SailPoint, Inc. (SAIL) 2027 Q2 法說會逐字稿

Thank you for standing by, and welcome to SailPoint's second quarter Fiscal Year 2027 earnings conference call. (Operator Instructions)

感謝各位耐心等候，歡迎參加 SailPoint 2027 會計年度第二季財報電話會議。(接線員指示)

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

現在我想把電話交給投資人關係部的 Scott Schmitz。請開始。

Good morning, and thank you for joining us today to discuss SailPoint's Fiscal Second 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，感謝今天加入我們，一同討論 SailPoint 2027 會計年度第二季財務業績。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，並不保證未來表現，且多項因素可能導致實際結果與前述陳述存在重大差異。

This call will also include references to non-GAAP results, which exclude certain items that do not reflect our underlying business performance. Please reference in this morning's press release and our supplemental earnings presentation posted on investors.sailepoint.com for further information regarding our forward-looking statements and non-GAAP financial measures including reconciliations to the nearest comparable GAAP financial measures.

本次電話會議也將提及非 GAAP 結果，該等結果排除若干不反映我們基礎業務表現的項目。有關前瞻性陳述與非 GAAP 財務衡量指標（包括與最可比 GAAP 財務衡量指標之調節），請參閱今早的新聞稿以及發布於 investors.sailepoint.com 的補充財報簡報，以取得更多資訊。

Additionally, please note that the development, release and timing of any features or functionality described for our products that are currently not available remains at our sole discretion on a when and if available basis and may not be delivered at all or should not be relied on in making purchasing or investing decisions.

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「若有且在可用時」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。

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

接下來，我想把電話交給 Mark。

Thank you, Scott. Good morning, everyone, and thank you for joining us. Our strong second quarter highlights the compounding power of our identity security platform and new product innovations with AI playing an increasingly larger role in our success. We finished the second quarter with ARR of $1.231 billion, up 25% year-over-year, exceeding the midpoint of our guidance by $11 million. SaaS was especially strong, growing 36% year-over-year with SaaS net new ARR increasing 34% year-over-year.

謝謝你，Scott。各位早安，感謝各位加入我們。我們強勁的第二季表現，凸顯了身分安全平台的複利效應以及新產品創新，而 AI 在我們成功中的角色也日益重要。第二季結束時，我們的 ARR 為 12.31 億美元，年增 25%，較我們指引中點高出 1,100 萬美元。SaaS 表現尤其強勁，年增 36%，SaaS 淨新增 ARR 年增 34%。

In Q2, early adopters of our new solutions moved quickly to secure access to our agentic suites ahead of the planned Q3 release. Combining this momentum with our existing solutions, our total AI-driven ARR has already crossed $70 million as of the end of Q2. This momentum gives us tremendous confidence in our FY '29 year-end targets which include at least $2.1 billion in ARR, while continuing on our path of delivering greater than 20% durable growth.

在第二季，我們新解決方案的早期採用者在原定第三季發布之前，迅速採購以確保可使用我們的 agentic 套件。結合這股動能與我們既有解決方案，截至第二季末，我們由 AI 驅動的 ARR 總額已突破 7,000 萬美元。這股動能讓我們對 2029 會計年度年末目標充滿信心，其中包括 ARR 至少達到 21 億美元，同時持續走在實現超過 20% 可持續成長的道路上。

Today, millions of nonhuman identities, from service accounts to autonomous AI agents, are exploding across the enterprise landscape, yet we believe the vast majority remain completely ungoverned. In fact, in our research released last month, we found that 97% of AI agents now have access to sensitive enterprise data, while only 21% of organizations surveyed say they are highly confident in their ability to manage that risk. Competitors are treating these agents as isolated identities. We view identity as a human plus AI challenge that needs to be solved with a unified approach, and we're doing it at scale for many of the world's largest enterprises.

如今，從服務帳號到自主 AI 代理（agents），數以百萬計的非人類身分正在企業環境中爆炸式成長，但我們相信其中絕大多數仍完全未受治理。事實上，在我們上月發布的研究中，我們發現目前 97% 的 AI 代理可存取敏感的企業資料，但受訪組織中僅有 21% 表示對其管理該風險的能力「非常有信心」。競爭對手將這些代理視為彼此孤立的身分。我們將身分視為「人類 + AI」的挑戰，必須以統一的方法來解決，而我們正為全球許多最大型企業以規模化方式做到這一點。

You cannot safely secure an agent identity without deep accountable human context. Conversely, you can no longer govern human access without knowing what agents those humans own and operate. For every agent, an organization must know its origin, what data it can touch and which human is accountable when it goes off script. We believe no company is better positioned to solve this complex intersection in SailPoint.

若沒有深度且可追責的人類情境，就無法安全地保護代理身分。反過來說，若不知道人類擁有並操作哪些代理，你也無法再有效治理人類的存取權限。對於每一個代理，組織都必須知道其來源、可觸及哪些資料，以及當它偏離預期行為時由哪位人類負責。我們相信，沒有任何公司比 SailPoint 更有條件解決這個複雜的交會點。

This is no longer a future trend, it is a law. The EU AI Act contains specific human oversight and audit logging requirements, which are scheduled to become enforceable as early as 2027. We believe regulators will increasingly ask who is accountable for this agent and its actions. We built our identity platform to answer that question before regulators even chose to ask it.

這不再是未來趨勢，而是一項法律要求。《歐盟 AI 法案》包含特定的人類監督與稽核日誌要求，最早預計將於 2027 年開始具備可執行性。我們相信，監管機關將愈來愈常追問：誰要為這個代理及其行為負責？我們打造身分平台，就是為了在監管機關甚至尚未提出這個問題之前，就能回答它。

Real-time human and agenetic identity governance is no longer just an IT operational task, it is now a CISO and boardroom priority. As our strategic relevance elevates to the offices of the CISO and the Chief AI Officer, we are unlocking significantly larger enterprise budget opportunities, accelerating our pipeline, and paving a clear multipronged path to our fiscal '29 targets.

即時的人類與 agentic 身分治理不再只是 IT 營運工作，現在已成為 CISO 與董事會層級的優先事項。隨著我們的策略重要性提升至 CISO 與首席 AI 官（Chief AI Officer）辦公室，我們正解鎖顯著更大的企業預算機會、加速我們的銷售管線，並鋪陳一條清晰的多路徑，邁向我們 2029 會計年度目標。

This momentum is evident in our results. In the second quarter, our SaaS customer count grew by 16% year-over-year. Our average ARR per SaaS customer grew 17% to over $400,000. And our AI-driven pipeline has more than doubled since our Investor Day, which was less than three months ago. When recent headlines details how Frontier AI models broke out of their digital sandboxes, many labeled these as AI safety issues.

這股動能在我們的業績中表露無遺。第二季，我們的 SaaS 客戶數年增 16%。每位 SaaS 客戶的平均 ARR 年增 17%，提升至超過 40 萬美元。而自我們投資人日以來（距今不到三個月），我們由 AI 驅動的銷售管線已增加逾一倍。近期媒體報導指出 Frontier AI 模型突破其數位沙盒限制，許多人將其稱為 AI 安全問題。

We see them for what they are, identity governance failures, a massive problem, which we expect will get even more challenging as AI usage expands in the future.

我們看清其本質：這是身分治理失敗所造成的問題——一個巨大的難題，而且我們預期隨著未來 AI 使用擴大，挑戰將更為嚴峻。

The question I'm constantly asked by CIOs and Board members of other companies is simple. Can SailPoint protect our enterprise from these autonomous agent breakouts? The answer is yes. Because securing and governing all identities, including a genic identities is the exact problem our company was built to solve.

其他公司的 CIO 與董事會成員經常問我一個簡單的問題：SailPoint 能否保護我們的企業免於這些自主代理的「逃逸」？答案是可以。因為保護並治理所有身分（包括 agentic 身分）正是我們公司成立之初要解決的核心問題。

Let me give you an example of how we recently expanded our market position in nonhuman identity security at a global Fortune 500 company. Within a week of a proof of concept, we connected to a majority of their data sources, leading to discovery of more than 10,000 unknown agents and thousands of associated risks in their environment. This resulted in a multimillion dollar contract for our digital identity Flex offering alongside intro.

我舉一個例子，說明我們近期如何在一家全球《財富》500 強企業的非人類身分安全領域擴大市場地位。在概念驗證（POC）的一週內，我們連接了其大多數資料來源，進而發現其環境中超過 10,000 個未知代理，以及數千項相關風險。這促成了一份數百萬美元的合約，採用我們的 Digital Identity Flex 方案，並搭配 intro。

And another example of this momentum, we closed a three-year 7-figure commitment with a global software company. This new customer is leveraging our core identity security cloud with advanced digital identity governance across thousands of machine identities while establishing a direct path to upgrade to our agentic business suite as they scale their AI infrastructure.

再舉一個動能的例子：我們與一家全球軟體公司簽下為期三年的七位數金額承諾。這位新客戶正運用我們的核心身分安全雲，對數千個機器身分進行進階的數位身分治理，同時建立一條明確路徑，隨其 AI 基礎設施擴張而升級至我們的 agentic business suite。

Our go-to-market engine is significantly more versatile than it was six months ago. We've expanded our entry points across CISOs, Chief AI Officers and other C-suite leaders to win new customers, securing human workforces, autonomous agent fleets or both together.

我們的市場推進（go-to-market）引擎比六個月前更具多樣性與彈性。我們已擴大切入點，透過 CISO、首席 AI 官及其他 C 級主管贏得新客戶，為人類員工隊伍、自主代理群（fleets）或兩者同時提供安全防護。

In Q2, we also expanded our ecosystem with new agent identity security connectors for Snowflake and Databricks. We introduced our Cursor Enterprise connector for autonomous coding agents, and launched a cloud enterprise integration utilizing Anthropics compliance API. Whether an agent is writing code, analyzing data or querying an LLM, SailPoint provides comprehensive visibility and human accountability in a single independent platform.

在第二季，我們也透過新增 Snowflake 與 Databricks 的代理身分安全連接器，擴展了我們的生態系。我們推出了針對自主程式撰寫代理的 Cursor Enterprise 連接器，並發布一項雲端企業整合，採用 Anthropic 的合規 API。無論代理是在寫程式、分析資料或查詢 LLM，SailPoint 都能在單一且獨立的平台中提供全面可視性與人類可追責性。

Let me expand on our innovation. Our approach is grounded in a continuous intelligent security loop across 3 pillars. First, we discover every identity across all platforms and map their entire lineage, so you know exactly what permissions they hold and who authorize them. Second, we govern them under a strict policy of 0 standing privilege, dynamically orchestrating life cycle policies across millions of agentic and nonhuman identities with support for global compliance frameworks. And third, we will protect the enterprise with the ability to deploy a kill switch when an agent violate to guardrail.

讓我進一步說明我們的創新。我們的方法建立在跨越三大支柱的持續智慧安全閉環之上。第一，我們在所有平台上發現每一個身分，並繪製其完整譜系，讓您清楚知道他們擁有哪些權限，以及是誰授權的。第二，我們在「零常設權限」的嚴格政策下進行治理，並在支援全球合規框架的前提下，動態協調數百萬個代理型與非人類身分的生命週期政策。第三，我們將以在代理違反護欄時可部署「緊急停止開關」的能力來保護企業。

We are working to enable real-time authorization, security and response and remediation capabilities integrated with the SoC.

我們正致力於啟用即時授權、安全，以及與 SoC 整合的回應與補救能力。

To deliver on these pillars, we fundamentally advanced our platform this quarter with the launch of SailPoint identity security featuring two purpose-built products, Agentic Fabric, which is now generally available; and Human Fabric, which is the evolution of identity secured cloud. This enables organizations to move beyond static compliance into real-time threat aware enforcement across both human and nonhuman identities.

為了落實這些支柱，我們在本季透過推出 SailPoint 身分安全（Identity Security）從根本上推進了平台，並帶來兩款為此目的打造的產品：Agentic Fabric（現已全面可用）；以及 Human Fabric（為 Identity Secured Cloud 的演進）。這使組織能從靜態合規，邁向同時涵蓋人類與非人類身分的即時、具威脅感知的強制執行。

These aren't future promises. These real-time detection, stock integration and automated enforcement capabilities are available right now. Unifying AI and human identities under one control plane creates an immediate compounding effect. All of this runs on our core technology foundation, SailPoint Atlas. Atlas provides one unified data model, a powerful, comprehensive identity graph.

這些不是對未來的承諾。這些即時偵測、原生整合與自動化強制執行能力現在就已可用。在同一個控制平面下統一 AI 與人類身分，會立即產生複利效應。這一切都運行在我們的核心技術基礎 SailPoint Atlas 之上。Atlas 提供單一的統一資料模型，以及強大且全面的身分圖譜。

And a shared set of AI services engineered for agent scale, real-time telemetry and in-line response.

以及一套共享的 AI 服務，專為代理規模、即時遙測與內聯回應而設計。

We also accelerated our road map by acquiring intro security, and we are rapidly integrating its capabilities directly into the SailPoint Agentic Fabric. This expands our discovery capabilities to over 1,200 nonhuman identity types and provides deep lineage context. While other vendors are racing to bolt-on session visibility or point-in-time threat detection, we believe we are one of the first to bring deep machine credential discovery and full agent life cycle governance under one enterprise grade control plane.

我們也透過收購 Intro Security 加速了產品路線圖，並正快速將其能力直接整合至 SailPoint Agentic Fabric。這將我們的探索能力擴展至超過 1,200 種非人類身分類型，並提供深度的譜系脈絡。當其他供應商競相外掛工作階段可視性或某一時間點的威脅偵測時，我們相信自己是最早將深度機器憑證探索與完整代理生命週期治理，整合在同一個企業級控制平面之下的業者之一。

Already this quarter, demand generated from live demonstrations of these capabilities at major industry events like Black Hat and AI 4 has translated directly into enterprise deals in our pipeline with the valuations and POCs at an all-time high.

僅在本季，我們在 Black Hat 與 AI 4 等大型產業活動中對這些能力進行現場展示所帶來的需求，已直接轉化為我們管線中的企業交易，且估值與 POC 均創下歷史新高。

Overall, the market response to our architecture and product road map has been exceptional with our AI-driven solutions accounting for more than 30% of our net new ARR in Q2.

整體而言，市場對我們的架構與產品路線圖反應極為出色，我們的 AI 驅動解決方案在第二季占我們淨新增 ARR 的 30% 以上。

Enterprises are also using agentic AI governance as a catalyst to accelerate cloud migrations. And through SailPoint Agentic acceleration, we have dramatically simplified the migration process from on-prem to SaaS. Let me give you an example.

企業也正將代理型 AI 治理作為加速雲端遷移的催化劑。透過 SailPoint Agentic Acceleration，我們已大幅簡化從地端到 SaaS 的遷移流程。讓我舉個例子。

This quarter, a global financial services firm signed a multiyear agreement to modernize with our SaaS platform to manage over 300,000 identities. By utilizing our automated onboarding tools, we dramatically reduced implementation friction and accelerated their migration by reducing weeks of configuration time to less than 10 hours.

本季，一家全球金融服務公司簽署多年期協議，採用我們的 SaaS 平台進行現代化改造，以管理超過 300,000 個身分。透過使用我們的自動化上線工具，我們大幅降低了導入摩擦並加速其遷移，將原本需要數週的設定時間縮短至不到 10 小時。

Ultimately, our ability to deliver rapid time to value remains a major differentiator. As part of this modernization, the company also adopted our Digital Identity Flex model to help ensure long-term flexibility in managing nonhuman identities.

歸根結底，我們提供快速價值實現（time to value）的能力仍是主要差異化因素。作為此現代化的一部分，該公司也採用了我們的 Digital Identity Flex 模式，以協助確保在管理非人類身分方面的長期彈性。

Now I'd like to turn to the competitive landscape. While many vendors market nonhuman identity or agentic AI governance, we differentiate on three fronts. First, monitoring is not the same as security. Simply watching an agent go road is just a dashboard of active breaches. Regulators and CISOs require proactive governance.

接下來我想談談競爭態勢。雖然許多供應商行銷非人類身分或代理型 AI 治理，但我們在三個面向上有所區隔。第一，監控不等於安全。只是看著代理偏離軌道，充其量只是顯示正在發生的入侵的儀表板。監管機構與 CISO 需要的是主動式治理。

SailPoint is designed to enforce accountability before the agent ever takes action. We are moving the industry beyond static compliance and into continuous automated governance and protection.

SailPoint 的設計是在代理採取任何行動之前就強制落實問責。我們正推動產業從靜態合規，邁向持續的自動化治理與防護。

Second, governance is not a bolt-on feature. While others try to add governance to adjacent platforms, it lacks the depth of acquired for modern security. Through our Agentic and Human Fabric, governance is natively embedded to our core, giving organizations seamless, unified control across the entire converged workforce.

第二，治理不是外掛功能。當其他人嘗試把治理加到相鄰平台上時，往往缺乏現代安全所需的深度。透過我們的 Agentic 與 Human Fabric，治理原生內嵌於核心之中，讓組織能在整個融合型勞動力（converged workforce）上實現無縫、統一的控制。

Third, access is not accountability. Giving an AI agent a log-in is easy. Proving to an auditor exactly what it did, who owns it and instantly revoking that access at enterprise scale requires a unified identity graph. You cannot protect an AI-driven enterprise on a fragmented stitch together architecture. We are shipping a unified control plane today.

第三，存取不等於問責。給 AI 代理一個登入帳號很容易。但要向稽核人員精確證明它做了什麼、誰擁有它，並能在企業規模下即時撤銷該存取，則需要一個統一的身分圖譜。您無法在支離破碎、拼接而成的架構上保護 AI 驅動的企業。我們今天就已交付一個統一的控制平面。

Our architectural leadership isn't just our opinion. It is heavily validated by the industry analyst community, too. I'm incredibly proud to share that one of the industry's leading identity security analysts, named SailPoint the widely recognized leader in their latest identity and access governance leadership Compass released last month.

我們的架構領先不只是我們的看法。也獲得產業分析師社群的高度驗證。我非常自豪地分享：產業領先的身分安全分析師之一，在其上月發布的最新《身分與存取治理領導力 Compass》中，將 SailPoint 評為廣受認可的領導者。

Additionally, Gartner Peer Insights has us at 4.8 out of 5, based on 824 reviews submitted in the Identity Governance and Administration category as of September 2, 2026. The market is consistently confirming that SailPoint is one of the only identity platforms that can handle this workforce convergence. This is further strengthened by our strategic collaboration agreement with AWS, which establishes SailPoint as a preferred identity governance solution for agentic AI on AWS.

此外，截至 2026 年 9 月 2 日，Gartner Peer Insights 在「身分治理與管理」類別中，基於 824 則評論給予我們 5 分滿分中的 4.8 分。市場持續確認 SailPoint 是少數能處理此勞動力融合趨勢的身分平台之一。這也因我們與 AWS 的策略合作協議而更為強化，該協議確立 SailPoint 為 AWS 上代理型 AI 的首選身分治理解決方案。

In conclusion, SailPoint is delivering strong growth at scale, while redefining identity security for the AI era. The reality is clear. Basic monitoring isn't security. Governance isn't a bolt-on and access isn't accountability. This is why we believe no one else can do what we do.

總結來說，SailPoint 在重新定義 AI 時代的身分安全之際，也正以規模化方式實現強勁成長。現實已非常清楚。基本監控不是安全。治理不是外掛，存取也不是問責。這就是為什麼我們相信沒有其他人能做到我們所做的事。

By delivering a robust identity security framework that spans humans, cloud resources and all nonhuman identities, particularly 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. We believe we have the platform, the architecture and the execution engine to lead this market.

透過提供橫跨人員、雲端資源與所有非人類身分（尤其是自主式 AI 代理）的強健身分安全框架，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。我們相信我們具備平台、架構與執行引擎來引領這個市場。

Now I'll turn it over to Brian.

現在我把時間交給 Brian。

Thank you, Mark. Good morning, everyone, and thank you for joining us today. Fiscal Q2 '27 was another strong quarter with robust demand for our identity security platform. We are successfully executing a deliberate strategy to build a more durable and predictable business, delivering total ARR of $1.231 billion which represents growth of 25% year-over-year. The central driver of this continued growth is the rapid adoption of our SaaS platform.

謝謝你，Mark。各位早安，感謝大家今天加入我們。2027 會計年度第二季是另一個強勁的季度，市場對我們身分安全平台的需求依然旺盛。我們正成功執行一項審慎策略，以打造更具韌性且更可預測的業務，總 ARR 達到 12.31 億美元，年增 25%。推動這項持續成長的核心動能，是我們 SaaS 平台的快速採用。

SaaS ARR grew 36% year-over-year to $847 million. Net new SaaS ARR reached $66 million, a 34% increase from last year, underscoring the ongoing market shift toward our cloud-native solutions. In fact, SaaS accounted for 97% of our net new ARR this quarter.

SaaS ARR 年增 36%，達到 8.47 億美元。淨新增 SaaS ARR 達 6,600 萬美元，較去年增加 34%，凸顯市場持續轉向我們的雲端原生解決方案。事實上，本季 SaaS 占我們淨新增 ARR 的 97%。

Within our SaaS platform, we are seeing healthy momentum across our AI-driven solutions, which accounted for more than 30% of our net new ARR in Q2. This is particularly evident within our installed base, where customers adopting our AI-driven solutions increased their annual spend by over 60%. Customer interest in the recent launch of our SailPoint Agentic Fabric and Agentic Suites is encouraging. Ahead of Q3 availability we saw strong demand from early adopters. As Mark mentioned, this brings our total AI-driven ARR to over $70 million, putting us well ahead of the pace to achieve our $100 million target by fiscal year-end.

在我們的 SaaS 平台內，我們看到 AI 驅動解決方案在各方面展現健康動能，於第二季占我們淨新增 ARR 的 30% 以上。這在我們的既有客戶群中特別明顯，採用我們 AI 驅動解決方案的客戶，其年度支出增加了 60% 以上。客戶對我們近期推出的 SailPoint Agentic Fabric 與 Agentic Suites 的興趣令人鼓舞。在第三季正式供應之前，我們已看到早期採用者帶來的強勁需求。如 Mark 所提到，這使我們的 AI 驅動 ARR 總額超過 7,000 萬美元，讓我們遠遠領先於在本財年年底達成 1 億美元目標所需的進度。

As we discussed at our Investor Day, our AI-driven ARR definition encompasses our Agentic Fabric, our Agentic Suites and our Agentic add-on modules. We chose this definition because it reflects the underlying customer preference for an integrated identity solution across both human and nonhuman identities.

如同我們在投資人日所討論的，我們對 AI 驅動 ARR 的定義涵蓋 Agentic Fabric、Agentic Suites 以及 Agentic 附加模組。我們選擇此一定義，因為它反映了客戶對於跨人類與非人類身分、採用整合式身分解決方案的根本偏好。

Regarding the migration of our on-prem installed base to our SaaS solutions, the unit economics remain compelling. This expansion continues to be driven largely by additional capacity, hosting cost and expanded functionality. In fact, over two-third of our migrations added an AI-driven solution. Most importantly, once customers migrate to our SaaS platform, they typically continue to expand and grow with us over time.

關於將我們的地端（on-prem）既有客戶群遷移至 SaaS 解決方案，單位經濟效益仍然相當具吸引力。此一擴張持續主要由額外容量、託管成本以及功能擴充所驅動。事實上，超過三分之二的遷移案都加購了 AI 驅動解決方案。最重要的是，一旦客戶遷移到我們的 SaaS 平台，他們通常會隨時間持續擴大採用並與我們共同成長。

The migration contribution to our overall ARR growth was approximately 4 points this quarter. We believe we are still early in this motion and our latest AI innovations and the launch of SailPoint Agentic acceleration, an AI tool to accelerate deployments gives us confidence that this can be a durable growth driver.

本季遷移對我們整體 ARR 成長的貢獻約為 4 個百分點。我們認為這項動能仍處於早期階段，而我們最新的 AI 創新，以及 SailPoint Agentic acceleration 的推出（這是一項用於加速部署的 AI 工具），讓我們有信心其可成為可持續的成長驅動因素。

As a reminder, as customers migrate from our on-prem solutions or land with SaaS first, there is a temporary timing impact on recognized revenue and adjusted operating income due to the shift from upfront license recognition to ratable SaaS revenue. As a general rule of thumb, each $5 million shift between SaaS and term impacts in-period revenue by approximately $10 million with the majority flowing through to adjusted operating income. While this tempers near-term reported growth, it strengthens the predictability and long-term health of our business as that revenue is recognized over the full length of the contract.

提醒一下，當客戶從我們的地端解決方案遷移，或以 SaaS 優先方式導入時，由於收入認列從一次性授權認列轉為按期（ratable）的 SaaS 收入，已認列收入與調整後營業利益會出現暫時性的時點影響。一般經驗法則是，SaaS 與定期（term）之間每移轉 500 萬美元，會使當期收入約變動 1,000 萬美元，其中大部分會反映在調整後營業利益。雖然這會抑制短期的報表成長，但由於收入將在合約全期間內認列，反而強化了我們業務的可預測性與長期健康度。

We saw this play out in the second quarter with a higher mix of net new SaaS ARR, which equated to approximately a $5 million revenue timing headwind. Putting this all together, we delivered total revenue of $309 million, an increase of 17% year-over-year, with SaaS revenue growing 34%. Excluding approximately $36 million of revenue recognized at point in time, primarily from term contracts, our revenue recognized over time grew 22% year-over-year.

我們在第二季看到此效應，淨新增 SaaS ARR 的占比提高，相當於約 500 萬美元的收入時點逆風。綜合以上，我們實現總收入 3.09 億美元，年增 17%，其中 SaaS 收入成長 34%。若排除約 3,600 萬美元於某一時點認列的收入（主要來自定期合約），我們按期認列的收入年增 22%。

Additionally, our remaining performance obligation, or RPO, growth accelerated to 30% year-over-year to reach $1.9 billion, and our current RPO grew 27% to $931 million. Our adjusted operating margin was 20.3%. We generated $37 million of free cash flow in our fiscal second quarter, representing a 12.1% free cash flow margin. Our dollar-based net revenue retention remained robust at 113%, and our gross retention remains in the high 90s.

此外，我們的剩餘履約義務（RPO）年增加速至 30%，達到 19 億美元，而當期 RPO 年增 27% 至 9.31 億美元。我們的調整後營業利益率為 20.3%。我們在本財年第二季產生 3,700 萬美元自由現金流，代表 12.1% 的自由現金流利潤率。以美元計的淨收入留存率維持強勁於 113%，總留存率仍維持在接近 90% 後段的高水準。

Acquired ARR from Entro was less than $3 million, which was more than offset by currency headwinds in the quarter. In other words, our total net new ARR results are consistent with organic constant currency growth.

自 Entro 併購取得的 ARR 低於 300 萬美元，但在本季被匯率逆風所抵銷。換言之，我們的淨新增 ARR 總體結果與有機的固定匯率成長一致。

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. For the fiscal third quarter of 2027, we expect ARR to be $1.29 billion, up 24% year-over-year. We expect revenue to be $328 million, an increase of 16% year-over-year with adjusted operating margin of 17.7%.

接下來談展望。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說明。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。對於 2027 財年第三季，我們預期 ARR 為 12.9 億美元，年增 24%。我們預期收入為 3.28 億美元，年增 16%，調整後營業利益率為 17.7%。

We expect our diluted share count to be approximately 577 million shares and adjusted EPS to be $0.07 to $0.08.

我們預期稀釋後股數約為 5.77 億股，調整後 EPS 為 0.07 至 0.08 美元。

For fiscal year 2027, we are flowing through the Q2 ARR upside to our full year guidance. This translates to an increase of $11 million to $1.38 billion, up 23% year-over-year. We expect revenue to be approximately $1.27 billion, an increase of 19% year-over-year. And we expect our adjusted operating margin to be approximately 19%, which is inclusive of additional costs for Entro.

對於 2027 財年全年，我們將第二季 ARR 的上修反映至全年指引。這相當於上調 1,100 萬美元至 13.8 億美元，年增 23%。我們預期收入約為 12.7 億美元，年增 19%。我們預期調整後營業利益率約為 19%，其中已包含 Entro 的額外成本。

We expect our diluted share count to be approximately 575 million shares and adjusted EPS to be $0.32. We continue to expect to generate approximately $200 million of free cash flow in FY27. We expect SaaS to account for approximately 85% to 90% of our net new ARR in Q3 and approximately 90% to 95% for the full year 2027.

我們預期稀釋後股數約為 5.75 億股，調整後 EPS 為 0.32 美元。我們仍預期在 27 財年產生約 2 億美元自由現金流。我們預期第三季淨新增 ARR 中 SaaS 約占 85% 至 90%，而 2027 全年約占 90% 至 95%。

In summary, we believe our strong results, growth at scale, an innovative product road map position us extremely well for continued success in the AI-powered future. We are confident in our strategy and our ability to achieve our fiscal 2029 targets of at least $2.1 million of ARR, at least $800 million of AI-driven ARR, at least 22% adjusted operating margin, and at least $400 million of free cash flow. We believe our execution against these targets will deliver long-term value to our shareholders.

總結而言，我們相信強勁的業績、規模化成長以及創新的產品藍圖，使我們在 AI 驅動的未來中具備極佳的持續成功定位。我們對策略與達成 2029 財年目標的能力充滿信心：ARR 至少 210 萬美元、AI 驅動 ARR 至少 8 億美元、調整後營業利益率至少 22%，以及自由現金流至少 4 億美元。我們相信，對這些目標的落實將為股東帶來長期價值。

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

接下來，我們邀請我們的總裁 Matt Mills 加入，並開放提問。接線員？

(Operator Instructions)

（接線員指示）

Matt Hedberg, RBC.

RBC 的 Matt Hedberg。

Great. Thanks for taking my question, guys. Congrats on the results. A lot of AI nuggets sprinkled through the prepared remarks hearing that the AI-driven pipeline has doubled since Investor Day. And also, I think you said AI-driven ARR was over $70 million this quarter and contributed, I think, meaningfully to net new ARR. I guess I'm wondering, can you help unpack like how that pipeline is converting?

太好了。感謝各位回答我的問題。恭喜這次的成果。在事先準備的發言中提到不少 AI 的重點，聽到 AI 驅動的銷售管線自投資人日以來已翻倍。另外，我想你們也提到本季 AI 驅動 ARR 超過 7,000 萬美元，並且我認為對淨新增 ARR 有相當顯著的貢獻。我想問的是，你們能否協助拆解一下這條管線是如何轉換成實際業績的？

And I guess, as you continue to target $800 million in AI-driven ARR, by fiscal '29. Like how should we think about the progression towards that number? Talking about like attach rates to deal sizes. Just sort of curious on the mechanics because it feels like you guys are a really nice start there.

另外，既然你們持續以 29 財年 AI 驅動 ARR 達到 8 億美元為目標，我們應該如何看待朝該數字推進的進程？例如談談附加銷售率（attach rates）與交易規模之間的關係。我只是好奇其運作機制，因為感覺你們在這方面有一個非常好的起步。

Matt, it's Mark, and I'll probably start and turn it over to Matt for a little more. I think what we're seeing, not surprisingly, is just tremendous interest in what we've brought to market in the last few months. I think as we all have discussed and customers everywhere are kind of in a search mode on how to get their arms around the risks associated with AI, everybody is familiar with some of the famous reach or risk stories that have hit the news.

Matt，我是 Mark，我先開始回答，之後再交給 Matt 補充一些。我想我們看到的情況並不令人意外，就是市場對我們過去幾個月推出的產品有極大的興趣。我想正如我們一直討論的，且各地客戶都正處於摸索階段，思考如何掌握與 AI 相關的風險；大家也都熟悉一些登上新聞的知名外洩或風險事件。

And so what we're finding is just tremendous interest in this topic. And then I think Matt can comment more on kind of some of the shifts we made in our go-to-market approach, but we've, I think, successfully deployed a focused team in our field who can get in front of like the Chief AI Officer, help them understand specifically what SailPoint is doing to address those risks and differentiate that from some of the frankly, the noise that's out in the market around everybody talking about what they're going to do to help you with AI.

因此，我們發現大家對這個主題有極其濃厚的興趣。接著我想 Matt 可以更進一步評論我們在市場進入（go-to-market）策略上做出的一些調整；但我認為，我們已成功在前線部署了一支聚焦的團隊，能夠直接接觸像是首席 AI 官（Chief AI Officer）這類角色，協助他們具體理解 SailPoint 正在做什麼來因應這些風險，並將其與市場上坦白說充斥的雜音區隔開來——因為每個人都在談他們將如何幫你處理 AI。

So I think what we're finding is we get the audience because there's interest in the topic, we're a credible player to come into the dialogue. And when we present in more specificity what we're doing, it tends to get very, very interesting and very fast. That's why we feel good about the pipeline build.

所以我認為，我們看到的是：因為大家對這個主題有興趣，我們能吸引到受眾，而我們也是能夠進入對話、具備可信度的參與者。當我們更具體地呈現我們正在做的事情時，往往會非常、非常快地變得很有意思。這也是為什麼我們對管線（pipeline）的建立感到樂觀。

Yeah. Matt, I'll just add, it's a pretty good place to be in and that there's a ton of interest in this topic, right? So it's much easier to get calls returned and get access to folks. And to that end, we're seeing a tremendous amount of interest in our products. It makes it's a pretty easy story, right?

是的。Matt，我再補充一下，這其實是個相當不錯的位置，因為大家對這個主題的興趣非常高，對吧？所以更容易讓對方回電，也更容易接觸到相關人士。就此而言，我們也看到市場對我們產品有極大的興趣。這讓整個故事變得相當容易理解，對吧？

If you look at our install base, and when you start moving from our, let's say, business suites to Agentic, it's really an upgrade, right? It's not a modernization. It's not a big migration, it's an upgrade. And now you get access to all the agenetic tools. And so we're going through that process.

如果你看我們的既有客戶基礎（install base），當你開始從我們的——比方說——Business Suites 轉到 Agentic，本質上其實是升級，對吧？這不是現代化改造。也不是大型遷移，而是升級。然後你就能使用所有的 agentic 工具。因此我們正在推進這個流程。

I'll tell you another thing that's really interesting is we've pivoted a bit in terms of our go-to-market motions. As Mark said, we've got an overlay group that's really designed to sell to a different persona, right, which would be the AI side of the house, the security side of the house and still continue to work the traditional silos around identity. But that kind of trifecta there is proving to be fairly effective in us being able to drive opportunities and get into things that, quite frankly, maybe we hadn't been getting into.

我再說一個很有意思的點：我們在市場進入的推進方式（go-to-market motions）上做了一些轉向。如 Mark 所說，我們有一個 overlay 團隊，主要是為了向不同的客群角色銷售，對吧？也就是 AI 端的團隊、安全端的團隊，同時仍持續耕耘傳統以身分（identity）為中心的既有部門分工。但這樣的三方組合（trifecta）證明相當有效，讓我們能推動商機，並切入一些坦白說過去可能沒有切入的領域。

Saket Kalia, Barclays.

Saket Kalia，Barclays。

Brian, maybe for you. I think most folks understand that more SaaS conversions means less upfront revenue. But could you maybe help us frame how your SaaS and upfront revenue outlooks are changing this year? Just to sort of flesh out why the ARR beat isn't necessarily flowing through to full year revenue? Just to explain the mechanics that we're all on the same page.

Brian，這題可能給你。我想大多數人都理解，更多的 SaaS 轉換意味著較少的前期收入。但你能否幫我們釐清一下，今年你們對 SaaS 與前期收入（upfront revenue）的展望是如何變化的？也就是更具體說明，為什麼 ARR 超預期不一定會反映到全年營收上？請解釋一下其中的機制，讓我們大家理解一致。

Saket, thanks for your question. So as you saw, we did land with a 97% SaaS net new ARR mix, which was above our guided range of 90% to 95%. I think just looking out to the second half, this is definitely not a demand issue. It's a rev rec timing issue. So we're expecting the full year to still remain in that 90% to 95% range.

Saket，謝謝你的提問。如你所見，我們本季落在 97% 的 SaaS 淨新增 ARR 組合（mix），高於我們指引的 90% 到 95% 區間。我認為展望下半年，這絕對不是需求問題。這是收入認列（rev rec）時點的問題。因此我們預期全年仍會維持在 90% 到 95% 的區間。

And that's what we're providing today as a range, so that could swing one way or the other. Each $5 million move in net new ARR means a $10 million move in revenue. So for Q3, we're expecting a range of closer to 85% to 90% SaaS mix given the Fed year-end. And then for the full year, it will be 90% to 95%. But just to reiterate, this ends up being a rev rec timing issue.

而這就是我們今天提供的區間，因此可能會往任一方向擺動。淨新增 ARR 每變動 500 萬美元，營收就會變動 1,000 萬美元。因此就 Q3 而言，考量聯邦政府（Fed）財政年度結束，我們預期 SaaS 組合區間會更接近 85% 到 90%。而全年則會是 90% 到 95%。但再次強調，這最終是收入認列時點的問題。

You're going to recognize it either largely upfront in the period of sale or over time in the form of SaaS. It's definitely not a demand issue for us.

你要嘛在銷售發生的期間大部分以前期方式認列，要嘛以 SaaS 的形式隨時間認列。對我們而言，這絕對不是需求問題。

Brian Essex, JPMorgan.

Brian Essex，JPMorgan。

Thank you for the intro contribution, by the way. That was a popular question this morning. A question for me. I guess I have two related ones. Either Matt or Mark, how much of the traction and maybe more importantly, how much of your pipeline was competitive displacement?

順帶一提，謝謝你剛才的開場貢獻。那是今天早上很熱門的一個問題。我這邊有個問題。我想我有兩個相關的問題。Matt 或 Mark 都可以回答：你們目前的動能（traction），以及更重要的是，你們的管線（pipeline）中有多少是來自競品替換（competitive displacement）？

One of the things we're hearing about, particularly in the channel as AI as a catalyst for technology transformation kind of similar but maybe more accelerated to what we saw in the cloud transformation era.

我們聽到的一個說法是，特別是在通路端，AI 正成為技術轉型的催化劑，某種程度上類似我們在雲端轉型時代看到的情況，但可能更為加速。

And then maybe part two of the question, we heard about a greater-than-average amount of deal looked during the quarter. If that's true, fantastic results in spite of that, but we'd love to understand the deal dynamics? And what may have caused some of that -- some movement, if any, whether it was the size of deals or complexity of deals, just would love your color on those two points.

然後也許是問題的第二部分：我們聽說本季有高於平均水準的案子往後延（deal slippage）。如果屬實，那在此情況下仍能交出很棒的結果；但我們也很想了解交易（deal）的動態。以及造成部分——如果有的話——延後的原因，是交易規模、交易複雜度，或其他因素？希望你們能就這兩點提供一些看法。

Why don't I take the back half, let Matt have the first, Brian, just to clarify, we did not if we did, I apologize for any misunderstanding. We did not indicate any significant or any deal slippage of note. We feel like we closed the business we expected to close in the quarter. That's why we came in higher than our guided ARR number. There is a lot of complexity in getting some of these business closed.

不如我先回答後半段，前半段讓 Matt 來說。Brian，先澄清一下：我們並沒有——如果我們有提到，那我為任何誤解致歉。我們沒有指出任何顯著、或任何值得注意的交易延後。我們覺得本季完成了我們預期要完成的業務。這也是為什麼我們的 ARR 高於指引數字。要完成其中一些交易確實存在很多複雜性。

But I wouldn't say we saw any significant slippage. I think it's more that we are seeing tremendous pipeline build in the back half. And it is taking some time to convert. Just as a reminder, everyone, we launched a lot of these genetic solutions in the middle of early May and our quarter closed at the end of July. So with typical enterprise sales cycles, we knew we wouldn't see a tremendous amount of that convert in the quarter, but we did see some, and we're very excited about the pipeline build.

但我不會說我們看到任何顯著的延後。我認為更多是我們在下半年看到管線大幅建立。而把它轉換成成交需要一些時間。也提醒大家，我們在 5 月上旬到中旬推出了許多這些 genetic 解決方案，而我們的季度在 7 月底結束。因此以典型的企業銷售週期來看，我們知道本季不會看到大量轉換，但確實看到了一些，而我們對管線的建立感到非常振奮。

And I'll let Matt talk about the whole when we see an agentic deal getting done, is that a displacement kind of a situation? Yes, no, how often that kind of thing.

接著我讓 Matt 談談：當我們看到一筆 agentic 的交易成交時，那是否屬於競品替換的情境？是或不是？以及這類情況出現的頻率。

Yeah. Brian, when you start to look at the competitive landscape and you start looking at the deals we're working, look, everybody typically is coming from something when they're talking with us and so AI really has been this catalyst. When you look at the legacy systems, they're just not built to be able to handle this human agentic dynamic. And I think that's causing companies to really start to accelerate. We're seeing it, quite frankly, in our installed base.

是的。Brian，當你開始看競爭版圖，並檢視我們正在推進的交易時，你看，通常每個人跟我們談的時候，都是從某個既有方案轉過來的，所以 AI 的確成了這個催化劑。當你看那些舊有系統，它們根本不是為了處理這種「人類—agentic」的動態而建構的。我認為這正促使企業真正開始加速。坦白說，我們在既有客戶基礎中也看到了這點。

And quite frankly, that's one of the reasons we have come up with our new product offering, SailPoint Agentic Fabric for non-SailPoint customers.

坦白說，這也是我們為非 SailPoint 客戶推出全新產品方案 SailPoint Agentic Fabric 的原因之一。

If you look at our POCs that we're doing a lot right now, a high percentage of them are coming from non-SailPoint customers. They're very interested in our intro SaaS solution. And so we think that's going to be an interesting thing as we see it play out, but we're getting a fair amount of interest from, again, non-SailPoint customers.

如果你看看我們目前正在做的許多 POC，高比例都來自非 SailPoint 客戶。他們對我們的入門級 SaaS 解決方案非常感興趣。因此，隨著後續發展，我們認為這會是一件很有意思的事情；而且我們也再次從非 SailPoint 客戶那裡獲得相當多的關注。

So I would tell you, I think everybody is kind of feeling it. And not to mention the fact that I think a lot of especially the public companies, the mid-market companies that are public, we get a lot of downward pressure, right, to start being able to drive this technology into the company to get the kind of productivity and efficiencies that maybe the Boards and the public markets are looking for.

所以我會告訴你，我認為大家多少都感受到了。更不用說，我認為很多公司，尤其是上市公司、以及上市的中型市場公司，正面臨很大的向下壓力，對吧——必須開始把這項技術導入公司，以取得董事會與公開市場可能期待的那種生產力與效率提升。

Shaul Eyal, TD Cohen.

Shaul Eyal，TD Cohen。

Congrats. Maybe one for Brian. So RPO accelerated to 30%, CRPO grew 7%. Can you maybe -- can you share with us this widening gap? Are customers signing larger, longer duration agreements or our implementation and revenue recognition payments just keeps extending?

恭喜。可能有一題想問 Brian。所以 RPO 加速到 30%，CRPO 成長 7%。你能否——跟我們分享一下這個差距擴大的原因？是客戶簽了更大、期限更長的合約，還是我們的導入與收入認列/付款時程只是持續拉長？

Thanks, Shaul. So we are really pleased with the acceleration in the RPO. I think that's a sign for the future and more commitments from customers. We are starting to see larger deal sizes. I wouldn't say the duration of the deals has extended too materially or significantly.

謝謝，Shaul。我們對 RPO 的加速成長感到非常滿意。我認為這是未來的訊號，也代表客戶做出更多承諾。我們開始看到更大的交易規模。我不會說合約期限有非常明顯或重大的延長。

They were in line with historicals, but we are seeing larger deal sizes in for sure.

合約期限與歷史水準一致，但我們確實看到交易規模變大。

I thought did you say 7% or 27% for CRPO, just to clarify.

我想確認一下，你剛剛說 CRPO 是 7% 還是 27%？

27%.

27%。

It's 27%. I thought Shell said 7%. I apologize if I misheard that. It is 27% for CRPO.

是 27%。我以為 Shaul 說的是 7%。如果我聽錯了我很抱歉。CRPO 是 27%。

Sorry, just maybe cut out for a second.

抱歉，剛剛可能斷線了一下。

Gray Powell, BTIG.

Gray Powell，BTIG。

Great. Congratulations on the good set of numbers here. I think you've kind of hit on this already, but you highlighted that customers who adopted an AI-driven solution in Q2, increased their annual spending with you by about 60% or more. At the Analyst Day, I thought we're talking about more like a 25% to 50% uplift. So I guess my question is what's driving the upside in those customers?

很好。恭喜這次數字表現不錯。我想你們多少已經提到過，但你們強調在第二季採用 AI 驅動解決方案的客戶，與你們的年度支出增加了約 60% 或更多。在分析師日，我記得我們談的是大約 25% 到 50% 的提升。所以我想問的是，這些客戶的超預期成長是由什麼驅動的？

And how should we think about the sustainability of that trend going forward?

以及我們應該如何看待這個趨勢未來的可持續性？

A great question. Thanks, Gray. So yes, I think what we're seeing is a number of things. First of all, with our migration opportunity, our monetization approach is that when we do a migration about two-third of those migrations include an AI-enabled products. So there's definitely a trend here in terms of when customers expand with us and land with us, they're definitely interested in expanding with AI.

這是個很好的問題。謝謝，Gray。是的，我認為我們看到的是幾個因素。首先，就我們的遷移機會而言，我們的變現方式是：當我們做遷移時，大約三分之二的遷移會包含 AI 賦能的產品。因此，當客戶與我們擴張、並採用我們的方案時，確實存在一個明顯趨勢：他們對以 AI 進一步擴展非常有興趣。

So it's the power of both the nonhuman and human identities that's really driving the conversation and the modernization discussions. So we're really pleased with the early signs and green shoots that we're seeing in the funnel and some of the early deals that we've done.

因此，真正推動對話與現代化討論的是「非人類」與「人類」身分的雙重力量。所以我們對目前在漏斗中看到的早期跡象與一些早期成交案所展現的正向訊號感到非常滿意。

Joseph Gallo, Jefferies.

Joseph Gallo，Jefferies。

And also appreciate the Entro disclosure. This one is for Matt and Mark. I mean you spent a lot of time talking about the differentiation with in AI versus competitors. Are customers understanding that message because it still kind of feels like the Wild West. So like the actual question is, one, who are you seeing most in those deals?

也感謝你們揭露 Entro 的資訊。這題想問 Matt 和 Mark。你們花了很多時間談 AI 相較競品的差異化。客戶是否理解這個訊息？因為整體感覺仍有點像蠻荒西部。所以實際問題是：第一，在這些案子裡你們最常遇到的對手是誰？

Is it identity vendors, backup and recovery or platforms? And then two, anything to note with those sales cycles relative to the company average sales cycle? Are they quicker? Or are they longer?

是身分（Identity）廠商、備份與復原廠商，還是平台型廠商？第二，這些銷售週期相較公司平均銷售週期有什麼值得注意的地方嗎？是更快？還是更長？

Joe, this is Matt. look, it's quite interesting. We're seeing a ton of interest in what we're calling the SailPoint Entro and the SailPoint Agentic Fabric. And really, what's happening is people are starting to realize that step one is to be able to identify what they don't know. We're really doing these and prosecuting these new opportunities with POCs, right?

Joe，我是 Matt。你看，這其實很有意思。我們看到市場對我們所稱的 SailPoint Entro 與 SailPoint Agentic Fabric 有大量興趣。而真正發生的是，人們開始意識到第一步是能夠辨識自己不知道的事情。我們確實是透過 POC 來推進並落實這些新機會，對吧？

And we're kind of moving to this look, there's a lot of noise in the market. You guys already know this, right? And I think one of the ways we're combating it is saying, if you're buying something today, you're looking something today, look, you need to see it. you need to put it on your network, you got to use your data, use your use cases, and that's the only way you're going to find out it works. So that's an approach we're pushing.

我們也在轉向這樣的說法：市場上有很多雜訊。你們都已經知道了，對吧？我認為我們對抗雜訊的方法之一是：如果你今天要買東西、今天要評估方案，你必須親眼看到它——把它部署到你的網路上，用你的資料、用你的使用情境；這是你唯一能確認它是否有效的方法。所以這是我們正在推動的做法。

We have and if you look at our pipeline over the next three quarters, four quarters, we have hundreds of POCs that are already in the pipeline that we're going to go prosecute.

而且如果你看我們未來三到四個季度的管線，我們已經有數百個 POC 在管線裡，接下來會去推進與落地。

When you look at the time frame, it is accelerated. It's much quicker than a traditional agentic business suite purchase. And I think if you're looking for time lines, it's 30 to 45 days, right? And our hope is that we can accelerate further than that. But it's putting it on the customer's network, using their data, using their use cases and getting through it.

就時間框架而言，它是加速的。比起傳統的 agentic 業務套件採購要快得多。如果你要看時間線，大概是 30 到 45 天，對吧？我們也希望能再進一步加速。但關鍵就是把它放到客戶的網路上，用他們的資料、用他們的使用情境，然後把流程跑完。

And we're having a what's really interesting is if you go look at 50 of these, you could change the name of the company. The results are all very much the same. I had no idea. I had no idea this maybe agents, I had no idea that I have too many people that were using tools that we weren't using. We our company standardized on Copilot and nobody is using Copilot.

而且真正有趣的是，如果你去看其中 50 個案例，你可以把公司名稱換掉。結果幾乎都非常相似。「我完全不知道。」「我完全不知道原來可能有這些代理（agents）。我完全不知道有太多人在使用我們並未採用的工具。」「我們公司標準化採用 Copilot，但根本沒有人在用 Copilot。」

They're using everything else. And it's not a dig on I'm just -- it's one of these things that it's just -- it's real and it's what we're dealing with. And I think the customers are amazed at what they're seeing.

他們在用其他所有東西。這不是在批評——我只是……這就是其中一種情況：它很真實，這就是我們正在面對的現實。我認為客戶對他們所看到的內容感到非常驚訝。

And Joe, just to touch there on the differentiation. Like Matt said, one of the things we accelerated dramatically with the purchase of Entro was the discovery capability. We always like to see you can't govern or secure which you can't see, right? So that kind of was a dramatic increase in expansion of what we can discover. And as Matt said, it's literally 100% of the customers we go in to find way more than they expected to this are out in their environments.

Joe，再補充一下差異化。如 Matt 所說，我們透過收購 Entro 而大幅加速的一件事，就是探索（discovery）能力。我們一直認為，你看不到的東西就無法治理或保護，對吧？因此，這在我們可探索範圍的擴張上帶來了非常顯著的提升。而且如 Matt 所說，幾乎是 100% 的客戶，我們一進去都會發現遠超出他們原先預期的東西散落在其環境中。

But then you have to move to, okay, now that you've seen it, what can you do about it, which is where some of the earlier technologies in the market today are falling pretty short because once you've found these things, you have to do something about it, right? And where we move to very quickly is to do a few things. You need to understand what all these nonhuman particularly agentic identities are. You do need to tie them to humans because some human has to be responsible for this agent. I'd like to say you can't bring a lawsuit against an agent, right?

但接著你就得進一步思考：好，既然你已經看見了，那你能做什麼？這也是目前市場上一些較早期技術表現相當不足的地方，因為一旦你找到了這些東西，你就必須採取行動，對吧？而我們很快就會轉向做幾件事。你需要理解所有這些非人類、尤其是具代理性（agentic）的身分是什麼。你也確實需要把它們連結到人，因為一定有某個人必須對這個代理負責。我常說，你不可能對一個代理提起訴訟，對吧？

If something goes wrong, somebody in that organization has got to be responsible. That's where our as Brian was highlighting earlier, our sale is effectively a blended value proposition of you need to see the human world in great and breadth and you need to tie it to the agentic and nonhuman world. SailPoint is uniquely well positioned to do that. And so we show them what we found. We show them how it relates to the human environment.

如果出了問題，組織裡一定得有人負責。這也是我們——如 Brian 先前強調的——我們的銷售本質上是一個混合式的價值主張：你需要以很深、很廣的方式看見人類世界，同時也需要把它連結到代理性與非人類世界。SailPoint 在這方面具備獨特且非常有利的定位。因此我們會向他們展示我們找到了什麼。我們也會展示它如何與人類環境相關聯。

And then we put the protective capability in place to say now when we see something bad happening, we can take action. We can turn it off, we can flag it, whatever the appropriate action is. And it's that combination of value of discovering and then setting up governance policies and then by taking kill switch type actions when we need to.

接著我們會部署防護能力，表示當我們看到不良事件正在發生時，我們可以採取行動。我們可以把它關掉、可以標記它，或採取任何適當的處置。而這種價值的組合——先探索、再建立治理政策，並在需要時採取類似「緊急停止（kill switch）」的動作——就是關鍵。

So tying that whole non-human agentic world to the human world that we uniquely manage well is starting to resonate very well with customers. They can't manage these agents completely independent of their human identity landscape.

因此，把整個非人類代理性世界與我們獨特且擅長管理的人類世界連結起來，正開始在客戶間引起非常好的共鳴。他們無法把這些代理完全獨立於其人類身分版圖之外來管理。

Rob Owens, Piper Sandler.

Rob Owens，Piper Sandler。

There's multiple components to your AI ARR definition. Just hoping you can unpack what's driving the strength that you're seeing thus far?

你們對 AI ARR 的定義包含多個組成部分。想請你們拆解一下，到目前為止你們看到的強勁表現主要是由什麼驅動的？

Rob, it's Brian here. So thanks for the question. As we've been saying, it's hard to look at AI just in isolation, but we're really defining it as an integrated solution that crosses both human and non-human identities. So it's sold with the power of kind of both and both being additive to the number. I mean this really drove the 19% net new ARR growth that grew 34% net new ARR SaaS growth.

Rob，我是 Brian。謝謝你的問題。如我們一直在說的，很難把 AI 單獨抽離出來看，但我們確實把它定義為一個整合式解決方案，橫跨人類與非人類身分。因此它是以兩者的力量一起銷售，而兩者都會對數字帶來加成。我的意思是，這確實推動了 19% 的淨新增 ARR 成長，以及 34% 的淨新增 SaaS ARR 成長。

So what's included in the AI-driven definition is both the AI-driven solutions suite customers that have an immediate upgrade path to agentic suites that were just unveiled. And we really think it's the best prediction or to measure our performance moving forward as opposed to kind of coming up with any kind of arbitrary allocation. We think the power of both of these combined going into the AI-driven number is really the way to look at it. So we're really pleased with the pipeline, more than doubled, over $200 million. We have a record number of POCs, as Matt mentioned, and feel good about where we're tracking against our targets.

因此，納入 AI 驅動定義的內容，包括 AI 驅動解決方案套件的客戶，這些客戶也有一條立即升級到剛發布之代理性（agentic）套件的路徑。我們認為，這是用來預測或衡量我們未來表現的最佳方式，而不是提出任何任意的分攤方法。我們認為，把這兩者合併納入 AI 驅動數字來看，才是正確的觀點。所以我們對管線非常滿意，已經翻倍以上，超過 2 億美元。我們有創紀錄數量的 POC（概念驗證），如 Matt 提到的，並且對我們相對於目標的進度感到樂觀。

Patrick Colville, Scotiabank.

Patrick Colville，Scotiabank。

I guess is one for both Mark and Brian, please. the AI-driven ARR in 2Q accounting for more than 30% of net new, I thought was an incredibly helpful statistic, but also showing to us that AI is clearly a driver of SailPoint's business as of today. Is your expectation that, that proportion stays consistent or increases? Because it might kind of back them with math. If so, then that target of $100 million by the end of 4Q looks really low.

我想這題想請 Mark 和 Brian 都回答。AI 驅動 ARR 在第二季占淨新增超過 30%，我覺得這個統計非常有幫助，也讓我們看到截至今天 AI 顯然已經是 SailPoint 業務的驅動因素。你們預期這個占比會維持一致，還是會提高？因為用數學推一下可能會有點對不上。如果是這樣，那麼你們在第四季末達到 1 億美元的目標看起來就太低了。

I mean, we could even get to like $120 million, $130 million, and that would be a really exciting kind of lending to the future of how SailPoint's going to grow from here?

我的意思是，我們甚至可能到 1.2 億、1.3 億美元，而那將會非常令人振奮，也能為 SailPoint 從這裡開始如何成長帶來很好的前景？

Yeah. So Patrick, it's Brian. So yes, I mean we're excited about the early traction we're getting. And again, kind of one drives the other. So you can't just look at it as AI only.

是的。Patrick，我是 Brian。是的，我們對目前取得的早期動能感到興奮。而且再次強調，兩者是互相驅動的。所以你不能只把它當作純 AI 來看。

It's the power of AI with human and non-humans combined. So just our packaging and pricing and go-to-market approach is resonating. Again, pipeline build is there for the future. We feel really good about that, even just since Investor Day, having more than doubled it is compelling. And actually, customers are coming to us on these questions, too.

而是 AI 與人類及非人類身分結合的力量。因此，我們的產品包裝、定價與 go-to-market（市場進入）策略正在引起共鳴。同樣地，面向未來的管線建置也已到位。我們對此感覺非常好，甚至自投資人日以來就已翻倍以上，這很有說服力。而且實際上，客戶也會帶著這些問題來找我們。

So it's really nice to be in a position where customers are seeking out our counts on our guidance in terms of how to navigate through this ever-changing world. So and yes, you can see the math. We're off to a really good start, strong start on the Investor Day targets that we laid out. We feel good about them, and it's exciting.

所以能處在一個客戶主動尋求我們觀點與指引的位置，來協助他們在這個不斷變動的世界中前行，真的很好。所以，是的，你可以看到數學。我們在投資人日提出的目標上有一個非常好的、強勁的開局。我們對這些目標很有信心，也令人振奮。

You direct that to both of us. I'll just say, basically, I agree with Brian 100%, Patrick. I think if anything, we feel very good about achieving and potentially, obviously, overachieving that original target of $100 million. And also this year, the question was, do we continue to see it growing as a proportion of our business to answer that is absolutely, yes. I think, as Brian said, increasingly, customers, I think, won't even be asking us about human only identity solutions.

你把問題同時問我們兩位。我只想說，基本上我 100% 同意 Brian，Patrick。我認為我們對達成、甚至很可能超越原先 1 億美元目標感到非常有把握。另外，今年的問題是：我們是否會持續看到它在我們業務中的占比成長？答案絕對是會。我想如 Brian 所說，越來越多客戶，我認為甚至不會再只問我們「僅人類」的身分解決方案。

They'll just be asking about an integrated identity solution, and that's how we're packaging and selling. And so as sorry, as Brian pointed out earlier, it's just kind of impossible for us to tease that apart. And so we just want to kind of get you guys thinking that that's the way that customers are moving forward with us. And we think it's the right way to think about solving the problem, most importantly.

他們只會詢問整合式身分解決方案，而這正是我們的包裝與銷售方式。因此，如 Brian 先前指出的，我們幾乎不可能把它拆開來看。所以我們只是希望讓各位開始用這種方式思考：客戶未來與我們合作的方向就是如此。而且我們認為，最重要的是，這也是解決問題的正確思維方式。

Jonathan Ruykhaver, Cantor Fitzgerald.

Jonathan Ruykhaver，Cantor Fitzgerald。

The question I have is just around modernization flex. But I'd like to get a little bit more in terms of how that might be impacting IdentityIQ migration. I think some of the previous comments to highlight the need for IGA modernization. So I guess the specific question is, is this impacting any of your assumptions around SaaS migration in the second half? And also looking at the potential ARR uplift, which I think, Brian, you've said in the past, it's potentially 2 times to 3 times.

我的問題主要是關於 modernization flex（現代化彈性）。但我想更進一步了解它可能如何影響 IdentityIQ 的遷移。我認為先前的一些評論凸顯了 IGA 現代化的需求。所以具體問題是：這是否會影響你們對下半年 SaaS 遷移的任何假設？另外，關於潛在的 ARR 提升，我記得 Brian 你過去說過可能是 2 倍到 3 倍。

Any change in how you're looking at those two

你對這兩項的看法有任何改變嗎

Yeah. Thanks, Jonathan. I'll take that one. So yes, in fiscal Q2, migration momentum definitely continued. I think what we're seeing is that customers are buying into the vision, right?

有。謝謝你，Jonathan。我來回答這題。所以是的，在會計年度第2季，遷移動能確實持續。我認為我們看到的是客戶正在認同這個願景，對吧？

So and that's evident by about two-third, actually, over two-third of our migrations that we completed in Q2, actually included AI-enabled products with it. So I think that is really compelling. We also have a tool called and a service called SailPoint Agenetic Acceleration and this basically simplifies and accelerates the migration process, making it much easier for customers to lean in and continue to move more towards our strategic vision that we have.

而且這點很明顯，因為我們在第2季完成的遷移案中，大約三分之二，實際上超過三分之二，都同時包含了具備 AI 功能的產品。所以我認為這真的很有說服力。我們也有一個工具和一項服務叫做 SailPoint Agenetic Acceleration，基本上它能簡化並加速遷移流程，讓客戶更容易投入，並持續更朝向我們的策略願景前進。

In terms of the uplift, we're still in that range of 2 times to 3 times up with the PON migration. Now that grows over time. When we do have a heavier mix of term, that's probably closer to 2 times. But the important thing is that, that definitely grows and expands over time over the next several years out. And we just have more and more now to offer in terms of that expansion opportunity.

就提升幅度而言，透過 PON 遷移，我們仍落在 2 倍到 3 倍的區間。而且這會隨時間成長。當我們的定期（term）組合占比較高時，可能更接近 2 倍。但重要的是，未來幾年這個幅度確實會持續成長並擴大。而且就這種擴張機會而言，我們現在能提供的也越來越多。

So we really feel good about it.

所以我們對此感覺非常好。

Last thing I'll say, I think you were asking this question, this contributed about 4 points to our overall ARR growth in fiscal Q2, the migration activity alone along with the expansion.

最後我再補充一點，我想你在問的是這個：在會計年度第2季，單就遷移活動本身加上擴張，對我們整體 ARR 成長貢獻了大約 4 個百分點。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Maybe building on that last question, I just wanted to ask about agentic acceleration. And just kind of the time line that you're seeing some of these accelerated migrations on and when you could when or if you could pivot agentic acceleration towards kind of legacy provider solutions?

延續上一題，我想再問一下 agentic acceleration。以及你們看到這些加速遷移的時間軸大概是怎樣，還有你們何時能、或是否能把 agentic acceleration 轉向用於傳統（legacy）供應商的解決方案？

Yeah. Meta, this is Matt. So absolutely correct. It started out as an accelerating tool to be able to help our IQ customers move much more quicker and more efficiently to our SaaS platform. But today, we're far, far along the road of using this tool now for not only our the legacy that you're talking about, but replacing maybe some of our competitors who had some failed implementations.

是的。Meta，我是 Matt。完全正確。它一開始是一個加速工具，用來幫助我們的 IQ 客戶更快、更有效率地遷移到我們的 SaaS 平台。但今天，我們已經在這條路上走得非常、非常前面了，現在不僅用這個工具來處理你提到的那些傳統系統，還能用來取代一些競爭對手在導入失敗後留下的方案。

And even so far along as taking a new prospects RFP and using that for a source to actually go build out a POC that ultimately would end up as a production instance. And this is part of the selling adoption we're going through right now for this new agentic world. So we're pretty excited about it.

甚至我們已經進一步到：拿新的潛在客戶的 RFP，並把它當作來源，實際去建出一個 POC，最終會成為正式的生產環境實例。而這也是我們目前在這個新的 agentic 世界中推進銷售採用（selling adoption）的一部分。所以我們對此相當興奮。

I'm sorry, yes, non-SailPoint environments as well, right? So that would be all the legacy stuff you're thinking about the, I'll just call them out the Oracles and the CAs, the traditional big legacy players.

抱歉，是的，也包含非 SailPoint 的環境，對吧？所以那會涵蓋你所想的所有傳統系統——我就直接點名，像 Oracle、CA 這些傳統的大型老牌玩家。

Joshua Tilton, Wolf Research.

Joshua Tilton，Wolf Research。

Maybe just a two-parter for me. I appreciate the contribution to growth from the migrations in the quarter. But can you just talk to maybe how those four points compare to your expectations? How are migrations tracking relative to your expectations? And maybe also just relative to the context of the longer-term targets?

我這邊可能有兩個問題。我很感謝你們提到本季遷移對成長的貢獻。但你能否談談這 4 個百分點和你們原先預期相比如何？遷移的進度相對於你們的預期表現如何？以及也相對於長期目標的脈絡來看呢？

Are they ahead of expectations, in line with expectations?

它們是超出預期、符合預期，還是怎樣？

And then just the second part is for the back half, do you feel like you have this mix dynamic locked in to the updated guidance that we have? I noticed the mix drops in 3Q, but you're still expecting a similar SaaS net new ARR mix for the full year. So just help us understand how much confidence do you have that we won't continue to see revenue headwinds from this mix dynamic going into the second half of this year?

第二部分是：針對下半年，你覺得你們已經把這個組合（mix）動態鎖定在更新後的財測指引中了嗎？我注意到第3季的組合占比下降，但你們仍預期全年 SaaS 淨新增 ARR 的組合占比相近。所以請幫我們理解一下：你們有多大信心，認為今年下半年不會因為這個組合動態而持續看到營收逆風？

Josh, it's Brian here. So I would say that the contribution of the migration/modernizations so the growth was right in line with what we expected heading into the quarter. In terms of the mix assumptions for the second half of the year, the SaaS mix assumptions, and we're tilting more towards 85% to 90% because of the federal government year-end and fiscal Q3. We're still sticking with the 90% to 95% SaaS mix for the full year. And again, that could swing.

Josh，我是 Brian。我會說，遷移／現代化對成長的貢獻，與我們在進入本季前的預期完全一致。至於下半年組合假設、也就是 SaaS 組合假設，我們因為聯邦政府的年度結算落在會計年度第3季，所以會更偏向 85% 到 90%。但我們仍維持全年 90% 到 95% 的 SaaS 組合占比。而且再次強調，這可能會有波動。

It just that's the reality of the situation. Every $5 million of swing one way or the other could be $10 million of revenue. We monitor it, we track it. We track the pipeline. We try to dial it in as much as possible, but we do want to caveat it that, that is the range that you could see.

這就是現實情況。每 500 萬美元的擺動（不論往哪個方向）都可能對應到 1,000 萬美元的營收。我們會監控、會追蹤。我們會追蹤管線。我們會盡可能把它校準到位，但也要提醒大家，你可能會看到的區間就是如此。

We feel good about the second half of the year. I think our guidance implies about 58% of our business would come in the second half of the year, Q3 and Q4, and that is right in line with where it was last year. So we feel good about the overall number itself of the net new ARR.

我們對下半年感覺良好。我想我們的指引意味著大約 58% 的業務會在下半年入帳，也就是第3季和第4季，而這與去年完全一致。所以我們對淨新增 ARR 的整體數字本身很有信心。

Shrenik Kothari, Baird.

Shrenik Kothari，Baird。

So congrats again, and Entro seems to be really changing the front end of the sales motion, as you said. You now have hundreds of POCs in the pipeline and, Mark and Brian, you mentioned the cycles are materially shorter than traditional agentic suite becoming a faster new over motion. So my question is, as the mix potentially shifts towards these faster entry-led land, should we expect kind of smaller initial ACV but then a much larger subs sort of expansion opportunity into Agentic Fabric and then the broader suite? And part as the product boundary itself is surprisingly moving quickly from Discovery into like real-time run time, governance enforcement.

再次恭喜，而且如你所說，Entro 似乎真的在改變銷售動作的前端。你們現在在管線中有數百個 POC，而 Mark 和 Brian 也提到，相較於傳統的 agentic 套件，銷售週期明顯更短，正在成為更快的「新進入」動作。所以我的問題是：當組合可能轉向這些由更快的 entry-led land 帶動時，我們是否應該預期初始 ACV 較小，但之後在 Agentic Fabric 以及更廣泛的套件上，有更大的訂閱（subs）擴張機會？另外，產品邊界本身也出乎意料地快速從 Discovery 走向像即時 run time、治理（governance）執行。

Beyond Entro, where are the remaining let's say, capabilities, either dynamic just in time or planning or any other run time remediation where you would still look at from an M&A or building organically?

除了 Entro 之外，剩下的能力（比方說動態 just in time、或規劃、或其他 run time 修復）你們還會從併購（M&A）或自行研發的角度去看哪些？

I'll take the first one. This is Brian here. So we are not seeing any smaller deal sizes per se when intro is introduced into the selling process. In fact, I think it's expanding our non-human identity discovery using Entro. So I think it actually could be a compelling use case for maybe having even larger deal sizes at some point in the future.

我先回答第一個。我是 Brian。我們並沒有看到在銷售流程導入 Entro 後，交易規模就變小。事實上，我認為它透過 Entro 擴大了我們對非人類身分（non-human identity）的探索（discovery）。所以我認為，未來某個時間點它甚至可能成為促成更大交易規模的一個很有吸引力的使用情境。

But for now, I would think of it as status quo even with Entro, but it does speed up and make the sales process more efficient from the early stages.

但就目前而言，即使有 Entro，我仍會把它視為維持現狀（status quo），只是它確實能在早期階段加速並讓銷售流程更有效率。

And Shrenik, on the second question, we did see a pretty dramatic expansion, as I said, of our discovery capabilities, particularly with Entro and we are continually developing a lot around our whole move toward more real-time governance. It's demanded in the world of Gentek, and we think it will kind of slide very much into the way people think about doing human identity governance, which has again been more asynchronous, a little less real time.

而 Shrenik，關於第二個問題，正如我提到的，我們確實看到我們的探索（discovery）能力有相當顯著的擴張，特別是透過 Entro；同時我們也持續在整體朝向更即時治理（real-time governance）的轉型上投入大量開發。這在 Gentek 的世界裡是被要求的，我們認為它也會很自然地融入人們對於人類身分治理（human identity governance）的思考方式；而後者過去又更偏向非同步、即時性稍弱。

But in this world, we're emerging toward the real-time ability to make decisions based on human access based on context is I think going to be the buzzword here. based on real-time context, candidate human or this agent get access to what it's trying to access. And so that is the place we continue to make significant investments in things like what we held just-in-time provisioning or just-in-time authorization.

但在這個世界裡，我們正朝向即時能力演進：能夠基於情境（context）就人類存取做出決策，我認為這會是這裡的關鍵熱詞。基於即時情境，判斷某位候選人類或這個代理（agent）是否能取得它正嘗試存取的資源。因此，這也是我們持續在所謂即時（just-in-time）佈建（provisioning）或即時授權（authorization）等領域進行重大投資的方向。

And we are building a lot there and continue to keep our eye on some of the early-stage technologies in the market to potentially supplement. You've seen us do that a couple of times in the last couple of years of kind of enhancing or accelerating our road map through a strategic technology acquisition. So those types of things are still very much in play for us, and we continue to scour the opportunities around the market for that.

我們在那方面正在建置很多內容，同時也持續關注市場上一些早期階段的技術，作為潛在的補強。過去幾年你們也看到我們做過幾次，透過策略性的技術併購來強化或加速我們的產品路線圖。所以這類事情對我們而言仍然非常在進行中，我們也會持續在市場上搜尋相關機會。

Our next question comes from the line of Richard Poland of Wells Fargo.

下一個問題來自 Wells Fargo 的 Richard Poland。

So I just wanted to ask about it sounded like early in the prepared remarks, you made mention that customers committed to some of the Agentic suites ahead of that Q3 launch. And so I just wanted to clarify, is it fair to say that there was some contribution in Q2 from the Agentic suites. And just as we think about Agentic suites and what's embedded there for the second half? Any, I guess, quantification or even qualitative framing for how we should think about Agentic suites ramping in the second half?

我想問一下，聽起來在一開始的事先準備發言中，你提到有客戶在第三季（Q3）推出之前就承諾採用部分 Agentic 套件。所以我想確認一下，是否可以說第二季（Q2）已有來自 Agentic 套件的一些貢獻？另外，當我們思考 Agentic 套件以及下半年其中包含的內容時，你能否提供一些量化，或至少定性的框架，讓我們理解下半年 Agentic 套件的爬坡（ramp）應該如何看待？

Yeah. So Richard, this is Brian. There was no absolutely no pull-in of deals. It was -- these were existing business suite customers that have an upgrade path to the agentic suites effective immediately. So these were early adopters of the agentic offerings that we have.

是的。Richard，我是 Brian。完全沒有任何把交易提前（pull-in）。這些是既有的 Business Suite 客戶，他們可以立即升級到 Agentic 套件。所以這些是我們現有 agentic 產品的早期採用者。

It was strictly just a packaging thing now that we have the genic suites available. There is an immediate upgrade path to that.

這純粹只是包裝（packaging）上的調整，因為我們現在已經提供這些 genic 套件。因此有一條可立即升級的路徑。

And then the second part of your question, I think the second half is, again, continuing to lean in on selling more and more agentic suites, and that's the power of both the human and nonhuman identity packaging as part of it.

至於你問題的第二部分，我認為下半年就是持續加大力度，銷售越來越多的 agentic 套件；其威力在於其中同時包含人類與非人類身分（human and nonhuman identity）的打包組合。

Gregg Moskowitz, Mizuho.

Mizuho 的 Gregg Moskowitz。

Just I would like to get back to Gray's question on the spending uplift for existing customers buying AI because certainly, it's very early days but also really encouraging data. And I'm wondering if this gives you some confidence that you could actually see more of an increase than perhaps you initially believed or do you expect that it will settle in at the levels that you had articulated at the Analyst Day?

我想回到 Gray 關於既有客戶購買 AI 所帶來支出提升（spending uplift）的問題；當然現在仍是非常早期，但數據也相當令人鼓舞。我想知道，這是否讓你更有信心，實際上你們看到的增幅可能會高於你們最初的預期？還是你預期它會回到你們在分析師日（Analyst Day）所闡述的水準？

I think as of now, Gregg, we're going to say that we feel really good about where we are, and we're off to a strong start. We're not changing anything from the Analyst Day per se, but we are off to a good start and tracking ahead of the goals that we laid out.

Gregg，就目前而言，我們會說我們對現況感覺非常好，而且起步很強勁。我們並沒有要特別去改變分析師日的任何說法，但我們確實有一個好的開始，且進度追蹤顯示我們領先於當時提出的目標。

Junaid Siddiqui, Truist.

Truist 的 Junaid Siddiqui。

Great. Flex Navigator has clearly helped accelerate migrations to the SailPoint platform, but are you seeing it also increase the ultimate lifetime value of those customers through higher module adapt attach rates or just broader identity coverage? And do you see Flex primarily just as a migration catalyst or a meaningful wallet share expansion opportunity?

很好。Flex Navigator 顯然有助於加速遷移到 SailPoint 平台，但你們是否也看到它透過更高的模組採用／附加率（attach rates）或更廣泛的身分覆蓋（identity coverage），提升了這些客戶的最終終身價值（lifetime value）？你們主要把 Flex 視為遷移的催化劑，還是一個有意義的錢包份額（wallet share）擴張機會？

Yeah. This is Matt. I would really, when we put this in place, really, it's really as -- look, as an accelerator, right, to help customers move quicker to the SaaS or now agentic model. And it kind of takes the risk, if you will, of these large corporations that are moving, right? So they can start to move more strategically than this one big fail swoop trying to get everything done in 6 or 9 or 12 months.

是的。我是 Matt。我們當初推出這個機制時，主要是把它定位為——你看——一個加速器（accelerator），幫助客戶更快轉向 SaaS 或現在的 agentic 模式。它某種程度上降低了這些正在轉型的大型企業的風險。因此他們可以更具策略性地逐步遷移，而不是一次性大動作（one big fell swoop）想在 6、9 或 12 個月內把所有事情都做完。

So that's kind of how we put it in place. And I think that's it's working as we intended.

所以這就是我們設計它的方式。而我認為它確實如我們預期般在發揮作用。

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

我現在想把電話會議交回給 Mark McClain 作結語。先生？

Thank you, and thank you, everyone, again, for joining us. We feel very good about the results as we've said throughout the call and try to indicate clearly the momentum we're seeing with the pipeline build and the interest in the agentic capabilities and we expect to continue to see a lot of momentum from these products in the market in the coming quarters, and we're excited about where we are today. So thank you for joining us. We look forward to maybe some further dialogue after the call. Thanks again.

謝謝，也再次感謝各位今天加入我們。正如我們在整場電話會議中所說，我們對結果感到非常滿意，並且也試著清楚說明我們在管線建立（pipeline build）以及市場對 agentic 能力的興趣上所看到的動能；我們預期在接下來幾季，這些產品在市場上仍會帶來很大的動能，而我們也對目前的進展感到振奮。所以謝謝各位參與。我們也期待在會後或許能有更多進一步的交流。再次感謝。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。