Cyberark Software Ltd (CYBR) 2021 Q2 法說會逐字稿

Good day.

再會。

Thank you for standing by.

謝謝你的支持。

Welcome to the CyberArk Software Q2 2021 Earnings Conference Call.

歡迎參加 Cyber​​Ark Software 2021 年第二季度收益電話會議。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to your speaker today, Erica Smith, Vice President, Investor Relations.

我現在想把會議交給今天的發言人，投資者關係副總裁埃里卡·史密斯。

Please go ahead.

請繼續。

Thanks, Vie.

謝謝，維。

Good morning.

早上好。

Thank you for joining us today to review CyberArk's second quarter 2021 financial results.

感謝您今天與我們一起回顧 Cyber​​Ark 2021 年第二季度的財務業績。

With me on the call today are Udi Mokady, Chairman and Chief Executive Officer; and Josh Siegel, Chief Financial Officer.

今天與我一起參加電話會議的是董事長兼首席執行官烏迪·莫卡迪 (Udi Mokady)；和首席財務官喬什·西格爾。

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

準備好發言後，我們將開始問答環節。

Before we begin, let me remind you that certain statements made on the call today may be considered forward-looking statements, which reflect management's best judgment based on currently available information.

在我們開始之前，讓我提醒您，今天電話會議上所做的某些陳述可能被視為前瞻性陳述，它們反映了管理層根據當前可用信息做出的最佳判斷。

I refer specifically to the discussion of our expectations and beliefs regarding our projected results of operations for the third quarter and full year 2021.

我特別指的是我們對 2021 年第三季度和全年運營業績的預期和信念的討論。

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

我們的實際結果可能與這些前瞻性陳述中的預測存在重大差異。

I direct your attention to the risk factors contained in the company's annual report on Form 20-F filed with the 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 actively 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 COVID-19 pandemic.

我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今天發佈在Cyber​​Ark 網站上的新聞稿中引用的風險因素，以及與我們積極轉型能力相關的風險訂閱模式的業務、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針對 COVID-19 大流行進行調整的能力。

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

Cyber​​Ark 明確否認申請或承諾公開發布對本文中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.

此外，本次電話會議還將討論非公認會計準則財務指標。

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

今天的新聞稿中還提供了與最直接可比的公認會計準則財務指標的對賬，以及概述了今天電話會議中財務討論的最新投資者演示文稿。

A webcast can also be found on our website in the Investor Relations section.

您還可以在我們網站的投資者關係部分找到網絡廣播。

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

接下來，我想將電話轉給我們的董事長兼首席執行官烏迪·莫卡迪 (Udi Mokady)。

Udi?

烏迪？

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

謝謝艾麗卡，謝謝大家今天加入電話會議。

We hope you and your families are all well.

我們希望您和您的家人一切都好。

We had an amazing second quarter, one of the best in the company's history.

我們的第二季度表現令人驚嘆，是公司歷史上最好的季度之一。

Our subscription transition rate out of the gate in the second quarter, with the mix of subscription bookings reaching 65%.

我們的訂閱轉換率在第二季度實現了突破，訂閱預訂組合達到了 65%。

Despite the headwind created by the mix, we achieved total revenue of $117 million.

儘管混合帶來了阻力，我們還是實現了 1.17 億美元的總收入。

This revenue level, paired with the mix overachievement, demonstrates that our bookings were considerably higher than anticipated in our guidance.

這一收入水平與混合超額業績相結合，表明我們的預訂量大大高於我們指導中的預期。

In fact, the underlying business significantly accelerated in the second quarter, driven by record SaaS bookings and robust subscription demand.

事實上，在創紀錄的 SaaS 預訂和強勁的訂閱需求的推動下，第二季度基礎業務顯著加速。

Due to our strong bookings, ARR grew by 35% to $350 million as of June 30.

由於預訂量強勁，截至 6 月 30 日，ARR 增長了 35%，達到 3.5 億美元。

Even more importantly, our subscription ARR grew faster than 125% year-over-year.

更重要的是，我們的訂閱 ARR 同比增長速度超過 125%。

Recurring revenue reached $81 million, an increase of 32% compared to Q2 2020.

經常性收入達到 8100 萬美元，較 2020 年第二季度增長 32%。

Subscription mix, ARR and recurring revenue demonstrate the progress in the subscription transition, momentum in the business and the incredible demand trends we are seeing for our Identity Security platform, which is centered on PAM.

訂閱組合、ARR 和經常性收入展示了訂閱過渡的進展、業務勢頭以及我們看到的以 PAM 為中心的身份安全平台令人難以置信的需求趨勢。

I plan to frame our discussion on the quarter around the pillars of growth, subscription transition, innovation and profitability.

我計劃圍繞增長、訂閱過渡、創新和盈利能力等支柱對本季度進行討論。

So firstly, on growth.

首先，關於增長。

Positive secular tailwinds and the execution of our land-and-expand strategy are contributing to the acceleration in our business.

積極的長期順風和我們土地擴張戰略的執行有助於我們業務的加速發展。

Identity Security is at the center of digital transformation, Zero Trust and hacker innovation.

身份安全是數字化轉型、零信任和黑客創新的中心。

Here are the most important and intertwined trends in cybersecurity.

以下是網絡安全領域最重要且相互交織的趨勢。

With digital transformation and the move to the cloud, privileged access is everywhere.

隨著數字化轉型和向雲的遷移，特權訪問無處不在。

And every identity across human users, applications and bots can be privileged under certain conditions.

在某些條件下，人類用戶、應用程序和機器人的每個身份都可以享有特權。

If you think about Zero Trust, organizations around the world are no longer just strategizing about frameworks.

如果您考慮零信任，世界各地的組織不再只是製定框架戰略。

They are implementing programs and allocating budgets, taking an assumed breach mindset that trusts nothing and verifies everything.

他們正在實施計劃並分配預算，採取一種假定的違規心態，即不相信任何事物並驗證一切。

Attackers are exploiting the changing IT landscape.

攻擊者正在利用不斷變化的 IT 環境。

In the landmark breaches like SolarWinds, Microsoft Exchange, [Foxconn] and Colonial Pipeline, identity compromise and the abuse of privileged access is the common denominator.

在 SolarWinds、Microsoft Exchange、[Foxconn] 和 Colonial Pipeline 等具有里程碑意義的洩露事件中，身份洩露和濫用特權訪問是共同點。

Weaponized software targeting supply chains and sophisticated ransomware attacks are examples of the severity of the threat landscape and are pushing identity securities at the top of CIO and CISO priorities.

針對供應鏈的武器化軟件和復雜的勒索軟件攻擊是威脅形勢嚴重性的例子，並將身份安全推向首席信息官和首席信息安全官的首要任務。

Our ability to deliver industrial-strength security and power business agility and growth and provide fast time to value is a unique and in-demand combination.

我們能夠提供工業強度的安全性、推動業務敏捷性和增長以及快速實現價值，這是一個獨特且受歡迎的組合。

This creates a strong market backdrop.

這創造了強大的市場背景。

Our go-to-market teams are executing and taking full advantage of these tailwinds to drive growth.

我們的市場營銷團隊正在執行並充分利用這些有利因素來推動增長。

They have quickly learned the land-and-expand approach, focused on the value of subscription delivery, the ability to leverage a robust and growing partner network and the selling process more aligned with our customers' needs that comes with our industry-leading SaaS solutions and focus on subscription sales.

他們很快就學會了土地和擴張方法，專注於訂閱交付的價值、利用強大且不斷增長的合作夥伴網絡的能力以及我們行業領先的 SaaS 解決方案所帶來的更符合客戶需求的銷售流程並專注於訂閱銷售。

One of the most important of the market focus areas was expanding our sales motion to include our Identity Security vision.

最重要的市場重點領域之一是擴大我們的銷售活動，以納入我們的身份安全願景。

In January, we organized our sales team across the Identity Security pillars of PAM and our 2 speedboats, Access and DevSecOps.

一月份，我們組織了銷售團隊，涵蓋 PAM 的身份安全支柱以及我們的 2 條快艇：Access 和 DevSecOps。

As evidenced by the acceleration in our business, the increased focus and specialized resources are working.

正如我們業務的加速發展所證明的那樣，不斷增加的關注度和專業資源正在發揮作用。

Productivity levels have increased in all regions, and our cross-sell activity has improved considerably.

所有地區的生產力水平均有所提高，我們的交叉銷售活動也顯著改善。

At the heart of our business is our robust PAM portfolio.

我們業務的核心是強大的 PAM 產品組合。

And in Q2, PAM, and particularly Privilege Cloud, was the biggest driver of growth.

在第二季度，PAM，尤其是 Privilege Cloud，是增長的最大推動力。

The majority of our customers land with PAM.

我們的大多數客戶都是通過 PAM 登陸的。

We added more than 185 new logos across verticals, geographies and customer size.

我們添加了超過 185 個跨行業、地域和客戶規模的新徽標。

In fact, Fortune 500 and Global 2000 companies in manufacturing, professional services and critical infrastructure landed with Privilege Cloud in the second quarter, a clear demonstration that large enterprise customers are increasingly protecting the keys to the kingdom, leveraging the cloud, our cloud.

事實上，製造業、專業服務和關鍵基礎設施領域的財富500 強和全球2000 強公司在第二季度都登陸了Privilege Cloud，這清楚地表明大型企業客戶越來越多地利用雲（我們的雲）來保護王國的鑰匙。

In fact, the success of PAM extended across all portfolio areas as we look across -- as we look at strong close rates and a meaningful increase in deal sizes as new customers made longer-term strategic purchasing decisions with a broader set of our solutions.

事實上，正如我們所看到的那樣，PAM 的成功擴展到了所有投資組合領域——隨著新客戶利用我們更廣泛的解決方案做出了長期戰略採購決策，我們看到了強勁的成交率和交易規模的有意義的增長。

Customers are implementing comprehensive Identity Security programs, including CyberArk everywhere initiatives, relying on CyberArk across our portfolio of solutions.

客戶正在實施全面的身份安全計劃，包括 Cyber​​Ark 無處不在計劃，並在我們的解決方案組合中依賴 Cyber​​Ark。

This is in part because of the maturity of our solutions, but also the flight to trust.

這部分是因為我們的解決方案已經成熟，但也因為我們放棄了信任。

In today's threat environment, customers increasingly want to work with partners who have real-world experience solving critical cybersecurity challenges.

在當今的威脅環境中，客戶越來越希望與擁有解決關鍵網絡安全挑戰的實際經驗的合作夥伴合作。

While there are multiple examples from Q2, what I will highlight demonstrates the increased velocity of our business and our improved expand motion.

雖然第二季度有多個例子，但我將重點展示我們業務速度的提高和我們改進的擴張行動。

A financial services company who went deep with privileged access in the first quarter expanded quickly in Q2 to secure servers with Endpoint Privilege Manager in a high 6-figure ACV deal.

一家在第一季度深入推進特權訪問的金融服務公司在第二季度迅速擴張，通過一筆高達 6 位數的 ACV 交易，通過 Endpoint Privilege Manager 來保護服務器。

The increase in ransomware attacks, like Colonial Pipeline, is accelerating demand for Endpoint Privilege Manager, which has been proven in our lab to be 100% effective in blocking more than 3 million types of ransomware and counting.

像 Colonial Pipeline 這樣的勒索軟件攻擊的增加正在加速對 Endpoint Privilege Manager 的需求，我們的實驗室已證明它可以 100% 有效地阻止超過 300 萬種勒索軟件並進行計數。

I want to highlight a few more customer examples from the second quarter that demonstrate the power of our Identity Security strategy.

我想重點介紹第二季度的更多客戶示例，這些示例展示了我們身份安全策略的力量。

An existing hospital customer, who have been locking with -- locking down endpoints with CyberArk since 2019, is now displacing their legacy PAM vendor to modernize their environment with Privilege Cloud.

自 2019 年以來一直使用 Cyber​​Ark 鎖定端點的現有醫院客戶現在正在取代其傳統 PAM 供應商，以通過 Privilege Cloud 實現環境現代化。

They are further expanding their CyberArk footprint by implementing Conjur to secure the DevOps pipeline as well as our access solutions, including vendor access.

他們通過實施 Conjur 來保護 DevOps 管道以及我們的訪問解決方案（包括供應商訪問），進一步擴大其 Cyber​​Ark 足跡。

Our secret integrations, such as SailPoint and ServiceNow, as well as our ability to secure a broad set of cloud use cases were key contributors to this great expansion deal.

我們的秘密集成（例如 SailPoint 和 ServiceNow）以及我們保護廣泛雲用例的能力是這一偉大擴張交易的關鍵貢獻者。

One of our parent financial services customers in Europe was modernizing its identity stack in big CyberArk MFA and SSO identity solutions in a highly competitive situation.

我們在歐洲的母公司金融服務客戶之一正在競爭激烈的情況下對其大型 Cyber​​Ark MFA 和 SSO 身份解決方案中的身份堆棧進行現代化改造。

They recognize the criticality of identities and wanted identity access from a trusted partner who will empower the business, provide strong security controls and deliver value quickly.

他們認識到身份的重要性，並希望從值得信賴的合作夥伴那裡獲得身份訪問權限，該合作夥伴將為業務提供支持，提供強大的安全控制并快速交付價值。

In their 7-figure annual view, a European professional services company embraced our Identity Security platform, buying nearly all of our SaaS solutions across the portfolio.

在其 7 位數的年度業績中，一家歐洲專業服務公司接受了我們的身份安全平台，購買了我們整個產品組合中幾乎所有的 SaaS 解決方案。

This new logo will benefit from increased security and ease of use across all identities, protecting humans and non-humans across privilege, access and DevSecOps.

這個新徽標將受益於所有身份的安全性和易用性的提高，跨特權、訪問和 DevSecOps 保護人類和非人類。

The breadth of our portfolio and our ability to secure modern and traditional applications were key to winning this new logo.

我們產品組合的廣度以及保護現代和傳統應用程序的能力是贏得這個新標誌的關鍵。

In a highly competitive win against a well-recognized DevOps solution, an existing Endpoint Privilege Manager customer is trusting Conjur Secrets Manager to secure its CI/CD pipeline.

在與公認的 DevOps 解決方案的激烈競爭中獲勝，現有的 Endpoint Privilege Manager 客戶信任 Conjur Secrets Manager 來保護其 CI/CD 管道。

With CyberArk, this Fortune 500 transportation company not only wanted the scalability and agility of Conjur, but also the peace of mind from knowing that the mission-critical applications running its business are truly secured.

借助 Cyber​​Ark，這家財富 500 強運輸公司不僅需要 Conjur 的可擴展性和敏捷性，而且還希望能夠安心地了解運行其業務的關鍵任務應用程序得到了真正的安全保護。

Attackers are increasingly targeting applications and developers, which is contributing to the strong momentum for Conjur Secrets Manager.

攻擊者越來越多地將目標瞄準應用程序和開發人員，這為 Conjur Secrets Manager 帶來了強勁的發展勢頭。

We are typically the second call after an incident response plan in a post-breach situation.

我們通常是在發生違規後情況下的事件響應計劃後的第二個電話。

And there are a number of examples for every quarter.

每個季度都有很多例子。

In Q2, a leading company, who had just been hit by ransomware, purchased Privilege Cloud through AWS and was up and running in a matter of hours, quickly getting their business operational.

第二季度，一家剛剛遭受勒索軟件攻擊的領先公司通過 AWS 購買了 Privilege Cloud，並在幾個小時內啟動並運行，迅速恢復了業務運營。

Our partner ecosystem of advisory firms, VARs and C3 technology partners, is further extending our reach and driving scale in our go-to-market.

我們的諮詢公司、VAR 和 C3 技術合作夥伴組成的合作夥伴生態系統正在進一步擴大我們的影響力並推動我們進入市場的規模。

Our advisory firm partners are investing in CyberArk practices for training and dedicated resources, another demonstration of the strong market demand trends in the industry.

我們的諮詢公司合作夥伴正在投資 Cyber​​Ark 實踐以進行培訓和專用資源，這再次證明了該行業強勁的市場需求趨勢。

C3 partners, like Red Hat, we collaborate with on automation and DevOps; as well as AWS, CloudBees and UiPath, differentiate our solution in the field and allow our customers to maximize their IT investments.

C3 合作夥伴，例如紅帽，我們在自動化和 DevOps 方面進行合作；以及 AWS、CloudBees 和 UiPath，使我們的解決方案在該領域脫穎而出，並讓我們的客戶能夠最大限度地提高其 IT 投資。

Moving on to the second strategic pillar, which is our subscription transition.

接下來是第二個戰略支柱，即我們的訂閱轉型。

We performed ahead of our expectations.

我們的表現超出了我們的預期。

Our transition strategy was set in motion in January.

我們的過渡戰略於一月份啟動。

And since then, customers, partners and employees have to break the new selling strategy.

從那時起，客戶、合作夥伴和員工都必須打破新的銷售策略。

In just the second quarter of our active transition, we reached 65% subscription booking mix, much faster than we anticipated.

僅在我們積極轉型的第二季度，我們的訂閱預訂率就達到了 65%，比我們預期的要快得多。

Our transition continues to be SaaS-heavy, and we were thrilled to reach a new record for SaaS bookings across every one of our SaaS products, with particular strength in Privilege Cloud and Endpoint Privilege Manager.

我們的轉型仍然以 SaaS 為主，我們很高興我們的每一款 SaaS 產品都創下了 SaaS 預訂的新記錄，其中 Privilege Cloud 和 Endpoint Privilege Manager 的優勢尤其明顯。

In fact, every geography and every SaaS product saw an increase in subscription mix compared to the first quarter of 2021, giving us confidence that the subscription pricing will be adopted across verticals and regions.

事實上，與 2021 年第一季度相比，每個地區和每個 SaaS 產品的訂閱組合都有所增加，這讓我們相信訂閱定價將在各個垂直行業和地區中採用。

While the active subscription transition is relatively new, we already have more than 675 customers with over $100,000 in ARR, an increase of 39% from June of last year.

雖然主動訂閱過渡相對較新，但我們已經擁有超過 675 個 ARR 超過 100,000 美元的客戶，比去年 6 月增長了 39%。

We also continue to see great progress in our customer success program, and we are well on our way towards delivering transformative value to our customers.

我們還繼續看到我們的客戶成功計劃取得了巨大進展，並且我們正在為客戶提供變革性價值。

We are thrilled with the progression of our subscription transition.

我們對訂閱過渡的進展感到非常興奮。

And after analyzing the path forward, we are confident we will reach our goal of 85% of bookings from subscription and exit the transition by the end of 2022.

在分析了前進的道路之後，我們有信心在 2022 年底之前實現 85% 的預訂量來自訂閱的目標，並退出轉型。

Said another way, instead of an 8- to 10-quarter transition, we now expect to complete the transition in 8 quarters.

換句話說，我們現在預計在 8 個季度內完成過渡，而不是 8 到 10 個季度的過渡。

Moving on to our innovation pillar, which is the foundation of our strategy and strengthens our leadership position in the market.

接下來是我們的創新支柱，這是我們戰略的基礎，並加強了我們在市場中的領導地位。

We were pleased to be named a leader in the July 2021 Gartner Magic Quadrant for Privileged Access Management, positioned both highest in ability to execute and furthest in completeness of vision for the third time in a row.

我們很高興在 2021 年 7 月的 Gartner 特權訪問管理魔力像限中被評為領導者，連續第三次被評為執行能力最高和願景完整性最高的領導者。

The power and differentiation of our data security strategy is demonstrated by Dynamic Privileged Access and Secure Web Sessions, which we introduced at our Impact event in June.

我們的數據安全策略的力量和差異化通過動態特權訪問和安全 Web 會話得到了證明，我們在 6 月份的影響活動中介紹了這些策略。

The response from our customers has been overwhelmingly positive.

我們客戶的反應非常積極。

Dynamic Privileged Access extends our existing just-in-time capabilities to multi-cloud and hybrid workloads.

動態特權訪問將我們現有的即時功能擴展到多雲和混合工作負載。

Every enterprise IT environment has both standing and dynamic privileged access, and customers require a solution that secures both.

每個企業 IT 環境都具有常設和動態特權訪問，客戶需要一種能夠保護這兩種訪問的解決方案。

Secure Web Sessions is part of our Access speedboat and delivers continuous authentication and session protection, including session recording for all types of web applications, from business apps to cloud [contents].

安全 Web 會話是我們 Access 快艇的一部分，提供持續的身份驗證和會話保護，包括從業務應用程序到雲[內容]的所有類型 Web 應用程序的會話記錄。

This solution was described as a game-changer for Identity Security by customers who attended our event.

參加我們活動的客戶將該解決方案描述為身份安全的遊戲規則改變者。

We are the only vendor offering this essential capability required to achieve Zero Trust.

我們是唯一一家提供實現零信任所需的基本功能的供應商。

I will wrap up with some comments on the profitability pillar.

最後我將對盈利支柱發表一些評論。

Our go-to-market engine is firing on all cylinders, and our innovation machine is extending our leadership position.

我們的上市引擎正在全速運轉，我們的創新機器正在擴大我們的領導地位。

As we look into the strong market fundamentals, acceleration of our business and improved close rates and productivity, we made the decision to increase our investments in the second half of 2021, particularly in go-to-market to drive growth in 2022 and beyond.

當我們研究強勁的市場基本面、業務的加速發展以及成交率和生產率的提高時，我們決定在 2021 年下半年增加投資，特別是在進入市場方面的投資，以推動 2022 年及以後的增長。

We have not changed our philosophy around investments.

我們沒有改變我們的投資理念。

We critically evaluate our investments to ensure they deliver a strong return and long-term value.

我們嚴格評估我們的投資，以確保它們帶來豐厚的回報和長期價值。

And as a result, we expect to return to the profitability levels that we were on before we entered the transition period.

因此，我們預計將恢復到進入過渡期之前的盈利水平。

To recap, before looking ahead, we had an incredible second quarter, one of the best in the company's history.

回顧一下，在展望未來之前，我們的第二季度表現令人難以置信，是公司歷史上最好的季度之一。

The underlying business accelerated.

基礎業務加速。

Each of our SaaS solutions reached record bookings.

我們的每個 SaaS 解決方案都達到了創紀錄的預訂量。

Identity Security across PAM, Access and DevSecOps is becoming a security requirement, pushed forward by major industry tailwinds, digital transformation, Zero Trust and hacker innovation.

在主要行業順風、數字化轉型、零信任和黑客創新的推動下，跨 PAM、訪問和 DevSecOps 的身份安全正在成為一項安全要求。

And our subscription transition strategy is delivering results.

我們的訂閱過渡策略正在取得成果。

Our outperformance in the first half of the year gives us incredible confidence in our ability to execute, and the strong demand environment supports our growth.

上半年的優異表現讓我們對自己的執行能力充滿信心，強勁的需求環境支持了我們的增長。

As a result, we are raising the full year booking assumptions underlying our guidance, above and beyond our beat in Q2, which Josh will discuss in more detail.

因此，我們提高了我們指導下的全年預訂假設，超出了第二季度的預期，喬希將更詳細地討論這一點。

We are well on our way towards transforming the business into a fast-growing, durable subscription company, with our cloud solutions leading the way, which will unlock tremendous value for our company, our shareholders, our customers and our partners.

在我們的雲解決方案的引領下，我們正在將業務轉型為一家快速增長、持久的訂閱公司，這將為我們的公司、我們的股東、我們的客戶和我們的合作夥伴釋放巨大的價值。

I will now turn the call over to Josh, who will discuss our results and outlook for the third quarter and full year.

我現在將把電話轉給喬什，他將討論我們第三季度和全年的業績和前景。

Josh?

喬什？

Thanks, Udi.

謝謝，烏迪。

So before we discuss the details of the quarter, we wanted to remind you that we posted slides to the website that will be helpful as we walk through our results.

因此，在我們討論本季度的詳細信息之前，我們想提醒您，我們在網站上發布了幻燈片，這在我們瀏覽結果時將會有所幫助。

As Udi mentioned, we had a great second quarter, with an acceleration in the underlying business, particularly for PAM, and all of our subscription transition metrics came in better than we expected.

正如 Udi 提到的，我們的第二季度表現出色，基礎業務（尤其是 PAM）加速增長，而且我們所有的訂閱轉換指標都好於我們的預期。

In terms of the headline P&L, we delivered total revenue of $117 million, with a 65% mix of subscription bookings.

就總體損益表而言，我們的總收入為 1.17 億美元，其中 65% 為訂閱預訂。

That's well ahead of our guidance framework of a 55% mix.

這遠遠超出了我們 55% 混合比例的指導框架。

As Udi also mentioned, revenue above the midpoint with a higher subscription bookings mix was because of the stronger-than-anticipated total bookings for the quarter, above what we guided for in May.

正如 Udi 還提到的，收入高於中點且訂閱預訂量較高是因為本季度的總預訂量強於預期，高於我們 5 月份的指導值。

Subscription revenue reached $27.1 million and represented 23% of total revenue in the second quarter.

訂閱收入達到 2710 萬美元，佔第二季度總收入的 23%。

That's increasing 101% from $13.4 million in subscription revenue and only 13% of total revenue in the second quarter last year.

與去年第二季度的 1340 萬美元訂閱收入相比，增長了 101%，但僅佔總收入的 13%。

Our combined maintenance and professional services revenue was $62.9 million, with $53.5 million coming from recurring maintenance and $9.3 million in services revenue.

我們的維護和專業服務綜合收入為 6290 萬美元，其中 5350 萬美元來自經常性維護，930 萬美元來自服務收入。

Total recurring revenue in the second quarter reached $80.6 million or 69% of total revenue, growing 32% from $60.8 million, and only 57% of total revenue in the second quarter of last year.

第二季度的經常性總收入達到 8060 萬美元，佔總收入的 69%，比去年第二季度的 6080 萬美元增長了 32%，僅佔總收入的 57%。

The mix of subscription bookings as a percentage of new license bookings really demonstrates the pace and success of the transition.

訂閱預訂佔新許可證預訂的百分比確實表明了過渡的速度和成功。

We are moving faster than we planned through the transition, as you can see by our 65% subscription booking mix.

我們的過渡速度比計劃的要快，您可以從我們 65% 的訂閱預訂組合中看到這一點。

Economically, the headwind created by the mix was approximately $13 million in the second quarter when we compare it like-for-like to the mix in the second quarter last year.

從經濟角度來看，當我們將其與去年第二季度的組合進行同類比較時，該組合在第二季度產生的阻力約為 1,300 萬美元。

Normalizing for the mix shift, the license portion of our business, our SaaS, on-prem, subscription and perpetual would have grown over 35% in the second quarter, which really supports the growth we are seeing in our business.

如果混合轉變正常化，我們業務的許可部分、SaaS、本地、訂閱和永久將在第二季度增長超過 35%，這確實支持了我們業務的增長。

Taking the headwind into consideration, total revenue growth would have grown 22% year-on-year.

考慮到逆風因素，總收入同比增長22%。

At June 30, 2021, our ARR was $315 million, growing 35% year-on-year and representing an acceleration from the organic growth rate in the first quarter of 2021.

截至 2021 年 6 月 30 日，我們的 ARR 為 3.15 億美元，同比增長 35%，較 2021 年第一季度的有機增長率有所加快。

We closely monitor the subscription portion, which grew 128% year-on-year to approximately $109 million and represented over 35% of total ARR at the end of June.

我們密切關注訂閱部分，該部分同比增長 128%，達到約 1.09 億美元，佔 6 月底總 ARR 的 35% 以上。

Sequentially, we added nearly $22 million of SaaS and subscription ARR in the second quarter compared to the first quarter this year.

隨後，與今年第一季度相比，我們第二季度的 SaaS 和訂閱 ARR 增加了近 2200 萬美元。

On an organic basis, this was the strongest sequential increase in subscription ARR in the company's history.

從有機角度來看，這是該公司歷史上最強勁的訂閱 ARR 連續增長。

The maintenance ARR was $206 million at June 30, 2021.

截至 2021 年 6 月 30 日，維護 ARR 為 2.06 億美元。

So we're thrilled with the new business momentum in terms of number of new logos added and a healthy increase in new business deal sizes.

因此，我們對添加的新徽標數量和新業務交易規模的健康增長方面的新業務勢頭感到興奮。

A bit more detail, about 83% of our more than 185 new logos were subscription.

更詳細一點，我們超過 185 個新徽標中約有 83% 是訂閱的。

That's compared to about 50% in the second quarter of last year.

相比之下，去年第二季度這一比例約為 50%。

Geographically, the business continues to be well diversified.

從地域上看，業務繼續多元化。

The Americas generated $69.5 million in revenue, representing 59% of total revenue.

美洲地區產生了 6950 萬美元的收入，佔總收入的 59%。

The Americas, again, has the strongest percentage of subscription bookings during the quarter.

美洲地區在本季度的訂閱預訂比例再次最高。

EMEA had $36 million in revenue or 31% of total.

歐洲、中東和非洲地區的收入為 3600 萬美元，佔總收入的 31%。

APJ generated $12 million in revenue or 10% of total revenue, with an increasing mix of SaaS and subscription.

隨著 SaaS 和訂閱的不斷增加，亞太及日本地區的收入達到了 1200 萬美元，佔總收入的 10%。

All line items of the P&L will be discussed now on a non-GAAP basis.

現在將在非 GAAP 基礎上討論損益表的所有項目。

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

請參閱我們新聞稿表格中的完整 GAAP 與非 GAAP 調節表。

Our second quarter gross profit was $97.9 million or an 84% gross margin compared to 85% gross margin in the second quarter last year.

我們第二季度的毛利潤為 9790 萬美元，毛利率為 84%，而去年第二季度的毛利率為 85%。

We continued to make disciplined investments in the business, resulting in operating expenses of $95.9 million, a 30% year-on-year growth, and operating income was $2 million in the quarter.

我們繼續對業務進行嚴格的投資，本季度運營費用為 9590 萬美元，同比增長 30%，運營收入為 200 萬美元。

Three main items that impacted our operating income.

影響我們營業收入的三個主要項目。

First, the $13 million headwind lowered our operating margin by about 9 percentage points; second, higher expenses from foreign exchange rates lowered our operating income by about 2%; and third, a full quarter of expenses from Idaptive this year versus last year.

首先，1300 萬美元的逆風使我們的營業利潤率降低了約 9 個百分點；其次，匯率費用增加導致我們的營業收入下降了約2%；第三，今年 Idaptive 的支出與去年相比整整減少了四分之一。

On a like-for-like basis, neutralizing the headwind, FX and Idaptive, our operating margin would have been approximately 15% in the second quarter of 2021.

在同等基礎上，抵消逆風、FX 和 Idaptive 的影響，我們 2021 年第二季度的營業利潤率約為 15%。

Over 78% of our operating expenses are related to headcount.

我們超過 78% 的運營費用與員工人數有關。

We executed even better than we expected against our aggressive hiring plan to invest in the business, ending the second quarter with 1,969 employees worldwide.

與投資業務的積極招聘計劃相比，我們的執行情況甚至比我們預期的還要好，截至第二季度末，全球共有 1,969 名員工。

And of our total employee count, 881 employees are in sales and marketing.

在我們的員工總數中，有 881 名員工從事銷售和營銷工作。

Net income was $250,000 or $0.01 per diluted share for the second quarter.

第二季度淨利潤為 250,000 美元，即稀釋後每股收益 0.01 美元。

In the first half of 2021, free cash flow was $45.2 million or a 20% free cash flow margin.

2021 年上半年，自由現金流為 4520 萬美元，自由現金流利潤率為 20%。

This cash flow contributed to our strong balance sheet, and we now ended the quarter with $1.2 billion in cash and investments.

這些現金流為我們強勁的資產負債表做出了貢獻，本季度結束時我們擁有 12 億美元的現金和投資。

We also increased deferred revenue by 22% year-on-year to $275 million at June 30.

截至 6 月 30 日，我們的遞延收入同比增長 22%，達到 2.75 億美元。

Our SaaS deferred revenue grew by 136% to $63.6 million, and that's compared to only $27 million at June 30, 2020.

我們的 SaaS 遞延收入增長了 136%，達到 6,360 萬美元，而截至 2020 年 6 月 30 日，該收入僅為 2,700 萬美元。

Now turning to our guidance.

現在轉向我們的指導。

For the third quarter of 2021, we expect total revenue of $116 million to $124 million.

我們預計 2021 年第三季度的總收入為 1.16 億美元至 1.24 億美元。

We expect a non-GAAP operating loss of about $6 million to non-GAAP operating income of $1 million for the third quarter.

我們預計第三季度非 GAAP 運營虧損約為 600 萬美元，非 GAAP 運營收入為 100 萬美元。

We expect our EPS to range for non-GAAP net loss of $0.19 to a loss of $0.02 per basic share.

我們預計每股基本每股收益將在非 GAAP 淨虧損 0.19 美元到 0.02 美元之間。

This guidance assumes about a 70% of subscription bookings and a revenue and profitability headwind of approximately $14 million for the third quarter of 2021.

該指引假設 2021 年第三季度訂閱預訂量約為 70%，收入和盈利能力逆風約為 1,400 萬美元。

Our normalized total revenue growth for the third quarter, taking the calculated headwind into account, is over 25% at the midpoint of the range.

考慮到計算出的不利因素，我們第三季度的標準化總收入增長超過 25%，處於該範圍的中點。

And if you isolated our license lines of SaaS, on-prem, subscription and perpetual, the normalized growth rate for the third quarter calculates to be 40% year-on-year.

如果您將我們的 SaaS、本地、訂閱和永久許可線分開，則第三季度的正常化同比增長率為 40%。

Our guidance also assumes 40.2 million weighted average basic and diluted shares.

我們的指導還假設加權平均基本股和稀釋股為 4020 萬股。

Our guidance for the full year 2021 reflects the robust industry tailwinds and strong close rates.

我們對 2021 年全年的指導反映了強勁的行業順風和強勁的成交率。

We expect total revenue in the range of $484 million to $496 million.

我們預計總收入在 4.84 億美元至 4.96 億美元之間。

And the mix assumption underlying our guidance for the full year is 64% from subscription bookings, and our revenue headwind for the full year is now approximately $63 million.

我們全年指導的混合假設是 64% 來自訂閱預訂，我們全年的收入逆風目前約為 6300 萬美元。

This represents a significant increase from our prior guidance, which assumed a mix of 57% from subscription bookings and a $45 million headwind.

這與我們之前的指導相比顯著增加，之前的指導假設 57% 來自訂閱預訂和 4500 萬美元的逆風。

Given the transition, we wanted to provide more color on our growth rate, taking the calculated headwind into account, which were approximately 19% at the midpoint of the range for total revenue.

鑑於這種轉變，我們希望為我們的增長率提供更多的信息，同時考慮到計算出的逆風，總收入範圍的中點約為 19%。

And if you isolate our license lines of SaaS, subscription and perpetual, the normalized growth rate would be over 25% for the full year.

如果將我們的 SaaS、訂閱和永久許可線分開，全年的正常化增長率將超過 25%。

I want to emphasize that the combination of higher bookings mix and revenue headwind represents a significant increase in the booking assumptions underlying our guidance for the full year.

我想強調的是，較高的預訂量組合和收入逆風的結合意味著我們全年指導的預訂假設顯著增加。

Now moving down the P&L.

現在將損益表向下移動。

We expect the non-GAAP operating income to be between $7 million to $17 million.

我們預計非 GAAP 營業收入將在 700 萬美元至 1700 萬美元之間。

We expect our non-GAAP net income per diluted share to be in the range of $0.01 to $0.26.

我們預計非 GAAP 攤薄後每股淨利潤將在 0.01 美元至 0.26 美元之間。

And for the full year, we expect 40.8 million weighted average diluted shares and about $12 million in taxes.

對於全年，我們預計加權平均稀釋股票為 4,080 萬股，稅金約為 1,200 萬美元。

We are increasing our investments in the second half of the year to ensure that we can capitalize on the growth opportunity, our leadership position and fundamental strength of the business.

我們將在下半年增加投資，以確保我們能夠利用增長機會、我們的領導地位和業務的基本實力。

We also want to provide a few updates on the timing of the transition and free cash flow guardrails for the full year.

我們還希望提供有關全年過渡時間和自由現金流護欄的一些最新信息。

As Udi mentioned, on the timing of the transition, we now expect to complete the subscription transition in 8 quarters, meaning we should cross over our targeted 85% threshold of bookings from subscription already by the fourth quarter of 2022.

正如 Udi 提到的，關於過渡的時間，我們現在預計將在 8 個季度內完成訂閱過渡，這意味著我們應該在 2022 年第四季度之前就已經跨越訂閱預訂量 85% 的目標門檻。

Lastly, on cash flow.

最後，關於現金流。

While we do not intend to guide for cash flow, we did want to provide more granularity given that we're already halfway through the year.

雖然我們不打算指導現金流，但考慮到今年已經過半，我們確實希望提供更詳細的信息。

Currently, we expect our free cash flow to be between 5% and 10% of the non-GAAP net income margin for the full year, with third quarter free cash flow lower than the expected quarter of '20 -- lower than the second quarter of 2021 because of typical seasonality.

目前，我們預計我們的自由現金流佔全年非 GAAP 淨利潤率的 5% 至 10%，第三季度自由現金流低於 20 年季度的預期，低於第二季度由於典型的季節性因素， 2021 年。

Second quarter was great.

第二季度很棒。

Growth is accelerating, and our subscription transition is well underway.

增長正在加速，我們的訂閱過渡正在順利進行。

We are confident that our investments will drive growth and innovation in 2022 and beyond.

我們相信，我們的投資將推動 2022 年及以後的增長和創新。

With that, I'll now turn the call over to the operator for Q&A.

這樣，我現在將把電話轉給接線員進行問答。

Operator?

操作員？

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

（操作員說明）您的第一個問題來自巴克萊銀行的 Saket Kalia。

Okay.

好的。

Great.

偉大的。

Udi, maybe just to start with you.

烏迪，也許只是從你開始。

It's great to see the overall revenue upside in the quarter.

很高興看到本季度的整體收入上升。

But I think what was really interesting was to see the revenue guide unchanged for the year despite the higher subscription mix and sort of all the commentary on better bookings.

但我認為真正有趣的是，儘管訂閱組合更高，並且有關於更好預訂的所有評論，但今年的收入指南沒有變化。

So I was wondering if you could just maybe double-click into what you feel like is driving that underlying better bookings backdrop?

所以我想知道您是否可以雙擊您認為推動潛在更好預訂背景的因素？

Because I think we heard that last quarter as well.

因為我想我們上個季度也聽到了這個消息。

So could you just go a little deeper into whether this is coming from a change in the competitive environment?

那麼您能否更深入地探討一下這是否是由於競爭環境的變化造成的？

Or whether this is related to maybe some of the breach activity that we've seen?

或者這是否與我們所看到的一些違規活動有關？

Curious what you feel like is driving that better bookings activity.

很好奇您的感受是什麼推動了更好的預訂活動。

Absolutely, Saket, and good to talk to you here today.

當然，Saket，很高興今天在這裡與您交談。

We talked in the past a lot about building a record pipeline.

我們過去多次談論過建立創紀錄的管道。

I would say we're executing against this record pipeline.

我想說的是，我們正在針對這個創紀錄的管道執行任務。

So it's a combination of the demand environment, the market leadership and favorable competitive environment and strong execution in how we organize to execute around it.

因此，這是需求環境、市場領導力和有利的競爭環境以及我們如何組織執行的強大執行力的結合。

The transition is really happening strongly, and the sales team really embraced that with the SaaS and subscription.

這種轉變確實正在發生，銷售團隊也通過 SaaS 和訂閱真正接受了這一轉變。

And with the increased demand environment, we're working on it and executing great.

隨著需求環境的增加，我們正在努力並執行得很好。

I mentioned the steeples really complementing our PAM core business.

我提到尖塔確實補充了我們的 PAM 核心業務。

And very pleased to see the demand for Privilege Cloud move up to upmarket, like the examples I've given, where large enterprises are also adopting Privilege Cloud.

很高興看到對特權雲的需求上升到高端市場，就像我給出的例子一樣，大型企業也在採用特權雲。

It gives us the opportunity also for quick time to value for them.

這也讓我們有機會快速評估他們的價值。

So I would say all of the above, the execution against the growing demand environment.

所以我想說的是，上述所有內容都是針對不斷增長的需求環境的執行。

And I'd probably add that EPM, specifically, is getting strong demand, driven by ransomware.

我可能還要補充一點，在勒索軟件的推動下，EPM 的需求尤其強勁。

But I would also say that the rest of the solutions are considered critical in this kind of threat environment and a strong pillar of Zero Trust.

但我還要說，其餘解決方案在這種威脅環境中被認為至關重要，並且是零信任的強大支柱。

Got it.

知道了。

Got it.

知道了。

That's super helpful.

這非常有幫助。

Josh, maybe for my follow-up for you.

喬什，也許是為了我對你的後續行動。

I think we understand sort of the revised profitability.

我認為我們對修改後的盈利能力有所了解。

It feels like you're investing, really, to -- for continued growth, if you will, I think, going into future years.

我認為，如果你願意的話，這感覺就像你在投資，真的，為了持續增長，進入未來幾年。

Can you just go a little bit deeper into -- will all those investments sort of be in go-to-market?

您能否更深入地探討一下——所有這些投資都會進入市場嗎？

Is there anything in that sort of revised operating income guide that maybe has to do with the changing mix?

修訂後的營業收入指南中是否有任何內容可能與不斷變化的組合有關？

Or just maybe one level deeper into sort of the revised operating income guide.

或者只是更深入地了解修訂後的營業收入指南。

Because, maybe for me, that was a little unexpected given the unchanged revenue guide.

因為，也許對我來說，考慮到收入指南不變，這有點出乎意料。

So just maybe one level deeper, if you can?

如果可以的話，也許再深一層？

Yes.

是的。

Thanks, and I'll certainly go into that.

謝謝，我一定會討論這個問題。

So first of all, we did extra hires in Q2.

首先，我們在第二季度進行了額外招聘。

We were able to even overachieve on our internal targets for hiring because we were considering the very tight and competitive job market out there.

我們甚至能夠超額實現我們的內部招聘目標，因為我們考慮到那裡的就業市場非常緊張且競爭激烈。

And with over 160 net additions, we started -- we're starting into the H2 in a strong position from the hiring perspective, and we'll continue to be doing that as we go into the second half.

隨著淨增人數超過 160 人，我們開始進入下半年，從招聘角度來看，我們處於有利地位，進入下半年後我們將繼續這樣做。

And it's going to be some really stepping on the gas on the go-to-market hires in the second half.

下半年，市場招聘將真正加快步伐。

And it's coming from -- and the other part that I would dive into is that we overachieved in Q2 bookings.

它來自——我要深入探討的另一部分是我們在第二季度的預訂方面取得了超額的成績。

Our guidance, as you pointed out as well, and as we pointed out several times this morning, that is already -- we believe we're beating out our original internal forecast on bookings for H2.

正如您也指出的那樣，正如我們今天早上多次指出的那樣，我們相信我們已經超過了我們最初對下半年預訂的內部預測。

And that's really going to drive up our variable amounts as well into H2.

這確實會增加我們下半年的可變金額。

So when we consider where we are on our position for hires,going into the second half, when we consider our targets for our go-to-market hires going into the second half and increased expenses related to the fact that we actually are booking more business in Q2 and are expected to do some more in the second half, we're seeing a rise.

因此，當我們考慮進入下半年的招聘情況時，當我們考慮下半年進入市場的招聘目標以及與我們實際預訂更多相關的費用增加時第二季度的業務，預計下半年會有所增加，我們看到了增長。

And that's what's contributing to the kind of under the hood to that change in the operating expenses.

這就是導致運營費用發生幕後變化的原因。

And I will just add that nothing changed in our approach to run a highly efficient, profitable business.

我只想補充一點，我們經營高效、盈利業務的方法沒有任何改變。

But as Josh mentioned, exiting Q2 with such growth and a faster transition to subscription and adoption across SaaS by the enterprise and a favorable competitive landscape and market fundamentals, we believe that they really justify increased investment in go-to-market and scaling of the company to support the acceleration of the business and build with the momentum that we've been talking about today.

但正如Josh 提到的，第二季度的增長如此之大，企業更快地向訂閱和採用轉變，以及有利的競爭格局和市場基本面，我們相信它們確實證明了增加對市場進入和規模化投資的合理性。公司支持業務的加速並以我們今天一直在談論的勢頭進行建設。

Your next question comes from the line of Sterling Auty of JPMorgan.

您的下一個問題來自摩根大通的 Sterling Auty。

So I want to ask the subscription transition question this way.

所以我想這樣問一下訂閱轉換的問題。

Obviously, the mix is much better than you originally expected.

顯然，這種組合比您最初預期的要好得多。

But who is not choosing subscription, especially when you talk about the new customers coming on?

但誰不選擇訂閱，尤其是當你談到新客戶的出現時？

Who -- what's the profile of the company that says, "You know what, subscription is just not for me."

誰——這家公司的簡介是什麼，上面寫著“你知道嗎，訂閱不適合我。”

Yes.

是的。

Sterling, I'll start.

斯特林，我開始。

I would say that we're primarily very pleasantly surprised by the adoption across regions and across verticals.

我想說的是，我們對跨地區和跨垂直領域的採用感到非常驚喜。

And as I mentioned in my prepared remarks, we even have critical infrastructure companies and large Global 2000 and Fortune 500 adopting it.

正如我在準備好的發言中提到的，我們甚至有重要的基礎設施公司以及大型全球 2000 強和財富 500 強企業都在採用它。

And it's happening across the board and across geographies.

而且這種情況正在全面、跨地區發生。

And as Josh mentioned, 83% of the new logos were SaaS and subscription.

正如 Josh 提到的，83% 的新徽標是 SaaS 和訂閱。

So it's really happening.

所以這確實發生了。

If I could -- were to point to verticals that we expect them to be laggards in the adoption, it's probably the global government verticals, where we expect them to be the -- later on the adoption and want to still kick off more in perpetual.

如果我可以——要指出我們預計他們在採用方面落後的垂直行業，那可能是全球政府垂直行業，我們預計他們會在採用之後——並且仍然希望永久啟動更多的垂直行業。

And again, under government, you can also put some highly regulated verticals, but it's happening.

再說一次，在政府的領導下，你也可以對一些垂直行業進行高度監管，但這種情況正在發生。

And within the regions, APJ is adopting it, but will be slower in adopting SaaS and subscription.

在這些地區內，亞太及日本地區正在採用它，但採用 SaaS 和訂閱的速度會較慢。

Makes sense.

說得通。

And then, Josh, one follow-up for you.

然後，喬什，給你一個後續行動。

I missed it, if you said it, but you've given us kind of a great view on what revenue would have been if you didn't do the transition.

我錯過了，如果你這麼說的話，但你讓我們對如果你不進行過渡的話收入會有多少有一個很好的了解。

But what about free cash flow?

但自由現金流又如何呢？

I think first half year-to-date, you're down about $5 million.

我認為今年上半年迄今為止，你已經損失了大約 500 萬美元。

But in the perpetual maintenance, I would imagine you collect just a much bigger portion of the value than you do under subscription.

但在永久維護中，我想你會收集到比訂閱下更大的部分價值。

Even if you don't have an exact number, can you just give us a framework of how to think about that?

即使您沒有確切的數字，您能否給我們一個如何思考這個問題的框架？

Yes.

是的。

I mean you're right on the SaaS and subscription model, there's much more annual payments than in a classic perpetual maintenance model.

我的意思是，SaaS 和訂閱模式是正確的，每年支付的費用比經典的永久維護模式要多得多。

And also, let's remember that the perpetual piece is getting more money for the licensed portion as compared to a typical annual contract.

另外，我們要記住，與典型的年度合同相比，永久合同的許可部分可以獲得更多的錢。

It's usually an annual -- the contract, so it could be 2 to 3 years breakeven before you get to kind of the perpetual size.

通常是年度合同，因此可能需要 2 到 3 年才能達到永久規模。

So I know -- the other piece then, obviously, as it correlates to that, I can't give you necessarily a framework.

所以我知道——顯然，另一部分與此相關，我不能給你一個框架。

I mean -- but there is some impact on cash flow relative to the mix of SaaS and subscription.

我的意思是，相對於 SaaS 和訂閱的組合，現金流會受到一些影響。

I would probably -- when we think about it, correlated to -- on the -- we've always been talking about kind of cash flow being around 0 to 10% above net operating margin.

當我們思考這個問題時，我可能會認為，我們一直在談論現金流量比淨營業利潤率高出 0% 到 10% 左右。

But what we're seeing is still the same percentage over net operating margin, but a lower net operating margin.

但我們看到的淨營業利潤率仍然相同，但淨營業利潤率較低。

So -- and that's where I would correlate the difference.

所以——這就是我將差異關聯起來的地方。

Your next question comes from the line of Jonathan Ho.

你的下一個問題來自Jonathan Ho。

Let me echo my congratulations as well.

讓我也表達我的祝賀。

Can you give us a little bit more color on the multiproduct deals that you're seeing or platform purchases?

您能否為我們提供更多關於您所看到的多產品交易或平台購買的信息？

And here, does SaaS make it easier for customers either to buy upfront or to add on sort of additional products over time?

在這裡，SaaS 是否能讓客戶更輕鬆地預先購買或隨著時間的推移添加某種附加產品？

Yes, absolutely, Jonathan.

是的，絕對是，喬納森。

I think we gave some examples on the call.

我想我們在電話會議上舉了一些例子。

A customer that starts with Privilege Cloud adds EPM faster.

從 Privilege Cloud 開始的客戶可以更快地添加 EPM。

And we've seen it with the examples of customers going broad in the advanced security solutions.

我們已經從客戶廣泛採用高級安全解決方案的例子中看到了這一點。

So with both the combined packages, we see everyone -- every customer can land with third-party access, MFA and SSO.

因此，通過這兩個組合包，我們看到每個人 - 每個客戶都可以通過第三方訪問、MFA 和 SSO 進行登陸。

So they get a good bite on the offering depending on how they land.

因此，根據他們的著陸方式，他們可以很好地享受產品。

And then from there, we can show value and expand.

然後從那裡，我們可以展示價值並擴展。

So it's definitely the power of the Identity Security platform and -- taking place.

因此，這絕對是身份安全平台的力量，並且正在發生。

Got it.

知道了。

Got it.

知道了。

And are you seeing any evidence of potentially pent-up demand from COVID-19?

您是否看到任何證據表明 COVID-19 的需求可能被壓抑？

Or maybe companies that are taking a little bit more of a strategic review of their portfolio and then now looking for either your SaaS solutions or the add-ons of some of these other solutions on the Privilege Cloud side?

或者，也許公司正在對其產品組合進行更多的戰略審查，然後現在正在尋找您的 SaaS 解決方案或 Privilege Cloud 方面的其他一些解決方案的附加組件？

Absolutely the latter.

絕對是後者。

I would say it's -- these companies are being more strategic.

我想說的是——這些公司變得更具戰略性。

They're in the new normal, and it's time for them -- and they're -- even with regards to SolarWinds and events of that type, the first was kind of reactionary, "What do we do to patch and solve?"

他們處於新常態，現在是他們的時候了 - 他們 - 即使對於 SolarWinds 和此類事件，第一個也是一種反動，“我們要做什麼來修補和解決？”

And we're seeing customers across the board be very strategic across how they're going to secure their future and looking to be more programmatic and definitely faster in adopting cloud.

我們看到，所有客戶都非常注重如何確保自己的未來，並希望更加程序化、更快地採用雲。

And we can see that also in the new logos, where deal sizes have increased as they take a larger bite because they're being more and more strategic.

我們也可以在新徽標中看到這一點，交易規模隨著它們的咬合力越來越大而增加，因為它們越來越具有戰略性。

They want to start a PAM or an Identity Security program.

他們想要啟動 PAM 或身份安全計劃。

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

你的下一個問題來自摩根士丹利的 Hamza Fodderwala。

So just one for my end, for Josh as well as Udi.

所以，我只想為喬希和烏迪獻上一份。

So a lot of great color on the demand environment, larger deal sizes.

因此，在需求環境上有很多很棒的色彩，較大的交易規模。

It seems like there's a lot more strategic conversations around the product portfolio.

圍繞產品組合似乎有更多的戰略對話。

If I triangulate that to ARR, right, so this quarter, you added $27 million new ARR.

如果我將其與 ARR 進行三角測量，那麼本季度，您將新增 2700 萬美元的 ARR。

That was like almost double versus last year in Q1.

這幾乎是去年第一季度的兩倍。

If we think about the back half, given everything that you're saying about demand environment, should we expect -- if demand is improving that, that net new ARR should be growing into Q2 and Q3 and Q4?

如果我們考慮後半部分，考慮到您所說的有關需求環境的一切，我們是否應該預期 - 如果需求正在改善，那麼淨新 ARR 應該會增長到第二季度、第三季度和第四季度？

Does that make sense?

那有意義嗎？

Yes.

是的。

Hamza, I'll start.

哈姆扎，我開始。

Definitely -- I mean, overall, for the year, we see ARR growing 35%.

當然，我的意思是，總體而言，今年我們看到 ARR 增長了 35%。

And so we had -- we liked our accelerating organic ARR from -- to 35% level Q2, and we see for the year to continue growing ARR and having an annual growth of about 35%.

因此，我們希望有機 ARR 從第二季度加速至 35% 的水平，我們預計今年 ARR 將繼續增長，年增長率約為 35%。

And Josh, if I can just follow up on that.

喬希，請讓我跟進一下。

So it's definitely growing 35%.

所以肯定會增長 35%。

That seems like to be a bit of an uptick versus what you guys were saying before of 30% plus growth.

與你們之前所說的 30% 以上的增長相比，這似乎有點上升。

Is that a fair assessment?

這是一個公平的評價嗎？

Yes, that's correct.

對，那是正確的。

And we're doing -- we're seeing that uptick because of the acceleration that we had on an organic basis in Q2, and we're glad to do that.

我們正在做——我們看到了這種上升，因為我們在第二季度有機地加速了，我們很高興這樣做。

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

您的下一個問題來自 Piper Sandler 的 Rob Owens。

I think Hamza beat me to it.

我認為哈姆扎打敗了我。

I was going to try and pin Josh on the number for the year on ARR.

我打算嘗試讓 Josh 在 ARR 上找到當年的號碼。

So 35% looks like a good number.

所以 35% 看起來是一個不錯的數字。

I guess, at a high level, Udi, what's the transition mean either for a customer acquisition?

我想，從較高的層面來看，Udi，這種轉變對於客戶獲取意味著什麼？

Is it -- is subscription getting you into new areas or new segments of the market?

訂閱是否能讓您進入新的領域或新的市場領域？

And then how do you think, longer term, about customer wallet share?

那麼，從長遠來看，您如何看待客戶錢包份額？

And what the shift to SaaS is doing from that perspective?

從這個角度來看，向 SaaS 的轉變會帶來什麼影響？

And any quantification would be great.

任何量化都會很棒。

Rob, I would say, the subscription removes resistance and procurement cycles, again, for those -- for the majority of the verticals that are adopting subscription.

羅布，我想說，對於大多數採用訂閱的垂直行業來說，訂閱消除了阻力和採購週期。

And we're really playing in broad markets, both verticals and geography already.

我們已經真正涉足廣闊的市場，無論是垂直市場還是地理市場。

I would say that the SaaS element, the SaaS, particularly, takes us further into mid-market, what we call the commercial segment, as an easy landing point.

我想說的是，SaaS 元素，特別是 SaaS，將我們進一步帶入中端市場，即我們所說的商業領域，作為一個簡單的著陸點。

And of course, it is in line with the strategy we're seeing across enterprise, where a lot of them want a SaaS-first solution for security.

當然，這符合我們在整個企業中看到的策略，其中許多企業都希望採用 SaaS 優先的安全解決方案。

So I would say, it's having the right solutions and the right timing right now, where the market is ready to adopt PAM and Identity Security.

所以我想說，它現在擁有正確的解決方案和正確的時機，市場已準備好採用 PAM 和身份安全。

And of course, the motion, as I mentioned earlier, really allows us to show quick time to value much.

當然，正如我之前提到的，這項動議確實讓我們能夠快速體現價值。

We honed a lot for the customer success, and also that I talked about, and get quicker into that add-on business with SaaS customers.

我們為客戶的成功進行了很多磨練，我也談到了這一點，並更快地與 SaaS 客戶開展附加業務。

And I guess, secondarily, for Josh.

我想，其次是喬希。

You did see strong acceleration in that subscription ARR, especially on a sequential basis.

您確實看到了訂閱 ARR 的強勁加速，尤其是連續的增長。

If we kind of unpack the different elements, though, term was up just modestly on a quarter-over-quarter basis, especially relative to the growth in subscription ARR.

不過，如果我們對不同的因素進行分析，就會發現期限環比略有上升，尤其是相對於訂閱 ARR 的增長而言。

Was there anything to do with duration?

和持續時間有關係嗎？

And I realize there's a lot of moving parts on these numbers as we get 2 and 3 layers, too.

我意識到，隨著我們也有了 2 層和 3 層，這些數字上還有很多變化的部分。

But was there a duration issue or anything else we might be aware of there?

但是是否存在持續時間問題或我們可能知道的其他問題？

Yes, Rob.

是的，羅布。

It's not about duration, just doing more bookings of SaaS and subscription deals.

這與持續時間無關，只是進行更多 SaaS 預訂和訂閱交易。

And also, I think we mentioned this before, we're SaaS-heavy on that.

而且，我想我們之前提到過這一點，我們非常重視 SaaS。

So more of the ARRs coming on the SaaS side.

因此，更多的 ARR 出現在 SaaS 方面。

And -- but it's just doing more bookings.

而且——但它只是做了更多的預訂。

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

您的下一個問題來自 Stifel 的 Adam Borg。

Udi, maybe just for you, just obviously, with the U.S. federal government taking cybersecurity a lot more seriously with the EO and other actions.

Udi，也許只是為了你，很明顯，美國聯邦政府通過行政命令和其他行動更加認真地對待網絡安全。

But I was just curious kind of what you're seeing more in this vertical.

但我只是好奇你在這個垂直領域看到的更多內容。

And as you think about the fiscal year ended 3Q, are we expecting to see some -- excuse me, some type of acceleration in 3Q?

當您考慮截至第三季度的財年時，我們是否預計會在第三季度看到一些——對不起，某種類型的加速？

Or do we think that any tailwind from the federal sector would be more of a '22 event?

或者我們是否認為來自聯邦部門的任何推動力將更像是“22 年事件”？

Absolutely.

絕對地。

So I think there's -- we have a great long-term opportunity in global government, including U.S. federal.

所以我認為，我們在包括美國聯邦政府在內的全球政府中擁有巨大的長期機會。

We see -- and we are excited to see principles of PAM, principles of least privilege, of Zero Trust, in both the executive order and the proposed legislation.

我們很高興在行政命令和擬議立法中看到 PAM 原則、最小特權原則、零信任原則。

So we believe there'll be long-term returns on that.

所以我們相信這會帶來長期回報。

We're not expecting outsized returns in Q3 because of the time it takes for these initiatives to sit in.

由於這些舉措需要時間才能發揮作用，因此我們預計第三季度不會獲得巨額回報。

But again, certainly a long-term opportunity for global government.

但這對於全球政府來說無疑是一個長期機遇。

Great.

偉大的。

That's really helpful.

這真的很有幫助。

And maybe just a quick follow-up.

也許只是快速跟進。

Just on Endpoint Privilege Manager.

就在端點權限管理器上。

It's nice to hear the continued traction there.

很高興聽到那裡持續的牽引力。

Can you just remind us of the mix that, that represents, the total ARR?

您能否提醒我們一下代表總 ARR 的組合？

I think I have the total on the -- I have the mix of revenue.

我想我有總收入——我有收入組合。

About 20% of total ARR -- of the annual recurring revenue.

約佔總 ARR（年度經常性收入）的 20%。

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

你的下一個問題來自高盛的布萊恩·埃塞克斯。

Maybe, Udi, if we can dig in a little bit.

也許，烏迪，如果我們能深入一點的話。

I think there's some commentary about the federal -- favorable competitive landscape.

我認為有一些關於聯邦有利的競爭格局的評論。

What is driving that favorable shift?

是什麼推動了這種有利的轉變？

And I think, in your prepared remarks, you noted a nice win against a DevOps peer.

我認為，在您準備好的發言中，您提到了對 DevOps 同行的一場精彩勝利。

Maybe if you could dig into that a little bit as well and give us a better insight into what was the approach of the peer.

也許您也可以深入研究一下，讓我們更好地了解同行的做法。

How -- what did that competitive environment look like?

競爭環境是什麼樣的？

And what drove the win there?

是什麼推動了這場胜利？

Sure.

當然。

So I'll take a broader brush on the competitive environment, and then we can dive into DevOps.

因此，我將更廣泛地了解競爭環境，然後我們可以深入研究 DevOps。

I think CyberArk has been consistently extending our market leadership position with the innovation arm and coupled closely with the extending and growing go-to-market arm.

我認為 Cyber​​Ark 一直通過創新部門不斷擴大我們的市場領導地位，並與不斷擴大和發展的上市部門緊密結合。

And you can see that in our results for the third year in a row, in the Gartner Magic Quadrant, really, having the top leader position.

您可以從我們的結果中看到，我們連續第三年在 Gartner 魔力像限中名列前茅。

I think at the same time, we've seen the traditional PAM vendors kind of switch hands on private equity, and we're seeing disruption there.

我認為與此同時，我們已經看到傳統的 PAM 供應商轉向私募股權，並且我們看到了那裡的顛覆。

And so we're not waiting and pushing ahead on PAM.

因此，我們不會等待並推動 PAM。

And then with our expansion into Identity Security, we have the broad offering with PAM at the center, but the ability to push the full identity management cloud suite and DevOps.

然後，隨著我們向身份安全領域的擴展，我們不僅擁有以 PAM 為中心的廣泛產品，而且還能夠推動完整的身份管理雲套件和 DevOps。

And in that realm, we obviously can counter the access players and the DevOps players.

在這個領域，我們顯然可以對抗接入玩家和 DevOps 玩家。

But we win on having a security-first mindset with the customer and the fact that they trust us with PAM at the center.

但我們的勝利在於對客戶抱有安全第一的心態，並且他們信任我們以 PAM 為中心。

The example that I alluded to and our win on the DevOps front is exactly where customers no longer -- especially after SolarWinds and the increased threat environment, is a, I would say, more control kind of shifting back to a security-first mindset for the customer.

我提到的例子以及我們在DevOps 方面的勝利正是客戶不再需要的地方——尤其是在SolarWinds 和威脅環境增加之後，我想說的是，更多的控制轉變為安全第一的思維模式。客戶。

And here, they wanted a security vendor to be the one securing and have the ability to secure all types of applications.

在這裡，他們希望安全供應商能夠提供保護並有能力保護所有類型的應用程序。

And it really differentiates us in the market with our secrets management that needed to be agnostic to what would be the chosen developer platform, our partnership with Red Hat and the ability to integrate all of that into their PAM.

它確實使我們在市場上脫穎而出，因為我們的秘密管理需要不知道所選擇的開發人員平台是什麼，我們與紅帽的合作夥伴關係以及將所有這些集成到他們的 PAM 中的能力。

And so having the PAM platform and being able to secure broad -- all types of applications has led us to this win and many wins on this front.

因此，擁有 PAM 平台並能夠保護廣泛的所有類型的應用程序，使我們取得了這一勝利，並在這方面取得了許多勝利。

Okay.

好的。

That's helpful.

這很有幫助。

And I was going to ask you about Centrify.

我本來想問你關於 Centrify 的事。

So I think you hit that.

所以我認為你做到了。

And then maybe just a quick follow-up.

然後也許只是快速跟進。

The deal you announced, or I guess the transaction you announced, AWS purchase of Privilege Cloud or Privilege Cloud being purchased through AWS, how significant is AWS as a channel?

您宣布的交易，或者我猜您宣布的交易，AWS 購買 Privilege Cloud 或通過 AWS 購買 Privilege Cloud，AWS 作為一個渠道有多重要？

Is that more downmarket?

那是不是比較低端？

And how does that kind of lead to follow-ons?

這又是如何引發後續行動的呢？

Do you have a lot of visibility to increase the cash after Privilege Cloud is purchased through that channel?

通過該渠道購買 Privilege Cloud 後，您是否有足夠的知名度來增加現金？

Well, that's a great question.

嗯，這是一個很好的問題。

And I would say that AWS is a new channel for us, but we're very excited about it because it complements -- it's actually an inclusive channel that works on top of our other channel partners, especially where our customers have existing AWS relationships and are able to buy through the marketplace.

我想說AWS 對我們來說是一個新渠道，但我們對此感到非常興奮，因為它是一個補充——它實際上是一個包容性渠道，可以在我們其他渠道合作夥伴的基礎上工作，特別是當我們的客戶擁有現有的AWS 關係並且能夠通過市場購買。

So that was a great example we put out there, where the demand was for CyberArk.

這是我們提出的一個很好的例子，其中的需求是 Cyber​​Ark。

We helped the customer recover from ransomware into our Privilege Cloud, and the ability for them to buy that through AWS really accelerated the whole cycle.

我們幫助客戶從勒索軟件中恢復到我們的特權雲中，而他們通過 AWS 購買的能力確實加速了整個週期。

And I would say, we have multiple integrations with AWS.

我想說，我們與 AWS 進行了多種集成。

We're moving up in the partnership with them.

我們正在與他們加強合作。

And we're going to invest more in this go-to market to be able to replicate those sort of wins, again, in complement to our existing channels.

我們將在這個首選市場上投入更多資金，以便能夠再次復制這些勝利，以補充我們現有的渠道。

Your next question comes from the line of Jonathan Ruykhaver of Baird.

您的下一個問題來自貝爾德 (Baird) 的喬納森·魯伊哈弗 (Jonathan Ruykhaver)。

Congrats on the strong performance.

恭喜您的強勁表現。

So it's really great to hear how well Privilege Cloud is doing.

因此，很高興聽到 Privilege Cloud 的表現如何。

But Udi, I'm curious if you can give us some color on Idaptive.

但是 Udi，我很好奇你能否給我們一些有關 Idaptive 的信息。

Just -- it's been about a year since the acquisition.

只是——收購已經過去一年了。

It seems like you've had some early traction there.

看起來你在那裡已經有了一些早期的吸引力。

But just curious how you feel about the positioning there, especially with the security-first messaging?

但只是好奇您對那裡的定位有何看法，尤其是安全第一的消息傳遞？

Yes.

是的。

I think it's -- we're very excited about this speedboat and how they're performing.

我認為我們對這艘快艇及其表現感到非常興奮。

And I would say, it's just really kind of a breakout -- it was a breakout quarter for them in the muscle of both landing new logos and also creating add-on opportunities within our customer base.

我想說，這確實是一種突破——對於他們來說，這是一個突破性的季度，因為他們不僅推出了新徽標，而且還在我們的客戶群中創造了附加機會。

So I would say it's a newer part of the business, but the speedboat is well on its way, with strong progress in the market.

所以我想說這是該業務的較新部分，但快艇正在順利發展，市場取得了強勁進展。

But we invested a lot with integrating our solutions and our ability for our customers to really see success from leveraging the connectivity to PAM, to vendor access and the other things that we brought to the table.

但我們在集成我們的解決方案和我們的能力方面投入了大量資金，讓我們的客戶能夠通過利用 PAM 連接、供應商訪問以及我們提供的其他內容真正看到成功。

And the customers are very excited about what we announced at our Impact event with Secure Web Sessions and our ability to give them PAM life controls for all types of users.

客戶對我們在影響事件中宣布的安全 Web 會話以及我們為所有類型的用戶提供 PAM 生命控制的能力感到非常興奮。

And so this will be available in the second half of the year, and we expect that to give us an increased competitive advantage and a good why -- on why adopt Identity Security as a strategy.

因此，這將在今年下半年推出，我們希望這能為我們帶來更大的競爭優勢，並說明為什麼採用身份安全作為一項戰略。

Yes.

是的。

No, that's great to hear, Udi.

不，很高興聽到這個消息，烏迪。

And then, Josh, I think you touched on some of these dynamics earlier.

然後，喬什，我想你早些時候談到了其中一些動態。

But when you look at net new ARR in the quarter, peeling back the layers, any seasonal impacts on the average maintenance that we should be aware of in the quarter that have some legs into 3Q?

但是，當您仔細觀察本季度的淨新 ARR 時，會發現我們在本季度應該注意的對平均維護的任何季節性影響會持續到第三季度嗎？

Jonathan, actually, I think there was nothing seasonal that I would point to.

喬納森，實際上，我認為我沒有指出任何季節性因素。

Everything on the maintenance side behaved according to plan, and just we exceeded plan on in terms of the business coming from SaaS and subscription.

維護方面的一切都按計劃進行，只是我們在來自 SaaS 和訂閱的業務方面超出了計劃。

I want to take this one opportunity, though, to the question earlier around the percentage of ARR for EPM.

不過，我想藉此機會回答之前關於 EPM 的 ARR 百分比的問題。

I said it was about 20%.

我說是20%左右。

It's about 20% of the subscription ARR component that we have.

這大約占我們訂閱 ARR 部分的 20%。

So I just wanted to clarify that.

所以我只是想澄清這一點。

Thanks.

謝謝。

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

你的下一個問題來自瑞銀集團的羅傑·博伊德。

Just a quick question on perpetual and your expectations for the back half year relative to the strong booking mix and 35% ARR growth.

只是簡單問一個關於永久的問題以及您對下半年相對於強勁的預訂組合和 35% ARR 增長的期望。

Can you talk about if there's anything changing from an incentive standpoint from the first half to the second half?

您能談談上半年到下半年從激勵​​角度來看有什麼變化嗎？

Or is it just more the go-to-market, seeing it stride, bundles are coming online, and customer demand is just organically going that way?

或者只是更多地進入市場，看到它大步前進，捆綁產品上線，並且客戶需求只是有機地朝著這個方向發展？

So I think, like we talked about, we were expecting, again, a growing mix in Q3, with a 70% mix.

所以我認為，就像我們談到的那樣，我們再次預計第三季度的混合比例會不斷增長，達到 70%。

And then, in Q4, we're expecting more add-on business coming with perpetual.

然後，在第四季度，我們預計會出現更多的附加業務。

In terms of the team, they're all incented to sell SaaS and subscription.

就團隊而言，他們都致力於銷售 SaaS 和訂閱。

We kicked that off in January.

我們在一月份就開始了這項工作。

They're all trained.

他們都是受過訓練的。

All regions are running and pushing that.

所有地區都在努力推動這一目標。

So the only nuance, which is a positive one, is we expect to add on business from existing customers in Q4, which will be an increase in perpetual into that mix.

因此，唯一的細微差別（也是積極的）是我們預計在第四季度增加現有客戶的業務，這將是該組合的永久增長。

So that would be add-on business, not any sort of conversion of maintenance revenue?

那麼這將是附加業務，而不是任何形式的維護收入轉換？

It will be mostly add-on.

它將主要是附加組件。

There will be still even some new business because let's remember that the pipeline is still rolling out from a historical old pipeline going into the back half of this year.

甚至還會有一些新業務，因為讓我們記住，該管道仍在從歷史上的舊管道中推出，進入今年下半年。

But it will be a combination, but mostly probably add-on with some new business.

但這將是一個組合，但很可能是附加一些新業務。

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

你的下一個問題來自瑞穗銀行的格雷格·莫斯科維茨（Gregg Moskowitz）。

Guys, I know you introduced some new subscription packages at the beginning of the year, and I would love to hear some more about how that's tracking so far.

伙計們，我知道你們在今年年初推出了一些新的訂閱套餐，我很想听聽更多有關迄今為止進展情況的信息。

Yes.

是的。

I would say that all new pipeline is basically containing -- and, of course, deals that closed within the cycle is on the new packages that combine, for this threat analytics, multifactor authentication and an open vendor access into the mix of higher value, for our customer to adopt the new package of what they get from the get-go.

我想說的是，所有新的管道基本上都包含——當然，在周期內完成的交易是在新的軟件包上，這些軟件包結合了威脅分析、多因素身份驗證和開放供應商訪問更高價值的組合，讓我們的客戶從一開始就採用新的產品包。

And we're seeing it both in pipeline and also in -- and, of course, deals that were closed within newly created pipeline.

我們在管道中以及在新創建的管道中完成的交易中都看到了這種情況。

All right.

好的。

That's very helpful.

這非常有幫助。

And then for Josh, so the acceleration of go-to-market investments in the second half, is this primarily greater sales capacity?

那麼對於喬什來說，下半年上市投資的加速，主要是銷售能力的提高嗎？

Or will there be other aspects of go-to-market such as channel enablement, marketing, et cetera, that you might be significantly ramping as well?

或者是否還會有其他方面的上市，例如渠道支持、營銷等，您可能也會大幅提升？

Yes.

是的。

Well, when we think about the incremental piece, it's really across all of the functions in go-to-market.

好吧，當我們考慮增量部分時，它實際上涵蓋了進入市場的所有功能。

It's heads, it's quota carriers, but definitely also related to overlays and channel managers and the likes, but really around the go-to-market engine.

它是頭部，它是配額載體，但肯定也與覆蓋和渠道經理等相關，但實際上是圍繞進入市場引擎。

Your next question comes from the line of Catharine Trebnick of Colliers.

您的下一個問題來自高力公司的凱瑟琳·特雷布尼克。

Good quarter.

好季度。

Could you just pull apart for me maybe the top 5 C3 players on your alliance that really helped you drive revenue or cross-sell, upsell within some of your accounts?

您能否幫我分析一下您的聯盟中真正幫助您增加收入或交叉銷售、在您的某些帳戶中進行追加銷售的前 5 位 C3 玩家？

Sure.

當然。

So I mentioned a few.

所以我提到了一些。

I would put up Red Hat and SailPoint and UiPath and CloudBees, I'd probably add Proofpoint in there as well, if I go for a top 5. And with all of them, there's this really great collaboration in the field and also integration.

如果我要進入前 5 名，我會列出 Red Hat、SailPoint、UiPath 和 CloudBees，我可能還會在其中添加 Proofpoint。與所有這些公司一起，我們在該領域進行了非常出色的合作和集成。

And on top of that, the C3 -- the power of the C3 Alliance is really strong because there's variety.

最重要的是，C3——C3 聯盟的力量非常強大，因為它多種多樣。

There are deals where customers want integration with their IoT devices, and we have partners to support that, like Forescout.

在某些交易中，客戶希望與其物聯網設備集成，我們有合作夥伴提供支持，例如 Forescout。

And so it's also the power of the variety and also the focus on the top.

因此，這也是品種的力量以及對頂級產品的關注。

And like I mentioned earlier, we should add AWS in there as a thought partner.

正如我之前提到的，我們應該將 AWS 添加為思想合作夥伴。

And I gave an example on the call with ServiceNow.

我在與 ServiceNow 的通話中舉了一個例子。

So I'm beyond the 5, right, because that's the multiple partners there.

所以我超出了 5 個，對吧，因為那是多個合作夥伴。

Your next question comes from the line of Alex Henderson of Needham.

你的下一個問題來自李約瑟的亞歷克斯·亨德森（Alex Henderson）。

So your transition here has resulted in a pretty steep reduction in operating margins year-over-year, from about 20% down to about 1%.

因此，你們的轉型導致營業利潤率同比大幅下降，從 20% 左右下降到 1% 左右。

Obviously, that process continues out into '22.

顯然，這個過程會持續到 22 年。

And I know you don't give guidance for '22, but -- the Street has a significant increase in EPS model for '22, yet I think your slide deck from your Analyst Day showed a decline in operating margins from '21 to '22.

我知道你沒有給出 '22 年的指導，但是 - 華爾街的 '22 年 EPS 模型顯著增加，但我認為你的分析師日幻燈片顯示營業利潤率從 '21 到 ' 下降22.

Is a decline in operating margins still in order, given the accelerated pace that you've already achieved?

鑑於您已經實現的加速發展，營業利潤率的下降是否仍然合理？

Or alternatively, will that moderate a little bit more because you're already further into the process?

或者，是否會因為您已經進一步進入該過程而更加緩和一些？

If you could give us some directionality to margins for '22 based on your expectations around the transition achieving $85 -- excuse me, the 85% by the end of the year, fourth quarter, that would be very helpful.

如果您能根據您對轉型實現 85 美元的預期，為我們提供一些 22 年利潤率的方向性——對不起，到年底第四季度達到 85%，這將非常有幫助。

So thanks, Alex.

所以謝謝，亞歷克斯。

I think nothing has changed in terms of the fundamental economics behind the transition or the transition of the model transition and the context that operating margin takes a hit as you transition through the model and get to the other side of 85% to 90% coming from bookings.

我認為，就轉型背後的基本經濟學或模型轉型的轉型而言，以及當您通過模型轉型並達到 85% 至 90% 的另一邊時，營業利潤率受到打擊的背景方面，沒有任何變化。預訂。

And it continues that way until you get to that point.

它會繼續這樣，直到你到達那一點。

So what we talked about today is that we're excited that we're able to move that point up to more certainty to being by the fourth quarter of 2022.

因此，我們今天討論的是，我們很高興能夠在 2022 年第四季度之前更確定地實現這一目標。

So we do anticipate the operating margin to follow through a transition model to potentially go down through the transition into 2022.

因此，我們確實預計運營利潤率將遵循過渡模型，在過渡到 2022 年期間可能會下降。

What we like, though, in terms of moving the transition table up is that we'll be able to now come out of the transition faster.

不過，我們喜歡將轉換錶向上移動，因為我們現在能夠更快地擺脫轉換。

And typically, you'll then see the rebound of operating margin going up post the last transition quarter.

通常情況下，您會看到營業利潤率在上一個過渡季度後出現反彈。

So when we get to the end of '22, the way the model works on these transitions is then -- would then be able to rebound and go and return to the profitability earlier rather than later.

因此，當我們到 22 年底時，該模型在這些轉變中的工作方式將能夠反彈並儘早而不是更晚地恢復盈利。

And I would add, we're still fundamentally -- we're still fundamentally sound on being able to achieve, again, coming out of the transition a couple of quarters on the other side of the transition to return to our Rule of 40 targets after that.

我想補充一點，我們仍然從根本上來說，我們仍然能夠在過渡期的另一端幾個季度完成過渡，回到我們的 40 規則目標在那之後。

And so basically, moving it up to 8 quarters is basically moving -- is moving where we're going to come out back to profitability sooner.

因此，基本上，將其推遲到 8 個季度基本上就是在朝著我們將更快恢復盈利的方向邁進。

Super.

極好的。

And the accelerated hiring, I think, also adds to that pressure in '22, though, right?

我認為，加速招聘也增加了 22 年的壓力，對嗎？

Yes.

是的。

But it's all part of -- if we think about even the guidance for this year economically, right, our guide is still talking about -- if you consider the headwind coming into 20% revenue growth with 13% operating margin.

但這都是——如果我們考慮今年的經濟指導，對吧，我們的指南仍在談論——如果你考慮到收入增長 20% 和營業利潤率 13% 的逆風。

And obviously, whatever we hire in this year is going to go into next year.

顯然，我們今年僱用的任何人員都將在明年投入使用。

But fundamentally, we're still focused on being able to hit the transition and then, afterwards, be able to rebound to a Rule of 40 company going into the following year.

但從根本上說，我們仍然專注於能夠實現轉型，然後能夠在進入下一年時反彈至 40 家公司規則。

This concludes the Q&A session.

問答環節到此結束。

I will now turn the call back over to CEO, Udi Mokady, for closing remarks.

現在我將把電話轉回給首席執行官烏迪·莫卡迪 (Udi Mokady)，他將發表結束語。

Great.

偉大的。

Thank you very much, everyone.

非常感謝大家。

I want to thank our customers, partners and employees for contributing to our strong second quarter and supporting our fast transition to a subscription company.

我要感謝我們的客戶、合作夥伴和員工為我們第二季度的強勁表現做出了貢獻，並支持我們快速轉型為訂閱公司。

I'm confident that, as we execute our strategy, we will build even deeper relationships with our customers and partners.

我相信，隨著我們執行戰略，我們將與客戶和合作夥伴建立更深層次的關係。

Again, thanks, everyone.

再次謝謝大家。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。