 was for CyberArk, I wanted to reflect on the guidance we set in February 2021. The top of our revenue range was $496 million, and that assumed a 55% mix and a $39 million headwind. We generated revenue above the range and our mix reached 66% or 11 percentage points above our framework, which resulted in a total calculated revenue headwind in 2021 of $74 million.

為了強調 2021 年對 CyberArk 來說是多麼棒的一年，我想回顧一下我們在 2021 年 2 月制定的指導方針。我們的最高收入範圍是 4.96 億美元，假設 55% 的組合和 3900 萬美元的逆風。我們產生的收入高於該範圍，我們的組合比我們的框架高出 66% 或 11 個百分點，這導致 2021 年的總收入逆風為 7400 萬美元。

The bookings underlying our results materially beat the assumptions in our guidance. As Udi mentioned, there was a step-up function increase in demand for our solutions with momentum building both in our bookings and in our pipeline as we moved through the year.

我們業績背後的預訂量大大超過了我們指引中的假設。正如 Udi 所提到的，隨著這一年的發展，我們的解決方案的需求不斷增加，我們的預訂和管道中的勢頭都在增強。

Moving to the full year P&L. Operating expenses increased by 31% as we advanced to deliver against the strong demand. Operating income was $23.9 million and our EPS was $0.33 per diluted share for a full year. We continued to attract and retain top talent, a testament to our culture and our success in the market. Adding 450 new employees in 2021, the highest number in a single year. We ended December with over 2,100 employees worldwide with 942 employees in sales and marketing.

轉到全年損益表。隨著我們在強勁的需求下進行交付，運營費用增加了 31%。營業收入為 2390 萬美元，全年每股攤薄收益為 0.33 美元。我們繼續吸引和留住頂尖人才，這證明了我們的文化和我們在市場上的成功。 2021年新增450名員工，為單年最高。截至 12 月，我們在全球擁有 2,100 多名員工，其中 942 名員工從事銷售和營銷工作。

For the full year 2021 free cash flow was $65.8 million or 13% free cash flow margin. This cash flow contributes to our strong balance sheet and we now ended the quarter with $1.2 billion in cash and investments. Turning to our guidance, our guidance for the first quarter of 2022 and the full year reflects the robust industry tailwinds, our record pipeline billing, incredible execution and the acceleration in our bookings, and so for the first quarter of 2022 we expect the total revenue of $125 million to $133 million. We expect the non-GAAP operating loss to about $16 million to $9 million for the first quarter. We expect our EPS to range from a non-GAAP net loss of $0.42 to $0.25 per basic and diluted share.

2021 年全年自由現金流為 6580 萬美元，自由現金流利潤率為 13%。這種現金流有助於我們強大的資產負債表，我們現在以 12 億美元的現金和投資結束本季度。談到我們的指導，我們對 2022 年第一季度和全年的指導反映了強勁的行業順風、我們創紀錄的管道計費、令人難以置信的執行和我們的預訂加速，因此我們預計 2022 年第一季度的總收入1.25 億美元至 1.33 億美元。我們預計第一季度非公認會計原則的運營虧損約為 1600 萬至 900 萬美元。我們預計我們的每股收益將在 0.42 美元至 0.25 美元的非公認會計原則淨虧損之間，基本和稀釋後的份額。

The guidance assumes to jump up to about 79% of the subscription booking mix and a calculated revenue and profitability headwind for approximately $13 million for the first quarter of 2022. So if we isolate our license lines of staff self-hosted subscription and perpetual the normalized growth rate taking into account and calculated relative new headwind for the first quarter would be over 50% year-on-year for just the license portion. Similarly for the total revenue the growth rate would be at 26% at the mid point of the range taking in the headwind into the account. Our guidance also assume 40.3 million basic shares -- basic and diluted shares and about $2 million in taxes.

該指南假設訂閱預訂組合的比例上升至約 79%，計算得出的收入和盈利能力逆風為 2022 年第一季度約 1300 萬美元。因此，如果我們將員工自託管訂閱的許可線隔離開來，並永久保持標準化考慮到第一季度的相對新逆風，僅許可部分的增長率將超過 50%。同樣，考慮到逆風，總收入的增長率將在區間的中點為 26%。我們的指導還假設有 4030 萬股基本股——基本股和稀釋股，以及約 200 萬美元的稅收。

Looking at the full year 2022, we expect total revenue in the range of $582 million to $598 million. The mix assumption underlying our guidance for the full year is 85% from subscription bookings and our revenue headwind is approximately $53 million.

展望 2022 年全年，我們預計總收入在 5.82 億美元至 5.98 億美元之間。我們全年指導的混合假設是訂閱預訂的 85%，我們的收入逆風約為 5300 萬美元。

And now moving down the P&L. For the full year, we expect non-GAAP operating loss to be between $34 million and $20 million. We expect our non-GAAP net loss per basic and diluted share to be in the range of $0.98 to $0.64 and for the full year, we expect about 40.7 million basic and diluted shares and about $10 million in taxes. For the full year, the increase in our expenses are related to 4 more major areas: increasing investments in our cloud infrastructure to support our record SaaS bookings in 2021, which will lower our gross margin for the full year to between about 80% and 81%.

現在向下移動損益表。全年，我們預計非 GAAP 運營虧損將在 3400 萬美元至 2000 萬美元之間。我們預計我們的非公認會計準則每股基本股和稀釋股淨虧損將在 0.98 美元至 0.64 美元之間，全年我們預計將有約 4070 萬股基本股和稀釋股以及約 1000 萬美元的稅收。全年，我們的支出增加與另外 4 個主要領域有關：增加對雲基礎設施的投資以支持我們在 2021 年創紀錄的 SaaS 預訂，這將使我們全年的毛利率降低至約 80% 至 81% %。

Changes in exchange rates are increasing our expenses by about $7 million over 2021, in particular, for R&D and G&A. We are continuing to make critical investments in R&D, including our SaaS and self-hosted solutions. And lastly, the investments in sales and marketing.

匯率變化使我們的支出在 2021 年增加了約 700 萬美元，特別是在研發和 G&A 方面。我們將繼續在研發方面進行重要投資，包括我們的 SaaS 和自託管解決方案。最後，在銷售和營銷方面的投資。

We have deep conviction in the opportunity and our incredibly strong competitive position. More importantly, our productivity levels continue to increase, our win rates are strong and our pipeline is at record levels, which supports productively stepping up our investments to help ensure we capture the opportunity and sustain our strong growth in 2022 and beyond.

我們對機會和我們難以置信的強大競爭地位深信不疑。更重要的是，我們的生產力水平繼續提高，我們的贏率很高，我們的管道處於創紀錄的水平，這支持我們有效地加大投資，以幫助確保我們抓住機會並在 2022 年及以後保持強勁增長。

At our Investor Day in March of 2021, we discussed the trajectory of the transition, which we expected to take 8 to 10 quarters and ARR to grow at about 30% through the transition. Given our success in '21, we now expect to hit our original transition target of about an 85% mix from subscription bookings already in the second quarter of this year or only 6 quarters from when the transition kicked off in the first quarter last year.

在 2021 年 3 月的投資者日上，我們討論了過渡的軌跡，我們預計過渡需要 8 到 10 個季度，ARR 將在過渡期間增長約 30%。鑑於我們在 21 年取得的成功，我們現在預計在今年第二季度已經實現訂閱預訂的 85% 左右的原始過渡目標，或者距去年第一季度開始過渡僅 6 個季度。

As we have consistently pulled in the subscription timeline, it impacts both the growth and profitability curves of the transition. The rebound in revenue is already starting in 2022 with 17% growth and about 32% growth in the license lines expected at the midpoint of the guidance range.

由於我們一直在拉動訂閱時間表，它會影響過渡的增長和盈利曲線。收入的反彈已經從 2022 年開始，預計在指導範圍的中點增長 17% 和約 32% 的許可線增長。

As with any transition, a faster timeline has an impact on the bottom line, creating a deeper near-term bottom in margins. While the shape of the transition in terms of revenue growth and operating margin is relatively consistent, the slope of the curves we talked about in March last year are steeper with a faster transition now.

與任何過渡一樣，更快的時間線會對利潤產生影響，從而在短期內創造更深的利潤底部。雖然收入增長和營業利潤率方面的過渡形狀相對一致，但我們在去年 3 月談到的曲線斜率更陡峭，現在過渡更快。

Given the acceleration in our business, we expect annual recurring revenue to be between $530 million and $536 million at December 31, 2022, or 36% growth year-on-year at the midpoint. As we look into 2022, we do expect the maintenance portion of ARR to begin to decline. While this drag -- while this will drag the total growth rate, we expect rapid growth in the subscription portion.

鑑於我們業務的加速發展，我們預計到 2022 年 12 月 31 日，年度經常性收入將在 5.3 億美元至 5.36 億美元之間，或中點同比增長 36%。展望 2022 年，我們確實預計 ARR 的維護部分將開始下降。雖然這種拖累 - 雖然這將拖累總增長率，但我們預計訂閱部分將快速增長。

With our strong performance in 2021, we are on our way to meet $1 billion ARR target, which we now believe we can achieve already by June of 2025.

憑藉我們在 2021 年的強勁表現，我們正在努力實現 10 億美元的 ARR 目標，我們現在相信我們可以在 2025 年 6 月之前實現這一目標。

In terms of free cash flow, we anticipate that it will be in line with our non-GAAP net income margin over a 12-month period. We also expect capital expenditures to be in the range of $15 million and $16 million, which represents just about under 3% of revenue at the midpoint.

就自由現金流而言，我們預計它將在 12 個月內與我們的非 GAAP 淨利潤率保持一致。我們還預計資本支出將在 1500 萬美元至 1600 萬美元之間，佔中點收入的不到 3%。

The fourth quarter was a standout quarter to round off an amazing year at CyberArk. The business is firing on all cylinders. As we look ahead, we expect to hit our subscription transition target goal much faster than we originally anticipated.

第四季度是一個出色的季度，為 CyberArk 驚人的一年畫上了圓滿的句號。該業務正在全力以赴。展望未來，我們希望實現訂閱過渡目標的速度比我們最初預期的要快得多。

Our sustainable growth drivers, paired with outstanding execution from our team, put us in a great position to deliver long-term growth and profitability. I will now turn the call over to the operator for Q&A. Operator?

我們的可持續增長動力，加上我們團隊出色的執行力，使我們處於實現長期增長和盈利能力的有利位置。我現在將把電話轉給接線員進行問答。操作員？

(Operator Instructions) And your first question is from Saket Kalia with Barclays Capital.

（操作員說明）您的第一個問題來自巴克萊資本的 Saket Kalia。

Great to see the ARR acceleration.

很高興看到 ARR 加速。

Thank you, Saket.

謝謝你，薩克特。

Maybe if I can, just a 2-part question that's kind of related for both of you. Udi, again, on the ARR acceleration, just starting high level, what do you think is driving the demand? It sounds different. So I'm just kind of curious how you position that? And then, Josh, for you, the guide for next year assumes nice growth in net new. You touched on some of this in your prepared remarks, but can you just kind of lay out a little bit more about sort of what gives you the confidence in guiding to that healthy net new ARR? Sorry, there's a lot there, but does all that makes sense?

如果可以的話，也許只是一個兩部分的問題，對你們倆都有關係。 Udi，再次，關於 ARR 加速，剛剛起步高水平，您認為推動需求的因素是什麼？聽起來不一樣。所以我只是有點好奇你是怎麼定位的？然後，喬希，對你來說，明年的指南假設淨新增長良好。您在準備好的評論中談到了其中的一些內容，但是您能否稍微介紹一下是什麼讓您有信心指導健康的淨新 ARR？抱歉，這裡有很多內容，但這一切有意義嗎？

Absolutely. So I'll pick it up. We really executed, I would say, executed and fired on all cylinders against a strong and growing demand environment. What we're seeing is that companies are recognizing the importance of PAM and identity security is that layer and the platform you need in an assumed bridge environment in this heightened threat environment, whether either back to vulnerabilities like Log4j or so and some others, you have to assume breach and we probably assume identity, what are the attacks going to go after? How will they propagate the attack?

絕對地。所以我會撿起來的。我會說，我們確實在強勁且不斷增長的需求環境下執行並全力以赴。我們看到的是，公司正在認識到 PAM 的重要性，而身份安全是在這個威脅加劇的環境中假設的橋接環境中您需要的那個層和平台，無論是回到像 Log4j 還是其他一些漏洞，你必須假設違規，我們可能假設身份，攻擊會發生什麼？他們將如何傳播攻擊？

And also then as a landing point. And so organizations are aware of the importance of this layer with Privileged Access Management at the center, and of course, expanding to identity security controls, and they partner with the market leader in the space that can support their complex hybrid environment and continuously invest in innovation.

然後作為著陸點。因此，組織意識到以特權訪問管理為中心的這一層的重要性，當然，還擴展到身份安全控制，他們與該領域的市場領導者合作，以支持其複雜的混合環境並持續投資於創新。

I would say that we're in one of the most best competitive positions we've ever been. It's very clear if you look at the growth of the business in '21 that in light of industry reports, analyst reports, we're taking market share. So we're going after this demand and executing against it and always innovating so that the customers see that we have their back for the long run.

我想說的是，我們處於有史以來最具競爭力的位置之一。如果您查看 21 年的業務增長，很明顯，根據行業報告、分析師報告，我們正在佔領市場份額。因此，我們正在追求這一需求並針對它執行並始終創新，以便客戶看到我們長期支持他們。

Yes. And Saket, I'll add to the follow-up of your question. Based off of also what Udi just talked about in terms of the demand environment, I can look under the hood, and we talked about record -- again, record pipeline growth during last year. So we look at our pipeline levels and our win rates.

是的。 Saket，我將補充您問題的後續內容。基於 Udi 剛剛談到的需求環境，我可以深入了解一下，我們談到了創紀錄的 - 再一次，在去年創紀錄的管道增長。所以我們看看我們的管道水平和我們的贏率。

We also looked at the execution that we're going -- that were coming out of Q4 with that we're going into this year with and our productivity levels from our go-to-market teams in the last quarter and really over the last several quarters.

我們還查看了我們將要執行的任務——從第四季度開始，我們將在今年進入，以及我們的上市團隊在上個季度和上個季度的生產力水平幾個季度。

And I think the third point is that we talked about the hiring this year. We have built capacity to be able to meet that accelerating demand environment. And so we really are confident about how we look at 2022.

我認為第三點是我們談到了今年的招聘。我們已經建立了能夠滿足不斷加速的需求環境的能力。所以我們真的對我們如何看待 2022 年充滿信心。

Your next question is from Jonathan Ho with William Blair.

您的下一個問題來自 Jonathan Ho 和 William Blair。

Let me echo my congratulations on a very strong quarter as well. I guess 1 thing I wanted to understand a little bit better is where do you see this opportunity to incrementally invest on the sales and marketing side? Are there any particular geographies or verticals or these new marketplaces? Can you just really help us understand just given the strong backdrop, where you can have the most impact?

讓我也對一個非常強勁的季度表示祝賀。我想我想更好地理解的一件事是，您在哪裡看到了在銷售和營銷方面進行增量投資的機會？是否有任何特定的地理區域或垂直市場或這些新市場？在強大的背景下，您能否真正幫助我們理解，您可以在哪些方面產生最大的影響？

Yes. Right now, we're seeing demand increase both in enterprise and in our commercial business, and we're growing across those 2, I would say, as I mentioned and globally. So the global opportunity across the organization.

是的。現在，我們看到企業和商業業務的需求都在增長，而且我們在這兩個方面都在增長，我想說，正如我提到的那樣，在全球範圍內。因此，整個組織的全球機會。

We, of course, the partners are right in step with us. There's investment in everything that has to do with increasing our work with the channel partners around the world. And then, of course, everything that we're doing around securing the ARR, around customer success and walking our customers through this cycle.

當然，我們的合作夥伴與我們步調一致。與增加我們與世界各地的渠道合作夥伴的合作有關的一切都進行了投資。然後，當然，我們圍繞確保 ARR、客戶成功和引導我們的客戶完成這個週期所做的一切。

We're very excited to see the platform in play and some of the examples I gave of customers really moving cross products that are taking more users. We're also going across products. And of course, we have the speedboats that are unique motion for us for both Access and DevSecOps and that's another part of our investment. So in all of the above. And we're confident that like we saw in '21 that we'll see greater things than that.

我們很高興看到該平台正在發揮作用，以及我給出的一些客戶真正移動跨產品的示例，這些產品吸引了更多用戶。我們還涉及產品。當然，對於 Access 和 DevSecOps，我們擁有對我們來說獨一無二的快艇，這是我們投資的另一部分。所以在以上所有方面。我們相信，就像我們在 21 年看到的那樣，我們會看到比這更偉大的事情。

Your next question is from Hamza Fodderwala with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Hamza Fodderwala。

I wanted to follow up on a question in line with what Saket asked. So Josh, for you, Udi obviously did a great job highlighting a lot of the go drivers for 2022. If I look at your ARR guide and I assume maintenance, let's assume it just stays flat. You're guiding for about a 30% growth in net new sub ARR after what was a really strong acceleration in '21.

我想跟進一個與 Saket 提出的問題一致的問題。所以喬希，對你來說，Udi 顯然做得很好，突出了 2022 年的許多 Go 驅動程序。如果我查看你的 ARR 指南並且我假設維護，讓我們假設它保持不變。在 21 年真正強勁的加速之後，您正在指導淨新子 ARR 增長約 30%。

So I'm curious how much of that is attributed to the demand inflection that you've spoken so clearly about in the back half of last year versus a faster transition? And put it bluntly, do you feel like you've given your thought enough wiggle room to really outperform like you did last year?

所以我很好奇，這在多大程度上歸因於您在去年下半年如此明確地談到的需求拐點，而不是更快的過渡？坦率地說，你是否覺得你已經給你的想法足夠的迴旋餘地來真正超越去年的表現？

Yes. Thanks. And I think you got it right, it was important that you talked about the maintenance piece of the ARR as well because we do actually and I called it out in my prepared remarks that we can -- we will probably exceed -- start to see the decline even in -- on the maintenance ARR, but then the super growth rate on the subscription piece of the ARR.

是的。謝謝。而且我認為你說得對，重要的是你也談到了 ARR 的維護部分，因為我們確實這樣做了，我在準備好的評論中指出我們可以——我們可能會超過——開始看到即使在維護 ARR 上也有所下降，但隨後在 ARR 的訂閱部分上的超增長率。

And the confidence, again, it's really coming from, first of all, the faster transition and also the SaaS-heavy side of the transition. And we're seeing Privilege Cloud really being a big piece of that and not just -- and we're also seeing Privilege Cloud also going even further up market. And we talked a little bit about our average deal sizes going up as well, especially for new logos.

再一次，信心確實來自，首先，更快的過渡以及過渡的重 SaaS 方面。我們看到 Privilege Cloud 確實是其中的重要組成部分，而不僅僅是 - 我們還看到 Privilege Cloud 也在進一步走向高端市場。我們還談到了我們的平均交易規模也在增加，特別是對於新徽標。

And it's really tied to Privilege Cloud success also further up market and the value that our customers and the enterprises are seeing in the subscription packages and for the self-hosted as well. So I think that the -- we feel confident about the ARR growth, about overachieving. We put out the number in our guidance that we feel comfortable given the information we have in front of us.

它與 Privilege Cloud 的成功密切相關，也進一步提升了市場以及我們的客戶和企業在訂閱包和自託管中看到的價值。所以我認為 - 我們對 ARR 的增長充滿信心，對超額完成。鑑於我們面前的信息，我們在指導中列出了我們覺得舒服的數字。

We had great execution in 2021. But for now, the guide is the guide, but absolutely, the demand environment is there for us to invest in.

我們在 2021 年有很好的執行力。但就目前而言，指南就是指南，但絕對有我們可以投資的需求環境。

Your next question is from Sterling Auty with JPMorgan.

您的下一個問題來自摩根大通的 Sterling Auty。

This is Doug on for Sterling. So in regards to the growth in subscription revenue, can you talk about how much of that is coming from new versus existing customers?

這是道格對英鎊的看法。那麼關於訂閱收入的增長，你能談談其中有多少來自新客戶和現有客戶嗎？

Yes. If we look at the -- if we look at our ARR incremental, we're seeing about about 1/3 of it coming from new customers and the balance coming from existing customers.

是的。如果我們看 - 如果我們看我們的 ARR 增量，我們會看到大約 1/3 來自新客戶，其餘來自現有客戶。

Your next question is from Rob Owens with Piper Sandler.

您的下一個問題來自 Rob Owens 和 Piper Sandler。

Great. I want to double-click a little bit around the DevSecOps portfolio to understand. Is a lot of that coming from new customers? Is it an add-on? Is it being added into deals? So is it the actual tip of the spear with new customer acquisition in some cases? Or are you seeing it more as part of a suite as customers are looking at this more holistically?

偉大的。我想在 DevSecOps 產品組合周圍雙擊一下以了解。其中大部分來自新客戶嗎？它是一個附加組件嗎？它是否被添加到交易中？那麼在某些情況下，它是否是新客戶獲取的實際尖端？或者您是否更多地將其視為套件的一部分，因為客戶正在更全面地看待它？

Absolutely, Rob. Yes, I would say [things] of the spear are much -- or new things of the spear are much more EPM and CyberArk Identity as new lending places for us. And strategically, and that was our plan, the Secrets Management and the DevSecOps portfolio is much more of an add-on business to existing customers as they expand from the humans to machine identity.

當然，羅伯。是的，我會說矛的 [事物] 很多——或者矛的新事物更多的是 EPM 和 CyberArk Identity 作為我們新的借貸場所。從戰略上講，這就是我們的計劃，Secrets Management 和 DevSecOps 產品組合更多地是對現有客戶的附加業務，因為他們從人類身份擴展到機器身份。

And the [spear] really supports that motion with an overlay theme to cater to those theme. And of course, customers want that full platform that covers both the human and machine. And so that's primarily the case, and it's part of the CyberArk blueprint on how we guide customers to build deep in identity security.

並且 [spear] 真的通過疊加主題支持該動作以迎合這些主題。當然，客戶需要涵蓋人和機器的完整平台。所以這主要是這種情況，它是 CyberArk 藍圖的一部分，關於我們如何引導客戶深入構建身份安全。

Your next question is from Gregg Moskowitz with Mizuho.

您的下一個問題來自瑞穗的 Gregg Moskowitz。

This is Mike on for Gregg. I was just wondering, have you made any changes to your sales incentives in 2022 to increase the emphasis of SaaS vis-à-vis perpetual licenses or perhaps even term licenses?

這是格雷格的邁克。我只是想知道，您是否對 2022 年的銷售激勵措施進行了任何更改，以增加 SaaS 相對於永久許可甚至是期限許可的重視程度？

Yes. We made -- I would say, the major transitions were in 2021. But I would say that we further ratcheted it up in 2022, and we recently had our global kickoff, and it's very clear that we are incentivizing our team to sell SaaS and subscription, For sure.

是的。我們做了——我想說，主要的轉變發生在 2021 年。但我想說，我們在 2022 年進一步提高了它，我們最近開始了全球啟動，很明顯，我們正在激勵我們的團隊銷售 SaaS 和訂閱，當然。

So I would say I further ratchet up of some of the things we put in motion in 2021 already.

所以我想說我進一步加強了我們已經在 2021 年實施的一些事情。

Your next question is from Brian Essex with Goldman Sachs.

您的下一個問題來自高盛的 Brian Essex。

Maybe just 1 for Udi. And maybe more of a longer-term strategic type of question. But if we think about the growing number of enterprise-class companies with cloud native architecture, I'm thinking more like a, I don't know, Zoom or Airbnb.

Udi 可能只有 1 個。也許更多的是一個長期戰略類型的問題。但如果我們考慮越來越多的企業級公司採用雲原生架構，我想的更像是，我不知道，Zoom 或 Airbnb。

I know it's early stages, but maybe you can hit on 3 areas in particular. Curious to see how you're seeing those types of customers invest in Privilege Cloud or Privilege Access differently than those more traditional or hybrid models. How do their Privilege Access strategy and [attach] evolve over time? And how different is you go to market for those deals, as you're establishing CyberArk to compete in those markets?

我知道這是早期階段，但也許你可以特別關注 3 個領域。很想知道您如何看待這些類型的客戶在 Privilege Cloud 或 Privilege Access 上的投資與那些更傳統或混合模式的不同。他們的特權訪問策略和 [attach] 如何隨著時間的推移而演變？當您建立 CyberArk 以在這些市場中競爭時，您為這些交易進入市場有何不同？

No, absolutely. I think one of the important strategic initiatives for us is to cater to all types of enterprises. We're actually seeing a growing success in born in the cloud-type identities because we give them so much optionality, they can consume Privileged Cloud as a service, they can consume our EPM as a landing point for least privilege on the endpoint and also our new innovations around -- or like DPA, Dynamic Privilege Access, allows them to manage workloads in a just-in-time environment.

不，絕對。我認為對我們來說重要的戰略舉措之一是迎合所有類型的企業。實際上，我們在雲類型身份中看到了越來越大的成功，因為我們為它們提供瞭如此多的選擇權，它們可以使用特權云作為服務，它們可以使用我們的 EPM 作為端點上最小特權的著陸點，並且我們圍繞的新創新——或者像 DPA、動態權限訪問，允許他們在即時環境中管理工作負載。

And so I would say with some of them, the landing at the beginning part of what may be different from a hybrid environment that may look at more traditional core assets to start with, first, defending active directory, defending critical servers. But the opportunity is very large.

因此，我會對其中一些人說，在開始部分的著陸可能與混合環境不同，混合環境可能會從更傳統的核心資產開始，首先是保護活動目錄，保護關鍵服務器。但機會非常大。

They typically have a large number of users (inaudible) in the cloud, a large number of users, both from a privileged user definition and of course, from a workforce definition. And a large number of machine identities that we can help solve with our Secrets Management.

他們通常在雲中擁有大量用戶（聽不清），大量用戶來自特權用戶定義，當然也來自勞動力定義。以及我們可以通過 Secrets Management 幫助解決的大量機器身份。

Your next question is from Tal Liani with Bank of America.

您的下一個問題來自美國銀行的 Tal Liani。

I have 2 questions. First is, can you talk about seasonality? I see that fourth quarter last year was also strong. And I'm wondering if there is any new seasonality that we need to consider the fourth quarter is becoming so strong? And then second, was there any change in the channel or anything that could -- demand is being created somehow. You spoke about very strong demand. I'm trying to understand if the demand just happen or you helped it through sales channel relationship or anything that could explain this demand? And then I have a question on margins.

我有 2 個問題。首先，你能談談季節性嗎？我看到去年第四季度也很強勁。我想知道是否有任何新的季節性因素需要我們考慮到第四季度變得如此強勁？其次，渠道是否有任何變化或任何可能的變化——需求正在以某種方式創造。你談到了非常強勁的需求。我試圖了解需求是剛剛發生還是您通過銷售渠道關係或任何可以解釋這種需求的東西來幫助它？然後我有一個關於利潤的問題。

Great, Tal. I'll kick off maybe with your second question on channel and hand it over to Josh to talk about seasonality. I think, as I started, first off, the biggest change is the demand environment in the trial in the importance of Privileged Access Management and Identity Security we have been investing and taking a leadership position in what's making money for our channels and in many of our -- the large out there, we would be in their top 5, top 10 vendors and we're giving it more attention advisories building practices around CyberArk and new motions around -- if you talk about some new motions around MSSP and what I mentioned with the AWS marketplace.

太好了，塔爾。我可能會從您在頻道上的第二個問題開始，然後將其交給 Josh 來討論季節性問題。我認為，當我開始時，首先，最大的變化是試驗中對特權訪問管理和身份安全的重要性的需求環境，我們一直在投資並在為我們的渠道和許多賺錢的東西中佔據領導地位我們的 - 大，我們將在他們的前 5 名，前 10 名供應商中，我們給予它更多關注建議圍繞 CyberArk 建立實踐和新的議案 - 如果你談論一些圍繞 MSSP 的新議案和我在 AWS 市場中提到。

So I would say the ongoing investment and the growing priority within the customer and within the channel helped us we execute on some of the strong pipeline that we've built. And yes, some new channel motions introduced as well.

所以我想說，持續的投資以及客戶和渠道內日益增長的優先級幫助我們執行了我們已經建立的一些強大的管道。是的，還引入了一些新的頻道動作。

And on seasonality, Tal, no, I think we're still very much an enterprise security software vendor, and this is the kind of the nature of the beast, and we're seeing, I think, strong fourth quarters as we have for a while, and we don't necessarily anticipate a change at this point and I think it's pretty much the same.

關於季節性，Tal，不，我認為我們仍然是一家企業安全軟件供應商，這就是野獸的本質，我認為我們看到了強勁的第四季度一段時間，我們不一定會在這一點上預期會發生變化，我認為這幾乎是一樣的。

Got it. So Josh, just on margins. So you're going through an investment phase now in cloud infrastructure. What's the outlook? I'm not looking for specific numbers beyond, but what's the outlook? Is this going to be multiple years of elevated investments? Or is it more of an initial investment followed by margin improvement as your volume goes up? I'm trying to understand to what extent you need to invest over the next few years?

知道了。所以喬希，只是在利潤上。因此，您現在正在經歷雲基礎架構的投資階段。前景如何？我不是在尋找具體的數字，但前景如何？這將是多年的高額投資嗎？還是隨著交易量的增加，更多的是初始投資，然後是利潤率的提高？我想了解您在未來幾年內需要在多大程度上進行投資？

Yes. I think this is -- we're continuing to invest really into 2022, the same way that we've been looking at it over the last -- since you've been following us since the public offering, which is investing with the growth and the demand of the market and investing ahead of it to ensure that not only are we going to be able to meet the current year's growth, but when we look at -- we're always looking at it kind of for multiple years, and we want to set ourselves up for going into the following year to be able to meet the new capacity and the new growth for the following year as well.

是的。我認為這是——我們將繼續真正投資到 2022 年，就像我們過去一直在看待它一樣——因為自從公開募股以來你一直在關注我們，這是隨著增長而投資以及市場的需求和超前的投資，以確保我們不僅能夠滿足今年的增長，而且當我們審視時——我們總是會關注它多年，並且我們希望為進入下一年做好準備，以便能夠滿足下一年的新產能和新增長。

So I don't think anything has really changed. There isn't a specific incremental investment for 2022 that isn't more because we're seeing a bigger demand and we're scaling the company. And at this point, that's what I would say looking forward as well.

所以我認為沒有什麼真正改變。 2022 年沒有具體的增量投資，因為我們看到了更大的需求並且我們正在擴大公司規模。在這一點上，這也是我要說的展望。

Your next question is from Adam Borg with Stifel.

您的下一個問題來自 Adam Borg 和 Stifel。

Great. Maybe just for Udi, on Endpoint Privilege Manager, it was great to hear of the success and some of the deals you called out earlier. Maybe just remind us kind of where we stand now in terms of the mix of ARR? And what kind of uplift it provides relative to a traditional PAM deal?

偉大的。也許只是為了 Udi，在 Endpoint Privilege Manager 上，很高興聽到成功和您之前提出的一些交易。也許只是提醒我們在 ARR 的混合方面我們現在所處的位置？相對於傳統的 PAM 交易，它提供了什麼樣的提升？

I'm sorry, can you repeat the last part of the question?

對不起，你能重複一下問題的最後一部分嗎？

Yes, absolutely. And what kind of an uplift does EPM provide relative to if you just started with core PAM or Privilege Cloud, what does the EPM uplift look like?

是的，一點沒錯。如果您剛開始使用核心 PAM 或 Privilege Cloud，EPM 提供了什麼樣的提升，EPM 提升是什麼樣的？

Yes. So first of all, in terms of the outlook for the EPM, it's basically -- can be when we're looking at it on a SaaS perspective -- Erica, do you have that number?

是的。所以首先，就 EPM 的前景而言，基本上是——當我們從 SaaS 的角度看待它時——Erica，你有這個數字嗎？

Sure. Yes. I think he started off with what EPM was a percent of the ARR, which is about 22%. And so north of 20%.

當然。是的。我認為他開始時 EPM 是 ARR 的百分比，約為 22%。所以在20%以北。

So we're north of 20% now of the EPM portion of the ARR.

因此，我們現在已經超過了 ARR 的 EPM 部分的 20%。

Great. And maybe just -- yes. No, no worries. And then any color on if a standard core PAS or Privilege Cloud deal is as dollar of what kind of uplift EPM looks relative to that?

偉大的。也許只是 - 是的。不，不用擔心。然後，如果標準的核心 PAS 或 Privilege Cloud 交易與 EPM 相對於它看起來什麼樣的提升一樣，那麼任何顏色？

Probably about, I would call it, about half of that, an additional 50% on top of core PAS.

大概，我稱之為，大約一半，在核心 PAS 之上額外增加 50%。

Your next question is from Jonathan Ruykhaver with Baird.

您的下一個問題來自 Jonathan Ruykhaver 和 Baird。

Congrats on the strong performance. Udi, you've talked about PAM like controls for adaptive, Secure Web Sessions, particularly, which seems to be doing extremely well. I'm curious if you could just talk broadly how you're thinking about this Identity Security positioning strategically, just given the importance of privilege and what could we see in terms of additional security controls for the product portfolio to further differentiate?

祝賀強勁的表現。 Udi，您談到了 PAM，特別是用於自適應、安全 Web 會話的控件，它似乎做得非常好。我很好奇您是否可以廣泛地談論您如何從戰略上考慮身份安全定位，只是考慮到特權的重要性以及我們可以看到產品組合的額外安全控制以進一步區分什麼？

Yes. So these are -- thanks, Jonathan. The fresh new things that we've rolled out are like I mentioned, Secure Web Sessions and Dynamic Privileged Access. And you'll see us -- and again, Secure Web Sessions is very, very new, but we're seeing great excitement from customers to be able to defend the regular user. It could be somebody in HR, finance and others, but to be able to put controls and protection over their session that are PAM-like but in a transparent way to the user even the ability to protect the session

是的。這些是-- 謝謝，喬納森。我們推出的新鮮事物就像我提到的那樣，安全 Web 會話和動態特權訪問。你會看到我們——再一次，安全網絡會話是非常非常新的，但我們看到客戶非常興奮能夠保護普通用戶。它可能是人力資源、財務和其他方面的人，但能夠對他們的會話進行控制和保護，這些控制和保護類似於 PAM，但以對用戶透明的方式，甚至能夠保護會話

So that's new, and you'll see us extending that motion of bringing PAM-like controls in a transparent way to the regular user. It also will take place in how we continue to advance our continuous authentication and making sure that we work in a continuous Zero Trust and continuous verification model.

所以這是新的，你會看到我們以透明的方式將類似 PAM 的控件擴展到普通用戶。這也將發生在我們如何繼續推進我們的持續身份驗證並確保我們在持續的零信任和持續驗證模型中工作。

The other, I would say, long term and continued investment we have is everything just in time to give more and more optionality for our customers to protect standing access, but more and more just in tie scenarios like Dynamic Privilege Access, which is brand new and is a great differentiator for us. And stay tuned. I think that's going to be the -- why customers select CyberArk. They know that it's coming from the makers of PAM. We're now coming to you with solutions for your workforce, for your vendors, for your to third parties, leveraging the same platform.

我想說的是，我們擁有的另一個長期和持續的投資是及時為我們的客戶提供越來越多的選擇權來保護站立訪問，但越來越多的只是在諸如動態特權訪問之類的綁定場景中，這是全新的對我們來說是一個很大的差異化因素。敬請期待。我認為這將是客戶選擇 CyberArk 的原因。他們知道它來自 PAM 的製造商。現在，我們利用相同的平台為您的員工、供應商、第三方提供解決方案。

Your next question is from Ittai Kidron with Oppenheimer.

您的下一個問題來自奧本海默的 Ittai Kidron。

Great quarter. A couple for me, maybe Udi for you on the SaaS side, I want to double-click on that a little bit. Is there any way you can unpack this for us a little bit in the context of how's the adoption between new customers and existing ones? And with respect to new ones, is it bringing to the table new customers that you didn't have access to before. I'm just kind of trying to understand how this changes the landscape from a customer standpoint?

很棒的季度。對我來說是一對，也許是 SaaS 方面的 Udi，我想雙擊一下。在新客戶和現有客戶之間的採用情況如何的背景下，您有什麼方法可以為我們解開這個問題？至於新客戶，它是否會帶來您以前無法接觸到的新客戶。我只是想從客戶的角度了解這如何改變格局？

And for you, Josh, I just want to make sure on your guidance for the year, with inflation all around, are there any price increases that you're implementing? And if so, how have they been worked into the guide?

對於你來說，喬希，我只是想確定你對今年的指導，在通貨膨脹的情況下，你是否正在實施任何價格上漲？如果是這樣，它們是如何被納入指南的？

Yes. So I would say that the SaaS solutions definitely open up new -- have opened up, and we're seeing that proof in new opportunities. If you take a look at the new logos, just the record new logos in Q4, about half of them would be what we would call from the commercial market, which are still kind of the small type of enterprise, but a new expansion and I think really cross vertical.

是的。所以我想說，SaaS 解決方案肯定是新的——已經開放，我們在新的機會中看到了這一證據。如果你看一下新的標誌，只是第四季度創紀錄的新標誌，其中大約一半是我們所說的商業市場，這仍然是一種小型企業，但新的擴張和我想想真是橫豎。

So the ability to be able to consume Privilege Cloud and EPM SaaS and of course, our CyberArk Identity opened up an opportunity further down market. But then I would say, cross enterprise, the fact that they can get quicker time to value in such an important layer against this threat environment, it just really expanded our opportunity to give so much optionality to customers. So it's really across the board there.

因此，能夠使用 Privilege Cloud 和 EPM SaaS 的能力，當然還有我們的 CyberArk 身份，為進一步降低市場提供了機會。但我想說的是，跨企業，他們可以更快地在如此重要的層面上對這種威脅環境進行價值評估，這確實擴大了我們為客戶提供如此多選擇權的機會。所以那裡真的是全面的。

Yes. And then with regard to the prices Ittai, so basically, we didn't do across the board because of inflation increases, but we did absolutely have some price increases across certain products and services, and it is included in terms of the context of our guide as well.

是的。然後關於Ittai的價格，所以基本上，我們沒有因為通貨膨脹增加而全面這樣做，但我們確實在某些產品和服務上確實有一些價格上漲，這包括在我們的背景下指導。

Your next question is from Fatima Boolani with Citi.

您的下一個問題來自花旗銀行的 Fatima Boolani。

Josh, this one's for you, just with respect to free cash flow, so it was nice to see the out performance this quarter. But if you can help walk us through some of the thought process for calendar '22 as you reinvest as you accelerate the time frame by which you are going to complete your subscription transition as well as some of the drags or maybe the perpetual and maintenance are fading away. Anything you can help us vis-à-vis those factors and how we should be thinking about the shape and the complexion of free cash flow in 2022, that would be really helpful?

喬希，這個是給你的，就自由現金流而言，很高興看到本季度的表現。但是，如果您可以幫助我們完成日曆 '22 的一些思考過程，因為您在加快完成訂閱過渡的時間框架時進行再投資，以及一些拖累或永久和維護是逐漸消失。關於這些因素以及我們應該如何思考 2022 年自由現金流的形狀和復雜性，您有什麼可以幫助我們的，真的很有幫助嗎？

Yes. Great. The cash flow, we will definitely see some seasonality in the cash flow. We probably will see it being on the positive side in the beginning of the year and the early quarter. And then as we -- and then during the middle of the year, it will go down. And then the towards the end of the year, we can see again some improvement on the cash flow. So it will be kind of strong; in the middle quarters, it will be weaker; and then towards the end, it could be stronger again.

是的。偉大的。現金流，我們肯定會看到現金流的一些季節性。我們可能會在今年年初和第一季度看到它處於積極的一面。然後隨著我們 - 然後在年中，它會下降。然後到年底，我們可以再次看到現金流的一些改善。所以它會有點強；在中間季度，它會變弱；然後到最後，它可能會再次變得更強大。

Your next question comes from Joshua Tilton with Wolfe Research.

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

So historically, you guys have kind of been the 800-pound gorilla in the room and the on-premise PAM market. But if you move to the cloud, would you say your win rates suggest that you kind of maintain the status? Have you maybe become the 1,000-pound gorilla? Any commentary on kind of the competitive environment and how your position has changed as the PAM market moves to the cloud, would be great?

所以從歷史上看，你們有點像房間裡的 800 磅大猩猩和內部 PAM 市場。但是如果你搬到雲端，你會說你的贏率表明你有點保持狀態嗎？你可能變成了 1000 磅重的大猩猩嗎？任何關於競爭環境的評論以及隨著 PAM 市場遷移到雲中你的位置如何變化，會很棒嗎？

Yes, yes. Absolutely. That's one of the most exciting elements for us is that we are the market leader, no matter how you slice it in PAM and in Privileged Cloud. The solution, it basically has -- in past investments caught up and then beyond what we offer on-prem, so the customer can really get the full solution with Privilege Cloud, and we're seeing great win rates and the ability for the customer, like I said earlier, to get quick time to value and expand faster.

是的是的。絕對地。對我們來說最令人興奮的元素之一是我們是市場領導者，無論您如何在 PAM 和 Privileged Cloud 中對其進行切片。解決方案，它基本上已經 - 在過去的投資中趕上了，然後超出了我們提供的內部部署，因此客戶可以真正通過 Privilege Cloud 獲得完整的解決方案，我們看到了很高的贏率和客戶的能力，就像我之前說的那樣，以便更快地實現價值並更快地擴展。

So I don't know what counts to give it there. But if we were to just slice it and say, "Hey, how the leadership from a PAM perspective from -- in SaaS with a clear market leader as there just like we showed up on the Gartner Magic Quadrant 3 years in a row."

所以我不知道把它放在那裡有什麼意義。但是，如果我們只是將其切片並說，“嘿，從 PAM 的角度來看，領導力是如何從 SaaS 中獲得明確的市場領導者的，就像我們連續 3 年出現在 Gartner 魔力像限中一樣。”

And in this space, we're seeing that the PAM players have been continuously disrupted by PE and changing hands over the last couple of years and really didn't invest in R&D while CyberArk has continued to invest in R&D and innovation and continue to open up a strong gap.

在這個領域，我們看到 PAM 玩家在過去幾年中不斷受到 PE 和易手的干擾，實際上並沒有投資於研發，而 CyberArk 則繼續投資於研發和創新並繼續開放漲了很大的差距。

And then take it into the platform approach, where we're approaching everything as a platform sale and customers can see well, we're starting to do with Privilege Cloud, but wow, you can also secure me on the endpoint in Secrets Management or my workforce and vendors.

然後將其引入平台方法，我們將所有事情都作為平台銷售來處理，客戶可以很好地看到，我們開始使用 Privilege Cloud，但是哇，你也可以在 Secrets Management 的端點上保護我或我的員工和供應商。

And so that's really another great differentiator there for that for the SaaS motion.

因此，這確實是 SaaS 運動的另一個重要差異化因素。

Udi, I want to interject you and make and just call out a correction. We said earlier that the EPM was 20% of total ARR, and I want to make sure that it was clear that was 20% of subscription ARR was for EPM. So sorry for that.

烏迪，我想插話你，做一個更正。我們之前說過，EPM 是總 ARR 的 20%，我想確保清楚的是，訂閱 ARR 的 20% 用於 EPM。很抱歉。

Your next question is from Roger Boyd with UBS.

您的下一個問題來自瑞銀的羅傑博伊德。

Congrats on the nice end of the year. Udi, you had mentioned the impact of the tighter cyber insurance market as a tailwind. I'm just wondering relative to what we're seeing there, higher premiums, lower capacity, is it possible to talk about maybe what percent of new deals you're seeing being influenced by cyber insurance conditions? And maybe how you expect that tailwind to hold up in 2022?

恭喜這一年美好的結束。 Udi，您曾提到網絡保險市場收緊的影響是順風。我只是想知道相對於我們在那裡看到的情況，更高的保費，更低的容量，是否有可能談論你看到的新交易中有多少百分比受到網絡保險條件的影響？也許您預計這種順風將在 2022 年保持下去？

Thanks for that. I would say it's still not a 100 percent. I can put out there. It's more anecdotal, but it's coming up in conversations as another reason. So I don't think we're dependent on this driver in any shape or form, but it's an additional driver that's added to everything we've seen before, clear understanding that the organization is needed. But now we're already getting asked for it for different elements of Identify Security, Privilege Access, Secrets Management, elements of MSA and protecting the workforce and the fact that they're clearly asked for a condition for cyber insurance is, I would say, an additional tailwind.

感謝那。我會說它仍然不是100％。我可以放在那裡。這更像是軼事，但它作為另一個原因出現在對話中。所以我不認為我們以任何形式或形式依賴這個驅動程序，但它是一個額外的驅動程序，添加到我們之前看到的所有內容中，清楚地了解需要該組織。但現在我們已經被要求提供識別安全、特權訪問、秘密管理、MSA 元素和保護勞動力的不同元素，而且他們明確要求提供網絡保險條件的事實是，我想說，額外的順風。

We definitely do expect it to persist. We think that it's just emerging the cyber insurance companies, and we know many of them, they're finding that all of their subscribers are in some shape or form getting attacked and they want to put meaningful layers in place to minimize damage and Privileged Access Management and Identify Security is one of those small [bring in] layers.

我們確實希望它會持續下去。我們認為這只是新興的網絡保險公司，我們知道他們中的許多人，他們發現他們的所有訂閱者都處於某種形式或形式受到攻擊，他們希望建立有意義的層以最大程度地減少損害和特權訪問管理和識別安全是那些小的 [引入] 層之一。

Your next question is from Taz with Guggenheim Partners.

您的下一個問題來自 Taz 與 Guggenheim Partners。

I had a question about It's been almost 6 quarters since you acquired the company. Do you update us now the ARR run rate is for (inaudible). I have a follow-up?

我有一個問題，你收購這家公司已經快 6 個季度了。您現在是否向我們更新了 ARR 運行率（聽不清）。我有後續嗎？

Sorry, I didn't hear the end of that?

對不起，我沒聽到結尾？

The -- the ARR contribution from the (inaudible) product?

- （聽不清）產品的 ARR 貢獻？

Yes. We're basically -- it continues to increase after the first year where we saw kind of the migration into CyberArk. We've now seen 2 quarters in a row where we've sequentially increased it by -- and I think it's closing in on around the $20 million number.

是的。我們基本上 - 在我們看到遷移到 CyberArk 的第一年之後，它繼續增加。我們現在已經連續兩個季度看到我們連續增加了 - 我認為它正在接近 2000 萬美元的數字。

Got it. And then for the ARR growth next year, as we complete the transition in the beginning -- in the middle of next year, is it fair to expect that the ARR growth, I guess, ramps up in the first half and then slows down because now you are ending the transition and then ARR growth would converge more with the revenue growth? How do you think about the trajectory on ARR growth, I guess, first half, second half next year?

知道了。然後對於明年的 ARR 增長，隨著我們在一開始就完成過渡 - 在明年年中，我猜 ARR 增長是否可以預期在上半年上升然後放緩，因為現在您正在結束過渡，然後 ARR 增長將與收入增長更加趨同？您如何看待明年上半年、下半年的 ARR 增長軌跡？

I think if you're asking about whether or not there'll be seasonality within the ARR growth? I don't know. I think we -- we're not guiding to ARR from quarter-to-quarter, but we continue to anticipate it growing at the ARR every quarter, but we're not going to talk about guiding for every quarter here.

我想如果你問的是 ARR 增長中是否會有季節性？我不知道。我認為我們 - 我們不會按季度指導 ARR，但我們繼續預計每個季度的 ARR 都會增長，但我們不會在這裡討論每個季度的指導。

Your next question is from Alex Henderson with Needham.

您的下一個問題來自李約瑟的 Alex Henderson。

So I was hoping you could talk a little bit about the competitive landscape and not in the way that I think most people are thinking about it. So there's a lot of [gloring and swinging] lanes with people like [and even HashiCorp] getting into your space. But my sense is that, that actually has resulted in an increase in demand for your products as they have stimulated awareness, but not necessarily impacted the share. And in fact, customers will see them come in here the pitch and then realize they need the technology and therefore, come to you as opposed to going with the slim-down initial versions of their products. So are we seeing a stimulation in demand for Privilege Access as a result of the lightweight competitive entry?

所以我希望你能談談競爭格局，而不是我認為大多數人正在考慮的方式。因此，像 [甚至 HashiCorp] 這樣的人進入你的空間有很多 [榮耀和搖擺] 車道。但我的感覺是，這實際上導致了對您產品的需求增加，因為它們刺激了意識，但不一定會影響份額。事實上，客戶會看到他們來到這裡，然後意識到他們需要技術，因此會來找你，而不是使用他們產品的精簡初始版本。那麼，由於輕量級的競爭進入，我們是否看到了對特權訪問的需求的刺激？

Thanks, Alex, and I love your angle here. I think, first and foremost, is increased demand environment and our increased leadership position based on merit, having the better products that address all of the broad use cases and definitely Privilege Access Management and expanding to identity.

謝謝，亞歷克斯，我喜歡你在這裡的角度。我認為，首先是需求環境的增加和我們基於優點的領導地位的提高，擁有更好的產品來解決所有廣泛的用例，絕對是特權訪問管理並擴展到身份。

I do agree that there's been more publicity to the space from that perspective with with announcements of entry that a very early products where we do not see those products in the field and customers have heard of those pre-announcements. And I don't know how much we factor that into the awareness, but the awareness is up across the board for Identity Security. And that may be probably some contributing factor, but the biggest thing are the demand drivers and all of these years of focusing on the customers and focusing on being a broad platform for (inaudible) is bearing fruit for us in a very strong competitive position, the strongest I can remember.

我確實同意，從這個角度來看，該領域有更多的宣傳，並宣布進入非常早期的產品，我們在該領域看不到這些產品，而客戶已經聽說過這些預先公告。而且我不知道我們在意識中考慮了多少，但是對於身份安全的意識是全面的。這可能是一些促成因素，但最重要的是需求驅動因素，所有這些年來專注於客戶並專注於成為一個廣泛的平台（聽不清）正在為我們在非常強大的競爭地位中結出碩果，我能記住的最強的。

And I will now pass the call back over to Udi Mokady for closing remarks.

現在，我將把電話轉回給 Udi Mokady 進行結束致辭。

Great. Thank you very much. 2021 was an incredible year of transformation for CyberArk, and I want to thank our customers, partners and our global employees for contributing to this historic year. Thank you very much.

偉大的。非常感謝。 2021 年對於 CyberArk 來說是令人難以置信的轉型之年，我要感謝我們的客戶、合作夥伴和我們的全球員工為這一歷史性的一年做出的貢獻。非常感謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。