SailPoint, Inc. (SAIL) 2026 Q4 法說會逐字稿

Thank you for standing by, and welcome to SailPoint's fourth quarter fiscal and full-year 2026 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. (Operator Instructions)

感謝您的耐心等待，歡迎參加 SailPoint 2026 財年第四季及全年業績電話會議。目前，所有參與者均處於唯讀模式。演講結束後，將進行問答環節。（操作說明）

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

現在我將把電話交給投資者關係副總裁史考特‧施密茨。請繼續。

Good morning, and thank you for joining us today to discuss SailPoint's fiscal fourth quarter and full year 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，感謝各位今天蒞臨現場，與我們共同探討 SailPoint 2026 財年第四季及全年財務表現。今天與我一同出席的有 SailPoint 的創辦人兼執行長 Mark McClain；以及我們的財務長 Brian Carolan。在今天電話會議的問答環節，我們的總裁馬特·米爾斯也將出席。

Please note that today's call will include forward-looking statements, and because these statements are based on the company's current intent, expectations, objections, 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 excludes certain items that do not reflect our underlying business performance.

請注意，今天的電話會議將包含前瞻性陳述，由於這些陳述是基於公司目前的意圖、預期和反對意見，因此它們並不保證未來的業績，並且各種因素可能導致實際結果與預期結果有重大差異。本次電話會議也將提及非GAAP業績，其中不包括某些無法反映我們基本業務表現的項目。

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 of such financial measures to the nearest comparable GAAP financial measures.

有關我們的前瞻性聲明和非GAAP財務指標的更多信息，包括此類財務指標與最接近的可比GAAP財務指標的調節表，請參閱今天早上發布的新聞稿和我們在 investors.sailpoint.com 上發布的補充收益演示文稿。

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

接下來，我想把電話交給馬克。

Thank you, Scott. Good morning, everyone, and thank you for joining us today. We just completed fiscal year 2026 with outstanding results that underscore our ability to deliver growth at scale. This has been a remarkable year for SailPoint as we continue to perform at an exceptionally high level. Our performance puts us at a level that we believe few companies in software and cybersecurity can claim.

謝謝你，斯科特。各位早安，感謝大家今天收看我們的節目。我們剛結束了 2026 財年，取得了優異的業績，這凸顯了我們實現規模化成長的能力。對 SailPoint 來說，今年是意義非凡的一年，我們持續保持非常高的績效水準。我們的業績使我們達到了一個水平，我們相信很少有軟體和網路安全公司能夠達到這個水平。

To back that up, let's look at the key metrics for fiscal year 2026. We crossed the $1 billion ARR threshold. We delivered 28% overall ARR growth and a consistently strong 38% SaaS ARR growth. These are incredible results. To put this in perspective, our ARR growth of 28% year over-year, plus our adjusted operating margin of 18% gives us a rule of 46. This places us in a rare stratum of high-performing companies at greater than $1 billion in scale.

為了佐證這一點，讓我們來看看 2026 財年的關鍵指標。我們突破了10億美元的年度經常性收入（ARR）大關。我們實現了 28% 的整體 ARR 成長，以及持續強勁的 38% 的 SaaS ARR 成長。這些結果令人難以置信。為了更直觀地理解這一點，我們的年度經常性收入年增 28%，加上調整後的營業利潤率為 18%，我們得出了 46 法則。這使我們躋身於規模超過 10 億美元的高績效公司之列，這是一個罕見的現象。

Our journey to this point is the result of relentless innovation and unwavering execution. These efforts have enabled us to effectively meet the increasing demand for modern, adaptive identity solutions. The combination of visionary product development and operational excellence has positioned SailPoint as a leader in the market, driving our continued success and instilling confidence in our ability to deliver value to our customers well into the future.

我們走到今天這一步，是不斷創新、堅定執行的結果。這些努力使我們能夠有效地滿足日益增長的現代化、自適應身分解決方案的需求。富有遠見的產品開發和卓越的營運相結合，使 SailPoint 成為市場領導者，推動我們持續取得成功，並增強了我們對未來為客戶創造價值的能力的信心。

This past year was also defined by a rapid pace of product advancement. We believe we pushed our industry forward, making identity security more adaptive, more real time and more integrated within security operations.

過去一年，產品發展速度也十分快速。我們相信，我們推動了業界的進步，使身分安全更具適應性、更即時，並與安全營運更加整合。

At a time when organizations are being pressure tested due to the extraordinary rise of agentic AI, we believe we are delivering the modern security foundation they need.

在智慧人工智慧快速發展，對各組織機構帶來巨大壓力的當下，我們相信我們正在為他們提供所需的現代化安全基礎。

Our 38% year-over-year SaaS ARR growth is a powerful indicator of both new and existing customers actively choosing to modernize with SailPoint. Our SaaS customer count grew by 16% year-over-year and our ARR per SaaS customer accelerated to 19% year-over-year growth in fiscal '26. Our recently introduced flexible pricing model and new AI-fueled innovations are turning customer interest into tangible growth and reinforcing the clear momentum in our SaaS business.

我們 SaaS ARR 年成長 38%，這有力地表明新舊客戶都在積極選擇使用 SailPoint 實現現代化。2026 財年，我們的 SaaS 客戶數量年增 16%，每位 SaaS 客戶的 ARR 年增 19%。我們最近推出的靈活定價模式和人工智慧驅動的創新正在將客戶的興趣轉化為實際的成長，並鞏固了我們 SaaS 業務的明顯發展勢頭。

The second piece of context for our performance is the topic at the top of everyone's mind AI. Now there is a very active debate happening in the market right now about what AI means for the future of software. I want to address this head on because from our perspective, the answer is clear. The more autonomous and agentic software becomes, the more essential enterprise identity security becomes.

我們表演的第二個背景是大家最關心的話題——人工智慧。目前市場上正在熱烈討論人工智慧對軟體未來意味著什麼。我想正面解決這個問題，因為從我們的角度來看，答案很明顯。軟體的自主性和智慧化程度越高，企業身分安全就越重要。

This isn't just about human users anymore. We are experiencing an era defined by an expansive nonhuman workforce. Armies of AI agents are being built by business users operating at machine speed and creating an explosion of identities and access points that legacy static security models simply cannot handle. But while the scale of this agenetic workforce is new, the core challenge of securing nonhuman identities is not new to us. We have been governing service accounts, bots and other machine identities for years.

這不僅僅關乎人類用戶了。我們正經歷著一個以龐大的非人類勞動力為特徵的時代。企業用戶正在以機器速度建立人工智慧代理大軍，從而產生爆炸式增長的身份和存取點，而傳統的靜態安全模型根本無法處理這些身分和存取點。雖然這種非基因勞動力的規模是新的，但保障非人類身分的核心挑戰對我們來說並不陌生。多年來，我們一直在管理服務帳戶、機器人和其他機器身分。

For us, securing this new army of AI agents isn't a reactive pivot but a natural evolution for a platform architected for this very complexity. In this new world, you cannot secure what you cannot see and you cannot govern what you cannot define. The fundamental question of who or, now, what has access to what doesn't go away. It becomes exponentially more critical and complex. For SailPoint, this isn't a disruption to be managed.

對我們來說，確保這支新的 AI 代理大軍的安全並非被動應對，而是平台為應對這種複雜性而自然演進的結果。在這個新世界裡，你無法掌控你看不見的東西，也無法統治你無法定義的東西。誰或現在什麼可以獲得什麼這一根本問題依然存在。情況變得更加嚴峻和複雜。對於 SailPoint 而言，這不是需要應對的干擾。

We believe it is the single greatest market expansion driver we have ever seen, and that solidifies our position as a foundational security control plane for the modern AI-powered enterprise because now enterprise security is identity secured.

我們相信這是我們見過的最強大的市場擴張驅動力，這鞏固了我們作為現代人工智慧驅動型企業基礎安全控制平台的地位，因為現在企業安全得到了身分保障。

And we believe no one is better positioned than SailPoint to help customers navigate into this new world. That is why we believe SailPoint is a significant beneficiary of the AI revolution. Our confidence rests on four deep compounding advantages that we believe are unique to us.

我們相信，沒有任何一家公司比 SailPoint 更有能力幫助客戶駕馭這個新世界。正因如此，我們認為 SailPoint 是人工智慧革命的重要受益者。我們的信心源自於我們認為獨有的四大優勢，這些優勢會不斷累積疊加。

First, experience. We have spent 2 decades exclusively focused on solving the most complex identity challenges for many of the world's largest organizations.

首先，經驗。二十年來，我們一直專注於為世界上許多最大的組織解決最複雜的身份認證難題。

It's a deeply vertical and horizontal challenge that cannot be solved by general purpose AI alone.

這是一個涉及垂直和水平兩個層面的重大挑戰，僅靠通用人工智慧無法解決。

Second, data and context. Our experience has allowed us to build a strategic moat through our use of data and context to deliver unparalleled precision and intelligence. Third, ecosystem. We are the control plane for enterprise security, deeply woven into our customers' operations with thousands of entitlement level integrations. New AI agents don't replace this. They must plug into it, making our platform the essential foundation.

其次，數據和背景。我們憑藉豐富的經驗，利用數據和背景信息，建構了戰略護城河，從而提供無與倫比的精準度和智慧。第三，生態系。我們是企業安全的控制平面，透過數千個權限層級的集成，與客戶的營運深度融合。新的人工智慧代理並不能取代它。他們必須連接其中，這使得我們的平台成為必要的基礎。

And finally, all of this culminates in our most valuable asset, trust. Many of the world's most complex organizations choose us because we are proven and battle tested. This trust is our currency in a market that cannot afford to risk its enterprise on unproven technology. We believe AI, coupled with our extensive domain knowledge built over decades, will prove itself a true game changer in the coming years.

最終，這一切都歸結為我們最寶貴的資產——信任。世界上許多最複雜的組織選擇我們，是因為我們久經考驗，實力雄厚。在當今市場，信任是我們的通行貨幣，因為市場無法承受將企業置於未經證實的技術之上的風險。我們相信，人工智慧結合我們數十年來累積的廣泛領域知識，將在未來幾年證明其具有真正的變革意義。

Today, our solution for solving the AI identity challenge integrates AIS, MIS and DAS solutions with more capabilities coming. We package these for easier adoption as part of our Digital Identity Flex pricing package. This approach is rooted in our long-standing philosophy of securing every identity, not just counting seats. It aligns our business model directly with the explosion of both human and nonhuman identities, helping to ensure we grow and benefit as our customers' agentic workforce expands.

目前，我們針對人工智慧身分挑戰提出的解決方案整合了AIS、MIS和DAS解決方案，未來也將推出更多功能。為了方便用戶採用，我們將這些功能打包到我們的「數位身分彈性定價方案」中。這種方法源自於我們長期以來秉持的理念，即確保每個人的身分安全，而不僅僅是統計座位數。它使我們的商業模式與人類和非人類身分的爆炸性成長直接相關，有助於確保隨著客戶代理隊伍的擴張，我們也能發展壯大並從中受益。

Therefore, when you think about our role and AI beneficiary, it's critical that you look beyond a single product line. The right mental picture is to see how the vast majority of our portfolio is built with AI to secure the AI movement. From our extensive connectivity framework to our entire AI-enabled platform, we believe that all that we've developed has prepared us to be the guardrails for the agentic future. We believe we are built for this new world.

因此，在思考我們的角色和人工智慧的受益者時，至關重要的是要超越單一產品線進行思考。正確的想法是，要看到我們投資組合中的絕大多數都是利用人工智慧建構的，以保障人工智慧的發展。從我們廣泛的連接框架到我們整個人工智慧平台，我們相信我們所開發的一切都讓我們有能力成為智慧未來的護欄。我們相信我們天生就適合這個新世界。

And our customers are validating this strategy with their investments. In total, we closed more than 500 transactions directly tied to our new innovations. In Q4 alone, our AI solutions have seen remarkably fast uptake with numerous Fortune 1000 companies among the early customers. In fact, nonhuman identities accounted for approximately 25% of our SaaS identity growth in Q4 and now represents 11% of our SaaS identities under governance. In parallel, our Navigator select pricing model also continues to gain traction, helping to accelerate adoption of our new offerings.

我們的客戶也用他們的投資驗證了這個策略。我們總共完成了 500 多筆與我們的新創新直接相關的交易。光是在第四季度，我們的人工智慧解決方案就獲得了非常迅速的推廣，許多財富 1000 強企業都成為了我們的早期客戶。事實上，非人類身分在第四季占我們 SaaS 身分成長的約 25%，目前占我們受治理的 SaaS 身分的 11%。同時，我們的 Navigator 精選定價模式也持續獲得認可，有助於加速推廣我們的新產品。

And finally, let me share two examples from the quarter around how our customers are adopting our latest innovations to tackle these emerging identity challenges. First, take the example of a global semiconductor leader. As they undertake a massive modernization initiative to reduce technical debt, they face a critical challenge: securing their highly automated environments.

最後，我想分享兩個本季客戶如何採用我們最新的創新成果來應對這些新興的身份挑戰的例子。首先，以一家全球領先的半導體公司為例。在他們進行大規模現代化改造以減少技術債的過程中，他們面臨著一個嚴峻的挑戰：保護其高度自動化的環境。

They chose SailPoint to govern their explosion of AI agents, service accounts and machine identities at scale. In addition to modernization as a main driver, their decision hinged on a desire to innovate at full speed, knowing that every identity, human and nonhuman, is secure and under control.

他們選擇 SailPoint 來大規模管理其爆炸性增長的 AI 代理、服務帳戶和機器身分。除了現代化這一主要驅動因素外，他們的決定還取決於全速創新的願望，因為他們知道每一個身份，無論是人類的還是非人類的，都是安全且受控的。

And second, a major technology infrastructure provider chose SailPoint's Agent and Machine Identity Security solutions to meet a mandate centered around preventing over permitted access between human users and AI agents while enhancing compliance with regulatory requirements, such as SOX and GDPR. These proof points support our belief that our strategic advantage is real.

其次，一家大型技術基礎設施提供商選擇 SailPoint 的代理和機器身份安全解決方案，以滿足其防止人類用戶和 AI 代理之間過度訪問，同時增強對 SOX 和 GDPR 等監管要求的合規性的要求。這些證據支持了我們對自身戰略優勢真實存在的看法。

So now let's pivot to how we plan to capitalize on this momentum and convert our unique position into even greater scale. Looking ahead, we expect FY '27 will be the year of AI adoption. This is a reality being shaped by a market that is rapidly evolving and a platform built for this exact moment. For us, this isn't a single motion but a two-pronged engine for durable growth.

現在讓我們來談談我們計劃如何利用這一勢頭，將我們獨特的優勢轉化為更大的規模。展望未來，我們預期 2027 財年將是人工智慧普及應用的元年。這是由快速發展的市場和專為此時刻而建立的平台共同塑造的現實。對我們而言，這並非單一舉措，而是實現永續成長的雙管齊下引擎。

First, we plan to deepen our footprint within our existing customer base. As customers accelerate their shift to SaaS and confront the explosion of AI identities, we believe we are the right partner to help them navigate this shift. Our adoption of a flex pricing model and our AI powered platform are designed to help our customers expand their programs and modernize with us.

首先，我們計劃擴大在現有客戶群中的影響力。隨著客戶加速向 SaaS 轉型並面臨 AI 身份爆炸式增長的挑戰，我們相信我們是幫助他們應對這一轉變的合適合作夥伴。我們採用靈活的定價模式和人工智慧平台，旨在幫助我們的客戶擴展他們的專案並與我們一起現代化。

Second, we believe our platform's power and clarity of vision make us more attractive to new customers than ever before. We are seeing increasing demand from organizations that want to build their security program on the right foundation from day one. The same advantages that make us essential to many of the world's largest companies are creating a clear opportunity for SailPoint in the era of AI.

其次，我們相信，我們平台的強大功能和清晰的願景使我們比以往任何時候都更能吸引新客戶。我們看到越來越多的組織希望從一開始就為其安全計畫打下正確的基礎。在人工智慧時代，正是這些優勢使我們成為世界上許多大型公司不可或缺的一部分，同時也為 SailPoint 創造了明顯的機會。

Our ability to drive both of these motions is enabled by our platform's true moat: our governance foundation. In a world of AI agents operating at machine speed, static periodic governance is no longer sufficient. We are defining the new standard of adaptive identity, a standard that ultimately drives towards real-time governance.

我們之所以能夠推動這兩項舉措，是因為我們平台的真正護城河：我們的治理基礎。在人工智慧代理以機器速度運作的世界裡，靜態的週期性治理已經不夠用了。我們正在定義自適應身分的新標準，這項標準最終將推動即時治理。

For us, that means enabling two critical states least privilege access and, wherever possible, zero standing privilege. This is made possible by our differentiated ability to link users, machines, agents, applications and pieces of data in a single correlated data model.

對我們來說，這意味著要實現兩個關鍵狀態的最小權限訪問，並且盡可能實現零常駐權限。這得益於我們獨特的能力，即能夠將使用者、機器、代理、應用程式和資料片段連接到一個單一的關聯資料模型。

And the power of that foundation creates what we call identity context. This comes to life in two critical dimensions; visibility and intelligence. We provide the visibility to extend the governance across the entire universe of identities, confronting application sprawl and securing every entitlement. We've recently extended this visibility to help customers explore the depth of AI usage across their enterprise with our just announced SailPoint Shadow AI Remediation solution.

而這種基礎的力量創造了我們所謂的身份背景。這體現在兩個關鍵維度：可見性和智慧。我們提供可見性，將治理擴展到整個身分領域，應對應用程式蔓延問題，並確保每項權利得到保障。我們最近擴展了這種視覺性，透過我們剛剛發布的 SailPoint Shadow AI Remediation 解決方案，幫助客戶深入了解 AI 在其企業中的使用情況。

But visibility is just noise without context. That's why we also deliver the deep intelligence to understand the meaning behind that access, moving beyond who has access to answer what they can do, when and at what risk level. This identity context combination of visibility and deep intelligence is our most significant advantage. It's what enables our customers to move from simply asking who has access to confidently being able to answer whether that access is appropriate, safe and being used correctly right now.

但如果沒有背景訊息，可見性就只是噪音。因此，我們還會提供深入的情報，以了解這種訪問權限背後的含義，不僅要了解誰有權訪問，還要了解他們可以做什麼、何時做以及風險級別如何。這種兼具知名度和深度洞察力的身份背景組合是我們的最大優勢。這使得我們的客戶能夠從簡單地詢問誰有訪問權限，轉變為能夠自信地回答該訪問權限是否合適、安全以及目前是否被正確使用。

Competitors may offer a fraction of one or the other. We deliver both with the granularity and depth that have always been the hallmark of SailPoint. This is such an exciting moment for the company. We believe we have the right strategy, the platform and the team to continue defining the market through our leadership for years to come. Now to walk you through the financial details of this outstanding year, I'll hand it over to Brian, our CFO.

競爭對手可能只提供其中一項或兩項的一小部分。我們以SailPoint一貫的精細度和深度提供這兩項服務。這對公司來說是一個令人興奮的時刻。我們相信，我們擁有正確的策略、平台和團隊，能夠在未來幾年繼續透過我們的領導地位引領市場。現在，為了向大家詳細介紹這一年卓越的財務狀況，我將把麥克風交給我們的財務長布萊恩。

Thanks, Mark. Good morning, everyone, and thank you for joining us today. We finished the year with a great fourth quarter, bringing our annual recurring revenue to $1.125 billion. This represents 28% year-over-year growth, a rate we have consistently maintained for the past 3 quarters, underscoring the strong and sustained demand for our identity secure platform at scale. This growth rate is more than 500 basis points better than our initial FY '26 ARR guidance.

謝謝你，馬克。各位早安，感謝大家今天收看我們的節目。我們以出色的第四季度業績結束了這一年，使我們的年度經常性收入達到 11.25 億美元。這代表著年增 28%，這項成長速度在過去 3 個季度中一直保持至今，凸顯了市場對我們身分安全平台的大規模應用有著強勁且持續的需求。這一成長率比我們最初對 2026 財年 ARR 的預期高出 500 多個基點。

Our SaaS ARR continues to be a powerful growth engine, delivering ARR of $746 million, an increase of 38% year-over-year and accounting for 90% of our net new ARR for fiscal Q4. This strong performance is a testament to our SaaS-first strategy and growth in our emerging products. In fact, net new ARR from our emerging products more than doubled quarter-overquarter, accounting for approximately 17% of our net new ARR in fiscal Q4.

我們的 SaaS ARR 繼續成為強勁的成長引擎，實現了 7.46 億美元的 ARR，年增 38%，佔第四財季淨新增 ARR 的 90%。這一強勁的業績證明了我們以 SaaS 為先的策略以及新興產品的成長。事實上，我們新興產品的淨新增 ARR 環比成長超過一倍，約佔第四財季淨新增 ARR 的 17%。

And what's even more impressive is that the total ARR from existing customers who adopted for our AI identity solutions, which includes AIS, MIS and DIS or DAS, expanded by more than 50% year-over-year. We believe this is an excellent leading indicator of our future growth, demonstrating that as customers prioritize a comprehensive identity security strategy, they are turning to SailPoint for innovation.

更令人印象深刻的是，採用我們 AI 身分解決方案（包括 AIS、MIS 和 DIS 或 DAS）的現有客戶的總 ARR 年比成長超過 50%。我們相信，這是一個很好的領先指標，預示著我們未來的成長，顯示隨著客戶將全面的身份安全策略放在首位，他們正在尋求 SailPoint 的創新解決方案。

As a result, we're seeing customers commit to larger deals to secure their environment. This past fiscal year, our average ARR per SaaS customer grew to over $380,000. That's an increase of 19% from last year and more than double what it was 4 years ago. We closed the fiscal year with 215 customers exceeding $1 million in ARR. That's a 34% increase from the previous year and a clear indicator of our success in both landing large new enterprise customers and expanding our relationships with existing ones.

因此，我們看到客戶為了保護其環境，正在達成更大的交易。上個財政年度，我們每位 SaaS 客戶的平均 ARR 成長到超過 38 萬美元。這比去年增長了 19%，比 4 年前翻了一番還多。在本財政年度結束時，我們有 215 位客戶的年度經常性收入 (ARR) 超過 100 萬美元。這比前一年增長了 34%，清楚地表明我們在贏得大型新企業客戶和擴大與現有客戶的關係方面都取得了成功。

Our customers are increasingly choosing to modernize by migrating from our on-premise IdentityIQ solution to our Identity Security Cloud, or ISC. They are making the strategic move to leverage the continuous innovation we are building into our cloud platform. This trend is not only growing but also broadening. Initially, it was primarily our perpetual license customers moving to SaaS.

我們的客戶越來越多地選擇透過從我們的本地 IdentityIQ 解決方案遷移到我們的身分安全雲端 (ISC) 來現代化。他們正在採取策略性舉措，以利用我們正在建構到雲端平台中的持續創新。這種趨勢不僅在成長，而且還在擴大。最初，主要是我們的永久授權客戶轉向了 SaaS。

Now we are engaging in more of these strategic conversations with our term license customers as well. This expanded migration trend represents a significant opportunity for growth. Our existing perpetual and term license customers combined represent approximately $350 million in ARR.

現在，我們也正與我們的長期授權客戶進行更多此類策略對話。這種不斷擴大的移民趨勢代表著巨大的成長機會。我們現有的永久授權和定期授權客戶合計貢獻了約 3.5 億美元的年度經常性收入 (ARR)。

With a typical 2 to 3x uplift upon migration, this translates into an opportunity approaching $1 billion. We view this as a dormant growth tailwind and confirmation that the market is moving toward our strategic vision. It reinforces the incredible momentum we see in our SaaS business and a significant interest from customers ready to modernize their identity programs.

移民通常會帶來 2 到 3 倍的成長，這意味著近 10 億美元的機會。我們認為這是潛在的成長動力，也印證了市場正朝著我們的策略願景發展。這進一步鞏固了我們在 SaaS 業務方面看到的巨大發展勢頭，以及客戶對實現身分管理現代化的濃厚興趣。

Importantly, our gross retention has remained strong and steady at 97% this year. We believe this speaks volumes about the value our platform provides and the trust we've earned from our customers in addition to representing an exciting path to ARR expansion. In the fourth quarter, our net revenue retention remained strong at 113%.

重要的是，我們今年的總留存率一直保持強勁穩定，達到 97%。我們相信，這充分體現了我們平台提供的價值以及我們贏得的客戶信任，同時也代表著一條令人興奮的 ARR 成長之路。第四季度，我們的淨收入留存率保持強勁，達到 113%。

Looking at our overall financial performance for the fiscal fourth quarter. We delivered revenue of $295 million, an increase of 23% year-over-year, with SaaS revenue growing 37%. Our adjusted operating margin in Q4 was 20.6%, an expansion of 160 basis points year-over-year.

審視我們第四財季的整體財務表現。我們實現了 2.95 億美元的收入，年增 23%，其中 SaaS 收入成長了 37%。我們第四季的調整後營業利潤率為 20.6%，較去年同期成長 160 個基點。

We also continued to generate strong cash flow with $64 million of cash from operating activities and $57 million of free cash flow, which represents a 19.5% free cash flow margin. For our fiscal year 2026, we delivered revenue of $1.071 billion, an increase of 24% year-over year with SaaS revenue growing 35%. Our adjusted operating margin for the year was 18.1%, an increase of 270 basis points.

我們也持續產生強勁的現金流，經營活動產生的現金為 6,400 萬美元，自由現金流為 5,700 萬美元，自由現金流利潤率為 19.5%。在 2026 財年，我們實現了 10.71 億美元的收入，年增 24%，其中 SaaS 收入成長了 35%。我們本年度調整後的營業利益率為 18.1%，成長了 270 個基點。

Turning now to guidance. For simplicity, I will refer to the midpoint of our guidance ranges where applicable. Full details can be found in this morning's press release and supplemental earnings deck, where you can also find additional modeling notes.

現在進入指導環節。為簡便起見，我將在適用情況下引用我們指導範圍的中點。詳情請見今天早上的新聞稿和補充收益報告，其中還包含其他建模說明。

For the fiscal first quarter of 2027, we expect ARR to be $1.155 billion, up 25% year-over-year. We expect revenue to be $275 million, an increase of 19% year-over-year with adjusted operating margin of 11.1%. We expect our diluted share count to be approximately 568 million shares and adjusted EPS to be $0.04 to $0.05.

我們預計 2027 財年第一季 ARR 為 11.55 億美元，年增 25%。我們預計營收將達到 2.75 億美元，年增 19%，調整後的營業利益率為 11.1%。我們預計稀釋後的股份數量約為 5.68 億股，調整後的每股收益為 0.04 美元至 0.05 美元。

For our fiscal year 2027, we expect ARR to be $1.361 billion, up 21% year-over-year. We expect revenue to be approximately $1.265 billion, an increase of 18% year-over-year with adjusted operating margin of 18.5%. We expect our diluted share count to be approximately 580 million shares and adjusted EPS to be $0.32. We expect to generate approximately $200 million of free cash flow in fiscal year 2027.

我們預計 2027 財年的年度經常性收入 (ARR) 將達到 13.61 億美元，年增 21%。我們預計營收約 12.65 億美元，年增 18%，調整後營業利益率為 18.5%。我們預計稀釋後股票數量約為5.8億股，調整後每股收益為0.32美元。我們預計2027財年將產生約2億美元的自由現金流。

Our guidance assumes a continued shift towards our cloud platform with 90% to 95% of net new ARR coming from SaaS in FY '27. If we assumed no change in SaaS mix relative to FY '26, our guidance for revenue growth would be approximately 300 basis points higher and our adjusted operating margin would be approximately 200 basis points higher. We believe making a more conservative assumption with our term forecast is the right approach given the increased interest in our SaaS solutions.

我們的預期是，我們將持續向雲端平台轉型，2027 財年新增淨 ARR 的 90% 至 95% 將來自 SaaS。如果我們假設 SaaS 業務組合與 2026 財年相比沒有變化，那麼我們對營收成長的預期將提高約 300 個基點，調整後的營業利潤率將提高約 200 個基點。鑑於市場對我們的 SaaS 解決方案的興趣日益濃厚，我們認為在預測期內採取更保守的假設是正確的做法。

In summary, we believe our strong results, consistent growth at scale and innovative product road map position us well for continued success in the AI-powered future. We remain committed to driving durable, profitable growth, and we are optimistic about our ability to deliver long-term value to our shareholders.

總而言之，我們相信，我們強勁的業績、持續的規模成長和創新的產品路線圖，使我們在人工智慧驅動的未來中能夠繼續取得成功。我們將繼續致力於實現可持續的獲利成長，並對為股東創造長期價值的能力充滿信心。

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

接下來，讓我們邀請我們的總裁馬特·米爾斯先生加入我們，並開始接受提問。

Operator?

操作員？

(Operator Instructions)

（操作說明）

Saket Kalia, Barclays.

薩克特·卡利亞，巴克萊銀行。

Okay, well. Hey, good morning everyone and thanks for taking my question here.

好吧。大家好，早安，感謝各位回答我的問題。

Brian, maybe for you. I'd love to jump right into the ARR guide here for fiscal '27. I think the moving parts in the revenue guide make a ton of sense just given the strength you're seeing in SaaS and what that means for rev rec on term. But from an ARR perspective, can you just talk about how you're thinking about the on-prem component next year in terms of churn versus conversion? And zooming out, whether the guided philosophy on ARR is different going into fiscal '27 versus fiscal '26.

布萊恩，也許對你來說是這樣。我很想直接跳到 2027 財年的 ARR 指南中來。我認為，考慮到 SaaS 的強勁勢頭以及這對長期收入確認的意義，收入指南中的各項變動因素都非常有意義。但從 ARR 的角度來看，您能否談談您明年是如何考慮本地部署部分的，特別是客戶流失率與轉換率之間的關係？從更宏觀的角度來看，2027 財年與 2026 財年相比，ARR 的指導理念是否有所不同。

Okay. Saket, thanks for your question. First of all, we feel like this is the appropriate place to start the year for our initial guidance, start the year out. We obviously have strong momentum heading into the year. We've demonstrated 28% ARR growth for the past 3 quarters in a row.

好的。Saket，謝謝你的提問。首先，我們認為這裡是開始今年初步指導的合適地點，讓我們從今年開始。顯然，我們今年的發展勢頭強勁。我們已連續三個季度實現了 28% 的年度經常性收入成長。

We're doing this at scale, well above $1 billion at this point, with 38% SaaS ARR growth. So I think we're demonstrating healthy demand. We have a strong pipeline. We've demonstrated strong and steady gross retention at 97%, which is a great place to be.

我們正在大規模地開展這項業務，目前規模已遠超 10 億美元，SaaS ARR 成長率達 38%。所以我認為我們展現了健康的需求。我們擁有強大的產品線。我們實現了97%的穩定強勁的總留存率，這是一個很好的成績。

And I think the innovation is really driving customers towards SaaS, both new customers and existing customers. We do have a very strong migration pipeline.

我認為創新正在真正推動新舊客戶轉向SaaS。我們擁有非常強大的遷移管道。

As I mentioned on the script or call, we have a $350 million opportunity. That's broken down between about $210 million of term with the remainder of $140 million coming from perpetual maintenance. I think we said in the past, we typically see a 2 to 3x multiplier on that at the time of migration, and then it grows with emerging products and other add-on and cross-sell opportunities.

正如我在劇本或電話中提到的，我們有一個價值 3.5 億美元的機會。其中約 2.1 億美元為定期維護費用，剩餘的 1.4 億美元為永久維護費用。我想我們過去說過，在遷移時，我們通常會看到 2 到 3 倍的成長，然後隨著新產品和其他附加銷售和交叉銷售機會的成長，成長速度還會加快。

There's really no fundamental change in our business. There's no change in the competition or win rates. We feel like we're simply taking a prudent approach to start the year. We feel good about this. We feel it's the right place to start, and we'll take it from there.

我們的業務其實並沒有什麼根本性的改變。比賽競爭格局和勝率都沒有改變。我們覺得我們只是在以謹慎的態度開啟新的一年。我們對此感到滿意。我們認為這是個合適的起點，接下來就看我們的進展了。

Very helpful. Thank you.

很有幫助。謝謝。

Matt Hedberg, RBC.

Matt Hedberg，RBC。

Great. Thanks for taking my question, guys. You guys launched Navigators recently, and it really does feel like that's going to help customers think through even the longer-term usage of SailPoint, whether it's humans or nonhuman identities. And so I guess I'm curious, kind of initial reaction to that. And when we think about AIS' impact to fiscal '27, how have you thought about the impact of that, I guess, Brian, from kind of that initial guide?

偉大的。謝謝各位回答我的問題。你們最近推出了 Navigators，感覺它真的能夠幫助客戶思考 SailPoint 的長期用途，無論是人類身分還是非人類身分。所以，我很好奇，對此我的第一個反應是什麼。當我們考慮 AIS 對 2027 財年的影響時，布萊恩，我想，從最初的指南來看，你是如何看待它的影響的？

You take the pricing. Matt, look, I think like any of these new pricing model, it takes a bit to get them going. It showed up big in our fourth quarter. I think we'll talk about this later, but the migration, it was a strong migration quarter. And our flex modernization was pretty significant in driving a lot of that.

你接受定價。馬特，你看，我認為任何新的定價模式都需要一段時間才能運作。這在我們第四季表現得非常突出。我想我們稍後會討論這個問題，但是就移民情況而言，這是一個移民強勁的季度。而我們的靈活現代化改造在推動這一切方面發揮了相當重要的作用。

And just to remind you what that is, it's kind of taking the economics of having two sets of IP via SaaS and the perpetual, right, and running it into a single economic stream. So it makes it much, much easier for these customers to get going.

提醒一下，這其實就是將透過 SaaS 和永久授權兩種方式擁有兩套 IP 的經濟效益整合到單一的經濟流中。這樣一來，這些客戶就更容易上手了。

And quite frankly, it's always year 1, right, year 1, maybe year 1.5 that they try to get through from an economic perspective. And this flex premier modernization has been instrumental in helping us really get through that in accelerating our migrations.

坦白說，從經濟角度來看，他們總是試圖撐過第一年，對吧，第一年，或者可能是第一年半。而這種靈活的高階現代化改造對我們真正克服這項挑戰、加速遷移起到了至關重要的作用。

And Matt, I'll take the other one just in terms of the AI identity solutions. So I think I mentioned on the call, about 17% of our net new ARR came from what we call emerging products. And a good portion of that, significant portion comes from the AI identity solution that includes AIS, MIS and also DIS or DAS, data access security. We're actually -- to start the year, we're factoring in [ workflow ] into our [ initiative ]. We expect that to ramp throughout the year as we go along.

至於馬特，就人工智慧身分解決方案而言，我會選擇另一個方案。我想我在電話會議上提到過，我們新增淨 ARR 的約 17% 來自我們所謂的新興產品。其中很大一部分，相當一部分來自人工智慧身分解決方案，包括AIS、MIS以及DIS或DAS（資料存取安全）。實際上，在年初，我們將工作流程納入了我們的考慮範圍。[ 倡議 ]。我們預計這一趨勢將在今年內逐步增強。

Rob Owens, Piper Sandler.

羅布歐文斯，派珀桑德勒。

Great. Good morning. Thanks for taking my question. I want to build on Saket's question a little bit. And Mark, I appreciate your commentary around this being the single greatest market expansion driver you've ever seen. But if we look at fiscal '26, we saw moderating ARR beats throughout the year. And then if we look at the initial guide for ARR, it's not really showing durable growth. So maybe help us understand just how this year played out relative to your expectations.

偉大的。早安.謝謝您回答我的問題。我想在 Saket 的問題基礎上再補充一點。馬克，我很欣賞你對此的評論，認為這是你見過的最強大的市場擴張驅動因素。但如果我們回顧 2026 財年，就會發現全年 ARR 超出預期的情況有所放緩。然後，如果我們看一下 ARR 的初始指導值，它並沒有顯示出持續成長的跡象。所以，或許您可以幫我們了解一下，今年發生的一切與您的期望相比如何。

And then as you look forward in the coming fiscal year, just what's in the guide for AI and agentic in that potential inflection? Or have you discounted all of that out of the guide?

展望即將到來的財政年度，人工智慧和智慧體在潛在的轉折點上究竟有哪些發展方向？或者你已經把這些內容都從指南中排除掉了？

Rob, it's Brian here. I'll start, and I think Mark might add some color commentary on this. So I think we've been able to demonstrate very consistent growth throughout the year. So we feel good about doing this in a very balanced manner. So it's a balanced growth in terms of half of that came from new customers and half came from existing.

羅布，我是布萊恩。我先開始，我想馬克可能會對此做一些有趣的評論。所以我認為我們已經展現了全年非常穩定的成長。所以我們對以非常平衡的方式完成這項工作感到滿意。因此，這是一個平衡的成長，其中一半來自新客戶，一半來自現有客戶。

So we view that as durability going out to the future. And certainly, there's going to be an inflection point with a lot of the emerging identity types on the nonhuman identity side. When that inflection point happens, we can't pinpoint precision with that. But we do know it's going to happen. We're factoring very little into the initial guide, but we do think it's going to build over time.

所以我們認為這是面向未來的持久性。當然，在非人類認同方面，許多新興身分類型將會出現轉捩點。當那個轉折點出現時，我們無法精確地確定它的位置。但我們知道這一定會發生。我們在初始指南中考慮的因素很少，但我們認為隨著時間的推移，它會不斷改進。

So we feel like this is the right place to start the year. I think we've been able to demonstrate an outperformance as the year went along in FY '26. Hopefully, we can continue that in FY '27. But we simply want to be prudent with the starting point and then build from there.

所以我們認為這裡是開啟新的一年的合適地點。我認為，隨著 2026 財年的進行，我們已經展現出了優異的業績。希望我們能在 2027 財年繼續保持這股勢頭。但我們只想謹慎地選擇一個起點，然後以此為基礎逐步發展。

Rob, thanks again for the question. Good to talk to you.

羅布，再次感謝你的提問。很高興和你聊天。

Rob, thanks again for the question. Yes, look, you've got a strong time. We're not kind of prone to overhyping things. And I think when we talk about this being a significant TAM expansion, it's because of the momentum we see building with these large strategic customers where we spend a great majority of our time. And obviously, as Brian says, we see some ramp coming from the customers as they get into the year of deployment.

羅布，再次感謝你的提問。是的，你看，你過得很充實。我們不太容易誇大其詞。我認為，當我們談到這是一個重大的 TAM 擴張時，是因為我們看到了與這些大型策略客戶之間正在形成的良好勢頭，而我們投入了大部分時間。正如布萊恩所說，很明顯，隨著客戶進入部署年，我們看到他們的需求增加。

We talked a lot about how last year was a lot of, I don't know if I'd call it experimentation, but a lot of flying out various parts of the agentic and AI world in the mid- to large customers. And now people seem to be ready to move into more production.

我們談了很多關於去年我們做了大量工作，我不知道是否應該稱之為實驗，但我們確實為中大型客戶飛往各個智能體和人工智慧領域的各個角落進行考察。現在人們似乎已經準備好投入更多生產。

So they are talking to us very actively about how they need to secure this agentic environment, and so that's the kind of demand curve we see building. But again, it's just prudent in our minds is not to kind of build that into an initial commitment to The Street here. But we see it coming. And we don't think anybody actually in the market doubts that, honestly, Rob, I think what everybody is questioning is who's going to be the winners.

所以他們非常積極地與我們討論如何保障這種代理環境，因此我們看到的就是這種需求曲線。但我們認為，謹慎的做法是不要把這當作對The Street的初始承諾。但我們預見到這一天的到來。說實話，羅布，我認為市場上沒有人會懷疑這一點，我認為大家都在質疑的是誰會成為贏家。

And our contention continues to be to manage this well, you have to have the things that are kind of unique to our traditional value, which is a breadth of understanding of all the identities in the landscape and the depth of the detailed entitlements and data those identities can access.

我們始終認為，要做好這件事，你必須具備我們傳統價值觀所獨有的東西，那就是對整個格局中所有身份的廣泛理解，以及對這些身份可以訪問的詳細權利和數據的深入了解。

And that just gets more complex and much more real time in this emerging world of agentic. And we just feel like we are very well positioned to capture that opportunity and our customers and prospects, and Matt will probably pick this up later in the conversation, maybe, but that's what we're hearing from them. And we're seeing that interest and they're talking to lots of vendors, obviously.

在這個新興的智能體世界中，情況只會變得更加複雜，也更加即時。我們感覺自己已經做好了充分的準備，能夠抓住這個機會，贏得客戶和潛在客戶的信任。馬特可能稍後會在談話中提到這一點，但這是我們從他們那裡聽到的。我們看到了這種興趣，而且很明顯，他們正在與許多供應商洽談。

They seem to be very pleased with what we're describing as where we're headed here and what we are delivering. We've been out in the market for a few months, in many cases, where people are now just making announcements with future delivery dates.

他們似乎對我們所描述的發展方向和我們正在取得的成果感到非常滿意。我們已經進入市場幾個月了，在許多情況下，人們現在只是發布未來交貨日期的公告。

So I would kind of highlight that.

所以我想重點強調這一點。

Great. Thank you.

偉大的。謝謝。

Brian Essex, JP Morgan.

Brian Essex，摩根大通。

Hi, good morning, and thank you for taking the question. Maybe, Brian, I know we're going to get a lot of questions on this today, so I just wanted to put a finer point on the ARR guidance and maybe from the perspective of what you saw this year versus what you're contemplating for next year. I think if I look at what you delivered this year, $248 million of net new ARR growing 27%, which was phenomenal, gross retention rates are best in class.

您好，早安，感謝您回答這個問題。布萊恩，我知道今天大家會問很多關於這個問題的問題，所以我只想就 ARR 指導意見做個更詳細的說明，也許可以從你今年看到的情況與你對明年的預期情況的角度來談談。我認為，如果我看一下你們今年的業績，淨新增 ARR 達到 2.48 億美元，成長 27%，這非常了不起，總留存率也是業界最佳。

So we don't really -- it seems as though you don't have to worry about filling a leaky bucket. But the top end of your guide implies maybe $241 million net new ARR. So I just want to understand from what you were able to deliver this year, from a sales productivity perspective, how should we think about the levers that you have in place and the assumptions with the guidance next year just so you can get a sense of the level of conservatism and how much effort from sales productivity and investment in sales and marketing is required to kind of like exceed that expectation?

所以，我們其實不必擔心──就好像你不必擔心如何灌滿一個漏水的桶子一樣。但根據你的指南，最高預期可能意味著淨新增 ARR 為 2.41 億美元。所以我想了解一下，從您今年的銷售效率來看，我們應該如何看待您現有的措施以及對明年業績指引的假設，以便您了解目前的保守程度，以及需要付出多少努力來提高銷售效率，並在銷售和市場營銷方面進行多少投資才能超越預期？

Thank you.

謝謝。

Sure. Thanks, Brian. So I think we've demonstrated that durability and the growth profile and I think that's what gives us a lot of confidence going into this year. Again, we feel like this is the right starting point. We hope to build from there as the year goes along.

當然。謝謝你，布萊恩。所以我認為我們已經證明了這種持久性和成長前景，我認為這讓我們對今年充滿信心。我們再次認為這是一個合適的起點。我們希望在今年餘下的時間裡，以此為基礎不斷發展。

But we still see a lot of opportunity both in new logo acquisition. We still see a lot of opportunity in what we call our target account list. We're about 15% penetrated. That's a 15,000 named account list that we continue to go after, lots of white space there. We are landing larger deals.

但我們仍然看到在獲取新客戶方面有很多機會。我們仍然在我們所謂的目標客戶名單中看到很多機會。我們目前的滲透率約為15%。這是一個包含 15,000 個指定帳戶的名單，我們仍在努力獲取，其中還有很多空白區域。我們正在達成更大的交易。

We're up about 20% on average for ARR per customer for the past 2 years. Once we land them, we keep them. We have a 97% gross retention rate and then we expand with them consistently in that 113% to 115% range throughout the year.

過去兩年，我們每位客戶的年度經常性收入平均成長了約 20%。一旦它們著陸，我們就保留它們。我們擁有 97% 的毛留存率，並且全年都能維持 113% 到 115% 的留存率。

And we still feel like it's early in terms of the emerging products and cross-sell opportunities that we're seeing, not only the explosion of identity growth, especially nonhuman identities. And again, we started seeing contributions right away from the emerging modules, which contributed 17% of our net new ARR growth. And then let's not forget about the migration opportunity. So we have about a $350 million opportunity. That means only about 15% of our on-prem ARR have been penetrated.

我們仍然覺得，就我們所看到的這些新興產品和交叉銷售機會而言，現在還處於早期階段，不僅僅是身份識別的爆炸式增長，尤其是非人類身份識別。我們再次看到新興模組立即開始做出貢獻，這些模組貢獻了我們淨新增 ARR 成長的 17%。此外，我們也不能忘記移民機會。所以我們有一個價值約3.5億美元的機會。這意味著我們本地部署的 ARR 僅滲透了約 15%。

We still have $350 million to go. You start doing a 2 times to 3 times multiple on that at the time of migration, and then it grows from there over the next several years, I think we look out into FY '27 and beyond and we have a lot of tailwinds in our favor, a lot of opportunity, again, from new logos and also expansion within our existing customer base.

我們還有3.5億美元要籌募。在遷移時，你會開始以 2 到 3 倍的倍數進行操作，然後在接下來的幾年裡不斷成長。我認為，展望 2027 財年及以後，我們有很多有利因素，很多機會，這再次來自新客戶以及現有客戶群的擴張。

Thank you.

謝謝。

Thank you.

謝謝。

Meta Marshall, Morgan Stanley

摩根士丹利 Meta Marshall

Great, thanks. Great. Wanted to ask a question. The 50% uplift in ARR from those adding the new modules, that was particularly interesting. I guess I just wanted to get a sense, is that kind of what we would expect as the normal uplift? Or they might have just adopted 1 of the 3 products, and so that's not kind of a fair necessarily kind of total uplift potential calculation, if that makes sense. Thanks.

太好了，謝謝。偉大的。想問個問題。新增模組後，ARR 提升了 50%，這一點尤其令人感興趣。我只是想了解一下，這是否屬於我們預期的正常成長範圍？或者他們可能只採用了這 3 種產品中的 1 種，所以如果這樣說你能理解的話，這並不能公平地計算出整體提升潛力。謝謝。

Meta, it's Brian here. I would say it's still early days. We're very pleased with the early traction and early success that we're seeing. And hopefully, that's a leading indicator of what's to come in FY '27 and beyond. But I think it's resonating with customers.

Meta，我是Brian。我認為現在下結論還為時過早。我們對目前的初步進展和成功感到非常滿意。希望這能成為 2027 財年及以後發展趨勢的先行指標。但我認為它引起了顧客的共鳴。

I mean, these emerging products, many of which were just unveiled over the last 6 months, are starting to take hold. And more importantly, I think they're showing up in customer conversations and funnel and pipeline opportunities.

我的意思是，這些新興產品，其中許多都是在過去 6 個月內推出的，並且逐漸站穩腳跟。更重要的是，我認為它們正在出現在客戶對話、銷售漏斗和銷售通路機會中。

Keith Bachman, BMO.

Keith Bachman，BMO。

Hi, excuse me, hi, thank you very much. Sorry to go back to the guide for a second, but I wanted to -- what is compressing? If I think about the formula, you've been growing ARR, as you mentioned, 28%. And you're getting about half, 114 net retention rate. So if you think about the guide, 21%, and all the attributes that go with it, is the assumption that the net retention rate will continue to compress and/or new logos will slow? Because all the characterization that you've given about the on-premise migration, potential new products, I'm just a little bit surprised about the implied rate of deceleration even if we assume some conservatism.

您好，打擾一下，您好，非常感謝。抱歉再回到指南裡問一下，但我很想知道──什麼是壓縮？如果我仔細分析公式，正如您所提到的，您的 ARR 增長了 28%。你的淨留存率大約只有一半，114%。所以，如果你考慮指南中的 21% 以及與之相關的所有屬性，這是否意味著淨留存率將繼續下降和/或新標誌數量將放緩？因為您已經對本地遷移和潛在的新產品進行了描述，即使我們假設一些保守的做法，我對其中隱含的減速率還是感到有些驚訝。

So is it a slowing of the retention rate or new logos or both? Any color you could give there would be appreciated. Many thanks.

所以，這是客戶留存率下降還是新商標推出，還是兩者兼具？如果您能提供任何顏色，我們將不勝感激。非常感謝。

Hi, Keith. It's up, Brian, and I'll take that. Again, we feel this is the right place to start. There is no fundamental change in the business. There's no change in competition or win rates.

你好，基斯。輪到我了，布萊恩，我接受這個提議。我們再次認為這裡是正確的起點。商業模式沒有發生根本變化。競爭格局和勝率都沒有變化。

We're simply taking a conservative approach to start the year. We feel good about this. I would say that we are leaning more towards SaaS and term migrations. We probably would see a little less new term business in FY '27 if we had to call one thing out because I think customers are going right to SaaS. One example. And Europe, they doubled their SaaS business year-over-year in FY '26.

我們只是在新的一年伊始採取保守的做法。我們對此感到滿意。我認為我們更傾向於SaaS和長期遷移。如果非要指出一件事的話，我們可能會發現 2027 財年的新長期業務略有減少，因為我認為客戶正在直接轉向 SaaS。舉個例子。而在歐洲，他們在 2026 財年的 SaaS 業務比去年同期成長了一倍。

They have really leaned into it in terms of the customer base and our selling motion. And so that's going to be very strong, and we're counting on that to be very strong. So again, no fundamental change in the business. We understand that the starting point is probably a little bit lower, but we feel it's the right place to start. We feel good about it, and we hope to build from here.

他們在客戶群和銷售模式方面確實下了很大功夫。所以這方面會非常強勁，我們也指望它會非常強勁。所以，業務本身並沒有根本性的改變。我們明白起點可能有點低，但我們認為這是正確的起點。我們對此感到滿意，並希望以此為基礎繼續發展。

And just to be clear, should we expect the net retention state, though, to slow a little bit from the 113 level?

為了明確起見，我們是否應該預期淨留存率會從 113 的水平略微放緩？

I would not. I would not.

我不會。我不會。

Okay. All right. Many thanks. Okay. Many thanks.

好的。好的。非常感謝。好的。非常感謝。

Jonathan Ruykhaver, Cantor Fitzgerald.

喬納森·魯伊克哈弗，坎托·菲茨杰拉德。

Yes, thanks, and good morning. So I want to ask about some announcements from last week about expanding visibility across privileged access in nonhuman identities. So I think, Mark, you did touch on this to some extent.

是的，謝謝，早安。所以我想問一下上週發布的一些關於擴大非人類身分特權存取可見性的公告。所以我覺得，馬克，你已經在某種程度上談到了這一點。

But I'm curious specifically what the gaps are that these upgrades address. And then just looking at the strategy related to privilege, can you just elaborate on how you're thinking of that? Is it a situation where you see the opportunity to compete directly against the PAM vendors? Or is that rather opportunity just based on privilege controls across human and nonhuman identity to not necessarily a direct competitive situation against legacy PAM? How are you thinking of that?

但我更想知道這些升級具體解決了哪些問題。那麼，就特權相關的策略而言，您能否詳細說明您是如何考慮的呢？您是否認為有直接與 PAM 供應商競爭的機會？或者，這種機會是否僅僅基於對人類和非人類身分的特權控制，而不一定與傳統的 PAM 構成直接競爭？你對此有何看法？

Yes. Thank you, Jonathan. You're right on it there at the end of your comment or question there, I'd say, in that we are not focused at this point on the traditional PAM market, which is kind of a static privilege assignment. The acronym unpacked to privileged account management, right, like an account is sort of permanently privileged in that model.

是的。謝謝你，喬納森。你說的完全正確，在評論或問題的最後，我們目前並沒有專注於傳統的 PAM 市場，PAM 是一種靜態權限分配。這個縮寫詞展開後是特權帳戶管理，對吧，就像在這種模式下，帳戶是永久享有特權的。

And it's obviously, as we all know, kind of the history of that was permanently privileged users like database administrators and systems administrators. And what we're all talking about, and I'd say this is coming from even the folks like at Palo who bought Cyber and others in the market, that the world is shifting to a much more universal sense of managing privilege across all identities and a much more dynamic sense of privilege, not static.

顯然，我們都知道，這在某種程度上是資料庫管理員和系統管理員等永久特權使用者的歷史。我們現在都在談論的，甚至連收購了 Cyber​​ 等公司的 Palo Alto Networks 等市場上的其他公司也認同這一點，那就是世界正在朝著一種更加普遍的、跨越所有身份的特權管理理念，以及一種更加動態而非靜態的特權理念轉變。

And so when we look at that evolution -- and by the way, it doesn't that particularly now apply on that dynamic factor to agents, which will probably be so dynamic as to potentially be almost at several. There might be agents that literally exist for a second and do a job and go away again.

因此，當我們觀察這種演變時——順便說一句，它現在並不特別適用於代理人的動態因素，代理人可能會非常動態，以至於幾乎處於幾個狀態。或許有些特工只存在一秒鐘，完成任務就消失了。

Well, in that environment, obviously, we think it is going to be that breadth and depth capability that we possess, we think, as strong as anyone in the market, if not stronger. And that is to see that range of identities, and we're doing tons of investment in technology to see, to have visibility to all of that range of identities and then to have the depth to go deeply into the detailed entitlements or data access rights that allow a particular identity to get through particular data.

在這種環境下，顯然，我們認為我們所擁有的廣度和深度能力將會發揮作用，我們認為，這種能力即使不是比市場上的任何其他公司都強，也至少不遜色於任何人。而我們的目標是了解各種身份，為此我們在技術方面投入了大量資金，以便能夠了解所有這些身份，並深入了解允許特定身份訪問特定數據的詳細權限或數據訪問權限。

And again, we've differentiated this since our IPO about a year ago that the other two parts of the traditional identity market, the access part, which is very wide, covers a lot of identities. They're certainly talking to those vendors about covering the new agenetic identity world, but they would struggle, I would argue, to go into the depth that required to really control these things at a granular level.

而且，自從我們大約一年前上市以來，我們就一直強調這一點，傳統身份市場的其他兩個部分，即訪問部分（範圍非常廣泛），涵蓋了大量的身份。他們當然在和那些供應商洽談，希望涵蓋新的基因身分領域，但我認為，他們很難深入到真正精細化地控制這些事物所需的程度。

And on the other side, those coming from the privileged heritage, obviously, very deep in their coverage of human identities, and I think they're going to certainly claim to be able to provide that to nonhuman. Their challenge is breadth. They just have typically covered, I think, to quote from the leader at Palo Alto was that typical CyberArk shop can cover 3% to 5% of the identities in that enterprise.

另一方面，那些出身於特權階級的人，顯然對人類身分有著非常深刻的理解，我認為他們肯定會聲稱能夠將這種理解延伸到非人類身上。他們面臨的挑戰在於覆蓋範圍廣。我認為，他們通常能夠覆蓋，引用 Palo Alto 的一位領導的話來說，典型的 Cyber​​Ark 商店可以覆蓋該企業中 3% 到 5% 的身份。

And we've covered 100% of those identities in those enterprises. So it's just a very different starting point to go after this market. And we do believe that fundamental characteristics and then the ways in which we're leaning into this dynamic need is going to put us in a very good position as these markets unfold and as customers go to volume, right? And we do think that's kind of a unique position we're starting from. And others are saying a lot of words and not necessarily were sure how they're going to deliver on those words.

我們已經涵蓋了這些企業中所有此類身分。所以，進軍這個市場需要一個非常不同的出發點。我們相信，這些基本特徵以及我們順應這種動態需求的方式，將使我們在這些市場發展和客戶轉向大量生產時處於非常有利的地位，對吧？我們確實認為，我們所處的立場相當獨特。還有一些人說了很多話，但不確定他們將如何兌現這些承諾。

So I think that this game is going to be a proof game in our fiscal '27 and calendar '26. It's going to be a proof of who can deliver what the customers actually need and the technology they need to solve these problems. And we do kind of encourage you to keep watching how that unfolds this year. As Brian said, for a lot of reasons, we think we're starting from the right place with our financial guide.

所以我認為這場比賽將是我們 2027 財年和 2026 年日曆年的一場考驗。這將證明誰能夠提供客戶真正需要的產品以及解決這些問題所需的技術。我們鼓勵大家繼續關註今年事態的發展。正如布萊恩所說，出於諸多原因，我們認為我們的理財指南是從正確的起點出發的。

We're making sure you hear us clearly on our confidence in our technical abilities and where we're going. And so that's where I would say that's true. Hopefully, that's helpful.

我們要確保您清楚地聽到我們對自身技術能力和未來發展方向的信心。所以，我認為這方面確實如此。希望這能有所幫助。

Yeah. Yeah, very much so. Thank you.

是的。是的，確實如此。謝謝。

Thanks.

謝謝。

Gabriela Borges, Goldman Sachs

加布里埃拉·博爾赫斯，高盛

Hi, good morning. Mark, I want to take your thoughts on what Anthropic has announced on being able to accelerate [ cloud ] migration through the lens of we knew that IGA migrations are sort of painful for your enterprise customers to switch on to SailPoint and then to SailPoint to the implementation as well. So my question for you is, how does AI make those types of migrations easier? The potential opportunity seems to be around your classic market share gains in IGA. The risk would potentially be the pushing cost goes down. So yes, we'd love to huge at about that a little bit. Thank you.

您好，早安。Mark，我想聽聽你對 Anthropic 宣布的加速 [雲端] 遷移的看法，因為我們知道，對於企業客戶來說，從 IGA 遷移到 SailPoint 以及從 SailPoint 遷移到實施都是相當痛苦的。所以我的問題是，人工智慧如何讓這類遷移變得更容易？潛在的機會似乎在於您在IGA（投資性商品和服務）領域獲得傳統的市佔率成長。潛在的風險是推行成本下降。所以，是的，我們很樂意在這方面做得更大一些。謝謝。

Yes. I think if I understood it, Gabriela, part of that line was a little choppy, but I think I got most of that question, and I apologize if I didn't. Please clarify. But no, I think what we're seeing is, yes, the AI tools being released rapidly and evolving rapidly in the market certainly do a lot of things to be more efficient and effective at moving customers forward. We're leveraging those tools, right?

是的。加布里埃拉，如果我理解沒錯的話，雖然那句話有一部分不太清晰，但我認為我基本上理解了你的問題，如果我沒理解，我道歉。請說明。但是，我認為我們現在看到的是，人工智慧工具在市場上快速發布和快速發展，確實在許多方面提高了效率，並有效地推動了客戶的發展。我們正在利用這些工具，對吧？

We always talk about AI for us has three or four characteristics, right? It is potentially enabling bad actors and threat actors to be more effective. We have to protect against that. It's enabling us to be far more effective in what we do. And it's creating this demand curve that we talked about with Rob earlier about our customers are deploying it, and we think we can be there to help them manage it.

我們總是說人工智慧對我們來說有三、四個特點，對吧？這可能會使不法分子和威脅行為者更有效地實施其行動。我們必須防範這種情況。它使我們能夠更有效率地完成工作。它正在形成我們之前和羅布討論過的這種需求曲線，我們的客戶正在部署它，我們認為我們可以幫助他們管理它。

So it's got a lot of characteristics. In the sense that what does it do to help us do what we do more effectively, which I believe was your question, and how do we, therefore, maybe potentially fend off kind of newer competitors who are coming, say, from a pure AI agenetic world, I think in terms, we're all going to be talking about a lot this year, Gabriela, and not just in our space, but in a lot of spaces is domain knowledge, right?

所以它有很多特點。從某種意義上說，它如何幫助我們更有效地完成我們所做的事情，我相信這就是你的問題，以及我們如何才能抵禦來自純粹人工智慧領域的新興競爭對手，我認為今年我們都會談論很多關於領域知識的問題，Gabriela，而且不僅僅是在我們這個領域，在很多領域都是如此，對吧？

You can't interest space with zero domain knowledge and be that threatening to a partner who's already in that space and also leveraging AI, right? I think our secret sauce and many vendors' secret sauce is the whole software AI debate will be as we leverage these amazing technologies and filter them through our very deep and rich understanding of what it takes to be successful in these enterprise environments, we think that puts us in a very good position.

如果你對某個領域一無所知，就無法對這個領域產生興趣，也無法對已經身處該領域並利用人工智慧的合作夥伴構成威脅，對吧？我認為，我們和許多供應商的秘訣在於，我們將利用這些驚人的技術，並透過我們對在企業環境中取得成功所需條件的深刻而豐富的理解來篩選它們，這將使我們處於非常有利的地位。

So yes, we're actively looking at ways to use AI to discover agents and technologies, how to quickly leverage policies and put them into our product, how to quickly help customers that's buying security policies. There are some new guidelines from -- this out recently, very recently that started to define what's going to be needed to audit agents, something we've been telling people, get ready, this is coming. You're not going to see this explosion of agents without auditors wanting to ensure you can defend what agent was giving what power and why.

是的，我們正在積極探索如何利用人工智慧來發現代理商和技術，如何快速利用策略並將其融入我們的產品，以及如何快速幫助購買安全策略的客戶。最近，也就是最近，推出了一些新的指導方針，開始定義審核代理商需要哪些條件，我們一直告訴大家，做好準備，這即將到來。如果沒有審計人員想要確保你能解釋清楚哪個代理人授予了哪些權力以及為什麼，就不會出現這種代理人數量的爆炸式增長。

So I think there's just going to be a ton of aspects of this market that are unfolding. And we're going to leverage all kinds of technology in our products to go after that, but also make sure we are helping customers protect themselves as they deploy AI.

所以我認為這個市場還有很多面向正在逐步展開。我們將利用產品中的各種技術來實現這一目標，同時也要確保幫助客戶在部署人工智慧時保護自己。

So it's really at both ends here. But I hope -- does that Gabriela, to make sure, did I get the question you were really asking?

所以，問題其實出在兩端。但我希望——加布里埃拉，為了確保萬無一失，我是否理解了你真正想問的問題？

Yes, thank you.

是的，謝謝。

Thanks.

謝謝。

Patrick Colville, Scotiabank.

派崔克‧科爾維爾，加拿大豐業銀行。

Mark and Brian, thank you for having me on.

馬克和布萊恩，謝謝你們邀請我參加節目。

I mean, lots of the drivers that you guys have called out, SailPoint's cloud transition, the SKU upgrade motion, more identities, agentic. I think there'll be a lot of questions on the fiscal year '27 guide. So actually, I wouldn't want to ask my question about 4Q specifically.

我的意思是，你們提到的許多驅動因素，SailPoint 的雲端轉型、SKU 升級、更多身分、代理。我認為大家會對 2027 財政年度指南有很多疑問。所以實際上，我不想問關於第四季的具體問題。

4Q ARR, the beat was a little bit skinnier than we might have hoped. So was there anything unusual in 4Q of like push or pull in ARR into different quarters? And then actually, similarly, when I look at operating margin, the outperformance there versus the guy I provided three months ago was perhaps a little bit less than we've seen through. Throughout fiscal 26, so again, with cost, with anything that kind of pushed or pulled in the quarter.

第四季 ARR，節拍比我們預期的要窄一些。那麼，第四季度ARR（年度經常性收入）在不同季度之間是否有任何異常的推動或拉動現象？實際上，同樣地，當我查看營業利潤率時，與我三個月前提供的那個人相比，這方面的超額收益可能比我們看到的要少一些。整個 26 財年都是如此，所以成本方面，任何在本季度受到推動或拉動的因素都會受到影響。

Thank you.

謝謝。

Hi, Patrick. I'll go first. This is Brian here.

你好，派崔克。我先來。這位是布萊恩。

So I think, we look at this and we think the business is very healthy and, we're pleased with the results. We're in line to slightly above all of our guided metrics, we grew net new ARR 34% year-over-year, that was the best quarter ever by at least $20 million, and that was driven by SaaS, which that net new ARR was up 41% year-over-year, so I think we demonstrated growth at scale.

所以我覺得，我們檢視了一下，認為公司業務非常健康，我們對結果很滿意。我們各項指標均略高於預期，淨新增 ARR 同比增長 34%，這是有史以​​來最好的一個季度，至少增長了 2000 萬美元，這主要得益於 SaaS 業務，其淨新增 ARR 同比增長 41%，因此我認為我們實現了規模化增長。

We had a steady gross retention rate and net revenue retention rate, new products are ramping, we're seeing momentum there, as I mentioned, 17% of our net new ARR came from emerging customers, margins improved 270 basis points over the course of the year, so we're doing this at growth in a very responsible manner. And we also demonstrated significant free cash flow movement.

我們維持了穩定的毛留存率和淨收入留存率，新產品正在加速發展，我們看到了這方面的勢頭，正如我所提到的，我們17%的新增年度經常性收入來自新興客戶，利潤率在一年內提高了270個基點，因此我們以非常負責任的方式實現了成長。我們也展現了顯著的自由現金流變化。

As I mentioned, a lot of customers now are starting with SaaS, so that's in accordance with our strategy, this is playing out as we expected with an intentional shift to SaaS, with 90% of our net new ARR in Q4 coming from SaaS.

正如我之前提到的，現在很多客戶都從 SaaS 開始，這符合我們的策略，正如我們預期的那樣，我們有意轉向 SaaS，第四季度 90% 的新增 ARR 都來自 SaaS。

I mentioned that more new customers are starting with SaaS, especially in geographies like Europe, EMEA, SaaS, net new ARR doubled in FY26.

我提到，越來越多的新客戶開始使用 SaaS，尤其是在歐洲、EMEA 等地區，SaaS 的淨新增 ARR 在 2026 財政年度翻了一番。

We possibly saw like a little bit of less on-prem expansion bookings through term. Business, but we're not reading into that. Actually, I think we're viewing this as a positive in terms of now customers embracing SaaS, going right to it, and also migration opportunities are going to be a tailwind for us, as I mentioned, moving forward.

我們可能看到，本年度本地部署擴展預訂量略有減少。這是商業行為，但我們不對此過度解讀。實際上，我認為從客戶接受 SaaS 的角度來看，這是一個積極的信號，他們現在直接使用 SaaS，正如我之前提到的，遷移機會也將是我們未來發展的順風。

Patrick, this is Matt. I would just add, I mean, I think since Navigate, where we announced a ton of new innovations, it's really kind of accelerated this migration process. And I think that was probably some of the curtailing of or maybe some of the slowness you saw in perpetual.

派崔克，這是馬特。我只想補充一點，我的意思是，我認為自從我們在 Navigate 大會上宣布了大量創新之後，確實加速了這一遷移過程。我認為這或許就是你在永久動力中看到的某些限製或緩慢的原因。

Licenses add-on. But I think our business is strong. I'd also call out new logos. I know that's always a concern, but it continues to grow. The largest companies in the world are selecting almost every day SailPoint to help them with this challenging agentic security landscape. And our ASP, our new logo ASP for this last quarter was 22% growth. So we had a really good.

許可證附加元件。但我認為我們的業務很強勁。我還要提一下新的標誌。我知道這始終是一個令人擔憂的問題，但它卻不斷加劇。全球最大的公司幾乎每天都在選擇 SailPoint 來幫助他們應對這個充滿挑戰的代理商安全環境。我們上個季度的平均售價（ASP），也就是我們新標誌的平均售價，成長了 22%。我們玩得很開心。

Quarter as it relates to new logos and new logos ASP.

本季度與新徽標和新徽標 ASP 相關。

Very clear.

非常清楚。

Thank you.

謝謝。

Okay.

好的。

Thank you. Our next question comes from the line of Joseph Gallo of Jefferies. Please go ahead, Joseph.

謝謝。我們的下一個問題來自傑富瑞集團的約瑟夫·加洛家族。請繼續，約瑟夫。

Hi, guys. It's Anik Baman on for Joe Gallo.

嗨，大家好。阿尼克·巴曼替補喬·加洛上場。

Thanks for taking our question. Non-human identities seem to be making deals larger and more complex. Any changes to the sales cycle? And then can you talk about pricing? Previously, I think you talked about a 40% pricing for a non-human identity relative to human.

感謝您回答我們的問題。非人類身分似乎正在使交易規模更大、更複雜。銷售週期有任何變化嗎？那麼，您能談談價格嗎？之前，我記得你提到過非人類身分的定價比人類身分高出 40%。

Thank you.

謝謝。

Hi. This is Matt. I'll just -- I'll give it a shot, and then the other guys can add in if they want.

你好。這是馬特。我先試一試，其他人如果願意的話可以再加入。

Look, I do think sales cycles have elongated a little bit over the last six quarters, but I don't think there's anything that we've seen as of late that's changed that narrative. I think when you look at our approach to strategic pricing these agents, we kind of start with a fundamental basis of that -- the simple principle that agents. Need to be deployed securely and their life cycle will be intrinsically tied to the human identities, right? I think there's a lot of companies that are looking at it very similar to us. You cannot secure one without governing the auditor and our aim really is to meet our customers and prospects where they are.

你看，我確實認為過去六個季度銷售週期有所延長，但我認為最近我們沒有看到任何改變這種趨勢的事情。我認為，當我們審視我們對這些代理商的策略定價方法時，我們其實是從一個基本原則出發的——那就是代理商。需要安全部署，而且它們的生命週期將與人的身分密切相關，對嗎？我認為有很多公司和我們一樣，都在關注這個問題。如果沒有對審計師進行有效管理，就無法確保獲得審計服務。我們的目標確實是在客戶和潛在客戶所在的地方滿足他們的需求。

This is still relatively new to a lot of these folks.

對很多人來說，這仍然是一個相對較新的概念。

They're looking for some approaches to be able to get into this that helps them mitigate, in their mind, a potential risk of moving forward with agentic AI. So our model and our approach to this, it starts with humans, and then we apply some level of a ratio to it.

他們正在尋找一些方法來進入這個領域，以幫助他們減輕在他們看來推進智慧人工智慧可能存在的風險。所以，我們的模型和方法是從人開始，然後我們應用一定的比例關係。

And, if you remember the Jensen Huang theory, right, that his company's going to have 2000 agents to every one employee.

如果你還記得黃仁勳的理論，對吧？他的公司每僱用一名員工，就會有 2000 名代理商。

Well, that's a little bit of an extreme example, but it gives you a point of reference on how we're thinking about that.

嗯，這算是一個比較極端的例子，但它可以讓你了解我們是如何思考這個問題的。

And then the last part of this thing is, how do you charge for this, and it's a bit of a consumption model, because we want these customers to be able to deploy it without limits over the period of time of the contract, and the contracts we've done like this.

最後一部分問題是，如何收費？這有點像消費模式，因為我們希望這些客戶能夠在合約期間內不受限制地部署它，而我們簽訂的合約就是這樣的。

Basically, I'll start with a price point, and then it's, what does the renewal look like? And so this gives us a pretty solid foundation to be able to say, here's the cost point, here's the ability to access and to deploy over the period, and then here's how the follow-up of the renewal would come. And those are the long folds in the tent. The last piece I'll add, because it's very important, is a fair use policy. All these proposals have a fair use policy for sustainability, to make sure that.

基本上，我會先確定價格，然後再考慮續約方式。因此，這為我們奠定了相當堅實的基礎，使我們能夠說，這是成本點，這是在此期間的存取和部署能力，然後這是續約的後續步驟。那些是帳篷上的長褶皺。最後，也是非常重要的一點，我要補充的是合理使用政策。為了確保永續性，所有這些提案都制定了公平使用政策。

If a customer is using it outside of our expectations, right, and the way you think of it is anything over 95% of the broader customer base, right, there's some components in there that actually protect us from runaway costs. And so that's, I don't know if that's helpful or not, I hope it is, but it gives you a little bit of a view in terms of how we're looking at pricing this non-human world.

如果客戶的使用方式超出了我們的預期，對吧？而你理解的預期是指超過 95% 的廣大客戶群的使用方式，對吧？那麼其中的一些組件實際上可以保護我們免受成本失控的影響。所以，我不知道這是否有幫助，我希望它有幫助，但這能讓你對我們如何看待這個非人類世界定價有一個大致的了解。

Thank you.

謝謝。

Our next question comes from the line of Peter Levine of Evercore. Your line is open, Peter.

我們的下一個問題來自 Evercore 的 Peter Levine。彼得，你的線路已接通。

Great.

偉大的。

Thank you, gentlemen, and good morning.

謝謝各位先生，早安。

Maybe to, Matt, the last question, maybe to a final point and maybe for you as well, Brian, is how should we think about monetization in a more consumption-flex-driven model, right? Or the directional metrics you can share with us, if it's revenue per identity or per AI workflow, just to kind of help frame the opportunity or for us to kind of just see what the revenue belt looks like? Again, it's just, I guess it's more so just quantify for.

馬特，最後一個問題，最後一點，布萊恩，也許對你來說也是個問題，那就是我們應該如何看待在消費更加靈活驅動的模式下的盈利模式，對吧？或者，您能否與我們分享一些方向性指標，例如每個身分的收入或每個 AI 工作流程的收入，以便我們更了解機會或收入分佈？再說一遍，我想，這更多的是為了量化。

As you're securing more AI agents, just how that translates into revenue, higher attach rates, increased assumption, or again, just metrics like revenue for identity. How should we best think about that?

隨著您獲得更多 AI 代理，這究竟如何轉化為收入、更高的附加率、更高的假設，或再次強調，只是身份收入等指標。我們應該如何更好地思考這個問題？

Thank you.

謝謝。

So this is all about flexibility and adoption for us. We want to get customers going on whatever their non-human identity footprint is.

所以對我們來說，這一切都關乎靈活性和適應性。我們希望幫助客戶利用他們的非人類身分特徵。

Being able to secure that right away. And so those flex models that we've introduced, and yes, we do view this as more akin to consumption-based, but that's not how we're going to recognize it. We're going to actually just have a fixed fee for a period of time.

能夠立即確保這一點。因此，我們推出的這些靈活模式，是的，我們認為它更類似於基於消費的模式，但這並不是我們將要認可的方式。我們將在一段時間內實施固定收費制。

Let them deploy as they need to and then monitor them and then come back to them with any kind of over usage.

讓他們按需部署，然後進行監控，如果發現任何過度使用的情況，再與他們溝通。

Yeah, I would say it's not a metered model, Peter.

是的，我認為它不是按流量計費的型號，彼得。

It's we recognize it financially just like we would any other kind of deal.

我們從財務角度來看，就像對待其他任何類型的交易一樣，我們會認可它。

And certainly, this is going to be incremental. I mean, it's hard to put an exact pinpoint precision on that, but we know that the ratio of non-human to human is going to be significant, and this will play itself out over time in terms of price and volume, but we do know it's going to be incremental.

當然，這將會是一個循序漸進的過程。我的意思是，很難對此做出精確的判斷，但我們知道非人類與人類的比例將會很大，隨著時間的推移，這將在價格和數量方面有所體現，但我們確實知道這將是一個漸進的過程。

Yeah, and look, our point of view on this is we're trying to make this really easy for companies to.

是的，我們的觀點是，我們正在努力讓公司更容易做到這一點。

Do business with us and mitigate the risk, as I mentioned before. But this is all about adoption. And the customers that we've seen thus far, once they get in, they start to understand what they can do, what they can't do, it becomes far easier for these to make greater investments in the move.

正如我之前提到的，與我們合作可以降低風險。但這都與收養有關。到目前為止，我們看到的客戶一旦了解了他們的業務，他們就開始明白自己能做什麼、不能做什麼，這讓他們更容易在搬遷過程中進行更大的投資。

These kind of flexible pricing models that we're talking about kind of take that away and says, let's get on with the business of Agentic AI.

我們正在討論的這種靈活的定價模式消除了這種顧慮，並表示，讓我們繼續推進智慧人工智慧的業務。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from the line of Gray Powell of BTIG. Please go ahead, Gray.

我們的下一個問題來自 BTIG 的 Gray Powell。請繼續，格雷。

Okay, great.

好的，太好了。

Thank you very much.

非常感謝。

Appreciate the questions.

感謝提問。

So, yeah, just what are you seeing in terms of the.

所以，是的，你在這方面看到了什麼？

The appetite for customers to replace legacy IGA solutions this year from folks like, Oracle and IBM. And are you seeing AI playing a bigger role in those conversations? Is it potentially driving any acceleration of, legacy product migration?

今年，客戶對替換Oracle和IBM等公司提供的傳統IGA解決方案的需求日益增長。您是否看到人工智慧在這些對話中扮演著越來越重要的角色？這是否有可能加速傳統產品的遷移？

Yeah, hey, Greg, it's Matt. I'll give you a perspective.

嗨，格雷格，我是馬特。我給你提供一個視角。

I mean, we've really seen i'll I'll just use our own migrations as a point of reference, right, once we announced and all the innovations here at Navigator last year, significant difference in these customers that are large customers that have probably made a lot of customizations, even with our own tools. The feeling is overwhelming are that they got to move.

我的意思是，我們已經看到了，我將以我們自己的遷移為例作為參考，對吧，自從我們去年在 Navigator 上宣布了所有創新之後，這些大客戶（他們可能已經進行了很多定制，即使使用我們自己的工具）之間出現了顯著差異。他們感到無比激動，因為他們必須搬家。

I think these agents and agenda AI, I think they all realize this is not going to be a we want to do it or not. It is coming at you 100 miles an hour. And so I think it's cost not only the legacy ones that you're talking about, the Oracles and maybe the CAs of the world, but anybody who's not on a platform that can actually handle this accelerated agenda AI that's coming at them, they're the .

我認為這些代理人和議程人工智慧都意識到，這不會是「我們想做還是不想做」的問題。它正以每小時100英里的速度向你襲來。所以我認為這不僅會影響你提到的那些傳統機構，例如預言機和證書頒發機構，還會影響到任何平台無法應對即將到來的加速發展的人工智慧，它們都將面臨巨大的損失。。

That's really helpful.

這真的很有幫助。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from the line of Shanik Kathari of Baird. Please go ahead, Shanik.

我們的下一個問題來自 Baird 的 Shanik Kathari 家族。請繼續，沙尼克。

Yeah, thanks for taking my question. So you closed 500-plus deals tied to new innovations and emerging products contributing 17%, which is clearly a very strong start and encouraging early signal. But just given your own commentary, many of these are still in early innings.

謝謝你回答我的問題。所以你們完成了 500 多筆與創新和新興產品相關的交易，貢獻了 17%，這顯然是一個非常強勁的開局和令人鼓舞的早期信號。但根據你自己的評論，其中許多比賽仍處於早期階段。

On the go-to-market side, right, how do you view.

在市場推廣方面，您是如何看待的？

The current transition from selling a more core governance sales motion towards this more complex multi-product expansion playable to the field from training, enablement, field structure, how are you viewing you are already in place to sell this product platform from day one. Thanks.

目前，銷售重點已從核心治理銷售轉向更複雜的多產品擴展，這可以透過培訓、賦能和現場結構等方式在現場進行。您如何看待您已經做好從第一天起就銷售該產品平台的準備？謝謝。

Yeah, I'll take a shot at that, and Matt may jump on too. I think a couple of things, right? We just had, as you all know, our Navigate conference in the fall, and then we just had our sales kickoff just a few weeks ago. And big focus on a couple of different things. One is... Making sure people feel confident that as any customer wants to move forward with, well, call it traditional IGA, they're very confident in what we're doing vis-a-vis our kind of current competitors and the legacy players we've seen. But I think particularly on that kind of continuing to add fuel to the fire, that 70% of our AR coming from these emerging products, a large portion of the enablement at our scope this year was around making sure people are ready and swift to go have those. And then I'll point to one particular thing Matt and the team have done, and maybe Matt will give a little more color here. For the first time, we've put kind of a focused, targeted sales team around the agentic topic area. We've been bringing in new reps and SEs who come from that kind of a heritage, and that's really opening up a different sales motion to the Chief Ai Officer or whatever the company calls their lead AI person, right? We're still obviously engaged with CISOs and identity leaders about that, but we're finding. That some of the pull, the demand we've been talking about is actually coming from that AI part of the organization. And shockingly, maybe not shockingly, sometimes they aren't as connected to the identity team as they probably should be, and sometimes we're the ones helping that bridge get built. But Matt and Gary, leads our whole field team, have kind of put a focused effort on that. Matt, maybe you can expand a little bit on what we're doing there and what we hope to accomplish there.

好的，我會嘗試一下，馬特可能也會加入。我覺得有兩件事，對吧？如大家所知，我們在秋季剛舉辦了 Navigate 大會，幾週前又舉辦了一次銷售啟動大會。而且重點放在幾個不同的事情。其中之一是…確保人們確信，任何客戶如果想要繼續推進，嗯，姑且稱之為傳統的IGA，他們對我們與當前競爭對手和我們所見過的傳統參與者相比所做的事情都充滿信心。但我認為，尤其是在繼續火上澆油這一點上，我們 70% 的 AR 收入來自這些新興產品，我們今年的大部分賦能工作都圍繞著確保人們做好準備並迅速擁有這些產品。然後我會指出馬特和他的團隊所做的一件具體的事情，也許馬特會在這裡補充一些細節。我們首次圍繞著代理主題領域組建了一​​支目標明確、目標明確的銷售團隊。我們一直在引進具有這種背景的銷售代表和銷售工程師，這確實為首席人工智慧長或公司稱之為首席人工智慧長的任何職位開闢了不同的銷售模式，對吧？我們顯然仍在與首席資訊安全官和身分管理負責人就此進行溝通，但我們發現。我們一直在討論的部分拉動需求，實際上來自組織的人工智慧部門。令人震驚的是（也許並不令人震驚），有時他們與身分認同團隊的聯繫並不像他們應該的那樣緊密，有時我們反而是幫助建造這座橋樑的人。但是，馬特和加里（他們領導著我們的整個現場團隊）在這方面投入了大量精力。馬特，或許你可以詳細介紹一下我們在那裡正在做的事情以及我們希望在那裡取得的成就。

Yeah, think of them as product-oriented sellers, right? So they walk in the door. With a set of skills to be able to talk about Agentic and not only the value prop, but also the challenges these companies have in deploying it. I think the other thing is that's really important is that, as Mark said, it feels to us that a lot of the budget now is locked up in this head of AI or Chief Ai Officer, whatever they call it, and that going through that route.

對，你可以把他們看作是以產品為導向的銷售商，對吧？於是他們走了進去。具備一系列技能，能夠談論 Agentic，不僅包括其價值主張，還包括這些公司在部署它時面臨的挑戰。我認為另一件非常重要的事情是，正如馬克所說，我們感覺現在很多預算都鎖定在這個人工智慧主管或首席人工智慧官（不管他們怎麼稱呼這個職位）身上，而且是透過這條途徑實現的。

We're unlocking a lot more budget and a lot more opportunity than maybe just simply going up the traditional stovepipe, well, identity up to the CISO. So that's become very interesting.

我們正在釋放更多的預算和機會，而不僅僅是沿著傳統的層層上報（例如身分識別）到首席資訊安全官 (CISO)。這變得非常有趣了。

Appreciate your answer. Thanks.

感謝您的回答。謝謝。

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

謝謝。現在我謹將會議交還給馬克·麥克萊恩，請他作閉幕致詞。先生。

Well, thanks, everyone, again, for the time. We really appreciate it. Again, we'll kind of end where we started. We feel very good about the results for all of last year. Feel very good about the starting position for this year and the tailwinds we see coming from these technological shifts on our customers and our position to win. So we invite you to kind of go on the journey with us this year. We feel very good about where we're at and where we're headed and look forward to continuing to engage with a lot of you individually. Thanks for the time this morning.

好的，再次感謝大家抽空。我們非常感謝。我們最終還是會回到起點。我們對去年全年的成績都非常滿意。我對今年的開局非常滿意，我們看到這些技術變革為我們的客戶和我們贏得市場帶來了利好。所以，我們邀請您今年和我們一起踏上這段旅程。我們對目前的狀況和未來的發展方向感到非常滿意，並期待繼續與各位進行一對一的交流。感謝您今天上午抽出時間。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。

Goodbye.

再見。