SailPoint Inc (SAIL) 2025 Q4 法說會逐字稿

Thank you for standing by and welcome to SailPoint's fourth-quarter and year-end 2025 earnings conference call. (Operator Instructions)

感謝您的支持，歡迎參加 SailPoint 2025 年第四季和年終財報電話會議。（操作員指示）

I would now like to hand the call over to Scott Schmitz, SPT Investor Relations. Please go ahead.

現在我想把電話交給 SPT 投資者關係部的 Scott Schmitz。請繼續。

Good morning and thank you for joining us today to discuss SailPoint's fiscal fourth-quarter and full-year 2025 financial results. Joining me today are SailPoint's Founder and CEO, Mark McClain; and our Chief Financial Officer, Brian Carolan.

早安，感謝您今天加入我們討論 SailPoint 的第四財季和 2025 年全年財務業績。今天與我一起參加的是 SailPoint 的創始人兼首席執行官 Mark McClain；以及我們的財務長 Brian Carolan。

Please note that today's call will include forward-looking statements, and because these 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、預期和預測，因此它們不能保證未來的業績，並且各種因素可能導致實際結果存在重大差異。

This call will also include references to non-GAAP adjusted results which excludes special items. Please reference this morning's press release in the Investor Section of sailpoint.com for further information regarding forward-looking statements and reconciliations of GAAP to non-GAAP financial measures.

本次電話會議也將提及不包括特殊項目的非公認會計準則調整結果。有關前瞻性陳述以及 GAAP 與非 GAAP 財務指標對帳的更多信息，請參閱 sailpoint.com 投資者部分今天上午的新聞稿。

And with that, I'd like to turn the call over to Mark.

說完這些，我想把電話轉給馬克。

Thank you, Scott. Good morning, everyone, and thank you for joining us today. We're thrilled to share our fiscal Q4 and full-year 2025 results, marking an incredible year for SailPoint, which was followed by our recent return to the public markets. Our competitive differentiation and focused execution drove our strong Q4 and full-year 2025 results.

謝謝你，斯科特。大家早安，感謝大家今天加入我們。我們很高興與大家分享我們 2025 財年第四季和全年的業績，這對 SailPoint 來說是一個不可思議的一年，隨後我們最近重返公開市場。我們的競爭差異化和專注的執行力推動了我們 2025 年第四季和全年的強勁業績。

We ended this year with $877 million in annual recurring revenue, or ARR, a 29% year-over-year increase, with SaaS ARR growing 39%. Our ARR growth reflects increasing demand for our modern identity solutions across approximately 3,000 enterprise customers worldwide.

我們今年的年度經常性收入（ARR）為 8.77 億美元，年增 29%，其中 SaaS ARR 成長 39%。我們的 ARR 成長反映了全球約 3,000 家企業客戶對我們現代身分解決方案的需求不斷增長。

We also saw an almost 80% year-over-year increase in customers with ARR greater than $1 million which showcases the prioritized investment customers are making in identity security and the significant scale of their programs with us. This performance demonstrates our ability to capitalize on a sizable market opportunity, delivering strong, consistent growth at scale.

我們還看到 ARR 超過 100 萬美元的客戶數量同比增長了近 80%，這表明客戶在身份安全方面進行了優先投資，並且與我們合作的項目規模巨大。這項業績證明了我們有能力利用龐大的市場機遇，實現強勁、持續的規模成長。

There are three key factors that have set us up for success: our industry leadership, continuous innovation, and focus on efficient growth. First, industry leadership. With over 20 years of expertise in enterprise identity security, we bring a deep understanding of our customers' challenges. With Atlas, our cutting edge, unified identity platform, we delivered the broad and deep governance of access and identity that large enterprises require to meet the expansive nature of their identity landscape and the velocity of change in their access needs.

我們的成功有三個關鍵因素：產業領導地位、持續創新以及對高效率成長的關注。第一，行業領先。憑藉 20 多年的企業身分安全專業知識，我們對客戶面臨的挑戰有著深刻的理解。借助我們先進的統一身分平台 Atlas，我們提供了大型企業所需的廣泛而深入的存取和身分治理，以滿足其身分格局的擴張性和存取需求的變化速度。

Our ability to deliver identity security controls across the spectrum of enterprise access, notably down to the detailed entitlement level rather than just the sign-on level, strengthens our competitive edge. This positions SailPoint to serve as a central control plane for securing all enterprise identities and their access to all enterprise data. And our significant expertise and longstanding leadership in governance and administration, which we believe is the most difficult part of identity security, makes us well suited to address the highly complex enterprise class identity challenges faced by our customers.

我們能夠在整個企業存取範圍內提供身分安全控制，特別是詳細到授權級別而不僅僅是登入級別，這增強了我們的競爭優勢。這使得 SailPoint 成為保護所有企業身分及其對所有企業資料的存取的中央控制平面。我們在治理和管理方面擁有豐富的專業知識和長期領導地位，我們認為這是身分安全中最困難的部分，這使我們非常適合解決客戶面臨的高度複雜的企業級身分認同挑戰。

Taken together, our expertise, experience, and proven track record provide a strong competitive mode for SailPoint, helping us to drive continued growth and to extend our leadership position in the market. This differentiation is key, as it stands in stark contrast to the high number of failed identity programs that are prevalent today.

總而言之，我們的專業知識、經驗和良好的業績記錄為 SailPoint 提供了強大的競爭模式，幫助我們推動持續成長並擴大我們在市場上的領導地位。這種區別至關重要，因為它與當今普遍存在的大量失敗的身份識別計劃形成了鮮明對比。

According to Gartner, half of all enterprises have distressed identity programs. We continue to see success in replacing legacy and niche identity vendors who have been unable to address the scale and scope of the sophisticated identity challenges faced by companies at the mid- to upper-end of the market. As just one example from the last year, a large manufacturer failed twice in the past 10 years with IGA solutions that were insufficient in addressing the complexity of their digital landscape.

據 Gartner 稱，一半的企業的身份識別計劃存在問題。我們繼續看到成功取代那些無法解決中高端市場公司所面臨的複雜身份挑戰的規模和範圍的傳統和小眾身份供應商。僅舉去年的一個例子，一家大型製造商在過去 10 年中兩次採用 IGA 解決方案失敗，因為這些解決方案不足以解決其數位環境的複雜性。

After a substantial breach put them at risk for major fines and compliance violations, the company recognized their need for an identity partner with a sophistication, financial stability, and future-focused capabilities to meet their requirements. They chose SailPoint to help them transform their identity program, leveraging our fast delivered, AI-powered approach to protect their large, complex, and growing enterprise.

在發生重大違規行為並面臨巨額罰款和違反合規規定的風險後，該公司意識到他們需要一個成熟、財務穩定、具有面向未來能力的身份合作夥伴來滿足他們的要求。他們選擇 SailPoint 來幫助他們轉變身分識別程序，利用我們快速交付的人工智慧方法來保護他們龐大、複雜且不斷發展的企業。

The second factor is innovation. Innovation is a cornerstone of our culture, and our SaaS-based Atlas platform remains one of our core differentiators, driving accelerated time to value, comprehensive security, and operational efficiency while delivering at the scale our large complex customer demand.

第二個因素是創新。創新是我們文化的基石，而基於 SaaS 的 Atlas 平台仍然是我們的核心差異化因素之一，它可以加速價值實現、提供全面的安全性和營運效率，同時滿足我們龐大而複雜的客戶需求。

In fiscal 2025, we made significant advancements in our application onboarding and extensibility capabilities, as well as many other services in our Atlas platform. We also introduced new innovations like privileged task automation and machine identity security to address emerging market needs.

在 2025 財年，我們在應用程式入職和擴展能力以及 Atlas 平台的許多其他服務方面取得了重大進展。我們還引入了特權任務自動化和機器身分安全等新創新來滿足新興市場的需求。

As we look out onto the horizon of the identity security landscape, we see the next wave of challenges centering around the security and governance of AI agents. We believe our expertise in securing and covering human and machine identities positions us uniquely well to address this new frontier of AI agents.

當我們展望身分安全領域時，我們看到下一波挑戰將圍繞著人工智慧代理的安全和治理。我們相信，我們在保護和覆蓋人類和機器身份方面的專業知識使我們能夠很好地應對人工智慧代理這一新領域。

Earlier this week, we made two announcements in this area. First, we introduced Harbor Pilot, our proprietary collection of AI agents designed to provide identity teams with deep insights, automation, and contextual assistance through intuitive natural language prompts. This will enhance decision making, streamline information discovery, and simplify task execution for our customers. And second, we announced the development of agent-identity security, which will help enterprises manage AI agents as the new identity type within their identity ecosystem. We anticipate this offering will be available later in the year.

本週早些時候，我們在該領域發布了兩項公告。首先，我們推出了 Harbor Pilot，這是我們專有的 AI 代理集合，旨在透過直覺的自然語言提示為身分團隊提供深入的洞察、自動化和情境協助。這將增強決策能力，簡化資訊發現，並簡化客戶的任務執行。其次，我們宣布開發代理身分安全，這將有助於企業將人工智慧代理作為其身分生態系統中的新身分類型進行管理。我們預計該產品將於今年稍後上市。

Looking forward to the rest of fiscal year 2026, we are focused on extending our lead with innovation as our fuel. We are thrilled to have recently appointed Chandra Gnanasambandam as Executive VP of Product and Chief Technology Officer, who will lead our innovation agenda and work to ensure we continue delivering cutting edge solutions that add value to our customers.

展望 2026 財年剩餘時間，我們將致力於以創新為動力，擴大領先地位。我們很高興最近任命 Chandra Gnanasambandam 為產品執行副總裁兼首席技術官，他將領導我們的創新議程並努力確保我們繼續提供為客戶增值的尖端解決方案。

Lastly, I'd like to speak about efficient growth.

最後我想談談高效能成長。

We continue to execute at a high level, enabling us to deliver efficient growth at scale with a high-win rate and increased ARR per customer within both new logos and our install base. Our ability to win new customers and expand existing relationships provides us with significant growth potential in a market that we believe is under penetrated.

我們將繼續高水準執行，使我們能夠在新的標誌和安裝基礎上，以高贏率和更高的每位客戶的 ARR 實現大規模高效成長。我們贏得新客戶和擴大現有關係的能力為我們在這個我們認為尚未充分滲透的市場中提供了巨大的成長潛力。

Let me highlight a few key factors that contributed to our ability to grow efficiently. First, we saw solid performance in acquiring new logos supported by a growing sales pipeline. Demand for our SailPoint identity security cloud continues to increase, as evidenced by our SaaS ARR, which grew 39% year over year.

讓我強調一下促成我們高效率成長的幾個關鍵因素。首先，我們看到在不斷增長的銷售管道的支持下，獲取新標誌方面表現穩健。我們對 SailPoint 身分安全雲的需求持續成長，這從我們的 SaaS ARR 年成長 39% 可以看出。

Second, we saw strong customer expansion through cross-sell, upsell, and SaaS migrations, which drove approximately half of our growth. This is evidenced by our dollar-based net retention rate, which remains steady at 114%.

其次，我們透過交叉銷售、追加銷售和 SaaS 遷移實現了強勁的客戶擴張，這推動了我們約一半的成長。我們的基於美元的淨留存率保持穩定在 114%，證明了這一點。

And finally, we saw increasing demand for newly introduced products that add value to our identity security cloud suites. For example, two of our newer add-on products, Non-Employee Risk Management, and Machine Identity Security continues to resonate well with both new and existing customers. Machine Identity Security was just introduced in October of last year and was a solid contributor to our Q4 results, making it one of our fastest-growing new product launches in recent years.

最後，我們發現對新推出的產品的需求不斷增長，這些產品為我們的身分安全雲端套件增加了價值。例如，我們的兩款較新的附加產品「非員工風險管理」和「機器身分安全」繼續受到新舊客戶的歡迎。機器身分安全於去年 10 月剛推出，對我們的第四季業績做出了重要貢獻，成為我們近年來成長最快的新產品之一。

Both of these products have a strong pipeline heading into fiscal 2026, demonstrating our agility by delivering new innovations that address critical needs as the market requires them. To underscore this point, I want to share one more customer example that highlights the value we deliver to customers all along their journey with us.

這兩款產品在 2026 財年都擁有強大的產品線，展現了我們能夠根據市場需求提供滿足關鍵需求的創新能力。為了強調這一點，我想再分享一個客戶案例，以突顯我們在客戶與我們合作的整個過程中為他們提供的價值。

This large Forbes Global 2000 pharmaceutical distributor and provider of healthcare services returned to SailPoint earlier this year after a failed implementation with a small IGA vendor. In addition to using Identity Security cloud and Non-Employee Risk Management to manage their 70,000 employees and 12,000 additional non-employee identities, the company added our Machine Identity Security product in Q4 to manage the 100,000 machine identities that comprise another key aspect of their identity landscape. This customer is now set up for long-term success in securely managing their wide variety and volume of identities, reducing risk and futureproofing their business.

這家大型福布斯全球 2000 強醫藥分銷商和醫療服務提供商在與小型 IGA 供應商實施失敗後，於今年早些時候重新與 SailPoint 合作。除了使用身分安全雲端和非員工風險管理來管理其 70,000 名員工和 12,000 個額外的非員工身分之外，該公司還在第四季度添加了我們的機器身分安全產品來管理構成其身分格局另一個關鍵方面的 100,000 個機器身分。該客戶現已做好長期成功的準備，可以安全地管理其種類繁多、數量眾多的身份信息，降低風險並確保其業務的未來發展。

In conclusion, I'm more optimistic than ever about the future of SailPoint. I believe our strong market leadership, technological expertise, and proven ability to execute uniquely positions us to solve the next set of digital identity challenges that global enterprises face. I'm grateful to our customers for their belief in SailPoint and for the continued strong relationships we have with them, as evidenced by our Gartner Peer Insights, Voice of the Customer recognition this past year.

總之，我對 SailPoint 的未來比以往任何時候都更樂觀。我相信，我們強大的市場領導地位、技術專長以及經過驗證的執行能力使我們能夠解決全球企業面臨的下一系列數位身分挑戰。我感謝客戶對 SailPoint 的信任以及我們與他們持續保持的牢固關係，這從我們去年獲得的 Gartner Peer Insights、客戶之聲認可中可以看出。

I'd also like to thank our dedicated SailPoint team for being an integral part of this journey and for their commitment to our award-winning culture. We're honored that SailPoint was named number 17 out of the Top 100 Best Places to Work by Glassdoor, one of only five software companies in the top 20.

我還要感謝我們敬業的 SailPoint 團隊，他們是這趟旅程不可或缺的一部分，並致力於我們屢獲殊榮的文化。我們很榮幸 SailPoint 被 Glassdoor 評為 100 家最佳工作場所中的第 17 名，並且是進入前 20 名的僅有的五家軟體公司之一。

And finally, a huge thank you to our partners who help us deliver that value-to-customers and our shareholders whose belief in us fuels us every day. Together, we're securing the future of identity in a complex world.

最後，衷心感謝我們的合作夥伴，他們幫助我們為客戶創造價值，也感謝我們的股東，他們對我們的信任每天激勵我們。我們共同努力，確保複雜世界中身分的未來。

And now let me hand it off to Brian, who will share more details of our financial results for the quarter and the fiscal year.

現在，讓我將發言權交給 Brian，他將分享我們本季和財政年度財務表現的更多細節。

Thank you, Mark, and good morning, everyone.

謝謝你，馬克，大家早安。

I'm extremely proud of everything we accomplished over the last couple of years, including our recent return to the public markets while delivering efficient growth at scale. The explosion of data, applications, and the number and type of identities provides a solid foundation for growth, as we believe identity is becoming the center of enterprise security.

我對我們過去幾年所取得的成就感到非常自豪，包括我們最近重返公開市場並實現規模高效成長。數據、應用程式以及身份數量和類型的爆炸式增長為增長提供了堅實的基礎，因為我們相信身份正在成為企業安全的中心。

Building off marks three key themes, we believe our results showcase our leadership position, strong competitive advantage, and durable growth profile. We ended fiscal year 2025 with ARR of $877 million an increase of 29% year over year. And with SaaS ARR growing 39% year over year. SaaS ARR now represents over 60% of our total ARR. As a reminder, we previously provided a preliminary estimated range for ARR at the beginning of our IPO roadshow, and this result is at the high end of that range.

基於三個關鍵主題，我們相信我們的業績展示了我們的領導地位、強大的競爭優勢和持久的成長前景。截至 2025 財年，我們的 ARR 為 8.77 億美元，年增 29%。SaaS ARR 年成長 39%。SaaS ARR 目前占我們總 ARR 的 60% 以上。提醒一下，我們之前在 IPO 路演開始時提供了 ARR 的初步估計範圍，而這個結果處於該範圍的高端。

In Q4, we delivered total revenue of $240 million, up 18% year over year, with subscription revenue of $224 million, up 22% year over year. Adjusted gross profit margin increased by 80 basis points year over year to 78.9%. And adjusted operating margin increased by 530 basis points year to year to 19%.

第四季度，我們的總營收為 2.4 億美元，年增 18%，其中訂閱收入為 2.24 億美元，年增 22%。調整後毛利率較去年增加80個基點至78.9%。調整後的營業利益率年增530個基點，達到19%。

We believe we deliver exceptional value to our customers, helping them to achieve a more robust security posture with a measurable ROI that results in a high retention rate. We finished the fiscal year with approximately 3,000 customers and we saw an almost 80% year-over-year increase in customers with ARR greater than $1 million.

我們相信我們能為客戶提供卓越的價值，幫助他們實現更強大的安全態勢，獲得可衡量的投資報酬率，從而實現較高的保留率。在本財年結束時，我們擁有約 3,000 名客戶，且 ARR 超過 100 萬美元的客戶數量年增了近 80%。

Our initial customer lands continue to get larger as we become a more strategic platform for securing all enterprise identities and their access to enterprise data. Our large customer lands are complemented by expanding existing customer relationships.

隨著我們成為保護所有企業身分及其對企業資料的存取的更具策略性的平台，我們最初的客戶範圍不斷擴大。我們龐大的客戶群透過不斷擴大的現有客戶關係得到了補充。

As of January 31, 2025, our dollar-based net retention rate remains steady at 114% and was driven by nearly even contributions from sweet upgrades, migrations, upsell, and cross-sell initiatives. We believe our balanced and durable growth profile from both new and existing customers, as well as our transition to a subscription model, is increasing the visibility and predictability of our financial model.

截至 2025 年 1 月 31 日，我們基於美元的淨留存率保持穩定在 114%，這得益於甜蜜升級、遷移、追加銷售和交叉銷售計劃的幾乎均等貢獻。我們相信，來自新舊客戶的均衡、持久的成長態勢以及向訂閱模式的轉變，正在提高我們財務模型的可見度和可預測性。

In fiscal year 2025, we delivered total revenue of $862 million, an increase of 23% year over year, with subscription revenue of $794 million increasing 27% year over year. Our adjusted gross profit margin expanded 110 basis points year over year to 78.1% in fiscal year 2025, driven by a higher mix of subscription revenue.

2025財年，我們的總營收達到8.62億美元，年增23%，其中訂閱收入達到7.94億美元，年增27%。受訂閱營收結構提升的推動，我們的調整後毛利率在 2025 財年年增 110 個基點至 78.1%。

For the year, our adjusted subscription gross profit margin was 84.1%. Our adjusted operating margin increased by 760 basis points to 15.4% in fiscal year 2025. This was driven by leverage in R&D and sales and marketing. Combining our strong adjusted operating margin performance and durable ARR growth, we continue to exceed the Rule of 40, underscoring our efficient growth strategy.

本年度，我們的調整後訂閱毛利率為 84.1%。2025財年，我們的調整後營業利益率增加了760個基點，達到15.4%。這是由研發和銷售及行銷方面的槓桿作用所推動的。結合我們強勁的調整後營業利潤率表現和持久的 ARR 成長，我們繼續超越 40 法則，凸顯了我們高效的成長策略。

Turning now to guidance, for simplicity, I will refer to the midpoint of our guidance ranges. Full details can be found in our press release and supplemental earnings deck. As a reminder, we believe ARR is the best indicator of our business, as opposed to revenue which can be impacted by SaaS and term mix.

現在談到指導，為了簡單起見，我將參考我們指導範圍的中點。完整詳情請參閱我們的新聞稿和補充收益報告。提醒一下，我們認為 ARR 是我們業務的最佳指標，而不是受 SaaS 和期限組合影響的收入。

For the fiscal first quarter of 2026, we expect ARR to be $898 million up 27% year over year. We expect revenue to be $225 million, an increase of 20% year over year with adjusted operating margin of 6.4%. The implied year-over-year change in our adjusted operating margin is the result of higher public company costs and lower-term revenue mix. We expect our diluted share count to be approximately 564 million shares and adjusted EPS to be a loss of $0.01.

對於 2026 財年第一季度，我們預計 ARR 將達到 8.98 億美元，年增 27%。我們預計營收為 2.25 億美元，年增 20%，調整後的營業利潤率為 6.4%。我們的調整後營業利潤率的隱含同比變化是由於上市公司成本增加和短期收入結構降低所造成的。我們預計稀釋後股數約為 5.64 億股，調整後每股盈餘虧損 0.01 美元。

It's also worth noting that in March, we paid off all the outstanding debt on our balance sheet. We expect a partial interest payment in Q1 of approximately $37 million, with $19 million of interest expense running through our P&L.

另外值得注意的是，三月份，我們還清了資產負債表上所有未償還的債務。我們預計第一季的部分利息支付約為 3,700 萬美元，其中 1,900 萬美元的利息支出將計入我們的損益表。

For our fiscal year 2026, we expect ARR to be $1.08 billion, up 23% year over year. We expect revenue to be approximately $1.03 billion, an increase of 20% year over year, with adjusted operating margin of 14.9%. We expect our diluted share count to be approximately 570 million shares and adjusted EPS to be $0.16.

對於 2026 財年，我們預計 ARR 將達到 10.8 億美元，年增 23%。我們預計營收約 10.3 億美元，年增 20%，調整後的營業利潤率為 14.9%。我們預計稀釋後股數約為 5.7 億股，調整後每股收益為 0.16 美元。

We believe we're well-positioned to win the next generation of identity security because of the depth and breadth of our platform, our enterprise scale, and our innate ability to listen and respond to market needs. With the combination of these core fundamental drivers and our strong pipelines, we believe this guidance is the right place to start as we re-enter the public markets.

我們相信，憑藉我們平台的深度和廣度、我們的企業規模以及我們傾聽和回應市場需求的內在能力，我們有能力贏得下一代身分安全。結合這些核心基本驅動因素和我們強大的產品線，我們相信，當我們重新進入公開市場時，這項指導方針是正確的起點。

As an essential business platform, we see significant growth potential through the universe of new customers that are primed for a more modern solution. We also see a large opportunity just within our existing install base as we continue to convert customers to SaaS and cross-sell new modules.

作為一個重要的商業平台，我們看到了透過大量準備採用更現代化解決方案的新客戶實現的巨大成長潛力。隨著我們繼續將客戶轉化為 SaaS 並交叉銷售新模組，我們也在現有安裝基礎中看到了巨大的機會。

In summary, we believe there are several drivers that position us for sustained long-term growth, and we are truly excited about the opportunities ahead.

總而言之，我們相信有幾個驅動因素可以讓我們實現長期持續成長，我們對未來的機會感到非常興奮。

With that, let's open the call for questions. Operator.

現在，讓我們開始提問。操作員。

(Operator Instructions)

（操作員指示）

Rob Owens, Piper Sandler.

羅伯歐文斯、派珀桑德勒。

Great, thanks for taking my question. This is Ethan on for Rob this morning.

太好了，感謝您回答我的問題。今天早上，我是 Ethan，為 Rob 主持節目。

Mark, I just wanted to kind of start off with the macro environment and kind of what you guys are seeing out there in the landscape today, especially with kind of all the geopolitical uncertainty that tends to be changing on a day-by-day basis. Could you talk about how that played out in the quarter and then also maybe kind of how that has trended through February and March now too. Thanks.

馬克，我只是想從宏觀環境開始，談談你們今天所看到的情況，特別是每天都在變化的地緣政治不確定性。您能否談談本季的情況以及二月和三月的趨勢如何？謝謝。

Yeah, thanks, Ethan. Appreciate the question.

是的，謝謝，伊森。感謝你的提問。

We would still tell everyone that we sell them what we consider a very resilient part of the market. As companies are looking at spend in this kind of macro somewhat challenged environment, they are certainly focused on what they consider to be most critical. And we continue to get evidence that the identity security is considered business essential by the kinds of customers we sell to.

我們仍然會告訴所有人，我們向他們出售的是我們認為市場上非常有彈性的部分。當公司在這種充滿挑戰的宏觀環境中考慮支出時，他們肯定會專注於他們認為最重要的事情。我們不斷獲得證據表明，身分安全對於我們銷售產品的客戶來說，是業務的必需品。

It's an ongoing program. It's not a project that can easily be turned off or turned on. Still a top priority in most CIO and CISO environments. Kind of a proof point we felt some similar headwinds in the market, I should say at the beginning of the COVID environment and fairly quickly customers coming back to kind of assure us that this was going to continue to be an area of focus for them. And while they might be looking to make some reductions in spend in some areas, this was not likely to be an area that they would see affected.

這是一個正在進行的項目。這不是一個可以輕易關閉或啟動的項目。在大多數 CIO 和 CISO 環境中這仍然是首要任務。某種程度上可以證明，我們在市場上感受到了一些類似的阻力，我應該說在 COVID 環境開始時，客戶很快就回來向我們保證，這將繼續成為他們關注的領域。儘管他們可能希望在某些領域削減開支，但這不太可能成為受到影響的領域。

So I think we're seeing a very similar kind of a picture where people are on their toes. We're kind of double checking on things in our pipeline, but so far getting good strong signals that demand is, overall, still very high and the macro environment doesn't seem to be having a significant impact at this point.

所以我認為我們看到的是一種非常相似的景象，人們都處於高度警戒的狀態。我們正在對管道中的事情進行雙重檢查，但到目前為止，我們得到的強烈信號表明，總體而言，需求仍然很高，宏觀環境目前似乎沒有重大影響。

Great, thanks for the color.

太好了，謝謝你的顏色。

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Okay, great. Hey, guys, thanks for taking my question here and congrats on your first quarter as a public company.

好的，太好了。嘿，夥計們，感謝你們回答我的問題，祝賀你們作為上市公司的第一個季度。

Thanks.

謝謝。

Thanks, Saket.

謝謝，Saket。

Absolutely, Mark, maybe for you, maybe just picking up on that thread, but even more specific, can we just talk a little bit about your US federal business? Obviously, very topical right now, but maybe remind us how big that business is just for everybody's benefit. And maybe how you're thinking about that next year given some of the moving pieces with the new administration.

當然，馬克，也許對你來說，也許只是繼續這個話題，但更具體地說，我們可以談談你的美國聯邦業務嗎？顯然，這是目前非常熱門的話題，但也許可以提醒我們這項業務有多大，只是為了讓每個人受益。考慮到新政府的一些變動，您可能對明年的情況有何看法？

Yeah, we're certainly mindful of what's happening in the environment and kind of watching, again, similar to the macro in general, are we seeing indicators of change in the environment or from some of our customers? I'll let Brian hit some of the statistics here about kind of how this business we're represented in our overall business.

是的，我們當然會留意環境中正在發生的事情，並且再次觀察，類似於一般的宏觀因素，我們是否看到環境變化的指標或來自我們一些客戶的變化指標？我將讓布萊恩介紹一些統計數據，以了解這項業務在我們的整體業務中所佔的比例。

I would point out that a lot of our customers in Federal have been with us for like five years. They are long-term committed customers, but in general, let Brian give you a little sense of where it fits in the overall landscape.

我想指出的是，聯邦的許多客戶已經與我們合作了五年。他們是長期忠誠的客戶，但總的來說，讓 Brian 給你稍微了解一下它在整體格局中的位置。

Yeah, sure. Good morning, Saket. It's Brian here.

是的，當然。早上好，Saket。我是布萊恩。

So just to give you some statistics, our public sector business in total represents about 12% to 14% of revenue. Again, that's all public sector. The US Fed is less than half of that. This is actually spread among dozens and dozens of customers, multiple dozens, the largest being Defense.

僅舉一些統計數據，我們的公共部門業務總額約佔總收入的 12% 至 14%。再次強調，這些都是公部門。聯準會的規模還不到這個數字的一半。這實際上分佈在數十個客戶中，數十個，其中最大的是國防。

The average tenure with these customers is greater than five years. So I think what you see is that this is a business-essential area of spend that drives efficiency, we believe. We are FedRAMP-certified right now, so I think that's positive sign for embracing Identity Security cloud in Federal government.

與這些客戶的平均合作期限超過五年。所以我認為你看到的是，我們相信這是一個對業務至關重要的支出領域，可以提高效率。我們現在已經獲得了 FedRAMP 認證，所以我認為這對聯邦政府採用身分安全雲端來說是一個正面的訊號。

So again, we're not seeing anything show up just yet. We are very mindful of it. We're watching it closely. We stay close to our customers, through our customer success organization. But again, we're not seeing anything immediate showing up in that area.

所以，我們目前還沒有看到任何進展。我們對此非常注意。我們正在密切關注。我們透過客戶成功組織與客戶保持密切聯繫。但同樣，我們並沒有看到該地區出現任何立即的跡象。

Got it. Super helpful, guys. Thank you very much.

知道了。非常有幫助，夥計們。非常感謝。

Thank you, Saket.

謝謝你，Saket。

Joel Fishbein, Truist.

喬爾‧菲什拜因 (Joel Fishbein)，Truist。

Thanks for taking the question.

感謝您回答這個問題。

Hey, Mark, I love the commentary about the machine and non-human identities, and the momentum you're seeing there. Wanted to just see if there's any way for you to quantify that maybe for Brian just as a follow up. How is how is that being priced? And love to get any color there. Thank you.

嘿，馬克，我喜歡關於機器和非人類身份的評論，以及你在那裡看到的勢頭。只是想看看您是否有辦法量化這一點，也許對 Brian 來說只是作為後續行動。它的定價是怎麼樣的？並且喜歡在那裡得到任何顏色。謝謝。

Thanks, Joel.

謝謝，喬爾。

Yeah, I think what we're feeling from our customers is, it's pretty early on both machine and, as you heard us announced the intent to deliver an agent product later this year, both of those are -- machine is already out, there in many cases. There are new things being introduced, but there's a lot of. machine identities out there in the environment already. The challenge sometimes for customers is to identify all of them. So our product offering actually focuses on, first, literally discovering and identifying all of these so they can be categorized, assigned to owners, and then managed in a typical identity governance and security process beyond that.

是的，我認為我們從客戶那裡感受到的是，這兩款機器都處於早期階段，正如您所聽到的，我們宣布打算在今年晚些時候推出代理產品，這兩款機器在很多情況下都已經面世了。有新事物被引入，但還有很多。機器身份已經存在於環境中。有時，客戶面臨的挑戰是識別所有這些。因此，我們提供的產品實際上首先關注的是發現和識別所有這些信息，以便對它們進行分類，分配給所有者，然後在典型的身份治理和安全流程中進行管理。

Agents, as we all know, we're all reading the same press on this one. Everybody everywhere is busily creating and delivering new agents. So I think customers know there's a large, I'll say tidal wave, I just started to say wave. I'll call it tidal wave, coming of agents. So getting our arms around what scale that's actually going to hit with a lot of these enterprise customers is pretty difficult. But I can tell you that every enterprise customer we're talking to sees it as an emerging challenge, and they see SailPoint very well-positioned to help them address it.

各位經紀人，眾所周知，在這件事情上我們都讀的是同一篇報道。世界各地的每個人都在忙於創建和交付新的代理商。所以我認為顧客知道有一個巨大的浪潮，我會說是浪潮，我剛開始說浪潮。我將其稱為特工的浪潮。因此，要弄清楚這項技術實際上會對多少企業客戶產生影響是相當困難的。但我可以告訴你，我們正在交談的每一位企業客戶都將其視為一個新興的挑戰，他們認為 SailPoint 非常適合幫助他們解決這個挑戰。

And I'll let Brian talk about where we are in kind of the pricing strategies. Remember, machine identity is already announced and available. Agent identity is not.

我會讓布萊恩談談我們的定價策略。請記住，機器身份已經公佈並且可用。代理人身份不是。

Yeah, thanks, Mark.

是的，謝謝，馬克。

So Joel, you may remember, we just launched our Machine Identity Security product in October 2024. Right out of the gate, we actually saw a strong demand for it. We closed the fiscal Q4 double digits in terms of number of customers, to the low millions in terms of the ARR contributions. So again, we saw an immediate benefit. We feel like we've got a strong and developing funnel and pipeline for machine identity. So those green shoots are starting to show up.

喬爾，你可能還記得，我們​​剛剛在 2024 年 10 月推出了我們的機器身分安全產品。我們一開始就確實看到了對它的強烈需求。就客戶數量而言，我們在第四財季實現了兩位數成長，就 ARR 貢獻而言，則達到了數百萬。因此，我們再次看到了立竿見影的好處。我們感覺我們已經擁有一個強大且不斷發展的機器識別管道和管道。所以那些綠芽開始出現了。

From pricing perspective, again, we're working with our customers on this. It's early. But we price it at about one-third of a human identity for the time being. Again, that may change over time. We're early in this process. But we feel like that's the right place to start, and we'll work with customers to get the right value proposition in front of them.

從定價角度來看，我們正在與客戶就此展開合作。現在還早。但我們暫時將其定價為人類身分的三分之一左右。再次，這種情況可能會隨著時間而改變。我們還處於這個過程的早期階段。但我們覺得這是正確的起點，我們將與客戶合作，為他們提供正確的價值主張。

Great. Thank you.

偉大的。謝謝。

Thanks, Joel.

謝謝，喬爾。

Matt Hedberg, RBC.

馬特·赫德伯格（Matt Hedberg），RBC。

Great, thanks for taking my question, guys, and I'll offer my congrats again. It's great to have you guys back in the public markets.

太好了，謝謝大家回答我的問題，我會再次表示祝賀。很高興你們重返公開市場。

Maybe for Mark. A question that you all get and we get, obviously, is the identity consolidation opportunity. I'm wondering, you in your prepared to march, Mark, you talked about IGA being one of the most complex areas of identity. Could you talk about the strategic opportunity as customers look to consolidate identity. Is that something that you expect to see at the high end of the market.

也許對馬克來說。顯然，你們和我們都想知道的一個問題是身分鞏固的機會。我想知道，馬克，當您準備遊行時，您談到 IGA 是身份最複雜的領域之一。您能否談談客戶尋求鞏固身分時的策略機會？這是您希望在高端市場看到的東西嗎？

And then maybe just, kind of, from a competitive standpoint, CyberArk remains a very good partner of you, guys. They have just acquired an IGA vendor as well. Just kind of talk about that, how you think about that holistically. Thanks a lot, Mark.

那麼也許從競爭的角度來看，Cyber​​Ark 仍然是你們非常好的合作夥伴。他們剛剛收購了一家 IGA 供應商。只是談論這個問題，你如何從整體上看待這個問題。非常感謝，馬克。

Thanks, Matt. Yeah, let me state that at the macro level of that question first and specifically talk, maybe more specifically about a couple of folks closer to us.

謝謝，馬特。是的，讓我先從宏觀層面來陳述這個問題，並具體談談，也許更具體地談談幾個與我們關係更密切的人。

Yeah, look, from our perspective, the kind of customer that's going to resonate well with SailPoint's offerings has a level of complexity. And sometimes complexity, while it mostly correlates with scale, it doesn't only correlate with scale, meaning we can see some customers with only a few 1,000 employees with quite complex IT environments.

是的，從我們的角度來看，能夠與 SailPoint 的產品產生共鳴的客戶類型具有一定程度的複雜性。有時複雜性雖然主要與規模相關，但它不僅與規模相關，這意味著我們可以看到一些只有數千名員工的客戶擁有相當複雜的 IT 環境。

So when they show up with a multi-vendor, heterogeneous, complex IT environment, that's a very good target for SailPoint because of our strength and experience in delivering value in those kinds of environments, right? And so we consider our market kind of that mid to large enterprise and mid can go down to low mid, but not the S&B market.

因此，當他們面臨多供應商、異質、複雜的 IT 環境時，這對 SailPoint 來說是一個非常好的目標，因為我們在此類環境中提供價值方面擁有實力和經驗，對嗎？因此，我們認為我們的市場是中型到大型企業，中型可以降到中低端，但不是 S&B 市場。

And for what it's worth when you talk about consolidation, we believe that's where the market is much more receptive to the consolidation offerings of, frankly, at this point, Microsoft, Octa, and now I guess CyberArk could be in that camp too. And we anticipate that they're going to have the most success with that consolidated offering down market in the S&B space where customers are going to value that integration more than the significant value delivered for a complex environment that these larger customers require. And we just have not felt much competitive pressure in these mid-large customers for a consolidated solution.

就整合而言，我們認為市場對整合產品的接受度更高，坦白說，目前微軟、Octa 和 Cyber​​Ark 也可能屬於這一陣營。我們預計，他們將在 S&B 領域的整合產品市場中獲得最大的成功，因為客戶將更重視這種整合，而不是為這些大客戶所需的複雜環境所提供的重大價值。我們並沒有感受到這些中大型客戶對於整合解決方案太大的競爭壓力。

They're far more focused on actually solving their complex identity security problem, and they look at SailPoint as by far their best option for doing that. So we still feel like that's what we feel in the market. We think kind of specific to your CyberArk question. We have been good partners with both CyberArk and, frankly, some of the other leaders in that part of the market: Delinea and BeyondTrust.

他們更專注於真正解決複雜的身分安全問題，他們認為 SailPoint 是迄今為止最好的選擇。所以我們仍然覺得這就是我們在市場上感受到的。我們認為您的 Cyber​​Ark 問題比較具體。我們與 Cyber​​Ark 以及坦率地說，該市場領域的其他一些領導者 Delinea 和 BeyondTrust 一直是良好的合作夥伴。

We've done a little toe in the water about some of the emerging privilege capabilities, notably our privileged task automation offering where we're looking at dynamic privilege and more broadly applied privilege in the general part of the identity landscape, not just the classic privileged users.

我們對一些新興的特權功能進行了一些嘗試，特別是我們的特權任務自動化產品，我們正在研究動態特權和身份領域一般部分中更廣泛應用的特權，而不僅僅是傳統的特權用戶。

But in some ways, we do see that there is going to be some changing dynamics around the competitive environment. But for now we're going to continue to focus on solving the problems we solve. We think by far best for the customers we serve, and we'll kind of let some of those competitive dynamics play out. But I can just tell you in our part of the market that consolidation story isn't creating much competitive pressure for us at this point.

但從某些方面來看，我們確實看到競爭環境將會發生一些變化。但現在我們將繼續專注於解決我們解決的問題。我們認為，對於我們所服務的客戶來說，這是最好的選擇，我們會讓一些競爭動態發揮作用。但我可以告訴你，在我們這個市場，整合目前並沒有造成我們太大的競爭壓力。

Great color. Thanks, guys.

顏色很棒。謝謝大家。

Thanks.

謝謝。

Thanks.

謝謝。

Brian Essex, JPMorgan.

摩根大通的布萊恩艾塞克斯。

Great, good morning and, Mark, congrats on the launch and welcome back to the public markets. Great to see you. Good set of results.

太好了，早安，馬克，恭喜新產品上市，歡迎重返公開市場。很高興見到你。一組好的結果。

I guess for my question, maybe for Brian. I know in the last days of the quarter just before you guys launched your roadshow, when you flash the numbers, you had an unexpected number of customers pull the trigger on term as opposed to SaaS. We'd love to get a sense from you, what you're seeing with regard to mix so far this quarter.

我想對於我的問題，也許對 Brian 來說也是如此。我知道，在你們啟動路演之前的這個季度的最後幾天，當你們公佈數據時，有意外數量的客戶選擇使用期限而不是 SaaS。我們很想從您那裡了解本季到目前為止您對混合的看法。

And how should we think about both the level of revenue generation when a customer decides to go one versus the other and how you see this kind of playing out longer term with regard to migrations from maintenance off the platform. Thank you.

當客戶決定選擇其中一種而不是另一種時，我們應該如何考慮創收水平，以及如何看待這種從平台維護遷移到平台的長期效果。謝謝。

Okay, thanks, Brian. Good question.

好的，謝謝，布萊恩。好問題。

So yes, in Q4 of fiscal '25, we did see some strong renewal business and especially the length and duration of the contracts were a little bit longer, which caused more upfront term-based revenue recognition which flowed right to the bottom pretty much for us. So led to strong results, both on the top line and also the operating margins.

所以是的，在 25 財年第四季度，我們確實看到了一些強勁的續約業務，特別是合約的長度和持續時間稍微長一些，這導致了更多的基於前期期限的收入確認，而這些收入對我們來說基本上都流到了底部。因此，無論是營業收入或營業利潤率，都取得了強勁的業績。

So moving forward, we're guiding now for FY26, we expect that SaaS will be about 90% of the net new product ARR. We do expect about a 60/40 mix in terms of upfront versus rateable recognition. So that will cause a little bit of a headwind to revenue and margins for the full year because we lead with SaaS at this point.

因此，展望未來，我們現在對 26 財年的預測是，我們預計 SaaS 將佔新產品淨 ARR 的 90% 左右。我們確實預期預付確認與按比例確認的比例約為 60/40。因此，這將對全年的收入和利潤造成一點阻力，因為我們目前以 SaaS 主導。

More specifically for Q1, we do see about an 80/20 mix on that just based on the pipeline that we're seeing, and the upfront revenue mix should be about 50/50. So upfront 50, and rateable meaning 50. So again, we're going to encourage people to really look at ARR as the primary metric because quarter to quarter based on this term, SaaS mix, it could impact the end-period revenue growth and also operating margins.

更具體地說，對於第一季度，根據我們所看到的管道，我們確實看到了大約 80/20 的組合，而前期收入組合應該大約是 50/50。因此，預付 50，按比例支付 50。因此，我們再次鼓勵人們真正將 ARR 視為主要指標，因為根據這個術語，SaaS 組合，它可能會影響期末收入成長和營業利潤率。

To your other question just on migrations, again, you may recall we've done about we've migrated about 10% of our maintenance ARR base thus far. The positive here is that we typically see a 2 to 3X uplift on the migrated ARR that has contributed about 3% to 4% of our net revenue retention growth. We would expect similar contributions, moving forward, at least for the next couple of years because we still have a lot of room to go on that area of the business.

對於您關於遷移的另一個問題，您可能還記得，到目前為止我們已經遷移了大約 10％ 的維護 ARR 基礎。積極的一面是，我們通常會看到遷移後的 ARR 成長 2 到 3 倍，這為我們淨收入保留成長貢獻了約 3% 到 4%。我們期望在未來至少幾年內能夠取得類似的貢獻，因為我們在該業務領域仍有很大的發展空間。

Super helpful. Thank you.

超有幫助。謝謝。

Thanks, Brian.

謝謝，布萊恩。

Peter Levine, Evercore.

彼得‧萊文 (Peter Levine)，Evercore。

Great, thank you for taking my question, and I'll echo the congrats, the launch, and welcome back to the public markets.

太好了，感謝您回答我的問題，我會再次向您表示祝賀，歡迎您重返公開市場。

Maybe to piggyback off of a prior question. It does seem like AI agents seem to be the next identity gold rush. So when you're thinking, maybe for you, Mark, is when you're thinking about which sub segment of the identity tech stack, like what's, who stands to kind of be best positioned to monetize like the rise of identities. Meaning, why do you think SailPoint with IGA over privileged access or even identity access management.

也許是為了順便回答之前的問題。看起來人工智慧代理商似乎是下一個身分淘金熱。所以當你思考的時候，也許對你來說，馬克，就是當你思考身份技術堆疊的哪個子部分，比如什麼，誰最有可能從身份的興起中獲利。意思是，為什麼您認為 SailPoint 的 IGA 優於特權存取甚至身分存取管理。

Maybe just tell us, how are customers thinking about governance versus privileged access? Clearly both are important but is one take more of a priority over the other as agents or customers are kind of just ramping up on these AI agent workflows.

也許只是告訴我們，客戶如何看待治理與特權存取？顯然，兩者都很重要，但由於代理商或客戶正在加速這些 AI 代理程式工作流程，因此其中一個是否比另一個更優先。

Great question, Peter, and thanks.

彼得，這個問題問得好，謝謝。

Yeah, look, the easier compares to the classic IAM or the Access SSO MSA world. Obviously, that is about humans signing in and getting authenticated. That doesn't technically apply to an AI agent, right? They're not going to go through some sort of a sign-in process. They're going to be validated in some fashion so they can access it, but it's not like the -- there's not a corollary to a sign-in, right? So in that sense, the classic IAM part of the tech stack is very much oriented to humans full stop, right?

是的，看起來，與經典的 IAM 或 Access SSO MSA 世界相比更容易。顯然，這是關於人類登入和獲得身份驗證。從技術上來說這並不適用於人工智慧代理，對嗎？他們不需要經過某種登入過程。他們將以某種方式進行驗證，以便能夠訪問它，但這並不像 - 沒有登入的必然結果，對嗎？所以從這個意義上來說，技術堆疊中經典的 IAM 部分完全是面向人類的，對嗎？

When you get to the privileged compare, it's a little more complex. Here's why we think we happen to be very well-positioned maybe against all others in the space. The nature of agents is that they will actually have some characteristics of the machine world and some of the human world.

當你進行特權比較時，它會變得更加複雜。這就是為什麼我們認為我們在這個領域比所有其他公司都處於非常有利的地位。代理的本質是，它們實際上會具有機器世界的一些特徵和人類世界的一些特徵。

And when I say that, what I mean is, like machines, they're going to be technology, not humans, so there's no sign in, right, but they have to be understood and assigned to an owner. You can't just have agents getting created in the environment with no clarity of who owns that agent and is responsible for what it can or can't do or access, right?

當我這麼說時，我的意思是，就像機器一樣，它們將是技術，而不是人類，所以沒有登錄，對吧，但它們必須被理解並分配給所有者。您不能只是在環境中創建代理，而不清楚誰擁有該代理，並且負責該代理可以或不能做什麼或訪問什麼，對嗎？

But on the other side, these particularly intelligent agents that will kind of morph through time and perhaps create sub-agents to do other pieces of work, that's much more like a human taking autonomous action, right? And so when you think about that kind of combined nature of these intelligent agents, we think that the classic set of disciplines we've always understood about understanding identities, where do they fit in the environment? What kinds of access do they need? What is their least privileged status? When might we need to escalate the demands on privilege for that particular identity given the nature of what they're doing.

但另一方面，這些特別聰明的代理會隨著時間的推移而變化，甚至可能創建子代理來完成其他工作，這更像是人類採取的自主行動，對嗎？因此，當您考慮這些智能代理的這種綜合性質時，我們認為，我們一直理解的關於身份的經典學科，它們在環境中處於什麼位置？他們需要什麼類型的存取權限？他們最不享有特權的地位是什麼？考慮到他們所做事情的性質，我們什麼時候可能需要提高對該特定身分的特權要求。

That set of disciplines we think is going to apply pretty well to the agentic world, and that's why it's better suited to SailPoint than anyone because that's exactly what we've been doing for 20 years. So we feel very good that as customers really wrestle with the challenges around agentic AI, they're going to look at the kind of characteristics of our solution and go, that's what I really need.

我們認為這套學科將非常適用於代理世界，這就是為什麼它比任何人都更適合 SailPoint，因為這正是我們 20 年來一直在做的事情。因此，當客戶真正努力應對代理 AI 的挑戰時，他們就會了解我們的解決方案的特點，並認定這就是他們真正需要的。

And frankly, that's being validated in some great discussions we're having with some of the leading hyper scalers, some of the leading software vendors who are creating agents. They're all engaging with us in dialogue about how our capabilities can be applied to these new agents because they're seeing customer environments a little bit of hesitancy of agentic adoption sometimes because of these security concerns.

坦白說，我們與一些領先的超級擴展器、一些正在創建代理的領先軟體供應商進行的一些精彩討論證實了這一點。他們都在與我們討論如何將我們的能力應用於這些新代理，因為他們看到客戶環境有時出於安全考慮對代理採用有些猶豫。

So they want to want to want to deploy these agents quickly, but they also want to make sure they're not creating security exposure in their environment. SailPoint stands to benefit, I think, as customers are wrestling with that question.

因此，他們希望快速部署這些代理，但他們也希望確保不會在他們的環境中造成安全隱患。我認為，SailPoint 將從中受益，因為客戶正在努力解決這個問題。

Great. Thank you for the color, Mark.

偉大的。謝謝你的顏色，馬克。

Thanks, Peter.

謝謝，彼得。

Madeline Brooks, Bank of America.

美國銀行的瑪德琳‧布魯克斯 (Madeline Brooks)。

How are you? This is Tal Liani. Sorry, my code didn't work, so I use Madeline.

你好嗎？這是塔爾·利亞尼。抱歉，我的程式碼不起作用，所以我使用 Madeline。

The question I have is about platform for identity. What we see in other parts of cybersecurity is that things are consolidating around certain platforms end points, network security, etc. And the question is whether identity could also be a platform on its own rather than being embedded into solutions of other companies.

我的問題是關於身份平台。我們在網路安全的其他領域看到的是，事情正在圍繞某些平台端點、網路安全等進行整合。問題是身分是否也可以成為一個獨立的平台，而不是嵌入其他公司的解決方案中。

And the question here is, how does, two things, how does SaaS model change the answer? And second is, when you go to things like machine identity and agent identity. Is there any benefit to you being the IGA or being the identity vendor? Is there any benefit to you that you will provide the other parts of identity or are they these completely independent decisions by the customers? Thanks.

這裡的問題是，這兩件事，SaaS 模型如何改變答案？第二，當你涉及機器身份和代理身份之類的事情時。作為 IGA 或身分供應商有什麼好處嗎？提供身分的其他部分對您有什麼好處嗎？還是這些完全由客戶獨立決定？謝謝。

Okay, Tal, thank you. That's a somewhat multi-part question. I'm going to do my best to get through all of that. That's it's a great question.

好的，塔爾，謝謝你。這是一個由多個部分組成的問題。我會盡我所能克服這一切。這是一個很好的問題。

Okay, let's talk about the platform concept for thirty seconds. I think when people start to refer to themselves as a platform rather than a product or a solution, I think you have to ask what does that mean? I think in our case, it means you've got a core set of shared services and a shared data model that both we as the vendor can use to efficiently deliver new capabilities over time.

好的，我們花三十秒來討論一下平台概念。我認為，當人們開始將自己稱為平台而不是產品或解決方案時，你必須問這意味著什麼？我認為就我們而言，這意味著您擁有一組核心共享服務和一個共享資料模型，我們作為供應商都可以使用這些服務和模型來隨著時間的推移有效地提供新功能。

I would point to a wonderful model here in ServiceNow, right, who over time moved from kind of a product offering and help desk to a well-defined platform with a rich set of services and data, and then they've been able to add kind of particular solutions on top of that pretty quickly. So it enables the vendor themselves, in our case here SailPoint to add new capabilities quickly.

我想指出 ServiceNow 中的一個絕佳模型，隨著時間的推移，它從一種產品提供和幫助台轉變為具有豐富服務和數據的明確定義的平台，然後他們能夠在此基礎上快速添加特定的解決方案。因此，它使供應商本身（在我們的例子中是 SailPoint）能夠快速添加新功能。

Part of the speed of innovation you've seen from SailPoint around machine identity and privileged task and now agents is because we've spent lots of time in the last five years developing a very rich deep platform with integrated data. But that also allows two other very important things. It allows other software vendors to tie in through APIs or just actually into the platform itself to build new capabilities. It allows our very sophisticated SI partners who work with us in all these large accounts to develop new bespoke capabilities in a particular customer.

您在 SailPoint 機器身分、特權任務和現在的代理商方面看到的創新速度，部分是因為我們在過去五年中花費了大量時間開發具有整合資料的非常豐富的深度平台。但這也允許另外兩件非常重要的事情。它允許其他軟體供應商透過 API 或直接進入平臺本身來建立新的功能。它使我們在所有這些大客戶中與我們合作的非常成熟的 SI 合作夥伴能夠為特定客戶開發新的客製化功能。

And ultimately it allows the rest of the software ecosystem, particularly the rest of the security ecosystem, to share and integrate data. So we're getting lots of requests now for customers, excuse me, from customers relative to us and other parts of the security ecosystem to integrate things like threat data, or network data, or data about data in places like Snowflake with our platform because a lot of times these other parts of the ecosystem really don't have identity visibility. They can see something that is happening. They can't correlate it to an identity. We can't.

最終，它允許軟體生態系統的其餘部分，特別是安全生態系統的其餘部分，共享和整合資料。因此，我們現在收到了很多客戶請求，對不起，這些請求來自與我們相關的客戶以及安全生態系統的其他部分，要求將威脅數據、網絡數據或有關 Snowflake 等地方的數據的數據與我們的平台集成，因為很多時候，生態系統的其他部分確實沒有身份可見性。他們可以看到正在發生的事情。他們無法將其與身份聯繫起來。我們不能。

So I think that value of an identity platform has all these characteristics and it will enable us, we think, to have this integrated model where customers really do want to see every identity they care about in a single place so they can understand that full landscape and then understand how all those identities are in fact accessing data they care about. So we do think this is going to play to our favor that it's a completely integrated view of every identity and all the access to data that customers care about in a single integrated platform, and we're going to be uniquely positioned to provide that.

因此，我認為身份平台的價值在於它具備所有這些特點，我們認為，它將使我們能夠擁有這種集成模型，客戶確實希望在一個地方看到他們關心的每個身份，這樣他們就可以了解整個情況，然後了解所有這些身份實際上是如何訪問他們關心的數據的。因此，我們確實認為這將對我們有利，因為它是一個完全集成的視圖，可以查看每個身份以及客戶關心的所有數據訪問，並且我們將以獨特的方式提供這種服務。

Thank you.

謝謝。

Thanks.

謝謝。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hey, good morning. Thank you.

嘿，早安。謝謝。

Mark and Brian, I wanted to revisit your module strategy. I know you mentioned a couple of modules earlier on the call that you released in October. You already gave us the detail on the machine identity piece.

馬克和布萊恩，我想重新審視你們的模組策略。我知道您在之前的電話會議中提到了十月份發布的幾個模組。您已經向我們提供了有關機器識別件的詳細資訊。

Just to remind us, how many modules do you have right now? How do you think about penetration and across all of those modules specifically, and are there one or two that you're particularly excited about that could move the needle from an ARR standpoint? Thank you.

只是提醒我們，您現在有多少個模組？您如何看待滲透率以及所有這些模組的具體情況？是否有一兩個讓您特別興奮的模組可以從 ARR 的角度推動發展？謝謝。

Okay, I'll talk about a little bit of the overall strategy, and we'll kind of get, I don't know that today we're actually releasing any particular dollar figures around how much we're doing per module. I will comment on some of the ones we think have a lot of potential in front of us.

好的，我將稍微談一下整體戰略，然後我們會了解到，我不知道今天我們是否會公佈有關每個模組的具體美元數字。我將對一些我們認為具有很大潛力的事物進行評論。

But yeah, the strategy, it continues to be again deepening and enriching that platform and the integrated services, and then again adding some of these modular components on top of that, which typically are going to be a separate upcharge. So when we talk about cross sell versus upsell, we usually referring to more quantity of identities that the customer is managing. Cross-sell, we're saying they're adding new solutions, typically new modules, right?

但是，是的，該策略將繼續深化和豐富該平台和整合服務，然後在其基礎上再次添加一些模組化組件，這些組件通常需要單獨付費。因此，當我們談論交叉銷售與追加銷售時，我們通常指的是客戶管理的更多身分數量。交叉銷售，我們說他們正在添加新的解決方案，通常是新的模組，對嗎？

I'd say the ones we're most excited about today are probably three. Our non-human risk management product -- or non-employee, not non-human, Non-Employee Risk Management products, meaning all the people, humans that are accessing systems that don't carry an employee badge, that's gotten a very strong uptake in the last year. We only introduced that a little over a year ago, and we're seeing very strong uptake pretty broadly across the install base and a lot of new deals for that.

我想說，今天我們最興奮的可能是三個。我們的非人力風險管理產品——或非員工，不是非人力，非員工風險管理產品，意味著所有訪問沒有員工徽章的系統的人員，人類，在去年得到了非常強勁的成長。我們僅在一年多前推出了該技術，並且我們看到整個安裝基礎的廣泛採用非常強勁，並且有很多新的交易。

On the more recently introduced, Brian and I both made reference to machine identity, which was just launched in the fourth quarter and already starting to show some strong early signs of interest and growth in the market. And we absolutely believe that this agent identity module will be developing and delivering -- we're already developing, we'll be delivering later this year. We'll also be a fairly significant contributor over time.

在最近推出的產品中，布萊恩和我都提到了機器身份，該產品剛剛在第四季度推出，並且已經開始顯示出市場興趣和成長的一些強烈的早期跡象。我們絕對相信這個代理身份模組將會開發和交付——我們已經在開發，並將在今年稍後交付。隨著時間的推移，我們也將成為相當重要的貢獻者。

Yeah, so Gabrielle, it's Brian here. I think the good news is that we look at this as a very balanced growth strategy. So out of our ARR growth, about half of that comes from new logo acquisition and half comes from our existing install base. And what's nice to see is that it's a multi-vector growth strategy. So we're able to disperse that growth among migrations. And almost an equal piece parts, migrations, to suite upgrades, to identity upsell, and quantity upsell.

是的，加布里埃爾，我是布萊恩。我認為好消息是，我們認為這是一個非常平衡的成長策略。因此，在我們的 ARR 成長中，大約一半來自新標誌的獲取，另一半來自我們現有的安裝基礎。令人高興的是，這是一個多向量成長策略。因此我們能夠將這種成長分散到遷移中。並且幾乎平等的部分，遷移，套件升級，身份追加銷售和數量追加銷售。

We see a lot of contributions coming from our Non-Employee Risk Management solutions. So that was actually an acquisition we did back in January of '23. That was probably the leading cross-sell product for FY25. But again, early signs are very positive for machine identity on the heels of that at some point in the future agent identity. So again, very balanced growth strategy for us.

我們看到許多貢獻來自於我們的非員工風險管理解決方案。所以這其實是我們在 23 年 1 月進行的收購。這可能是 25 財年領先的交叉銷售產品。但是，早期跡象表明，在未來某個時候，機器身份將緊隨代理身份之後，呈現出非常積極的發展勢頭。所以，這對我們來說是一個非常平衡的成長策略。

Makes sense, thank you.

有道理，謝謝。

Thank you.

謝謝。

Keith Weiss, Morgan Stanley.

摩根士丹利的基斯‧韋斯。

Excellent, thank you guys for taking the question and congratulations on a really strong fiscal year overall.

非常好，謝謝大家回答這個問題，並祝賀我們度過了一個非常強勁的財政年度。

I wanted to dig into some of the trends that were particularly strong in the year and kind of get your view on durability going forward. And the two in particular is one that million-dollar-plus customer account or million-dollar-ARR customer account of 78%, super impressive figure. Can you talk to us a little bit about kind of what's driving those larger customers? Is it migration or is it product expansion? And how durable could that type of growth be going forward?

我想深入研究今年特別強勁的一些趨勢，並了解您對未來耐用性的看法。尤其是這兩家公司，其百萬美元以上客戶帳戶或百萬美元 ARR 客戶帳戶佔比高達 78%，這是一個非常令人印象深刻的數字。您能否向我們簡單介紹一下這些大客戶的驅動力？是遷移還是產品擴展？那麼這種成長未來能持續多久呢？

And then on the other side of the equation, you get a very strong margin expansion in FY25. The initial guide is a little bit more tempered into FY26. How much of that is tactical, if you will, in terms of IPO costs and shorter-term things? How much of that is strategic in terms of investing behind some of these newer opportunities like machine identity and agentic. Give us a sense of kind of margin trajectory further along in our models.

然後，從等式的另一端來看，25 財年的利潤率將大幅擴張。初始指南對 FY26 進行了稍微調整。從 IPO 成本和短期因素來看，其中有多少是戰術性的？就機器身份和代理等一些較新的機會的投資而言，其中有多少是戰略性的。讓我們進一步了解模型中的邊際軌跡。

Okay. Hi Keith, it's Brian here, so I'll take those. Those are two separate questions, let's try to get through this fairly quickly.

好的。嗨，基思，我是布萊恩，我來接手這些。這是兩個獨立的問題，讓我們盡快解決這個問題。

So the customer penetration, again, we focus on our target account list. We have about 15,000 accounts that are identified there. These are the larger accounts. They typically have identities of 5,000 and up. They're multi-billion dollars of revenue. It's the more complex environment. So that's kind of our sweet spot.

因此，我們再次關注客戶滲透率，並專注於我們的目標客戶名單。我們在那裡識別了大約 15,000 個帳戶。這些是較大的帳戶。他們通常擁有 5,000 個或更多的身分。它們的收入高達數十億美元。這是一個更為複雜的環境。這就是我們的最佳狀態。

We're only about 14% penetrated in that segment of our target account list. So again, lots of headroom there. We are landing larger and larger. We lead with SaaS now. We lead with our SaaS suites that we talk about, particularly business and business plus in terms of addressing those more complex environments.

我們在該目標客戶名單中的滲透率僅為 14% 左右。所以，這裡還有很大的空間。我們的著陸點越來越大。我們現在以 SaaS 為主導。我們以我們所談論的 SaaS 套件為主導，特別是在解決那些更複雜的環境方面的業務和業務加業務。

So again, this is early days for us. We think, and we're under penetrated and there's a lot of headroom because there's a lot of customers in that space that are just primed for a more modern SaaS platform-based solution. So more to come on that.

所以，這對我們來說還處於早期階段。我們認為，我們的滲透率還很低，但仍有很大的發展空間，因為該領域有許多客戶已經準備好迎接更現代的基於 SaaS 平台的解決方案。對此我們還有更多內容。

With respect to our operating margins, so just a step back, we've had 17 points of expansion over the last two years. So I think that we've really demonstrated the ability to grow at scale with ARR of close to 30% while delivering efficiencies and decent operating margins.

就我們的營業利潤率而言，回顧一下，過去兩年我們已經成長了 17 個百分點。因此，我認為我們確實展示了實現規模成長的能力，ARR 接近 30%，同時實現效率和可觀的營運利潤率。

As we re-enter the public markets for the next year again, public company costs should be about 50 basis points of a headwind to expansion on that. But more importantly, as we continue to transition to more and more SaaS, and again we're modeling about 90% of our net new ARR coming from SaaS next year, that's going to create an end-period revenue headwind for us and also an operating margin headwind.

當我們明年再次進入公開市場時，上市公司的成本應該會對其擴張造成約 50 個基點的阻力。但更重要的是，隨著我們繼續向越來越多的 SaaS 轉型，而且我們再次預測明年約 90% 的淨新 ARR 將來自 SaaS，這將為我們帶來期末收入阻力，以及營業利潤率阻力。

We estimate that to be about 200 to 300 basis points for next fiscal year. We've made a lot of progress. There's more to go longer term for sure. We're focused on a balance of both growth and profitability. We're not expecting that right out of the gate but we do have a lot of levers to pull, especially within sales and marketing, a little bit within R&D, and some G&A.

我們估計下一財年的利率將達到約 200 至 300 個基點。我們已經取得了很大進展。從長遠來看，我們肯定還有更多的事要做。我們注重成長與獲利的平衡。我們並不期望立即實現這一點，但我們確實需要利用許多資源，特別是在銷售和行銷領域，在研發領域，以及一些一般和行政管理領域。

So again we've accomplished a lot, but we do have more efficiency measures to come in the future.

因此，我們再次取得了許多成就，但未來我們將採取更多高效的措施。

You were helpful, thank you.

你幫了大忙，謝謝。

Thank you.

謝謝。

Joseph Gallo, Jefferies.

約瑟夫‧加洛，傑富瑞集團。

Hi guys, this is [Anik Bamanon] for Joseph Gallo. Congrats on the first quarter as a public company.

大家好，我是 Joseph Gallo 的 [Anik Bamanon]。恭喜公司上市第一季。

There remains a large maintenance install base out there using legacy IGA solutions. Can you just talk us through the new logo side of your business and what some of the drivers are for you to unlock that market opportunity specifically? Thank you.

目前仍有大量維護安裝基礎在使用傳統的 IGA 解決方案。您能否向我們介紹貴公司新標誌方面的情況，以及您具體採取了哪些驅動因素來釋放這一市場機會？謝謝。

Yeah. Good morning.

是的。早安.

Yes. So we would say there's, again, we are still under penetrated in some of the legacy installs that we see out there. These are often very expensive solutions to maintain. We believe that we come in with a more modern against SaaS-based solution to address their complexities, more platform-based, it's more efficient over time for them. So that's where the new logo acquisition really comes from is really displacing those old legacy, sometimes on-prem solutions, and they're really looking for a more modern approach to that.

是的。因此，我們會說，我們仍然對一些我們看到的遺留安裝缺乏深入的了解。這些解決方案的維護成本通常非常高。我們相信，我們提出的更現代化、基於 SaaS 的解決方案能夠解決他們的複雜性，更加基於平台，隨著時間的推移，對他們來說效率更高。因此，新標誌的真正意義在於它確實取代了那些舊的、有時是內部部署的解決方案，他們確實在尋找一種更現代的方法。

So again, we see this as a very, very balanced strategy for us. There's a lot of new logo headroom out there for us in terms of those legacy displacements.

因此，我們再次認為這對我們來說是一個非常非常平衡的策略。就這些遺留的置換而言，我們有很大的新標誌空間。

Gregg Moskowitz, Mizuho.

瑞穗的格雷格·莫斯科維茲。

Okay, thank you for taking the question, and I have a bit of a follow up to Tal's question.

好的，感謝您提出這個問題，我對 Tal 的問題有一些跟進。

Mark, we're certainly seeing more convergence in identity security, and it's been impressive as well just to see how much SailPoint's product portfolio has broadened over the last few years. But when you look out to the next three to five years, how much more will this space evolve? And from a customer standpoint, will most enterprises have just one or maybe two identity providers by that time? How do you foresee this developing?

馬克，我們確實看到身分安全領域更加趨同，而且看到 SailPoint 的產品組合在過去幾年中不斷擴大也令人印象深刻。但當你展望未來三到五年時，這個領域還會發生多大的變化？從客戶的角度來看，到那時大多數企業是否只有一個或兩個身分提供者？您如何預見這項發展？

Yeah, I think it does vary some by the market, Gregg, meaning I think we do believe that as you look down market into that S&B space where again I think particularly the access or IAM vendors, Microsoft, Octa, notably have a lot of penetration. I think they're going to see some amount of consolidation there to one vendor, perhaps two.

是的，我認為它確實因市場而異，格雷格，這意味著我認為我們確實相信，當你向下看市場進入 S&B 領域時，我再次認為特別是接入或 IAM 供應商，微軟、Octa，具有很大的滲透率。我認為他們會看到一定程度的整合，最終變成一個供應商，或許是兩個。

As you look upmarket, in our perspective, I think that the access part of this, the SSL MFA part of this will become increasingly commoditized, whether that's coming from Microsoft or others. It will be a fairly broadly applied but not necessarily strategic part of the identity landscape, and the areas around governance, security, privilege will probably be more strategic. And we'll see whether those consolidate mostly into one or a couple.

從我們的角度來看，當你看高端市場時，我認為這裡的訪問部分、SSL MFA 部分將變得越來越商品化，無論它來自微軟還是其他公司。它將成為身分領域中應用相當廣泛但不一定是策略性的部分，而圍繞治理、安全、特權的領域可能更具策略性。我們將看看這些是否大部分合併為一個或幾個。

I think there's some good strength in the market with folks like us and some of our colleagues in the privileged space. Obviously, there's a little bit of kind of competitive heating up there, but I think in general we're going to have to see how customers view the various capabilities there.

我認為，像我們這樣的人和我們在特權領域的一些同事在市場上具有一定的實力。顯然，那裡的競爭有點白熱化，但我認為總的來說，我們必須看看客戶如何看待那裡的各種能力。

We do feel good that as the market moves to a more dynamic environment, as more and more of it is the non-human identity space with agents and machines, that is, I said on that earlier question, we feel particularly well-suited to kind of incorporate that with the broad set of human identities, both employee and non-employee that we already manage and for customers to have a single consolidated view of that identity landscape with SailPoint.

我們確實感到高興，隨著市場轉向更加動態的環境，越來越多的非人類身份空間由代理和機器組成，也就是說，正如我在之前的問題中所說的那樣，我們覺得特別適合將其與我們已經管理的廣泛的人類身份（包括員工和非員工）結合起來，讓客戶透過 SailPoint 對身份格局有一個單一的綜合視圖。

So we do feel like for those customers who do want to consolidate, that we will be in a very good position for that. And we will kind of let the access part go to what we think will increasingly be kind of a commodity offering.

因此，我們確實覺得，對於那些想要整合的客戶來說，我們將處於非常有利的地位。我們將讓訪問部分逐漸成為商品供應。

Very helpful. Thanks, Mark.

非常有幫助。謝謝，馬克。

Shaul Eyal, TD Cowen.

沙烏爾·埃亞爾（Shaul Eyal），考恩（Cowen）TD。

Thank you. Good morning, everyone. Let me echo my congrats as well.

謝謝。大家早安。讓我也表達我的祝賀。

Brian or Mark, I know the macro has been already discussed during the early part of the call, but can you talk to us about the geographic mix and related performance this quarter? Any specific European country that leading, lagging the last quarter, and in the current quarter. Thank you.

布萊恩或馬克，我知道在電話會議的早期階段已經討論過宏觀問題，但您能否與我們談談本季度的地理分佈和相關表現？上一季和本季領先、落後的任何一個特定的歐洲國家。謝謝。

Hi, Shaul. Thanks for your question.

你好，沙烏爾。謝謝你的提問。

So we continue to see a very balanced mix in terms of our ARR. Again, about two-thirds of that, roughly 68%, comes from the US. That's followed by EMEA, which is close to 19%, and the rest of the world is about 13%.

因此，就 ARR 而言，我們繼續看到非常均衡的組合。其中約三分之二（約 68%）來自美國。其次是歐洲、中東和非洲地區，接近 19%，世界其他地區約 13%。

The year-over-year growth was consistent, I would say, with, prior reported years. There's nothing specific in terms of a specific geography or country that is standing out to us. We still feel like our international opportunity still exists. They believe that 50% of the security spend is going to come from outside the United States. That's according to third party reports.

我想說的是，年成長與前幾年的報告結果一致。就特定的地理或國家而言，沒有特別突出的地方。我們仍然覺得我們的國際機會仍然存在。他們認為，50% 的安全支出將來自美國以外。這是根據第三方報告得出的。

So we feel like there is additional opportunities as we branch out worldwide. I will say that EMEA, in particular, has been really migrating towards more SaaS-first solutions, so that's been a change in the last year or two for us. So again, we think that positions us, at SailPoint, as uniquely positioned against the competition.

因此，我們覺得隨著我們在全球範圍內拓展業務，將會有更多的機會。我想說的是，歐洲、中東和非洲地區確實在向更多的 SaaS 優先解決方案遷移，所以這對我們來說是過去一兩年的變化。因此，我們認為，這使 SailPoint 在競爭中佔據了獨特的地位。

Many thanks.

非常感謝。

Gray Powell, BTIG.

格雷·鮑威爾（Gray Powell），BTIG。

Okay, great, thanks. Yeah, I think a lot of the good questions have been asked and answered already, but I guess maybe a simple one on my side. So I fully understand how the SaaS and the term mix impacts reported revenue and operating margins. Are there any pointers you can give on the free cash flow side, particularly with the debt pay down and I think you said Q1 and just the potential for free cash flow to further scale.

好的，太好了，謝謝。是的，我認為很多好問題已經被提出並得到解答了，但我想也許我這邊有一個簡單的問題。因此我完全理解 SaaS 和術語組合如何影響報告的收入和營業利潤率。關於自由現金流方面，您能給出什麼建議嗎，特別是在債務償還方面，我想您說的是第一季度，以及自由現金流進一步擴大的潛力。

Yeah. Hi, Gray.

是的。你好，格雷。

So what was good to see is that we actually saw $14 million positive cash flow from operations in Q4. This was tied to strong billings and collections. And keep in mind we had to absorb about $45 million of interest payments and other cash settlements for some equity awards for some older equity awards.

因此，令人高興的是，我們實際上看到第四季度的營運現金流為 1400 萬美元。這與強勁的帳單和收款有關。請記住，我們必須承擔約 4500 萬美元的利息支付以及一些較早的股權獎勵的其他現金結算。

As I said, we've paid down all of our outstanding debt in fiscal Q1. I think moving forward starting in Q2 will be very clean from a cash flow perspective. We raised $120 million of net proceeds from the offering, and then with that we're going to have in Q1 $37 million of partial interest payments related to the pay down, the last paydown of the debt.

正如我所說，我們已經在第一財季償還了所有未償還的債務。我認為從現金流的角度來看，從第二季開始向前發展將會非常順利。我們從發行中籌集了 1.2 億美元的淨收益，然後我們將在第一季獲得 3,700 萬美元的部分利息支付，與償還債務、最後一次償還債務有關。

And then just some clean up in terms of $90 million of items associated with the IPO that should not repeat moving forward. So that's anything from some legacy equity award payouts, some private equity fees, etc. Some normal course of business. So again, I would say that after we get through Q1, we're going to have a very clean free cash flow number to accentuate.

然後對與 IPO 相關的 9000 萬美元項目進行一些清理，這些項目不應再重複發生。所以這包括一些遺留股權獎勵支出、一些私募股權費用等。一些正常的業務流程。因此，我再說一遍，在我們度過第一季之後，我們將有一個非常乾淨的自由現金流數字來強調。

Okay, great.

好的，太好了。

And then over time, I would expect free cash flow margins, as we talked about, to approach our adjusted operating margin, that will happen over the next year or two. So thank you.

然後隨著時間的推移，我預計自由現金流利潤率（正如我們所討論的）將接近我們的調整後營業利潤率，這將在未來一兩年內實現。所以謝謝你。

Perfect, understood. Thanks.

很好，明白了。謝謝。

Thank you. I would now like to turn the conference back to Mark McClain for closing remarks. Sir.

謝謝。現在我想請馬克麥克萊恩致閉幕詞。先生。

Thank you. And I just want to say thanks to everyone for the kind words. It is good to be back in the public markets. We're back a little faster than we thought we might be, which is good for everyone, I hope, and we are excited about where we sit in the market today and, obviously, very bullish on kind of what's ahead of us in terms of the demand for identity security across these enterprise customers around the globe.

謝謝。我只想對大家的善意言辭表示感謝。重返公開市場是件好事。我們恢復的速度比我們想像的要快一些，我希望這對每個人都有好處，我們對目前在市場上的地位感到興奮，而且顯然，就全球企業客戶對身份安全的需求而言，我們對未來的發展非常樂觀。

Brian pointed out that I think one of the things to maybe highlight, 14% in our minds penetrated into what we think are our best target customers around the world. So lots of new customer opportunity in front of us and lots of growth within our current customers. So very excited about heading into this year and thankful for all the great, interesting questions today. And we look forward to continuing to stay engaged with all of you as we go forward.

布萊恩指出，我認為需要強調的一件事是，我們心中的 14% 滲透到了我們認為的全球最佳目標客戶。因此，我們面前有很多新的客戶機會，我們現有的客戶也有很大的成長。我對今年的到來感到非常興奮，並感謝今天提出的所有精彩、有趣的問題。我們期待在未來的發展中繼續與大家保持聯繫。

So thanks for joining the call today. Appreciate it.

感謝您今天參加電話會議。非常感謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。