SailPoint Inc (SAIL) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to SailPoint's first quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 SailPoint 2026 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would like to hand this conference over to your speaker today, Scott Schmitz, please go ahead.

我想將本次會議交給今天的發言人 Scott Schmitz，請繼續。

Good morning and thank you for joining us today to discuss SailPoint's fiscal first quarter 2026 financial results. Joining me today are SailPoint's Founder and CEO, Mark McClain; and our Chief Financial Officer, Brian Carolan. For the Q&A portion of today's call, we will also be joined by our President, Matt Mills.

早安，感謝您今天加入我們討論 SailPoint 2026 財年第一季的財務表現。今天與我一起出席的還有 SailPoint 的創辦人兼執行長 Mark McClain 和我們的財務長 Brian Carolan。在今天電話會議的問答環節，我們的總裁 Matt Mills 也將加入其中。

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. This call will also include references to non-GAAP results which exclude certain items that do not reflect our underlying business performance.

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。本次電話會議也將提及非公認會計準則結果，其中排除了某些不反映我們基本業務表現的項目。

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.

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 Q1 2026 results. We closed the quarter with $925 million in annual recurring revenue, or ARR, a 30% year-over-year increase, with fast ARR growing 39% year-over-year. Our ARR growth reflects continued high demand as we believe identity security continues to be a top cybersecurity investment priority for enterprise leaders.

謝謝你，斯科特。大家早安，感謝大家今天加入我們。我們很高興分享我們 2026 財年第一季的業績。本季結束時，我們的年度經常性收入（ARR）為 9.25 億美元，年增 30%，其中快速 ARR 年增 39%。我們的 ARR 成長反映了持續的高需求，因為我們相信身分安全仍然是企業領導者最重要的網路安全投資重點。

We also saw a 62% year-over-year increase in customers with ARR greater than $1 million. This highlights our continued ability to support the significant scale and complexity prevalent among enterprises today. Today's digital enterprises demand a trusted partner who can secure the full spectrum of identities from the human workforce, which includes employees, contractors, and third party suppliers to the digital workforce, which spans machines and autonomous AI agents across the hybrid environment.

我們也看到 ARR 超過 100 萬美元的客戶數量年增了 62%。這凸顯了我們持續支持當今企業普遍存在的大規模和複雜性的能力。當今的數位化企業需要一個值得信賴的合作夥伴，該合作夥伴能夠保護從人力勞動力（包括員工、承包商和第三方供應商）到數位化勞動力（涵蓋混合環境中的機器和自主人工智慧代理商）的全部身分。

Organizations with this level of scale and complexity need identity controls that are both broad and deep. This is where SailPoint stands apart, and the market is taking notice. Our expertise in enterprise class governance continues to drive share gains over both legacy and niche players. The Gartner's latest IGA market sizing report placing us at nearly 21% market share, which represents about 5x the gain of our nearest direct competitor. We believe this leadership reflects our commitment to meet the evolving identity security needs of our customers, as well as their belief that SailPoint is more than just an IGA vendor.

具有這種規模和複雜性的組織需要廣泛而深入的身份控制。這正是 SailPoint 脫穎而出並引起市場關注的地方。我們在企業級治理方面的專業知識將繼續推動我們超越傳統企業和利基企業的市場份額成長。Gartner 最新的 IGA 市場規模報告顯示，我們的市佔率接近 21%，約為我們最接近的直接競爭對手的 5 倍。我們相信，這種領導力體現了我們致力於滿足客戶不斷變化的身份安全需求的承諾，也體現了他們對 SailPoint 不僅僅是 IGA 供應商的信念。

Our innovation strategy is central to our long-term durable growth and our differentiation in the market. Let me highlight the key tenets behind that strategy. First, our foundational principle is simple. Least privileged for all enterprise identities. Every identity, human or digital, carries some level of privilege. What matters is context, the role it plays, where it operates, and what it needs access to. A contractor with temporary access to intellectual property, a payroll bot executing critical transactions, or a remote agent handling regulated data. All are privileged, but each in a different way.

我們的創新策略對於我們的長期持續成長和市場差異化至關重要。讓我強調一下該戰略背後的關鍵原則。首先，我們的基本原則很簡單。對於所有企業身分而言，權限最低。每個身份，無論是人類還是數字，都具有一定程度的特權。重要的是背景、它扮演的角色、它在哪裡運作以及它需要訪問什麼。具有臨時存取知識產權的承包商、執行關鍵交易的工資機器人或處理受監管資料的遠端代理。每個人都享有特權，但每個人享有的特權不同。

Legacy pan tools were built for a narrow world admin accounts on static infrastructure. SailPoint breaks that mold, delivering fine-grained contextual governance for all identities, systems, and access levels at enterprise scale. Our policy driven model defines who or what gets access to information and what actions they can take a modern unified approach that we believe is fundamentally different from how others manage identities today.

傳統的平移工具是為靜態基礎架構上的狹窄世界管理員帳戶所建構的。SailPoint 打破了這種模式，為企業規模的所有身分、系統和存取層級提供細粒度的上下文治理。我們的政策驅動模型定義了誰或什麼可以存取資訊以及他們可以採取什麼行動，我們認為這是一種現代統一的方法，與當今其他人管理身份的方式有著根本的不同。

Second, we're leading in the governance of emerging identity types, particularly machine identities and AI agents. Machine identities have proliferated with some hidden deep within directories like active directory and intra, making them difficult to track or secure. SailPoint machine identity security delivers deep visibility, control, and entitlement level governance for these often overlooked assets such as service accounts, software bots, and intelligent devices.

其次，我們在新興身分類型治理方面處於領先地位，特別是機器身分和人工智慧代理。機器身分激增，有些甚至隱藏在活動目錄和內部目錄的深處，因此難以追蹤或保護。SailPoint 機器身分安全為這些經常被忽視的資產（例如服務帳戶、軟體機器人和智慧型裝置）提供了深度可見性、控制和權利層級治理。

When it comes to machines, other vendors primarily manage keys and certificates, not the actual access rights. Our approach goes far deeper, providing the full identity governance life cycle for the actual machines those keys and certificates belong to.

當涉及機器時，其他供應商主要管理金鑰和證書，而不是實際的存取權限。我們的方法更加深入，為這些金鑰和憑證所屬的實際機器提供完整的身分治理生命週期。

AI agents represent the next frontier. These autonomous systems are now underwriting loans, onboarding customers, and executing critical operations across both cloud native apps and legacy systems. They make decisions independently, often operating with a level of self-governance that redefines what it means to be an identity. With our new offering, agent identity security, planned for release this fall, we believe SailPoint is uniquely positioned to govern this new class of digital identities alongside all human and machine identities across the full spectrum of access from the cloud to the mainframe.

人工智慧代理代表著下一個前沿領域。這些自主系統目前正在承保貸款、接納客戶，並在雲端原生應用程式和遺留系統上執行關鍵操作。他們獨立做出決定，通常以一定程度的自治方式運作，重新定義身分的意義。我們計劃於今年秋季發布新產品——代理身份安全，我們相信 SailPoint 擁有獨特的優勢，可以管理這一類新的數位身分以及從雲端到大型主機的整個訪問範圍內的所有人類和機器身份。

Third, we're embracing AI not just as a disruptor but as a catalyst for cyber resilience. Just last quarter, we introduced Harbor Pilot, our AI powered assistant, and it's already gaining strong traction. Harbor Pilot embeds AI into the fabric of identity programs, servicing recommendations, guiding configurations, and driving faster, smarter decisions.

第三，我們不僅將人工智慧視為顛覆者，也將其視為網路彈性的催化劑。就在上個季度，我們推出了我們的人工智慧助理 Harbor Pilot，它已經獲得了強大的吸引力。Harbor Pilot 將 AI 嵌入到識別程式的結構中，提供服務建議、指導配置並推動更快、更明智的決策。

Users can issue prompts such as share all roles with no entitlements, or make me a workflow that creates a certification when a user's department changes to surface actionable insights in real time. It's also fueling a new wave of low code, no code workflow automation, enabling intuitive, intelligent management of identity processes. These innovations make our platform even more powerful and easier to use, helping security teams achieve more with less. In many ways, Harbor Pilot functions like a digital employee with deep expertise in both SailPoint and identity security.

使用者可以發出提示，例如共享所有沒有權利的角色，或為我建立一個工作流程，當使用者的部門發生變化時建立認證，以即時顯示可操作的見解。它也推動了低程式碼、無程式碼工作流程自動化的新浪潮，實現了身分流程的直覺、智慧管理。這些創新使我們的平台更加強大、更容易使用，幫助安全團隊以更少的投入實現更多的成果。在許多方面，Harbor Pilot 就像一個在 SailPoint 和身分安全方面擁有深厚專業知識的數位員工。

Fourth, threat prevention must evolve, and with Atlas we are transforming how it's done. Atlas is our unified intelligence platform built on a consolidated data model and shared services architecture designed to deliver deep identity context at scale. As the authoritative source of identity entitlements for many of the world's most complex organizations, we enable advanced entitlement level risk modeling that surfaces granular signals in real time.

第四，威脅預防必須不斷發展，透過 Atlas，我們正在改變其預防方式。Atlas 是我們建立在整合資料模型和共享服務架構上的統一智慧平台，旨在大規模提供深度身分背景。作為世界上許多最複雜組織的身份授權權威來源，我們支援高階授權等級風險建模，可以即時顯示細粒度訊號。

This allows for proactive detection and response, identifying threats before they can be exploited. By continuously mapping identities, entitlements, behaviors, and risks, Atlas becomes an intelligent foundation of modern identity security, powering decisions with context and fortifying the entire enterprise security stack.

這允許主動檢測和回應，在威脅被利用之前識別它們。透過不斷映射身分、權利、行為和風險，Atlas 成為現代身分安全的智慧基礎，利用情境為決策提供支援並強化整個企業安全堆疊。

Innovation alone isn't enough. We know identity security must operate in lockstep with the broader ecosystem. That's why we're forging deep partnerships with cloud providers, systems integrators, and technology leaders as we work together with forward thinking customers to ensure our Atlas platform integrate seamlessly into all customer environments. Our shared data model and flexible architecture enable partners to build on SailPoint, enhancing coverage and accelerating outcomes across a wide range of identity security needs.

僅有創新是不夠的。我們知道身分安全必須與更廣泛的生態系統同步運作。這就是為什麼我們與雲端供應商、系統整合商和技術領導者建立深厚的合作夥伴關係，並與前瞻性思維的客戶合作，確保我們的 Atlas 平台無縫整合到所有客戶環境中。我們的共享資料模型和靈活的架構使合作夥伴能夠在 SailPoint 的基礎上進行構建，增強覆蓋範圍並加速滿足廣泛的身份安全需求的成果。

We're continuously focused on expanding connectivity across the portfolio, making it easier for customers to govern access to more business critical applications. This ecosystem strategy is helping us scale across the market. The large enterprises, our expanded strategic alliance with Deloitte is a prime example. Together we're enabling organizations to navigate the rise of AI agents, harnessing them as a force for efficiency while helping improve governance and security.

我們一直致力於擴展整個產品組合的連接性，使客戶能夠更輕鬆地管理對更多關鍵業務應用程式的存取。這項生態系統策略正在幫助我們擴大整個市場。對大型企業來說，我們與德勤擴大的策略聯盟就是一個典型的例子。我們共同幫助組織應對人工智慧代理的崛起，利用它們提高效率，同時幫助改善治理和安全。

At the same time, we're extending our reach into the mid-market through our managed service provider or MSP program, which gives mid-sized enterprises access to SailPoint's industry-leading solution through trusted partners. Across the Board, our ecosystem is a growth engine, bringing SailPoint to more customers with more efficiency and greater impact.

同時，我們正在透過託管服務提供商或 MSP 計劃將業務範圍擴展到中端市場，這使得中型企業能夠透過值得信賴的合作夥伴獲得 SailPoint 業界領先的解決方案。整體而言，我們的生態系統是一個成長引擎，為更多客戶帶來更有效率、更具影響力的 SailPoint。

Our ecosystem is a force multiplier, and our consistent NRR is the proof. Half of our new bookings this quarter came from existing customers, a strong indicator of the trust and value we continue to deliver. And these customers aren't just renewing, they're expanding. For us, it's not just about the number of individual solutions a customer buys. It's about the outcomes we deliver, the breadth and depth of identity coverage we provide, and the unique high stakes problems we help solve.

我們的生態系統是一個力量倍增器，我們始終如一的 NRR 就是證明。本季我們一半的新訂單來自現有客戶，這有力地證明了我們將繼續提供信任和價值。這些客戶不僅在續約，他們還在不斷擴張。對我們來說，這不僅僅與客戶購買的單獨解決方案的數量有關。它與我們提供的成果、我們提供的身份覆蓋的廣度和深度以及我們幫助解決的獨特高風險問題有關。

That value is reflected in the numbers. Our average ARR per customer is nearly 3 times higher than that of other identity security vendors, a clear signal of the comprehensive enterprise-wide SailPoint plays across our customers' environments.

該價值反映在數字中。我們每位客戶的平均 ARR 幾乎比其他身分安全供應商高出 3 倍，這清楚地表明了全面的企業範圍 SailPoint 在我們客戶的環境中發揮作用。

As an example, a leading mortgage lender significantly deepened their investment with us as part of their broader digital transformation and modernization efforts. They upgraded to our identity security cloud business plus suite, adding machine identity security and data access security, plus training and services support. Their decision was driven by the proven ROI they had already seen and the value of our unified solution, built on the scalable integrated architecture in the Atlas platform.

例如，一家領先的抵押貸款機構大幅加深了對我們的投資，作為其更廣泛的數位轉型和現代化努力的一部分。他們升級到我們的身份安全雲端業務增強套件，增加了機器身份安全和資料存取安全，以及培訓和服務支援。他們的決定是基於他們已經看到的經過驗證的投資回報率 (ROI) 以及我們基於 Atlas 平台可擴展整合架構構建的統一解決方案的價值。

Today we continue to see strong customer adoption across our platform. Our workflow usage hit an all-time high during fiscal Q1 2026, with a record number of identity workflows being built. Clear evidence that our customers are scaling their use of SailPoint to govern more apps, new use cases, and diverse identity types. This includes machine identities, where we've seen robust demand and a strong and growing pipeline since the initial launch of SailPoint machine identity security last fall.

今天，我們繼續看到客戶對我們平台的大力採用。我們的工作流程使用率在 2026 財年第一季創下歷史新高，建構的身份工作流程數量也創下了歷史新高。有明顯的證據表明，我們的客戶正在擴大 SailPoint 的使用範圍，以管理更多的應用程式、新的用例和不同的身分類型。其中包括機器身份，自去年秋天首次推出 SailPoint 機器身份安全以來，我們看到了強勁的需求和強大且不斷增長的管道。

This quarter, interest in machine identity security continued to grow among both existing and new customers. A fortune 500 manufacturer expanded their SailPoint investment to better manage service accounts with greater precision. Meanwhile, a fortune 25 retailer became a new SailPoint customer, adopting our most comprehensive identity security cloud business plus suite along with machine identity security, non-employee risk management, a suite of connectors, and advisory and success services. They went all in on SailPoint, confident in our proven ability to deliver identity security at the scale and sophistication required to support their massive identity landscape.

本季度，現有客戶和新客戶對機器身分安全的興趣持續成長。財富 500 強製造商擴大了其 SailPoint 投資，以便更精確地管理服務帳戶。同時，財富 25 強零售商成為 SailPoint 的新客戶，採用了我們最全面的身份安全雲業務套件以及機器身份安全、非員工風險管理、一套連接器以及諮詢和成功服務。他們全力投入 SailPoint，相信我們有能力提供支援其龐大身分環境所需的規模和複雜性的身分安全。

As we look ahead, we remain confident in the depth of our pipeline, the velocity of our sales motion, and the resilience of identity and cybersecurity budgets. As identity centric threats continue to be a top challenge for global enterprises today, we believe it's clear that identity has become the hub of modern security strategy, serving as the common link across all aspects of enterprise security from networks and cloud infrastructure to endpoints, data, and applications. And while some competitors tout momentum with a collection of products, we're not seeing that approach resonate in our core enterprise market.

展望未來，我們對我們的通路深度、銷售速度以及身分和網路安全預算的彈性仍然充滿信心。由於以身分為中心的威脅繼續成為當今全球企業面臨的最大挑戰，我們相信身分已成為現代安全戰略的中心，成為從網路和雲端基礎設施到端點、資料和應用程式的企業安全各個方面的共同紐帶。儘管一些競爭對手宣稱透過一系列產品來獲得發展勢頭，但我們並沒有看到這種方法在我們的核心企業市場產生共鳴。

Our win rate remains strong among large complex organizations that demands the depth, breadth, and sophistication that we believe only SailPoint can deliver. This represents clear validation that our focused platform-driven strategy is winning where it matters most.

在大型複雜組織中，我們的成功率仍然很高，因為這些組織需要我們相信只有 SailPoint 才能提供的深度、廣度和複雜性。這清楚地證明了我們以平台為導向的策略在最重要的地方取得了成功。

In closing, I'm grateful to everyone at SailPoint and our partners for ensuring we continue to stay in front. We're executing with focus, innovating with purpose, and delivering real value where it matters most. As the industry increasingly recognizes identity security as the backbone of enterprise resilience, SailPoint will continue to be the identity security innovator and trusted partner leading the way.

最後，我感謝 SailPoint 的每一個人以及我們的合作夥伴，他們確保我們繼續保持領先地位。我們專注執行，有目的地創新，並在最重要的地方提供真正的價值。隨著業界越來越意識到身分安全是企業復原力的支柱，SailPoint 將繼續成為引領潮流的身份安全創新者和值得信賴的合作夥伴。

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

現在，讓我將主題交給 Brian，他將分享有關本季財務表現的更多細節。

Thank you, Mark, and good morning everyone. Thank you for joining us today. Our fiscal year 2026 is off to a strong start with ARR, revenue and adjusted operating margin, each exceeding the high end of our first quarter guidance as we continue to deliver durable growth at scale.

謝謝你，馬克，大家早安。感謝您今天加入我們。我們的 2026 財年開局強勁，ARR、營收和調整後營業利潤率均超過了第一季預期的高端，我們將繼續實現大規模的持久成長。

We ended fiscal Q1, '26 with ARR of $925 million an increase of 30% year-over-year, with SaaS ARR of $574 million growing 39% year-over-year. Currency was less than a 1 point benefit to our total ARR growth. Our strong results showcase our leadership position, strong competitive advantage, and durable growth profile. Importantly, we have not seen a fundamental change in demand due to the macro environment.

截至 2026 財年第一季度，我們的 ARR 為 9.25 億美元，年增 30%，其中 SaaS ARR 為 5.74 億美元，年增 39%。貨幣對我們的整體 ARR 成長的貢獻不到 1 個百分點。我們的強勁業績彰顯了我們的領導地位、強大的競爭優勢和持久的成長態勢。重要的是，我們並沒有看到宏觀環境導致需求發生根本性變化。

Today, more than ever, enterprises are focused on what they believe to be most critical, and we continue to see evidence that identity security is business essential and often at the top of the spending priority list. As such, we plan to continue to execute on the large opportunity in front of us delivering value to our customers. More specifically, our pipelines remain robust with deal velocity and close rates consistent with prior quarters.

如今，企業比以往任何時候都更加關注他們認為最重要的事情，我們不斷看到證據表明身分安全對於企業至關重要，並且通常位於支出優先事項的首位。因此，我們計劃繼續抓住眼前的巨大機遇，為我們的客戶創造價值。更具體地說，我們的通路保持強勁，交易速度和成交率與前幾季一致。

Our customer retention rates continue to be very strong and our growth drivers are consistent with approximately half of our Q1 ARR growth coming from new customers and half from existing customer expansion. We continue to see significant growth potential through a universe of new customers that are primed for a more modern solution. In fact, many of our new customer wins are displacements of other solutions that cannot keep up with the scale and complexity of enterprise environments.

我們的客戶保留率持續保持強勁，我們的成長動力與第一季 ARR 成長的約一半來自新客戶，另一半來自現有客戶擴張一致。我們繼續看到，透過大量為更現代化的解決方案做好準備的新客戶，我們擁有巨大的成長潛力。事實上，我們贏得的許多新客戶都是因為其他解決方案無法跟上企業環境的規模和複雜性。

We also see a large opportunity to expand within our install base. Our NRR of 115% remains steady this quarter, with many drivers including suite upgrades, migrations, upsell, and cross-sale initiatives. We were encouraged by the growing ARR contribution from our non-employee risk management, machine identity security, and data access security modules, which more than doubled from the same period a year ago.

我們也看到了在安裝基礎內擴充的巨大機會。本季我們的 NRR 保持穩定在 115%，其中有許多驅動因素，包括套件升級、遷移、追加銷售和交叉銷售計劃。令我們感到鼓舞的是，非員工風險管理、機器身分安全和資料存取安全模組的 ARR 貢獻不斷增長，比去年同期增加了一倍多。

Let me now cover our strong Q1 results. In Q1 2'6, we delivered total revenue of $230 million up 23% year-over-year, with subscription revenue of $215 million up 27% year-over-year. Adjusted gross profit margin was 76.3%. An adjusted operating margin remained healthy and well ahead of our expectations at 10.2%. Our adjusted operating margin upside versus guidance was the result of higher term revenue mix, cost discipline, and the timing of investments.

現在讓我來介紹一下我們強勁的第一季業績。2026 年第一季度，我們的總營收為 2.3 億美元，年增 23%，其中訂閱收入為 2.15 億美元，較去年同期成長 27%。調整後毛利率為76.3%。調整後的營業利潤率保持健康，遠高於我們的預期，為 10.2%。我們的調整後營業利潤率相對於預期有所上升，這是由於更高的長期收入組合、成本控制和投資時機。

Moving to the balance sheet. We ended the quarter with $228 million of cash and equivalents and no debt after paying off our outstanding balance in March. Cash used in operating activities was $97 million and includes $37 million of cash paid for interest expense and $88 million of cash paid for items that ended with our IPO, such as equity award payouts and monitoring fees.

轉到資產負債表。在我們於 3 月償還未償餘額後，本季結束時擁有 2.28 億美元的現金及等價物，且沒有債務。經營活動所用現金為 9,700 萬美元，其中包括支付利息費用的 3,700 萬美元現金和支付 IPO 結束時的項目的 8,800 萬美元現金，例如股權獎勵支出和監控費用。

Turning now to guidance. For simplicity, I will refer to the midpoint of our guidance ranges. Full details can be found in this morning's press release and supplemental earnings deck. For the fiscal second quarter of 2026, we expect ARR to be $965 million up approximately 26% year-over-year compared to current consensus of 23.5% growth.

現在轉向指導。為了簡單起見，我將參考我們的指導範圍的中點。完整詳情請參閱今天上午的新聞稿和補充收益報告。對於 2026 財年第二季度，我們預計 ARR 將達到 9.65 億美元，年增約 26%，而目前的普遍預期是成長 23.5%。

For our fiscal year 2026, we are increasing our ARR outlook by $20 million to $1.1 billion of 25.5% year-over-year compared to our prior guidance of 23.2% growth. The increase in our ARR guidance primarily reflects organic growth of the business and assumes no material change in FX rates.

對於 2026 財年，我們將 ARR 預期提高 2,000 萬美元，達到 11 億美元，年增 25.5%，而我們先前預測的成長率為 23.2%。我們的 ARR 指引的增加主要反映了業務的有機成長，並且假設外匯匯率沒有重大變化。

For revenue, we expect the fiscal second quarter 2026 to be $243 million an increase of 22% year-over-year, with an adjusted operating margin of 12.1%. We expect our diluted share count to be approximately 557 million shares and adjusted EPS to be $4.05. For fiscal year 2026, we expect revenue to be approximately $1.039 billion an increase of 21% year-over-year, with an adjusted operating margin of 15.7%. We expect our diluted share count to be approximately 565 million shares and adjusted EPS to be $0.18. Please note, we included additional modeling notes in our supplemental earnings deck.

就營收而言，我們預計 2026 財年第二季的營收為 2.43 億美元，年增 22%，調整後的營業利潤率為 12.1%。我們預計稀釋後股份總數約為5.57億股，調整後每股收益為4.05美元。我們預計2026財年營收約10.39億美元，年增21%，調整後營業利益率為15.7%。我們預計稀釋後股份總數約為5.65億股，調整後每股收益為0.18美元。請注意，我們在補充收益報告中添加了額外的模型說明。

In summary, 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 willingness to listen and respond to market needs. We continue to see several durable growth drivers that position us for sustained long-term growth, and we are relentlessly focused on executing on that opportunity.

總而言之，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意願，我們已準備好贏得下一代身分安全。我們繼續看到幾個持久的成長動力，這些動力為我們實現長期持續成長奠定了基礎，我們堅持不懈地專注於抓住這個機會。

With that, let's invite Matt Mills, our President, to join us and open the call for questions. Operator?

現在，讓我們邀請總裁 Matt Mills 加入我們並開始提問。操作員？

(Operator Instructions)

（操作員指示）

Joel Fishbein, Truist.

喬爾‧菲什拜因 (Joel Fishbein)，Truist。

Thanks for taking the question and congrats on excellent execution. I guess, I have so many questions, but the first one for you Matt, in terms of machine identity it seems like it's starting to inflect. I know you have the full identity the new products coming out, agent identity security in the fall. Can you just tell us, what the -- what you think the pricing looks like in that market and we share some of the competitive dynamics that you're seeing in that market? Thanks.

感謝您提出這個問題，並祝賀您出色的表現。我想，我有很多問題，但第一個問題是給你的，馬特，就機器身份而言，它似乎開始改變。我知道你有完整的身份，新產品即將推出，代理身份安全在秋天。您能否告訴我們，您認為該市場的定價如何？我們可以分享一下您在該市場看到的一些競爭動態嗎？謝謝。

Yeah, thanks for the question, Joel. Look, at the end of the day, when we look at the market and we look at our customers and our prospects alike, machine identity is top of the list for all of them. It's important to them. Many of our customers, as you know -- I mean, the idea of machine identity is not necessarily new, right? We've been dealing with a lot of things around service accounts and bots for some time now. But here certainly in the last 12 months it's kind of moved its way to the threat vector and therefore it's become a hugely important topic of concern for all of our customers and prospects alike.

是的，謝謝你的提問，喬爾。看看吧，到最後，當我們審視市場、審視我們的客戶和潛在客戶時，機器身分是所有客戶最關心的問題。這對他們來說很重要。如您所知，我們的許多客戶——我的意思是，機器身分的概念並不一定是新的，對吧？一段時間以來，我們一直在處理與服務帳戶和機器人相關的許多事情。但在過去的 12 個月裡，它無疑已經成為一種威脅，因此成為我們所有客戶和潛在客戶關注的一個極其重要的議題。

I think when you start talking about the pricing of it, look, this is -- I've followed a lot of the things that you guys like yourself have put out and others, and I think it's a huge moving target and I think it's going to be value based and so I think at this point in time it's all going to play out, but I think it becomes quite difficult to kind of say it's this or it's that. We just know it's a significant opportunity for us.

我認為，當你開始談論它的定價時，看，這是——我已經關注了你們和其他人提出的很多事情，我認為這是一個巨大的移動目標，我認為它將以價值為基礎，所以我認為在這個時間點上，一切都會發揮作用，但我認為很難說它是這樣還是那樣。我們只知道這對我們來說是一個重要的機會。

Only thing I'd add on the competitive side, Mark is the clarity we're trying to help establish in the market of well we're focused on the machine identity problem versus say others around us. I think we continue to see a lot of the focus from others is on what we would call the authentication of those machines.

關於競爭方面，我唯一想補充的是，馬克，我們試圖幫助市場明確一點，那就是我們專注於機器身份問題，而不是我們周圍的其他人。我認為我們繼續看到其他人的注意力集中在我們所說的機器的身份驗證上。

The server certificates, the identity of the machine. We're focused, as we have been for human identities on the authorization capability. What can those accounts or systems do, bots, RPAs, et cetera. So again, we find that it may be tenable that we may coexist with other machine identity security solutions where just like say we coexist with an SSO vendor because they're solving a different part of the identity problem. I think where we're focused tonight and machine identity is differentiated and we're hearing that back from the customers we're engaging with.

伺服器證書，機器的身份。正如我們一直關注的人類身分授權能力一樣，我們也一直關注人類身分的授權能力。這些帳戶或系統可以做什麼，機器人、RPA 等等。因此，我們再次發現，我們可以與其他機器身分安全解決方案共存，就像我們與 SSO 供應商共存一樣，因為他們正在解決身分問題的不同部分。我認為我們今晚關注的重點是機器身份的差異化，我們從與我們接觸的客戶那裡聽到了這一點。

Thank you so much.

太感謝了。

Matt Hedberg, RBC.

馬特·赫德伯格（Matt Hedberg），RBC。

Thanks for taking my question guys. I'll offer my congrats as well, really strong results. One area I wanted to ask about, it's only like, you guys didn't call it any macro pressure, but I know you guys have some US Fed exposure and other cyber vendors have been calling out maybe some pressure there. Just curious on what you're seeing in that particular vertical.

謝謝你們回答我的問題。我也要向你表示祝賀，並且取得了非常好的成績。我想問的一個領域是，你們並沒有稱之為宏觀壓力，但我知道你們有一些聯準會的風險敞口，其他網路供應商也一直在呼籲可能存在一些壓力。我只是好奇你在那個特定的垂直領域中看到了什麼。

Yeah, hi Matt, this is Matt. Yeah, look we -- for us thus far, I'd say it's been business as usual, right? We haven't seen any extensive result or material result from anything doge related. I think we continue to keep our head on a swivel and look, but our business remains resolute and like I said thus far we've not seen anything that would indicate, we've got challenges as a result of doge.

是的，嗨，馬特，我是馬特。是的，看我們——對我們來說到目前為止，我想說一切照常，對吧？我們還沒有看到與 doge 相關的任何廣泛成果或實質成果。我認為我們會繼續保持警惕並觀察，但我們的業務仍然堅定，就像我說的，到目前為止，我們還沒有看到任何跡象表明我們因狗狗幣而面臨挑戰。

Great. Thanks, Matt.

偉大的。謝謝，馬特。

Rob Owens, Piper Sandler.

羅伯歐文斯、派珀桑德勒。

Good morning and thank you for taking my question. I want to unpack the ARR strength which accelerated in the quarter when we looked at the growth rate. I guess the two components as you look at, new customers which I think you said were half of it, just can you give us a sense of where those conversations are? Is there a sense of urgency, especially in this very uneven environment?

早上好，感謝您回答我的問題。當我們查看成長率時，我想揭示本季加速的 ARR 強度。我想，您說的兩個組成部分是新客戶，我認為新客戶佔了其中的一半，您能否讓我們了解這些對話在哪裡？是否有一種迫切感，特別是在這種極不平衡的環境中？

And second, with regard to the existing customers, which I think came through in a better NRR quarter-over-quarter, is this a function of more identities? Is this a function of modules being added on or tier upgrades? Thanks for taking the question.

其次，關於現有客戶，我認為他們的 NRR 季度環比有所改善，這是更多身分認同的結果嗎？這是添加模組或升級層級的功能嗎？感謝您回答這個問題。

Hi Rob, it's Brian here. Hope you're well. So with respect to the new customer acquisition, I think that what we're seeing is just great success from this being a very resilient market for us. These are business essential programs, companies are not looking to cut back on identity security. They often rise to the top of the stack for CIOs and CISOs. And really we're seeing pipeline from failed deployments of other competitive solutions that we're able to go back in and save and restart them for them. So we're pleased with our new customer acquisition. We continue to make great progress there.

你好，羅布，我是布萊恩。希望你一切都好。因此，就新客戶獲取而言，我認為我們看到的是巨大的成功，因為這對我們來說是一個非常有彈性的市場。這些都是企業必備的程序，公司不想削減身分安全。他們通常會成為 CIO 和 CISO 的高層。事實上，我們看到的是其他競爭解決方案部署失敗的管道，我們可以返回並保存它們並重新啟動它們。因此，我們對獲得新客戶感到非常高興。我們在那裡繼續取得巨大進展。

With respect to existing customers, we're continuing to see again about half of this come from new logos, but half from expansion opportunities within our install base. And there's been this nice kind of even disposition of several growth vectors. This includes migrations of on-prem customers into net new SaaS solutions where we typically see a 2x to 3x uplift on their ARR spend. We do see quantity upsells, so more identities being sold.

對於現有客戶，我們繼續看到其中大約一半來自新標誌，但另一半來自我們安裝基礎內的擴展機會。並且出現了幾種成長向量的良好均衡分佈。這包括將本地客戶遷移到全新的 SaaS 解決方案，我們通常會看到他們的 ARR 支出增加 2 到 3 倍。我們確實看到了數量的增加，因此有更多的身份被出售。

I called out there's other cross-sell initiatives, so some of those new products like non-employee risk management, machine identity security, data access security, that's all contributing to low single digits of our expansion. Then also our SaaS suite upgrades. So these are customers that are moving from point level SaaS solutions into our suites. So again we're really pleased to see that nice cross sell and upsell disposition.

我提到還有其他交叉銷售計劃，因此一些新產品，如非員工風險管理、機器身分安全、資料存取安全，都有助於我們實現低個位數的擴張。然後我們的 SaaS 套件也升級了。這些客戶正在從點級 SaaS 解決方案轉向我們的套件。因此，我們再次非常高興地看到良好的交叉銷售和追加銷售策略。

Thank you.

謝謝。

Peter Levine, Evercore.

彼得‧萊文 (Peter Levine)，Evercore。

Thanks for taking my questions. Maybe one, Mark, you talked about the success we're seeing in AI kind of bit of an inflection point, but maybe share with us, why is IGA better positioned to kind of capitalize on the rise of AI over some of the pan vendors or even the identity access manager providers. Just curious to know why you think governance is better positioned and then maybe Brian, I know you said not much of a macro, but perhaps did you baking anything into the full year guide, you raised the guide, but just curious, were there any guard rails that you kind of factored into the full year guide just to kind of assume that things get worse, but just curious to know what your philosophy was. Thank you.

感謝您回答我的問題。也許首先，馬克，您談到了我們在人工智慧領域看到的成功，這是一種轉折點，但也許可以與我們分享一下，為什麼 IGA 比一些泛供應商甚至身份存取管理器提供商更有能力利用人工智慧的崛起。只是好奇地想知道為什麼您認為治理處於更有利的位置，然後也許布萊恩，我知道您說的不是太多的宏觀，但也許您是否在全年指南中融入了任何東西，您提高了指南，但只是好奇，您是否在全年指南中考慮到了任何護欄，只是為了假設事情會變得更糟，但只是好奇地知道您的哲學是什麼。謝謝。

Thanks, Peter. Yeah, on the first one there on AI, I think sometimes it helps to go back to the basics, when we first came to market the first time. In '17 we were trying to help make sure we positioned where we thought what was not even called IGA at that time was and then we said, look, at the end of the day we answer three simple questions for humans, and that was who has access to what, how does that compare to, who should have access kind of policy versus actual, and then what are they doing with it?

謝謝，彼得。是的，關於人工智慧的第一個問題，我認為有時回到基礎會有所幫助，就像我們第一次進入市場一樣。在 2017 年，我們試圖確保我們定位在我們認為當時甚至不稱為 IGA 的位置，然後我們說，看，最終我們為人類回答了三個簡單的問題，那就是誰可以訪問什麼，這與誰應該擁有訪問權限的政策與實際相比如何，然後他們用它做什麼？

And the truth is I think those are the same three core questions they're going to get asked about agentic AI, right? It's like what is this agent? What does it have access to and is it performing according to my expectations and an authorization tool like ours, a governance tool is well designed and suited for that question. Access and authentication tools are not right. We often go back to a very simple metaphor where we experience it every time we're up here in New York for investor meetings of -- the security guard at the front door knows that you've gotten into the building. That's access. That's letting you in to the application of the building. They really lose track of where you go once you leave that front desk, and that's sort of the SSO problem.

事實上，我認為他們將被問及的三個關於代理人工智慧的核心問題是一樣的，對嗎？就像這個代理商是什麼？它可以存取什麼，它是否按照我的期望執行，像我們這樣的授權工具、治理工具設計精良，適合回答這個問題。存取和身份驗證工具不正確。我們常常會想起一個非常簡單的比喻，每次我們來紐約參加投資者會議時，我們都會遇到這種情況——前門的保全知道你已經進入大樓了。這就是存取權限。這會讓你了解建築物的應用。一旦您離開前台，他們真的不知道您去了哪裡，這就是 SSO 問題。

They aren't designed to understand all the entitlements capabilities that an identity has inside those complex applications, and that's going to be true for agents. What does the agent have access to? What is it allowed to do? What data can it see? Can it change data? Those are hard questions to answer without a governance framework, and that's really where we're coming from. So we think the access and privileged vendors that don't have that heritage are just going to be very challenged in trying to answer those very difficult questions. And I'll turn it over to Brian for the other part.

它們並非旨在理解身份在這些複雜應用程式中所擁有的所有權利能力，對於代理人來說也是如此。代理可以存取什麼？它可以做什麼？它能看到什麼數據？它可以更改數據嗎？如果沒有治理框架，這些問題很難回答，而這正是我們所面臨的問題。因此，我們認為，沒有這種傳統的訪問和特權供應商在嘗試回答這些非常困難的問題時將面臨巨大挑戰。我將把另一部分交給 Brian。

Yeah, thank you. So we're not expecting currently any major change in the macro environment, so we're not building in any sort of headwind. But having said that, we are mindful of it and we're doing a great deal of deal scrutiny with rigorous pipeline management. But we continue to see good demand for the identity security space, so we're aware of it. We're not immune to it, we're watching deal timing in particular because a lot of times these are programs that -- it may change from one quarter to the next, but again, the underlying fundamental demand is still there in a strong.

是的，謝謝。因此，我們目前預期宏觀環境不會發生任何重大變化，因此我們不會遇到任何不利因素。但話雖如此，我們還是注意到了這一點，並且正在透過嚴格的管道管理對交易進行大量審查。但我們繼續看到對身分安全領域的良好需求，所以我們意識到了這一點。我們並不能倖免於難，我們特別關注交易時機，因為很多時候這些項目可能會從一個季度變化到下一個季度，但同樣，潛在的基本需求仍然強勁。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Gray Powell, BTIG.

格雷·鮑威爾（Gray Powell），BTIG。

Okay, great. Thank you very much. Yeah, I just would love to hear what you're seeing in terms of customer willingness to migrate from legacy IGA solutions like Oracle and IBM and then does macro uncertainty impact any of those projects or is it really just more a function of like, pending end of life and customers need to modernize.

好的，太好了。非常感謝。是的，我只是想聽聽您對客戶從 Oracle 和 IBM 等傳統 IGA 解決方案遷移的意願的看法，然後宏觀不確定性是否會影響這些項目中的任何一個，或者它實際上只是一種等待生命終結和客戶需要現代化的功能。

Yeah, thanks Gary. This is Matt. Look, I think what we're seeing now is actually a little bit of an acceleration there. I think the security landscape today is such that it's really bringing out the flaws, if you will on these legacy systems and in many cases as you probably know they're heavily customized and it becomes a handful just to keep up with in of itself, not to mention the accelerating threat landscape. So, I would tell you we continue to see really good opportunities and we continue to win at a high rate.

是的，謝謝加里。這是馬特。看，我認為我們現在看到的實際上是有一點加速。我認為，今天的安全形勢確實暴露出這些遺留系統存在的缺陷，在很多情況下，正如你可能知道的，它們是高度定制的，而且僅僅跟上其本身的步伐就變得非常困難，更不用說不斷加速的威脅形勢了。所以，我想告訴你，我們繼續看到真正好的機會，並且我們繼續以高速度獲勝。

Great. Just one point to add. You may have seen the recent Gartner report and in terms of our overall market share gains that we made in recent history, we're more than 5x, or about 5x, our nearest competitors, so we feel like we're displacing legacy competition and also winning against some new competitors.

偉大的。只需補充一點。您可能已經看到了最近的 Gartner 報告，就我們近期取得的整體市場份額增長而言，我們比最接近的競爭對手高出 5 倍以上，或者大約 5 倍，因此我們覺得我們正在取代傳統的競爭對手，同時也戰勝了一些新的競爭對手。

Got it. Thank you very much and thanks for correcting my name there. I get a lot of Gary's and Greg's in my life so. I greatly appreciate that.

知道了。非常感謝，也感謝您糾正我的名字。我的生活中有很多 Gary 和 Greg 的影子。我對此非常感激。

Shaul Eyal, TD Cowen.

沙烏爾·埃亞爾（Shaul Eyal），考恩（Cowen）TD。

Thank you so much. Speaking about name corrections. Congrats on strong results and guidance. Question to Mark or Matt. Given that Accenture is one of your leading partners, what are you hearing internally as it relates to their overall activities with SailPoint? Will they be one of your prime go to markets, partners as we think about further GenAI adoption? Thank you.

太感謝了。談論姓名更正。恭喜您取得的出色成果和指導。向馬克或馬特提問。鑑於埃森哲是您的主要合作夥伴之一，您在內部聽到了有關他們與 SailPoint 的整體活動有何看法？當我們考慮進一步採用 GenAI 時，他們會成為您主要的市場和合作夥伴之一嗎？謝謝。

Yeah, thank you Shaul. This is Matt look, I -- we're very fortunate, we have a strong ecosystem of partners of which Accenture is a big part of, they continue to be one of our largest partners, and I don't see anything that would cause it to change. So we continue to work with them, we invest in them, they're one of our large MSP partners, right? And so I would tell you from an expectation perspective, we continue to invest with them and do good things for our customers and prospects.

是的，謝謝你，Shaul。這是馬特，我——我們非常幸運，我們擁有強大的合作夥伴生態系統，其中埃森哲是其中的重要組成部分，他們仍然是我們最大的合作夥伴之一，我認為沒有什麼會導致它改變。所以我們繼續與他們合作，我們對他們進行投資，他們是我們最大的 MSP 合作夥伴之一，對嗎？因此，我想從期望的角度告訴你，我們將繼續與他們一起投資，為我們的客戶和潛在客戶做好事。

And I think just to add Shaul, you know we made a little note of what we're doing with Deloitte on the call today around agents, but with all of our leading partners PWC, Accenture, and many others, optive strong partnerships, we are expecting to move in the direction of supporting customers needs around Agentech with all of those leading partners. Just pleased to be able to kind of reference multiple good things there. But yeah, Accenture continues to be one of our top partners around the globe, and we can expect that to just continue to expand as we go.

我想補充一下 Shaul，你知道我們在今天的電話會議上稍微提到了我們與德勤在代理商方面所做的工作，但與我們所有的主要合作夥伴普華永道、埃森哲和許多其他公司建立了強大的合作夥伴關係，我們期望與所有這些主要合作夥伴一起朝著支持 Agentech 客戶需求的方向發展。很高興能夠在那裡提及多種好東西。但是，埃森哲仍然是我們在全球的頂級合作夥伴之一，我們可以預期，隨著我們的發展，這種關係將繼續擴大。

Thank you so much.

太感謝了。

Thanks, Shaul.

謝謝，沙烏爾。

Joseph Gallo, Jefferies.

約瑟夫‧加洛，傑富瑞集團。

Hey guys, thanks for the question. Brian, it was great to see some of the margin strength even with most of the upside coming from fast. Can you just update us on where you are on sales capacity, where you're investing, and then where some of this leverage is actually coming from? Thanks.

嘿夥計們，謝謝你的提問。布萊恩，儘管大部分的上漲空間來自於快速成長，但看到利潤率仍然保持強勁還是令人欣喜。您能否向我們介紹一下您的銷售能力、投資情況以及這些槓桿的實際來源？謝謝。

Sure. So yeah, we were pleased with our margin performance this year, exceeding the Q1 guidance that we put out there. Some of that was driven by timing of investments too, which we'll catch up on some of that as the year goes along. I'd say we're in a good spot with capacity ads, more to come on that. We're investing in things like, customer success early on in the year just to make sure we're still driving a strong gross retention rate and net revenue retention rate.

當然。是的，我們對今年的利潤率表現感到滿意，超過了我們公佈的第一季預期。其中一部分也是由投資時機決定的，隨著時間的推移，我們會趕上其中的一些情況。我想說，我們在容量廣告方面處於一個很好的位置，接下來還會有更多。我們年初就在客戶成功等方面進行投資，以確保我們仍能維持強勁的毛留存率和淨收入留存率。

So we feel like this is going to be a balanced strategy. We're really pleased with the 30% ARR growth. We want to make sure we're continuing to invest in that while still contributing and delivering some level of margin expansion, which gave us confidence to increase it for the year.

因此我們認為這將是一個平衡的策略。我們對 30% 的 ARR 成長感到非常滿意。我們希望確保我們繼續對此進行投資，同時仍然做出貢獻並實現一定程度的利潤擴張，這使我們有信心在今年增加利潤。

Thank you.

謝謝。

Brian Essex, JPMorgan

摩根大通的 Brian Essex

Hi, good afternoon, good morning and thank you for taking the question and congrats on some solid results. Maybe Mark for you, in your prepared remarks you called out a retailer that went quote unquote, all in on sale. Could you provide a little detail there, what was the catalyst to move? What did you do displace maybe some how long was that sales cycle and how indicative is that deal with regard to what you typically see with new customer land?

大家好，下午好，早安，感謝您回答這個問題，並祝賀您取得了一些實質性的成果。也許馬克，在你準備好的發言中，你點名批評了一家零售商，稱其全力以赴打折。您能否提供一些細節，促使您採取這項行動的動機是什麼？您做了什麼來取代銷售週期，以及這筆交易對於您通常看到的新客戶數量有何指示作用？

Yeah. I'll probably flip that Brian over to Matt who's got more detail. I will tell you that, that kind of a strategic large scale win is not atypical. We certainly call that one out, but in general I think we're finding that almost inevitably in those large shops they've got some level of deployment of something generally it's one of the legacy vendors that we're displacing.

是的。我可能會將 Brian 的問題轉交給 Matt，因為他掌握了更多細節。我可以告訴你，這種大規模的策略性勝利並不罕見。我們當然會提到這一點，但總的來說，我認為我們會發現，在那些大型商店中，他們幾乎不可避免地會部署某種東西，一般來說，這是我們正在取代的傳統供應商之一。

But we always try to reemphasize that, quite often it's fairly minimally deployed and so it's not uncommon for us to say within the first six to nine months of a deployment to run past any level of deployment they had because that's really the frustration they have with those legacy tools if they aren't covering the landscape and as they try to think about securing their whole landscape, they're just very frustrated with those legacy tools and that's awesome driver, but this is a -- it's a great story because they're sort of picking up on all the core aspects of the story.

但我們總是試圖再次強調，通常部署都是相當少的，因此我們經常說在部署後的前六到九個月內，部署就會超過他們以前的任何部署水平，因為如果他們沒有覆蓋整個環境，他們就會對這些遺留工具感到非常沮喪，當他們試圖考慮保護整個環境時，他們對這些遺留工具感到非常沮喪，這是一個很棒的驅動力，但這是一個很棒的故事。

Yeah, thanks. I'll just add, Brian, look, I think when you look at these large opportunities, they start with a fair amount of relationship and education that happens before you actually start prosecuting an opportunity and I think that was the case here. We built a very strong relationship with this company and they're -- as Mark said, they're running a legacy solution and they feel the pains of the legacy solution in terms of what it can't do and the problems it's causing for them.

是的，謝謝。我只想補充一點，布萊恩，看，我認為當你看到這些巨大的機會時，它們始於相當多的關係和教育，這些都發生在你真正開始抓住機會之前，我認為這裡就是這種情況。我們與這家公司建立了非常牢固的關係，正如馬克所說，他們正在運行傳統解決方案，並且他們感受到了傳統解決方案的痛苦，包括它無法做到的事情以及它給他們帶來的問題。

And so once we started the opportunity, I think it went in fairly short order, but, a great win for our team, and then it kind of validates the whole idea that we continue to win at a very high rate in replacing these legacy solutions.

因此，一旦我們開始了這個機會，我認為它會在相當短的時間內完成，但對於我們的團隊來說是一個巨大的勝利，然後它在某種程度上驗證了我們在替換這些遺留解決方案方面繼續以非常高的速度獲勝的整個想法。

Very helpful, thank you.

非常有幫助，謝謝。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hi, good morning. Thank you. For Mark and for Matt, we've talked to an IGA for some time now about how one of the limiting factors for adoption is how long or how annoying it can be to switch from one vendor to another. My question for you is, what are you doing with AI internally to perhaps speed up some of that implementation and how do you think about on the flip side the risk that this lowest the bar entry for some new enabled IGA vendor to come down the pipeline and potentially disrupt you. Thank you.

嗨，早安。謝謝。對於馬克和馬特，我們已經與 IGA 討論了一段時間，關於採用的限制因素之一是從一個供應商切換到另一個供應商需要多長時間或有多煩人。我的問題是，您在內部對人工智慧做了哪些改進，以加快部分實施速度，以及您如何看待這種做法帶來的另一面風險，即降低某些新的 IGA 供應商的准入門檻，從而可能擾亂您的業務。謝謝。

Thanks Gabriela. Yeah, I'll start and see if Matt has some thoughts to add. I think a couple of points. One is, when we show up, especially in these mid to large enterprises with fairly complex IT environments, our two decades of building connections deep, we're probably going to have to come up with some terminology delineation here because a connector is not a connector in this world, right? It's one thing for an access tool to say I connect to an application, which means they can log you in for us, that means we can do deep governance typically around the entitlements and who can access data, et cetera, within these applications, but it's our rich heritage of connection with all of the commercial apps these enterprises care about and many bespoke apps that gives them confidence.

謝謝加布里埃拉。是的，我會開始看看馬特是否有一些想法要補充。我認為有幾點。一是，當我們出現時，特別是在這些具有相當複雜的 IT 環境的大中型企業中，我們二十年來建立的深度連接，我們可能必須在這裡提出一些術語描述，因為連接器在這個世界上不是連接器，對嗎？對於存取工具來說，說我連接到一個應用程式是一回事，這意味著他們可以為我們登錄，這意味著我們可以圍繞這些應用程式中的權利和誰可以存取資料等進行深度治理，但這是我們與這些企業關心的所有商業應用程式和許多客製化應用程式建立聯繫的豐富傳統，這給了他們信心。

That is a big area of focus though is to leverage AI to both increase the rate of speed where we can get to those new bespoke applications that we haven't already connected with in a typical enterprise environment and also to make it simpler for non-technical people to do that work. Quite often that's some of the areas of slow down in these implementations is having to do deep technical work to kind of connect into these business applications.

然而，這是一個重點關注的領域，即利用人工智慧來提高我們獲取那些在典型的企業環境中尚未連接的新客製化應用程式的速度，同時也使非技術人員更容易完成這項工作。這些實施過程中經常出現速度緩慢的現象，因為必須進行深入的技術工作才能連接到這些業務應用程式。

We're trying to use AI to speed up and leverage what we know from all the tens of thousands of connections we've built to make that simpler and easier. And so to your point about kind of others out there, we are certainly well aware some of the earlier stage vendors and identity are starting to make some strong claims about connectivity. We've dug pretty deeply into all of that. Those that are making claims about very rapid expansion of connectivity are typically doing those very shallow connectors where they can connect to a resource but they can't really do entitlement level governance.

我們正在嘗試使用人工智慧來加速並利用我們從已建立的數以萬計的連接中獲得的知識，以使這個過程變得更簡單、更容易。因此，對於您提到的其他人的觀點，我們當然很清楚，一些早期的供應商和身分開始對連接性提出一些強烈的主張。我們對所有這些都進行了深入研究。那些聲稱連接性將得到非常快速擴展的人通常都在使用那些非常淺的連接器，他們可以連接到資源，但實際上無法進行權利級別的治理。

And so we're helping make sure customers are clear on kind of the actual capabilities that we have and how that compares to some of the claims being made by some of the newer vendors. But again, what Matt would tell you is when we get into these large complex environments, our win rate continues to be incredibly high once customers are really clear on the differentiation of what we're offering.

因此，我們正在幫助確保客戶清楚了解我們的實際能力，以及與一些新供應商所宣稱的一些能力相比如何。但是，馬特會再次告訴你，當我們進入這些大型複雜環境時，一旦客戶真正清楚我們所提供產品的差異化，我們的成功率就會繼續保持非常高。

I appreciate the nuances. Thank you.

我很欣賞這些細微差別。謝謝。

Tal Liani, Bank of America.

塔爾·利亞尼（Tal Liani），美國銀行。

Hi guys. ARR was very strong this quarter, $27 million above expectations for the next quarter you're also guiding up $20 million above.

嗨，大家好。本季的 ARR 非常強勁，比預期高出 2,700 萬美元，而下一季的 ARR 也比預期高出 2,000 萬美元。

But when I look at the full year, I have to reduce my estimates for net new ARR in order to hit because the increase in the full year is lower than what we're seeing this quarter and next quarter. So is there anything that is happening with timing of orders that is pulling things forward or is it just kind of the way the numbers are and we shouldn't pay attention to it thanks.

但當我看全年時，我必須降低對淨新 ARR 的估計才能達到目標，因為全年的成長低於我們本季和下個季度看到的成長。那麼，訂單時間安排方面是否存在什麼因素導致事情提前發生，或者這只是數字本身的問題，我們不應該關注它，謝謝。

Hi Tal, it's Brian here. So yeah, there was nothing unique about pull forward of any deals or revenue. This is basically -- I'd really encourage you to look at ARR on an annual basis for our FY26 guide. We're actually raising that by more than 200 basis points and also the Q2 guide is 200 basis points above current consensus.

你好，塔爾，我是布萊恩。所以，是的，提前進行任何交易或收入並沒有什麼獨特之處。這基本上是——我真的鼓勵您每年查看我們的 FY26 指南中的 ARR。我們實際上將其提高了 200 多個基點，而且第二季的指引也比目前的共識高出 200 個基點。

And just keep in mind that 3% beat that we had in Q1 or the $27 million that's an annual metric. As compared to what other companies would do in terms of quarterly revenue numbers, and when it came to the quarterly revenue and operating income beats, we passed all of that through and raised Q2 as well. So it's just part of our philosophy, we feel good about it and it's a good place to start for Q2.

請記住，我們第一季的業績超出預期 3%，即年度指標為 2700 萬美元。與其他公司在季度收入數字方面的表現相比，當談到季度收入和營業收入時，我們將所有這些都通過了，並提高了第二季度的收入。所以這只是我們理念的一部分，我們對此感覺良好，這是第二季的一個好起點。

Got it. Thank you.

知道了。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 great start to the fiscal year. A lot of big numbers in this Q1 print. I guess one that we haven't really dug into yet was the large customer numbers, really good growth on both the 250,000 customers and the $1 million-plus customers.

非常好，謝謝大家回答這個問題，並祝賀本財年有一個好的開始。第一季的數據中有很多大數字。我想我們還沒有真正深入研究的一個問題是龐大的客戶數量，25萬名客戶和100多萬美元客戶都實現了非常好的成長。

So two questions within that like one, anything in particular driving that or is it just the summation of the expanding solution portfolio traction and identity management market. And then maybe somewhat related, any change in sales strategy or go to market strategy as we enter into the new fiscal year and anything that is worth noting in terms of how you guys are approaching that market opportunity from the go to market perspective.

因此，其中有兩個問題，一個是有什麼特別的因素推動了這個進程，還是只是不斷擴大的解決方案組合吸引力和身分管理市場的總和。然後可能有些相關的是，當我們進入新的財政年度時，銷售策略或市場策略是否會發生任何變化，以及從市場進入的角度看你們如何抓住市場機會方面任何值得注意的事情。

I'll start, just with respect to the increasing deal size. I mean, we're really pleased with I mean, greater than 250,000 ARR customer count that's up 28% year-over-year. The greater than a million, as we mentioned, is up 62% year-over-year. We're also not just the number of customers that we're landing, it's just a more sizable number. Our average ARR per customer is now above $300,000. It's really driven by expansion opportunities across the board in terms of just overall identity growth, suite upgrades, upsell, and cross-sell of new modules, and then I'll prefer to Matt just on some additional color.

我首先談談交易規模的增加。我的意思是，我們真的很高興，ARR 客戶數量超過 250,000，比去年同期成長 28%。正如我們所提到的，超過一百萬的人數年增了 62%。我們吸引的客戶數量不限於此，而是一個更龐大的數字。我們每位客戶的平均 ARR 現在超過 30 萬美元。它實際上是由全面的擴展機會推動的，包括整體身份增長、套件升級、追加銷售和新模組的交叉銷售，然後我更喜歡 Matt 添加一些額外的顏色。

Yeah, thanks Keith. Look, I don't -- there's been really no big change relative to our go to market strategy, our selling strategy, as you know we're fairly pragmatic in terms of who we market to, we work off a target account list and so none of that has changed, and we'll continue to execute that for the remainder of the year.

是的，謝謝基斯。聽著，我不知道——相對於我們的行銷策略、銷售策略來說，確實沒有什麼大的變化，正如你所知，我們在行銷對象方面相當務實，我們根據目標客戶名單開展工作，所以這些都沒有改變，我們將在今年剩餘時間繼續執行這一策略。

Excellent. Thank you guys.

出色的。謝謝你們。

Gregg Moskowitz, Mizuho.

瑞穗的格雷格·莫斯科維茲。

Yeah, hi, this is Mike on for Gregg Moskowitz. Congrats on the strong results and thanks for taking the questions here. So I guess, so I was wondering, if firstly, is Harbor Pilot is included in any of your suites, and will there be an additional charge for this technology and then just quickly on the migration impact to net retention rate, was that about 3 points to 4 points again this quarter? Thanks.

是的，大家好，我是格雷格·莫斯科維茨 (Gregg Moskowitz) 的邁克 (Mike)。恭喜您取得的優異成績，並感謝您在此回答問題。所以我想，所以我想知道，首先，Harbor Pilot 是否包含在您的任何套件中，這項技術是否會收取額外費用，然後快速了解遷移對淨保留率的影響，本季度是否再次達到 3 點到 4 點左右？謝謝。

I got the first part, Mike, on the Harbor Pilot.

麥克，我在《港口引航報》上得到了第一部分。

Yeah, just real quick on the migrations, it did contribute low single digits in terms of the NRR contribution.

是的，就遷移而言，它對 NRR 貢獻確實只有較低的個位數。

Yeah, within the NRR what was from migration, yeah, in that sort of those four contributors all roughly a quarter of that 15%. And on the first part Mike, yeah, Harbor Pilot is included with our platform today, so the first two offerings, the AI offerings within Harbor Pilot, we at this point have just included that in our offering. I think as we continue to add new capabilities, we'll look at where, whether and when we might price that out separately at some point based on the value delivery.

是的，在 NRR 中，來自移民的部分，是的，在這四個貢獻者中，大約佔了 15% 的四分之一。關於第一部分，麥克，是的，Harbor Pilot 已經包含在我們的當前平台中，因此前兩個產品，即 Harbor Pilot 中的 AI 產品，我們目前剛剛將其包含在我們的產品中。我認為，隨著我們繼續增加新功能，我們將研究在何處、是否以及何時可以根據價值交付單​​獨定價。

We at this point are kind of anxious for customers to adopt some of these AI capabilities to help them be more efficient and effective in ramping up their implementations and deployments and a lot of what these initial Harbor Pilot capabilities are doing is just letting them more rapidly get the answers they need to address their issues. So we'll continue to watch how that evolves, but for now it's just buried into the cost of our platform.

我們現在非常希望客戶能夠採用其中一些人工智慧功能，以幫助他們更有效率、更有效地加快實施和部署，而這些初始的 Harbor Pilot 功能所做的許多事情只是讓他們更快地獲得解決問題所需的答案。因此，我們將繼續關注其發展情況，但目前它只是被埋沒在我們平台的成本中。

Great, thank you.

太好了，謝謝。

Thanks.

謝謝。

Andrew [Lewinsky], Wells Fargo.

安德魯[萊溫斯基]，富國銀行。

Okay, thank you. I'm just wondering what drove the 18% growth in your non-SaaS ARR in Q1, and I know you're assuming 90% of net new comes from SaaS going forward, but that still implies growth in your non-SaaS ARR. So just wondering if you could give any more color on what's driving that. Thanks.

好的，謝謝。我只是想知道是什麼推動了您第一季非 SaaS ARR 成長 18%，我知道您假設未來 90% 的淨新增收入來自 SaaS，但這仍然意味著您的非 SaaS ARR 會成長。所以我只是想了解一下您是否可以進一步說明一下造成這種情況的原因。謝謝。

Hi Andy, it's Brian. So we actually saw a fairly strong term business for Q1 both on renewals and also a couple of new sizable customers chose to go with an on-prem solution just given their environment. So moving forward, we still are targeting that 90, 10 mix, meaning 90% SaaS and 10% term. So we do believe that SaaS is going to continue to be, the first and foremost sales play for us, but we did see some nice uptick in some term business for the quarter.

你好，安迪，我是布萊恩。因此，我們實際上看到第一季的定期業務相當強勁，無論是續約還是其他方面，而且有幾個新的大客戶考慮到他們的環境而選擇採用內部部署解決方案。因此，展望未來，我們仍然以 90%、10% 的組合為目標，即 90% 的 SaaS 和 10% 的期限。因此，我們確實相信 SaaS 將繼續成為我們首要的銷售業務，但我們確實看到本季一些定期業務出現了良好的成長。

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Okay great. Hey guys, thanks for taking my question here and echo the nice beat on ARR. Brian, maybe for you, I was wondering if you could just talk to the shape of net new ARR this year, maybe comparing it to prior years, and then separate -- anecdotally, of course, and then separately I was wondering if you could go one level deeper just into the components of the 115% NRR, particularly whether you saw more contribution than expected for migrations.

好的，太好了。嘿夥計們，謝謝你們在這裡回答我的問題，並回應了 ARR 的精彩節拍。布萊恩，也許對你來說，我想知道你是否可以談談今年淨新 ARR 的形狀，也許將其與前幾年進行比較，然後單獨 - 當然是軼事，然後單獨我想知道你是否可以更深入地研究 115％ NRR 的組成部分，特別是你是否看到遷移的貢獻超出預期。

So I wouldn't think there's anything materially different about our ARR and our new customer acquisition. We're actually really pleased with the consistency of it, to be honest with you, and the nice disposition between new and existing customers. And as I mentioned, what's great about the expansion with the existing install base is the almost even distribution among things like migrations and quantity upsell.

因此，我認為我們的 ARR 和新客戶獲取方面沒有什麼實質的差異。說實話，我們實際上對它的一致性以及新舊客戶之間的良好關係感到非常滿意。正如我所提到的，在現有安裝基礎上進行擴展的優點在於遷移和數量追加銷售等之間的幾乎均勻分佈。

And then the cross sell initiatives that I called out in terms of the non-employee risk management, machine identity security, data access security, that bucket alone was more than double it was a year ago. And then we're also experiencing our SaaS suite upgrades as well. So again, just think about this as half and half, and we're really pleased with that disposition.

然後，我所呼籲的在非員工風險管理、機器身分安全、資料存取安全方面的交叉銷售舉措，光是這一項就比一年前增加了一倍多。然後我們也正在經歷 SaaS 套件升級。所以，再說一遍，只要把這想像成一半一半，我們就對這種安排感到非常滿意。

And then anything just on the shape of net new ARR for the year. I know that last year I think Q2 was particularly healthy. I can't remember if it was Fed or another vertical, but anything you want to say just in the shape of the year.

然後就是有關今年淨新 ARR 形狀的任何資訊。我知道去年第二季表現特別健康。我不記得是聯準會還是其他垂直產業，但你想說的只是今年的情況。

We had a fairly strong Q2 last year. We typically are kind of a second half company when it comes to net new ARR growth, so I'd continue to think of it that way. But nothing super unusual year over year.

去年第二季我們的表現相當強勁。從淨新 ARR 成長來看，我們通常屬於下半年的公司，所以我會繼續這樣想。但與去年同期相比，並沒有什麼特別不尋常的情況。

Very helpful. Thanks.

非常有幫助。謝謝。

Thank you.

謝謝。

And I'm not showing any further questions at this time. I'd like to turn the call back over to Mark for any closing remarks.

我現在不想再問任何問題。我想將電話轉回給馬克，讓他做最後的總結演講。

Thank you and appreciate everyone's questions today and for all the all the great notes that have been written up over the course of our first few months here being public. So we look forward to continuing the dialogue and thanks for everyone's interest on the call today. We'll talk to you soon. Thanks. Have a great day.

謝謝大家，也謝謝大家今天提出的問題，以及在我們上市後的頭幾個月所寫的所有精彩筆記。因此，我們期待繼續對話，並感謝大家對今天電話會議的關注。我們很快會和你聯絡。謝謝。祝你有美好的一天。

Thank you, ladies and gentlemen. That's conclude today's presentation. We thank you for your participation. You may now disconnect and have a wonderful day.

謝謝各位，女士們、先生們。今天的演講到此結束。我們感謝您的參與。現在您可以斷開連接並享受美好的一天。