All right. Well, we wanted to thank everybody for coming here today and for joining us at our IMPACT customer event. For those of you on the live stream, thanks for tuning in. For the folks that made the trip all the way to Boston, we really appreciate you taking the time out of your busy schedule. It has been a busy couple of days for us already so far at IMPACT. We had our partner event yesterday. Hopefully, you that are here in the room were able to attend the keynotes. Those of you that are on the live stream, if you have a moment, listen in. There was some great content and some new announcements. Really worth the investment. Before we kick it off, we wanna remind you that we will be talking about forward-looking statements. Those forward-looking statements are going to be about our Q2 results, our full year 2023 results, and beyond. Those forward-looking statements are subject to risks and uncertainties. Those risks and uncertainties are outlined in our Form 20-F that is filed with the SEC. For more details, please go to our website. We have a lot to get to from a content perspective in a relatively short period of time. Just to kind of outline what the general agenda is gonna be, Matt Cohen, our Chief Executive Officer, is gonna come up right after me and walk us through our vision. He's gonna hand it off to Clarence Hinton, who's gonna talk. He's our Chief Strategy Officer, and he's gonna talk about the market opportunity and go deeper into our strategy and how that translates into our total addressable market. From there, we're gonna deep dive into the go-to-market and how we're gonna capitalize on that market opportunity. Simon Mouyal, our Chief Marketing Officer, will talk about all of the investments we've been making, some of which you saw today on the main stage, in our brand in being an identity security company. Unfortunately, Chris Kelly, who is our Chief Revenue Officer, is not feeling well. He made the trip all the way here to Boston. He's in a hotel room. We decided it was in the best interest of everyone that he stay there and Matt Cohen take over for his presentation. Matt's gonna go through how we're gonna execute against that opportunity. Chris was really looking forward to spending some time with you. Over the course of the next couple of months, we'll figure out a way to make that happen. We're gonna turn it over to Peretz Regev, who is our Chief Product Officer. He is gonna talk to you about how our innovation is actually delivering and fueling our long-term growth. Josh is gonna come up, and he's gonna talk about how that translates into the financial model from a long-term perspective. We're gonna take a quick break. That'll be at about 3:00 P.M. We're gonna come back. Amy Blackshaw, who you saw today up on the main stage, is gonna have a discussion with a couple of our customers, two customers that have really embraced the Identity Security Platform. We think it'll be very interesting for you to hear directly from them. We're gonna open it up for a question and answer session with the executive team. We should be finishing up right around 4:00 P.M. We've got a lot to get to. Thank you all again for coming here. With that, I'm gonna turn it over to Matt. I'm used to the idea of walk-up music now. I know. I'm not getting it. Did you notice how big her smile was when she was talking about Josh? It wasn't the rest of us, 'cause she's excited about what Josh is gonna go over. We will all try to get you excited as well by what we have to talk about. Before I jump into the framework for our discussion this morning, I'll start with actually what I was talking about on the main stage, which is this idea of these three forces. You'll notice that we use the term forces, and when Simon's up here, he's gonna show you some of the new branding, which is like a force field around the identities that exist within our organizations as a countermeasure against those forces. The forces really are this proliferation of new identities that's happening and sprawling throughout our customers, our prospects in every enterprise around the world. It is amazing to watch the sheer number of identities that each one of us have. Just think about yourself within your environment, the different username and password credentials that exist just for you. Now multiply that by a 40x multiple, and you get into the notion of what machine and non-human identities are playing havoc on organizations, security teams around the world. We talked about new environments and this idea of complex hybrid environments that all of our customers now have to maintain as they try to take advantage of the cloud, but still have capacity dedicated on-prem. Then we talked about new attacker methods, and I think Udi and Levi, at the end, did one of the best presentations I've seen in a while that just helped put the point on how innovative the hackers are out there, how they can leverage things like generative AI to really drive up the ability to be able to phish and fake and actually get into our organizations and breach and wreak havoc. Those three forces does shape the CyberArk strategy. It's, it's not worth talking about anything else if we don't understand those three things, 'cause it's those three things that make identity the centerpiece of cybersecurity strategies for all of the security teams we talk to. It's what keeps us at the top of the list. Now, we've talked to you for a while about these three internal forces or really pillars of our strategy, which is the ability to grow and grow exponentially, the ability to be able to innovate. That innovation helps drive growth, but also the pillar of profitability. Profitability is a key milestone of the CyberArk strategy. I'll hit on it a little bit today, and Josh will hit on it more in his presentation. All three of those areas, growth, profitability, innovation, and all three of the forces I talked about, new identities, new environments, and new attack methods, they all have at their center our Identity Security Platform. The platform is what drives our ability to grow, and we'll talk about that in a little bit. The platform drives our ability to be more profitable because it allows us to be able to innovate more effectively and efficiently. Before we get into what's looking forward, let's look back a little bit because we're pretty proud of what we've accomplished over the last couple of years. In 2020, it was actually the beginning of 2021 Investor Day, the last time we got together, we were sitting as a company with about $273 million of ARR, about $247 million of recurring revenue, about $56 million of subscription revenue. Our bookings mix of new business was 37%. In the fiscal year that we just finished, again, about the same time as our last Investor Day, we are now a $570 million ARR company, now upwards of over $600 million. We have $500 million roughly of recurring revenue, of which $281 million is subscription revenue. We finished the year at an 88% subscription mix, now up to 95% in Q1, and that's how we see it moving going forward. We've significantly shifted our overall business model to a long-term, durable, recurring subscription model. We also told you some things at the Investor Day in 2021. We now are able to talk about success against all of them. First, we talked about shift in 8-10 quarters, and we shifted in five. We talked about accelerating the revenue growth from the subscription trough in 2023, and we already saw that happen in 2022 early. We talked about growing ARR 30% throughout the subscription transition. We were able to actually grow ARR greater than 40% through the transition. We talked to you about improving profitability in 2024, and now you're starting to see an improving profitability already here in 2023. Finally, we talked to you about $1 billion in ARR by the end of 2025, and now we're talking about $1 billion in ARR in the first half of that year. We sit on this for a second just to make sure that all of our investors understand that we believe in excellence when it comes to execution. It sets the stage for, as Josh, and maybe I'll preview a little bit, our expectations for 2025 updated in 2027, why you should have trust in our ability to go execute. When we put out goals, we task ourselves with exceeding those goals. Now, what I talked about on the main stage today was this idea of accelerated innovation. We are fundamentally in the business of providing an Identity Security Platform that can solve the challenges of proliferating identities, complex environments, and new attacker methods. We can do it against six key areas: workforce and customer access, endpoint privileged security, privileged access management, secrets and management, cloud security, and identity management. It is our platform and our ability to innovate in these new areas that when combined with the shift to subscription, the shift to a recurring revenue model, creates the durable business model that not only can sustain us in terms of growth, but also keeps us in a leadership position. Hopefully, we hosted you here at the event. You had a chance to talk with customers during breaks, during lunch. You'll hear from some customers today where we bring them up in front of you. When you talk to our customers, I think what you hear is the notion that they trust us. They believe in the partnership that we've created. More so, they believe that we are an essential component, a pillar, if you will, of their cybersecurity strategies. It's that durable business model, that leadership position, and the essential component of identity security that actually allows us to be able to navigate what is, for sure, a difficult macro environment. There's no customer, same customers you talk to, I'm sure, who aren't feeling the effects of the macros. It's a reality in the room in every discussion. Business leaders, security leaders still need to make decisions, and they need to invest whatever dollars they do have in the critical infrastructure and security tools that allows them to be able to meet the objectives that they increasingly have to promise all the way up to the board level. Our ability to navigate this macro environment, as you saw in Q1, as you saw in our outlook for the year, is because we continue to be at the top of the list of security requirements for our companies, for our customers. We see that ability to be able to grow the lifetime value with our customers for many years to come. Why is it again? Identity is the attack surface. We have to understand that. Ultimately, almost every attack is trying to get to an identity. It's trying to steal credentials to be able to get to data infrastructure systems, but the ultimate pathway is the identity. It is not enough. It is not enough. We say that as a proud MFA SSO provider in the industry, it is not enough to just manage identities. We must do more. It's also not enough to identify threats. You've heard me say this before, we would never have an endpoint deployed without an EDR solution. We have to be able to identify threats that come in. Identifying threats is not the same as securing those threats, securing identities, making sure that endpoint cannot be manipulated and that EDR system can simply be turned off. Managing identities is not enough. Identifying threats is not enough. Securing identities is the foundational component of cybersecurity in this modern world. Our mission as a company, you heard me put this up this morning if you attended the keynote, our mission is to secure the world against cyber threats, okay? We are protecting our customers against the most malicious, most threatening attacks. We do that hand in hand with our customers so that they can fearlessly, they can move without fear into the unknown and take advantage of digital innovation, digital strategies. We can't have our customers afraid to go to the cloud because it introduces more risk. We can't have our customers afraid to enable work from home or a hybrid work environment. We hand in hand with our customers, protect them, secure them, so that they can move forward. Clarence is gonna elaborate on this in a moment, but we believe that the TAM, the total addressable market of our entire solution stack is about $50 billion. We believe actually that's a conservative estimate. That's up significantly from what we talked about in 2021. As we entered into new markets, as secrets management exploded, as access exploded, as we got into cloud security and identity management, we believe fundamentally we are operating in a $50 billion TAM. I asked Erica if I could just quickly go through the notion of why we win in each one of these pillars, just so everyone can understand why we're confident in our ability to be able to capture that TAM. In access, workforce, and customer, we are differentiated in our ability to be able to bring intelligent privilege controls to things like single sign-on, multi-factor authentication. The actual adaptive MFA SSO business is kind of at a level of parity between most of the vendors that are out there. The ability to be able to add in things like workforce password management, a secure way of vaulting and rotating the ability of personal passwords, secure web sessions, which adds the ability to do pre-privilege escalation, privilege isolation, and the ability to be able to have screen recordings and step-up authentication for SSO, a more secure SSO. That's how we compete in the workforce access space, by tying it into the identity security vision. In the endpoint space, we really are the only one who can implement least privilege at the endpoint. I said this on the last investor call, and I'll say it again, we're happy to see Microsoft actually validate the importance of this market come into EPM, so that we can differentiate with our technology in a market that's even more well known. When we think about PAM, this is our very roots, and no one would question our leadership position here. Our moat that sits around us with our privileged cloud solution, which is now used by almost 2,000 customers, our ability to be able to provide the most robust ability to protect all targets within an enterprise and provide both standing and just-in-time access, this sets us apart in the PAM space. Not to mention the fact that we created the category. When we think about secrets management, this maybe is an area that people are most confused about, the idea that drives our winning strategy versus, for example, a HashiCorp, is that we're able to provide an avenue for developers to still develop, leveraging local tools, but provide a centralized secrets management vault and policy that allows security to be able to manage the vault sprawl that happens as development groups explode within an organization. Our Secrets Hub solution, which integrates with AWS and Microsoft and works now with our PAM self-hosted and our privileged cloud, which is a big development for us. Allows us to be able to walk into organizations and say, developers develop. Keep doing what you do. Develop in the native AWS secret store. That's fine. We'll house the credentials back in the CyberArk vault. We'll push it to the native secret store, so it's available for the developer. They won't know what happened. The security team now has the ability to centrally manage policy. We also win in secrets management because we are an enterprise security tool. We're not a cool developer tool. That becomes special sauce when you're talking about the ability for security and DevOps to work together. You heard me talk on the stage today about how we win in cloud security. Well, we will win in cloud security. It's still a pretty small piece of our business. Our belief is that the war in the cloud will not be at the moment of figuring out how to better discover or scan. That's where a lot of the attention in the market is today. It's a hot market. Discovery is really important in the Wild West that is the cloud, where nobody knows what entitlements everybody has. At some point, they're gonna figure that out. At that point, they're gonna need to lock down access. They're gonna need to control, similar to what happened in the PAM space. They're gonna need to do it natively, easily, without interfering with developers. IT professionals, our CIO is in the room, they're a little cranky, they're a little hard, but they do what's asked. Developers don't always. We have to provide an easy, seamless way for developers to be able to partake of the security tools in the cloud and lock down control. We believe the fundamental differentiation there is just-in-time or Zero Standing Privilege. For security, we can make sure that a developer has no credentials, no privileges when they're just standing still. When they need access, they can elevate, request access, do what they need to do, and then go back to not having unfettered access anymore. Finally, our strategy in identity management is really around complementing the other pillars. We are not big IGA, identity governance. We partner still with the likes of SailPoint and others for big IGA programs and projects. We wanna provide the modern IGA solutions that allows for lifecycle management, the ability to be able to automate flows, the ability to be able to understand compliance within the identity security platform. So it becomes a halo or a complement to actually a PAM program. Most customers buying Identity Compliance are buying it as an add-on to their PAM implementation to make sure that they're able to easily and seamlessly ensure that they're complying for audit. When we think about the company, and we'll talk about it a little bit more, and I'll get a chance to go back into the old hat and talk about go-to-market. We have built the go-to-market to scale not to $1 billion, but beyond. Our job is to make sure we have our sights set on what's next after $1 billion. We'll talk to you this morning more about when we'll reach that $1 billion, but our job is to get beyond. We've built that scale on the back of ecosystem partners, channel partners, MSPs, our investment in our marketing organization to generate new leads, Simon will talk about that, and our ability to harness and leverage data and analytics to drive where we focus within the organization as we scale to capture new customers. Peretz is going to come up here in just a moment and talk a little bit more about this platform. I want everybody to understand the investment in the platform is not just for our customers. It is the differentiation for our customers, but it actually goes beyond that. It actually sets the stage for our R&D organization, our product organization, to be extremely more efficient and profitable. It allows us to develop new services quicker. It allows us to unite technologies on the back end, it actually is a key piece of our driver to get to profitability. Before I wrap up here, I will just mention that we as an organization, and the kind of foundational principles of my leadership and how I like to drive an organization, we are built to scale. We are focused on programmatic execution on any of the key areas. When we say we wanna be more of a platform selling machine, we go and create a program to make sure we can execute against it. When we wanna be able to make sure that we're more efficient in R&D, we're gonna create a program to make sure we execute. The reason why I'm emphasizing that, our ability to leverage data and information and our ability to be able to extend everything to do with the platform, is you should have confidence, just like we did in the transition from 2020 to now, that when we talk about the goals that are gonna show up on the next slide, that we will execute to not only achieve them, but to exceed those goals for the years to come. With that in mind, I was able to pull up somehow, with permission from Josh, two of his slides. As we think about 2025, we are refreshing the model to be $1.1 billion plus is important, in ARR. 25% revenue growth. That was 20% revenue growth before. We're so confident in our growth trajectory and in our platform that we've updated that model to bring it up to 25% growth through 2025. We believe we'll have operating margins of 15%+. That allows us some runway to continue to innovate, to continue to invest, to continue to drive the platform that will help spur on that growth. Underneath the covers, you will see 20% free cash flow margins and roughly $200 million in free cash flow. That's our refreshed 2025 model, and it's something we're excited about. It's not quite as exciting as we are by the 2027 model. In 2027, we expect to have $1.6 billion+ in ARR. Great. Still greater than 20% revenue growth, greater than 20% operating margin, a greater than 25% free cash flow margin, and ultimately approximately $375 million in free cash flow. That will continue to grow as we get into 2028, 2029, and 2030. We see the trajectory for long-term growth, long-term profitability, and we believe fundamentally it is our commitment and our requirement that we operate as a Rule of 40 company or better from 2025 onward for our history. With that in mind, I thank you for your time this morning, and I'll get to turn it over to Clarence. All right. Thank you, sir. All right. It's a pleasure to be here with everyone. Appreciate your time and your consideration. For today, I'm gonna take you through our market opportunity that Matt teed up so wonderfully. We talked about the three forces. I have three forces plus another trend that I'll touch on to really frame the opportunity. Of course, the explosion of new and different types of identities driven by ongoing digital transformation, cloud migration. Consolidation of trust is something we should talk about, and that's where we see we've gotten a little bit to the breaking point of best in breed, and our customers are concentrating their focus on a smaller set of vendors. We'll talk about that more. New environments. The reality is dynamic multi-cloud, hybrid cloud, that's where we live now. Finally, new attack methods that again, as everything is expanded, the attack surface has increased, all the bad actors have upped their game significantly. Let's start with new identities. The way I like to think about this is you can look at the number of digital identities, and as Matt alluded to earlier, as a multiplier of the underlying number of humans accessing data, infrastructure, et cetera. To put this in perspective, if I'm a domain admin or an IT admin, a developer, even an IT engineer, I'm gonna access multiple platforms, multiple workloads, systems, targets, applications. I'm gonna have a wide variance and large number of different identities associated with that access. Hence, the multiplier effect for those privileged identities. Even as Matt mentioned, for the more typical business user, like all of us here, I'm looking at a bunch of applications, internal and external. I may have different workspaces. I'm accessing different data stores. Again, multiple identities, digital identities for each of those, big multiplier effect. Never mind the fastest growth of them all on the machine identity side, certificates, keys, et cetera. As Matt said, this is a roughly 45x. We're not at some stabilization point. Our research indicates that in the next year, the vast majority of customers expect that the number of aggregate digital identities to double. This is a very, very large and growing consideration and concern, and each of these identities is even more privileged than had been before. Consolidation of trust. Obviously, cybersecurity is very, very high profile. Breaches are headline news. Cyber warfare, headline news. We went through a period of time that, you know, there's a wide availability of capital. There are hundreds of new cybersecurity firms that were born in the last few years. While best of breed it sounds good, we've gotten to a bit of a tipping point where many, many enterprises deploy and manage cybersecurity solutions from more than 100 discrete cybersecurity vendors. We talked about the macro environment. When you think about still having more problems to solve, you think about cybersecurity debt still accumulating. The last thing an enterprise wants to do is add another 100 vendors to address that. You also can't revert back to check the box. The stakes are simply too high. You must effectively solve these cybersecurity problems. That's why we see the pivot to cybersecurity companies that effectively solve these problems. Trust is the operative word here. Respectfully, companies like Okta and Microsoft that aren't rooted in cybersecurity, they're outside of that circle of trust. We're really talking about companies that were established in, born in, have huge credibility and track records in delivering best-in-class cybersecurity solutions like CyberArk and Identity Security. This is a trend that we believe will be highly beneficial to customers as they consolidate and concentrate their efforts on fewer high-quality vendors that cover more ground, are very, very well integrated. Obviously, that would be a benefit for the vendors as well, like CyberArk, we do think the long tail of 1,000 or so point product providers, they're gonna be a little bit on the outside looking in, and we expect many of them to be absorbed or to even disappear in the coming years as this trend continues. New environments, we've talked a lot about this, but just to put some color around it, when you think about cloud migration, it takes multiple shapes, and it comes in multiple phases. You have the classic lift and shift of a specific workload or asset from on-prem to the cloud. That's not typically a centralized activity. You may lift and shift different workloads to different clouds, so you have multiple clouds just for that. As enterprises become more sophisticated, then they want to become cloud native on their own and start developing their own cloud native applications. Again, not centralized, that happens on multiple platforms. I keep on saying this because again, our research shows that the vast majority of enterprises either currently use or by the end of this year expect to use at least three cloud platforms. While there's been a dramatic shift to cloud, there's still large pools of critical assets, infrastructure, applications that remain on-prem in customer-managed and hosted data centers, and we expect that to persist. What you're really looking at is complex hybrid cloud, multi-cloud environment. Oh, by the way, you have a hybrid workforce, so we have a bit of a balance between return to, you know, return to the office and continuation of work from anywhere. The combination of hybrid multi-cloud, hybrid workforce, again, the traditional network perimeter is not particularly meaningful. I have to say it again, identity is effectively the new security perimeter. A new attack method. It's not enough that we have increasing threat surface, but we have increasingly sophisticated attackers that are even collaborating with each other. We have organized syndicates cooperating to execute cybercrimes, like ransomware as a service is an example of that. Obviously, it's become very, very visible that cyber warfare is real, not just a fairy tale, not just a concept. That puts us in a very, very high and sustained threat level. There's more fun on the horizon, meaning we've talked about Generative AI. It's still early. It's still not absolutely clear how this played out or how this will play out, but what we do know for sure is that as Matt alluded to, it really ups the game. Generative AI ups the effectiveness across hacker levels. If I'm relatively novice, I have access to tools that can bring me to an intermediate level, you know, similarly advanced. If I'm an advanced hacker, and I am proficient in the use of generative AI, I can ascend to virtuoso-type levels of attack. It's the same vectors, the same threats, just amplified. When you think about generative AI, it's particularly damaging on the human element. Think about the ability to create fake messages, images, videos, what have you. It's enough to fool and bypass even the most wary frontline human. Again, putting the emphasis on the importance of securing the identity vector. I'll just quickly walk through what this means for identity security. Again, when you look at the proliferation of identities, what does that mean? It means there's a wide range in terms of numbers and types of identities that provide opportunities for attackers to land, move laterally, escalate their privileges until they're able to do whatever damage they want to do. Consolidation of trust. There's a lot of noise in the system. Everyone's talking about identity. Everyone's talking about Zero Trust. There are only a few cybersecurity leaders who have the breadth and depth of capability to really deliver identity security. The new environments, Matt talked about this earlier, a lot of emphasis on problem zero in the cloud. Meaning, "Wow, I've moved all this stuff out to the cloud. What have I done? What do I have? What are my vulnerabilities?" It's important. You have to understand that, but that's not fundamental security. Ultimately, we expect most of this capability to really be folded into broader platforms as the focus shifts, as it must, to real security and control. Finally, on the new attack vector side, I just talked about this, and I didn't even mention quantum. That's something else that's on the horizon. The point here is that it's not enough for cybersecurity leaders to protect against the known threats of today. You have to build out future-proof cybersecurity solutions, and that's what we do by focusing by going forward with an assumed breach mindset and focusing on defense in depth. For us, this really brings us to 3 key principles that went into the formulation of our Identity Security solution and the underlying platform. For us, obviously, all these different identities we're talking about, you have to secure them all. Human, non-human, internal, external, highly privileged, not as privileged. Intelligent privileged controls, when you actually protect them, it's a layered approach. It goes from authentication, secure access, post-authentication, monitoring, and control. It's a continuous security cycle for all identity types. Finally, this only works if you actually enable the business. You can't shut things down. You can't impede the modernization of businesses when you apply security. We have to put forward solutions that have automation, orchestration, intelligence that are required to really enable business transformations to happen very, very securely. The platform, you've seen it. Peretz will take you through it in more detail. I'll skip on through. Again, this is how we actually do it. We deliver on the promise, Peretz will take you through it. Consolidation of trust. Consolidation doesn't mean M&A, given the environment, perhaps we should talk about it a bit. What do we look for? What's our approach when it comes to M&A at CyberArk? First, it is strategy first. It must be consistent with our forward goals. Second, we've a very, very, very talented team of technologists on the product side, on the engineering side. Build is always on the table. It's always an option. When we look at M&A, it's about dramatically accelerating our strategic initiatives or our product roadmaps. Finally, given that the code is important, high quality code in terms of its design and the underlying architecture and the teams, highly capable individuals where there's cultural alignment, and that's super important. Then finally, I hope you appreciate that, you know, we're fairly thoughtful when it comes to deployment of our capital. We look to generate outsized returns for our investors and generate accretive financials in fairly short order. I use Idaptive as an example, acquired three- years ago, as a standalone, very, very strong SSO and MFA capabilities, served as effectively the launch pad of our identity security strategy, accelerated the development of our SaaS platform, and really enabled our business transformation to SaaS and subscription. That was already underway, just provided some more fuel to the fire. We've seen substantial synergies, both operationally and technologically. The results are here, 3x ARR in three years. You know, I went with Idaptive there. I could have gone to Viewfinity. This the centerpiece of our EPM product. I could have, could have gone Conjur, underpins secrets management. Very similar stories. In terms of the TAM, go through quickly. The $20 billion that we talked about two years ago, that was roughly split evenly. Probably the slim majority is in our core markets. Think about privileged access management, endpoint, secrets management. The remainder was a rather conservative estimate on the workforce side, and you've seen much bigger than numbers than that in workforce identity. All the trends we talked about in terms of proliferation of identities, the extension of privileges, those have been significant tailwinds for our core business. Also add the increase in identities associated with cloud access. That's substantially grown our core markets. Meanwhile, on the identity side, we've expanded use cases to include business-to-business and also, as Matt mentioned, very discreet aspects and areas of identity management. These things in combination have served to two and a half X our TAM to approximately $50 billion. Again, relatively conservative estimate, and we believe there's substantial upside here as the tailwinds persist, as we continue to execute on our strategy and build our solution set. That's all I have here, and I'd love to hand it off to my colleague, Simon. Thanks so much, Clarence. Hi, everyone. Very excited to be here. I mean, it's pretty good for me to be here because after this morning, and I hope you enjoyed the show this morning, I feel more relaxed. I can really enjoy the show. I think if I click here, that's gonna be easier. I think this title is interesting because if it was a year ago that I had the chance to have that conversation with you, the title would have been very different. It would have been transforming or go to market. We just did that, and now it's a matter of turning that machine into something even more scalable. I'm gonna maybe explain a little bit of what happened in the past few years and the past few months, and then what we are doing right now to continue to accelerate. The first thing that is important is, for me as a CMO, is what does really matter? What type of marketing engine I really wanted to build for the company. You know what? These three themes really, really define what it is. Like for me, you know, you look at marketing, you have different ways of defining success. For me, if marketing is not a growth driver, you miss the opportunity. You have to get it right. This is the marketing machine that need to drive demand, need to drive the leads, marketing qualified leads, meetings, opportunities, and lead to the new business generation. That is the most important part of the marketing. You have to be passionate about the construct on how you do that, because this is where you work in a very aligned way with Chris, our CRO. You work in a very aligned way with our product team to make sure that everything is orchestrated and is on point and is in market at the right time. That machine is very important. All the very small little details is making it successful. The second part is definitely about the innovation. You know, for us, we had all the tools. We just had to activate them in a way that was very, very well-orchestrated so we could perform. We could do everything around personalized outreach to our enterprise audiences. We could identify intent signals. We could definitely innovate across the board. We just build an inbound engine. If there is any hand raiser in our space that is interested in anything related to identity security, we will catch it. I didn't know that in my lifetime, I would also be impacted by AI and how AI can transform my function. I can tell you already use it today. Some of the visuals that you've seen on stage are generated by Midjourney. We are optimizing and accelerating our process of localization. When we're in market in one language in the U.S, we're in market in eight other languages at the same time. All of that is definitely very important for us. We need to be able to outsmart our competitors and really be leveraging innovation for that. The last piece is about profitability. Profitability is important because marketing is seen as a cost center. If I do a good job, if I do a good job to innovate in order to get our marketing machine to really drive growth, then I can also optimize the way we are doing things. It's not only about spending money, it's how do you spend money. We've been extremely focusing on doing high-touch, event-driven, in-person driven engagement, and we have to shift from that to get more programmatic. That's the machine, that's the execution piece that's so very much important. Obsessed with that, and I share some metrics with you, so you can see about that in a few seconds. The first thing is the positioning. Why I was so excited when I joined a year ago was I had that little window before the IMPACT Conference in July to really redefine our positioning. We had to elevate our positioning from PAM to identity security. We had to define what it is, we had to own it, and then we had to show up at that conference last year with a very clear idea of what is identity security, what are the six pillars under that, and how we wanna drive innovation in our roadmap, and you've seen all the other innovation that we deliver today. For us, when we think about the future of security being identity, we also really believe that with CyberArk, the future of identity secure. Let me talk about why we are so confident in that. It's because we've been seeing all these recognitions, not only the feedback from our customers that all want to go and build an identity security strategy, also the fact that we've seen the market going there. There is no category defined as a Magic Quadrant for Gartner. There are two here, we are the only leader in these two Magic Quadrants. That's the why we are seeing such a big momentum, because we see that the market is going there. We see the demand. It's not only Gartner. Across the board, if you look at Privileged Access Management, if you look at IAM or Identity and Access Management, if you also look at DevSecOps, we've been recognized as a leader. All that recognition is very important, and my team is highly focused on that because this is part of the education that we need to bring to the market. It's not only for us, it's also for Chris when he talks to partners. We don't have to educate people. We have to just bring the solution to a problem and challenge that they already know that they have to fix. We talk about marketing supercharge. Okay, it's a marketing term. I like it because that transformation that happened a couple of months ago really helped us to bring, A, talents, people that have very strong marketing expertise in the cybersecurity from SaaS companies that are helping us to elevate our game. I needed that to make sure that we could scale. That was the most, very, most important things is you think about designing a program, designing goals, designing a vision, you need the right leadership to do that. We brought a lot of amazing leaders, and you've seen one of them on stage, and you will see another. She will be on stage as well later today with Amy. Very important for us to have the right team to drive the right machine. Also we knew that scalability and profitability would be very important. We built what I call a kind of a recession-proof model. We built a center of excellence in India that helps us to scale. When you think about some of the marketing functions that are still very much related or relying on human people to operate, this is where we needed some help. We needed more resources to help us do more account-based marketing at scale. We needed more resources to help us drive at scale execution of our programs. While we are speaking right now, this week, there are about three to five campaigns happening in every single market that we address. That machine running is very important for us. The other thing that's very important here is we really want to make sure that we do it hand in hand with our partner and sales teams. The alignment between my team and Chris is amazing, okay? You know what? I told Woody and Matt when they hired me that the relationship between a Chief Marketing Officer and a CRO is even more important than the relationship between the Chief Marketing Officer and the Chief Executive Officer. It's true, because when we do a good job, this is where magic happens. We supercharge our marketing team in a very strong alignment with the sales team and very happy to see the outcomes. The first thing I wanted to talk to you about is, what can you do now? Where do you take it from here? First of all, you still need to stand out, right? We created identity security, that category. We need to make sure that the world knows that we have a solution to this big problem that some people, like I always say, will call identity crisis, that some of them will say, "Okay, you need to look at the identity fabric." Some analysts will talk about that. The identity and securing the identity is becoming the pivotal thing for everyone. We wanna position ourselves around that. We own the answer to this proliferation. You talked, we talked, you heard about consolidation of trust. This is what we do. This is very important. For us, we're gonna continue to hammer the market that way. In a very specific way. Like I talked about innovation being one of the pillar of this operating model that we built. I mean, doing a Super Bowl ad is not innovation, okay? Sponsoring a Formula One team is not innovation. What is innovation is to be able to use the new tools today that are available to surround Every single decision maker to come to us and engage with them to close the deal. By doing that, you need to be programmatic, you need to be digital. You need to think about when you do a billboard in the airport, how you do geofencing on all of that, and why it's driving eight times higher conversion to us when we engage with them the next time. That type of innovation is very important. Josh is asking me a lot of times, "Okay, yeah, you invest in awareness, whatever. How do you measure success?" The old-fashioned way of measuring success on brand awareness was you do two or one survey every year, and then by the time you do the survey and you get the results, and then the market has changed and evolved, and it's too late. There is a new way of doing that. There is a tool that we use right now to be able to measure our share of voice and our power of voice, which is basically share of voice with positive sentiment at scale, on steroids, and we measure that on a daily basis. Identity security being a new category, we look at it very precisely, and I can tell you that we are, of course, right now, with all the efforts that we are doing, number 1 in these two categories, both share of voice by a lot, and even for power of voice, because this is what really is meaningful. The other part, and I told you that marketing is just not. It's a machine, right. The execution is important. It's just not a one-off thing. We went through a digital transformation ourself to make sure that we surround each of the decision makers. What about building communities? I was here yesterday talking to partners. We are rebuilding the entire portal experience with partners to make sure that we have the right resources, the right expertise, the right execution and activation for them at scale all the time, always on. We're gonna do the same, and we announced that today, that we gonna do the same with developers. It's very important. Again, we can bring together this conversation that happening in different teams today into one single conversation and make it easy for our teams and our partners to do that. You heard about go-to-marketplace. It was an amazing concept that actually Matt invented. We decided to find ways to make it executed at scale and becoming the foundation for us, for everything we execute, all the campaigns, all the programs. I'm talking about end-to-end, so it's not only marketing. Marketing is one piece, but there is what is the value story, what is the enablement, what is all the activation that we do with partners and our customers and customer-facing people, and also the marketing piece. All of that end-to-end cycle is now aligned to all the go-to-marketplace that we are doing. We have eight of them, and everything is done that way. If you wanna activate an overall story, value story or identity security, you have a full kit that you can go and execute. If you wanna go with something specific to cloud security, you can activate the cloud security kit. That is the machine. Some people are not excited by execution. I'm very excited about execution. I can, like, talk on behalf of my team. I'm very excited about the execution and getting this thing executed, so very important for us to align our effort on this. It's not only about executing things. I'm sure you've heard it all the time. "Oh, yeah, I've done this number of events. I've done this number of campaigns." No, no. What really matters is how we measure the impact on the business. Part of the transformation for me when I joined was to also help my team to evolve this mindset. I take ownership on the number, the same way that Chris is taking ownership on the number. That's it. You know, we all want to work for a company that's growing and accelerating. We want to take ownership on the number. The proxy metric, which is basically the leading indicator to pipeline, which is another leading indicator to closing the business, is the meetings. A meeting is something very important for us. We define the success of every activity that we do based on a meeting. A meeting is important because it's a concrete thing. It's a concrete thing that I don't control. I like that because what I do is I create leads. We generate marketing qualified leads that transform into a meeting, an opportunity for CyberArk, a customer, and/or a partner to have a conversation about their challenges, their projects, and how we can help them to move that further. It's an opportunity. Our conversion between a meeting to a real opportunity, a real active pipeline, is by far above benchmark. If we do a good job to drive meetings that convert into pipeline, we suddenly have this marketing machine that's driving the leading indicator to the leading indicator to our success. Very important and very glad to see that we have a record-setting pipeline today. Our meeting is growing 55% on the first quarter of this year, it's been even higher for the past few weeks in the second quarter. I told you it's not a one-off, and everything is programmatized for us. This event today gathered about 2,500 people between virtual and in person, very excited about that. I'm also very excited about the over 19 cities where we're gonna go and meet with more customers and more prospects and more partners, and we're gonna get another maybe 3,000 people. Very conservative. I think it's gonna be more than that. The idea is to take the best of what we've done here and bring it around the globe. Me and the exec team will be traveling. We'll be doing that. As you can see, a lot of cities across all the different regions. That is the best way, the best moment for us to get what I'm talking about since I've been on stage. It's meetings and being able to be here, have the right conversation with the right people to get to a faster growth and support our aspirations to be a multi-billion dollar company. With that, thank you so much for your attention. I invite on stage Matt. It is great to be back up here and dive a little bit deeper into go-to-market. Chris is really sorry he didn't attend. He's not feeling well. He's well enough to text me just now and say, "Don't screw up the slides," but he's really not feeling that well. I'll walk you through a little bit around how we're thinking about go-to-market, both today and actually into the future here. It does start with this idea of this massive TAM that I talked about, that Clarence talked about, and it's a framing device, if you will, for what really is a rich and ripe market to sell into. Simon talked about setting up meetings. Actually, setting up meetings is only a good metric if you have a really good solution to sell, if you have something that the customers want that actually when they see, actually meets the market requirement. It is really important to play in a big TAM. That's a great first step. As a go-to-market leader, what you think about is: how can I convert that TAM into reality? How does it actually make its way into day-to-day sales calls? When we think about that as it relates to CyberArk, we are in an enviable position compared to other tech companies, and certainly also compared to other cybersecurity companies in the environment. Now when we frame out the opportunity for us at a customer level, we talk about, and we have in our systems, 75,000 dedicated prospect accounts that we can still go win. We have our 8,000 customers that we can still go expand. If we start with that landing motion for a second, you've heard us talk about it before, we still are primarily landing customers with PAM. About 85%, 80% of our new logos are PAM landed. Now they're landing with PAM plus multiple solutions. Over 50% are landing with more than one solution when they first take a bite of the CyberArk Apple. Our ability to not only continue to pursue PAM as a landing spot, but actually expand into access and identity, into secrets management with Secrets Hub and our Conjur Cloud Platform, and increasingly expanding into EPM as a first strategy in an overall security footprint. It's also one of the keys of launching the CyberArk Secure Browser this morning, which I'm sure we'll talk about more later. The idea there is it plants a seed within organizations where they can procure the services like CyberArk Workforce Password Management, like CyberArk Secure Web Sessions, like our SSO MFA IDP. As we think about the 75,000 customers that we can go after, and we think about not only the enterprise space, but the mid-market and even the SMB space, we believe we have lots of room to run, and we are optimizing the go-to-market engine, both directly, and as I'll talk about in a moment, through partners to make sure we can pursue those accounts. The 8,000 existing customers still are entirely untapped from a potential perspective. When we look at our 8,000 customers, the vast majority of them, because that is our landing spot of old, own PAM. We have about 30% who own Secrets Management, 22% own EPM, and 10% own Customer or Workforce Identity, then you see it trail off. What that means is the cross-sell opportunity within our base remains huge. It's one of the reasons, but not the full reason, that we talk about a $5 billion addressable market within our 8,000 customers. We have the ability to first of all, to take the PAM customer and sell them Secrets as their non-human identities explode, to sell them EPM as they try to secure the endpoint, and to get them onto our more secure version of Workforce Access. We see that cross-sell motion starting to really take hold and become a flywheel effect, not only for us directly, but with our partners. There's another underlying element within these 8,000 customers, which is they're actually under-penetrated within the solutions that they own. Believe it or not, despite the success with our EPM solution, at most of our enterprises, they only own about 20%-30% coverage of their overall endpoints as you move from not only workstations, both Windows and Mac, but also over to Linux servers and other endpoints within their environment. It's part of the way that identity security gets deployed, which is it starts, and then there's a blueprint towards higher risk identities or endpoints that you start to roll out. As we start to understand secrets management and the proliferation of these non-human identities, and the ability to be able to tackle not just existing code, but modern code, we start to see a tremendous opportunity to expand within Secrets. I think everybody understands that within cloud, we're just at the one yard line, the beginning. Even within PAM. This is something I think needs to be understood, there is a roadmap that we approach with customers. If you ever sit down with our identity security blueprint, you can see it actually actioned out, which says you cannot secure all your privileged accounts out of the gate. There is a time and a place for various level of credentials or privileges to be secured. Start on the most critical accounts, the domain admins, the service accounts. Then you start to move deeper into an organization. You secure the rest of their identities, the rest of their accounts. If you combine that with the proliferation of privilege throughout an enterprise where business users need PAM accounts and access, you start to see that actually our estimate within our base is that we're about 50% penetrated even in the PAM space where we started. That's not to mention all those new logos that are out there for us to go pursue. When we look at our existing accounts in this $5 billion TAM, this is also a protection strategy in a macroeconomic downturn because we're able to do business efficiently and effectively and quickly with our existing customers as we upsell and cross-sell them throughout this environment. From a go-to-market strategy perspective, Chris would tell you we're not changing all that much. What we are focused on though is honing our ability to execute effectively across the markets that we serve. We've taken what we traditionally called the enterprise and commercial, we call it now corporate, but the enterprise and corporate space, and we've subdivided it or sub-segmented it into four areas: strategics, majors, core, and SMB. What that gives us is a better guidepost of how to organize our sales, pre-sales, technical engineers, even our post-sales customer success support resources against the various sub-segments of customers. That allows us to be more efficient. A strategic customer needs a higher cost of sale. An SMB customer should go entirely through the channel. It also allows us to understand where to target Simon's marketing engine more effectively and efficiently. Then it all comes back though to the cycle that we implemented around CARE. CARE stands for Close, Adopt, Renew, Expand. It's the lifeblood of a subscription company. Simon is really responsible for helping us go hunt and close. Find us those new logos, get us those meetings, the sales team will take over and close those accounts. Once we've closed them, as we try to move them into the expand motion, we've had to focus and invest within CyberArk on the renewal motion, the adoption motion, with a focus into customer success, the unification of services support and success management, and making sure that we can offer best-in-class success programs out to our entire customer base, both high touch for our strategic, but also low touch or digital success for down market. We do all of that in conjunction with the other key ingredient, which is our partners. I wanted to share with you an example of this land and expand motion, and I chose two different customer examples. One is what we might call a heritage customer. We use that term rather than legacy. A customer who bought PAM back in 2018, on-prem. You can start to see their trajectory over a four-year period of land and expand. It's an energy company, a big energy company, and they bought self-hosted PAM, and you can see that at the first purchase was not that big. In 2021, they started to expand the foot-PAM footprint to match the identity security blueprint we talk about. In 2021, later in the year, they actually cross-sold into EPM, and we were able to actually get to a large portion of their endpoints. In Q3 of 2022, we actually got them to convert to the modern stack of Privileged Cloud. This opens the door for us to be able to have conversations about all the new services. In Q4 of last year, we're able to cross-sell them back into Secrets Management. It's a four-year journey, but over that four- year, the expansion on the initial ARR was 20x. That's the type of opportunities we have within the base of customers that we serve. I wanted to bring up a different example. This is an IT services company. This is a company. Yes, in the upper right, it's only seven times expansion. Look at the timelines on this company. It's because in Q3 of 2021, they didn't just land with PAM, they landed with Privileged Cloud. They started with a SaaS first strategy. That opened up the door for us to quickly come back with add-on PAM, cross-selling EPM, getting them onto Secrets Management and identity, and getting them across the full platform. We're able to come back actually and give them more identity, and then ultimately come back because we're able to track. In this particular case, we knew exactly the usage of the customer. We showed up at their doorstep, and we told them, "You're ready for more PAM seats." We're able to get more PAM deployed in the beginning of 2023 here. seven times multiple, still a really nice growth trajectory and a growth path over a short two-year window, less than two- years. We're able to do that in our go-to-market motion, not just alone, but with our partner ecosystem. I was on this stage, actually in this room, I believe it was on Monday, and we had several hundred partners in the room, crammed in here, thinking about and talking about where are we going from a partner ecosystem perspective. Tomorrow, we'll have a keynote with the top thought leaders in Identity Security from some leading SI partners. The SIs continue to set the stage for strategic thought within our customers, and they have dedicated, built CyberArk practices. Not Identity Security practices that promote all brands, CyberArk practices. We continue to see an expansion now in the MSP markets. The ability for not only down market, but also larger enterprise to outsource their entire cybersecurity stack to MSPs. We increasingly see the SIs, the telcos, even the traditional resellers moving into the MSP market so they can provide cybersecurity as a service. For us, once you're embedded in an MSP platform, then you're their route to market, you're their product as they bring their S-MSP services to market. We also see an expansion in marketplaces. We see it in our C3 Alliance programs. Across the board, we believe the way CyberArk scales and the way CyberArk scales efficiently is through our partner network. We invest in this ecosystem, in the certification and in the enablement to make sure that we're able to scale as we move forward. Our overall go-to-market engine is built to scale to $1 billion very soon and beyond in the years to come. It's great to be able to sell the solutions and the platform that we have, I'm excited to turn the stage over to Peretz. Hi, everyone. Just a quick introduction. Peretz Regev. I've been in CyberArk in the last nine months, joined nine months ago. Before that, I was the Head of Global Data Science in PayPal, which is an horizontal organization responsible for all AI and ML capabilities within the company. As you have heard, we continue to be focused on growth, innovation, and profitability. What is accelerating our business across these three themes is our unified platform. Our investment in this platform and in our SaaS solutions yields already dividends to us and of course, playing along with our other investments that we have put in new products and services, and has positioned us as the identity security and the ability to scale well beyond the $1 billion that we have discussed. I will focus today on the middle part, on the innovation, and to show you how our proven ability to execute track record of innovation with extensive experience of identity security, with a security-first mindset, will enable us to continue to be the leader in identity security. Our innovation around the identity security platform not only helps the market needs and also helps focusing on our customers, actually, it enables us to be much more efficient on the product and technology on the R&D side and to run operational efficiencies around our program. CyberArk is a pioneer, an innovator, and a disruptor. We have a lot of experience in bringing the state-of-the-art capabilities in order to be able to solve really existential problems to our customers. Security innovation is our DNA. With more than 80 related patents and with successful acquisition integration that Clarence just told you about, as well as non-organic development, CyberArk is really the undisputed leader in identity security and in helping organizations to be a step ahead of the cyber attackers. We started by providing the capability to vault and rotate privileged credentials for a subset of users, and from there, 'cause we know the game, we actually expanded into much more of securing the endpoint, managing secrets, virtual and multi-cloud infrastructure support, workplace, vendor management, and non-human identities. Just in 2022, we were able to brought to market the SaaS-based secrets management offering, Conjur Cloud, to secure these non-human secrets across cloud environments and CI/CD pipelines. Secrets Hub for AWS supports that developers can continue to use their own UI, their own preferred applications without any disturbances while IT and security teams will be able to control and manage it on their systems as well. Identity Flows, which is a no-code identity automation and orchestration to save the security and identity team precious time. Identity Compliance to continuously making sure we are enforcing least privilege and demonstrate regulator compliance. Secure Cloud Access for JIT, just in time, least privilege access to cloud consoles and CLIs. As I mentioned, our shared services across the platform to unify the entire user experience and to drive intelligence across all identities and environment. Just this week, actually just this morning, we have announced AI and ML capability within our EPM product, which enables automatic policy creation, as well as new product that we announced, which is the Secure Web Browser. As the pioneer in PAM, we are uniquely positioned to deliver on identity security because our core competency is securing this key, the keys to the kingdom. These keys are actually helping our customers to control the access of sensitive infrastructure, data, applications, and keeping them out from any insider or external bad actor, and of course, preventing them to disrupt the business continuity. Our approach is unique since CyberArk recognizes every identity, human and non-human, can become privileged under certain conditions. We do it all by offering the platform approach across the workforce and customer access, endpoint management, PAM, secrets management, cloud security, and identity management. All of these capabilities benefit from the shared services that unify the process and integrate the experience for our customers across the CyberArk services. The beauty is in our ability also to share data and insights across these identities and environment. In our newest innovation, the CyberArk Secure Browser, by extending the Identity Security Platform to web browsing, we provide a clear path towards defense in-depth for our customers can enforce specific security controls in increasing security, privacy, and productivity. Let's take a look on two use cases that our customers are how they are leveraging our unified platform approach. First, we'll start with modern environments. CyberArk has focused on the evolution of PAM forms, securing privileged access in a traditional infrastructure to applying the security-first approach and PAM use cases to the new type of identities. When I talk about the new type of identities, they emerge in this new modern infrastructure, which includes cloud, SaaS, DevOps, IoT, and many, many more. As of today, think about the personas. DevOps engineers, cloud engineers, developers, business applications, even my Chief Financial Officer over here, Josh, they required privileged access to their own applicable stack, but the methods in which they access the solutions to secure them require different approach. We extend the privileged controls in multi-cloud environment. This is where our customers have deployed our different solutions like Secure Cloud Access, Cloud Entitlements Manager, Dynamic Privileged Access, Secure Web Sessions, the SWS, secrets management and Secrets Hub to secure both machine and human identities. All of it with Zero Trust, with Zero Standing Privilege to extend the PAM across all these new environments with one single platform. We are differentiating ourselves with this way from our competition. Let's take a look on how do we apply privilege controls to all identities, including the non-human identities. As you know, there has been an explosion of machine identities. We are talking about a ratio of 45 to one between non-human and human. As of today, these machines, all of them have accounts, they have credentials, and these are the secrets that we need to secure and help our customers secure. These secrets are growing in an exponential way and increasingly being targeted by cyber attackers, and really are at a phase that these are the things that we need to make sure our customers securing. When you consider the number of secrets that must be secure, rotated, and the number of tools, platforms, technologies that IT teams have to interact with, you can imagine how it can quickly be overwhelming. Our customers have found out that CyberArk has enabled them to centrally secure all of their secrets, all of their application identities, whether it's in the cloud, hybrid, containerized, CI/CD pipelines, or DevOps environment while using their preferred approach to the cloud. Without burdening their developers. Secrets management is core offering to our platform, customers see the value in extending their investment with us, as Matt has mentioned before, yet another vital part of their identity security approach. How do we do all this magic? Our R&D efforts continue to focus primarily on improving and continue to enhance our existing product solution and services, as well as developing new ones to make sure that we meet the market needs. Again, just this morning, we have announced some of these new capabilities. We also maintain a dedicated CyberArk Labs team that researches reported cyberattacks. They are kind of thinking like the attacker people, which helps us to understand, to do the reverse engineering of these attacks and be ahead of the curve, ahead of the attackers for the next cycle, and help our customers to be prepared for this kind of an attack. Today, we already embed AI and ML capabilities across our solution. For example, our ISI, Identity Security Intelligence, and PTA, Privileged Threat Analytics, actually is building a multidimensional, would call it a profile for identities based on activities from multiple products and use cases. This build actually allows us to identify any anomalies or different behaviors in the system and automatically remediate them by, for example, step-up MFA or any PAM corrective actions. In addition, today, as I've mentioned, we have announced on the new AI ML capabilities within our EPM product that enables automatic creation based on crowdsourcing. Just to wrap up this part, we believe that innovation is the engine for our SaaS platform, which accelerates our innovation, our growth, and our profitability. With that, I'd like to hand it over to Josh. Thanks, man. Okay, it's great to be here today. Erik, I really like this idea of having more than all the people here in one room instead of traveling to over 25 conferences during the course of a quarter. This is great to have everybody here. Let me get started. You heard a lot this morning, whether it was at the keynotes or whether it was just here in the last hour about growth, about innovation. You even had Matt kind of give away some of the thunder about where we're going towards profitability. I'd like to spend the next 10 minutes, substantiating through some charts, through some graphs, substantiating our confidence in where we're going with the financial model, and hopefully continue to build your confidence on where we're going on the financial model. I'll start, first of all, that we're just over halfway through the quarter, and we're confident about our Q2 guidance that we just gave out in May, and we're reiterating it today. I think a 6-K went out this morning. I will remind everybody that we actually raised the guidance in May compared to February. We raised the ARR to $740 million at the midpoint. We also effectively raised our guidance on the full year revenue because as Matt pointed out earlier, we are now at 95% of our bookings mix with SaaS subscription, and when we gave out the guidance originally in February, it was on a 93% for the year. In our last Investor Day, we said what we're gonna do. Matt did a great job of pointing out line by line that we actually exceeded what we said we were gonna do in that Investor Day two years ago. Because we got through the transition faster with higher growth rates, we pushed up by a year coming out of that profitability trough that you would typically see in the transition. Already this year, we're guiding to break even, and we're seeing the acceleration in our revenue growth and coming out in the bottom line. We're striking distance now of hitting that $1 billion ARR target now in mid-June, in June of 2025 as opposed to the end of 2025. The last two items I'm really pleased about 'cause I know how that goes today to our shareholder value. The success of our last two years and our market leadership really puts us now into what Erik and I call the fun part of the transition, because it's about the acceleration of revenue growth after suffering through the transition of having all that ratable revenue. Already last year and this year, we see the acceleration of growth and returning for people who have been around the table for several years to a much more familiar territory of CyberArk of being in high growth company with our guide this year approaching 25%. We're now a fully recurring revenue business model. We were 70% two- years ago, 80% a year ago, and in the first quarter this year, 90% of our revenue was recurring. If you were to extrapolate that Q1 recurring revenueWe'd be at $580 million for the year. That's already 80% of our guide. I wanna remind the group that just a few years ago, it was only half of our business was recurring. I don't need to explain to anybody about the increased value of what it means to be a high-growth recurring revenue model versus a high-growth perpetual model company. I know that at least in the beginning of the quarter, I have a little bit more sleep at night. You can really see the increased value in our model well expressed in our remaining performance obligation numbers, which we publish annually. Great growth in our RPO, 38% last year. The current RPO actually grew over 40%, 41%, hitting 60% of our total, of our total RPO number. That was less than a third before we kicked off our transition. Needless to say, this has made our model a lot more durable for both when we think about current-day operation decisions, but also a lot of our near-term, medium-term, and long-term strategic decisions that we're taking on a daily basis 'cause we know where the model is going in a much more confident way. It's also a model that we can now bank on when we talk about the margin expansion that we'll soon see in the long-term model and the free cash flow expansion as well. Going through, now just on the other side of the transition, our annual recurring revenue remains really the best measure of our performance. We really focus on that on a regular basis. In the last Investor Day, we set the goal of hitting $1 billion of ARR by the end of 2025. I already mentioned this a bit earlier. That was based on a 30% CAGR growth. Having done 40% CAGR growth through that transition, we're now able to move up that billion-dollar target to the midpoint of 2025, but also be a lot more confident about setting our 2027 goal for the first time to $1.6 billion plus, as Matt likes to say, when the ARR will really start to align with the actual revenue growth rate of the business. This is the natural behavior of what happens when you come out of the transition. As we get further on the other side of the transition in 2027, really the ARR growth now reflects the underlying growth of the business. We remain confident that the overall market and industry tailwinds, a lot of which you are hearing about this morning, really support the growth of being greater than a 20% company on an annual basis for the long term. Let's look at the pieces that is driving our ARR growth. It really starts with what Matt talked about earlier today in his second section as Chris, when he said we have 8,000 customers, but we only have 8,000 customers while looking at prospects of 75,000 customers, potential customers. Today, we not only land in the PAM space, about 85% of our lands are in PAM, led by Privileged Cloud today, but we also see 15% of new logos landing in EPM or in Access. With the intro of our Conjur Cloud this year, we also see that as an additional landing point for new logos. We've enjoyed 30%-35% consistently now of our new ARR coming from new logos. As our new logos don't land and go and buy everything across our entire platform on the first, on the first sale, we believe we still remain significantly under-penetrated in our install base for both upsell and cross-sell after the land. We heard about the blueprint strategy this morning. Our strategy expects potential annual recurring revenue could grow at least 10 times the initial land with our Identity Security Platform and the go-to-market engine, the marketing engine that we talked about, and the innovation that Paris just got through discussing. When we think about the add-ons, there's always a piece that's related to conversions. I get asked all the time, "Talk to us about the economics about on, around the conversions." Until now, we also expect, during this year as well, we'll remain about single-digit growth of our ARR coming from conversions. If you think about it on a like-to-like basis, so you're taking a maintenance contract from a perpetual customer, and you're now moving that maintenance contract to a subscription or to a SaaS, to a SaaS contract, we get uplift of one point five to even up to three times when they're moving all the way to SaaS. That's before we're adding new upsales and cross-sales that typically will accompany a conversion, a conversion sale. I'm showing this chart because I think it clearly shows when you look at the customer cohorts by ARR size, it really shows our expansion growth in action. Greater than 40% year-on-year growth of our 100K ARR customers in 2022 versus 2021. More than 75% growth when you look at our ARR customers that are over $500,000 in ARR. Even those larger customers that are over $500,000 have leveraged our platform really for only on average of four of the six solutions on our platform. If we combine the fact that while we're still growing quickly, that less than 20%, the 1,400 of our customers base still has greater than a 100K ARR, with the fact that those 1,400 customers are equaling almost 3/4 of our ARR total today, it really shows the huge existing TAM that Matt pointed out this morning. He equated to about $5 billion of the 6,000 customers that are today under $100,000 ARR, that we know we can bring above $100,000 ARR, above $500,000 ARR. We also have many examples where it could be a $1 million annual revenue contract, for customers as they really go all in, across our platform. You've all been tracking, and probably one of the most popular questions we get is, "What does your ARR pie look like by product?" Over the last year, it's been very consistent. 55% PAM, 20% EPM, 15% access, and 10% secrets. We believe that that will stay consistent through this year. If you ask, "Okay, what about over the long term? What about, let's say, over the next five years? Well, first of all, we expect a much bigger pie to be talking about over the next five years. We're positioned well to hit that $50 billion conservative number of TAM that we talked about earlier. While we expect to remain our incumbent leadership in PAM, it will still be the leading player within our pie, we envision that the ARR growth from EPM, from access and secrets to increase their relevant proportion of the pie. While it's still early today, we also expect cloud security to start to be a significant piece when we're thinking about the pie over the next five years. That brings me to the long-term model. Just a couple of things to recap. We are the leader in the identity security space. We have a platform available today to be the consolidator of trust that Clarence talked about for all segments, all verticals, for large enterprises, for corporate and down-market. We've maneuvered in a best-in-class forum through the subscription transition, really positioning us for the ability to continue expansion in both our operating margins and in our free cash flow capabilities. When we were last together, we anchored everybody on a Rule of 40 company. We thought at that time we might be more balanced. Since then, we've had amazing growth. We've entered deeply into the full and larger, much bigger TAM identity security market. For 2025, we are looking at a 25% growth rate, being able to expand our margins out to 15%+ on the bottom line, generating $200 million of free cash flow. For the first time, we'd like to extend our long-term model out to 2027. There will be more of a balanced Rule of 40 with at least 20% and similar in operating margins and similar in revenue growth. Being able to nearly double, expand our free cash flow from the $200 million to $375 million. If you were to extrapolate through the math and you were to take our $1.6 billion+ ARR target, you would see that that reflects about a 25% free cash flow margin. That really puts us in the potential Rule of 50 group, line of sight for the Rule of 50 group when considering free cash flow margin plus revenue growth rate. At this time, I hope that you're all excited about CyberArk as we are and the entire executive team. I do think we've earned a break, so I will turn it now over to Erica for the rest of the agenda. All right. Thanks, Josh. Perfect. We are gonna take a very quick break. Come back at about 20 after. There's some food and snacks in the lobby. The exec team is here. We can take a quick break. We'll see you in about 12 minutes. Thank you. Okay, everyone, we are back. Thank you all for coming back and for participating in the second part of our day. I am going to turn it over to Amy Blackshaw, who runs our VP of Product Marketing. I think most of you saw her. Most of you in the room saw her on the keynotes earlier today. She is going to interview Jay, have a. discussion, he comes from Aflac, about how they've embraced our identity security strategy. With that, I'm gonna turn it over to Amy. Thank you. Hello, everyone. Thanks for being here. I'm Amy Blackshaw. It's my pleasure to sit on the stage with Jay Coull from Aflac. We're gonna have a conversation about Aflac, CyberArk, identity security. I'm really looking forward to the conversation. Excellent. Thanks for having me here. Yeah. Great to see you. First, can you introduce yourself, your role, tell us a little bit about the company and how CyberArk helps secure identities there. Absolutely. As Amy said, I'm with Aflac. I'm the Senior Manager of identity and access management for Aflac. I'm responsible for, you know, really keeping all of the technologies that make identity and access management possible, I keep them alive and working. With that, Aflac has been very deep into the privileged access space for a while. We started using CyberArk over seven years ago. It's been the core of our privileged access program. As we've moved forward and as the cloud moves forward, we continue to evolve what that is. It slowed down for a while. You know, privileged access became a little bit of a quiet topic for a few years. It was just going well. Now we've gone to the cloud, and everything is really coming together again. It's a lot of exciting things that are going on. That's great. Great. Thank you for being such a loyal customer. I know that you started hands-on with CyberArk in your career too and then have progressed and now have a team working with the tool. I know that you've been very close to it yourself. Absolutely. Yeah. That's great. Can you tell us a little bit about some of the challenges from a cybersecurity perspective that Aflac faces today? Absolutely. I mean, we're all worried about identity theft. There's a lot of different ways that can happen, whether it's phishing, whether it's just, you know, your business email scams, whatever it's going to be. We all have to worry about that. We're worried about protecting not just our customer data, but we're a brand, and we have to worry significantly about the brand. Even the most minor type of attack can really big. Hey, Brian. Can be a big hit against the brand. We put a lot of effort into securing everything, whether it's a basic email or all the way to the server backends. Great. Hi. Thanks for joining us. Hi, Brian. Thanks for having me back. Great to see you. We were just talking a little bit about Jay's background in Aflac and how they're using CyberArk. Can you do the same? Introduce yourself, the company, and how CyberArk is helping you secure identities. Absolutely. Yeah. I'm Brian Miller. Before coming to HealthFirst, where I currently am the CISO, I did about 15 years of cybersecurity consulting, coupled with EDS and the rest with Booz Allen Hamilton. A lot of DoD, intel community, then some federal, some commercial. I brought all that experience to HealthFirst. We're about a $17 billion health insurance payer focused on New York City and up Hudson Valley, about 1.6 million members. You know, at this point, we pretty much have CyberArk everywhere. One of my initial things I did was really lock down identities. That's sort of core. If you can't lock down the identity, you really can't secure anything. So we have CyberArk PAM, which really controls all our superuser or administrative accounts. We would move to Conjur, which allows us to lock up a lot of the secrets, which your applications are using, your dev, DevOps pipelines are using and so on. Recently we adopted the Workforce Identity to give more flexibility and more control over the identities of our workforce. Great. Great. Follow-up question to that. Can you tell us a little bit about the cybersecurity challenges that you're facing at HealthFirst? Yeah. I think, everybody's familiar with the ransomware problem and emerging threat vectors with ChatGPT and things like that, but ultimately they all come back down to if you can stop the vector by controlling identity. You know, for example, if you can stop somebody from coming into your house, you can identify, okay, this is an attacker who wants to come in and do damage. At scale, it's a lot more complex, but our philosophy is if I can control identities of people, machines, you know, everything out there, we can really control all of the threat vectors. There's a lot of solutions out there that look at this threat vector or that. CyberArk gives us a comprehensive approach to, you know, shutting those down. That's great. That's great. Can we talk a little bit about sort of the importance of Identity Security Platform? I mean, I know that we talk a lot about our capabilities and our SaaS platform. We obviously are very invested in and see the value. Would love to hear from you both, and maybe we can start, Jay, with you about the idea of a platform for identity security and the value of that. When you go to a platform, it's a mixed bag. There's a lot of really good things that come out of it, there's also long-term concerns. I'm on kind of the fence on going to a true platform. I think that we find really good benefit from the ability to do UEBA, user and entity behavior analytics, when you go to a platform because you're just getting a much more consolidated version of what the data is and what's happening. The other side of it is you also have the concerns of supply chain risk. If you have a platform that gets compromised, you have to worry about what else gets compromised within there. You have to build your layers of the onion and security to make sure that you're not putting too thick of a single layer within a platform. I kind of... I sit there on both sides. Administratively, a single platform is wonderful. From some of the risks, you have to look at it a little bit differently. Understood. Understood. Brian? I really prefer sort of a custom ecosystem or a platform approach. You know, our approach has really been to go with best-of-breed products and then really build out with those products to the greatest extent possible. This really allows us to get economies of scale, control cost, but also the challenges of really keeping a system up to date, keeping up with all the nuances of it, training people to administer it. I really find that a single provider for a given competency area like identity, we also do the same with cloud security, with some of our other vendors and our endpoint and things like that. For us, for all of our corporate users, CyberArk is really our primary identity solution. We're to the point where we're trying to push Microsoft off a little bit, so they're just our identity store, and CyberArk is really controlling everything for our users and all our privileged access. One of the reasons also is for give us some resilience. We've had a number of problems with MFA with other vendors in the past. You know, CyberArk's approach to platform, high security, high reliability, multizone, multitenant, and that's been very helpful. We have sort of separated our members and customers onto different platforms. A lot of that was strategic, and some of that was just timing. We find CyberArk is our primary workforce security platform- That's great. For identity. Thanks, Brian. I think you talked a little bit in that comment or your response around what we've been talking about, the consolidation of trust and the theory that with so many vendors out there today, that there is a move towards choosing fewer, more strategic partners. We heard you talk about that from a identity security perspective with CyberArk. Jay, I'm wondering your thoughts on that idea of consolidation of trust as well. We've found really good results with consolidation trust within vendors, especially when it comes to vendors you've partnered with heavily. The thing that, like I said, my concern isn't so much the consolidation trust because that is a wonderful thing. It's really just making sure that we've got all our different layers in there to still protect ourselves. It's very easy to become complacent when you take a vendor that you've decided is best in breed, and the more responsibility that you give them, to potentially have something go on that is outside of your view now because it's within that platform. That, that's where you have different layers, and you make sure that you have those layers watching each other. Yeah. I think to follow up on what you say, some vendors, they try to do so much of everything. Like you say, you lose visibility. They become mediocre across everything versus I see vendors like CyberArk, they really are best of breed. Focus. in their platform, and they do give you the capabilities, and they're nimble enough to also, if you want something new and it's value broadly to the market, they really drive forward to make that happen, and they're actually doing that in a couple areas for us right now, so. That's great. That's great. I'm gonna tack on to that answer just around CyberArk as a partner. You know, if you're able to come to CyberArk and say, you know, "There's challenges that we're looking to solve, and we think you can help us here," can you tell us a little bit about CyberArk as a partner in that scenario? Well, one of my favorite mantras isn't I'm not looking for a partner who doesn't have problems or we're not gonna have problems implementing their technology. I want a partner who's gonna help me navigate through those effectively because whether it's my infrastructure or legacy things or my. There's all kinds of things that can go wrong. To have a partner you can trust to navigate through it, and then as you, as you really put out a best-in-class technology that's comprehensive, there's always things that I want this and that and the other thing. I don't wanna go have to go out and buy three more solutions. Having CyberArk willing to go and innovate and drive forward, CyberArk's culture for me, I always look at culture. Can I count on this company to be there? Is their culture such that they'll support me, or are they just trying to drive revenue at the cost of me, the customer? CyberArk has been a company that I'm sure they're driving revenue very nicely. As a customer perspective, they're driving as much value to me as I'm pushing in their direction as well. I totally agree. You know, when it comes to customer request enhancements, we've had a few that have gone through without any problem at all. When you request those and you're really building out what you or they are building out for you, what you need, it really shows a really true partnership that we have with them. We've. You know, you talk to different people, and they're like, "Oh, well, we'd like to replace you with this." You know, there are very few products out there that you sit there and you will tell your senior leadership whomever that, "No, we can't replace it." Because of CyberArk's partnership and how they're so well ingrained into our processes, it's one of those products that it's there. It's a long-haul product, and it's a long-haul partnership. Wonderful. Glad to hear it. Let's switch gears to cloud strategy and cloud security. Jay, we'll stick with you. Can you tell us how CyberArk fits into your cloud security strategy? Absolutely. You know, getting on-prem privileged access worked really well. Identity security worked really well. As we started moving forward and the cloud came to be really in just the last two- years for so many of us, it started moving very quickly, and things got ahead of whether it's your identity security program, a lot of things because cloud was about speed. Fortunately, in the last 18 months, we've now caught up with that, and we've got CyberArk very deep into our cloud strategy. You are not able to get into one of our servers or systems in a production environment without going through CyberArk. A really nice thing about cloud AWS, Azure, Google, is you have the ability to create controls that only allow access from a certain area. Even if you have access, Active Directory rights to do something at this level, you're actually able to take that down and only allow it if it's coming through a certain endpoint. We've taken CyberArk, and we've used it for access to all of our cloud access. Really moving forward is looking at the Secure Cloud Access platform that CyberArk has really just been pushing hard lately and having that next front door access also go through CyberArk. This is taking anybody who's going into the console for AWS, anyone who's going to the console for Azure, that's also going to be protected by CyberArk, so it's very core to our strategy. Yeah. For us, we've been cloud first for quite a while. We're probably 80% in the cloud now. One of the things we're coming to realize is that as clouds sort of hit market saturation, we expect that they're gonna start jacking up price to drive revenue. There's some things we wanna lock into, but there's some things we don't wanna lock into, and we wanna be able to stay nimble and choose the best cloud, Azure, AWS, GCP, whatever. One of the things we're doing right now is identifying a common stack, technology stack that will allow us to be nimble. Then if Azure has something that is really best of breed, we may lock into that one thing, but we won't be locked into any cloud. CyberArk is a key part of that from our development strategy, our supporting, controlling identity in the cloud and all of that. The other thing is that we are an on-prem user right now, and that's been a great product. We found value in going to the cloud in it allows us sort of to upskill our engineers so we don't have our engineers doing the day-to-day routine tasks. More they're really developing and evolving and staying pace with what's the art of the possible. We're seriously looking at going to the cloud solution that CyberArk has provided. Again, also it gives us the resilience more and more your disaster recovery and resilience isn't can you rebuild the server? Do you have a multi-zone strategy? Multitenant strategy? Are your core services in multiple places like with CyberArk? We're already building out across two zones, two regions, two different tenants. That's something that's very much high on my radar, and we'll be going there over the next few years. Amy, can I add to that? Yeah. CyberArk on-prem has worked wonderfully for Aflac as well. We've already started that move up into. Privilege Cloud. Privileged Cloud. Many different terms. So we've started to move up to Privileged Cloud because what it's gonna give us is that best in breed technology without that best in breed weight on the back. Managing any type of a large platform like CyberArk, it takes a lot of work. It takes a lot of specialization. It takes a lot of hours. Taking that and being able to hand that back to the experts to handle that entire back end, and we just get the goods that come out of it, is just gonna be a huge benefit for us going forward. Absolutely. That's great. That's great. We've talked about new environments. Let's talk a little bit about new identities. You know, starting with PAM, I think you both have taken what you've done there with CyberArk and moved to different identities in your infrastructure and in your organizations. Can you talk a little bit about how you've done that, Brian, moved from PAM to new identities by using identity security from CyberArk? PAM was sort of, you know, table stakes if you can't lock up your admin account. We started that about 2015 to make sure we have security and people can't do bad things with our superuser accounts. We used the product AIM for our legacy, and then we moved to Conjur because it gives us the ability to rapidly log in, log out for our high-performance systems, our DevOps. All of our secrets that are in that DevOps pipeline are, you know, kinda critical to lock up. You know, you can see with SolarWinds, they didn't have those secrets locked up very well, and there was a major compromise of their supply chain. It's sort of back to, you know, Workforce Identity. you know, that really allows us to lock down our workforce. Some of the things that CyberArk is moving forward with is their passwordless logon using the QR code. They have some pieces of that rolled out. They're rolling out the rest of it coming soon. I'm a very much an early adopter for some of those capabilities, and I think that will position HealthFirst to really be able to do password less across multiple platforms, you know, whether it's Linux or Windows or Apple or whatever, and really make security more transparent to our users, and that's really one of my holy grails. Then the other thing is, with Workforce Identity, we have a lot of call centers. We've been able to set up our users in the call centers, set up their applications. They don't have to enter their passwords in every day. We've seen. I'm actually getting calls from the call center, my peer, the VP there, saying, "We want more of it. We need to get the offshore on." Well, it's reducing our call center cycle times and increasing productivity by about 20% in our case. Great. Wonderful. Jay, over to you. I'm really bad about using PAM to really to be my umbrella word for my identity security program. Just what we've always called it, PAM. Going above the PAM account, really in the last few years, we've gone to utilizing any capability we can to make sure that a password is never seen by anybody. We're doing it whether it's within scheduled jobs, in its applications that we're building on our own, whether it's using the different connectors that are in the CyberArk store. We've really started moving service accounts, or what we call service accounts, into our privileged access program in the past two or three years. We've also moved to our third-party, privileged access. When we have people who are having to come in just to specific systems, we started using CyberArk Alero about three to four years ago, three and a half years ago, I guess, when it came out, and really bring vendors in to our program. They may not have a massive amount of privileged access to a system, but it gives them very specific access to the system they need, and we're able to get them in, you know, in a very short period of time. We're really trying to move any identity that we can that's having to come in and get access in our network to something within our identity security program. Wonderful. Well, with that, we are out of our time, I want to thank you both for joining us. It means the world to us. Thank you for your time and for being great partners with CyberArk. Thank you all for listening. All right. Now we are gonna be moving up some incremental chairs, and the team is gonna come up now and open it up to a question and answer session. Ideally, the way this is gonna work is we have two microphones that are gonna be on either side of the room. If you could raise your hand, to the extent I can see who's raising their hand with the lights, we'll call on you. If you could just say your name and your company, that would be super helpful for the folks in the team on the webcast, and then ask your question. That would be perfect. The team is coming up. Yeah. All right. Saket, do you wanna go ahead? Great. Hello? Okay, excellent. Hey, folks. Saket Kalia at Barclays. Thanks so much for taking the question and for hosting this session. Super helpful. Maybe Matt, for you. Lots of great stuff just on TAM through the session and innovation just through the day from the whole team. I was maybe wondering if we could just touch on one topic, which is just could you help us level set a little bit on competition, right? I guess the question specifically is: what are you seeing competitively, and sorta how are you thinking about just the broader platform, which was a key topic today, how are you thinking about that as a differentiator for CyberArk? Sure. Sure, Sacket. I think here, you know, first, if we start in PAM, we have never seen a better environment for us around how we compete in that core market. The PE-backed firms that are really the competitors in that space, you know, continue to do what they do. They undercut on price, and they compete effectively as number two and number three to get into RFPs, our overall win rates against them continue to improve, and our ability to be able to actually, you know, in our mind, take share in the PAM market continues. The new entrants into PAM, you know, haven't been able to bring forth a credible PAM solution, you know, and really take the fight to us from a PAM perspective, which brings us, you know, as obviously to certain competitors in the access space where we've taken the fight to them. You heard me talk about earlier that we believe we can differentiate ourselves now, wasn't always the case, in the access market with the notion of these security bodyguards, Workforce Password Management, Secure Web Sessions, and the ability to be able to tie MFA and SSO into this platform strategy, into an overall identity security approach, and to talk to customers like you heard Brian talk about, which is this idea that if everything is tied back to a security-first mindset, he can feel more secure when it comes to the workforce and securing the workforce itself. From there, you know, you've heard me say it a lot, we're fighting from behind in the access market. We have big competitors in that space, but we believe we're winning more than we're losing, and the win rates are going up considerably from where they were just a year ago. clearly in the secrets or non-human space, you battle with two things. Everyone talks about Hashi and HashiCorp and their kind of embedded vaults within their developer tools, it really much more comes down to the secret stores that sit within the cloud providers, AWS, Microsoft, GCP. you see development organizations at the workgroup level start to adopt those secret stores as part of their development lifecycle. The problem, as we talked about this morning a lot, is it actually leads to vault sprawl, where each individual CSP or each individual development team is standing up their own secret store. security comes in and looks at that. It's the same thing that, by the way, happens with Hashi. They say, "We can't possibly manage all of these vaults." The ability to be able to leverage the CyberArk approach, the back-end central secrets management, is how we compete. Clearly with our partnership with AWS and now with the availability this morning that we announced of Secrets Hub, integrating with Azure Key Vault, this allows us to be able to be side by side with the tools that actually developers like to use. Across the board that speaks to what we think of as a very strong competitive position, and the ability to bring forth the platform story with our customers puts us in a place where we can talk to them about their longer-term footprint, their longer-term roadmap, and set up a strategy for growth. One other thing before we kick off or go too deep. You mentioned security first. That gives me a perfect opportunity to introduce Omer. Omer Grossman is our Chief Information Officer. He has joined us on the panel today. I was hoping that you would share a couple of minutes about your background, 'cause I think it plays so incredibly well into our approach around security first, that if you could share a couple minutes, so folks know where you came from, that would be great. Great. Thank you. Well, I joined CyberArk six months ago, actually six months ago this day. I came after 25 years of service in the Israel Defense Forces. I retired as a colonel. My last two leadership position were the head of the biggest cloud service provider unit in the IDF, the on-prem top secret cloud, hundreds of Israeli soldiers operating probably the biggest IT infrastructure in the Middle East. My last leadership position was the IDF CISO. Encountered several big cyber actors in this domain, and I think one of the most prominent pillar in my strategy is security first, as Erica mentioned, using our own products. We call it drinking our own champagne, implementing best practices and keeping CyberArk secure. That's perfect. If you have any questions about the environment, you know, he's definitely the person to ask. Adam, if you wanted to go. Great. Adam Borg with Stifel. Thanks so much for the question and the great day today. Me and Matt on the innovation front, the CyberArk Secure Browser this morning, I thought was an interesting, a new announcement. Help us understand. I know that won't be released till later this year, but maybe help us understand a little bit about, A, how does this differentiate, like, why will customers want this? Is this something that's really targeted to the IT folks or really broader workforce deployment? Thanks so much. Yeah, sure. I mean, you could tell by us talking about this morning, we are extremely excited by this innovation. At one level, it's a simple innovation, right? There's others out there trying to solve it in the market, which is updating this legacy enterprise application into an enterprise-grade security tool. Our belief, though, is that fundamentally, our approach is differentiated here. Our ability to be able to offer the configuration of role and application within the environment, so that the IT and security teams can actually set up the browser to work for specific people, for specific applications, or for any combination of the both. When a normal user is browsing the web, they should use their browser of choice. We are not trying to replace the icon on the desktop, so everybody has to use the CyberArk Secure Browser. We want the IT organization to be able to implement the policy that when certain users or certain applications are being accessed, beyond just the identity security apps that sit within our portfolio, that they can configure it so that they only work with the CyberArk Secure Browser. For those of you who missed the announcement, the CyberArk Secure Browser allows for cookieless browsing by centrally storing browsers on the CyberArk server. It allows for the opsification of passwords by using a one-time security key. It allows us to be able to set up an ability to protect against one of the most dangerous attacks, which is session hijacking. We see it as a way to be able to extend our platform, to be an inroad into our platform. Let's say it's the eyes into the platform that people will use. It's also an ability to be able to download it onto desktops and actually see that landing strategy, both in the enterprise but also down market into the mid-market and SMB. We think, it's early days here, that the combination of the CyberArk brand and the trust that comes with that brand, combined with making sure that people don't have to change their behaviors at all, will be a winning strategy for us as we bring it to market. We'll go to Josh and then Alex. Thanks for the question. You know, you guys highlighted a bunch of different tech reasons as to why you win today. My question is, in a macro where ROI is just so important, can you maybe talk to some of the pricing levers that you have to entice customers to go all in with your platform instead of choosing some of these other providers or competitors today? I'll jump in. We'll make sure that other people answer besides me on all the questions. That's probably my specialty area here. When we think about how we bring the platform to market, absolutely, the notion of being able to bring together packages that combine different parts of the portfolio to allow customers to be able to consolidate down their spend, increase their spend with CyberArk, but decrease their spend across the portfolio, is absolutely one of the things that we are bringing to market. We bundle in our access portfolio into some of our core PAM offerings. We're actually including seeding of some of our Secret Hub and Secrets Management now included in those packages. Actually, our DPA, our Dynamic Privileged Access service, comes with some of our high-end PAM packages that gets them started on the cloud journey. By packaging around those elements, we're able to actually come to customers and take a, you know, an ROI-driven approach. What's your total cost of ownership of all the tools you're using? We can actually drive that down. In a lot of ways, to be honest, sometimes we structure some ramp-type contracts so they can get off their legacy tools, get onto our technology stack, and increase their spend gradually over time because they're already a captive audience. We do feel like we have the ability to be able to leverage our strong position to capitalize in this macro environment, and we also see the renewals that are coming in as a great opportunity to be able to upsell. Alex, and then we'll go to Roger. Great. Thank you. Alex Henderson at Needham. I actually have two quick questions. Just wanted to go back to the browser for a second. Can you talk about who you think you're gonna displace with that product? I mean, does that impact the CASB players? How do we think about the, you know, the pocket of money it's coming out of? On the pipeline commentary, you have great statistics at the top of the pipeline, 50%, 55%, 60% kind of numbers. There was no numbers at the bottom of that pipeline, and I'm wondering why the numbers were left off there. Is there a reason why you haven't identified the year-over-year rate on closures of those deals? Is there some other issue that's between the top of that pipeline and the bottom of that pipeline that caused the numbers to be left off? Yeah. Thanks. Sure. maybe I'll answer the first one, and Simon, you wanna talk about the second one besides just telling you that Erica wouldn't let you put it there. You know, I think when we think about the secure browser, I don't think we're displacing anybody. I don't think the secure browser itself, by the way, is a monetization play. It's not gonna make us hundreds of millions of dollars of ARR in and of itself. That's the beauty of us doing it versus a standalone company that actually has to monetize it for it to be valuable. What we are able to do with the secure browser is offer it as an enterprise-grade alternative to using, for example, Chrome Enterprise or, you know, or not securing the browser. By virtue of basically allowing our customers to use it as part of the platform, we're then able to sell them the embedded services that are built into the platform, like Secure Web Sessions, like Workforce Password Management, like eventually our EPM solution. Think of it as a Trojan horse into the enterprises where they can start to use our browser to be more secure. We don't need the money that comes along with the browser itself because they're gonna start to buy the services that are embedded in. That's a unique position compared to some of the standalone browser companies, secure browser companies that are out there. Simon, you wanna answer the second one? Oh, yeah. We definitely very excited about. We didn't put everything on the slide because actually what we didn't tell you is we have a lot of volume, a lot of volume. Volume on the pipeline side, as you say, record-setting. We didn't put a number. I wasn't allowed to show the number. Record-setting on pipeline, which I think feels good when you're a CMO because when people look at you and say, "Okay, what are you doing?" All I'm doing is helping generate pipeline. The leading indicator to that leading indicator, of course, the meeting is really growing, and we really measure that. We have so much volume right now that our focus is to convert that even further, and this is where the partners come into play. Yesterday, we had that opportunity to talk to, 300, 400 partners and really asking them to really commit with us to take that volume and convert it better. Our engine is working pretty well, actually. I'm pretty proud of that. There is nothing to hide. I can just tell you that the momentum that we are seeing coming our way is pretty impressive. Let me just add one thing because I'll bail Erica out for a second. Erica doesn't like us to divulge certain statistics that they know, that she knows that if we divulge it, then you're gonna ask it every single quarter. If we give you our pipeline growth rate, then you're gonna ask for our pipeline growth rate every quarter. I think we're sitting down in a special place. We talk about record pipeline growth. The pipeline growth we saw in Q1 was equivalent to the metrics that you saw on the upper part of the slide. We have more pipeline coverage going into this year than we've ever had before. We're conservative a little bit in how we think that will convert because of the macroeconomic environment, and we wanna take that into account. Just to be clear, he could have put the exact same numbers on pipeline growth, and we would be fine. Perfect. I think we went to Roger, and then we can go to Hamza after. Awesome. Roger Boyd with UBS. Thanks again for the day. Probably another one from Matt. Sorry, Matt. On, on MSSP, it's still early days, but if you think about this path from 8,000 customers today going to this TAM of 75,000 organizations, what% of that do you think that you need to rely on MSSP partners to get at? Any statistics on where you think you are today would be helpful. I would tell you that the industry suggests, the industry analysts, the kind of people who are out there analyzing this, they seem to think that about 30%-40% of all cybersecurity spend will go through MSPs within the next three to four years. That's a remarkable statistic, right? If you're the backbone of an MSP, that means as they consolidate the market, you'll be brought first and foremost to customers. That's how we look at the market. We don't know if that's exactly right or not exactly right, but we do see that as probably the best way to land new logos in the environment that we see going forward. Great. Hamza Fodderwala, Morgan Stanley. Josh, question for you. You look pretty quiet there. CyberArk's always been a very profitable company. Prior to transition, you had over 30% free cash flow margin. You gave your long-term guidance for 25% free cash flow margin. You know, I do understand that you do have the higher hosting costs with the SaaS solution, likely some, you know, decrease in duration as you move more to annual deals. You do have more scale. You talked about, you know, more leverage from upselling a larger renewing base. Can you help square that for us? I mean, could free cash flow margins be higher than your 25%? First of all, yes, it could be. You know, we set out our long-term model, you know, based on the 25%. You know, the things that are gonna drive that are going to be in the... You know, when we think about what could impact it, first of all, renewal rates. So to the extent that we do better than what's in our model for that 25%, that can drive higher, that can drive higher cash flow. The billings rate can drive higher cash flow. You know, one of the things that we wanna be careful of five years in advance is also to know what is going to be the, you know, the full billings. What will be the billings route? Today, we know that we're billing like a normal SaaS company. When we go out and sell, it's annual contracts, annual billing. That doesn't mean that as we bring out more solutions or customer behavior changes, that that type of billing might change down the road, and we wanna be able to have some flexibility there. We're I think as we pointed out, both Matt and myself today, we're confident that, you know, if we think about the 20+ operating margins, and to the extent that it's plus, it would also could be a plus on the 25% as well, getting and matching where we were as a perpetual company. I think, Erik, you had a question. Then we'll go to Madeline after. Erik Keith with KeyBanc Capital Markets. I guess for kind of the team here, just understand, obviously, the home field advantage that you have kind of with PAM and selling that cross-selling to the base with secrets management and access management. That clearly makes sense. How do you transition to more of the story being landing outside of PAM first? How do you get the first right of refusal, if you will, in terms of aligning with those additional products? Yeah. I'll jump in there and then maybe Simon wants to talk about it as well. You know, for us, it's establishing the differentiation points that we've been working on. You know, we weren't gonna win in access if we were just a me too in access. We had to actually establish an ability to be able to talk about ourselves being different in access. I think we finally have established that point, and now it's about ramping up the sales channels and the, and the partner ecosystem to be able to go after that. I think a secondary thing is our ability to be able to, as a company, talk about these other areas in a more meaningful way. We have to shed our own PAM skin as well and be ready to be able to approach the market in an identity security approach. You know, something like cyber insurance, we talked a lot about on other calls, it actually introduces a landing spot of EPM really nicely 'cause it puts in place some fundamental controls very quickly in time for an audit. I think as you look at each individual element, you're gonna see us ramp up our ability to go do that. I'd be very surprised if that 85%, 15% holds up for much longer. I wanted Simon to comment on it because actually what we call Simon is the new logo guy. Like, that's what he's known at. He puts out outrageous targets that even his team can't believe, he goes and tries to hit it. Maybe you wanna comment on new logos. Okay, yeah. This is definitely my obsession. By the way, when I talk about meetings, they are new business meetings. They are not all the meetings. We generate more than that. This is what we call, to be precise, pre-opportunity meetings, and meeting with someone that we haven't created an opportunity with. A new logo or a new opportunity for an existing account that hasn't been identified before. Definitely the mindset is there. The new business for us is extremely important because we build that engine. Even if we for you saw the little segmentation that that's been presented, the pyramid here, varies definitely between the enterprise part, the major and the core part of it. This is where marketing has so much white space. We talk about 75,000 accounts. It's amazing for me as a marketer to be able to go after that, surround each of these accounts, being super targeted, surgical, to really identify every single opportunities. Also from an inbound perspective, what I'm seeing right now coming our way by just executing our digital campaigns and programs is pretty impressive. Like the down market, I have a number in mind because I just looked at it a few minutes ago. We are talking about thousands and thousands and thousands of leads of leads coming our way just since we started the year. It's really important for me to look at that and tell you that the leading indicator to the leading indicator of the leading indicator is volume is there. From an execution perspective, this is where we have been really, really focusing a lot since last year. From an enablement perspective, we had a big kickoff, focus all on that, is giving the confidence that these go-to-market plays that I shared, the 8 plays that I shared, and with each of them, we have about 26 different use cases. They are extremely actionable for everyone in the company as customer and partner facing, actionable for each of our partners to go and articulate that same value story. You can start at a pure level if you want. With cloud security, you can start at the EPM level if you want, or you can just have the holistic perspective around identity security and leverage cyber insurance as the first lever, have another angle around Zero Trust, if you'd like. This actionable framework that we've built is really the one that we are executing on a daily basis. When I mention we have three campaigns a week, in some markets, it's about five campaigns a week in one market. The machine is really generating a lot of return for us at the moment. Madeline, then we'll finish up with Jonathan Ho. Hi, Madeline Brooks from Bank of America. My question is really just around the broader platform strategy. you know, we see a lot of companies right now like Okta and, you know, Thoma Bravo-led PE deals. Everyone's trying to make the identity platform. What's the strategy here really honing in on, you know, PAM versus saying, we're also gonna do what SailPoint does, we're gonna go do access management more broadly? Then one more follow-up too, just on the channel partners as well. Can you just help us quantify the success of the channel and, you know, have you begun to see larger deals as you invest more there and just what that trajectory has looked like? I'll answer the second one, and then Clarence can jump in on the platform discussion here. From a second one, the short answer is, you know, about 80% of our business goes through the channel. They're able to drive the biggest of deals actually in the quarter. They're also able to cover us from a distribution perspective downmarket into the SMB space. We're very proud of the channel ecosystem that we've built. They deliver more than 90% of the services that are out in the economy, and they're able to actually implement on their own, drive value. Our overall partner play continues to grow. As we talked about earlier, MSPs will be a critical part, and we're excited by the channel program. Sure. On the Identity Security Platform side of it, just from the conception, this was never about just coverage of different types of classic IAM. It wasn't about, oh, I'm gonna have access management and PAM and IGA. We actually saw a gap in the market where you had management of a broad set of ideas, but you didn't have the real focus of security. That's something that actually came to the market. If you think about classic access management players, they didn't really think about security. Even on the IGA side, that wasn't their reason to be. It became something where they provided protection by default, security by default, so they kind of backed into it. That leaves a wide array of things open when you're not taking an attacker-based mindset, when you're not thinking about defense in depth. That's where we are born. That's how we've always considered protecting our data, starting with the most privileged and the most powerful. We just saw a need in the market to take that discipline, that thought process to the broader set of identities. Again, it's not just checking boxes in terms of being in markets. It's starting from the most privileged users and then going outwards. Like, when you think about the workforce, how do you apply intelligent privilege controls? Again, it starts with secure access and then post-authentication monitoring and control. That's not something that was part of classic access management. That's something new that we're introducing, the concept of security bodyguards. There are only two right now. That number will continue to grow. This. Now that we're solidly established in these multiple markets, you will see more separation between us and what's classically been access management, for example. Again, not going into governance, but there are aspects of identity management that will be central to our identity security approach and our strategy, and all of that will be baked into our platform over time. That's what drives our roadmap and our vision. I'll just add one element, sorry, which is I just wanna make sure it's clear, we are the only identity security platform in the market. Okta has talked about coming into this market and launching a PAM solution. It's not been launched yet. Thoma Bravo has consolidated a bunch of parts, and we don't even know what they're gonna do with those parts in order to knit them together into what solution's gonna be out there. We're very proud, and you hear me in my defending it, that we are the only identity security platform. There'll be others to come, we believe we have a head start as we build out this identity security market. Great addition. Last question's gonna come from Jonathan, please. Thank you. Jonathan Ho with William Blair. You know, Matt, you're coming into the company at a pretty critical time here with the transition. When we look at your 2027 targets, you know, what maybe has to happen from a structure and scaling perspective in order for you to make the $1.6 billion target? Thank you. Yeah. Thanks, Jonathan. You know, I think about it two ways and anyone can jump in here if they want as we wrap up. You know, when we think about the idea of what has to happen to get to the one point six I wanna start from there are things that are going to go wrong, and we'll still hit one point six. The one point six, if you look at the overall TAM, we talk about this internally all the time amongst our team. We should be beyond one point six, but nobody executes perfectly. No one can capture all opportunity. We believe that actually we've haircutted that opportunity down to one point six to take into account that we're competing from third place in access, and we do have formidable competitors in some of the other spaces that we have to go after. Ultimately, then when we achieve the one point six or beyond, it will be because we're able to execute on what this team has talked about today. You know, Paris has talked about investing in a platform and making that platform real. Simon's talked about creating an engine and changing the brand of CyberArk from PAM to Identity Security. Clarence has talked about the ability for us to actually be able to be a consolidator of trust. You know, we talked about me in my Chris hat on the channel partners and the ecosystem. If we do a strong platform, a marketing engine, a strong partner ecosystem, and continue to be a consolidator of trust out there, then the 2027 goals are conservative, not aggressive as we move forward. I think that's a perfect way to wrap it. Matt, I'm not sure if there's anything else you wanna say. I definitely wanna thank everyone for coming today. I wanna echo that. I wanna thank everybody for joining us. I know many of you talked to me. You actually got a chance to meet with customers at lunch, in the hallways. That's wonderful. We want you to talk to our customers. They're great customers and partners. We really appreciate your support in participating in the event. Thank you.