SailPoint Inc (SAIL) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the SailPoint's second quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Scott Schmitz, SVP of Investor Relations. Please go ahead.

您好，感謝您的支持。歡迎參加 SailPoint 2026 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給今天的發言人、投資者關係高級副總裁 Scott Schmitz。請繼續。

Good morning, and thank you for joining us today to discuss SailPoint's fiscal second 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. 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.

早安，感謝您今天加入我們討論 SailPoint 2026 財年第二季的財務表現。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中，我們的總裁 Matt Mills 也將加入。請注意，今天的電話會議將包括前瞻性陳述，並且由於這些陳述基於公司當前的意圖、期望和預測，因此它們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 results, which exclude certain items that do not reflect our underlying business performance. Please reference this morning's press release and our supplemental earnings presentation posted on investors.sailpoint.com for further information regarding our forward-looking statements and non-GAAP financial measures, including reconciliations to the nearest comparable GAAP financial measures. And with that, I'd like to turn the call over to Mark.

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。請參考今天早上的新聞稿和我們在 investors.sailpoint.com 上發布的補充收益報告，以獲取有關我們的前瞻性聲明和非 GAAP 財務指標的更多信息，包括與最接近的可比 GAAP 財務指標的對帳。說完這些，我想把電話轉給馬克。

Thank you, Scott, and good morning, everyone, and thank you for joining us today. We are thrilled to share our fiscal Q2 2026 results. This was another exceptionally strong quarter for SailPoint, where we executed well against the opportunity in front of us. We closed the quarter with $982 million in annual recurring revenue, or ARR, a 28% year-over-year increase with SaaS ARR growing 37% year-over-year. Our ARR growth reflects the strong demand for the breadth and depth of identity security controls that SailPoint provides to more than 3,100 enterprises worldwide. This quarter, we saw a 48% year-over-year increase in customers with ARR greater than $1 million. This highlights our unique ability to support the tremendous scale and complexity prevalent among enterprises today.

謝謝你，斯科特，大家早安，謝謝你們今天加入我們。我們很高興分享我們 2026 財年第二季的業績。對於 SailPoint 來說，這又是一個異常強勁的季度，我們很好地抓住了眼前的機會。本季結束時，我們的年度經常性收入（ARR）為 9.82 億美元，年增 28%，其中 SaaS ARR 年增 37%。我們的 ARR 成長反映了對 SailPoint 為全球 3,100 多家企業提供的身份安全控制的廣度和深度的強烈需求。本季度，我們看到 ARR 超過 100 萬美元的客戶數量年增了 48%。這凸顯了我們支持當今企業普遍存在的巨大規模和複雜性的獨特能力。

This momentum reflects a market transformation. Let me explain the key themes that are driving this demand and why we believe our approach positions us to lead this evolution. First, enterprises now expect identity to solve full-fledged security challenges by anchoring them in deep governance constructs. We believe SailPoint's heritage and leadership in governance means we're the only provider that can elevate identity to this broader security role with confidence. Second, static admin time controls are giving way to real-time and dynamic enforcement as enterprises face new classes of risk, especially from AI and machine identities.

這種勢頭體現了市場的轉變。讓我解釋一下推動這一需求的關鍵主題，以及為什麼我們相信我們的方法使我們能夠引領這項變革。首先，企業現在希望透過將身分置於深層治理結構中來解決全面的安全挑戰。我們相信，SailPoint 在治理方面的傳統和領導地位意味著我們是唯一能夠滿懷信心地將身分提升到這個更廣泛的安全角色的提供者。其次，隨著企業面臨新的風險，尤其是來自人工智慧和機器身分的風險，靜態管理時間控制正在讓位給即時和動態執行。

With SailPoint, customers will soon be able to adapt to these risks quickly, applying identity intelligence to stop threats before they spread. Third, security leaders are realizing that identity alone is not enough and that they need security and data context as well, which was highlighted in our recently released Horizons of Identity Security Report. Our ability to create a trifecta across these vectors of identity, security and data context is highly differentiated and enables customers to make rapid precise decisions that reduce risk without slowing the business. And finally, the market and SailPoint is operating well beyond traditional IGA.

透過 SailPoint，客戶很快就能快速適應這些風險，運用身分智慧在威脅蔓延之前將其阻止。第三，安全領導者意識到，僅有身分是不夠的，他們還需要安全性和資料環境，這在我們最近發布的身分安全前景報告中得到了強調。我們能夠在身份、安全性和數據環境這些向量上創建三重奏，這種能力具有高度差異化，使客戶能夠做出快速準確的決策，從而降低風險而不會減慢業務速度。最後，市場和 SailPoint 的運作遠遠超出了傳統的 IGA。

We deliver an extensible platform that governs and secures all identities, human and nonhuman, and their access to data so that context can be leveraged to strengthen every layer of the entire security stack. Let me walk you through how these shifts are reshaping the market and why we believe we're built to lead in this new era. CIOs and CISOs are prioritizing their investment in identity security because they recognize it has become the backbone of securing their enterprise.

我們提供一個可擴展的平台，用於管理和保護所有身分（人類和非人類）及其對資料的訪問​​，以便可以利用上下文來加強整個安全堆疊的每一層。讓我向您介紹這些轉變如何重塑市場，以及為什麼我們相信我們能夠引領這個新時代。CIO 和 CISO 優先考慮對身分安全的投資，因為他們認識到身分安全已成為保護企業安全的支柱。

As identity becomes the primary threat vector, enterprises are realizing they need real-time controls across all identities, human and machine to properly secure their environment. Security companies may excel at threat detection but without identity context layered in, today's threats are nearly impossible to understand against the backdrop of business risk.

隨著身分認同成為主要威脅載體，企業意識到他們需要對所有身分（包括人和機器）進行即時控制，以妥善保護其環境。安全公司可能擅長威脅偵測，但如果沒有分層的身份背景，那麼在業務風險的背景下，幾乎不可能理解當今的威脅。

That's where we believe SailPoint is uniquely positioned. We've built a platform that is bringing together identity, data, and security in real time, and that advantage becomes even more critical as AI agents enter the enterprise. These autonomous actors are making access decisions independently, often spinning up subagents or executing workflows at machine speed, static admin time policies simply weren't built for this speed or scale. We believe real-time authorization, especially for this new class of AI agents, is no longer optional, securing them requires more than static authentication controls or basic policy. It demands deep governance with identity context and controls applied at the most granular level and for the duration of the workflow.

我們相信這就是 SailPoint 的獨特優勢。我們已經建立了一個即時整合身分、數據和安全的平台，隨著人工智慧代理進入企業，這一優勢變得更加重要。這些自主參與者獨立做出存取決策，通常啟動子代理程式或以機器速度執行工作流程，靜態管理時間策略根本不是為這種速度或規模而建構的。我們相信即時授權，特別是對於這類新型人工智慧代理，不再是可選的，保護它們需要的不僅僅是靜態身份驗證控製或基本策略。它要求在最精細的層面上以及工作流程的持續時間內應用身分背景和控制的深度治理。

Every enterprise will soon face two critical questions. First, can you guarantee that an agent isn't accessing data that human owners shouldn't see. And secondly, can a human use that agent to circumvent security controls. To properly answer these questions, agent governance must be built on a foundation of deep identity context and intelligent automation. With SailPoint agent identity security, launching at this year's Navigate, we're delivering what we believe is the only solution that is designed to govern AI agents and the subagents they create across the full life cycle. It's powered by the same policy engine and entitlement level precision that we believe has always set SailPoint apart. The rise of AI agents in the workforce is driving a fundamental shift from static admin time governance to dynamic real-time identity security.

每個企業很快就會面臨兩個關鍵問題。首先，您能否保證代理商不會存取人類所有者不應該看到的資料。其次，人類可以使用該代理來規避安全控制嗎？為了正確回答這些問題，代理治理必須建立在深度身分背景和智慧自動化的基礎上。借助今年的 Navigate 上推出的 SailPoint 代理程式身分安全，我們提供了我們認為是唯一旨在管理 AI 代理程式及其在整個生命週期內創建的子代理程式的解決方案。它由相同的策略引擎和權利級別精度提供支持，我們相信這始終使 SailPoint 與眾不同。勞動力中人工智慧代理的興起正在推動從靜態管理時間治理到動態即時身分安全的根本轉變。

With the innovations we're delivering today, we are helping enterprises address an entirely new class of identity challenges. We believe SailPoint provides the critical platform to enable broad enterprise adoption of AI purely and at scale. The game has changed, and so have we. With our heritage and traditional IGA, we are able to bring together the context of identity, data and security in ways that are difficult for others to replicate. While others are rolling up swim lanes like access PAM and IGA, we've chosen to bring together the capabilities that truly work to solve the next generation of identity security challenges.

透過我們今天提供的創新，我們正在幫助企業應對全新的身份挑戰。我們相信 SailPoint 提供了關鍵平台，使企業能夠大規模地採用純粹的人工智慧。遊戲已經改變，我們也是。憑藉我們的傳統和 IGA，我們能夠以其他人難以複製的方式將身分、數據和安全的背景結合在一起。當其他人正在推出存取 PAM 和 IGA 等泳道時，我們選擇整合真正有效的功能來解決下一代身分安全挑戰。

Aggregation may simplify procurement, but it doesn't solve the security problem, especially at enterprise scale. Instead of stitching tools together, we've built a unified platform that brings identity context, data context, and security context into one extensible control play. Importantly, we believe our 20-year foundation and identity gives us something others don't have, deep contextual understanding of how identity works across the enterprise. Today, we manage over 125 million identities and their deep fine grain entitlements across 3,100 customers, spanning legacy systems, SaaS applications, cloud platforms, and hybrid environments.

聚合可能會簡化採購，但它並不能解決安全問題，尤其是在企業規模上。我們沒有將工具拼接在一起，而是建構了一個統一的平台，將身分上下文、資料上下文和安全上下文整合到一個可擴展的控制機制中。重要的是，我們相信我們 20 年的基礎和身分賦予了我們別人所沒有的東西，即對身分在整個企業中如何運作的深刻背景理解。如今，我們管理著 3,100 個客戶的超過 1.25 億個身分及其深度細粒度權利，涵蓋傳統系統、SaaS 應用程式、雲端平台和混合環境。

That's the kind of complexity most vendors just can't touch. We believe that depth of identity and entitlement data isn't just foundational to securing the modern enterprise, it's essential to governing the rise of AI agents, which interact with every layer of this ecosystem. In this regard, the recent flurry of M&A activity in our space validates what we've said for years. Identity is now central to enterprise security, but it also highlights a key difference. While others focus on connecting identity and threat, we're addressing the deeper challenge bringing identity and data together tightly integrated across the security ecosystem to provide risk aware authorization and context into breaches across all identities. Solving identity security at scale requires more than consolidation. It requires deep expertise.

這是大多數供應商無法觸及的複雜性。我們相信，身分和權利資料的深度不僅是確保現代企業安全的基礎，而且對於管理與該生態系統的每一層互動的人工智慧代理的崛起也至關重要。在這方面，我們領域最近出現的一系列併購活動證實了我們多年來的說法。身份現在是企業安全的核心，但它也凸顯了一個關鍵的差異。當其他人專注於連接身分和威脅時，我們正在解決更深層的挑戰，將身分和資料緊密整合在整個安全生態系統中，為所有身分的違規行為提供風險感知授權和背景。解決大規模身分安全問題需要的不僅僅是整合。這需要深厚的專業知識。

SailPoint is purpose built for this with two decades of industry expertise, broad identity coverage and an open partner ecosystem. In a market increasingly defined by consolidation, roll-ups and bundled point solutions, SailPoint remains one of the only independent enterprise-scale identity security platforms, offering the objectivity, extensibility, depth and scale large complex enterprises demand. Just as enterprises embrace multi-cloud strategies for choice and resilience, they rely on SailPoint for the same flexibility and identity. And at our annual Navigate event, we'll show exactly how this will come to life through things such as real-time authorization across all identities, human, machine and AI, advanced security solutions for orchestration, risk-based intelligence and automated remediation. Privileged security posture management, our dynamic approach to help achieve zero standing privilege.

SailPoint 正是為此而建，擁有二十年的行業專業知識、廣泛的身份覆蓋範圍和開放的合作夥伴生態系統。在日益由整合、匯總和捆綁點解決方案定義的市場中，SailPoint 仍然是唯一獨立的企業級身分安全平台之一，能夠滿足大型複雜企業所需的客觀性、可擴展性、深度和規模。就像企業採用多雲策略來獲得選擇和彈性一樣，他們也依賴 SailPoint 來獲得相同的靈活性和身分。在我們的年度 Navigate 活動中，我們將準確地展示如何透過跨所有身分（人類、機器和人工智慧）的即時授權、用於編排的高級安全解決方案、基於風險的情報和自動補救等方式實現這一目標。特權安全態勢管理，我們的動態方法有助於實現零特權。

We recognize that all identities can be privileged at some point. We secure the full identity landscape, privileged or not, by applying identity context at the entitlement level. Whereas traditional PAM uses a static model focused mainly on privileged identities, which represent at most 10% of all identities in any large enterprise. It's one more example of how SailPoint is redefining the control plane for identity security, unifying policy, intelligence and enforcement across every corner of the enterprise. We believe this is a market transformation, not incremental innovation.

我們認識到，所有身分在某種程度上都可以享有特權。我們透過在權利層面應用身分背景來確保完整的身分狀況，無論是否享有特權。而傳統的 PAM 使用靜態模型，主要關注特權身份，這些身份最多佔任何大型企業所有身份的 10%。這是 SailPoint 如何重新定義身分安全控制平面、統一企業各個角落的策略、情報和執行的另一個例子。我們認為這是一個市場轉型，而不是漸進式創新。

Our goal is to build the foundation for the next generation of enterprise security where identity operates at the heart of the security operations center, delivering real-time protection at the speed and scale of modern enterprise demands. Now let me spend a few minutes on our execution this quarter before I hand over to Brian, who will dive deeper into our financial results. We continue to execute with discipline, translating our strategy into strong results. Enterprises around the world are embracing our comprehensive intelligent approach to identity security and we're arming them for what's next via new innovations that address both existing as well as new emerging challenges.

我們的目標是為下一代企業安全奠定基礎，其中身分是安全營運中心的核心，以現代企業需求的速度和規模提供即時保護。現在，請容許我花幾分鐘時間介紹我們本季的執行情況，然後再交給 Brian，他將更深入地介紹我們的財務表現。我們將繼續嚴格執行，將我們的策略轉化為強勁的成果。世界各地的企業都在採用我們全面且智慧的身份安全方法，我們正在透過解決現有和新出現的挑戰的新創新，為下一步做好準備。

For example, we recently introduced SailPoint Accelerated Application Management to directly address an ongoing enterprise challenge, the frustration that comes from limiting how many applications customers connect to identity security solutions due to complexity and lack of time or resources. This is a breakthrough offering from SailPoint that transforms how enterprises discover, govern, and secure applications at scale. By uniting visibility, intelligence, speed, and automation, we enable organizations to quickly onboard and deeply govern hundreds of applications, something previously out of reach for most.

例如，我們最近推出了 SailPoint 加速應用程式管理，以直接解決持續存在的企業挑戰，即由於複雜性和缺乏時間或資源而限制客戶連接到身分安全解決方案的應用程式數量所帶來的挫折感。這是 SailPoint 的突破性產品，它改變了企業大規模發現、管理和保護應用程式的方式。透過將可見性、智慧、速度和自動化結合起來，我們使組織能夠快速加入並深入管理數百個應用程序，這是以前大多數人無法實現的。

We've shattered the old notion that it takes years to make hundreds of apps visible in an identity solution. Our customers can now do this in hours or days and then move to a deeper level of governance. Our acquisition of key assets from Savvy, which is expected to close later this year subject to customary closing conditions, stands to further enhance this offering with what we believe is best-in-class SaaS application visibility and identity risk detection. This will strengthen our ability to reduce application sprawl and deliver faster time to value, lower cost and reduced risk.

我們打破了舊的觀念，即需要花費數年時間才能使數百個應用程式在身分解決方案中可見。我們的客戶現在可以在幾小時或幾天內完成此操作，然後進入更深層的治理。我們從 Savvy 收購關鍵資產，預計將於今年稍後根據慣例成交條件完成，這將進一步增強該產品的競爭力，我們認為該產品具有一流的 SaaS 應用程式可視性和身份風險檢測功能。這將增強我們減少應用程式蔓延的能力，並加快實現價值、降低成本和降低風險。

Likewise, we're tackling emerging challenges through key product innovations like SailPoint, non-employee risk management, SailPoint data access security and SailPoint machine identity security each is seeing strong sustained demand with ARR across these offerings more than doubling in the first half of this year compared to the same period last year. SailPoint machine identity security, in particular, is delivering record-breaking momentum, our fastest-growing new product in SailPoint's recent history, demonstrating the market's appetite for advanced enterprise-grade identity solutions.

同樣，我們正在透過 SailPoint、非員工風險管理、SailPoint 資料存取安全性和 SailPoint 機器身分安全等關鍵產品創新來應對新出現的挑戰，這些產品的需求持續強勁，今年上半年這些產品的 ARR 與去年同期相比增長了一倍多。特別是 SailPoint 機器身分安全，正在提供破紀錄的勢頭，這是我們 SailPoint 近期歷史上成長最快的新產品，顯示了市場對先進企業級身分解決方案的需求。

To highlight a couple of key wins in Q2, a leading technology company turned to SailPoint to govern their identity landscape, which spans employees, cloud infrastructure, and machine identities. In fact, their machines now outnumber human identities, 20:1, underscoring the scale and complexity, we believe SailPoint is uniquely built to handle. In another example, a Forbes Global 2000 auto manufacturer modernized on SailPoint's platform to address an evolving identity landscape that spans, employees, contractors, cloud workloads and machines.

為了突顯第二季的幾個關鍵勝利，一家領先的科技公司轉向 SailPoint 來管理其身分環境，其中包括員工、雲端基礎設施和機器身分。事實上，他們的機器數量現在已超過人類身分數量，比例為 20:1，這凸顯了其規模和複雜性，我們相信 SailPoint 具有獨特的能力來處理這些事情。另一個例子是，福布斯全球 2000 強汽車製造商在 SailPoint 平台上進行了現代化改造，以應對涵蓋員工、承包商、雲端工作負載和機器的不斷變化的身份格局。

This was one of our largest deals of the quarter and reflects the growing demand for a future-ready platform that can unify governance across all identities. While much of our growth is outside of traditional IGA today, we continue to capitalize on competitive displacements. Increasingly, enterprises recognize that legacy solutions can't take them into the future, and they're turning to SailPoint's modern platform to get them there. They buy from us not only to solve today's identity challenges but to prepare for tomorrow. From governing machine identities to securing AI agents and addressing the entitlement explosion that legacy approaches weren't built to handle.

這是我們本季最大的交易之一，反映了對能夠統一所有身分治理的未來平台日益增長的需求。儘管我們目前的大部分成長都來自傳統 IGA 之外，但我們仍在繼續利用競爭性替代方案。越來越多的企業意識到，傳統的解決方案無法幫助他們走向未來，因此他們開始轉向 SailPoint 的現代平台來實現這一目標。他們從我們這裡購買產品不僅是為了解決今天的身份挑戰，也是為了為明天做好準備。從管理機器身分到保護人工智慧代理，再到解決傳統方法無法處理的權利爆炸問題。

Our recent win was one of Europe's largest retailers replacing a solid deployment from another vendor that lingered for more than 3 years underscores the strength of our future-ready approach and the value of SailPoint as a proven modernization partner. On the partner front, inbound interest from global systems integrators and leading technology firms continues to accelerate. Our newly announced partnership with HCL Technologies will bring enterprise scale, modern identity security to more markets and geographies especially in the age of AI.

我們最近贏得了歐洲最大的零售商之一的訂單，為其更換了另一家供應商長達 3 年多的穩定部署，這凸顯了我們面向未來的方法的優勢以及 SailPoint 作為可靠的現代化合作夥伴的價值。在合作夥伴方面，來自全球系統整合商和領先技術公司的關注度持續成長。我們新宣布的與 HCL Technologies 的合作將為更多市場和地區帶來企業規模、現代身分安全，尤其是在人工智慧時代。

The market is validating our strategy. Our execution is solid, and we believe our position has never been stronger. We're building the identity security platform that enterprises trust to govern every identity contextualize every access decision and secure every interaction, human or machine in real time. While there is a lot of convergence in the industry, we are converging what we believe matters most to customers: identity, data and security. That's what modern security demands, and that's what we believe positions SailPoint to lead in a world defined by agent scale, data sensitivity and escalating complexity. With that, I'll turn it over to Brian, who will share more details on our financial results from the quarter. Brian?

市場正在驗證我們的策略。我們的執行力非常強硬，我們相信我們的地位從未如此強大。我們正在建立企業信賴的身分安全平台，以管理每個身分、將每個存取決策具體化並即時保護每一次人機互動的安全。雖然產業中存在著許多融合，但我們正在融合我們認為對客戶最重要的東西：身分、資料和安全。這就是現代安全的要求，我們相信，這正是 SailPoint 在代理規模、資料敏感度和日益複雜的世界中處於領先地位的原因。接下來，我將把時間交給 Brian，他將分享有關本季財務表現的更多細節。布賴恩？

Thank you, Mark, and good morning, everyone. Thank you for joining us today. Fiscal Q2 '26 was another strong quarter with robust demand for our leading identity security platform. We believe the depth and breadth of our platform sets us apart and makes us uniquely positioned to govern and secure complex enterprise environments, which is evident in our results. We ended fiscal Q2 with ARR of $982 million, an increase of 28% year-over-year with SaaS ARR of $623 million, growing 37% year-over-year. Total Q2 revenue increased 33% year-over-year, and adjusted operating margins expanded 980 basis points to 20.4%. We also generated a record $50 million of cash flow from operating activities.

謝謝你，馬克，大家早安。感謝您今天加入我們。2026 財年第二季又是一個強勁的季度，市場對我們領先的身份安全平台的需求強勁。我們相信，我們平台的深度和廣度使我們脫穎而出，並使我們具有獨特的優勢來管理和保護複雜的企業環境，這在我們的結果中得到了證明。我們第二財季的 ARR 為 9.82 億美元，年增 28%，其中 SaaS ARR 為 6.23 億美元，年增 37%。第二季總營收年增 33%，調整後營業利益率擴大 980 個基點至 20.4%。我們也從經營活動中創造了創紀錄的 5,000 萬美元現金流。

Let's dive in. We continue to see many durable growth drivers across the business and across industry verticals. While our ARR growth remained largely balanced between new logos and existing customer expansion, Q2 was our largest new logo ARR quarter ever, primarily driven by SaaS. Notably, we saw a 30% increase in average ARR per new SaaS customer. More and more often, new customers are landing with our most fully featured business plus suite, which includes advanced AI and automation features as well as cloud infrastructure entitlement management, which helps customers understand the identity context of their cloud workloads. Many of these new logos are also buying our emerging add-on modules, which include nonemployee risk management, machine identity security and data access security.

讓我們開始吧。我們繼續看到整個業務和整個行業垂直領域存在許多持久的成長動力。雖然我們的 ARR 成長在新標誌和現有客戶擴張之間基本上保持平衡，但第二季度是我們有史以來最大的新標誌 ARR 季度，主要由 SaaS 推動。值得注意的是，我們發現每位新 SaaS 客戶的平均 ARR 增加了 30%。越來越多的新客戶選擇我們功能最齊全的商業套件，其中包括先進的人工智慧和自動化功能以及雲端基礎設施授權管理，可幫助客戶了解其雲端工作負載的身份環境。許多新客戶也購買了我們新興的附加模組，其中包括非員工風險管理、機器身分安全和資料存取安全。

In fact, new SaaS customers had a 40% attach rate of add-on modules compared to 25% in the same quarter last year. Our add-on modules are also driving expansion within our existing customer base. Once again, the ARR from our emerging add-on modules more than doubled year-over-year, contributing nicely to our NRR of 114%. Overall, we continue to see good balance across all four of our primary NRR drivers, including cross-sell, up-sell, suite upgrades, and platform modernizations, inclusive of migrations. Turning to revenue. In Q2, we delivered revenue of $264 million, an increase of 33% year-over-year, with subscription revenue growing 36% year-over-year. This better-than-expected result was due to strong bookings and SaaS/Term mix.

事實上，新 SaaS 客戶的附加模組附加率為 40%，而去年同期為 25%。我們的附加模組也正在推動我們現有客戶群的擴張。再次，我們新興附加模組的 ARR 同比增長了一倍以上，為我們的 114% 的 NRR 做出了巨大貢獻。總體而言，我們繼續看到四個主要 NRR 驅動因素之間的良好平衡，包括交叉銷售、追加銷售、套件升級和平台現代化（包括遷移）。談到收入。第二季度，我們的營收為 2.64 億美元，年增 33%，其中訂閱收入年增 36%。這一好於預期的結果歸功於強勁的預訂量和 SaaS/Term 組合。

We also benefited from the timing of term contract renewals, most materially in the Fed sector. This resulted in $7 million more upfront revenue recognition in Q2 versus what was originally expected in Q3. Please note, there was no material impact to ARR because these were renewals. In Q2, we delivered strong incremental operating leverage, which resulted in adjusted operating income of $54 million or 20.4% margin which increased 980 basis points year-over-year. Our strong top line growth with the increasing size of new customer wins, is leading to economies of scale and strong margin expansion. In Q2, we generated cash flow from operating activities of $50 million and free cash flow of $46 million or 17.4% margin.

我們也受益於定期合約續約的時機，最實質的是在聯準會領域。這導致第二季的預付收入確認比第三季最初預期的多出 700 萬美元。請注意，由於這些是續訂，因此對 ARR 沒有實質影響。在第二季度，我們實現了強勁的增量營運槓桿，調整後的營運收入達到 5,400 萬美元，利潤率為 20.4%，年增 980 個基點。隨著新客戶數量的不斷增加，我們的營業額也實現了強勁增長，從而帶來了規模經濟和利潤率的大幅提升。在第二季度，我們產生的經營活動現金流為 5,000 萬美元，自由現金流為 4,600 萬美元，利潤率為 17.4%。

This is a reflection of our robust growth profile, disciplined expense management, and strong collection efforts. 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 third quarter of 2026, we expect ARR to cross the $1 billion mark at $1.029 billion, up 26.5% year-over-year. For our fiscal year 2026, we are increasing our ARR outlook by $10 million to $1.11 billion, up 26.6% year-over-year, compared to our prior guidance of 25.5% growth.

這體現了我們強勁的成長態勢、嚴格的費用管理和強大的收款力度。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 財年第三季度，我們預計 ARR 將突破 10 億美元大關，達到 10.29 億美元，年增 26.5%。對於 2026 財年，我們將 ARR 預期提高 1,000 萬美元，達到 11.1 億美元，年增 26.6%，而我們先前預測的成長率為 25.5%。

On a trailing 12-month basis, our guidance also assumes revenue will cross the $1 billion mark in the third quarter of fiscal 2026 with Q3 revenue of $270 million, an increase of 15% year-over-year, making our year-to-date revenue growth rate 23%. We expect adjusted subscription gross profit margin to be approximately 82% due to a higher mix of SaaS revenue versus last Q3, with adjusted operating margin of 16%. We expect our diluted share count to be approximately 562 million shares and adjusted EPS to be approximately $0.06. As I mentioned earlier, our Q2 results benefited from the timing of term renewals, which flowed through our P&L at a high margin rate. Our Q3 revenue and adjusted operating margin guidance reflects the $7 million quarterly timing dynamic as well as future investments.

在過去 12 個月的基礎上，我們的指引也假設營收將在 2026 財年第三季突破 10 億美元大關，第三季營收為 2.7 億美元，年成長 15%，使我們年初至今的營收成長率達到 23%。由於 SaaS 收入組成較去年第三季有所提高，我們預計調整後的訂閱毛利率約為 82%，調整後的營業利潤率為 16%。我們預計稀釋後股份總數約為5.62億股，調整後每股收益約0.06美元。正如我之前提到的，我們的第二季業績受益於定期續約的時機，這以較高的利潤率計入了我們的損益表。我們的第三季營收和調整後的營業利潤率指引反映了 700 萬美元的季度時間動態以及未來的投資。

As Mark mentioned, we'll be sharing much more about our exciting innovations and product initiatives at our Navigate conference in three weeks. For fiscal year 2026, we are increasing our revenue outlook by $16 million to $1.055 billion, up 22.4% year-over-year compared to our prior guidance of 20.6% growth. We are also increasing our adjusted operating income by $16 million to $179 million or 17% margin compared to our prior guidance of 15.7% margin. We expect our diluted share count to be approximately 565 million shares and adjusted EPS to be $0.21. Additionally, we remain comfortable with the second half consensus estimates for free cash flow of approximately $85 million, with roughly one-third generated in Q3 and two-thirds in Q4.

正如馬克所提到的，我們將在三週後的 Navigate 會議上分享更多有關我們令人興奮的創新和產品計劃的資訊。對於 2026 財年，我們將營收預期上調 1,600 萬美元，達到 10.55 億美元，與先前預測的 20.6% 的成長相比，年增 22.4%。我們也將調整後的營業收入提高 1,600 萬美元，達到 1.79 億美元，利潤率較先前預測的 15.7% 提高 17%。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0.21美元。此外，我們仍然對下半年自由現金流約8,500萬美元的普遍預期感到滿意，其中約三分之一來自第三季度，三分之二來自第四季。

Please note, we included additional modeling notes in our supplemental earnings deck. In summary, we believe we are well positioned to win the next generation of identity security because of the depth and breadth of our platform, our continued product innovation and our relentless focus on execution. With over 125 million identities with deep and fine-grade entitlements created over our 20-year history, we believe we have a strong competitive position and the right to win as we combine identity, security and data into a modern platform. We look forward to providing a deep dive into our new innovations and customer testimonials at our Navigate conference at the end of September. With that, let's invite Matt Mills, our President, to join us and open the call for questions. Operator?

請注意，我們在補充收益報告中添加了額外的建模說明。總而言之，我們相信，憑藉我們平台的深度和廣度、我們持續的產品創新以及我們對執行的不懈關注，我們已準備好贏得下一代身分安全。在我們 20 年的發展歷程中，我們已經創建了超過 1.25 億個擁有深度和精細級別權利的身份，我們相信，當我們將身份、安全和數據結合到一個現代平台中時，我們擁有強大的競爭地位和獲勝的權利。我們期待在九月底的 Navigate 會議上深入探討我們的新創新和客戶評價。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) Brian Essex, JPMorgan.

（操作員指示）摩根大通的 Brian Essex。

Right. Congratulations on a strong quarter, guys. Maybe, Brian, for you, could you peel back a layer on the guidance a little bit? I caught the commentary about the upfront revenue recognition from the renewals on the federal side. But we'd love to dig into that and understand the impact on ARR from the non-SaaS ARR. And how you think -- like did anything change with regard to the methodology of your guidance? It seems like ARR guidance was increased a bit more last quarter than it was this quarter. Just would love a little additional color there. And then maybe adjacent to that Fed comment, like confidence in the -- going into next quarter, which is obviously a seasonally heavy Fed quarter. Thank you.

正確的。大家，恭喜你們本季取得了強勁的業績。布萊恩，也許你可以稍微深入地解釋一下指導嗎？我聽到了關於聯邦方面續約預付收入確認的評論。但我們很樂意深入研究這個問題，並了解非 SaaS ARR 對 ARR 的影響。您認為—您的指導方法有什麼改變嗎？看起來上個季度的 ARR 指引比本季有所增加。只是想在那裡增加一點色彩。然後也許與聯準會的評論相鄰，例如對下個季度的信心——這顯然是聯準會季節性較重的一個季度。謝謝。

Sure. Good morning, Brian. So first of all, we're really pleased with our first half of the year. We're ahead of expectations on all guided metrics. We feel really good about us heading into the second half of the year now. We raised on all key metrics. We raised ARR by 100 basis points up from the prior guide, up to 27% year-over-year growth. We're raising revenue by 200 basis points versus the prior guide, up 22.4% for the full year, and we're also raising adjusted operating income. So we feel really good heading into it.

當然。早安，布萊恩。首先，我們對今年上半年的業績感到非常滿意。我們在所有指導指標上都超出了預期。我們對即將進入下半年感到非常滿意。我們在所有關鍵指標上都取得了進步。我們將 ARR 從先前的指導值提高了 100 個基點，年增率高達 27%。與先前的預測相比，我們將營收提高了 200 個基點，全年成長 22.4%，同時我們也提高了調整後的營業收入。因此，我們對此感到非常高興。

As you noted, this was merely a dynamic of term renewals, especially in the federal space. So when you go into a quarter, such as Q2, you have to make a judgment call and you want to use some prudency around whether that's going to land in Q2 or Q3. Well, we actually had 100% renewal rate of our term-based Fed renewals in fiscal Q2. And with the dynamics of term-based revenue recognition, as you may know, you recognize all that revenue upfront in the period of renewal. So basically, that shifted $7 million. Again, it was a timing shift, had nothing to do with anything of a pull forward of revenue, which just was merely a timing shift from Q3 that we originally expected into Q2. So we're going to be very consistent with our approach to guidance. I think, we've been able to demonstrate a beat-and-raise cadence.

正如您所說，這只是任期續約的一個動態，尤其是在聯邦領域。因此，當進入某個季度（例如第二季）時，您必須做出判斷，並且要謹慎考慮該季度是會出現在第二季還是第三季。嗯，我們在第二財季的定期聯邦貸款續約率實際上達到了 100%。您可能知道，根據基於期限的收入確認的動態，您可以在續約期間預先確認所有收入。所以基本上，這轉移了 700 萬美元。再說一次，這只是一個時間上的轉變，與收入的提前沒有任何關係，這只是從我們最初預期的第三季到第二季的時間上的轉變。因此，我們的指導方法將非常一致。我認為，我們已經能夠展現出一種節拍和提升的節奏。

We feel like this is a prudent approach heading into the second half of the year. We feel like we're well positioned. We're coming off a very strong quarter for us. We had record free cash flow. We had record net new logo ARR. It's our best quarter ever, and we feel really strong going into the second half of the year. And then just lastly, just your question on ARR impact. There was no ARR impact driven by these term-based renewals because they were renewals. They're sitting in our ARR, and we successfully renewed that of 100% renewal rate.

我們認為這是進入下半年的謹慎做法。我們覺得自己處於有利地位。我們剛剛度過了一個非常強勁的季度。我們的自由現金流創下了紀錄。我們擁有創紀錄的淨新標誌 ARR。這是我們有史以來最好的季度，我們感覺下半年的業績會非常強勁。最後，關於 ARR 影響的問題。由於這些基於期限的續約是續約，因此不會對 ARR 產生影響。他們在我們的 ARR 中，我們成功地將續約率提升到了 100%。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Great. Appreciate the question. I guess just diving a little bit further into that. Just the net new ARR decel in Q3 from Q2? And then just what gives you confidence in the pickup in Q4? Just a little bit more diving into the Q3, Q4 dynamics would be helpful.

偉大的。感謝你的提問。我想我們只需再深入探討一下這個問題。第三季淨新 ARR 僅比第二季下降嗎？那麼是什麼讓您對第四季的成長充滿信心呢？稍微深入了解 Q3、Q4 的動態將會很有幫助。

Sure. Good morning, Meta. Yes. So if you look at Q2, we achieved a $57 million. That was consistent with last year. But bear in mind, that was a very tough comparable going back to last year. So if you look at this on a two-year CAGR basis, we were over 40%. So we feel good about heading into Q3 now. We feel like it's a prudent place to start. And hopefully, we can demonstrate again our beat-and-raise cadence as we head into the second half of the year.

當然。早上好，Meta。是的。因此，如果你看一下第二季度，我們實現了 5700 萬美元的銷售額。這與去年一致。但請記住，與去年相比，這是一個非常艱難的比較。因此，如果以兩年的複合年增長率來看，我們的成長率超過了 40%。因此，我們對進入第三季感到很滿意。我們覺得這是一個謹慎的起點。希望在進入下半年之際，我們能夠再次展現出我們不斷提升的節奏。

Todd Weller, Stephens.

托德·韋勒，史蒂芬斯。

Let me echo my congratulations, and thanks for the question. Mark, can you talk about machine identity, it's a complex market, all sorts of types of identities that are out there on search to secrets and cloud ops to emerging role of Agentic. And I know Agentic is coming soon, but maybe today, where are you seeing the most opportunity? What are the use cases driving your machine identity solution? And competitively, what are you seeing in those instances?

讓我再次表示祝賀，並感謝您的提問。馬克，你能談談機器身分嗎？這是一個複雜的市場，有各種類型的身份，從搜尋到秘密和雲端操作，再到 Agentic 的新興角色。我知道 Agentic 即將推出，但也許今天，您在哪裡看到了最多的機會？推動您的機器身分解決方案的用例有哪些？從競爭角度來看，您在這些情況下看到了什麼？

Thanks, Todd. Thanks for the question. Yes, I think we tried to make sure we're trying to clarify and even delineate a little bit what we're doing from others. In our case, the machine identity approach we're taking is pretty consistent with how we've handled the governance of non-- of human identities. And as you noted for now, that does not include Agentic. We're going to cover in our Navigate launch here shortly and new products focused on agents our machine products would be covering things, as you said, like service accounts and software bots and RPA, maybe even some intelligent devices. I'd say in general, we're finding a situation where customers have woken up, so to speak to the fact that while some of these agents -- excuse me, identity categories and machine are not new, they're a new part of the attack vector. So it's not that there's been a brand-new introduction of machine identities.

謝謝，托德。謝謝你的提問。是的，我認為我們試圖確保我們正在做的事情與其他人所做的事情有所區別，甚至區分。在我們的案例中，我們採取的機器身分方法與我們處理非人類身分治理的方式非常一致。正如您現在所指出的，這不包括 Agentic。我們很快就會在 Navigate 發布會上介紹新產品，重點關注代理，我們的機器產品將涵蓋諸如服務帳戶、軟體機器人和 RPA 等內容，甚至一些智慧設備。我想說，總的來說，我們發現客戶已經醒悟過來，也就是說，雖然其中一些代理商——對不起，身分類別和機器並不是什麼新東西，但它們是攻擊媒介的新部分。因此，這並不是說出現了全新的機器身分。

They've been there in many cases for some time. Now they're being recognized as part of the attack vector. And so what we've highlighted for folks in our offering is there's two things that are unique about what we're doing for machines versus humans historically. One is you have to find them. You have to discover them. In many cases, customers really don't have a good grasp of the inventory of all these nonhuman identities that are already in their environment. And once you find them, then you need to assign ownership. The other challenge is often where there's some service account out there, there's some device out there, but it's not clear what human is responsible. So this idea of discovery and then assignment is kind of unique and new in the case of machine identity.

在很多情況下，他們已經在那裡待了一段時間了。現在它們被識別為攻擊媒介的一部分。因此，我們在產品中向人們強調的是，從歷史上看，我們為機器所做的工作與人類所做的工作有兩點獨特之處。一是你必須找到它們。你必鬚髮現它們。在許多情況下，客戶實際上並不十分了解他們環境中已經存在的所有這些非人類身分的清單。一旦找到它們，您就需要分配所有權。另一個挑戰通常是存在一些服務帳戶，存在一些設備，但不清楚由什麼人負責。因此，在機器身份方面，這種發現然後分配的想法是獨特而新穎的。

Once we get through that step though, in some cases, the ongoing governance and security of these identities looks pretty familiar. It's the life cycle, it's the certification, is this still a valid identity? Who's responsible for it? Has anything changed? Is there any evidence of compromise, the kind of questions we answer for human identity.

一旦我們完成這一步，在某些情況下，這些身分的持續治理和安全看起來就非常熟悉了。這是生命週期，這是認證，這還是一個有效的身份嗎？誰該為此負責？有什麼改變嗎？是否存在妥協的證據，這是我們對人類身分的回答。

So we are finding that customers are very interested in this topic. And they are looking at our offering is pretty different from some of the offerings, say, that are focused more on like certification of servers, which is another offering for machine identity out there today. And that offering is more akin to authentication for a human. They want to validate that the machine is actually the machine they think it is, but there's not a governance life cycle approach. We're bringing our traditional life cycle approach to these machine identities.

所以我們發現客戶對這個主題非常感興趣。他們認為我們提供的產品與其他一些產品有很大不同，比如說，那些更側重於伺服器認證的產品，這是當今另一種機器身份認證產品。而這種服務更像是人類的身份驗證。他們想要驗證機器是否確實是他們認為的機器，但沒有治理生命週期方法。我們將傳統的生命週期方法引入這些機器身分。

Jonathan Ruykhaver, Cantor Fitzgerald.

喬納森·魯伊克哈弗，坎托·菲茨杰拉德。

Yeah, good morning. So I'd be curious to hear your thoughts on the AI-driven connector integration. I mean, just from my perspective, it seems it turns what has been more of a passive pipeline for access data into, let's call it, an enabler of more intelligent and automated actions. It seems to open up your use cases around risk detection potentially better context around access control. So I'd love to hear your thoughts on this opportunity. Is it going to be a part of the upcoming agent identity security solution? Is it separate? And what are the incremental monetization opportunities?

是的，早安。所以我很想聽聽您對 AI 驅動的連接器整合的看法。我的意思是，僅從我的角度來看，它似乎將存取資料的被動管道轉變為更智慧和自動化操作的推動者。它似乎可以打開圍繞風險檢測的用例，從而為存取控制提供更好的環境。所以我很想聽聽您對這個機會的看法。它會成為即將推出的代理身份安全解決方案的一部分嗎？是分開的嗎？那麼增量貨幣化機會有哪些呢？

Okay. Jon, I'll do my best. That's a complex question there. I'm going to tackle it. I think, where I hear you there is saying, look, there is some unique characteristics of an emerging agent world. And as we've all read, there's been a lot of interest and a lot of experimentation, maybe a little less full-scale deployment than maybe folks thought we might be at this stage. I guess I'd also remind people that the two classes of agents really oversimplifying for a moment, are those that are coming through the software vendors. Workday and Salesforce and others saying, Here, I'm going to introduce Agentic capabilities into my offering, but then mid-to-large customers are going to clearly be spending time developing their own bespoke agents that makes sense in their business that they think they need to develop, right?

好的。喬恩，我會盡力的。這是一個複雜的問題。我要解決這個問題。我想，我聽到您說，看，新興代理世界有一些獨特的特徵。正如我們所讀到的，人們對此很感興趣，也進行了很多實驗，但全面部署的程度可能比人們想像的要低一些。我想我還要提醒大家，這兩類代理其實過於簡單了，它們是透過軟體供應商提供的。Workday、Salesforce 和其他公司表示，在這裡，我將在我的產品中引入 Agentic 功能，但中大型客戶顯然會花時間開發自己的客製化代理，這對他們的業務有意義，他們認為他們需要開發，對嗎？

Well, in both cases, these agents, as you said, are going to perform in some ways like a human, they're going to be trying to access the data they need to do their job. And one of the things -- the themes you're going to hear from us at Navigate very strongly, we hit it somewhat on the call today is that what's been lacking in the realm of identity historically is a very tight alignment with deep entitlement data, right? Like how do you really understand all the data elements and identity can access.

嗯，在這兩種情況下，正如你所說，這些代理在某些方面都會像人類一樣運作，它們會嘗試存取完成工作所需的資料。其中一件事——你們將在 Navigate 上聽到我們非常強烈的討論主題，我們在今天的電話會議上提到過，身份領域歷史上一直缺乏與深度權利數據的緊密結合，對嗎？例如，您如何真正了解所有資料元素和身分可以存取。

Well, in the world of Agentic, we're going to have to get very crisp and very clear on that because these agents are going to go out trying to quote solve the problem and they're going to go looking for data wherever they can find it. If they allowed access to data, they weren't actually supposed to see.

好吧，在 Agentic 的世界裡，我們必須非常清楚地了解這一點，因為這些代理商將會出去嘗試引用解決問題的方法，並且他們會去任何可以找到的地方尋找資料。如果他們允許存取數據，他們實際上不應該看到。

They're going to return results that maybe weren't supposed to be visible to that person or that entity. So this idea of tying together very tightly the identity landscape, which is our historical focus and all the deep understanding of the data so that we can have a complete picture of identity and data access, then tie that into the security landscape, that's going to be critical in this emerging world of agents. We're going to really understand the agents and their access and their potential for risk.

他們將返回可能不應該對該人或該實體可見的結果。因此，將身份格局緊密聯繫在一起的想法，是我們的歷史重點和對數據的所有深刻理解，以便我們能夠全面了解身份和數據訪問，然後將其與安全格局聯繫起來，這在這個新興的代理世界中至關重要。我們將真正了解代理商及其存取權限和潛在風險。

We have to fully understand all their characteristics and all the data they can access and then map that into the security ecosystem. There's a lot of new things coming to support that. But at a macro level, that's why we think this problem is going to be pretty challenging for enterprises. They haven't mapped those entitlements and data terribly well to the human identities today, they've got to get that right if they're really going to secure these agents in this rapidly evolving world.

我們必須充分了解它們的所有特徵和它們可以存取的所有數據，然後將其映射到安全生態系統中。有很多新事物可以支持這一點。但從宏觀層面來看，我們認為這個問題對企業來說將是相當大的挑戰。他們還沒有將這些權利和資料很好地映射到當今的人類身份，如果他們真的要在這個快速發展的世界中保護這些代理人，他們就必須做好這一點。

Yeah. Got it. Thanks, Mark.

是的。知道了。謝謝，馬克。

Rob Owens, Piper.

羅伯歐文斯，派珀。

Good morning guys, thanks for taking my question. Mark, in your prepared remarks, you talked a lot about modernization and just would love you to double-click a little bit on where a lot of customers are at this point? How much legacy still remains within that installed base? And with a record new logo ARR quarter, do you think we're starting to see a tipping point just in terms of a transformation of identity within that legacy base? Thanks.

大家早安，謝謝你們回答我的問題。馬克，在您準備好的發言中，您談了很多關於現代化的問題，我只是想請您稍微談談目前很多客戶的情況？在已安裝的基礎中還殘留著多少遺留問題？隨著新標誌 ARR 季度創下新高，您是否認為我們開始看到一個轉折點，即在傳統基礎內進行身份轉變？謝謝。

Thanks, Rob. And if you -- I'm going to flip this to Matt. We invite Matt to join us on the Q&A and he's very close to a lot of our customers with legacy environments that are contemplating moving. I think we have seen a bit of acceleration in interest there. I'll let Matt kind of talk about what we're seeing out there.

謝謝，羅布。如果你——我要把這個轉給馬特。我們邀請 Matt 參加我們的問答環節，他與我們許多正在考慮遷移傳統環境的客戶關係非常密切。我認為我們已經看到那裡的興趣加速。我會讓馬特談談我們在那裡看到的情況。

Yes Thanks, Mark. Thanks, Rob. Look, I do think we're seeing an acceleration of migrations from our installed base. I would even tell you that we're seeing an acceleration of movement in the legacy business as well. And I think when we sit here and look at it, there's a number of things that we've talked about here today, I think that are really starting to accelerate that. I don't think agents are an if, right? It's a win.

是的，謝謝，馬克。謝謝，羅布。看，我確實認為我們正在看到從我們的安裝基礎遷移的加速。我甚至會告訴你，我們也看到了傳統業務的加速發展。我認為，當我們坐在這裡回顧一下，我們今天在這裡討論的許多事情確實開始加速這一進程。我認為代理商不是一個如果，對嗎？這是一次勝利。

And I think a lot of these companies that are -- that have these very -- I'll just say customized solutions that are out there are woefully inadequate to be able to support this. And I think it's creating a little sense of urgency, if you will. And so we're seeing increasing opportunities in both the legacy of the legacy world and then our IQ installed base.

我認為很多這樣的公司——他們有這些——我只能說現有的客製化解決方案嚴重不足以支持這一點。如果你願意的話，我認為這會營造出一點緊迫感。因此，我們看到傳統世界的遺留問題和我們的 IQ 安裝基礎中都存在越來越多的機會。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hi, good morning. Thank you. Mark and Brian, I think you've been pretty consistent in saying that the mix of your business between SaaS and Term will ebb and flow. My question for you is how do we think about what that ebb and flow might look like over the next 12 months? What I mean is, is it possible that you seen an adoption conversion to some of your most tech savvy customers in the first phase of cloud adoption or the first phase of cloud migrations. And now perhaps in a little bit more of an ebb, where it might take longer for the next phase of cloud migrations. Just curious what you're seeing in the pipeline and some of your larger customer conversations as well.

嗨，早安。謝謝。馬克和布萊恩，我認為你們一直一致認為，你們的 SaaS 和 Term 業務組合將會起伏不定。我想問您的問題是，我們如何看待未來 12 個月的起伏？我的意思是，在雲端採用的第一階段或雲端遷移的第一階段，您是否有可能看到一些最精通技術的客戶採用雲端技術。現在可能處於稍微低潮期，下一階段的雲端遷移可能需要更長的時間。我只是好奇您在頻道中看到了什麼以及一些較大的客戶對話。

Let me start, Gabriel, and then maybe pass it over to Mark or Matt. In terms of the mix, the Q2 mix was largely in line with our ongoing targets where we target about 90% SaaS of our net new bookings. In fact, it was about 86% in Q2. You can expect this coming quarter in Q3 with the Fed year-end to be a little bit heavier for term, not materially ever, but a little bit heavier. This is going to ebb and flow a little bit, but we still see the ongoing trend for mostly SaaS and the vast majority being SaaS.

讓我先開始，加布里埃爾，然後也許把它交給馬克或馬特。就組合而言，第二季的組合基本上符合我們持續的目標，即我們的目標是 SaaS 佔淨新預訂量的 90% 左右。事實上，第二季這一比例約為 86%。你可以預期即將到來的第三季度，聯準會年底的升息幅度會稍微大一些，雖然不是實質的，但會稍微大一些。這種趨勢會有些起伏，但我們仍然看到 SaaS 的持續趨勢，而且絕大多數都是 SaaS。

A lot of our new offerings are going to be SaaS enabled. You'll learn that in Navigate, and I think that's really the wave of the future. Having said that, we've got a lot of happy customers that are on-prem and IIQ, we're happy to meet them where they are. We happen to see some upsell opportunities, some new term deals, especially in EMEA this past quarter. So they will come along from time-to-time. It may not be a high number of customers that choose that, but sometimes they're larger dollar size. So any other commentary just on SaaS direction?

我們的許多新產品都將支援 SaaS。您將在 Navigate 中了解這一點，我認為這確實是未來的趨勢。話雖如此，我們有很多滿意的客戶，他們都在本地，並且 IIQ 很高興在他們所在的地方與他們會面。我們剛好看到了一些追加銷售機會和一些新的定期交易，尤其是上個季度在歐洲、中東和非洲地區。所以他們會時不時地出現。選擇這種方式的顧客數量可能不多，但有時他們的金額較大。那麼還有其他關於 SaaS 方向的評論嗎？

Yeah. I mean I think in general, Gabriel, the trend is still strong, and there's probably two things, as Matt just commented, that probably in our minds, could put the potential for a little more acceleration of our installed base moving and some of that legacy. One is this pull toward Agentic, I think, is going to -- maybe be the straw that breaks the back of camel here on people thinking they can continue to live with their old solution and quotes get buy. I think they're starting to recognize those old legacy solutions are not going to get them there in any case. I think the other -- we are fortunate to continue to put up some strong results. But I think we all acknowledge there's not a wonderfully great macro backdrop here, right?

是的。加布里埃爾，我的意思是，我認為總體趨勢仍然強勁，而且可能有兩件事，正如馬特剛才評論的那樣，在我們看來，可能會進一步加速我們的安裝基礎移動和一些遺留問題。其一是，我認為，這種對 Agentic 的吸引力可能會成為壓垮駱駝的最後一根稻草，讓人們認為他們可以繼續使用舊的解決方案併購買報價。我認為他們開始認識到那些舊的遺留解決方案無論如何都無法幫助他們實現目標。我認為另一方面——我們很幸運能夠繼續取得一些強勁的成績。但我想我們都承認這裡沒有非常好的宏觀背景，對吧？

So I think in some ways, there are times when customers might lean towards a modernization program but deferred a little in tougher economic situations. We have people talking to us about having stalled that a little in the first half and bringing it back on to the plate in the second half. So we'll see how this progresses. But no, I certainly wouldn't -- I think if the sense of your question was, have we seen the flow and are we about to see an ebb that's going to slow down? I don't think we are seeing that. If anything, you would maintain or perhaps even increase a little bit the rate of movement to the SaaS.

因此我認為，從某種程度上來說，有時客戶可能傾向於現代化計劃，但在經濟形勢嚴峻時會稍微推遲。有人跟我們說，我們在上半場稍微停滯了一點，但在下半場又回到了正軌。因此我們將觀察事情的進展。但不，我當然不會——我想如果你的問題是，我們是否已經看到了潮流，我們是否即將看到衰退減緩？我認為我們沒有看到這種情況。如果有的話，你會保持甚至稍微增加向 SaaS 的移動速度。

Gabby, this is Matt. I would just add, when you look at the total percent of transactions, it's very small every quarter. And the thing is they're typically chunky deals, right? When you look at the Fed business or some of the -- typically, our Fed business is outside of the US largely, but there are not many of them. They're just chunky.

加比，這是馬特。我只想補充一點，當你查看交易總額百分比時，你會發現每季的交易量都非常小。問題是，這些交易通常都是大額交易，對吧？當你查看聯準會業務或某些業務時——通常，我們的聯準會業務主要在美國以外，但數量並不多。它們只是很矮胖。

The term can look -- looks like it's having a bigger impact than it is, but the accounts are pretty low. And then again, of that installed base, the movement to SaaS, I'd say, is either consistent as it's been or perhaps even looking like it might pick up a little. I hope that helps.

這個術語看起來似乎具有比實際更大的影響力，但實際影響卻相當低。再說一次，對於這個已安裝的基礎，我想說，向 SaaS 的轉變要么是一如既往的，甚至看起來可能會有所回升。我希望這能有所幫助。

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Okay. Great. Hey, guys, thanks for taking my question here. Mark, maybe for you, can you just talk a little bit about the relative difference in pricing for identity in machines versus humans? I mean to your point, it feels like customers are finally seeing that as an attack surface, how are they sort of -- how are they willing to pay for that governance versus what they're paying for human identities? Brian, if I can squeeze in a clarification because I think it's important, can you just remind us also what drove that tough comp last year on net new ARR and how you think about that on a more normalized year-over-year basis? Thanks.

好的。太好了。嘿，夥計們，謝謝你們在這裡回答我的問題。馬克，您能否簡單談談機器和人類身分定價的相對差異？我的意思是，就你的觀點而言，感覺客戶最終將其視為攻擊面，他們如何——他們願意為這種治理支付多少費用，而不是為人類身份支付多少費用？布萊恩，如果我可以擠出時間澄清一下，因為我認為這很重要，你能否提醒我們去年淨新 ARR 表現不佳的原因是什麼，以及你如何看待在更正常的同比基礎上出現這種情況？謝謝。

Yeah. Hey, this is Matt, real quick. As it relates to last year and then on the pricing, I'll touch on both, and then I'll pass it back to Mark and Brian. When you look at our pricing, our baseline really starts with the workforce. And everything, if you've heard us talk about machine identities in prior conversations, we always talk about it's been about a third or 35% -- 30%, 35% accretive to our workforce. And when you sit here and you start thinking about agents, right, it's very similar. I mean Mark talked about two different types of agents. I think, the first type of agent looks very similar to what the machine would look like and is priced accordingly. When you start talking about some of these autonomous agents that operate and look much more like a human being, right? They'll be priced very similar to what we price our workforce at today. And that's really how you should think about that.

是的。嘿，我是馬特，很快。由於它與去年有關，然後與定價有關，我會談及這兩者，然後我會將其交還給馬克和布萊恩。當您查看我們的定價時，我們的基準實際上是從勞動力開始的。如果你在之前的談話中聽過我們談論機器身份，我們總是說它對我們的勞動力產生了約三分之一或 35% - 30%，35% 的增值。當你坐在這裡開始思考代理商時，對，這是非常相似的。我的意思是馬克談到了兩種不同類型的經紀人。我認為，第一類代理看起來與機器的外觀非常相似，價格也相應相似。當您開始談論一些操作和外觀更像人類的自主代理時，對嗎？他們的定價與我們今天對勞動力的定價非常相似。這才是你真正該思考的問題。

Do you want to talk about the compare?

你想討論一下比較嗎？

Sure. Yeah. So Saket, just looking back to last Q2, again, this -- we were up 86% year-over-year, last Q2 in terms of net new ARR. This was driven by strong migration quarter. Also, it just happened to be a good customer expansion cohort. These come along in terms of renewals and depending on the cohort, you can see some really nice expansion opportunities. So really looking at this over a two-year period, again, our compound annual growth rate is over 40%. But more importantly, we were really pleased. We had a really strong SaaS quarter in terms of net new ARR.

當然。是的。因此，Saket，回顧去年第二季度，就淨新 ARR 而言，我們去年第二季度年增了 86%。這是由強勁的移民季推動的。而且，它恰好是一個很好的客戶擴展群體。這些都是以續約的形式出現的，並且根據群體的不同，您可以看到一些非常好的擴展機會。因此，從兩年的時間來看，我們的複合年增長率超過 40%。但更重要的是，我們真的很高興。從淨新 ARR 來看，我們本季的 SaaS 表現非常強勁。

We achieved $49 million. I mean that was $9 million ahead of our total net new ARR guidance of $40 million. So we're pleased with that. Again, I mentioned it was the best SaaS new logo ARR quarter ever. And then I also mentioned in the call, we saw a 30% year-over-year increase in average ARR per new SaaS customers. So that's really a testament to the fact that we are landing larger and larger with our customers. And they're also attaching more add-on modules to their initial purchase. That was at 40%, which was up from 25% last year.

我們實現了 4900 萬美元。我的意思是，這比我們 4000 萬美元的總淨新 ARR 指導金額高出 900 萬美元。所以我們對此感到高興。我再次提到這是有史以​​來最好的 SaaS 新標誌 ARR 季度。然後我在電話中也提到，我們看到每個新 SaaS 客戶的平均 ARR 年比成長了 30%。這確實證明了我們與客戶之間的合​​作越來越緊密。他們還在初次購買的產品中附加了更多附加模組。這一比例為 40%，高於去年的 25%。

All super helpful. Thank you.

一切都非常有幫助。謝謝。

Thank you.

謝謝。

Patrick Colville, Scotiabank.

加拿大豐業銀行的派崔克‧科爾維爾。

Thank you for having me on, and it's great to be part of the SailPoint story. Mark and Brian, I guess I just want to double-click on the competitive environment. We've got other public competitors talking much more about governance, which is a nice validation of the government space. But can you just talk about changes in enterprise governance bake-offs that you're seeing? Are you seeing those guys in the play? Or are those firms are seeing bakeoffs very similar now to a year ago? Thank you.

感謝您的邀請，我很高興成為 SailPoint 故事的一部分。馬克和布萊恩，我想我只是想雙擊一下競爭環境。我們還有其他公共競爭對手更多地談論治理，這是對政府空間的良好驗證。但是您能談談您所看到的企業治理變革嗎？你在劇中看到那些傢伙了嗎？或者這些公司現在看到的烘焙情況與一年前非常相似嗎？謝謝。

Thanks, Patrick. Yeah, good question. Yeah, this is something I think, may become thematic for us almost every quarter, which is while there is a lot of noise, I guess, is the right term out there from some of the folks that have more recently entered the governance space from other parts of the landscape, for the great majority of our deals, the competitive landscape in our deals hasn't changed for the great majority of those deals.

謝謝，派崔克。是的，好問題。是的，我認為這幾乎每個季度都會成為我們的主題，儘管存在很多噪音，我想，這是最近從其他領域進入治理領域的一些人的正確說法，但對於我們絕大多數交易而言，我們交易中的競爭格局並沒有改變。

As you get to -- as we set off in the lower end of our enterprise market, we talked about strategics being -- accounts with rounded off 10,000 employees and up, and then enterprise from there down to a few thousand, in that lower end of that enterprise market we will see a little more attempt at encroachment from some of these newer offerings with very limited success. But for the most typical kinds of deals we're fighting, it hasn't changed that dramatically in the mid-to-large enterprise and certainly in the strategic. It's still the IGA players that have been out there with pretty rich offerings and our win rates against those competitors continue to be very strong.

當我們進入企業市場的低端時，我們談到了策略，即擁有 10,000 名員工及以上的帳戶，然後從那裡下降到幾千名員工的企業，在企業市場的低端，我們會看到一些較新的產品試圖侵入，但成功率非常有限。但對於我們正在爭取的最典型的交易類型而言，在中大型企業和策略層面上，情況並沒有太大的變化。IGA 玩家仍然在那裡提供相當豐富的產品，我們對這些競爭對手的勝率仍然非常高。

We continue to watch closely for he progression of these other offerings and see how much they're having an impact. I think, that whole converged story is more appealing down market and has a little more success. I don't know, Matt, would you add anything to that, but that's what we're seeing.

我們將繼續密切關注這些其他產品的進展，看看它們的影響有多大。我認為，整個融合的故事對低端市場更有吸引力，也更容易成功。馬特，我不知道你還會對此補充什麼，但這就是我們所看到的。

Yes. No, Patrick, I would just say in that enterprise space, as Mark said, it's a little bit more challenging, right, because typically, they're unsophisticated or less sophisticated, I'll say, buyers. And I would just offer -- it's terribly confusing if you're a new buyer right now in terms of all the way -- everybody is in the identity security business, for instance. So I think it becomes a bit of a challenge down there. And then you've got the convergence play, which to those smaller, less sophisticated buyers is somewhat appealing.

是的。不，派崔克，我只想說，在企業領域，正如馬克所說，這更具挑戰性，因為通常情況下，他們是不成熟或不太成熟的買家。我只是想說——如果你現在是一個新買家，那麼從各方面來看，這都會非常令人困惑——例如，每個人都在從事身份安全業務。所以我認為這會成為一個挑戰。然後你就有了融合遊戲，這對那些規模較小、不太成熟的買家來說有一定的吸引力。

Tal Liani, Bank of America.

塔爾·利亞尼，美國銀行。

Hi, most of the questions about the quarter were answered. I want to ask you more about the market. So I want to -- we spoke with one of your competitors who made the big acquisition in identity recently. And what they're saying, and I want to hear your comment on this is, number one, as the price of privileged access is coming down and the ease of the deployment is becoming easier, more customers will do privileged versus regular employee identity because it is just more rigorous, better solution. And that will take away from the traditional players like yourself. And the second thing that they said is identity was sold so far stand-alone, it's going to be part of a platform. You'll sell it with cloud security with other things. And so far, this market was very stand-alone kind of market. So just wanted to hear your views on these topics just because it relates to future growth and future opportunity, et cetera.

您好，關於本季的大部分問題都已得到解答。我想向您詢問更多有關市場的情況。所以我想——我們與你們的一位競爭對手進行了交談，該競爭對手最近在身份識別領域進行了重大收購。他們的意思是，我想聽聽你對此的評論，第一，隨著特權訪問的價格下降和部署變得越來越容易，更多的客戶將選擇特權身份而不是普通員工身份，因為這是一種更嚴格、更好的解決方案。而這將會剝奪像你這樣的傳統玩家的權利。他們說的第二件事是身份迄今為止是獨立出售的，它將成為平台的一部分。您將把它與雲端安全以及其他產品一起出售。到目前為止，這個市場是一個非常獨立的市場。所以只是想聽聽您對這些主題的看法，因為它與未來的成長和未來的機會等等有關。

Okay. Thanks, Tal. Those are great questions, and we'll all continue to not name who we know we're talking about. But yes, the large vendor that bought an identity vendor, I think, has made some interesting claims about how this world is going to go. Look, I think the idea that more companies will want the ability to kind of -- we call it escalate or deescalate or have dynamic privileged controls over their entire identity landscape, that's accurate. The problem is for that vendor, the ways that those folks in that industry have approached privileged identities, privileged users, was a very deep, very static set of controls for folks who lived in a permanent identity landscape, meaning a database administrator [or his] admin.

好的。謝謝，塔爾。這些都是很好的問題，我們將繼續不透露我們所談論的人的名字。但是，我認為，收購身份供應商的大型供應商確實對這個世界的未來發展做出了一些有趣的聲明。聽著，我認為更多的公司會想要擁有某種能力——我們稱之為升級或降級或對其整個身份格局擁有動態特權控制，這是準確的。問題在於，對於該供應商來說，該行業的人們處理特權身份、特權用戶的方式是一套非常深層、非常靜態的控制，適用於生活在永久身份環境中的人們，即資料庫管理員[或其]管理員。

So you gave those people a vault to check out credentials, you recorded every key stroke. That's not what companies are talking about doing for their broad landscape. They're saying, when Brian, the CFO, is logging in from a foreign country on a laptop in the middle of the night, I may want to have a tighter level of control over that than when Brian is logging in from his desktop in the office. So the idea of escalation or de-escalation or dynamic privilege controls, tighter assurances that, that identity is who or what I think it is.

所以你給那些人提供了一個保險庫來檢查憑證，你記錄了每一個按鍵。這並不是各家公司談論的對其廣闊領域所做的事情。他們說，當財務長布萊恩半夜從國外用筆記型電腦登入時，我可能希望對此進行比布萊恩從辦公室的桌上型電腦登入時更嚴格的控制。因此，升級或降級或動態特權控制的想法，更嚴格地確保身份就是我認為的身份。

That's coming, this idea of dynamic privilege. Just our contention is it's not the traditional technologies to define the PAM market that are going to be the successful ways to do that at scale in a highly dynamic environment. So the idea that privilege will become more prevalent is accurate, we disagree that the right way to do that is to take traditional PAM technologies and try to apply them across the enterprise. That's not going to work. That's not going to scale.

這就是動態特權的想法。我們的論點是，定義 PAM 市場的傳統技術並不是在高度動態的環境中大規模實現這一目標的成功方法。因此，特權將變得更加普遍的想法是準確的，我們不同意正確的方法是採用傳統的 PAM 技術並嘗試將其應用於整個企業。那是行不通的。這不會擴大規模。

On the other side, on your general point about standalone identity, before I leave it on the PAM point, I would point you to a couple of numbers. We highlighted in our earnings today, that we have 125 million identities under management. By the way, it's a little conservative. We just felt like we could absolutely defend that number. The comment from that vendor about what they just inherited was about 8 million identities with 500 to 2,000 per account. That is order of magnitude or two lower than what we offer -- often are managing in accounts. So I think it's nontrivial to go a couple of orders of magnitude of scale. And for people to act like that's a simple thing to do is not really logical to us.

另一方面，關於您關於獨立身分的一般觀點，在我將其留在 PAM 觀點上之前，我想向您指出幾個數字。我們在今天的收益中強調，我們管理著 1.25 億個身分。順便說一句，這有點保守。我們只是覺得我們絕對可以捍衛這個數字。該供應商對他們剛剛繼承的內容的評論是，大約有 800 萬個身份，每個帳戶有 500 到 2,000 個身份。這比我們通常在帳戶管理中提供的價格低一個或兩個數量級。所以我認為，擴大幾個數量級並不是一件容易的事。而人們卻認為這是一件簡單的事情，但對我們來說這確實不合邏輯。

Secondly, on the standalone point, again, we would agree that companies are looking for a tighter integration of the identity ecosystem with the traditional security ecosystem but we would also challenge whether they're going to want that all bundled into one offering because there isn't actually a single dominant player that owns the entire security landscape, right? I guess to name now a couple of folks, Palo Alto, Zscaler, CrowdStrike, all very significant players in the security landscape.

其次，從獨立的角度來看，我們再次同意公司正在尋求身份生態系統與傳統安全生態系統更緊密的整合，但我們也會質疑他們是否希望將所有這些都捆綁到一個產品中，因為實際上沒有一個主導者擁有整個安全格局，對嗎？我想現在就列舉幾家公司，Palo Alto、Zscaler、CrowdStrike，它們都是安全領域非常重要的參與者。

We think as we do a good job of bringing the identity and data together that I talked about earlier into a single control plane that we can manage and deliver value to the customer. We're going to need to tie that into multiple parts of the security ecosystem. So we want to be able to make sure that a customer who's leaning on any one of those other key players in the security world can tie that into their identity picture, that's our job. We want to have a complete robust picture of the identity data landscape and then expose that bidirectionally with the security vendors to make sure we can feed them information, they can feed us so customers can manage these threats that are usually targeted at identities in very real time.

我們認為，我們很好地將我之前談到的身份和數據整合到一個控制平面中，以便我們能夠管理並為客戶提供價值。我們需要將其與安全生態系統的多個部分連結起來。因此，我們希望能夠確保依賴安全領域中任何其他關鍵參與者的客戶能夠將其與他們的身份圖片聯繫起來，這就是我們的工作。我們希望對身份數據狀況有一個完整而強大的了解，然後與安全供應商進行雙向公開，以確保我們可以向他們提供信息，他們可以向我們提供信息，以便客戶可以實時管理通常針對身份的這些威脅。

Got it. Thank you.

知道了。謝謝。

Gregg Moskowitz, Mizuho.

瑞穗的格雷格·莫斯科維茲。

Great. Thank you for taking the question. Accelerated application management, very interesting technology. Mark, can you elaborate on how you will enhance this with the assets from Savvy later this year? Also, what is the competitive landscape like in this area today? Thanks.

偉大的。感謝您回答這個問題。加速應用程式管理，非常有趣的技術。馬克，您能詳細說明一下今年稍後您將如何利用 Savvy 的資產來增強這一點嗎？另外，目前該地區的競爭格局如何？謝謝。

Thanks, Gregg. Good to talk to you. Yeah, I guess, on the first part, yeah. The app -- the [vast] app management module from [an app] module -- excuse me, service from us is going to be multifaceted. We've been working on multiple types of technology that we think can accelerate how rapidly we can onboard applications. And by the way, let me define onboard for a second. One of the confusions out there in the market today is people talking about how fast they can connect to an application.

謝謝，格雷格。很高興和你談話。是的，我想，第一部分是的。應用程式——來自[應用程式]模組的[龐大]應用程式管理模組——對不起，我們提供的服務將是多方面的。我們一直在研究多種類型的技術，我們認為這些技術可以加快我們加入應用程式的速度。順便說一下，讓我先定義一下「onboard」。當今市場上存在的一個困惑是人們談論他們能夠以多快的速度連接到應用程式。

Well, what we believe is there's actually multiple layers or types of connection, right? It's one thing to get visibility to an app. Do I know that app is out there? Am I aware of the identities that are connected to that app? That is one of the things that we will accelerate with this offering from Savvy. The easy and rapid discovery and connection to that application just to bring it under the domain of SailPoint. I mean I'm aware that, that app is out there. But there's another level of sophistication required in your connection technology to do governance over that to do certifications and management. And then a third, even deeper level of connectivity required to do automated life cycle provisioning to do real-time remediation, spin up, spin down access based on changes in the security landscape.

嗯，我們相信實際上存在多個層次或類型的連接，對嗎？讓應用程式變得可見是一回事。我知道有這個應用程式嗎？我是否知道與該應用程式相關的身份？這是我們透過 Savvy 提供的服務加速實現的目標之一。輕鬆快速地發現並連接該應用程序，將其納入 SailPoint 的領域。我的意思是我知道有這個應用程式。但是，您的連接技術需要另一個層次的複雜程度才能對其進行治理、認證和管理。然後是第三層，甚至更深層的連接，需要進行自動化生命週期配置，以根據安全情勢的變化進行即時修復、啟動、關閉存取。

So what the confusion is out there, Matt commented earlier how confusing it is for customers, when people are running around saying I've got connectivity that's simple and comprehensive, we're like what kind of connectivity are you talking about, right? We need to make sure we're delineating for customers to have visibility across everything as rapidly as possible is a great goal.

那麼，大家的困惑是什麼呢？馬特之前評論說，當人們到處跑說我擁有簡單而全面的連接時，客戶會感到多麼困惑，我們就像你在談論什麼樣的連接一樣，對嗎？我們需要確保我們能夠盡快為客戶描繪出一切可見性，這是一個偉大的目標。

Then you need the ability to also deepen that into governance compliance or into life cycle deep automated provisioning. And that's the depth of technology we've been doing for many years that most folks who are claiming to have rapid easy connectivity aren't capable of. They can get you visibility, they can't actually do those other things at depth. And I'll bridge from there to your competitive landscape. Yeah, there are some newer vendors, particularly that are making some good noise and getting people excited about how easy it is to connect.

然後，您還需要具備將其深化到治理合規性或生命週期深度自動化配置的能力。這就是我們多年來一直在努力實現的技術深度，而大多數聲稱擁有快速且方便連線的人卻無法做到這一點。它們可以讓你獲得可見性，但實際上無法深入地做其他事情。我將從那裡開始架起通往你們競爭格局的橋樑。是的，有一些較新的供應商，特別是那些正在引起一些良好反響並讓人們對連接的便利性感到興奮的供應商。

We're aware of many of those. And as we dig into that, some of them have shown up next to us in a couple of accounts, we find that there is a bit of exaggeration of what they could do, like, yeah, they can connect the things easily. Can they deeply govern and manage those? Not always. And so I think -- we highlighted this in our roadshow even six to seven months ago that the challenge in this environment is to be both deep and wide. And that is our heritage. You have to be able to cover the breadth of the landscape that customers care about, but you have to go deep into the [entitle] layers within that landscape. That's very difficult to do for folks that haven't got that kind of technology. So I think that's really where we're differentiated and will continue to be differentiated.

我們知道其中很多。當我們深入研究這個問題時，我們發現其中一些已經出現在我們旁邊的幾個帳戶中，我們發現他們能做的事情有點誇張，例如，是的，他們可以輕鬆地將事物連接起來。他們能深入治理和管理這些嗎？並非總是如此。所以我認為——我們在六到七個月前的路演中就強調過這一點，即這種環境下的挑戰既深刻又廣泛。這就是我們的遺產。您必須能夠涵蓋客戶關心的整個領域，但您必須深入該領域內的[entitle]層。對於沒有這種技術的人來說，這是非常困難的。所以我認為這就是我們的真正差異化之處，並且將繼續保持差異化。

Very helpful. Appreciate them, Mark. Thank you.

非常有幫助。感謝他們，馬克。謝謝。

Shaul Eyal, TD Cowen.

沙烏爾·埃亞爾 (Shaul Eyal)，考恩 (Cowen) TD。

Thank you. Hi, good morning, guys. Congrats. Brian, Matt or Mark. So operating margin performance was absolutely stellar. Aside from the top line beat, is it just a prudently disciplined approach you've been taking? And maybe in that context, how do you think about second half hiring plan?

謝謝。大家好，早安。恭喜。布萊恩、馬特或馬克。因此，營業利益率表現絕對優異。除了營收成長之外，您是否一直採取謹慎嚴謹的方法？那麼在這種背景下，您如何看待下半年的招募計畫？

Yes. Shaul, it's Brian here. I'll take that one. So yes, to your point, I mean growth really drives the margin, the top line growth. We continue to be disciplined. We had revenue growth. We raised 200 basis points by our prior guide up to 22.4% for the full year. We're now projecting 17% adjusted operating margins, it's up 160 basis points. So clearly, we have proven that we can expand margins responsibly.

是的。沙烏爾，我是布萊恩。我要那個。是的，正如您所說，成長確實推動了利潤率和營收的成長。我們將繼續嚴守紀律。我們的收入成長了。我們將全年利率由先前的預測上調了 200 個基點，達到 22.4%。我們現在預計調整後的營業利潤率為 17%，上漲了 160 個基點。因此，很明顯，我們已經證明我們可以負責任地擴大利潤率。

But looking out to Q3, we want to be cognizant here. We've got some investments that we need to make on a couple of different fronts. One is, we're launching a series of new products and modules at Navigate. We want to be able to have a successful start to that. So we want to continue to invest in that significant opportunity in front of us. And we also want to scale our go-to-market engine heading into FY27. So margins do reflect that heading into the second half of the year. But again, I think we've demonstrated that we tend to improve margins pretty handily if we need to.

但展望第三季度，我們需要對此保持警覺。我們需要在幾個不同的方面進行一些投資。一是，我們將在 Navigate 推出一系列新產品和模組。我們希望能夠有一個成功的開始。因此，我們希望繼續投資於我們面前的這一重大機會。我們也希望在 2027 財年擴大我們的市場進入引擎。因此，利潤率確實反映了下半年的情況。但我再次認為，我們已經證明，如果需要的話，我們往往能夠相當輕鬆地提高利潤率。

Keith Bachman, BMO.

基思·巴赫曼，BMO。

Hi, yes, thank you. Good morning. My -- I wanted to ask two questions. One, to follow on Mosko's question is, if you think about the application segment, what are customers -- are you displacing existing solutions? And part B, the question is really when could this be in a position -- this aggregate segment be in a position whereby it could contribute to net new ARR growth? Is it next year?

你好，是的，謝謝。早安.我——我想問兩個問題。首先，接著 Mosko 的問題是，如果您考慮應用領域，那麼客戶是什麼——您是否正在取代現有的解決方案？B 部分，真正的問題是什麼時候才能達到這樣的狀態——這個總體部分能夠為淨新 ARR 成長做出貢獻？是明年嗎？

And then my second question is hoping you could just talk a little bit about your customer growth or what to expect in terms of new logo growth over the next number of quarters? And part of it is all the things you're doing on Agentic, how might that pull customers, the breadth of solution you have, your 250,000 ARR customer count has gone up by 27%. I understand that, but that also includes customers that upsell into that category. So just trying to get a little more granularity beyond how your customer count may help contribute to total growth over the next number of quarters? That's it for me. Thank you.

我的第二個問題是，希望您能簡單談談您的客戶成長情況，或就未來幾季的新標誌成長而言，您可以期待什麼？其中一部分是您在 Agentic 上所做的所有事情，這些事情如何吸引客戶，您擁有的解決方案的廣度，您的 250,000 ARR 客戶數量增加了 27%。我理解這一點，但這也包括向該類別追加銷售的客戶。那麼，除了客戶數量之外，您是否想更詳細地了解未來幾季內客戶數量如何有助於促進整體成長？對我來說就是這樣。謝謝。

So Keith, there's a couple of parts there. It's Brian here. So I think what you're referring to is our SailPoint accelerated application management and its contribution to NRR. I think, this will happen over time. We are trying to get off the blocks very quickly with this offering and service.

基思，這裡有幾個部分。我是布萊恩。所以我認為您指的是我們的 SailPoint 加速應用程式管理及其對 NRR 的貢獻。我認為，隨著時間的推移，這將會發生。我們正試圖透過此項產品和服務盡快擺脫困境。

So hopefully, we see a nice uptick of that, and I think what happens is there's a faster time to value with the customers, right? So we're going to become stickier on a whole tier of applications, Tier 1, 2 and 3 from visibility and intelligence to compliance, to very deep governance with the more complex applications. And I think the faster we get there, we're going to have a more entrenched time to value, and that will show up in the form of NRR.

因此，我們希望看到這一數字出現良好的上升趨勢，並且我認為我們將能夠更快地為客戶創造價值，對嗎？因此，我們將對整個應用程式層級（第 1、2 和 3 層）變得更加重視，從可見性和智慧到合規性，再到對更複雜應用程式的深度治理。我認為我們越快到達那裡，我們就會擁有更穩固的價值實現時間，而這將以 NRR 的形式表現出來。

With respect to customer count, I think we need to be careful here just because adding volumes and volumes of customers has not really been our approach. It's really the quality and the size of the land. So we are focused on the right customers. These are more larger, more complex environments. These tend to be programs, not projects.

關於客戶數量，我認為我們需要謹慎，因為不斷增加客戶數量並不是我們真正的做法。這確實與土地的品質和麵積有關。因此我們專注於正確的客戶。這些是更大、更複雜的環境。這些往往是程序，而不是項目。

I think, you saw that we had a 48% year-over-year increase in customers with greater than $1 million of ARR, you noted that there was a 27% increase in customers with greater than $250,000 of ARR. So -- but more importantly, out of our net new ARR this quarter, it wasn't necessarily the volume of the customers. It's the size of the lands that we're doing. Our ASP, our ARR per those new logos is up 30% year-over-year, and it's also the attach rate of other modules. So again, it's not the number of customers, it's the quality and size of the customers that we land.

我想，您已經看到，我們年平均經常性收入 (ARR) 超過 100 萬美元的客戶數量同比增長了 48%，您還注意到，年平均經常性收入 (ARR) 超過 25 萬美元的客戶數量同比增長了 27%。所以——但更重要的是，本季我們的淨新 ARR 中，不一定是客戶數量。這是我們正在處理的土地的面積。我們的 ASP、每個新標誌的 ARR 年增 30%，其他模組的附加率也是如此。所以，重要的不是客戶的數量，而是我們獲得的客戶的品質和規模。

Gary Powell, BTIG.

加里·鮑威爾，BTIG。

Okay. Great. Thanks for taking the question. And yeah, I hear that Gary Powell guy is a pretty good analyst. He's been following me down for a while.

好的。偉大的。感謝您回答這個問題。是的，我聽說加里鮑威爾是一位非常優秀的分析師。他已經跟蹤我有一段時間了。

That's Gray. His brother Gray, I heard, yeah. (laughter)

那是格雷。是的，我聽說是他的兄弟格雷。（笑聲）

Okay. So a lot of good questions have been asked. Maybe just a high-level macro one. There's a lot of uncertainty in the macro environment around tariffs back in April and May. Just how much have things changed in the last three or four months, if at all, just how does your visibility on demand in your pipeline field today versus a few months ago? Thanks.

好的。我們已經提出了很多好問題。也許只是一個高階的宏觀概念。四月和五月的關稅宏觀環境存在著許多不確定性。在過去的三、四個月裡，情況發生了多大的變化？如果有的話，與幾個月前相比，您今天在管道領域的需求可見度如何？謝謝。

So hi, Gray. I'll get that correct. So I think we're fortunately in a very resilient market. These tend to be mission-critical, not nice to have, but must have decisions for enterprise-level customers to make. So I think we're fortunate to be in that. In terms of our ability to navigate through the macro environment and the tariff situation, we have not seen a material impact to our funnels.

你好，格雷。我會糾正的。所以我認為我們很幸運地處於一個非常有彈性的市場。這些往往是任務關鍵型的，不是可有可無的，但企業級客戶必須做出決定。所以我認為我們很幸運能夠參與其中。就我們應對宏觀環境和關稅情勢的能力而言，我們尚未看到對我們的管道產生實質影響。

We're cognizant of it, but it hasn't been something that we're overly concerned about. And what's nice is that we sell into all verticals. So we've got a very, very balanced growth strategy among many different verticals. So we're not relying upon any single one vertical. So again, I think we're feeling very good heading into the second half of the year.

我們意識到了這一點，但這不是我們過度擔心的事情。令人欣慰的是，我們的產品銷往所有垂直產業。因此，我們在許多不同的垂直領域都制定了非常非常平衡的成長策略。所以我們不依賴任何單一的垂直領域。所以，我再次認為，我們對下半年的前景感到非常樂觀。

Alright. Got it. Thank you very much.

好吧。知道了。非常感謝。

And I would now like to turn the call back to Mark for closing remarks.

現在我想請馬克做最後發言。

Thank you, Latanya, no worries on Gray and Gary. It's happened to him so much. That's why we joked about it. Thanks, everyone. Really appreciate these great questions. Obviously, it's a -- we believe, a very strong story, but some complexities, and I really appreciate the opportunity to clarify where we are and the dynamics of the landscape and the financial performance. So we look forward to continued dialogue. Thanks, everyone, for joining the call. We'll have a great day.

謝謝你，拉塔尼亞，不用擔心格雷和加里。這種事在他身上發生太多次了。這就是我們開玩笑的原因。謝謝大家。非常感謝這些很棒的問題。顯然，我們相信這是一個非常強大的故事，但也有一些複雜性，我非常感謝有機會澄清我們所處的位置、情況的動態和財務表現。因此我們期待繼續對話。感謝大家參加電話會議。我們將度過美好的一天。

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。