SailPoint, Inc. (SAIL) 2027 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the SailPoint's first-quarter 2027 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.

各位好，感謝您稍候。歡迎參加 SailPoint 2027 年第一季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。現在我想把會議交給今天的講者——投資人關係資深副總裁 Scott Schmitz。請開始。

Good morning, and thank you for joining us today to discuss SailPoint's fiscal first-quarter 2027 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.

各位早安，感謝您今天加入我們，一同討論 SailPoint 2027 會計年度第一季財務結果。今天與我一同出席的有 SailPoint 創辦人暨執行長 Mark McClain，以及財務長 Brian Carolan。在今天的問答環節，我們也將邀請總裁 Matt Mills 一同參與。

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

請注意，今天的電話會議將包含前瞻性陳述；由於這些陳述係基於公司目前的意圖、預期與推估，因此不保證未來表現，且多項因素可能導致實際結果與之存在重大差異。

This call will also include references to non-GAAP ults, 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.

本次電話會議亦將提及非 GAAP 結果，其排除若干無法反映我們核心業務表現的項目。有關前瞻性陳述與非 GAAP 財務衡量指標（包括與最接近之可比 GAAP 財務衡量指標的調節表），請參閱今早發布的新聞稿，以及刊登於 investors.sailpoint.com 的補充財報簡報。

Additionally, please note that the development, release, and timing of any features or functionality described for our products that are not currently available remain at our sole discretion on a when and if available basis, and may not be delivered at all or should not be relied in making purchasing or investing decisions. And with that, I'd like to turn the call over to Mark.

此外，請注意：對於我們產品中目前尚未提供之任何功能或特性，其開發、發布與時程均由我們全權酌定，並以「若有且在可提供時」為準；該等功能可能完全不會交付，亦不應作為採購或投資決策之依據。接下來，我想把電話會議交給 Mark。

Thank you, Scott. Good morning, everyone, and thank you for joining us. We are off to a strong start in fiscal 2027, delivering another quarter of robust top- and bottom-line growth. We believe our results demonstrate that in the new era of agentic AI, identity security is the most critical layer of the enterprise security stack and that SailPoint is the indispensable platform. This momentum validates our strategy and our leadership position. We've been building for this moment long before the market recognized it. We are setting the standard with an intelligent end-to-end identity security platform designed to tackle today's hardest challenges including nonhuman identities and real-time governance.

謝謝你，Scott。各位早安，感謝大家加入我們。我們在 2027 會計年度有一個強勁的開局，再度交出營收與獲利雙雙強勁成長的一季。我們相信，我們的成果證明在代理式 AI（agentic AI）的新時代，身分安全是企業資安堆疊中最關鍵的一層，而 SailPoint 是不可或缺的平台。這股動能驗證了我們的策略與領導地位。在市場意識到之前，我們就已為此刻長期布局。我們以智慧化端到端身分安全平台樹立標準，旨在解決當今最艱難的挑戰，包括非人類身分與即時治理。

Traction across our new products, combined with our core platform, is evidence our unified approach is with the modern enterprise demands. Brian will provide more details on the numbers shortly. Our performance also underscores a fundamental truth about the modern enterprise. Identity security is no longer just a compliance check box, we believe it is a mission-critical mandate that has quickly become the central pillar of any credible AI strategy.

我們的新產品與核心平台共同帶來的市場牽引力，證明我們的統一式方法符合現代企業的需求。Brian 稍後會就數字提供更多細節。我們的表現也凸顯了現代企業的一項基本事實。身分安全不再只是合規勾選項；我們相信，它是一項攸關任務的必要要求，並迅速成為任何可信 AI 策略的核心支柱。

AI and autonomous agents are becoming an invisible workforce optimizing supply chains, closing financial books, and engaging customers. They are driving incredible productivity, but they are also creating an identity challenge of massive proportions.

AI 與自主代理正逐漸成為一支「看不見的勞動力」，用以優化供應鏈、完成財務結帳並與客戶互動。它們帶來驚人的生產力，但同時也造成規模龐大的身分挑戰。

Today, nonhuman identities and AI agents vastly outnumber human identities. For every human identity and enterprise meticulously governs, there can be 100 nonhuman identities or even more. We are beginning to see this shift clearly on our own platform. In Q1, nonhuman identities accounted for 40% of our identity growth and now represent 14% of all identities we manage in our cloud offering. This rapid growth has created a critical new risk profile.

如今，非人類身分與 AI 代理的數量遠遠超過人類身分。企業對每一個被嚴謹治理的人類身分而言，可能對應 100 個甚至更多的非人類身分。我們也開始在自家平台上清楚看到這個轉變。在第一季，非人類身分占我們身分成長的 40%，目前在我們雲端產品所管理的所有身分中占 14%。如此快速的成長，形成了全新的關鍵風險輪廓。

These autonomous agents can make independent decisions, execute code, and access highly sensitive data at machine speeds because they are often spun up outside of traditional IT purview, they can operate with excessive unmanaged privileges. Consequently, the blast radius of a compromised agent can be extensive. It is no surprise that unmanaged APIs are a key-attack vector. Legacy security models and siloed bot management tools are largely blind to this autonomous workforce. They were built for humans typing on keyboards, not for machine-to-machine decision-making.

這些自主代理能以機器速度做出獨立決策、執行程式碼並存取高度敏感資料；由於它們往往在傳統 IT 視野之外被快速建立，可能以過度且未受管理的權限運作。因此，一旦代理遭入侵，其影響範圍（blast radius）可能非常廣泛。難怪未受管理的 API 會成為關鍵攻擊向量。傳統資安模型與各自為政的機器人管理工具，對這支自主化勞動力多半視而不見。它們是為人類在鍵盤上輸入而打造，而不是為機器對機器的決策而設計。

The central question for every enterprise leader is no longer if they will use AI, but how will they control it. You cannot control what you cannot govern. To address this new identity crisis, enterprises cannot rely on the tools of the past. That's why last month, we introduced a true game changer, the SailPoint Agentic Fabric. It's a paradigm shift and will be delivered directly through our core platform. We've designed it to provide the visibility and governance the agentic enterprise demands.

對每位企業領導者而言，核心問題不再是是否會使用 AI，而是要如何控制它。無法治理，就無法控制。為了因應這場新的身分危機，企業不能再依賴過去的工具。因此，上個月我們推出了一項真正的遊戲規則改變者——SailPoint Agentic Fabric。這是一種典範轉移，並將直接透過我們的核心平台交付。我們的設計目標，是提供代理式企業所需的可視性與治理能力。

This reflects our shift from static to real-time governance. We're also delivering a dynamic universal privilege for rightsized access and uniting identity with the Security Operations Center or SOC for immediate threat management. Today's enterprises cannot manage AI agents in a vacuum. To properly govern nonhuman identities, they must be tethered to a human owner.

這反映了我們從靜態治理轉向即時治理的轉變。我們也提供動態的通用特權（universal privilege），以實現適度化（rightsized）的存取，並將身分與安全營運中心（SOC）整合，以便即時威脅管理。當今企業無法在真空中管理 AI 代理。要妥善治理非人類身分，必須將其繫結到一位人類擁有者。

Our Agentic Fabric is designed to not only discover AI agents, but also place them into the exact context of your human workforce. Every AI agent will be assigned to an accountable human owner and that agent will not be able to alter its own ownership.

我們的 Agentic Fabric 不僅旨在發現 AI 代理，也會把它們置於您人類員工隊伍的精確情境之中。每個 AI 代理都會被指派給一位可負責的人類擁有者，而且該代理無法自行更改其擁有權。

Identity without human accountability is merely visibility. By ensuring that the principle of least privilege is applied to agents just as rigorously as it is to human employees, SailPoint is setting a new standard. Furthermore, because a compromised agent operates at machine speed, manual intervention is obsolete. Defense must be proactive and instant.

沒有人的問責，身分就只是可視性。透過確保最小權限原則同樣嚴格地套用在代理上、如同套用在人類員工身上一樣，SailPoint 正在建立新的標準。此外，由於遭入侵的代理以機器速度運作，人工介入已經過時。防禦必須主動且即時。

We expect that Agentic Fabric will transform identity security from a static check into a real-time control plane, offering behavioral monitoring, prompt security, and real-time authorization. Ultimately, we believe it will deliver on the core outcomes of our Adaptive Identity Strategy, achieving zero trust by ensuring no identity is trusted by default and verifying everything in real time.

我們預期 Agentic Fabric 將把身分安全從靜態檢核轉變為即時控制平面，提供行為監控、提示（prompt）安全，以及即時授權。最終，我們相信它將實現我們「自適應身分策略」（Adaptive Identity Strategy）的核心成果：透過確保任何身分預設都不被信任，並即時驗證一切，以達成零信任。

Agentic Fabric also represents a large incremental go-to-market opportunity for us. It was designed to work everywhere to secure a customer's entire Agentic footprint whether they are a cloud customer and on-premise IdentityIQ customer or even if they use a different platform for basic access management. Sitting above all the complexity across different clouds and infrastructure it is designed to provide a single unified layer of governance.

Agentic Fabric 也代表我們一個龐大的增量市場推進（go-to-market）機會。它被設計為可在任何環境運作，以保護客戶完整的代理式足跡（Agentic footprint）——無論客戶是雲端客戶、同時也是地端 IdentityIQ 客戶，甚至即便其基本存取管理使用的是其他平台。它位於不同雲與基礎架構的各種複雜性之上，旨在提供單一、統一的治理層。

We believe this work anywhere architecture will be a powerful engine for growth. and will submit SailPoint as the identity control plane for the modern enterprise. And we are already capitalizing on this market shift, driven by accelerating demand across our AI and machine identity portfolio, our Agentic pipeline doubled in Q1.

我們相信，這種「隨處可用」的架構將成為強勁的成長引擎，並將使 SailPoint 成為現代企業的身分控制平面。而我們已在把握這波市場轉變；在我們 AI 與機器身分產品組合需求加速的帶動下，我們的 Agentic 銷售管線在第一季翻倍。

Let me expand further on our differentiation and approach. As an identity security leader for more than 20 years, we believe we have an unparalleled understanding of what it takes to provide comprehensive identity solutions. We have architected a foundational end-to-end identity security platform to govern all identities,

我再進一步說明我們的差異化與方法。作為超過 20 年的身分安全領導者，我們相信自己對於提供全面性身分解決方案所需條件有無可比擬的理解。我們已架構出一個基礎性的端到端身分安全平台，用以治理所有身分，

SailPoint Identity Security Cloud anchors our protection of human identities while our new Agentic Fabric extends that same rigor to Agentic governance. Together, they are designed to create a unified approach to managing every identity across an enterprise. For many of our competitors, identity is a new business unit. For us, at SailPoint, identity is our identity. That is why we are winning.

SailPoint Identity Security Cloud 是我們保護人類身分的基石，而我們全新的 Agentic Fabric 則將同等嚴謹的標準延伸至代理式治理。兩者共同設計，旨在形成一套統一的方法，管理企業內的每一種身分。對許多競爭對手而言，身分只是新的事業單位。對我們 SailPoint 而言，身分就是我們的身分。這就是我們能夠勝出的原因。

At our core, our differentiation is defined by uncompromising breadth and unyielding death. Breadth means we secure every identity from full-time employees and contractors to RPA bots, cloud resources, and the new wave of autonomous AI agents. A core strength of our platform is the ability to extend this governance across the enterprise, securing not just modern cloud applications but the highly complex, disconnected, and custom legacy systems that most other vendors simply cannot reach. But breadth without depth only provides visibility, not security.

在我們的核心，我們的差異化由毫不妥協的廣度與堅實不移的深度所定義。廣度意味著我們保護每一種身分，從全職員工與承包商，到 RPA 機器人、雲端資源，以及新一波的自主式 AI 代理。我們平台的一項核心優勢，是能將此治理能力延伸至整個企業，不僅保護現代雲端應用，也能涵蓋高度複雜、彼此斷裂且客製化的傳統舊系統——這是多數其他供應商根本無法觸及的。但只有廣度而沒有深度，只能提供可視性，而非安全性。

Our key advantage is our depth, the ability to apply deep contextual governance to every identity. In our experience, most identity security tools stop at discovery. But discovery without ownership is just a list its visibility without accountability. SailPoint provides that critical link mapping every nonhuman identity to a human owner.

我們的關鍵優勢在於深度——能對每一種身分套用深層的情境式治理。依我們的經驗，多數身分安全工具止步於探索。但沒有歸屬的探索只是一份清單——有可視性卻沒有問責。SailPoint 提供了那個關鍵連結，將每一個非人類身分對應到一位人類負責人。

We believe this profound depth of context makes us an indispensable identity platform for the enterprise. And this comprehensive value proposition is resonating in the market. In Q1, we saw a greater than 50% ARR increase in customers that adopted our advanced nonhuman identity capabilities. This is a clear signal of customer demand. They are not just buying features they are buying control over their AI strategy.

我們相信，這種深刻的情境深度使我們成為企業不可或缺的身分平台。而這項全面的價值主張正在市場上引發共鳴。在第一季，採用我們進階非人類身分能力的客戶，其 ARR 增幅超過 50%。這清楚顯示客戶需求。他們不只是購買功能——他們是在購買對其 AI 策略的掌控力。

Let me give you two examples from this past quarter. First, a highlight of the quarter was a significant competitive displacement at a major North American retailer. Following a disruptive cyber breach that cost the business tens of millions of dollars and amidst complex ERP integrations. The company realized a siloed approach to identity was a critical vulnerability, especially given their lack of visibility into machine and agent identities.

我用本季的兩個例子來說明。第一個，本季亮點之一是在一家北美大型零售商完成了重大的競品替換。在一次造成企業損失數千萬美元的重大網路入侵事件之後，且同時面臨複雜的 ERP 整合。該公司意識到，身分採取各自為政的孤島式做法是一項關鍵弱點，尤其是在他們對機器與代理身分缺乏可視性的情況下。

Partnering with Deloitte, we proved our value, resulting in a five-year commitment to centralized management of both their human and nonhuman identities on the SailPoint platform. The second example is a platform modernization at a large insurance company, executing a cloud-first mandate to shut down their data centers and reduce tech debt they leveraged our modernization Flex program to migrate to our Identity Security Cloud. This added high-value security automation and an immediate ROI.

我們與 Deloitte 合作，證明了我們的價值，最終促成一項為期五年的承諾：在 SailPoint 平台上集中管理其人類與非人類身分。第二個例子是一家大型保險公司的平台現代化專案；在「雲端優先」的指令下，他們要關閉資料中心並降低技術負債，因此運用我們的現代化 Flex 計畫遷移至我們的 Identity Security Cloud。這帶來高價值的安全自動化與立即的投資報酬率（ROI）。

This modernization also fundamentally strengthens their risk posture, which is increasingly essential to meet today's strict compliance and regulatory drivers. We expect our competitive advantage to only amplify as these regulatory pressures intensify. Recent AI risk frameworks from the treasury and Mist combined with the legal mandates of the EU AI Act mark a critical turning point.

這項現代化也從根本上強化了其風險態勢，而這在滿足當今嚴格的合規與監管驅動因素方面愈發重要。我們預期，隨著這些監管壓力加劇，我們的競爭優勢只會進一步放大。財政部與 NIST 近期發布的 AI 風險框架，再加上歐盟《AI 法案》的法律要求，標誌著一個關鍵轉折點。

They are forcing a shift away from theoretical discussions and toward a mandate for strict, auditable controls over nonhuman identities and their relationship to a human owner. The market is validating our leadership and the ecosystem is increasingly choosing SailPoint as a definitive governance platform.

它們正迫使市場從理論討論轉向強制要求：對非人類身分及其與人類負責人之關係，建立嚴格且可稽核的控管。市場正在驗證我們的領導地位，而生態系也愈來愈多選擇 SailPoint 作為明確的治理平台。

We recently announced an integration that brings Anthoropic's Claude enterprise directly into SailPoint's governance framework. By managing both human users and Claude AI agents under one control plane we are working to eliminate the blind spot of shadow AI. Beyond Anthropic, SailPoint Agentic Fabric is architected to integrate natively with all three major hyperscalers with AWS, it is designed to govern both Amazon Bedrock and AWS IAM roles directly. As we bring this to market, it will leverage SailPoint's extensive library of out-of-the-box connectors to govern agents across any environment from the latest cloud services to complex legacy applications.

我們近期宣布一項整合，將 Anthoropic 的 Claude 企業版直接納入 SailPoint 的治理框架。透過在同一個控制平面下同時管理人類使用者與 Claude AI 代理，我們正致力於消除「影子 AI」的盲點。除了 Anthropic 之外，SailPoint Agentic Fabric 的架構可與三大超大規模雲端供應商原生整合；在 AWS 上，它被設計為可直接治理 Amazon Bedrock 與 AWS IAM 角色。當我們將此推向市場時，將運用 SailPoint 豐富的即用型連接器庫，治理任何環境中的代理——從最新的雲端服務到複雜的傳統舊式應用。

This reach allows us to automatically discover agent privileges within major SaaS platforms like Salesforce, while strictly dictating the data sets agents can query in platforms like Snowflake. Finally, to ensure immediate defense, our CrowdStrike integration is built to close the loop, triggering automated access remediation during live security events.

這樣的觸及範圍使我們能在 Salesforce 等主要 SaaS 平台中自動探索代理權限，同時在 Snowflake 等平台中嚴格規範代理可查詢的資料集。最後，為確保即時防禦，我們與 CrowdStrike 的整合旨在形成閉環，在即時安全事件期間觸發自動化的存取修復。

We are building this new era of Agentic security directly upon the strong foundation of our core platform, the same proven foundation that already unifies identity security and data intelligence for many of the world's largest organizations.

我們正直接建立在核心平台的堅實基礎之上，打造這個代理式安全的新時代——同一套經驗證的基礎，已為全球許多最大型組織整合身分安全與資料智慧。

By delivering a single, consistent identity security framework that spans human employees, cloud resources and autonomous AI agents, SailPoint empowers the enterprise to harness the power of AI with absolute confidence. Our customers don't just secure AI, they secure their future. I look forward to unpacking more of this vision along with our financial framework at our Investor Day next week. But with that, I'll turn the call over to Brian to discuss our financial results and outlook in more detail. Brian?

透過提供單一且一致的身分安全框架，涵蓋人類員工、雲端資源與自主式 AI 代理，SailPoint 讓企業能以絕對信心運用 AI 的力量。我們的客戶不只是保護 AI，他們是在保護自己的未來。我期待在下週的投資人日，連同我們的財務框架一起，進一步闡述這個願景。那麼接下來，我把電話交給 Brian，請他更詳細地說明我們的財務結果與展望。Brian？

Thank you, Mark. Good morning, everyone, and thank you for joining us today. We are very pleased with our strong start to the year, delivering a first quarter with ARR, revenue and adjusted operating margin above the high end of guidance. We ended fiscal Q1 '27 with ARR of $1.163 billion, an increase of 26% year over year, with SaaS ARR of $781 million, growing 36% year over year.

謝謝你，Mark。各位早安，感謝今天加入我們。我們對今年強勁的開局感到非常滿意，第一季的 ARR、營收與調整後營業利益率皆高於指引區間上緣。我們在 2027 會計年度第一季結束時的 ARR 為 11.63 億美元，年增 26%；其中 SaaS ARR 為 7.81 億美元，年增 36%。

Net new SaaS ARR was $35 million, up 5% as reported and over 30% on a constant currency basis. Overall, our first-quarter results highlight the durability and consistency of our business model. We saw continued strength across our core growth drivers, key metrics, and margin profile. Let me provide a few examples. First, we continue to see balanced growth. Our top line is fueled by a healthy mix of new logos and strong expansion from our existing customers as they increasingly standardize on our platform.

SaaS ARR 的淨新增為 3,500 萬美元，按報告口徑成長 5%，按固定匯率口徑成長超過 30%。整體而言，我們第一季的結果凸顯了商業模式的韌性與一致性。我們在核心成長驅動因素、關鍵指標與利潤率結構方面持續展現強勁表現。我舉幾個例子。第一，我們持續看到均衡成長。我們的營收成長來自健康的組合：新客戶（new logos）與既有客戶的強勁擴張，因為他們愈來愈以我們的平台作為標準。

Second, deal sizes are expanding. We see customers making larger commitments driving our average ARR per customer up 18% year over year to over $350,000. Third, our enterprise momentum remains strong. We ended Q1 with 225 customers generating over $1 million in ARR, representing a 32% increase year-over-year. And finally, we drove strong operating leverage, leading to approximately 330 basis points of adjusted operating margin expansion year-over-year.

第二，交易規模正在擴大。我們看到客戶做出更大的承諾，使每位客戶的平均 ARR 年增 18%，提升至超過 35 萬美元。第三，我們的企業級動能依然強勁。第一季結束時，有 225 位客戶的 ARR 超過 100 萬美元，年增 32%。最後，我們帶動了強勁的營運槓桿，使調整後營業利益率年增約 330 個基點。

Platform modernizations also remain a key catalyst. ARR from migration activity more than doubled year over year as enterprises continue to modernize with our Identity Security Cloud platform. This contributed to an increase in our SaaS mix, which accounted for 92% of net new ARR in the quarter compared to 69% in Q1 of last year. A large part of what's fueling this migration success is the growing adoption of our Navigators flex \-pricing model. In Q1, approximately a third of our migrations leveraged our modernization flex offering.

平台現代化同樣仍是關鍵催化劑。隨著企業持續以我們的 Identity Security Cloud 平台進行現代化，來自遷移活動的 ARR 年增超過一倍。這也推升了我們的 SaaS 組合占比：本季淨新增 ARR 中，SaaS 占 92%，相較去年第一季為 69%。推動這項遷移成功的一大因素，是我們 Navigators flex \-pricing 模式的採用持續成長。在第一季，約三分之一的遷移採用了我們的現代化 flex 方案。

This flexible structure is also proving highly effective in accelerating the attach rate of our new offerings. As a result, the ARR contribution from our emerging products more than doubled year over year, representing 20% of the net new ARR in Q1.

這種彈性結構也證明在加速我們新產品的附加率方面非常有效。因此，我們新興產品的 ARR 貢獻年增超過一倍，在第一季占淨新增 ARR 的 20%。

This growth is being driven by strong demand for our nonhuman identity solutions, our nonemployee risk management offering and recent product introductions. We expect the launch of our new Agentic suites will continue to drive a growing mix of AI-related revenue. We look forward to sharing more details on our expectations at our Investor Day next week. Looking at our overall financial performance for the fiscal first quarter. We delivered revenue of $280 million, an increase of 22% year over year, with SaaS revenue growing 35%.

這項成長由對我們非人類身分解決方案、非員工風險管理產品，以及近期新產品推出的強勁需求所帶動。我們預期，新 Agentic 產品套件的上市將持續推動 AI 相關營收占比提升。我們期待在下週的投資人日分享更多關於我們預期的細節。回到我們 2027 會計年度第一季的整體財務表現。我們實現營收 2.80 億美元，年增 22%，其中 SaaS 營收成長 35%。

Dollar-based net revenue retention remained robust at 113%. Our adjusted operating margin in Q1 was 13.5%. We also continue to generate strong cash flow with $38 million of cash from operating activities and $33 million of free cash flow which represents an 11.6% free cash flow margin. We ended the quarter with $391 million of cash and cash equivalents.

以美元計的淨營收留存率仍維持強勁，達 113%。我們第一季的調整後營業利益率為 13.5%。我們也持續產生強勁的現金流，營運活動帶來 3,800 萬美元現金，以及 3,300 萬美元自由現金流，代表 11.6% 的自由現金流利潤率。本季末我們持有 3.91 億美元的現金及約當現金。

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.

接下來談指引。為求簡化，在適用情況下我將以我們指引區間的中位數作為參考。完整細節可見於今早的新聞稿與補充財報簡報（supplemental earnings deck），其中也包含額外的建模說明。

For the fiscal second quarter of 2027, we expect ARR to be $1.22 billion up 24% year-over-year. We expect revenue to be $310 million, an increase of 17% year-over-year with adjusted operating margin of 18.4%. We expect our diluted share count to be approximately 571 million shares and adjusted EPS to be $0.07 to $0.08. For fiscal year 2027, we are flowing through the Q1 upside in ARR, revenue and adjusted operating margin to our full year guidance. For ARR, this translates to an increase of $8 million to $1.369 billion, up 22% year-over-year. For revenue, we are raising our revenue guidance by $5 million to approximately $1.27 billion, an increase of 19% year-over-year. And we are raising our adjusted operating margin guidance by 50 basis points to 19%. 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. Consistent with last quarter, our fiscal Q2 and full year 2027 guidance assumes 90% to 95% of net new ARR will come from SaaS as customers leverage the continuous innovation we are building into our cloud platform. As a reminder, as our SaaS mix increases, it may cause short-term fluctuations in our P&L. We firmly believe this shift towards SaaS is a long-term value driver for the business. In summary, we believe our strong results, consistent growth at scale an innovative product road map position us extremely 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. We look forward to updating you further at our Investor Day next week. With that, let's invite Matt Mills, our President, to join us and open the call for questions. Operator?

針對 2027 會計年度第二季，我們預期 ARR 為 12.2 億美元，年增 24%。我們預期營收為 3.10 億美元，年增 17%，調整後營業利益率為 18.4%。我們預期稀釋後股數約為 5.71 億股，調整後 EPS 為 0.07 至 0.08 美元。針對 2027 會計年度，我們已將第一季在 ARR、營收與調整後營業利益率的優於預期表現反映至全年指引。就 ARR 而言，這相當於上調 800 萬美元至 13.69 億美元，年增 22%。就營收而言，我們將營收指引上調 500 萬美元至約 12.7 億美元，年增 19%。同時，我們將調整後營業利益率指引上調 50 個基點至 19%。我們預期稀釋後股數約為 5.80 億股，調整後 EPS 為 0.32 美元。我們預期在 2027 會計年度產生約 2 億美元的自由現金流。與上季一致，我們對 2027 會計年度第二季及全年指引的假設為：淨新增 ARR 的 90% 至 95% 將來自 SaaS，因客戶將運用我們持續導入雲端平台的創新。提醒一下，隨著 SaaS 組合占比提高，可能會使我們的損益表在短期內出現波動。我們堅信，朝向 SaaS 的轉型是驅動公司長期價值的關鍵因素。總結而言，我們相信強勁的業績表現、在規模化下的持續成長，以及創新的產品藍圖，使我們在 AI 驅動的未來具備極佳的持續成功定位。我們仍致力於推動可持續且具獲利性的成長，並對於為股東創造長期價值的能力保持樂觀。我們期待在下週的投資人日（Investor Day）向各位進一步更新。接下來，讓我們邀請總裁 Matt Mills 加入，並開放提問。接線員？

(Operator Instructions) Rob Owens, Piper Sandler.

（接線員指示）Rob Owens，Piper Sandler。

Mark, I want to drill down a little bit into your prepared remarks this morning and all the momentum we're seeing in Agentik.And it hasn't shown up in a lot of vendors results at this point. So first part of the question, one question, but obviously two parts. What are end customers doing right now? And to the extent that you're seeing all this momentum around your Agentic pipeline, I think you mentioned that it doubled in the first quarter and the new agentic fabric capability out, how should we think about how that plays out within this year? Because as Brian mentioned, you just flowed through the upside here. So when does this begin to impact results.

Mark，我想更深入追問一下你今天早上的事先準備發言，以及我們在 Agentik 看到的所有動能。而到目前為止，這在許多供應商的業績中還沒有明顯反映出來。所以問題的第一部分——其實是一個問題但顯然有兩個部分。終端客戶現在正在做什麼？以及在你們的 Agentic 管線周邊看到這麼多動能的情況下——我記得你提到第一季翻倍，且新的 agentic fabric 能力也已推出——我們應該如何看待它在今年之內的發展？因為如 Brian 所提到的，你們已經把這裡的上行反映進指引了。那麼，這何時會開始影響業績表現？

Sure. And thanks, Rob. Good to talk to you. Yes, look, I think in general, I'll flip the deeper answer to Matt in a second because he's much closer to what we're seeing out in the field and engagement. But I think in general, we punched up the messaging around AI at our Navigate Conference. We obviously launched the gentex fabric just last month. And we've been seeing a nice steady pipeline build that I would say has increased pretty notably as we said in our prepared remarks.

當然。謝謝你，Rob。很高興和你交流。是的，我想整體而言，我先把更深入的回答交給 Matt，因為他更貼近我們在前線與客戶互動、參與的實際情況。但總體來說，我們在 Navigate 大會上強化了 AI 相關訊息。我們顯然也在上個月才推出 gentex fabric。而我們看到管線穩健、持續地累積；正如我們在事先準備發言中所說，增幅相當明顯。

So it's not surprising to us that we haven't seen that show up heavily in results yet, but we do see a fairly significant momentum building. And so that's sort of why we guided where we did, landed where we did and are comfortable that we see additional benefit coming as customers are beginning to wrestle with it. Let me flip that part of your question, Rob, to Matt about what customers seem to be engaging with us on the kind of questions they're asking the issues they're wrestling with.

因此，我們並不意外目前尚未在業績中大量反映出來，但我們確實看到相當顯著的動能正在形成。這也是我們做出目前指引、落在目前結果、並且有信心的原因——因為我們看到隨著客戶開始摸索與應對，後續還會帶來額外的效益。Rob，我把你問題中關於「客戶正在和我們互動什麼、他們在問哪些問題、在掙扎哪些議題」的部分交給 Matt。

Thanks, Mark. Rob, look, a couple of things I'll just share with you. If you look at our customer base, about 10% of our customers now have adopted AI. So we're kind of chipping away at that. If you look at our most recent quarter, about 40% of our new identities were nonhuman, right? So again, we're kind of making progress to that. And if you look at our total identities under management now, it's about 14% are nonhuman. So we're starting to make a lot of traction. I think our recent announcement here on May 11, really excited a lot of folks. And I'll share with you some of the things that the guys in our field are doing. We've created these workshops and -- where we're actually going in and meeting with customers and prospects, to be fair, mainly customers.

謝謝，Mark。Rob，我分享幾點給你。如果看我們的客戶基礎，目前約有 10% 的客戶已採用 AI。所以我們正在逐步推進。如果看我們最近一季，約有 40% 的新身分（identities）是非人類的，對吧？所以同樣地，我們在這方面也在取得進展。而如果看我們目前管理的身分總量，大約有 14% 是非人類身分。因此我們開始取得相當多的進展。我認為我們在 5 月 11 日的最新公告，確實讓很多人感到非常振奮。我也跟你分享一些我們前線團隊正在做的事情。我們建立了這些工作坊——我們實際走進去與客戶與潛在客戶會面；公平地說，主要還是客戶。

But what's interesting is these workshops, there are a couple of hours. And our field teams that bring a little bit of technical progress around AII sit down. And we actually get together the identity management folks, which is a no-brainer, but also we bring the AI team and the security team. And oftentimes, especially in some of these larger enterprises, we're actually doing an introduction for them, right? They haven't really met. And now we're really starting to get into solving some of these problems, bridging the AI and identity gap, forcing architecture clarity uncovering really critical vulnerabilities.

但有趣的是，這些工作坊大概持續幾個小時。我們的前線團隊會帶著一些圍繞 AI 的技術進展一起坐下來。我們會把身分管理團隊找來——這當然是理所當然——同時也把 AI 團隊與資安團隊一起拉進來。而且很多時候，特別是在一些大型企業裡，我們其實是在幫他們做引介，對吧？他們彼此其實還沒真正見過面。而現在我們真的開始著手解決一些問題：彌合 AI 與身分之間的落差、促使架構更清晰、揭露真正關鍵的弱點。

I mean some of the stories that we get are repeated, right, from company to company, but they were also eye-opening. And look, we're actually starting to see -- I don't want to say a dramatic acceleration of the sales cycle, but an acceleration. When companies start to understand this and understand some of the challenges, we're starting to get a lot of top of funnel traction. As Mark said, our pipeline is doubling every quarter since inception. And look, I think our perspective is that there's a ton of interest and I think you're going to start to see it move, but the question ultimately is when.

我的意思是，我們聽到的一些案例在不同公司之間反覆出現，但同時也令人眼界大開。而且你看，我們確實開始看到——我不想說銷售週期出現戲劇性的加速，但確實有加速。當企業開始理解這件事並理解其中一些挑戰時，我們在漏斗頂端（top of funnel）開始獲得很多動能。如 Mark 所說，自從啟動以來，我們的管線每一季都在翻倍。而我想我們的觀點是：市場興趣非常濃厚，我也認為你會開始看到它推進，但最終的問題是時間點會在何時。

Brian Essex, JPMorgan.

Brian Essex，摩根大通（JPMorgan）。

Nice strong start to the year. Maybe, Matt, for you, I just wanted to see if you could give us an update on the SaaS conversions, particularly if you reflect back on when SailPoint was public before, and we heard a lot about identity being a bottleneck for transformation initiatives. Are you seeing the same thing with regard to AI? And how does that impact the pace of conversions and the backlog that you might have on that side?

今年開局表現相當強勁。也許 Matt，想請你更新一下 SaaS 轉換的情況，特別是回顧 SailPoint 先前還是上市公司時，我們常聽到「身分」是轉型計畫的瓶頸。在 AI 方面，你是否也看到同樣的情況？而這會如何影響轉換的速度，以及你們在那一端可能累積的待處理量（backlog）？

Yeah. Thanks, Brian. Look, I think there's a couple of things that are top of mind for a lot of the customers we talk with from an AI perspective. And one of them is just the year unknown of agents and the numbers, the nonhuman, I'll say, I think that continues to be how many do we need? I do think over the last couple of months, we kind of passed this inflection point of do I need it? I mean, are we going to use agents? I don't think we're getting that response from our customers or prospects anymore.

是的。謝謝你，Brian。你看，我認為從 AI 的角度來看，我們與許多客戶交流時，有幾件事是大家最關心的。其中之一就是代理（agents）的未知年度以及數量，也就是非人類（我這麼說吧），我認為大家持續在問：我們到底需要多少？我確實覺得在過去幾個月，我們某種程度上已經跨過了一個拐點：我需不需要它？也就是說，我們會不會使用代理？我認為我們不再從客戶或潛在客戶那裡聽到這樣的回應了。

I think everybody has kind of crossed over and said, This is here, we're going to have to deal with it. And I think to that end, that's helped a bit. But I do think that the cost issue and how am I going to deploy this is a big issue. And I think we try to solve some of that with our new pricing, right, to try to take away some of the inhibitions and blockers that may cause CFOs and operating executives a little bit of consternation.

我想大家都已經跨過那一步並表示：這已經來了，我們必須面對它。我認為在這個意義上，確實有一些幫助。但我也確實認為，成本問題以及我要如何部署這個，是一個很大的議題。而我想我們透過新的定價嘗試解決其中一部分，對吧，試著移除一些可能讓 CFO 與營運主管感到顧慮與阻礙的因素。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

(inaudible) of just kind of the price discovery that's happening just as you guys are kind of having customers have more agents within the mix. Is this where Flex is going to be most helpful? Or just kind of how adaptive do you feel like pricing around agency is going to get.

（聽不清）關於你們在讓客戶在組合中納入更多代理時，正在發生的某種價格發現。這會是 Flex 最能發揮幫助的地方嗎？或者你們覺得圍繞代理（agency）的定價會變得多有彈性、適應性？

Yes. This is Matt. I'll jump in here and then Brian can jump in here and Mark. Look, we've released this new hybrid consumption pricing model. I was kind of referring to it here a few minutes ago. And it's all about flexibility and scalability. What we have found is, as I said, a big inhibitor in companies, it's leaning into this agentic adoption is the unknown NHI, nonhumans and the sheer cost of these agents. And so I mean, really, here's the essence. We've started our new pricing around human identity licenses, right? And each one of these includes a baseline of nonhuman identities like agents or box at no extra charge up to a certain ratio. So as your usage grows, you can add capacity packs for whatever you truly need, whether that's more nonhuman identities, additional API calls, expanded workflows or longer data retention.

是的。我是 Matt。我先補充一下，然後 Brian 和 Mark 也可以接著說。你看，我們推出了這個新的混合式用量（consumption）定價模型。我剛剛幾分鐘前也提到過。它的核心就是彈性與可擴展性。我們發現，如我所說，公司在加速採用代理式（agentic）時的一大抑制因素，是未知的 NHI（非人類身分，nonhumans）以及這些代理的龐大成本。所以我的意思是，重點其實是這樣。我們的新定價是以人類身分授權（human identity licenses）為基礎，對吧？而每一個授權都包含一定基準數量的非人類身分（例如代理或 box），在某個比例上限內不另外收費。因此，當你的使用量成長時，你可以依照真正需要的項目加購容量包（capacity packs），不論是更多非人類身分、額外的 API 呼叫、擴充的工作流程，或更長的資料保留期限。

So the cost of scale really is precisely with your actual use and gives you a predictable start and flexible growth. As it relates to our flex pricing, I think the ones that you'll continue to see a ton of is really around our flex modernization. I think that helps really solve some of the economics of these migrations or modernizations as we like to call them, and it gets folks started. And really, it's really around this first year, right? So those are the kind of things that our modernization Flex solves. And our digital Flex, which really was prior to what we announced with SAF, right, the digital Flex probably transitions into SAF. So that you probably won't see as much of that.

因此，擴張的成本會精準對應你的實際使用，並提供可預期的起點與彈性的成長空間。至於我們的 Flex 定價，我認為你們會持續看到大量採用的，主要會是在我們的 Flex 現代化（modernization）方案上。我認為那確實有助於解決這些遷移或現代化（我們喜歡這麼稱呼）的經濟性問題，並讓客戶能夠開始啟動。而且其實主要聚焦在第一年，對吧？所以這些就是我們的現代化 Flex 所要解決的事情。而我們的數位 Flex（digital Flex），其實是在我們宣布 SAF 之前的方案，對吧，數位 Flex 可能會轉向 SAF。所以你們可能不會再看到那麼多數位 Flex。

Joseph Gallo, Jefferies.

Joseph Gallo，Jefferies。

Brian, it was great to see SaaS or net new aero was up 5% reported but 30% constant currency. Can you just remind us of the FX dynamics, what was the constant currency total ARR growth in the quarter? And how you're thinking about that within the guide? Like what's the headwind to the full-year guide that you've kind of laid out?

Brian，很高興看到 SaaS 或淨新增 aero（net new aero）在報告口徑下成長 5%，但在固定匯率（constant currency）下成長 30%。你能否提醒我們一下匯率（FX）的動態？本季在固定匯率口徑下的總 ARR 成長是多少？以及你們在指引（guide）中是如何看待這件事的？也就是說，你們所提出的全年指引中，匯率帶來的逆風（headwind）大概是多少？

Sure. Joe, thanks for your question. Yes, I think we're pleased with the results. I think it's playing out as we expected. We did see 26% ARR growth. If you look at that on a comparison to even Q4, there was about a 1 point of an FX headwind in that number. So that was playing into it. But -- and also, we are coming off of net new ARR a challenging comp from last fiscal Q1.

當然。Joe，謝謝你的提問。是的，我想我們對結果感到滿意。我認為整體走勢符合我們的預期。我們確實看到 ARR 成長 26%。如果你把它拿來跟甚至 Q4 做比較，該數字大約有 1 個百分點的匯率逆風。所以這確實有影響。不過——另外，我們也正從上一財年 Q1 的淨新增 ARR 較具挑戰性的比較基期走出來。

But if you normalize that for currency, we're up mid-single digits overall, but more importantly, for SaaS, where we saw 36% SaaS ARR growth the net new ARR for SaaS was up 5%, but for constant currency, it was up over 30%. In fact, it was 36%. So I mean we're really leaning in towards the SaaS line of products for us. Our customer count grew 16% year over year. I mentioned 92% of our net new ARR with SaaS. We doubled our migration from SaaS ARR more than doubled year-over-year. As Matt said, the flex pricing models are also adding to that. So we're really pleased. And I think that in terms of the guide, it is what it is in terms of our expectations. We're still modeling that 90% to 95% net new ARR will come from SaaS, and we feel good about that.

但如果把匯率因素正常化（normalize），我們整體是中個位數成長；但更重要的是，在 SaaS 方面，我們看到 SaaS ARR 成長 36%，SaaS 的淨新增 ARR 在報告口徑下成長 5%，但在固定匯率口徑下成長超過 30%。事實上是 36%。所以我的意思是，我們確實正大力投入我們的 SaaS 產品線。我們的客戶數年增 16%。我提到過，我們淨新增 ARR 的 92% 來自 SaaS。我們的遷移（migration）翻倍，來自 SaaS 的 ARR 年增超過一倍。如 Matt 所說，Flex 定價模型也在推動這一點。所以我們真的很滿意。而我認為就指引而言，我們的預期就是如此。我們仍在模型中假設 90% 到 95% 的淨新增 ARR 會來自 SaaS，我們對此感覺良好。

Saket Kalia, Barclays.

Saket Kalia，巴克萊。

Mark, maybe for you. I thought the use of Flex in migrations was -- or modernizations was really interesting, particularly how it's pulling through more of your emerging product. So maybe the question here is, what emerging products are getting pulled through the most in those types of modernizations? And Brian, as part of that, how do you kind of think about that emerging ARR mix sort of trending this year or long term? How ever you want to think about it?

Mark，可能問你。我覺得在遷移——或現代化——中使用 Flex 真的很有意思，特別是它如何帶動你們更多的新興產品。所以問題是，在這類現代化中，被帶動最多的是哪些新興產品？另外 Brian，作為延伸，你們如何看待今年或長期的新興 ARR 組合（mix）趨勢？你想怎麼回答都可以。

I guess I'll pick up the first part. Thanks, Saket. Yes, I think as we've done this announcement of the agent framework. What we're focused on there is making it easier to kind of consume anything and everything related to this agentic move that customers would want. That was kind of, as Matt said, what we initially tried to focus on with our digital flex pricing model. But increasingly, we're like people just sort of want a consolidated answer for their agent move, and that gives them one. And so some of the things that we were calling emerging products are, in fact, rolled into that for sure. We've pointed out in the past that the bulk of the emerging product growth, the scale of it was coming and the speed of it was coming from those digital flex related products, what we were calling MIS and AIS, et cetera. And then I think as we look forward to the emerging products mix going forward, we do see tremendous pull for this Agentic framework. Now that's the pipeline build we've been talking about. So I think Brian can give you a sense of how that emerging product part of our overall ARR growth, we'll be looking as we go into the rest of the year.

我先回答第一部分。謝謝你，Saket。是的，我想隨著我們發布這個代理框架（agent framework）的公告，我們的重點是讓客戶更容易去消費（consume）任何與這波代理式（agentic）轉型相關、他們想要的一切。這有點像 Matt 所說，我們一開始試圖透過數位 Flex 定價模型來聚焦的方向。但越來越多地，我們看到大家其實只是想要一個針對代理轉型的整合式答案，而這個方案就提供了。因此，我們過去稱為新興產品的一些項目，確實也被納入其中。我們過去也指出，新興產品成長的大部分——其規模與速度——來自那些與數位 Flex 相關的產品，也就是我們稱為 MIS、AIS 等等。而當我們展望未來的新興產品組合時，我們確實看到這個 Agentic 框架帶來非常強的拉動（pull）。而那就是我們一直在談的管線（pipeline）建置。所以我想 Brian 可以讓你了解，隨著我們進入今年剩餘時間，新興產品在我們整體 ARR 成長中的占比會如何呈現。

Yes. I think what we really look at is in terms of our NRR growth, it's really quite balanced. A strong component of that is migrations and emerging products and we're still early stages when you look at the migration opportunity, right? We have about $350 million of on-prem ARR sitting there. And as we've talked about, we typically see a 2 to 3x multiplier upon time that we migrate them from on-prem to SaaS. And then also contributing to that is the emerging products, and we're still early days, especially with things like Agentic. We're seeing that on a relative basis, one of the fastest contributors. But again, early stages and a lot of upsell opportunity and cross-sell opportunity to come.

是的。我認為我們真正關注的是，就我們的 NRR 成長而言，其實相當均衡。其中一個很強的組成部分是遷移與新興產品；而當你看遷移機會時，我們仍處於相當早期的階段，對吧？我們大約有 3.5 億美元的內部部署（on-prem）ARR 在那裡。而且如同我們談過的，通常當我們把它們從內部部署遷移到 SaaS 時，會看到 2 到 3 倍的倍數效應。另外也有新興產品在貢獻，而我們仍在早期階段，尤其是像 Agentic 這類。我們看到相對而言，它是貢獻成長最快的來源之一。但同樣地，仍在早期階段，未來還有很多加購（upsell）與交叉銷售（cross-sell）的機會。

But to your point, I think about 1/3 socket of those migrations this year did include some of those emerging products. So we're seeing that become a natural motion as people move from to the security cloud, they're coming along with some of these emerging products, typically, again, those related to Agentic.

但就你提到的點，我認為今年這些遷移中大約有 1/3 的「socket」確實包含了一些新興產品。所以我們看到，當人們轉向安全雲（security cloud）時，會自然地把其中一些新興產品一起帶上來；通常同樣是與 Agentic 相關的那些。

Keith Bachman, BMO.

Keith Bachman，BMO。

I wanted to ask about the state of readiness on the AI side. What I mean by that is a part of what customers are looking for in the identity platform is real-time dynamics in that there's been some behavioral issues when AI agents are deployed. And so has that been an inhibitor in terms of the total platform as 1 example. You've announced that your governance capability for agents is now real time do you think that helps unleash incremental interest? And the second part of the question is, are there other things that need to be addressed as we look out over the balance of FY '27, that would help generate incremental interest in the AI platform? Or do you feel like you have what you need to generate sufficient demand because really what investors are kind of looking for going to Rob Owen's question is, it doesn't seem to be showing up in the numbers.

我想問一下 AI 方面的就緒程度。我的意思是，客戶在身分平台上尋求的一部分，是即時動態能力，因為在部署 AI 代理（agents）時出現了一些行為層面的問題。那麼，這是否曾成為整體平台的一個抑制因素（以此為例）？你們宣布針對代理的治理能力現在是即時的，你認為這有助於釋放額外的興趣嗎？第二個部分是，展望 FY '27 的剩餘期間，是否還有其他需要解決的事項，能幫助在 AI 平台上產生額外的興趣？或者你覺得你們已具備足夠條件來創造充足需求？因為投資人某種程度上（回到 Rob Owen 的問題）在看的就是：這似乎還沒有反映在數字上。

Yeaj, I'll start with that, Keith, and I'm sure the other guys may jump in. Like we said, I think we are seeing customers much more active in dialogue and evaluations, which is why we're talking about pipeline build. I did I think if you go back to our commentary late last year or even earlier this year, we were saying -- we were seeing this momentum building, but we did it would start to necessarily affect the numbers in the first half, and we'll see how next quarter -- this next coming up quarter shows up. But more likely, we see some of that momentum, we think, continue to build.

對，我先回答這個，Keith，我相信其他人也可能會補充。如同我們說的，我認為我們看到客戶在對話與評估上更為積極，這也是我們在談管線（pipeline）建置的原因。我確實認為，如果你回顧我們去年底甚至今年更早的評論，我們當時說——我們看到這股動能正在形成，但我們並不認為它會必然在上半年就影響到數字；至於下一季——即將到來的這一季會如何呈現，我們再看。但更可能的是，我們看到部分動能會持續累積、繼續增強。

The strategic -- SailPoint Agentic framework SAF, that has generated, as Matt said, a kind of an inflection in activity in our field, like these workshops and these engagements we're having where bringing together the identity and security and AI team is kind of a new thing in many of these very big shops. And when you get them in the room together, they start to realize, again, all those sides of the elephant that old metaphor.

在策略面——SailPoint Agentic framework（SAF），如 Matt 所說，已在我們前線團隊的活動上帶來某種拐點（inflection），例如我們正在進行的這些工作坊與客戶互動，把身分、資安與 AI 團隊聚在一起；在許多非常大型的企業裡，這在某種程度上是件新事。而當你把他們聚在同一個房間裡，他們會開始意識到——再次引用那個老比喻——大象的不同部位。

And so I think as we see that building, we see that what we announced in the Agentic framework with some of that real-time capability being very critical. But I'd say the other move you'll continue to hear us focus on is how important it is to increasingly have a real-time view of the human environment because in our minds, what we're seeing from customers is the great majority of the agentic things they're doing are going to be very tied into the human world.

所以我認為，隨著這些持續累積，我們看到我們在 Agentic framework 中宣布的部分即時能力非常關鍵。但我會說，你們也會持續聽到我們聚焦的另一個方向是：要越來越重要地去擁有對「人類環境」的即時視圖，因為在我們看來，從客戶端看到的是，他們正在做的絕大多數 agentic 事項都會與人類世界緊密連結。

And so we believe that the big moat we are going to have is we understand that human governance world and the security posture of access privileges better than anybody across that human environment. And since most of the agentic work that's coming is tied to that. We think that's going to be a pretty significant driver for people seeing us as a critical part of this solution because I think they're trying to realize you can't manage agents in some sort of isolation from the rest environment when those agents are generally acting on behalf of humans.

因此我們相信，我們將擁有的一大護城河（moat）在於：在整個人類環境中，我們比任何人都更理解人類治理（human governance）的世界，以及存取權限的安全態勢（security posture）。而且由於即將到來的大多數 agentic 工作都與此相連。我們認為，這會成為一個相當重要的驅動因素，讓人們把我們視為此解決方案中的關鍵一環；因為我認為他們正試著理解：當這些代理通常是代表人類行事時，你不可能把代理的管理與其餘環境隔離開來。

You have to understand the human-security posture to know how to apply that to the agents that are working on their behalf. So when you ask me, we got all the pieces, we launched a lot of new tech in the context of the agentic framework. We've got an Analyst Day coming up, and you can continue to assume that we will be bringing more things out that round out that strong Agentic story in the context of the human. That's a theme you're going to hear from SailPoint very strong this year. And I think it's going to be challenging for others who don't have our legacy, quote and quote, historical, let me not say legacy historical context of the human environment in terms of how well they can manage agents. That's probably the main things I'd say on that. Does that help? I hope.

你必須理解人類的安全態勢，才能知道如何把它應用到那些代表他們工作的代理上。所以當你問我，我們是否具備所有拼圖：我們已在 agentic framework 的脈絡下推出了很多新技術。我們即將舉辦 Analyst Day，你也可以繼續假設，我們會推出更多內容，讓這個以「人」為核心脈絡的強大 Agentic 故事更完整。這會是你今年從 SailPoint 聽到的一個非常強的主題。而我認為，對於那些沒有我們這種——引號引號——歷史傳承（我不要說 legacy，就說歷史脈絡）的人類環境背景的其他業者而言，要做到同等程度的代理管理會很具挑戰。這大概是我在這方面想說的重點。這樣有幫助嗎？我希望有。

Peter Levine, Evercore.

Peter Levine，Evercore。

Maybe just to follow up with some of the prior questions. You call out 14% of the agents are now nonhuman, 40% growth in nonhuman identities year over year. Is there a way for you to quantify what that equates to in ARR or ACV. And then second, are you seeing customers willing to pay separately for discovery versus governance versus real-time enforcement? Maybe just kind of pinpoint a little bit more on what your customers are willing to pay for in terms of nonhuman identity monetization.

也許延續前面一些問題再追問一下。你提到現在有 14% 的代理是非人類（nonhuman），非人類身分（nonhuman identities）年增 40%。你們是否有辦法量化這相當於多少 ARR 或 ACV？第二，你們是否看到客戶願意為「探索（discovery）」相對於「治理（governance）」相對於「即時強制執行（real-time enforcement）」分開付費？也許更精準地說明一下，就非人類身分的變現（monetization）而言，你們的客戶願意為哪些項目付費。

So just as a data point, 20% of our net new ARR came from our emerging products, of which a significant portion was AI generated. And again, this is still early days for us. I mean we're just on the launch of our SailPoint Agentic Fabric. We've got new pricing models coming out.

作為一個數據點，我們淨新增 ARR 的 20% 來自我們的新興產品，其中相當一部分是由 AI 帶動的。而且再次強調，對我們來說仍是早期階段。我的意思是，我們才剛推出 SailPoint Agentic Fabric。我們也將推出新的定價模型。

So really excited about the potential, and we're also seeing, as we mentioned, the pipeline doubling for AI quarter over quarter. So I think that we are really well positioned heading into the rest of the year. We expect it to show up towards the latter half of the year. We're building very minimal into our guidance for the time being. So we would expect this to be of, hopefully, a net positive.

所以我們對其潛力非常興奮；同時我們也看到，如同我們提到的，AI 的管線（pipeline）季對季翻倍。因此我認為，我們在接下來這一年剩餘期間的布局非常到位。我們預期它會在今年後半段更明顯地反映出來。目前我們在指引（guidance）中納入的假設非常保守。所以我們預期這將——希望——帶來淨正面影響。

Gray Powell, BTIG, LLC.

Gray Powell，BTIG, LLC。

Yeah, I guess maybe a follow-up on some of the AI security offerings. So I'd really be interested, like how often is the buyer of your core identity product, the same persona that you're selling agent identity security into? Like is this a CSO motion? Is it a completely separate AI buying center? And then when you get into these discussions in more detail, who do you find yourself most frequently competing against for agent identity security?

是的，我想可能追問一下你們的一些 AI 資安產品。我很想了解，例如你們核心身分產品的買方，有多常同時也是你們在銷售「代理身分安全（agent identity security）」時面對的同一類角色？這是一個 CSO 的銷售動作（motion）嗎？還是完全獨立的 AI 採購中心？另外，當你們更深入討論這些議題時，你們最常遇到在代理身分安全方面的競爭對手是誰？

Greg, this is Matt. A couple of things. Look, yeah, the personas are changing. I think we've shared this in the past, we've kind of created an overlay sales group or that's -- I think of them as hybrids, right? They bring a much greater depth of knowledge, much like an SE but they do it in a way maybe you want from a sales rep, right? And if you look at these guys, they really get out of the traditional silo of selling up through the Identity Group into the CISO and CIO.

Greg，我是 Matt。幾點說明。你看，是的，角色（persona）正在改變。我想我們過去也分享過，我們建立了一個覆蓋式（overlay）的銷售團隊——或者說，我把他們視為混合型（hybrids），對吧？他們帶來更深的知識厚度，很像一位售前工程師（SE），但他們又以你可能期待業務代表的方式來做。而如果你看這些人，他們確實跳脫了傳統那種在身分團隊（Identity Group）內部、一路往上賣到 CISO 與 CIO 的既有孤島式銷售模式。

There's two other groups that we find that are pretty common now in these companies. One is AI and the other is the security groups. And the three of them together kind of drive this. Now what's interesting is, if you were to just go up the traditional silo up to do identity management, you're going to be missing out on a lot of opportunities. It appears that in a lot of these companies now, the budget in of itself is actually on the AI side of the house. So we've made a huge effort to work our way up there.

我們發現在這些公司裡，現在還有另外兩個相當常見的團隊。一個是 AI 團隊，另一個是資安團隊。這三者合在一起，某種程度上推動了這件事。有趣的是，如果你只是沿著傳統的煙囪式路徑往上做身分識別管理，你會錯失很多機會。看起來在許多公司裡，預算本身其實是在 AI 端。所以我們投入了很大的努力，設法往那邊推進。

These workshops that I inserted you earlier, they all kind of start with that AI team. And through that, we pull in the traditional identity management and then security teams because I do believe it takes all three of them ultimately to be able to get through this. I think the contract still gets signed and come up through your traditional CIO rank and vial. But a lot of the budget money and a lot of the process will go through the AI team. So that's becoming a pretty common place.

我先前提到、安排給你的那些工作坊，幾乎都是從那個 AI 團隊開始。透過這個切入點，我們再把傳統的身分識別管理團隊以及資安團隊拉進來，因為我確實相信，最終要把這件事做成，需要這三方一起合作。我認為合約最後仍然會由你們傳統的 CIO 體系一路往上簽核。但很多預算資金以及許多流程會走 AI 團隊這條線。所以這正變得相當普遍。

As it relates to the competitive landscape, look, I don't know there's a lot of conversation around Palo Alto and [Cyber Okta]. To be fair, we still don't see them every day. We're running to a mono occasion, especially in the areas that we get into. I think probably more of the common conversations around some of the emerging players in the agentic space.

就競爭格局而言，坦白說，我不確定外界對 Palo Alto 和[Cyber Okta] 的討論有多少。公平地說，我們並不是每天都會遇到他們。我們偶爾才會碰到，尤其是在我們切入的那些領域。我認為更常見的對話，可能是圍繞一些在 agentic（代理式）領域的新興玩家。

And I think the thing that's really interesting is everybody wants to know what they don't know. So discovery is a big thing and then the ability to actually see what you discover. And that's what a lot of these smaller emerging companies do, and they're pretty good at that. The problem is, once they discover the problem and they tell you about the problem. They don't have any wherewithal to be able to help you solve the problem.

而我覺得真正有意思的是，每個人都想知道自己不知道什麼。所以「發現」是一件大事，接著是能夠真正看見你所發現的東西。很多這些較小的新興公司就在做這件事，而且做得相當不錯。問題是，一旦他們發現了問題並告訴你問題在哪裡，他們並沒有任何能力或手段來幫你解決問題。

And that's kind of where we come in. We'll discover it, we'll give you visibility to it, and then we'll give you the ability to take action on government, remediate it, if you need be, right? And so yeah, we see those folks often, but we don't really lose too much when we start talking about all of the whole package relative to being able to discover and then actually do something about the problem.

而這正是我們介入的地方。我們會去發現它、提供可視性，然後也會提供你採取行動的能力，去治理、去修復它（如果需要的話），對吧？所以是的，我們確實常常遇到那些公司，但當我們開始談到「從發現到真正能對問題採取行動」的整套方案時，我們其實不太會輸。

Shaul Eyal, TD Cowen.

Shaul Eyal，TD Cowen。

So it appears as if the focus today seems to be driving more adoption. But over the next few years, what is the monetization framework. Should we expect revenue growth to be driven primarily by increasing numbers of nonhuman identities or broader platform adoption or just a shift towards more consumption-based pricing, or maybe all of the above? Just trying to frame it.

所以看起來今天的重點似乎是在推動更多採用。但在接下來幾年，變現（monetization）的框架會是什麼？我們是否應該預期營收成長主要由非人類身分數量增加、或更廣泛的平台採用、或只是轉向更多以用量為基礎的定價所驅動，或者可能以上皆是？我只是想把這個框架釐清一下。

Yeah. No, look, I think we would tell you that you're going to see the vast majority of growth coming around the nonhuman. And then I think, if you look at our pricing, we've identified what we call performance metrics, and there's about a half dozen of them that really have to do with what you're doing with these nonhumans.

是的。不，我想我們會告訴你，你會看到絕大多數的成長來自非人類身分這一塊。另外我想，如果你看我們的定價，我們已經定義了我們所謂的績效指標（performance metrics），大概有半打左右，主要都跟你如何使用這些非人類身分有關。

So like API calls, how many workflows you're using storage, how long -- if you're using our graph, not only the mandate you're putting there, but how long are you keeping it for? I think we call aggregations where it really talks about the complexity of your environment. All of those things will be part of the consumption-based pricing going forward.

例如 API 呼叫次數、你使用多少工作流程、儲存用量、以及使用多久——如果你在用我們的 graph，不只是你放進去的資料量（mandate），還有你保留多久。我想我們稱之為 aggregations（聚合），它主要在談你的環境複雜度。所有這些都會成為未來以用量為基礎定價的一部分。

Todd Weller, Stephens.

Todd Weller，Stephens。

Just, Brian, maybe a question for you. Could you talk about the outlook for the term piece of the business for the rest of the year? And if there's anything we should be thinking about on that front?

Brian，我可能有個問題想問你。你能談談今年剩餘時間裡，業務中「term」那一塊的展望嗎？以及在那方面我們需要留意什麼嗎？

Yeah. I think we're still seeing this play out as expected with the ongoing acceleration of SaaS over term. We would expect 90% to 95% of the net new ARR to be driven by SaaS. And again, that's a reflection of all the innovation that's going into the SaaS platform and the strong migrations that we're seeing showing up in the pipeline. So I would model it -- continue to model it that way. Again, as a reminder, as we go through that transition, does present a little bit of a headwind to revenue growth and also operating margins that we called out last quarter.

好的。我認為我們仍然看到事情如預期發展：SaaS 相對於 term 持續加速。我們預期 90% 到 95% 的淨新增 ARR 會由 SaaS 驅動。同樣地，這反映了我們在 SaaS 平台上投入的所有創新，以及我們在管線中看到的強勁遷移動能。所以我會建議你——繼續用這樣的方式建模。再提醒一次，當我們進行這個轉型時，確實會對營收成長以及我們上季提到的營業利益率帶來一些逆風。

Joshua Tilton, Wolfe Research.

Joshua Tilton，Wolfe Research。

Maybe just a follow-up to the last question. Is there any way you could help us understand what SaaS net new ARR is growing when you back out the benefit from this conversion story? And just maybe remind us what you guys are expecting as a contribution to SaaS ARR growth from conversions this year?

也許接續上一題追問一下。你們能否協助我們理解：如果把這個轉換（conversion）故事帶來的好處扣除掉，SaaS 淨新增 ARR 的成長是什麼樣子？另外也請提醒我們，你們預期今年由轉換帶來的 SaaS ARR 成長貢獻大概是多少？

So we can talk about this in total ARR growth, we typically say out of the net revenue retention of 113%, we're like low single digits when it comes to the impact of migration activity and that's been fairly consistent. It's one of the bigger contributors to the net revenue retention. And then with respect to your second question on the growth of migrations for the year and the contributor. We're modeling internally. About 10% of our on-prem base would migrate towards SaaS. It could go up from here in terms of the ongoing opportunity that AI represents for us. But for now, we would expect it to be about 10%. And that's on top of the 15% we've migrated life to date.

我們可以用總 ARR 成長來談：我們通常會說，在 113% 的淨營收留存率（net revenue retention）之中，遷移活動的影響大概是低個位數百分比，而且一直相當一致。它是淨營收留存率較大的貢獻來源之一。至於你第二個問題：今年遷移成長以及其貢獻。我們內部的模型是，大約有 10% 的 on-prem 客戶基礎會遷移到 SaaS。隨著 AI 對我們而言所代表的持續機會，這個比例未來可能還會再往上。但就目前而言，我們預期大約是 10%。而這是在我們迄今已遷移 15% 的基礎之上。

Are you guys tracking ahead of that 10% today? Like how should we think about that in the quarter?

你們目前的進度有超過這個 10% 嗎？例如在這一季我們應該怎麼看？

Pretty much right in line with that through Q1.

到第一季為止，基本上就是與這個目標一致。

[Matt], RBC Capital Markets.

[Matt]，RBC Capital Markets。

I guess for Mark or Matt, you talked about a strong demand environment. Obviously, AI is driving a lot of interest in SailPoint. I guess I'm wondering a lot of the other saver calls that we're having that focus is on ethos and a lot of, I guess, concern questions about what that means for cyber spending. I guess you didn't bring it up in your script. So I imagine there's probably not much of an impact on your sales. But I'm curious, is there an element of that slowing down customer buying decision because they're just so concerned about the threat on ethos?

我想問 Mark 或 Matt：你們提到需求環境強勁。顯然 AI 正在帶動市場對 SailPoint 的高度興趣。我想知道的是，我們最近跟其他一些同業的電話會議，焦點都在 ethos，以及我想，很多對這件事意味著什麼、會如何影響資安支出的擔憂與提問。我注意到你們在講稿裡沒有提到。所以我猜對你們的銷售可能影響不大。但我很好奇：是否有某種程度上，因為客戶非常擔心 ethos 帶來的威脅，而放慢了購買決策？

Matt, it's Mark. I'll take that one. I was wondering if this might come up in some fashion, I had a really interesting conversation with one of the lead players in one of our key partners yesterday I think what we may see is an interesting kind of two-part story there, right? What the initial release of ethos and the other products from open AI that are similar with the security tools that can find vulnerabilities has shifted a lot of focus to patch, right? We got to close all these gaps and close all these exposures in our code.

Matt，我是 Mark。我來回答這題。我在想這個問題可能會以某種形式被提到；我昨天和我們某個關鍵合作夥伴的一位主要負責人進行了一段非常有意思的對話。我認為我們可能會看到一個有趣的、兩段式的故事，對吧？ethos 的初始釋出，以及 OpenAI 其他類似產品（搭配能找出弱點的資安工具），已經把很多焦點轉移到修補（patch）上，對吧？我們必須把程式碼裡所有這些缺口與曝險都補起來。

But I think we're going to see very shortly behind that. How those same kind of tools are going to get used to try to work identity-based compromise, not patch discovery, like how can a tool like an ethos be used by a bad actor to compromise identity and find their way into systems using some sort of credential compromise, let me just call it that, Matt.

但我認為我們很快就會在那之後看到。同樣類型的工具將如何被用來嘗試進行以身分為基礎的入侵，而不是修補程式（patch）發現；也就是說，像 ethos 這樣的工具，惡意行為者如何用它來入侵身分，並透過某種憑證被攻破（credential compromise）——我就先這麼稱呼——來找到進入系統的路徑，Matt。

And I think when we see that, and I think we will see that. I think it's going to draw even more attention to how much risk is associated with identity, not just bad code. There's clearly risk with bad code. We're seeing some of those stories come out where the tools are just -- the AI tools are discovering not great code that needs to be fixed or the bad actors can exploit it. We know that bad actors without AI have already gotten pretty good at exploiting identity of vulnerabilities. When you point these tools at those issues, I think we're going to see an escalation of that.

而我認為當我們看到那一點時——我也認為我們會看到。我認為這會讓大家更關注與身分相關的風險有多大，而不只是惡意程式碼。顯然惡意程式碼也有風險。我們看到一些案例浮現：這些工具——也就是 AI 工具——正在發現一些不夠好的程式碼需要修補，否則惡意行為者就能加以利用。我們也知道，即使沒有 AI，惡意行為者在利用身分相關弱點方面已經相當擅長。當你把這些工具用在那些議題上時，我認為我們會看到情勢升級。

So I think the short answer, Matt, is we're not seeing it yet in our pipeline, I would say, directly. I think we'll see some identity compromises from these tools, and that I think we'll put more spotlight on that. In the short run, there is, I think, an increase in security budget focus, and it is, I think, largely focused on these vulnerabilities and patches. But I think right behind that, you're going to see how those same tools are used to exploit identity vulnerabilities, and that's, I think, going to continue to put some tailwind into our story.

所以我想簡短的答案是，Matt，就我們的銷售管線而言，我會說目前還沒有直接看到。我認為我們會看到這些工具帶來一些身分入侵，而那也會讓這件事更受關注。短期來看，我認為資安預算的關注度確實在提高，而且我認為主要仍聚焦在這些弱點與修補程式上。但我認為緊接著你會看到同樣的工具如何被用來利用身分弱點，而我認為這將持續為我們的故事帶來一些順風。

Richard Poland, Wells Fargo.

Richard Poland，富國銀行（Wells Fargo）。

I think we talked a lot about, I guess, the direct monetization opportunity around AI as well as some of the migration stuff. Is there any, I guess, conversations you're having with customers now that they're kind of like, hey, we really do need to modernize our overall identity stack. Maybe they didn't have IGA prior and now they need it. Anything like that, that you're kind of seeing as like some of the initial lift as these budgets open, just to kind of follow up on Matt's question.

我想我們談了很多，嗯，關於 AI 的直接變現機會，以及一些遷移相關的事情。你們現在與客戶的對話中，是否有出現這樣的情況：他們有點像是說，「嘿，我們真的需要把整體身分堆疊（identity stack）現代化」。也許他們以前沒有 IGA，現在需要了。有沒有類似這樣的現象——你們看到在預算開始鬆動時，作為一些初期拉動（initial lift）的來源——我想延續 Matt 的問題追問一下。

I'll jump in and probably Matt will add to this one, Richard. I think what we find is part of the reason when we launched the agentic fabric that we allowed that to be sold independently, not only into our IQ base, but even to some of our competitive legacy players like the IBMs and the Oracles of the world is, in a great world, in our minds, customers would get all their human identity all showed up and fixed and then they would move forward to agentic.

我先插一句，Richard，Matt 可能也會補充。我認為我們看到的是：我們推出 agentic fabric 時，之所以允許它可以獨立銷售，不僅賣給我們的 IQ 客群，甚至也能賣給一些競爭對手的傳統既有玩家，例如 IBM、Oracle 這些公司，是因為在我們理想的世界裡，客戶會先把所有「人類身分」都盤點清楚並修正到位，然後再往 agentic 的方向前進。

There is so much concern about the agentic world. We wanted to say, if you want to get an initial foothold going there, we'll help you do that with the agentic framework. But again, we're going to stand by our point of view that your ability to manage agentic really well will be hampered unless you also have great controls over the human side.

大家對 agentic 世界有非常多的擔憂。我們想說，如果你想先在那裡取得一個初步立足點，我們會用 agentic 框架協助你做到。但同樣地，我們會堅持我們的觀點：如果你在人類端沒有很好的控管能力，你要把 agentic 管得很好就會受到限制。

So what we may find is people leading from either competitive products or even our own IQ products into the agentic fabric first. But in most cases, we would like to see people get down the path with a very strong, robust human management that then extends into these agents, which, again, in our minds, are primarily tied to humans in their activity this year and into the future.

所以我們可能會看到，有些人會先從競品，甚至從我們自己的 IQ 產品，先導入到 agentic fabric。但在大多數情況下，我們希望看到的是：客戶先走在一條非常強健、穩固的人類身分管理路徑上，然後再延伸到這些代理（agents）；而在我們看來，這些代理在今年以及未來，主要仍是與人類及其活動緊密相連。

So that's the path we'd like to see them take. That's the path we think is most beneficial. But because of this market pull for this concern around agentic, we needed to make sure that offering was available to anybody no matter what their legacy IGA position.

所以那是我們希望他們採取的路徑。那也是我們認為最有利的路徑。但因為市場對 agentic 的擔憂帶來這股拉力（market pull），我們必須確保不論客戶既有的 IGA 立場為何，任何人都能取得這個產品。

And Richard, I would just add, look, I think you're spot on most customers and prospects we talk to, they have this mindset that they got to solve a agentic and they have agent problems, and then they go directly to, but look, I've got other problems, right? I mean you look at our surveys, there's a ton of customers, most of them like 60% are in the early stages of their IGA deployment, if you can believe that.

Richard，我再補充一下：你說得很到位。我認為我們接觸的大多數客戶與潛在客戶，都有這種心態：他們必須解決 agentic，覺得自己有代理（agent）問題；然後他們會直接接著說，但你看，我還有其他問題，對吧？我的意思是，你看我們的調查，有大量客戶——大多數——大概 60% 仍處在 IGA 部署的早期階段，你可能很難相信。

And so when you look at what we have built in our next generation, our agentic business an agentic business plus. We're extending our single enterprise platform to govern every human and every nonhuman identity under one consistent policy framework eliminates all these identity silos. Organizations can apply uniform compliance, auditing and risk management across their entire workforce. So you're getting a hybrid solution that handles your traditional governance right, and gives you a pathway to be able to move into the agentic world. So that's certainly top of mind for us.

所以當你看我們在下一代所打造的東西——我們的 agentic business 與 agentic business plus。我們正在延伸我們的單一企業平台，在一致的政策框架下治理每一個人類與每一個非人類身分，消除所有這些身分孤島。組織可以在整個員工體系上套用一致的合規、稽核與風險管理。因此你得到的是一個混合式解決方案：既能處理你傳統的治理需求，也提供一條路徑讓你能夠走向 agentic 世界。所以這當然是我們最關注的重點。

Yeah, we think folks are going to adopt -- as Matt said, one of these new kind of start-up agentic tools and try to say, marry that with an old IBM deployment, they're going to run into all kinds of issues very quickly and trying to get a single comprehensive view of their identity risk across that landscape. So we'll see some of that activity. I think still in the market where people are buzzing about agentic and they need to go grab some tool and there's some sexy tools coming out of the startup of Silicon Valley world, but I think it's going to become very part very quickly.

是的，我們認為大家會採用——如 Matt 所說——某種新型的新創 agentic 工具，然後試著把它和舊的 IBM 部署「結合」在一起；他們很快就會遇到各式各樣的問題，尤其是在嘗試對那個環境中的身分風險取得單一、全面的視圖時。所以我們會看到一些這樣的活動。我認為市場上目前仍在熱議 agentic，大家覺得需要去抓一個工具，而且矽谷新創圈也出現一些很吸睛的工具，但我認為它很快就會變得非常棘手。

You can't manage that in isolation. And if you don't have a strong human identity framework to tie it to, you're going to have issues. So we're watching some of that unfold and we'll keep folks in mind who have made that earlier choice of a start-up tool and see how that's going in the six-month period.

你不能把那件事孤立地管理。而如果你沒有一個強健的人類身分框架把它連結起來，你就會出問題。所以我們正在觀察這些情況如何發展，也會把那些較早選擇新創工具的客戶放在心上，看看在接下來六個月的期間進展如何。

Jonathan Ruykhaver, Cantor Fitzgerald.

Jonathan Ruykhaver，Cantor Fitzgerald。

I'd just like to dig a bit more into digital identity flex. And just what are you learning about customer adoption patterns. Are customers consuming more machine identity capacity or agent identity capacity today? Or is it a mix?

我想再更深入談一下 digital identity flex。以及你們從客戶採用模式中學到了什麼。客戶今天消耗（consuming）的比較多是機器身分容量，還是代理身分容量？或者是混合？

Yeah. Look, I do believe there's this -- in virtually every customer and prospect we talk to this process of figuring it out or discovery, right? Understanding what we have. We've got a number of tools now that you actually go out and they'll tell you from a take Shadow AI for instance, what everybody in your company is using, what data they're using, and that in of itself kind of becomes a big opportunity builder because most don't have that kind of data. And we've said, I think, as others have, you can't govern and manage what you can't see. So that's a big part of the process in building out this comfort level, if you will, for people who are interested in solving the problem.

是的。你看，我確實相信——幾乎我們與每一位客戶和潛在客戶對話時——都存在這個「摸索」或「發現」（discovery）的過程，對吧？去理解我們擁有什麼。我們現在有一些工具，你可以實際把它們部署出去；例如以 Shadow AI 來說，它們會告訴你公司裡每個人正在用什麼、在用哪些資料，而這本身往往就會成為一個很大的機會推動器，因為大多數人沒有這類資料。而我們也說過——我想其他人也說過——你看不到的東西，就無法治理與管理。所以這是建立這種「舒適度」的一大部分流程，對於那些有興趣解決問題的人而言。

Yeah. And Jonathan the only thing I'd add to Matt's point there is the all non-agenetic part of nonhuman that's clear, right? In other words, there's all these machines and service accounts and bots and all that so there's already risk associated with that, that people, I think, are attuned to. What we believe is as agentic starts to really take off, there's a huge tie to those kinds of capabilities in the agentic world, meaning agents are going to be leveraging service accounts and other technologies to do their work to access data.

是的。Jonathan，我唯一想在 Matt 那點上補充的是：所有「非 agentic」的非人類部分是很清楚的，對吧？換句話說，有各式各樣的機器、服務帳號、機器人等等，因此那裡本來就存在風險，而我認為大家也已經意識到。我們相信，隨著 agentic 真正開始起飛，會與 agentic 世界中的那類能力有非常大的連結；也就是說，代理將會利用服務帳號與其他技術來完成工作、存取資料。

And so not only is there a big unsolved problem today in pure nonhuman pre-agent, if you will, but that problem with all the other types of nonhuman is going to get much more difficult in the context of an exploding agent usage because all those agents are leveraging all those other nonhuman types of technologies to do their work. So it's both an existing unsolved problem, pre-agent, if you will. And now it's going to get escalated as agents leverage all those other nonhuman identities to do their work.

因此，今天不僅在純粹的非人類、可說是「前代理（pre-agent）」領域存在一個尚未解決的重大問題，而且在代理使用量爆發式成長的背景下，這個問題連同所有其他類型的非人類身分都將變得更加棘手，因為那些代理在執行工作時，會運用所有其他非人類類型的技術來完成任務。所以這既是一個既有的、尚未解決的問題——可說是在前代理階段。而現在，隨著代理利用所有那些其他非人類身分來執行工作，問題將進一步升級。

Gabriela Borges, Goldman Sachs.

Gabriela Borges，高盛。

I think the (inaudible) for Matt, there is some really interesting commentary about (inaudible) steel teams to customers, a combination of AI experts, security experts, architecture experts. My question for you is, how much are you noticing heterogeneity versus homogeneity and how customers are approaching the agentic problem? Meaning are you finding that customers are looking at all -- because they're looking at all kinds of different ways to solve the agentic problem, they end up having to maybe customize some of the SailPoint offerings and you need to problem solve with them more because every customer is sort of a unique animal. Maybe just talk a little bit about whether you're seeing consensus on different types of agentic strategies and whether it still feels like the wallet there.

我想（聽不清）是要問 Matt 的，關於（聽不清）把「鋼鐵團隊（steel teams）」帶給客戶的一些非常有意思的評論——由 AI 專家、安全專家、架構專家組成的組合。我想問你的是：在客戶處理代理式（agentic）問題時，你觀察到的異質性相對於同質性有多少？也就是說，你是否發現客戶因為在尋找各種不同方式來解決代理式問題，最後可能不得不對 SailPoint 的某些產品做客製化，而你們也需要更多與他們一起解題，因為每個客戶都像是獨特的個體。也請你談談，你是否看到在不同類型的代理式策略上出現共識，以及那裡是否仍然感覺像是一個「錢包（wallet）」的機會。

I'll jump in and let Matt add to that, Gabriela. Look, I think what we're seeing is in the type of large complex enterprises we have traditionally excelled at serving. They are going to have a plethora of different types of agents. They're going to have the vended agents from all of the big names you'd expect the service now the sales forces, the workdays, et cetera. And they're going to have a lot of bespoke agents that they're developing internally uniquely for their environments. And therefore -- and they're going to develop some in their AWS environments. And they probably already have other hyperscaler environments like Azure in their environment.

我先回答，然後讓 Matt 補充，Gabriela。你看，我認為我們在傳統上最擅長服務的那類大型、複雜企業中看到的是：他們會有大量不同類型的代理。他們會有你預期那些大廠提供的現成代理，例如 ServiceNow、Salesforce、Workday 等等。他們也會有許多為其環境量身打造、由內部自行開發的專用代理。因此——他們也會在 AWS 環境中開發一些。而且他們的環境裡很可能已經有其他超大規模雲端（hyperscaler）平台，例如 Azure。

These big shops are almost never homogenous in any way, shape or form about technology. And that complexity, that heterogeneity is why a platform like our agentic fabric is so attractive to them because it says we can give you a single comprehensive view of all of that agent world, no matter where it's come from, whether it's come from vendors or your own development across various different environments, that's what they're attracted to, what they're actually focused on varies customer to customer, frankly.

這些大型企業在技術方面幾乎從來不會在任何形式上是同質的。而那種複雜性、那種異質性，正是像我們的 agentic fabric 這樣的平台對他們如此有吸引力的原因，因為它表示：無論那些代理世界的來源在哪裡——不管是供應商提供的，或是你們自己在不同環境中開發的——我們都能給你一個單一且全面的視圖；至於他們實際最關注的重點，坦白說會因客戶而異。

And you're right, it is the classic enterprise challenge of every customer is kind of a snowflake, not to confuse it with the company's not like. It's just a unique configuration of technologies in every one of these shops, and that's why a kind of cross-platform we'll handle whatever you've got. And as we -- Matt and I've been saying in the context of your human identities is such a unique value prop to these customer thinks, why they're pretty excited about engaging in these workshops and trying to understand how to solve the problem comprehensively.

你說得對，這是典型的企業級挑戰：每個客戶都有點像雪花般獨一無二——不要把它和那家同名公司混淆。只是這些企業每一家都有其獨特的技術組態，這也是為什麼需要一種跨平台、能處理你現有任何東西的方案。而且正如我和 Matt 一直在說的，把它放在人類身分（human identities）的脈絡下，這對客戶而言是一個非常獨特的價值主張；這也是為什麼他們對參與這些工作坊、並嘗試理解如何全面解決這個問題感到相當興奮。

I would just add, if you listen to (inaudible) tell you that our platform really is that aggregation point of all things context-wise from an identity perspective. So we talk about bring your own end points, bring your own discovery we'll take all that in, as Mark said, because there is a huge amount of diversity in each of these -- you get into some of these larger enterprises, right? So I mean that's our objective to become that gathering point for all of this type of context and bringing it together in the form of identity.

我再補充一點：如果你聽（聽不清）說的，你會知道我們的平台確實是從身分角度來看、彙聚所有情境（context）的匯集點。所以我們談的是：自帶端點（bring your own end points）、自帶探索（bring your own discovery），我們會把這些都納入；如 Mark 所說，因為每一個——你進到一些更大型的企業時，對吧？——裡面都有非常高度的多樣性。所以我們的目標就是成為所有這類情境的匯聚點，並以身分的形式把它整合在一起。

Junaid Siddiqui, Truist.

Junaid Siddiqui，Truist。

Great. As the number of agents proliferate in an enterprise, there's this concern that's going to potentially reduce the number of human seats. So are you seeing any pressure on seat expansion or consolidation within your installed base or seeing any increase in seat-based pricing scrutiny and optimization efforts across the enterprises?

很好。隨著企業內代理數量快速增加，市場有一個擔憂是這可能會降低人類席位（human seats）的數量。所以你們是否在既有客戶群中看到席位擴張受到壓力或出現整併？或者是否看到企業對以席位計價（seat-based pricing）的審視與最佳化力度增加？

Yeah. This is Matt. look, I think there's always talk, right? And there's -- just based on all the headlines and all the media, there's always talk about seat compression. I don't know that we've seen much. I think the thing you have to remember is that -- when you think about all the different contracts that are out here in these companies, they're all seat-based, right? And a little procurement people -- everybody, that's their point of where they recognize how this thing all work.

是的。我是 Matt。你看，我覺得市場上一直都有這種討論，對吧？而且——基於所有新聞標題與媒體報導——一直都有人在談席位壓縮（seat compression）。但我不確定我們是否真的看到很多。我認為你必須記住的是——當你想到這些公司裡各式各樣的合約時，它們大多都是以席位為基礎的，對吧？而採購人員——其實每個人——他們就是從這個切入點去理解這整套機制如何運作。

So I think the seat-based pricing is going to continue to be around. I don't necessarily think it's going to fall off the chart here anytime soon. It's kind of what we've used as an anchor. I think a lot of others are kind of going down that path. But to your point, I don't -- we haven't really seen a big reduction in seats or humans at this point.

所以我認為以席位計價仍會持續存在。我不認為它在短期內會突然退出舞台。這一直是我們用來作為定錨（anchor）的方式。我想很多其他公司也正沿著這條路走。但就你提到的重點而言，我們目前確實還沒有看到席位或人力出現大幅減少。

And the opportunity coming from the nonhuman is far outweigh the kind of deceleration we would see in the human identities.

而且來自非人類身分的機會，遠遠大於我們在人類身分上可能看到的那種放緩。

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

現在我想把電話交回給 Mark 作結語。

Well, thank you, everyone. Appreciate you joining the call today. I think if we'd leave you with a closing thought. It's that we are still in the very early innings of this agentic revolution, particularly how companies think about the security aspect of it. And we've got a good, healthy growing business, especially with a little bit of that FX effect almost kind of down the fairway of where we've been really in many respects.

好的，謝謝各位。感謝大家今天參與這通電話會議。我想留給各位一個結語的想法。那就是：我們仍然處在這場代理式革命（agentic revolution）的非常早期階段，特別是在企業如何看待其中的安全面向這件事上。而我們的業務維持良好且健康的成長，尤其是再加上一點匯率（FX）效應，某種程度上也算是順著我們一路以來的方向在推進。

But we're signaling as clearly as we can, that we see significant momentum building. And to the question many of you have asked, we do think that will start showing up in the numbers. We are excited for that potential. And we'll try to reflect that as appropriate in future guidance as it makes sense. But for now, we feel very good about our position competitively and how customers are reacting to the story. So we'll keep you posted as things continue to evolve. But thanks again.

但我們也盡可能清楚地釋放訊號：我們看到顯著的動能正在累積。而針對你們許多人問到的問題，我們確實認為這將開始反映在數字上。我們對這個潛力感到興奮。並且在合理的情況下，當時機成熟，我們也會在未來的財測指引（guidance）中適度反映。但就目前而言，我們對自身的競爭地位以及客戶對這個故事的反應感到非常有信心。所以隨著事情持續演進，我們會持續向各位更新。再次感謝。

And 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。感謝各位參與。您現在可以掛線。