SailPoint Inc (SAIL) 2021 Q4 法說會逐字稿

Greetings. Welcome to the SailPoint Technologies Fourth Quarter and Full Year 2021 Earnings Conference Call.

問候。歡迎參加 SailPoint Technologies 2021 年第四季和全年財報電話會議。

(Operator Instructions)

（操作員說明）

Please note, this conference is being recorded. I will now turn the conference over to your host, Brian Denyeau from ICR. You may begin.

請注意，本次會議正在錄製中。現在我將會議交給主持人、來自 ICR 的 Brian Denyeau。你可以開始了。

Good afternoon, and thank you for joining us today to discuss SailPoint's Fourth Quarter 2021 Financial Results. Joining me today are SailPoint's CEO and Co-Founder, Mark McClain; and our Interim Chief Financial Officer, Cam McMartin.

下午好，感謝您今天加入我們討論 SailPoint 2021 年第四季財務業績。今天加入我的是 SailPoint 的執行長兼共同創辦人 Mark McClain；以及我們的臨時財務長 Cam McMartin。

Please note, today's call will include forward-looking statements, and because those statements are based on the company's current intent, expectations and projections, they are not guarantees of future performance, and a variety of factors could cause actual results to differ materially.

請注意，今天的電話會議將包括前瞻性陳述，並且由於這些陳述基於公司當前的意圖、期望和預測，因此它們並不是對未來業績的保證，並且多種因素可能導致實際結果存在重大差異。

Since this call will include references to non-GAAP results, which excludes special items, please reference this afternoon's press release in the Investors section of sailpoint.com for further information regarding forward-looking statements and a reconciliation of GAAP to non-GAAP results.

由於本次電話會議將提及非GAAP 業績（不包括特殊項目），請參閱今天下午在sailpoint.com 投資者部分發布的新聞稿，了解有關前瞻性陳述以及GAAP 與非GAAP 業績調節的更多信息。

And now I'd like to turn the call over to Mark McClain.

現在我想把電話轉給馬克·麥克萊恩。

Thanks, Brian, and thanks to each of you for joining the call today. I'm very pleased to share the business and financial performance that led to a record-breaking fourth quarter and year. 2021 was an outstanding year for SailPoint. We demonstrated our market leadership and the differentiated value our identity security offerings deliver.

謝謝布萊恩，也謝謝你們今天加入電話會議。我很高興與大家分享導致第四季和全年破紀錄的業務和財務表現。 2021 年對 SailPoint 來說是輝煌的一年。我們展示了我們的市場領導地位以及我們的身分安全產品所提供的差異化價值。

Our record-breaking Q4 helped us to close 2021, exceeding the plan we set forth at the start of the fiscal year. As we highlighted then, and continue to see throughout the year, enterprises worldwide have elevated identity security to a top-level IT priority.

創紀錄的第四季幫助我們結束了 2021 年，超越了我們在財年開始時所製定的計畫。正如我們當時所強調的，以及全年持續看到的，全球企業已將身分安全提升為 IT 的首要優先事項。

Our performance has made it clear that the market for SaaS identity security solutions is large and growing, and demand is very strong, as our solution is being adopted by customers even faster than we anticipated. As a result, we are increasingly confident in our ability to generate strong growth for years to come.

我們的業績清楚地表明，SaaS 身份安全解決方案的市場規模巨大且不斷增長，需求也非常強勁，因為客戶採用我們的解決方案的速度比我們預期的還要快。因此，我們對未來幾年實現強勁成長的能力越來越有信心。

To fully capitalize on the attractive market opportunity in front of us, we will continue to invest in our go-to-market and product development initiatives in 2022. As Cam will discuss in more detail shortly, these investments, together with a faster-than-expected revenue model transition, will have a near-term impact on our profitability.

為了充分利用擺在我們面前的有吸引力的市場機會，我們將在 2022 年繼續投資於我們的上市和產品開發計劃。模式轉型，將對我們的獲利能力產生短期影響。

We strongly believe this best positions SailPoint to generate high revenue growth rates, significant margin expansion and substantial shareholder value over the long term.

我們堅信，從長遠來看，這最有利於 SailPoint 產生高收入成長率、顯著的利潤成長和可觀的股東價值。

Now let me provide some insight into our Q4 performance, which exceeded the high end of our ARR and revenue guidance. We ended the year with approximately $370 million of ARR, up 48% year-over-year, and subscription revenue of approximately $273 million, up 39% year-over-year.

現在讓我對我們第四季度的業績進行一些深入的了解，該業績超出了我們的 ARR 和收入指導的上限。截至年底，我們的 ARR 約為 3.7 億美元，年增 48%，訂閱收入約為 2.73 億美元，年增 39%。

ARR performance this past quarter was driven by 3 [important points]. First, customers continue to choose our SaaS platform at an increasing rate, driving strong growth in our recurring revenue base. As evidence of this point, we added nearly $30 million of SaaS ARR in the fourth quarter, up more than 130% year-over-year.

上個季度的 ARR 表現由 3 個因素驅動。首先，客戶繼續以越來越快的速度選擇我們的 SaaS 平台，推動我們經常性收入基礎的強勁成長。作為這一點的證據，我們在第四季度增加了近 3000 萬美元的 SaaS ARR，年增超過 130%。

Secondly, overall, we generated record demand for our entire product portfolio as global enterprises continue to prioritize their investment in our identity security offerings as foundational to the security of their enterprise.

其次，總體而言，隨著全球企業繼續優先考慮對我們的身分安全產品的投資，將其作為企業安全的基礎，我們對整個產品組合的需求創歷史新高。

And finally, our average deal size for both new and existing customers continue to expand year-over-year as customers embrace our growing portfolio of identity security solutions. Further, our success is being driven in part by the investments we have made in recent quarters in product innovation and international expansion. We've made significant enhancements in our SaaS platform that help us better address the complexity of securing identity in modern enterprises while simplifying both the administration and user experience for our customers and their workforce.

最後，隨著客戶接受我們不斷成長的身份安全解決方案組合，我們對新客戶和現有客戶的平均交易規模繼續逐年擴大。此外，我們的成功在一定程度上得益於我們最近幾季在產品創新和國際擴張方面的投資。我們對 SaaS 平台進行了重大改進，幫助我們更好地解決現代企業中身分保護的複雜性，同時簡化客戶及其員工的管理和使用者體驗。

For example, our new workflows capability is designed to help customers streamline and automate repetitive manual security tasks with minimal to no coding required. And our identity outliers capability will enable companies to quickly discover and remediate high-risk access by leveraging AI and machine learning driven analysis to unearth anomalous identities, all within a single dashboard.

例如，我們的新工作流程功能旨在幫助客戶簡化和自動化重複的手動安全任務，而無需編碼或最少的編碼。我們的身份異常值功能將使公司能夠利用人工智慧和機器學習驅動的分析來挖掘異常身份，從而快速發現和修復高風險訪問，所有這些都在一個儀表板中完成。

These are just a couple of examples of how we're infusing intelligence and automation into our SaaS platform to enable smarter, faster and broader adoption of policies and controls to address identity security challenges faced by global enterprises.

這些只是我們如何將智慧和自動化融入 SaaS 平台的幾個範例，以實現更智慧、更快速和更廣泛地採用策略和控制，以解決全球企業面臨的身份安全挑戰。

It's also important to note that these investments benefit all of our customers, no matter their choice of operating environment, on-prem or in the cloud. We also made considerable investments into our international business this year. Both in Europe, Middle East, Africa and Asia Pacific, Japan delivered significant and record-breaking contributions in Q4.

同樣重要的是要注意，這些投資將使我們所有的客戶受益，無論他們選擇本地還是雲端的操作環境。今年我們也對國際業務進行了大量投資。無論是在歐洲、中東、非洲或亞太地區，日本在第四季都做出了重大且創紀錄的貢獻。

Our international success reflects the benefit of the new leadership we appointed in APJ this past year, the increased number of field-facing teams in Latin America, EMEA and APJ, and the broadening of our partner network in these important geographies.

我們在國際上的成功反映了去年我們在亞太及日本任命的新領導層、拉丁美洲、歐洲、中東和非洲和亞太及日本地區的現場團隊數量的增加以及我們在這些重要地區的合作夥伴網絡的擴大所帶來的好處。

To provide some additional color on Q4, I'd like to share a few customer anecdotes. A global information technology company, based in India, selected our SaaS platform, along with our additional AI services to help them manage and secure the 300,000 identities that make up their business.

為了給第四季度提供一些額外的信息，我想分享一些客戶軼事。一家總部位於印度的全球資訊科技公司選擇了我們的 SaaS 平台以及我們的附加 AI 服務來幫助他們管理和保護構成其業務的 30 萬個身分。

They recognized that SailPoint was the only vendor who could support the complexities and scale of their business with a SaaS-architected platform and a simple, straightforward user interface.

他們認識到，SailPoint 是唯一一家能夠透過 SaaS 架構的平台和簡單直覺的使用者介面來支援其業務的複雜性和規模的供應商。

A multinational supply chain company, based in Germany, chose SailPoint due to our clearly-defined SaaS vision and ongoing commitment to delivering an autonomous, flexible approach to identity security again.

一家總部位於德國的跨國供應鏈公司選擇了 SailPoint，因為我們明確定義了 SaaS 願景，並持續致力於再次提供自主、靈活的身份安全方法。

This customer needed broad visibility and an AI-driven approach, plus the ability to scale to over 1 million identities, the strength of our customer base and the terrific customer reference checks we provided to this customer during the sales process were critical in sealing the deal.

該客戶需要廣泛的可見性和人工智慧驅動的方法，再加上擴展到超過100 萬個身分的能力，我們強大的客戶群以及我們在銷售過程中向該客戶提供的出色的客戶參考調查對於達成交易至關重要。

And finally, based on a shared belief that identity security is foundational to the security of their business, a large U.S.-based retailer chose SailPoint, as it formalized its own approach to identity security after spinning out from their parent company.

最後，基於身分安全是其業務安全的基礎這一共同信念，美國大型零售商選擇了 SailPoint，因為它在從母公司分拆出來後正式製定了自己的身分安全方法。

Our SaaS platform won them over, given the flexibility and agility it will provide, coupled with our AI services that they will rely on to further simplify and streamline the ongoing administration of their identity program over time.

我們的SaaS 平台贏得了他們的青睞，因為它提供了靈活性和敏捷性，再加上我們的AI 服務，隨著時間的推移，他們將依賴這些服務來進一步簡化和簡化其身份計劃的持續管理。

As these customer examples underscore, we continue to lead the market with a technically-superior identity security offering. This leadership was recently validated by our placement as the leader for the third time in the Forrester Wave for identity management and governance.

正如這些客戶範例所強調的那樣，我們繼續以技術卓越的身份安全產品引領市場。最近，我們在 Forrester Wave 身分管理和治理方面第三次被評為領導者，驗證了這種領導力。

In the most recent 2021 report, we received the highest ranking across all 3 evaluation criteria, spanning company strategy, current offering and market presence. Now as we look ahead to 2022, we are laser-focused on 3 key priorities, as we continue to build on the momentum, demonstrated throughout 2021.

在最新的 2021 年報告中，我們在所有 3 個評估標準（涵蓋公司策略、當前產品和市場佔有率）中獲得了最高排名。現在，展望 2022 年，我們將重點放在 3 個關鍵優先事項，繼續鞏固 2021 年所展現的勢頭。

Number one, as the industry leader, we will continue to invest in innovation that delivers to the market an increasingly-autonomous, intelligent and simplified approach to identity security. This approach is critical to helping our customers deliver secure and frictionless workforce productivity, which is especially important in the tight labor market that many sectors continue to experience today.

第一，身為產業領導者，我們將繼續投資創新，為市場提供日益自主、智慧和簡化的身份安全方法。這種方法對於幫助我們的客戶提供安全、無摩擦的勞動生產力至關重要，這在當今許多行業持續面臨的勞動力市場緊張的情況下尤其重要。

Number two, we are investing in our demand generation and direct sales efforts to further accelerate our ability to address the exciting market opportunity that's in front of us. Adoption of SaaS identity security solutions is still in an early stage of development, and we expect to have a strong year of new customer growth and expansion within our customer base.

第二，我們正在投資需求挖掘和直接銷售工作，以進一步提高我們抓住眼前令人興奮的市場機會的能力。 SaaS 身分安全解決方案的採用仍處於早期發展階段，我們預期新客戶成長和客戶群擴張將強勁。

Number three, we will continue to capitalize on the increasing strategic importance of identity security as more C-level executives and Board members recognize that identity security, and specifically SailPoint, is core to enterprise security.

第三，隨著越來越多的 C 級管理人員和董事會成員認識到身分安全（特別是 SailPoint）是企業安全的核心，我們將繼續利用身分安全日益增長的策略重要性。

With digital transformation now pervasive across all industry sectors, we believe the demand for and prioritization of identity security will continue, as identity is seen as an enabler and secured digital transformation efforts worldwide. We have go-to-market plans in place to drive increased awareness and interest in SailPoint with these key decision-makers around the globe.

隨著數位轉型現在遍及所有產業領域，我們相信對身分安全的需求和優先考慮將繼續下去，因為身分被視為全球範圍內數位轉型工作的推動者和安全保障。我們制定了上市計劃，以提高全球關鍵決策者對 SailPoint 的認識和興趣。

In closing, we are thrilled with our performance in 2021. We executed at a very high level to capitalize on the demand for our offerings, leaving us well positioned for sustained long-term success.

最後，我們對 2021 年的表現感到非常興奮。

We remain confident in our ability to generate high growth rates and increasing profitability over time, as we execute on our strategy and complete our revenue model transition.

隨著我們執行策略並完成收入模式轉型，我們對隨著時間的推移實現高成長率和提高獲利能力的能力仍然充滿信心。

A key factor in our success is our strong and growing leadership team, which brings the right mix of domain expertise, proven experience building and scaling global brands and the operational excellence needed to bring SailPoint to new heights.

我們成功的關鍵因素是我們強大且不斷成長的領導團隊，他們將領域專業知識、建立和擴展全球品牌的成熟經驗以及將 SailPoint 推向新高度所需的卓越營運能力完美結合。

To that end, I would like to welcome our newly-appointed CFO, Colleen Healy. Colleen has nearly 30 years of finance and operational experience, including nearly 20 years at Microsoft, where she held various roles in finance and operations, including as General Manager of the company's U.S. Industry for Financial Services and as Head of Investor Relations.

為此，我謹歡迎我們新任命的財務長科琳希利 (Colleen Healy)。 Colleen 擁有近 30 年的財務和營運經驗，其中在 Microsoft 工作了近 20 年，期間她在財務和營運方面擔任過各種職務，包括擔任該公司美國金融服務業總經理和投資者關係主管。

Colleen will assume the CFO role effective March 16. Cam McMartin will step down from his role as Interim CFO, but continue his service to SailPoint as a Board member. I am thrilled to have Colleen joining the SailPoint leadership team, and believe her enterprise pedigree and operational background will be instrumental in our company's continued success.

Colleen 將於 3 月 16 日起擔任財務長。我很高興科琳加入 SailPoint 領導團隊，並相信她的企業血統和營運背景將有助於我們公司的持續成功。

I'm also grateful to Cam for his support as Interim CFO, and look forward to his continued service as a member of our Board.

我還感謝卡姆作為臨時財務長的支持，並期待他繼續作為我們的董事會成員提供服務。

With that, I'd like to turn the call over to Cam, who will review the financial details of our performance this quarter. Cam?

說到這裡，我想把電話轉給卡姆，他將審查我們本季業績的財務細節。凸輪？

Thank you, Mark, and thanks to everyone for joining us on the call today.

謝謝你，馬克，也謝謝大家今天加入我們的電話會議。

Before reviewing our strong performance this past quarter, I'd like to remind everyone that we posted a few slides to the Investor Relations section of SailPoint's website. These supplemental materials include additional disclosures we introduced last quarter. We believe they further highlight SailPoint's continued strong performance and the success we've had shifting the business to a subscription model.

在回顧我們上個季度的強勁表現之前，我想提醒大家，我們在 SailPoint 網站的投資者關係部分發布了幾張投影片。這些補充資料包括我們上季引入的額外揭露內容。我們相信，它們進一步凸顯了 SailPoint 持續強勁的業績以及我們將業務轉向訂閱模式所取得的成功。

As Mark noted earlier, we had a terrific fourth quarter, with revenue and bookings well ahead of our expectations. The fourth quarter yielded SailPoint's largest-ever bookings performance and enabled us to comfortably exceed our guidance on revenue and ARR.

正如馬克之前指出的，我們第四季的業績非常出色，營收和預訂量遠遠超出了我們的預期。第四季 SailPoint 實現了有史以來最大的預訂業績，使我們輕鬆超越了收入和 ARR 的指導。

Total ARR grew sequentially by more than $46 million, ending the period at approximately $370 million. This represents a 48% year-over-year growth rate, and a result that is $10 million above the high end of the guidance range we provided on our last call.

總 ARR 連續成長超過 4,600 萬美元，期末達到約 3.7 億美元。這代表著 48% 的同比增長率，這一結果比我們上次電話會議中提供的指導範圍的上限高出 1000 萬美元。

We ended the fourth quarter with approximately $221 million of ARR from our subscription-based offerings, which represents an 87% year-over-year increase. Our subscription ARR consists of over $161 million from SaaS and approximately $60 million from recurring term licenses.

截至第四季末，我們的訂閱產品的 ARR 約為 2.21 億美元，年增 87%。我們的訂閱 ARR 包括來自 SaaS 的超過 1.61 億美元和來自定期定期許可證的約 6000 萬美元。

The increasing portion of total ARR, that is coming from our subscription offerings, speaks to the great success we are having in driving SaaS adoption. We anticipate this mix will continue to increase meaningfully in 2022.

總 ARR 中不斷增加的部分來自我們的訂閱產品，這說明我們在推動 SaaS 採用方面取得了巨大成功。我們預計這種組合將在 2022 年繼續顯著增加。

While subscription offerings are driving the bulk of total ARR growth, our recurring perpetual maintenance base continues to expand as well, ending the quarter at approximately $150 million. This growth is an important demonstration of the strength of our customer relationships and their commitment to SailPoint. As I highlighted on the last earnings call, we expect to see an increase in migrations of maintenance customers to our SaaS offering over time, which will provide a nice business tailwind in the coming years.

雖然訂閱服務推動了總 ARR 成長的大部分，但我們的經常性永久維護基礎也在繼續擴大，本季末達到約 1.5 億美元。這一成長是我們客戶關係實力及其對 SailPoint 承諾的重要體現。正如我在上次財報電話會議上所強調的那樣，隨著時間的推移，我們預計維護客戶遷移到我們的 SaaS 產品的數量將會增加，這將在未來幾年提供良好的業務順風。

In addition to solid ARR growth this past quarter, total revenue was $135.6 million, $21.6 million above the top end of our prior guidance range. We delivered very strong bookings growth across the board, including better-than-expected performance from our license-based offerings, which drove the majority of the revenue upside.

除了上個季度 ARR 的穩健成長外，總收入為 1.356 億美元，比我們之前指導範圍的上限高出 2,160 萬美元。我們的預訂量全面強勁成長，包括我們基於授權的產品的表現優於預期，這推動了大部分收入的成長。

In terms of year-over-year growth, total reported revenue grew 31%, largely driven by the license outperformance I just mentioned. However, we still experienced a significant revenue growth headwind in the quarter due to the model transition.

就同​​比增長而言，報告總收入增長了 31%，這主要是由我剛才提到的許可表現出色推動的。然而，由於模式轉型，我們在本季仍經歷了重大的營收成長阻力。

If our bookings mix had been the same as we delivered in Q4 of last year, year-over-year revenue growth would have been approximately 14 points higher. We believe, this mix-adjusted metric, when combined with a very healthy ARR growth discussed earlier, provides investors a clear indication of the underlying momentum in the business.

如果我們的預訂組合與去年第四季的交付量相同，那麼同比營收成長將高出約 14 個百分點。我們相信，這項混合調整指標與前面討論的非常健康的 ARR 成長相結合，可以為投資者提供有關業務潛在動力的明確指示。

Moving past license revenue, total subscription revenue grew 41% year-over-year this quarter. This growth was driven by a strong sequential increase in SaaS revenue of approximately $6 million and the health of the maintenance base, which continues to benefit from robust renewal rates and upsell into the installed base.

拋開授權收入不談，本季總訂閱營收年增 41%。這一增長是由 SaaS 收入連續強勁增長約 600 萬美元以及維護基礎的健康推動的，維護基礎繼續受益於強勁的續訂率和對已安裝基礎的追加銷售。

I'll now transition to expenses and operating profit for the quarter. Please note that unless otherwise stated, all references to expenses and operating results are calculated on a non-GAAP basis and exclude the items outlined in the GAAP to non-GAAP reconciliations provided in today's press release.

我現在將轉向本季的費用和營業利潤。請注意，除非另有說明，所有提及的費用和經營業績均按非 GAAP 基礎計算，不包括今天新聞稿中提供的 GAAP 與非 GAAP 調整表中概述的項目。

Operating income was $11.1 million, which was significantly ahead of our prior guidance, primarily due to the outperformance in license revenue. As previously noted, we are investing aggressively in the business given the large opportunity we see in front of us, and is paying off as demonstrated by the strong fourth quarter results.

營業收入為 1,110 萬美元，大大高於我們先前的指導，這主要是由於許可收入的出色表現。如前所述，鑑於我們看到擺在我們面前的巨大機遇，我們正在積極投資該業務，並且強勁的第四季度業績證明了我們正在獲得回報。

I would like to now shift to our thinking about Q1 and expectations for 2022. For the first quarter, we expect total ending ARR in the range of $393 million to $395 million or 45% to 46% year-over-year growth. For total revenue, we expect $110.5 million to $112.5 million or 22% to 24% growth year-over-year. From a profitability perspective, we anticipate an operating loss of $12 million to $14 million.

我現在想談談我們對第一季和 2022 年預期的思考。對於總收入，我們預計將年增 1.105 億至 1.125 億美元，即 22% 至 24%。從獲利角度來看，我們預計營運虧損為 1,200 萬至 1,400 萬美元。

For the full-year 2022, we are targeting total ARR of $516 million to $524 million or 39% to 41% growth year-over-year. We expect total revenue of $513 million to $521 million or 17% to 19% growth year-over-year, and expect SaaS revenue of $197 million to $201 million or 75% to 78% growth year-over-year.

對於 2022 年全年，我們的目標是總 ARR 為 5.16 億至 5.24 億美元，即年增 39% 至 41%。我們預計總營收為 5.13 億美元至 5.21 億美元，年增 17% 至 19%，預計 SaaS 營收為 1.97 億美元至 2.01 億美元，年增 75% 至 78%。

From a profitability perspective, we anticipate an operating loss of $27 million to $35 million. This reflects a meaningful impact from the revenue model transition as well as several cost drivers, continued expansion of sales capacity to drive durable growth, sustained product and engineering investment to drive innovation and increased T&E and facilities-related expenses, as we anticipate moving past the pandemic and into a more normal operating environment.

從獲利角度來看，我們預計營運虧損為 2,700 萬至 3,500 萬美元。這反映了收入模式轉型以及若干成本驅動因素、銷售能力的持續擴張以推動持久增長、持續的產品和工程投資以推動創新以及差旅、娛樂和設施相關費用的增加所產生的有意義的影響，因為我們預計將超越疫情並進入更正常的營運環境。

There are a few things I'd like to highlight as you think about our guidance. First, we are forecasting another year of very strong ARR growth, underpinned by our rapidly growing SaaS business. We are seeing better-than-expected adoption of our SaaS solutions, as the market for cloud identity security has become a top investment priority for CIOs and CISOs.

當您考慮我們的指導時，我想強調一些事情。首先，我們預計，在我們快速成長的 SaaS 業務的支撐下，ARR 將迎來強勁成長。我們看到 SaaS 解決方案的採用情況好於預期，因為雲端身分安全市場已成為 CIO 和 CISO 的首要投資重點。

Second, from a revenue perspective, we expect a similar level of revenue headwind as we experienced in 2021. As a reminder, we are in the midst of a 2-step revenue model transition. First to a subscription model, consisting of recurring term licenses and SaaS, in place of our legacy perpetual license model, and then a shift from term licenses to a business that is overwhelmingly SaaS.

其次，從營收角度來看，我們預期營收逆風水準將與 2021 年類似。首先採用訂閱模式，由定期定期許可證和 SaaS 組成，取代我們傳統的永久許可證模型，然後從定期許可證轉向以 SaaS 為主的業務。

The first of these transitions is now effectively complete as we expect minimal perpetual license contribution in 2022 and beyond. Based on this dynamic and the underlying strength of the business, we expect 2022 will be the trough year for revenue growth before accelerating meaningfully in 2023.

這些過渡中的第一個現已有效完成，因為我們預計 2022 年及以後的永久許可貢獻將降至最低。基於這種動態和業務的潛在實力，我們預計 2022 年將是營收成長的谷底年，然後在 2023 年大幅加速。

From an expense perspective, as Mark noted earlier, our success in 2021 has shown us that the market is larger and growing even faster than we initially expected. We strongly believe that as the clear market leader, maintaining our investment pace in sales capacity and product innovation will enable us to fully capitalize on this opportunity.

從費用角度來看，正如馬克之前指出的那樣，我們在 2021 年的成功向我們表明，市場比我們最初預期的更大，成長速度甚至更快。我們堅信，作為明顯的市場領導者，保持我們在銷售能力和產品創新方面的投資步伐將使我們能夠充分利用這一機會。

We made impactful investments during 2021. This drove a strong top line return, and we plan to do so again in 2022, particularly in the first half of the year. The combination of these factors is driving the operating loss for the year. As we noted at our Analyst Day last February, we were setting our investment pace based upon the real underlying growth of the business and not based upon GAAP revenue growth, which is impacted by the model transition. To illustrate this point, if you adjusted for the anticipated revenue headwind, we would have guided to a position of profitability in 2022. As we anticipate revenue growth to accelerate next year, we expect profitability will also improve.

我們在 2021 年進行了有影響力的投資。這些因素的綜合作用導致了今年的經營虧損。正如我們在去年 2 月的分析師日上指出的那樣，我們根據業務的實際潛在成長而不是根據 GAAP 收入成長來設定投資節奏，後者受到模型轉型的影響。為了說明這一點，如果您根據預期的收入逆風進行調整，我們將在 2022 年實現盈利。

In closing, I want to reiterate how excited we are about the opportunity in front of us. With the strong execution we're seeing across the business, and the favorable demand backdrop for identity security, we are incredibly well positioned to drive significant growth for many years to come.

最後，我想重申我們對眼前的機會感到多麼興奮。憑藉我們在整個業務中看到的強大執行力以及對身份安全的有利需求背景，我們處於非常有利的位置，可以在未來許多年推動顯著成長。

With that, we'll now shift to Q&A. Operator?

這樣，我們現在將轉向問答。操作員？

(Operator Instructions)

（操作員說明）

And our first question comes from the line of Matt Hedberg with RBC Capital Markets.

我們的第一個問題來自加拿大皇家銀行資本市場公司的 Matt Hedberg。

Great. Congrats on the results. It's just really good to see, and also great to hear the news on Colleen. Cam, certainly to miss chatting with you, but I know you're still going to be around things here. So I appreciate your time here.

偉大的。祝賀結果。很高興看到，也很高興聽到科琳的消息。卡姆，當然很想念和你聊天的時光，但我知道你仍然會在這裡度過。所以我很感謝你在這裡度過的時光。

I guess there's a lot to focus on here, obviously, with the momentum in SaaS. When you think about some of these incremental sort of go-to-market-ish initiatives for 2022, how are you prioritizing where those dollars are going? And I guess I'm wondering, between partners or sort of like direct-facing initiatives, just sort of wondering if you can talk a little bit about that.

我想顯然，隨著 SaaS 的發展勢頭，這裡有很多值得關注的地方。當您考慮 2022 年的一些漸進式上市計畫時，您如何優先考慮這些資金的去向？我想我想知道，在合作夥伴之間或類似直接面對的倡議中，只是想知道你是否可以談談這一點。

Yes. Matt, Cam here. First, thanks for the kind words. It's been a real pleasure to be back with the team. And I'm, as you can appreciate, excited. We've identified, and then have Colleen ready to come on board to pick up the ball and run with it. We're very excited about 2022, and really beyond, I would say.

是的。馬特，卡姆在這裡。首先，感謝您的客氣話。回到球隊真的很高興。正如你所理解的，我很興奮。我們已經確定了，然後讓科琳準備好接球並帶著它跑。我們對 2022 年感到非常興奮，我想說，甚至更遠。

As it relates to your specific question, the prioritization of investments, as it relates to go-to-market is really focused in 2 areas. First is continuing to grow the global sales capacity. We saw very good productivity in calendar 2021 in terms of the adds we made across the geographies, and very pleased with the ramp rate and productivity of that field force both in terms of the existing force but also the folks we added during calendar '21.

由於它與您的特定問題相關，因此與進入市場相關的投資優先順序實際上集中在兩個領域。首先是持續成長全球銷售能力。就我們在各個地區的新增人員而言，我們在2021 年看到了非常好的生產力，並且對現場人員的成長速度和生產力感到非常滿意，無論是現有人員還是我們在21 年期間增加的人員。

The second is demand generation. Because as Mark highlighted in his comments, we're seeing really quite healthy demand and accelerating demand for our SaaS solutions, while we, quite frankly, see still very good demand for our term license business as well in certain categories of use. We feel like accelerating the spend on a dollar basis in 2022 is a good investment that will yield productive results. And so we're focused really on maintaining our investment philosophy in 2022. And in doing that, you're seeing, I think, the investment go across the total go-to-market team.

第二是需求產生。因為正如Mark 在評論中所強調的那樣，我們看到對我們的SaaS 解決方案的需求非常健康，並且需求不斷增長，而坦率地說，我們看到對我們的定期許可證業務以及某些使用類別的需求仍然非常旺盛。我們認為 2022 年加速以美元計算的支出是一項很好的投資，將產生有成效的成果。因此，我們真正專注於在 2022 年維持我們的投資理念。

That makes a lot of sense. And I like how you characterize ex the transition where profitability would have been. And then I guess, Mark, known you guys for a long time. We've asked you about the competitive landscape for years. And I know you guys certainly play well in the upper end of the market here. But for those who are wondering about sort of, perhaps, newcomers in the space and whatnot, could you talk about sort of the competitive landscape today? Are you still seeing a lot of these deals more greenfield in nature or a lack of competition? Just wondering if you can put a little finer point on that.

這很有意義。我喜歡你對獲利能力轉變的描述。然後我想，馬克，認識你們很久了。多年來我們一直向您詢問競爭格局。我知道你們在這裡的高端市場肯定表現得很好。但對於那些想知道該領域的新來者之類的人，您能否談談當今的競爭格局？您是否仍然看到許多此類交易本質上是未開發的或缺乏競爭？只是想知道您是否可以對此提出更具體的觀點。

No massive shift, Matt, in the last quarter since we spoke to the market. I still feel like we see some amount -- a fair amount of installed legacy solutions, some portion of which gets interested in talking to us about migration off of those older solutions every quarter.

馬特，自從我們與市場交談以來，上個季度沒有發生重大變化。我仍然覺得我們看到了相當數量的已安裝的遺留解決方案，其中一部分有興趣與我們討論每個季度遷移這些舊解決方案的情況。

I do think that as the strength of our SaaS solution has become better known, we've won some very large deals with our SaaS solution. I think that catches people's attention in their peer groups when they see very large organizations choosing to move towards a SaaS offering for this part of their solution landscape.

我確實認為，隨著我們 SaaS 解決方案的優勢越來越為人所知，我們已經透過 SaaS 解決方案贏得了一些非常大的交易。我認為，當他們看到非常大的組織選擇為其解決方案的這一部分轉向 SaaS 產品時，這會引起同行群體的注意。

And then I think we've certainly been attuned to some of the concerns about entrance into the market. I guess the 2 notables that people ask us about are Microsoft and Okta. And it's still kind of the story we've been saying for quite some time. We do believe that they are active kind of in the lower end of the market where we are just not as focused.

然後我認為我們肯定已經適應了有關進入市場的一些擔憂。我想人們向我們詢問的兩位知名人士是 Microsoft 和 Okta。這仍然是我們已經講了很長一段時間的故事。我們確實相信他們在低端市場很活躍，而我們只是不那麼關注。

So I think, they're probably capturing some market share there, which is good for their business, but not really at our expense to date. We find that we are still very, very successful in competing with what we consider kind of our core mid- to large enterprise segment, and particularly in organizations that have a complex infrastructure to deal with. And in those scenarios, we're still very, very pleased with the win rates and our ability to do quite well against all the competition we face in those segments.

所以我認為，他們可能正在那裡佔領一些市場份額，這對他們的業務有利，但迄今為止並沒有真正以我們為代價。我們發現，在與我們認為的核心中大型企業部門競爭時，我們仍然非常非常成功，特別是在需要處理複雜基礎設施的組織中。在這些情況下，我們仍然對勝率以及我們在這些領域面臨的所有競爭中表現出色的能力感到非常非常滿意。

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

我們的下一個問題來自羅布歐文斯和派珀桑德勒的對話。

Great. I was wondering if you could double-click on your commentary around the increase in the maintenance base transition to SaaS, just whether or not you're seeing that here? Or is that within your expectations as we look at the next couple of years?

偉大的。我想知道您是否可以雙擊有關維護基礎向 SaaS 過渡增加的評論，無論您是否在這裡看到這一點？或者，當我們展望未來幾年時，這是否在您的預期之內？

Yes. Rob, Cam here. As you recall from the last earnings call, back in the fall, we had highlighted that this was a motion that we were beginning to see early activity around. We did see a handful of deals, not a large number, in Q4 close that relate to customers looking to migrate from IdentityIQ maintenance to our SaaS solution platform.

是的。羅布，卡姆在這裡。正如您在去年秋季的上次財報電話會議上所記得的那樣，我們已經強調，這是我們開始看到早期活動的動議。在第四季度末，我們確實看到了一些與希望從 IdentityIQ 維護遷移到我們的 SaaS 解決方案平台的客戶相關的交易，但數量不是很多。

That was not an area of selling focus for us. Quite frankly, it's demand coming to us rather than us outreaching to our installed base. So that, I think, is a good indicator.

這不是我們的銷售重點領域。坦白說，這是需求向我們而來，而不是我們向我們的安裝基地延伸。所以我認為這是一個很好的指標。

As we come into 2022, as we highlighted back in the October or November time frame, really, the focus now will be to be a bit more intentional. What do I mean by that? It means we're organizing from an engineering perspective to make sure we have the tools to migrate folks successfully, and in a predictable fashion.

當我們進入 2022 年時，正如我們在 10 月或 11 月的時間範圍內所強調的那樣，實際上，現在的重點將是更加有意識地進行。我這麼說是什麼意思？這意味著我們正在從工程角度進行組織，以確保我們擁有以可預測的方式成功遷移人員的工具。

We're working, from a go-to-market perspective, to have the right motion to address those customers that are interested in making the migrations. Our expectations remain that 2022 will be a get-off-the-ground year, is the way to think about it. We'll have a good number of opportunities, we believe, to migrate customers to SaaS. But this will be a story that plays out over a multiyear basis.

從進入市場的角度來看，我們正在努力製定正確的動議來滿足那些有興趣進行遷移的客戶。我們的想法仍然是，2022 年將是起步的一年。我們相信，我們將有很多機會將客戶遷移到 SaaS。但這將是一個持續多年的故事。

Great. And then second, I was wondering if you could touch on the license strength that you saw in the quarter. I mean, ironically, I think it's the largest license quarter you've ever seen, despite the fact that you are focused on SaaS and transitioning the business.

偉大的。其次，我想知道您是否可以談談您在本季度看到的許可強度。諷刺的是，我認為這是您所見過的最大的許可證季度，儘管您專注於 SaaS 和業務轉型。

So was this just the way the pipeline shook out for the quarter? Did you overachieve on what you thought would be there? And as you look forward, how should we think about that license line, which has been declining over the last year, and then was up 27% year-over-year?

那麼這就是本季管道的震動方式嗎？您是否超出了您的預期？展望未來，我們該如何看待去年一直在下降、隨後同比增長 27% 的許可額度？

You bet, Rob. I guess, first, let me remind everyone that Q4, seasonally, is always our strongest quarter of the year. It also tends to be that quarter when we see a lot of, what I'm going to characterize is, year-end money that tends to flush itself out.

你敢打賭，羅布。我想，首先，讓我提醒大家，從季節性角度來看，第四季始終是我們一年中最強勁的季度。也往往在那個季度，我們會看到很多（我要描述的）年終資金往往會自行消失。

The pipeline was healthy across the board. As I highlighted in my prepared remarks, this was the best booking performance we've ever seen as a company. And that's really true across all the lines, SaaS, term and perpetual, in terms of what we expected.

管道整體健康。正如我在準備好的演講中所強調的那樣，這是我們公司所見過的最好的預訂業績。就我們的預期而言，無論是 SaaS、期限或永久，這在所有方面都是如此。

So we're pleased with the performance. It was a very healthy mix, Rob, of contribution from customers expanding their installed -- installations of -- installed program, if you will, of IdentityIQ. We like that expansion motion with our installed base because it basically signals, as I highlighted in my remarks, that the customers are happy with IdentityIQ, and are investing in it as they continue to grow their identity security programs.

所以我們對錶現很滿意。 Rob，這是一個非常健康的組合，來自客戶的貢獻，擴展了他們安裝的 IdentityIQ 程式（如果你願意的話）。我們喜歡我們的安裝基礎的擴張行動，因為正如我在評論中強調的那樣，它基本上表明客戶對 IdentityIQ 感到滿意，並且在繼續發展其身份安全計劃時對其進行投資。

And I think, we recognize retaining those customers and keeping them actively using our solutions and growing their platforms, speaks, on a long-term basis, to what we think will be the opportunity at some point in the future to migrate them to SaaS because they're clearly comfortable with -- confident in SailPoint as their identity security solution provider.

我認為，我們認識到留住這些客戶並讓他們積極使用我們的解決方案並發展他們的平台，從長遠來看，我們認為未來某個時候將有機會將他們遷移到 SaaS，因為他們顯然對SailPoint作為他們的身份安全解決方案提供者感到滿意和充滿信心。

And that's really what we're focused on. So pleased with the result, definitely had a larger-than-expected quarter in IIQ perpetual. But again, nothing atypical in terms of the profile of the quarter, just a really strong full-spectrum quarter.

這確實是我們關注的重點。對結果非常滿意，IIQ 永續季度的表現絕對超乎預期。但同樣，就本季的概況而言，沒有什麼不尋常的地方，只是一個非常強勁的全譜季度。

And our next question comes from the line of Hamza Fodderwala with Morgan Stanley.

我們的下一個問題來自哈姆扎·福德瓦拉 (Hamza Fodderwala) 與摩根士丹利 (Morgan Stanley) 的對話。

Maybe a question for Cam, and perhaps Mark can chime in. I'm just curious, when you look at the ARR guide for '22, which was, obviously, much stronger than a lot of us were expecting. How much of that, would you say, is coming from underlying demand growth, which seems to be really strong, but also what seems to be an incremental shift from your existing maintenance base to SaaS over the last couple of quarters? So can you help us sort of break that out a little bit?

也許是 Cam 的問題，也許 Mark 可以插話。您認為其中有多少來自潛在需求成長（這似乎非常強勁），而且在過去幾季中似乎是從現有維護基礎轉向 SaaS 的增量轉變？那你能幫我們解決一下這個問題嗎？

Sure, Hamza. First of all, thanks for the questions. The answer is, the former is the driver. The latter is an emerging factor is the way to think about it, fundamentally. So at the end of the day, the strength of this ARR guide is entirely in the way I think about it driven by the underlying strength of the SaaS business. Mark highlighted it for you.

當然，哈姆札。首先，感謝您的提問。答案是，前者是司機。從根本上來說，後者是一個新興因素。因此，歸根結底，本 ARR 指南的優勢完全在於我認為是由 SaaS 業務的潛在優勢所驅動的。馬克為你強調了這一點。

Competitively, we're well positioned. We're winning at a high rate across the full spectrum, across the full market, if you will, that we address from a vertical standpoint, from a size standpoint, from a geography standpoint. So that -- the totality of the go-to-market energy is really paying off at a high level.

在競爭中，我們處於有利地位。如果你願意的話，我們在整個領域、整個市場上都以很高的速度獲勝，我們從垂直的角度、從規模的角度、從地理的角度來解決這個問題。因此，進入市場的整體精力確實得到了很高的回報。

And we're quite pleased by it and that -- back to the earlier question Matt Hedberg asked, we're investing behind that trend, fundamentally. And we believe it will yield in a similar fashion in '22 and '23, as we saw in the '20, '21 and now '22 time frame. So we like the setup that we're seeing.

我們對此感到非常高興，回到馬特·赫德伯格之前提出的問題，從根本上說，我們正在投資支持這一趨勢。我們相信它會在 22 年和 23 年以類似的方式產生，正如我們在 20 年、21 年和現在的 22 年時間框架中看到的那樣。所以我們喜歡我們所看到的設定。

To the second half of your question, the maintenance migration is emerging. It's a small contributor. We want to grow it, but we're going to be very intentional about how we grow it. We want those customers that get migrated to be fully successful in a predictable and timely manner as we migrate them off IIQ and on to IdNow.

對於問題的後半部分，維護遷移正在出現。這是一個小小的貢獻者。我們想要種植它，但我們會非常謹慎地考慮如何種植它。我們希望那些遷移的客戶在將 IIQ 遷移到 IdNow 時能夠以可預測且及時的方式取得完全成功。

And so we'll let demand come to us, and we'll fill that demand. But you're not going to see us put our foot on the accelerator in '22 as it relates to how much ARR growth might be contributed from that maintenance migration.

因此，我們將讓需求來到我們身邊，我們將滿足該需求。但你不會看到我們在 22 年加速，因為這關係到維護遷移可能貢獻多少 ARR 成長。

Got it. And maybe just a follow-up question. Can you remind us what is the ARR multiple when you move a customer from maintenance on IdentityIQ to SaaS IdentityNow?

知道了。也許只是一個後續問題。您能否提醒我們，當您將客戶從 IdentityIQ 上的維護轉移到 SaaS IdentityNow 時，ARR 倍數是多少？

The answer is, it's too early to tell, if I'm candid with you. I mean, at the end of the day, it's ranged from mid-1s to 3 in terms of the totality.

答案是，如果我對你坦白的話，現在下結論還為時過早。我的意思是，到一天結束時，總體範圍在 1 到 3 之間。

But I would say, the sample size is so small at this juncture that I wouldn't draw any conclusions from it because we're more interested in working with customers that are ready to migrate and positioned to migrate, that is organized to migrate. We can work with them as compared to optimizing the economics of this first handful of customers.

但我想說，目前的樣本量很小，我不會從中得出任何結論，因為我們更感興趣的是與準備遷移、準備遷移、組織遷移的客戶合作。我們可以與他們合作，而不是優化第一批客戶的經濟狀況。

We'll -- much like you've seen us do. We'll optimize the economics as we accelerate, and we're comfortable as we've looked at what the possibilities are. We're comfortable we're going to see a very healthy contribution from these migrations in the fullness of time.

我們會——就像你看到我們所做的那樣。隨著我們的加速，我們將優化經濟性，當我們研究了可能性時我們感到很舒服。我們很高興我們將在時間成熟時看到這些遷移做出非常健康的貢獻。

Our next question comes from the line of Brent Thill with Jefferies.

我們的下一個問題來自布倫特·希爾和傑弗里斯的對話。

You have Joe on for Brent. I really appreciate the question. And Cam, I want to echo the earlier sentiment. It was a pleasure working with you.

你讓喬代替布倫特。我真的很感激這個問題。卡姆，我想回應之前的觀點。很開心跟你工作。

Should we think of operating margin as a proxy for cash flow? How should we think about cash flow inflection? And is that a '22 event or more of a '23 event, given the transition?

我們是否應該將營業利益率視為現金流量的代表？我們該如何看待現金流拐點？鑑於過渡，這是 '22 事件還是更多 '23 事件？

Joe, thanks very much for the comments. It's a pleasure to work with you and your team.

喬，非常感謝您的評論。很高興與您和您的團隊合作。

The way to think about it, fundamentally, is the free cash flow profile of this business will largely follow the non-GAAP operating in profile of this business. Substantively, you can appreciate the delta between non-GAAP operating income, and free cash flow for us is modest. It's a little bit of CapEx that we drive in the business.

從根本上來說，思考這個問題的方法是，該業務的自由現金流狀況將在很大程度上遵循該業務的非公認會計準則營運狀況。從本質上講，您可以體會到非公認會計原則營業收入與我們的自由現金流之間的差異不大。這是我們在業務中推動的一點資本支出。

And so we'll get some typical model transition benefit in this period of '22 and into '23, as we see more SaaS contribution, and diminishing term contribution at the margin. But largely speaking, I think you can anticipate that the free cash flow profile will track non-GAAP operating income. And we've given you some thinking around that for '22.

因此，我們將在 22 年和 23 年期間獲得一些典型的模型轉型收益，因為我們看到 SaaS 貢獻增加，而邊際貢獻不斷減少。但總的來說，我認為你可以預期自由現金流狀況將追蹤非公認會計原則營業收入。我們已經為您提供了 22 年的一些思考。

I think as well, we've indicated that we see this as -- '22 as a trough year, and we'll begin to see into '23 revenue growth acceleration and correspondingly non-GAAP operating income acceleration, hence, free cash flow acceleration as well.

我也認為，我們已經表示，我們認為 22 年是一個低谷年，我們將開始看到 23 年收入成長加速以及相應的非 GAAP 營業收入加速，因此自由現金流加速度也是如此。

Makes a lot of sense, thanks. And then maybe for Mark, can you just talk about the traction with federal and local government? And has any of that picked up, given the recent geopolitical issues?

很有道理，謝謝。那麼對馬克來說，您能談談聯邦和地方政府的吸引力嗎？鑑於最近的地緣政治問題，這些情況是否有所回升？

Yes. I'd say -- thanks, Joe. Nothing that I would point to is specifically coming out of the last literally weeks. We've had a very strong presence in both federal -- and we call it SLED: State, Local and Ed.

是的。我想說——謝謝，喬。我想指出的任何事情都不是最近幾週發生的。我們在聯邦部門擁有非常強大的影響力，我們稱之為 SLED：州、地方和教育部。

And certainly, getting some traction around the world in some of the federal governments from our strong position in the U.S. federal government, that tends to play well. And just generally, finding that the whole public sector is a good market for us. But I wouldn't point to any inflection or any substantive change.

當然，由於我們在美國聯邦政府中的強勢地位，在世界各地的一些聯邦政府中獲得了一些支持，這往往會發揮良好的作用。總的來說，發現整個公共部門對我們來說是一個很好的市場。但我不會指出任何變化或任何實質變化。

I think when we see things like we're all witnessing, which is, of course, incredibly difficult and unfortunate for those people involved, but in the long run from anything like this, I think it just -- we saw it -- COVID from a completely different angle, where anything that kind of raises the concerns around security tends to benefit the space, the sector. And within security, identity, I think, is well understood to be a key contributor to better security profile. And we tend to benefit from those things as kind of long-term tailwinds, but I wouldn't point to any short-term inflection of note.

我認為，當我們看到我們都在目睹的事情時，這對參與其中的人來說當然是非常困難和不幸的，但從長遠來看，我認為這只是——我們看到了——新冠病毒從完全不同的角度來看，任何引起安全疑慮的事情往往都會有利於整個空間、整個產業。我認為，在安全性方面，身分被廣泛認為是改善安全性的關鍵因素。我們傾向於從這些長期順風車中受益，但我不會指出任何短期的變化。

And our next question comes from the line of Brian Essex with Goldman Sachs.

我們的下一個問題來自高盛的布萊恩‧艾塞克斯 (Brian Essex)。

This is Charlotte Bedick on for Brian. Congrats on a great quarter. I guess a quick question. Now that you've seen greater parity with IdentityIQ, is your typical customer profile changing? For example, like are you seeing -- what is the mix of traditional, hybrid and Oracle rip out versus an emerging cloud native business?

我是夏洛特貝迪克 (Charlotte Bedick) 替補布萊恩 (Brian)。恭喜您度過了一個出色的季度。我想這是一個簡短的問題。既然您已經看到 IdentityIQ 具有更大的同等性，那麼您的典型客戶資料是否發生了變化？例如，就像您所看到的那樣 - 傳統、混合和 Oracle 剝離與新興雲端原生業務的組合是什麼？

You bet. Yes, no substantive change there. I think in many ways, we're seeing, as I said earlier about the legacy displacement, kind of a steady progression. I've said for a number of quarters, we would love to point you to a short-term inflection there, but we just continue to see a steady progression.

你打賭。是的，沒有實質的改變。我認為，從很多方面來說，正如我之前談到的遺留問題所說，我們正在看到穩定的進展。我已經說過幾個季度了，我們很樂意向您指出短期的轉折點，但我們只是繼續看到穩定的進展。

I would point out, you've seen some of the customer anecdotes we've been highlighting in the last few quarters. Increasingly, SaaS having a stronger impact at the high -- mid- to high end of the market, particularly for us, while it's been quite well performing in the mid-market for a long time. As Cam said, therefore, we think SaaS is performing well across the board.

我想指出的是，您已經看到了我們在過去幾個季度中強調的一些客戶軼事。 SaaS 對高階市場的影響越來越大，尤其是對我們來說，而長期以來它在中階市場的表現相當不錯。因此，正如 Cam 所說，我們認為 SaaS 整體表現良好。

Well, when we see that, I think we fundamentally see the same market dynamics and market requirements that we have seen. Obviously, you've still got the backdrop of the IT landscape, digital transformation being a driver as people get more aggressive about some of those moves.

嗯，當我們看到這一點時，我認為我們從根本上看到了與我們所看到的相同的市場動態和市場需求。顯然，您仍然了解 IT 領域的背景，隨著人們對其中一些舉措變得更加積極，數位轉型成為驅動力。

But in general, every large enterprise we're dealing with has a lot of the same underlying challenges. They're going through some flavor of digital transformation. They're shifting workloads to the cloud. They're bringing in new SaaS apps and building new bespokes -- cloud-based apps.

但總的來說，我們處理的每個大型企業都面臨許多相同的潛在挑戰。他們正在經歷某種程度的數位轉型。他們正在將工作負載轉移到雲端。他們引入了新的 SaaS 應用程式並建立新的客製化應用程式——基於雲端的應用程式。

A lot of the dynamics are fairly consistent, which is great for us because it means we have a good market opportunity kind of across the horizontal landscape. Obviously, the handful of verticals is a little stronger for us, historically. But in general, we still see really good demand and good execution across all the verticals.

許多動態都相當一致，這對我們來說很好，因為這意味著我們在橫向領域擁有良好的市場機會。顯然，從歷史上看，少數垂直行業對我們來說更強大一些。但總的來說，我們仍然看到所有垂直領域的良好需求和良好執行力。

Great. And can you speak of a vertical that saw significant strength this last quarter, if any?

偉大的。您能否談談上個季度表現強勁的垂直產業（如果有的話）？

I wouldn't call out anything that was uniquely strong. The great news continues to be -- I've looked at the data for the last 2 or 3 quarters, and there's been real balance across the verticals. We typically see, and we did in the second half of the year, a bit of a governmental pop. That's not atypical. That's budget cycle-driven. But on balance, as you look across the industries that we're selling into, it remains a quite balanced profile and nothing that I would call out for you that set itself apart, really, for the second half of the year, actually.

我不會說出任何特別強大的東西。好消息仍然是——我查看了過去兩三個季度的數據，各個垂直領域都實現了真正的平衡。我們通常會看到，而且我們在今年下半年也確實看到了一些政府的流行。這並非非典型。這是預算週期驅動的。但總的來說，當你縱觀我們所銷售的行業時，你會發現它仍然是一個相當平衡的概況，實際上，我不會為你指出什麼能讓你在今年下半年脫穎而出。

Our next question comes from the line of Joel Fishbein with Truist.

我們的下一個問題來自 Joel Fishbein 與 Truist 的對話。

Mark, thanks for the color on the call with some of the large wins. It sounds like you're getting some traction there. I'd love to just get a little bit more color, if you can, on any average deal sizes or how -- if you're remaining bigger, some of these -- overall, that would be really helpful.

馬克，感謝您在電話會議上的精彩表現以及一些重大勝利。聽起來你在那裡得到了一些牽引力。如果可以的話，我希望在任何平均交易規模上獲​​得更多的色彩，或者如何——如果你保持更大的規模，其中一些——總的來說，這將非常有幫助。

Yes. I mean, I think in general, from an average deal size, Joel, as we see a lot of traction in the mid- to high end of the market, and we've highlighted some of those, in general, obviously, the larger the customer, the larger the deal.

是的。我的意思是，我認為總的來說，從平均交易規模來看，喬爾，我們看到中高端市場有很大的吸引力，我們已經強調了其中的一些，總的來說，顯然，規模較大的市場客戶越大，交易越大。

I'd say as -- the thing I might point to is, as we've seen more and more traction with our AI offerings around our core, and that's becoming a more natural motion, both from a demand from the customer and a selling motion with our team. That tends to increase the overall selling deal size because we're attaching those AI products at initial sale time.

我想說的是——我可能會指出的是，隨著我們看到圍繞我們核心的人工智慧產品越來越受到關注，並且這正在成為一種更加自然的運動，無論是來自客戶的需求還是來自銷售的需求。這往往會增加整體銷售交易規模，因為我們在初始銷售時附加了這些人工智慧產品。

Quite often, we still have situations where that isn't happening, maybe it's because the deal has been in the pipeline a long time and things like that, and we have a nice steady drum beat of upsell, cross-sell of those AI products into our installed base.

很多時候，我們仍然會遇到這種情況沒有發生的情況，也許是因為交易已經醞釀了很長時間，諸如此類的事情，而且我們對這些人工智慧產品的追加銷售和交叉銷售有著良好的穩定鼓聲進入我們的安裝基礎。

So those things are helping probably drive more expansion just larger companies, in general, and the attachment of AI. But yes, in general, I think we're still really pleased with the overall progression of average sales over time, partly, as I think, people recognize our strength in the market, we tend to command a premium price.

因此，總的來說，這些事情可能有助於推動更大的公司的進一步擴張，以及人工智慧的依附。但是，是的，總的來說，我認為我們仍然對平均銷售額隨時間的整體進展感到非常滿意，部分原因是，我認為，人們認識到我們在市場上的實力，我們傾向於收取溢價。

We do get a lot of price pressure in the market, honestly. We've talked about that before, but we're I think able to hold that price point pretty well because of the perceived superiority of the solution.

老實說，我們確實在市場上面臨很大的價格壓力。我們之前已經討論過這個問題，但我認為我們能夠很好地保持這個價格點，因為解決方案被認為具有優越性。

And next question comes from the line of Andrew Nowinski with Wells Fargo.

下一個問題來自富國銀行的安德魯‧諾溫斯基 (Andrew Nowinski)。

Congrats on the great results this quarter. And Cam, I thought you did a great job during the interim.

恭喜本季取得的出色成果。卡姆，我認為你在過渡期間做得很好。

I just want to ask a question on your SaaS business. So I know you're seeing more traction in the mid- to high enterprise with adoption at SaaS solution. But given how easy it is to deploy that solution, I would think you should be able to push your IGA solution down to that small and midsized enterprise market that previously could not support or implement an enterprise-grade IGA solution.

我只是想問一個關於你們SaaS業務的問題。因此，我知道您會看到中高端企業採用 SaaS 解決方案更具吸引力。但鑑於部署該解決方案非常容易，我認為您應該能夠將 IGA 解決方案推向以前無法支援或實施企業級 IGA 解決方案的中小型企業市場。

So I'm wondering whether that lower end of the segment could actually be a growth driver in 2022. And just wondering, if you could give us any color on maybe your new customer growth that we've seen over the last 12 months, call it.

因此，我想知道該細分市場的低端是否真的可以成為2022 年的成長動力。致電它。

Yes, Andy. Cam here. So first of all, thanks for the comments. I appreciate them. The customer growth has been in line with the business growth, fundamentally, is the way to think about it, without giving you a lot of specifics. Because in these model transition periods, it's difficult to draw equivalencies in my mind.

是的，安迪。凸輪這裡。首先，感謝您的評論。我很欣賞他們。客戶的成長已經與業務的成長保持一致，從根本上來說，這是思考的方式，不需要給你很多細節。因為在這些模型過渡時期，我很難在腦海中畫出等價物。

But what I would tell you is, relative to our expectations of the complement of new customer growth that we want to see in the business in order to drive top-line growth, we are right on the curve for the year. And pleased -- as Mark highlighted, I'd highlight this too as well, pleased with the non-U.S. portion of that contribution. That's such a good indicator of the spectrum of investment that we're making across the globe, and capacity is yielding as we would like it to.

但我要告訴你的是，相對於我們希望在業務中看到新客戶成長以推動營收成長的預期，我們今年正處於正軌。很高興——正如馬克所強調的那樣，我也強調這一點，對該貢獻的非美國部分感到滿意。這是我們在全球範圍內進行的投資範圍的一個很好的指標，而且產能正在按照我們的意願產生。

As it relates to the customers, we've always had a reasonably balanced distribution, for lack of a better term, of customer contribution across size. We're not generally going to dip down to the small enterprise category. But in the mid-enterprise and the large enterprise segments, where there are, quite frankly, tens of thousands of target enterprises to build this business, we're winning at a good rate there, and across the full spectrum. So the economics work, the deployment model works, the success model works in a way that we think we can continue to sustain.

就客戶而言，由於缺乏更好的術語，我們始終對不同規模的客戶貢獻進行合理平衡的分配。我們通常不會深入小型企業類別。但在中型企業和大型企業領域，坦白說，有數以萬計的目標企業來建立這項業務，我們在整個領域都以很高的速度獲勝。因此，經濟運作、部署模式運作、成功模式運作的方式是我們認為可以繼續維持的。

We've highlighted the larger end of the spectrum in the last couple of calls, largely because it's one of those evolutions around some of the questions we get asked, which is replacement. The large legacy players tended to live at the high end of the market range, and it was a question for us. And I can remember a couple of years ago, we talked about it.

我們在最近幾次電話會議中強調了更大的範圍，主要是因為這是圍繞我們提出的一些問題的演變之一，即替代方案。大型傳統企業往往生活在市場的高端，這對我們來說是一個問題。我記得幾年前，我們討論過這個問題。

And the good news is we've now begun to address customer needs at the higher end of this market spectrum. But don't take that as a conclusion that we're moving in a concentrated way upmarket. We're continuing to invest across the full spectrum of those accounts we want to be selling to.

好消息是我們現在已經開始滿足高端市場的客戶需求。但不要將此視為我們正在集中進軍高端市場的結論。我們將繼續對我們想要銷售的客戶進行全方位投資。

Okay. That's great. And maybe just a follow-up for you. I know you guys -- I mean, your results are amazing tonight. You're clearly not having any issues with demand. But I'm wondering if customers are asking you for a more integrated solution with IGA and PAM and SSO. Do they actually want more of a broader platform? Or do you see your customers still focusing on best-of-breed solutions for each of those segments?

好的。那太棒了。也許只是你的後續行動。我了解你們——我的意思是，你們今晚的成績令人驚嘆。顯然您的需求沒有任何問題。但我想知道客戶是否要求您提供具有 IGA、PAM 和 SSO 的更整合的解決方案。他們真的想要更多更廣闊的平台嗎？或者您看到您的客戶仍然專注於每個細分市場的最佳解決方案？

This is Mark. I'll take that one. Thanks. Good to talk to you. Yes, kind of related to Cam's last answer, the more you go down market, our contention has been that that's where there's more pressure for that integrated single-vendor solution, where, frankly, the subcomponents may or may not be as deep and rich as the mid- to large enterprise would require, and they'll make that trade-off for a single-vendor solution with maybe a little less depth and breadth of the solution.

這是馬克。我會接受那個。謝謝。很高興和你說話。是的，與Cam 的最後一個答案有點相關，你越深入市場，我們的論點是，這就是集成單一供應商解決方案面臨更大壓力的地方，坦率地說，子組件可能會或可能不會那麼深入和豐富正如大中型企業所需要的那樣，他們會做出權衡，選擇單一供應商解決方案，但解決方案的深度和廣度可能會稍差一些。

Since we are focused in that mid- to high end enterprise, where the -- as I'd like to say, solving the problem is job 1, not just getting a single-vendor solution. There's always pressure from procurement and other folks in the industry to consolidate vendors. We get that. But we aren't feeling significant pressure there to move off of our strategy of increasing the breadth of our solution, and the core issues. Again, we've highlighted this. It wasn't a trivial thing to shift our terminology from identity governance to identity security.

由於我們專注於中高端企業，正如我想說的，解決問題是首要任務，而不僅僅是獲得單一供應商解決方案。採購部門和業內其他人士始終面臨整合供應商的壓力。我們明白了。但我們並沒有感受到巨大的壓力，要求我們放棄擴大解決方案和核心問題廣度的策略。我們再次強調了這一點。將我們的術語從身分治理轉變為身分安全並不是一件小事。

We think there's a broader array of things that are beyond just the traditional focus on compliance and provisioning that are still well within this realm and don't take us necessarily into the other core realms of classic privilege and classic access.

我們認為，除了傳統上對合規性和配置的關注之外，還有更廣泛的事情仍然屬於這個領域，並且不一定會將我們帶入經典特權和經典訪問的其他核心領域。

So I think we still feel like the market is responding well to that message. We do get asked about integration. I think, Andy, that's probably the right way for me to talk about that is that at our scope and scale, they want us to integrate with their preferred vendors for those other solutions, but they aren't necessarily pressuring us in our core markets to be consolidated to a single-vendor solution.

因此，我認為我們仍然認為市場對這一訊息反應良好。我們確實被問到有關整合的問題。我認為，安迪，這可能是我談論的正確方式，即在我們的範圍和規模下，他們希望我們與他們首選的供應商整合這些其他解決方案，但他們不一定會在我們的核心市場向我們施加壓力整合為單一供應商解決方案。

Yes. And just to follow on, the addition I would make to Mark's last comment is that Grady and team worked very hard with the leaders in the PAM solution space to have high-performing, world-class integrations, and we've got that. We make investments, they make investments, and it really allows, fundamentally, across our target customer set. It allows our customers to, in effect, take advantage of best-of-breed without any -- if you will, any penalty of operating efficiency. They get what they need because we're jointly investing in those integrations.

是的。接下來，我要對 Mark 的最後評論做的補充是，Grady 和團隊與 PAM 解決方案領域的領導者非常努力地合作，以實現高性能、世界級的集成，我們已經做到了。我們進行投資，他們也進行投資，從根本上說，它確實允許我們的目標客戶群。實際上，它使我們的客戶能夠利用同類最佳技術，而不會影響營運效率（如果您願意的話）。他們得到了他們需要的東西，因為我們共同投資於這些整合。

Our next question comes from the line of Joshua Tilton with Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的約書亞·蒂爾頓。

Congrats on the quarter. You guys mentioned that the legacy replacement deals continue to be steady from quarter-to-quarter. But we are starting to hear more of the Saviynt customers migrating over to Sail. Anything to comment on that front? And how should we think about that opportunity in 2022 as more of their customers start to come up for renewal?

恭喜本季。你們提到舊版替換交易每季都保持穩定。但我們開始聽到更多 Saviynt 客戶遷移到 Sail。對此有何評論？隨著越來越多的客戶開始提出續約，我們該如何看待 2022 年的這個機會？

Yes. So this is Cam. Thanks for the question. I'll start and let Mark pick it up. The answer is, as Mark mentioned, the win rates across the last couple of quarters have been quite strong. We've been pleased with our ability to win against our competitors, including Saviynt. And that didn't change in the fourth quarter. And we're pleased by that.

是的。這就是卡姆。謝謝你的提問。我會開始讓馬克來接。答案是，正如馬克所提到的，過去幾季的勝率相當強勁。我們很高興能夠擊敗包括 Saviynt 在內的競爭對手。第四季這一情況沒有改變。我們對此感到高興。

We do have -- and have said it for years, we do have a philosophy, when we lose, to lose gracefully because we -- our experience, generally, is that people are going to come back around, and we're seeing the come-back-around behavior in a number of customer situations where the reality is that with the passage of time and the evolution of the solution deployed, people aren't able to keep up.

我們確實有——並且已經說過很多年了，我們確實有一種哲學，當我們失敗時，要優雅地失敗，因為我們——我們的經驗，一般來說，人們會回來，我們看到在許多客戶情況下，人們都會出現回頭客行為，但現實情況是，隨著時間的推移和部署的解決方案的演變，人們無法跟上。

And we're seeing that and feeling that and selling against that reality, and having success. So I think the signals you're picking up in the market are being borne out in our selling activity, we're pleased by that. It suggests that when you think about -- which most folks do, identity is a long-term platform decision that as people get familiar with our competitors' products, Saviynt or others, we're able to tell a longer-term story.

我們看到了這一點，感受到了這一點，並根據這一現實進行銷售，並取得了成功。因此，我認為您在市場上收到的訊號正在我們的銷售活動中得到證實，我們對此感到高興。它表明，當你思考時（大多數人都會這樣做），身份是一個長期的平台決策，隨著人們熟悉我們競爭對手的產品、Saviynt 或其他產品，我們能夠講述一個長期的故事。

Yes. And the only thing I'd add to that, Josh, is kind of tied into the last question from Andy about breadth. Saviynt made a slightly different strategic choice on us. I think they've tried to go much wider, and their business is somewhat smaller than ours. I don't know exactly because they're private.

是的。喬希，我唯一要補充的是，這與安迪關於廣度的最後一個問題有關。 Saviynt 對我們做出了略有不同的策略選擇。我認為他們已經嘗試擴大範圍，但他們的業務比我們的業務小一些。我不太清楚，因為它們是私人的。

But they've tried to get more into the PAM space and a few other areas. And I think -- as a result, I think, their competitiveness directly against us is at times challenged. And as Cam said, we will still occasionally lose. We have lost to them over the years, not at a very high rate, but we have. And we have, as you picked up on, a little more increase in the rate of some of those customers coming back around, I think, partly because the breadth and depth just isn't as strong in our deep segment.

但他們已經嘗試更多地進入 PAM 領域和其他一些領域。我認為，因此，我認為，他們與我們直接競爭的競爭力有時會受到挑戰。正如卡姆所說，我們偶爾還是會失敗。這些年來我們輸給了他們，雖然輸的率不是很高，但我們確實輸了。正如您所了解到的，我認為其中一些客戶的回頭率有所增加，部分原因是我們的深層細分市場的廣度和深度不夠強大。

And so I think we probably don't put them as quickly in our mind as a legacy player, say, Oracle, IBM and CA, but they've been around the game quite some time as well. And yes, I think it is a fair pickup there, good research on your behalf that there's been a little bit of a pickup there in terms of displacing them.

因此，我認為我們可能不會像甲骨文、IBM 和 CA 等傳統企業那樣迅速地將它們牢記在心，但它們也已經存在相當長一段時間了。是的，我認為這是一個公平的回升，代表你進行了很好的研究，在取代他們方面有一點回升。

I appreciate the color. And just as a quick follow-up, you guys did give the disclosure on the bookings mix between perp and subscription. Would it be possible to get the split on subscription between term and SaaS in the quarter? And then also, you mentioned that this is kind of going to be a double transition, where first perpetual disappears and then term. So given that we should start seeing that term mix kind of come down, is there any way to get the mix of term and SaaS that's baked into the guide for 2022?

我很欣賞它的顏色。作為一個快速的後續行動，你們確實揭露了perp和訂閱之間的預訂組合。本季是否有可能在定期訂閱和 SaaS 之間進行訂閱分割？然後，您也提到這將是一個雙重過渡，首先永久消失，然後期限消失。因此，考慮到我們應該開始看到術語組合下降，有沒有什麼方法可以將術語和 SaaS 的組合納入 2022 年的指南中？

Well, we've given you some -- we're evolving the disclosures that we're making. I would start at that point. If you recall, we provided you incremental visibility as to the composition of ARR last quarter, in terms of the 3 pieces. We haven't yet made the decision, if you will, to begin to provide you greater bookings visibility of the mix type. I think we'll do that as we go through time.

好吧，我們已經給了你們一些——我們正在改進我們正在做出的披露。我會從那時開始。如果您還記得的話，我們為您提供了上季度 ARR 組成的增量可見性（從 3 部分來看）。如果您願意的話，我們還沒有決定開始為您提供更大的混合類型預訂可見性。我想隨著時間的推移我們會這麼做的。

What we've tried to focus on in '21, and really as we begin '22, is to recognize that this is a subscription business and that we're focused there fundamentally. We got effectively complete, as we said, in 2021, with the move off of license perpetual business, and have had great success in selling both SaaS and term. And we're going to continue to see good contribution from both in 2022, growing for SaaS, probably not growing as fast for term. As we go through time, you'll see us, in '23 and beyond, begin to be more focused on SaaS.

我們在 21 世紀以及從 22 世紀開始真正努力關注的重點是認識到這是一項訂閱業務，並且我們從根本上關注這一點。正如我們所說，我們在 2021 年有效地完成了永久許可證業務的取消，並且在銷售 SaaS 和期限方面取得了巨大成功。到 2022 年，我們將繼續看到兩者的良好貢獻，即 SaaS 的成長，但短期內成長可能不會那麼快。隨著時間的推移，您會看到我們在 23 年及以後開始更加關注 SaaS。

But at this point, we're comfortable with the guidance we're giving you and the visibility. We think it gives you the right profile of what we're focusing on for 2022.

但目前，我們對為您提供的指導和可見性感到滿意。我們認為它可以讓您正確了解我們 2022 年的重點工作。

Our next question comes from the line of Alex Henderson with Needham.

我們的下一個問題來自亞歷克斯·亨德森和李約瑟的對話。

Cam, we'll miss you. And Colleen, welcome. A couple of just quick housekeeping questions, if I could. Could you just talk a little bit about your exposure to Russia? And what your churn rate was, in terms of staff churning, in the fourth quarter for -- or for the '21 time frame, not versus '20, but versus '19? And what you're seeing on wage inflation? And I've got a follow-up.

卡姆，我們會想念你的。科琳，歡迎。如果可以的話，我想問幾個簡單的內務問題。能簡單談談您在俄羅斯的經歷嗎？就員工流失而言，您的流失率是多少，在第四季度，或者在「21 年」時間範圍內，不是與「20 年」相比，而是與「19 年」相比？您對薪資通膨有何看法？我還有後續行動。

Sure, Alex. Cam here. Yes, our exposure to Russia is incredibly small, without giving any specifics. Given the composition of who we serve, both on the commercial and the governmental side, we have historically taken the position, fundamentally not to serve that market. And so our exposure is very small there and derivatives of that.

當然，亞歷克斯。凸輪這裡。是的，我們在俄羅斯的風險敞口非常小，但沒有給出任何具體細節。考慮到我們服務對象的組成，無論是商業方面還是政府方面，我們歷來採取的立場是，從根本上不服務於該市場。因此，我們在那裡的曝光度及其衍生產品非常小。

Let's see. The other questions were wage inflation, pretty much in line with what the market is doing. It's definitely accelerated. I won't tell you otherwise. We are competing in the global marketplace for talent. And in that regard, it's become more challenging to both attract and retain talent, and we're responding accordingly.

讓我們來看看。其他問題是薪資通膨，這與市場的走勢基本一致。肯定是加速了。否則我不會告訴你。我們正在全球市場上爭取人才。在這方面，吸引和留住人才變得更具挑戰性，我們正在做出相應的反應。

The performance of the business gives us really the benefit of being able to do that, and we are doing that because we recognize momentum is driven by great people, and we want to attract and retain the right individuals to drive this business.

業務的表現確實為我們帶來了能夠做到這一點的好處，我們這樣做是因為我們認識到動力是由優秀的人才驅動的，我們希望吸引和留住合適的人才來推動這項業務。

As it relates to turnover, for -- I think you asked the question relative to '19. '21 was higher than '19. We've been looking at it on a blended basis, really 2021 versus '19. And in that regard, substantively, no differential in overall pace or rate of folks making the decision to embark SailPoint. What I will tell you is we're pleased with the way the second half proceeded both on some decel in that rate but also accel in the rate at which we're bringing people on board.

由於它與營業額有關，我認為您提出了與 19 年相關的問題。 '21 高於 '19。我們一直在混合的基礎上看待它，實際上是 2021 年與 19 年。在這方面，實質上，決定加入 SailPoint 的人們的整體速度或比率沒有差異。我要告訴你的是，我們對下半年的進展感到滿意，不僅在速度上有所放緩，而且在人員引進速度上也有所加快。

So the great news is, we look back at the end of 2021, and we're very happy with where we landed, in terms of the complement of staffing, both in terms of go-to-market teams and the engineering teams.

因此，好消息是，我們回顧 2021 年底，我們對我們的目標感到非常滿意，無論是在人員配置方面，還是在市場團隊和工程團隊方面。

Great. And if I could follow up, could you just give us some sense of what your headcount expectations are for '22 and what's built into the model? And specifically, if you could give us any sense of what the mix of that increase is relative to the Sail's staff portion of the market?

偉大的。如果我可以跟進，您能否告訴我們您對 22 年的員工人數預期以及模型的內建內容？具體來說，您能否讓我們了解一下相對於 Sail 員工市場佔有率而言，這種成長的組合是怎樣的？

So Alex, the -- I won't give you specifics around the plan. What I'll do is give you some general understanding and that is that we would expect headcount to grow largely in line with what we're trying to do from a top-line perspective.

所以亞歷克斯，我不會向你提供該計劃的具體細節。我要做的是給你們一些整體的了解，那就是我們預期員工人數的成長很大程度上與我們從營收角度試圖做的事情保持一致。

That's, I think, as you heard Mark and me both comment in the prepared remarks, from a go-to-market capacity standpoint, demand generation and product development standpoint, because we're seeing very healthy ARR growth, whether you look at it on a total basis or a net new basis. We're seeing the kind of productivity that we want to see, and therefore are comfortable making the investments in the team size.

我想，正如你聽到馬克和我在準備好的發言中所評論的那樣，從上市能力、需求生成和產品開發的角度來看，因為我們看到了非常健康的 ARR 增長，無論你怎麼看按總量或新淨值計算。我們看到了我們想要看到的生產力，因此願意在團隊規模上進行投資。

The reality is that across all the teams, it's balanced. We're maintaining an investment philosophy that says, we want to invest behind on the product development side, behind the SaaS momentum and as well the total market momentum on the go-to-market teams in terms of all the product portfolio.

現實情況是，在所有團隊中，情況都是平衡的。我們堅持的投資理念是，我們希望投資於產品開發方面、SaaS 勢頭以及所有產品組合的上市團隊的整體市場動力。

So that's really what we're doing. Nothing out of line there, and nothing differential. It's a continuation, largely, of what we did in '21, would be the way to think about it.

這就是我們正在做的事情。沒有什麼不合規矩的地方，也沒有什麼差別。這在很大程度上是我們在 21 年所做的事情的延續，也是我們思考這個問題的方式。

Cam, if I could. I just wanted to clarify. So you're saying revenue or are you saying the rate of growth that you were anticipating as if you haven't done a transition, i.e., the subscription underlying growth rate?

卡姆，如果可以的話。我只是想澄清一下。所以你說的是收入，還是說你預期的成長率，就好像你沒有進行轉型一樣，也就是訂閱基礎成長率？

Yes. So Alex, we look at it a couple of different ways is the answer. But substantively, what we're looking at, in terms of the growth in the business, is what's the target for bookings growth? What's the target for ARR growth? And do we have the capacity available to us to achieve those growth targets?

是的。所以亞歷克斯，我們用幾種不同的方式來看這個問題就是答案。但實質上，就業務成長而言，我們關注的是預訂成長的目標是什麼？ ARR 成長的目標是多少？我們是否有能力實現這些成長目標？

And we ended the year in a very healthy place. And we've got a set of objectives for 2022 to continue to grow the field team and the engineering team to support that -- those growth objectives.

我們以非常健康的方式結束了這一年。我們制定了 2022 年的一系列目標，以繼續擴大現場團隊和工程團隊的規模，以支持這些成長目標。

Your next question comes from the line of Rudy Kessinger with D.A. Davidson.

你的下一個問題來自魯迪·凱辛格 (Rudy Kessinger) 和 D.A.戴維森。

Last quarter, you said license revenue was about 60% term, 40% perpetual. I'm just curious, if you could give us a finer point on what it was in Q4. I'm just curious how much perpetual there was.

上個季度，您說授權收入約佔定期授權收入的 60%，永久授權收入佔 40%。我只是好奇，您能否給我們提供有關第四季度情況的更詳細資訊。我只是好奇到底有多少永恆。

Perpetual -- I don't have that number right handy. It came down modestly over Q3, was the answer.

永久——我手邊沒有這個號碼。答案是第三季略有下降。

On a percentage basis or a nominal dollar basis?

以百分比為基礎還是以名義美元為基礎？

On a percentage -- yes, sorry, yes. My apologies. On a percentage basis. We -- obviously, dollar-wise, as everything grew in the quarter. But on a percentage basis, it came down -- it came down modestly over the prior quarter.

以百分比計算——是的，抱歉，是的。我很抱歉。以百分比計算。顯然，從美元角度來看，本季一切都在成長。但從百分比來看，它有所下降——比上一季略有下降。

Got it. That is helpful. In '22, the midpoint of your guidance had 18% top line growth at the midpoint. If you go back about a year ago at your Analyst Day, you said you expected the model transition to be about 10- to 11-point headwind in '22. I know it's 14% in Q4. Do you still expect that kind of headwind to top line growth in '22?

知道了。這很有幫助。 22 年，你們指導的中點收入成長了 18%。如果您回顧大約一年前的分析師日，您曾說過您預計 22 年模型轉型將面臨約 10 至 11 個百分點的逆風。我知道第四季是 14%。您仍然預計 22 年的營收成長會遇到這種逆風嗎？

Yes. I think the way to think about it is, we had a mid-teens headwind-adjusted growth effect in '21. And we would expect roughly that sort of effect in '22. It will moderate a few percentage points in '22 over '21, but not significantly.

是的。我認為思考這個問題的方法是，我們在 21 年經歷了十幾歲左右的逆風調整成長效應。我們預計 22 年會出現類似的效果。與 21 年相比，22 年的成長率將下降幾個百分點，但不會顯著。

If you think of it a little bit above the mid-teens, a little bit below the mid-teens, that's the range. And in the way, we've thought about our business planning. It is, as we've said in the prepared remarks, the last meaningful year of headwind effect, we're going to drop in the single digits as we go into next year.

如果你認為它高於十幾歲，低於十幾歲，那就是範圍。順便說一句，我們已經考慮了我們的業務規劃。正如我們在準備好的發言中所說，這是逆風效應的最後一個有意義的一年，進入明年，我們的成長率將下降個位數。

And your next question comes from the line of Fatima Boolani with Citi.

你的下一個問題來自花旗銀行的法蒂瑪‧布爾尼 (Fatima Boolani)。

I just wanted to ask you a question with respect to phase 1 of the model transition, which is now complete. So just to be 100% clear, the perpetual form factor is entirely out of your price books, it will no longer be sold. And I'm curious about the term and process with the term licensing format, especially as you reinforce and double down on the SaaS selling. Would love some of your clarification and opinion there. And I have a follow-up for Cam. if I may.

我只是想問您一個有關模型過渡第一階段的問題，該階段現已完成。因此，百分之百明確的是，永久外形完全超出了您的價格手冊，它將不再出售。我對術語許可格式的術語和流程很好奇，尤其是當您加強並加倍加大 SaaS 銷售力度時。希望您能提供一些澄清和意見。我還有關於卡姆的後續行動。如果允許我的話。

Every one of you, please stand by just for a moment while we deal with the technical difficulties.

當我們處理技術難題時，請大家稍等片刻。

(technical difficulty)

（技術難度）

Ladies and gentlemen, again, we do apologize for the inconvenience.

女士們先生們，我們再次為您帶來的不便表示歉意。

We have reached the end of the question-and-answer session, unfortunately. And this does conclude today's conference, and you may disconnect your lines at this time. Thank you for your participation. And again, we do apologize for the inconvenience.

不幸的是，我們的問答環節已經結束了。今天的會議到此結束，此時您可以掛斷電話了。感謝您的參與。對於造成您的不便，我們再次深表歉意。