All right. I think we're good to go. I'm Roger Boyd. I cover cybersecurity here at UBS, very happy to have CyberArk here. Matt Cohen, who's Chief Operating Officer. Matt, thanks for being here. Great. Thanks for having me. Yeah. Maybe just to start things off, maybe a recap of the Q3. I think everybody's seen the macro impacts creep into the security space. I don't wanna call CyberArk immune, but it feels like the reaction's been maybe a little less pronounced. 49% ARR growth on harder comps was a clear highlight. Just in your perspective, what were the key points and the key takeaways from the Q3, how are you continuing to grow at such a rapid pace? Yeah, sure. I, you know, I don't think anyone's immune, and I think we walk into the customers all the time, and we're talking with them about their struggles trying to navigate these macro environments. You know, it's, it's a part of every conversation that we have with our customers regardless. What we've seen is that, you know, traditionally cyber has always been above the fray a little bit on budgets, maybe not so much as lately, but certain cyber is still above the fray. You know, when we think about what we do at CyberArk, which is really this identity management space or identity security space, it's about implementing primary cyber controls. Controls really are about making sure that if somebody gets in or when somebody gets in, you can actually block them from getting to the most critical assets, the most critical data, the most critical infrastructure. For our customers, that continues to be top of mind. You know, with the attacker innovation that's going on out there, the ability to be able to really secure identities, not just manage identities, is board-level thinking for them. We saw it in Q3, we saw, you know, again, a continued acceleration on our overall business and in our ARR growth. We continue to see that looking forward into next year as we think about, you know, again, the place we play within the cybersecurity landscape. Got it. Just in terms of like actual macro effects, I think Udi and Josh and yourself have talked about longer sales cycles, back-end weighted deals. Is that kind of how you track things throughout through Q3? How are you thinking about Q4? Just any assumptions you've made and that's kind of layered in the Josh guidance? Yeah, sure. The Josh guidance is always a good term. I think when we think about it, you know, again, we've said that, like, we see additional scrutiny, we see additional approvers show up. You know, sometimes it's a shock. We've been doing business with a company for 10 years. All of a sudden something going to the CFO that wasn't going to them before. Those are things that can be anticipated with good execution. You can get ahead of it. You can understand who are the approvers, you can understand what is the new process. You can still go out there and execute. I think when we look back at Q3, what we've seen so far in Q4 is that those things don't need to stop a deal from coming through. Again, as long as there is a good compelling event, which is these products or these solutions need to be implemented, and they need to be implemented in order to put in place these controls, we can overcome any of those obstacles and still deliver an overall good quarter and ultimately deliver a good guide. Yeah. Just I wanna talk about PAM before jumping to the broader platform. I think you're on pace to add another 1,000 customers this year. Clearly it feels like the market for Privileged Access Management is expanding. There's some clear drivers there. You've talked about Zero Trust, the fact that cyber insurance is a good driver. Can you just talk about how this has played out over the last year and how you're thinking about those tailwinds extending? How far penetrated are we in the PAM market? Yeah. I think with the thing that people are waking up to within the PAM market as a core before we get into identity security as a whole, is that the notion of what a privileged user is, has changed and altered dramatically over the last several years. Where it used to be, it was a very specific user within IT that was considered the privileged user or the domain accounts, the domain admins, those type of users. We're now seeing that any user can be a privileged user at a moment in time. Developers are increasingly privileged users with the access they're given throughout the DevOps pipeline and to applications. We see business users actually, as they access SaaS solutions, becoming privileged users. Obviously outside of the PAM, we see non-human identity start to proliferate as well. All of that then increases the ability to actually be able to upsell within our existing accounts more and more PAM seats, which is driving a component of our overall growth. The greenfield opportunity of going out and finding companies both in the enterprise and especially down into the corporate or commercial space that don't have a PAM footprint at all, continues to be a pretty strong tailwind behind the overall PAM growth for the company. Frankly, it's even surprised us in terms of how strong it continues to be even as we try to go into these other areas. Yeah. Makes sense. Then within PAM, I feel like for the longest time it was considered an on-premise technology. It's maybe been slower to move to the cloud. A few years ago, it felt like there was this narrative that CyberArk maybe wasn't moving into the cloud as fast as they could have. I think now that that's faded away. In terms of feature parity between Privileged Cloud and the on-premise product is fairly comparable. You've seen very strong adoption of Privileged Cloud. I guess the question is, one, where do you think the SaaS PAM adoption is? Does having that Privileged Cloud help you get into more deals, expand that narrative even further? Yeah. I think that I think we even underestimated the appetite for SaaS-delivered or cloud-delivered PAM when we first came out with it. We're far past the 1,000 customers on our Privileged Cloud solution, which is an important and strong milestone for us. We've seen it adopted, not just down-market, but in some of the biggest enterprise Fortune 500 companies who have moved to the cloud. You know, I think what we see is, yeah, it's differentiated now. It actually has more capabilities than the on-prem offering. Plus, it's integrated into our overall identity security platform, which allows us to partake of some of the shared services. Customers can see that they can use Privileged Cloud and then integrate in a common UI and a common platform with our other solutions. It's a good roadmap or, a good on-ramp, if you will, for them as they move forward. I think that that adoption is just gonna continue to accelerate into next year and beyond. There's a few industries that still are a little hesitant, for example, the big financial institutions. But outside of that, most customers we talk to have a plan for how they're gonna move to the SaaS-delivered Privileged Cloud. Very clear. On the transition, investors have seen a lot of these, and I think CyberArk stands out as being one of the more successful ones, moving from primarily perpetual sales to predominantly SaaS, and as you guys have pointed out, a SaaS-heavy mix of subscription. Having had the experience of going through these transitions at other companies. Can you just talk about what you think CyberArk's done that's gone really well? First of all, thanks. It's been something we're really proud of. You know, getting through the selling transition in 5 quarters, you know, originally put out an 8 to 10-quarter goal. We got through it in Q1 of this year in a 5-quarter performance. The way we were able to do it, and part of it was the learnings, to be honest, of having done this before at a prior company, was to put in place just really strong rigor and program management. We took the entire company, and we formed a 100-person task force with a PMO and different work streams to make sure that the entire company was shifting, not just the sales organization. Finance, HR, marketing. We made sure we had, as we just talked about, differentiated offerings on the subscription side so that there would be a pull happening where the customers wanted to go there versus us having to push them over the line. Obviously, you know, one big piece of a transition is the sales execution. We learned pretty early, and obviously had experience with how you create incentive plans that make the sales professionals want to do this and push the customers there. We're really happy with the transition. We have a little bit more to go. We're at the upper 80% right now. We'll get into, you know, low 90% before it will kind of plateau for the future. It certainly is how we operate now as a company. We're a subscription company, and it's a much better motion now with our ability to do land and expand that drive quicker deal cycles than we were able to do as a perpetual company. Yeah. I think to that last point, I mean, you're at 80% mix of bookings coming from sub-subscription, and I think there's room to grow on top of that. I think to this point, you've been fairly light-handed in how you've been moving customers over. At this point, as you move into calendar 2023, is there room to kinda change that, maybe get more to influence demand through incentives or other ways you could change the kind of mix between perpetual and SaaS? Is it continuation of what you've done so far? Yeah. I mean, I think for new customers, it will just continue, and it will drive up into the nineties, as I talked about. When we think about the existing maintenance paying base, you know, we have a general philosophy, which is we're gonna take a carrot approach, not a stick approach. The reason why is because when a customer converts from perpetual to SaaS, we're getting a very decent multiplier of their ARR. Why is that? Because they see value. They see value in the SaaS offering. They see value in upgrading their seats to the latest features. Generally speaking, they're also adding in new modules of our new features. I don't wanna force a bunch of customers to move and get, let's say, you know, one and a half X multiplier while they move. I'd rather wait until they are ready to move, give them the incentive to move, and get a significantly more multiplier. It's actually a transition, I think, for the base that we'll see play out over the next three years. I don't think it's gonna be some hockey stick that happens next year. It'll be a gradual approach over the next three years of moving that base over, and when they move, us getting a nice upside. Got it. Okay. Maybe a financial question that would be more of a Josh question, but we'll try it out anyway. As you think about the impact of the transition on the income statement, I mean, Josh laid out that vision of 8 to 10 quarters, and you've done it in 5. Clearly that's pulled forward some of the income statement impact and also moving to SaaS a little bit faster than you had thought as well has had a similar effect. Thinking about that rev growth acceleration you saw in the quarter, 26%, it feels like operating margin might be towards the bottom. How, how should we think about the trajectory of those line items on the income statement as we go from here? Sure. Yeah, yeah. I think from a revenue perspective, we're clearly out of the trough. We're back to revenue growth. As you said, you know, upper 20% growth, headwind adjusted into 30% growth. We see that really starting to accelerate. In all these transitions, revenue accelerates much, much faster than the operating margin. I also just wanna reiterate what you said, which is we did it so fast that the bottom, the trough of the operating margin happened a little quicker and deeper than we would've expected. What we'll see it play out right now is in 2023, there'll be a slow emergence from the operating margin perspective, and then it will really start to snowball and accelerate in 2024, leading to our 2025 model that we've put out there. Now, we're committed, everyone seems to be talking about these days, but we're committed to being a Rule of 40 company on the other side of the transition, anchored a little bit more on growth than on profit. You know, we'll adjust as needed as we go forward. That being said, when we think about how we operate today behind the scenes of the transition, we believe we're pretty close to operating as a Rule of 40 company as it is when you look through the transition itself. Right. Okay. Shifting to the broader platform, it feels like we've seen the CyberArk identity strategy really start to take shape and expand from here. You debuted the single sign-on MFA capability earlier this year. It looked pretty good. Right now, I think access is called 15% of subscription ARR, but you're the only company that's a leader in both the access management and PAM Magic Quadrants for Gartner. Can you just talk about what you've done from an integration perspective, bundling perspective to kind of push forward this vision of access plus PAM security focused identity? Yeah, no. It's an exciting development for us, and it just happened, right? The movement up into the leadership position on the Access Magic Quadrant. I think it makes a big statement both as a standalone access provider competing in the market, and then, as you said, as the only provider that's both PAM and access, which really supports the identity security vision as a whole. We believe kind of, as a fundamental thing that you have to take a security first mindset to how you do access. It's great to connect everybody to every application, but you have to do it in a secure way. We've taken this concept, which is transplanted from PAM, Privileged Access Management, to privilege controls, which is the essence of PAM, and we've said, "How can you apply privilege controls against any type of access?" If you're doing single sign-on, for instance, how can you make single sign-on more secure? Well, you can add privilege controls to single sign-on, and then you can differentiate in what's largely a commoditized market with a security-first mindset. For all of our solutions, we've taken that same approach, integrated it across the platform and said, "How can we take the best of PAM and apply it for identity management, apply it for secrets management, and in that way, create one single platform that embraces the principles of privileged controls? Yeah. Makes sense. From a go-to-market point there, I mean, I guess this just happened a couple of months ago. You've been at it for a couple quarters trying to build that platform out. What can you do from a marketing, a demand generation perspective to educate customers? I would say most customers think about CyberArk as a Privileged Access Management company, and it's been kind of this ongoing story to bridge it out. What initiatives do you have in place to kind of expand that mind share with customers? Yeah, sure. We've had a wonderful new CMO who's on board. He's been on board now for six months, he's got a whole plan of really getting this CyberArk, the identity security company, out into the mindset. We did a roadshow of impact events, every country around the world, not every, but felt like it when we were traveling around, where we went from country to country and told this story, met with existing customers, met with prospects. I think what it's really starting to resonate in the consolidating market that they can trust one company and a company that's really focused on security to really bring total identity management and identity security. I think you'll see that more and more from us, a broader and bigger voice around that. We certainly feel it with our customers today. Going back to Adaptive, I mean, that was the company that was maybe the core of your access product. At one point was actually part of a broader solution of PAM plus identity access management for whatever reason, didn't work out quite right. What has been the reception from that customer base on this integrated offering? Is it right to think about customers as maybe an exposed idea, the strategy? Anything learned from that customer base as you kind of expand this strategy out to other customers? Yeah. First of all, you're right. One of the reasons we chose Adaptive is it had a PAM mindset embedded in. It had a security-first mindset embedded in, and we're really happy with that acquisition and what we've been able to develop organically around it, and bring forth as part of the overall platform. You know, I think when you think about those customers, they're incredibly open to the full story. When you look across the entire base, you know, we have 7,000 customers and growing, you can find some of the biggest enterprises of the world, and most of them are leveraging PAM and access or PAM and EPM, Endpoint Privilege Manager, or PAM and secrets management, our Conjur offering. We find that our customers are embracing us much more beyond PAM than maybe, you know, some of the other people out here know. It's certainly a big component of driving our growth is not being just a PAM provider today. Yeah. I'll just remind the audience, I've got an iPad up here. If you want questions, you can send them through the QR code, and we'll happily refer them on. I will continue going. From a channel perspective, I feel like the last couple of quarters, CyberArk has talked more about diversifying the channel strategy, and you talked a little about CyberArk Marketplace and other areas. Can you just talk about how you think about the broad categories within channel and where you might see the most opportunity as we end the new year? Yeah, Matt. For me, personally, channels are the way that you become bigger than who you are. We're a, you know, a company on our way to $1 billion. We've got 2,700 employees around the world. you know, we're a stalwart now in the cyberspace, but our solution deserves more, and the way you get to more is through channels. Channels amplify your effect. you know, whether it be our SI programs, where most of the major SIs have dedicated, large, dedicated SI practices, where they push CyberArk as the solution in identity security, whether it be our reselling channels, which are out there really pushing the further platform and going beyond PAM. The distributors of the world who really have embraced the lower market for us and kinda helped us get new logo acquisition. Then, as you mentioned, two new, newer areas, one being the hyperscalers or AWS and Microsoft, the AWS Marketplace, where it kinda lubricates or makes the sales cycle a little quicker because you're paying with $ that are already purchased or already committed. MSPs. The MSP market is no longer just a down market. The MSPs are serving all markets, you know, enterprise and corporate or commercial. So what we see with the MSPs is building their backbone on the back of the CyberArk solution, and then you're able to use them really on new logo acquisition to drive growth. Yeah, we're really excited by our overall partner strategy. We've invested a lot of dollars and attention cycles there. Also just in our DNA, a partner-friendly company. These partners like working with us, and we have good mutual relationships. Yeah. Maybe just on MSSP, I think that's more, more recent kind of focal point for you. You had two larger MSSPs show up to Impact in July and talk about the opportunity, like is that resonating more with those partners? Does Privileged Cloud help you kind of get into that market a little further? Or how are they thinking about the platform? Yeah, for sure, Privilege Cloud becomes the backbone of the offering. The ability to be able to offer the shared services of the identity security platform makes it easier for them to do tenant management, makes it easier for them to be able to, you know, scale up and scale down. We see them really embracing the solution. I think the other thing that's happening is in this job market, in this labor market, a lot of our customers, despite what we were talking about macros, are struggling to hire cybersecurity professionals, and they need to hire more and more cyber professionals to service this market. The MSP as an outsource model allows them to be able to subsidize a little bit some of those gaps they have in cyber talent. You see big companies, like even the big SIs, putting together MSP offerings that they're bringing down market to help with the skill gap that exists in the cyberspace. Totally. On AWS, I mean, you talked about the idea that people are using dollars pre-purchase, and there's benefits time to close, being able to use same paper from those hyperscalers. Does that become more strategic of a channel as you get further into Secrets Hub and some of the DevOps pieces? Just curious about how that channel expands a little more. Yeah, I think that's a fabulous lead in there. You know, at a core level, AWS Marketplace, again, it's quote-unquote "free dollars." It's committed dollars that can make a sales cycle go faster. When you start to actually be driving not just cloud consumption, for example, for AWS, but actual products that enhance the AWS offerings, that's when the partnership takes off and the AWS sellers are actually out in the market pushing your offering. Secrets Hub is a great example of a new offering that we launched actually this quarter, where it allows for native development of services by developers in AWS. They don't have to leave the AWS environment to actually build their applications and embed credential management and secrets management. On the back end, we've integrated back to the CyberArk vault and the CyberArk solution so the security team can get the best of both worlds. Quick developer productivity, but the security-first mindset, the security-first trust of the CyberArk vault and the CyberArk offering. That allows AWS then to run faster. They can say, "Use our, use our services, and we don't have to sacrifice security at all." We'll do that with the other hyperscalers, with the other cloud providers that are out there. You know, I think it's a really good opportunity for us to actually lean in in that partnership. Makes sense. In addition to Secrets Hub, you announced a number of new features in July at your customer event. Can you just talk about like I mean, I'm sure you're excited about all of them, but what are the one or two that you're most excited about as you bridge kind of further into access? Not quite the governance, but some pieces of governance. Just any other highlights on how you see that identity platform. Yeah. -expanding. Yeah, sure. I mean, Secrets Hub would've been my number one that I'm most excited about. We're building the fastest amount of pipe there, and it's really taking off. On the identity management side, so we define identity management as, think about it as Modern IGA or IGA Lite, which is the idea of bringing the core principles of IGA around workflows, around compliance, around lifecycle management, and making sure that they integrate in with our overall platform so that you can make a payment program more effective, or you can make an access program more productive. We've taken some of those core elements, not to full on compete with SailPoint or a big IGA, but to make our integrated story of identity security more effective. We're launching, or we launched a Identity Flows and Identity Compliance this quarter as well, announced earlier in the summer. Again, as you said, they round out that identity management vision, and they help this consolidating world of identity where access, PAM, and IGA are coming together, and we're the only ones who can offer one integrated platform against it. Got it. I'll read one from the iPad. localization efforts in China, where do the local vendors stand? I don't know if that's particular to the country or just internationally. How do you view competition? Yeah, sure. I can talk internationally. I would say we have a very small exposure in China. It's not a, it's not a place where you wanna be. You don't wanna be going into China as an outside security firm. It's just not an effective long-term strategy. I think China will always be, frankly, a pretty small element. We have decent business in Hong Kong and Taiwan. We have great business in the rest of APJ. You know, we've got a emerging business in Japan. We've got a very strong business in Singapore and Southeast Asia. We've got a nice business over in Australia. Our EMEA business is 30% of our overall business, and it's growing at this really effectively, again, even in this environment. You know, I think internationally, outside of the U.S., we see that as a growth opportunity. We're already in all the countries we wanna be in, which is really nice, so it's just about putting a little bit more, little bit more fuel on the fire in those countries. Maybe I'll expand that question to broader competition in PAM, and we've obviously seen a lot of kind of turnover in terms of M&A and companies going private. I mean, I think CyberArk's always been the leader in PAM. As things move to the cloud, maybe that conversation got a little more confusing. Today, how are you feeling about the competitive environment in the privilege side of the world? On the privilege side of the world, I mean, we've never been in a better place. We believe we're taking share. We know we're taking share based upon the growth rates that the analysts put out there versus where we're growing. We think we can win every deal we're in. you know, being the only public PAM provider is a nice place to be. There's a lot of confusion around the PE-owned companies. There's still a lot of worry about what it means for their platform, for their technology stack. you know, I think we're competing from the strongest place we've ever been on a PAM perspective. you know, we're happy in a PAM growth market to be number one. I think when you go outside of PAM to the other areas, of course, we're competing more from the back. You know, in access, we're competing behind Microsoft and Okta. You have Ping, who's very prevalent in the enterprise space, but also is just taken private with PE that causes confusion. We're a leader in the Magic Quadrant, and we can kinda compete more effectively against those incumbents as we go and take out legacy technology, which is really what we're doing out in the enterprise space as it relates to access. We feel we've never been in a better competitive position as demonstrated by our results. A little bit on the Secrets Hub and DevSecOps side of the world. I think there's a competitor people know about and think about you relative in that space. I think Conjur was an acquisition in, I think, 2015. Yeah. It's been on the platform for a while. It feels like it's finally kind of hitting a momentum, a stride. Would just love to get your impression on, like, how you penetrate that market, the competitive environment. Sure. Yeah, listen, I think the competitor you're referring to is HashiCorp. Hashi is very strong, they're very strong in their ability to be embedded within the developer life cycle, to get their open source vault into development projects. I think we have two differentiators that we're pushing. One is any application, anywhere, anytime, meaning we don't just do cloud native development and cloud native applications, we can do, you know, off-the-shelf applications, vulnerability scanners, SaaS applications. We also can do legacy applications that are sitting in the on-prem data center, and we can do it all with one enterprise suite of solutions tied back into our platform. That allows us, at the enterprise level, to not make someone have to compromise between their modern development and their legacy or infrastructure. Secondly is we have the backing of security, and so we can come in with security and broker with the development organization a path to developers. You develop at your own speed, develop as fast as you want, but let's have security actually endorse this so that you know when you're done developing, you're done. If you're not endorsed by security, you never know what's gonna be swapped in later. That's our ability to be able to go compete effectively with Hashi. You know, again, we love the secrets management market overall. We say this stat a lot, but I can't get in through a meeting without saying it, which is, for every human identity, there's 40 machine or non-human identities. Just think about that level of proliferation. All of those identities need to be managed, they need to be secured, and we have to make sure that none of these breaches happen, where hard-coded credentials are driving, you know, basically easy attack vectors for the bad actors that are out there. Got it. Maybe a margin question, but just on headcount and hiring, I think CyberArk's had a pretty good string of quarters in the hiring space. How are we thinking about that over the next four quarters? Obviously, tougher macro environment, at the same time, maybe the labor market's softening a little bit. You guys are at a point where you wanna expand the platform a little more aggressively. Where does hiring and investment in the sales force and R&D kind of into that equation? I mean, I think it's a two-pronged story. One story is we're watching the macros every day. We wanna make sure we don't get ahead of ourselves. If anything changes in our performance and our environment, we'll turn down the hiring, and we'll turn it down instantaneously. We did it in COVID successfully on a dime, and we can do it here if we need to. That being said, at the moment, we see such a big opportunity ahead of us into 2023, we don't want hiring to be something that impacts our ability to grow. So we'll continue to hire and look for talent in the sales and marketing space. We continue to look for ability for technology hires that are necessary for our future of our platform. We'll do it smartly, as you said, like we've always done. I think when we think about the overall opportunity to go find talent today, it is a richer environment to find talent. We wanna press our foot on the gas and bring that talent in, especially those who can help us really capitalize on this growth market. Got it. Thinking about pipeline in the Q4, I know last year you had a bigger budget flush quarter, and so some maybe perpetual come back. I think broadly across the space, we're hearing more companies kind of talk down in impact of budget flush over in the next quarter, but just curious to get your perspective or what are you kind of planning on in terms of a typical budget flush? Any sense of how that would impact the mix of perpetual subscription SaaS or are things just kinda moving towards that subscription? Yeah. I think when we set our guidance, we anticipated there wouldn't be a huge budget flush. Not zero, but not a huge budget flush. I think we still think there will not be a huge budget flush. you know, I think we see, you know, last year we had a really nice Q4 sets up for a difficult compare. We're not gonna be anywhere near there from a budget flush perspective. Again, that's what we knew going into the quarter, nothing's changed. We definitely don't see a huge influx of perpetual. Mm-hmm. You know, maybe that's a little surprising. I think our customers have become conditioned to buying subscription and SaaS. Most of them are buying their new products in subscription and SaaS, even if they're staying with their PAM on-prem. I think that's what we see going forward. It's pretty much consistent with probably where we were when we were talking to the markets. Got it. From a product perspective, I mean, you now have maybe six or so different solutions on the platform. You've talked about, I think, access being around 15%, EPM being maybe a little north of there. What does the pipeline look like from that perspective? Are you seeing more customers looking at the broader platform, or is it still heavily dominated by CyberArk Privilege Cloud and other areas? Yeah. I mean, I think when you add it all together, from a performance perspective, ARR, we are 25% EPM, 15% access, and 10% secrets management, right? If you add that together, it's 50/50. In looking backwards, it's 50/50 PAM, 50/50 everything else. When you look forwards, the mix of everything else is more than 50%. I think we see that being a very healthy dynamic for us. Now again, PAM continues to grow, which will impact maybe the shift. If you have one anchor tenant that's still growing very healthy, it takes a while for the others to overcome them. We continue to see, you know, nice growth in the pipeline around all three areas. We're hoping that we'll get even more acceleration here on the access front on the backs of Magic Quadrant and some of the other moves that we've made. Some of the tailwinds you've benefited from over the last year, I mean, we talked about Zero Trust and the evolution of privileged users becoming more prevalent throughout the organization. As you get into DevSecOps, the number of machines go up. How, how do you think about tailwinds heading into next year? I think one that's been called out by Udi quite a bit is the cyber insurance market. Just curious, like how you think about the tailwinds that you've seen this year maintain in, into calendar 2023? Yeah, I think that's what gives us optimism as we look towards 2023. Frankly, beyond 2023 to 2024 and 2025, you know, the key trends around Zero Trust, software supply chain, ransomware, are trends that play their way into identity security and into identity. When you analyze any major breach that's happened over the last several years, ultimately, what have they been trying to do? They've been trying to find their way to a privileged identity. Once they have access to that privileged identity, things go bad very quickly. We believe that all of those trends support the notion that we're front and center in anyone's cybersecurity strategy. If you go over to cyber insurance, why would it matter to cyber insurance? Well, because they've recognized that they're paying out tons of money on breaches that ultimately people were trying to get to privileged controls. Again, that's how you effectively implement a ransomware attack. I think those are the trends that will sustain our business, not just in 2023, but for the long term. Now, as a company, what we need to do is we need to get the word out about who we are. We need to actually get the identity security vision out into the marketplace. We need to amp up our ability to go out to new logos, to use the partners to get into new markets. All of those things are about execution and even better execution, that's what sets up a long-term durable growth strategy for us as a cybersecurity leader. Yeah. EPM, I think has been, I don't wanna call it unsung hero because it's been pretty- We've sung a few times. You've sung a few times. Yeah. Yeah. I think you've talked about maybe a 5th of customers having that solution, and would love to get your perspective on, from a competitive standpoint, I don't think anybody else is offering that. It actually works. I mean, if you think about like where people wanna spend money and actually defending against ransomware, it's a solution that has, like, proven to work there. How do you think about adoption of that within your customer base and beyond? Like, should that be a bigger percentage of users using that? Yeah. I mean, if you were in one of my internal meetings, you'd hear me say all the time, "Why isn't it more? Why isn't it more? Why isn't it more?" The reason I say that is because, like you said, it is quick to value, and it locks down control. Just so everyone understands, EPM or Endpoint Privilege Manager is about taking any endpoint, let's say a desktop or a laptop, it can be a Windows or a Mac machine, it can be a Linux box, and basically locking down the rights at that endpoint. You remove local admin rights, and you implement a workflow that allows someone to ask for the ability to be able to install or download and put anything onto the workstation. That act of being able to do that locks that endpoint down, so even if someone gets in, they can't do anything. Even if they get by, they can't actually get into the network, they can't actually start to download any of these files that actually ultimately lead to the breach or lead to the harvesting of all the data and information. Given that fact, everybody needs it. It needs to be on every endpoint. It needs to be on every workstation. When customers realize that, they realize it fast. They're actually a little bit quicker deal cycles. They're big deals. Sometimes they're just a little slow in slotting it into their phases, and they wanna get PAM done first rather than doing it at the same time or doing it quickly. Every one of our customers has it on their roadmap to talk to them, but we need to actually push it a little faster. It is a huge growth vector. It's our fastest-growing product. You know, again, it's probably one of my favorites to talk about. Competitively, there's not much out there that can compete? No. I mean, I think the other PAM providers, they have solutions. Some of them have been invested in, some haven't. We feel like we're differentiated in our, in our ability. In addition, Microsoft has an offering out there, but we believe that it's again, like We're able to successfully compete against Microsoft in that front. No, we feel like it's a, it's a market ripe for us to go capture. Relative to the EDR players that are talking more about identities is completely complementary. Complementary plays right next door. You know, any of them, we see it as a co-sell, not as a competitive sell. Got it. We got two more minutes, so I'll wait for other questions, but maybe one other one. Post-quantum cryptography is maybe getting out there, but in the secrets management space, there's been a lot of talk of steal now, decrypt later. Is that something that CyberArk can kind of help with in terms of companies understanding their exposure to those kinds of attacks and the fact that encrypted certificates could be at risk in the future? I mean, I think it's an area people who know CyberArk knows we have a heavy investment in our CyberArk Labs. It sits over in our, in our headquarters over in Israel, it's its own floor. Some of us are allowed on the floor, some of us are not allowed on the floor. You know, they're off really analyzing and researching a lot of these next generation problems. They're looking and trying to make sure that our solutions do have a way to play, or we understand the partners that we should be playing with to be able to solve those solutions. You know, whether it's that or another hot one is decentralized identity, you know, all of these areas are areas where our labs are free, like unfettered to research, understand, and then give feedback back to our R&D organizations on either partnerships or where we wanna modify the product. That's a good asset to have in the family here. Totally. All right. I think we'll wrap it there unless there are any last ones, but just wanna thank Matt for being here. Great conversation. Thanks. Thanks. Thanks for the questions. Thanks everyone for tuning in.