Good morning, everybody. Thank you for coming to our Morgan Stanley TMT conference. My name is Hamza. I'm the cybersecurity analyst here at Morgan Stanley. This morning, I'm very pleased to have the CyberArk team. We have Josh Siegel, CFO, and Erica Smith, Senior Vice President of IR and Finance. Josh, Erica, thank you so much for joining us. Thanks, everyone. Thank you. It's great to be here. Thank you. Then, before I begin, just a brief housekeeping note: for important disclosures, please see the Morgan Stanley Research Disclosures website at www.morganstanley.com/researchdisclosures. With that, Josh, maybe first question for you. You know, identity security continues to be a top priority for CIOs and CISOs for many years now. But for some reason, over 80% of cyberattacks are still related to identity in some way. So, what do you think that is? Why do you think that is? And what do you think CIOs and CISOs need to do to beef up their identity security posture? And how is CyberArk helping to do that in a differentiated way? Yeah, thanks, Hamza. Again, it's really great to be here today. Actually, you said it's over 80%. Actually, we've done surveys that show it's well over 90%, even over 95%, that all cyberattacks are some form or fashion are going after the credentials within the organization. We basically say, you know, all roads in cyberattack lead to identities. I think CISOs, and certainly enterprises are seeing that. Essentially, what they're the reason why that's become so proficient is because it's the credentials that it basically once you compromise those, then you have access to what the bad actors are trying to get to, whether it's personally identifiable information, whether it's the IP, or whether it's to wreak havoc in their IT, or even to bring down the entire, you know, IT system. It's going to be through a credential. Basically, it's not through the first credential necessarily that they're actually compromising. It might be over quarters or over several months of moving from credential to credential, escalating their privileges through the organization. So what CyberArk has done - and we've done this from the beginning of time - is basically, you know, really try to push that you need to block the attack chain of bad actors moving from credential to credential within the organization. I think what differentiates, you know, CyberArk today, you know, when we think about identity security, is that we think about identity management is not security. You actually have to now secure the process that identities are being managed within the organization, and not that basically, where one time it was just around a group of privileged IT administrators, that group has now proliferated to developers. It's proliferated to workforce, and also as well machine identities as well, also to non-human identities. And what differentiates CyberArk is the fact that we actually do all of those credentials, whether it's the privileged IT administrators, whether it's the workforce, whether it's developers, and whether it's machine identities, all on an integrated platform. And that allows the CISO and the enterprise to really have, you know, a single pane of glass of what's going on for all their credentials and also really be able to manage the level of access that each of those credentials has because you don't want to give the same level of control to a developer that you would have to an IT administrator or maybe to just, you know, Josh Siegel at the workforce level. And certainly, it's going to be different as well, for machine identities. So CyberArk has been successful over time to continue continuously really, develop that out because of, you know, our expertise in security and be kind of ahead of the attackers, in that game. Yeah, it's a good segue into the next question. Maybe I'll throw this to you, Erica. There's been a lot of debate about platformization and, and best of breed lately. I'm, I'm curious, you know, with, with CyberArk, and you know, you've obviously had really strong growth, you know, over 35% ARR growth for the last several quarters. You're about five quarters away from $1 billion ARR. I think Matt, this most recent earnings call, talked a lot about how you're really doubling down on this platform strategy. To, to Josh's point, not just for the IT admin but for machines, for developers, and then broader workforce users, do you think there's, there's value in having a cohesive platform in identity? And what is what drives that value? And then versus having maybe disparate point products in each of those domains? Yeah, absolutely, Hamza. Like, if you think about our identity security platform story, there is so much value in having, across each of the disciplines, from workforce to privileged, all the way to identity management. And I think across that, it's really the fact that you're able to secure the identity holistically, exactly what Josh just talked about, from the workforce perspective to the IT perspective to the developer into the machine. Those personas have proliferated across the organizations that we're selling to. And those personas need different levels of privileged controls. They also need intelligent controls that can be adapted to exactly what the user is doing. With a platform strategy, you're able to actually accommodate those level of security controls in a way that's very unique, in, as opposed to selling disparate solutions or point solutions because you have more visibility across what the user is doing to be able to, do things like step-authentication or things like secure web sessions where you're actually monitoring a session of a general workforce user in a way that's very unique to that user, which you can't do if you're just selling a point solution. So we believe that you have to have, identity across the platform. Got it. And then maybe just keying in on privileged access management, which I believe is still around 60% or so of your ARR, there's this concept that, you know, every user within the organization should be a privileged user in some way to provide that, you know, best sort of the optimal identity security. What do you think is the penetration rate just for the PAM product alone? Yeah, I mean, you know, we've been selling PAM. Actually, CyberArk led and built the market on privileged access management, you know, over 20 years ago. And when we look at our business today, probably 85% of our customers have, you know, privileged access management even in, you know, kinda from its, you know, original purpose of, "Let's secure and lock down administrators' sessions, rotate their passwords, and know everything that's going on, you know, for those privileged users." But over time, we continue to expand that market for those same privileged. Like, who is even a privileged administrator? And today, those have moved into database administrators, cloud operations. And so now you have IT administrators or database administrators who have standing privileged access management, but they may also now move in to have just-in-time management for federated access to their cloud access. And then one thing just to qualify around that 85%, we estimate that only about 50% of the privileged users within that organization are actually being secured today. So within that 85% of customers, we believe that we have a lot of opportunity to expand and add additional traditional users. And you see that in our results. The reason why we're still at 55% of our ARR coming from PAM is because there's such a tremendous opportunity to expand within that customer base. And so we've taken a traditional land-and-expand model even within that 85% of the customers that have had a starting point with a small footprint of their PAM users. Got it. When I think about CyberArk over the last couple of years, I think one word comes to mind. It's transformation, right? There's the transformation of the product suite towards cloud and SaaS and then transformation of the go-to-market. Maybe starting from the product side, how do you think having a more robust SaaS portfolio has allowed you to go after customers that you previously weren't? Yeah, I mean, I'll start. And maybe, Erica, if you want to add. But I think first and foremost, it's allowed us to really stay with our current enterprise customers who are on their own digital transformation, you know, to the cloud. And so we've had, you know, and you know, a number of those be able to say, "Okay, we either want to move our PAM and with CyberArk to our Privilege Cloud, or the new identity management tools that we want to bring in-house will be your SaaS tools because we want that holistic approach for identity security across a single platform." I think the other place that has really helped benefit for our growth going over the last several years is that we've been able to move, obviously, more down-market, where smaller and what we call, you know, the corporate enterprise of $500 million-$1.5 billion of revenues, where they typically now are only looking at cloud-based solutions. And we've been able to make very strong inroads there and progress. Erica? Yeah, the other thing I would just add on to that is the velocity of the add-on, right? So we're seeing much faster where, as I talked about, the fact that customers land with a small number of their users, that's pretty much across the portfolio, right? So if you look across each one of our solutions, even though more customers are landing with more of the platform today, they're actually adding on much quicker than they would have when we were a perpetual license model. And so we're seeing that velocity of the add-on and also the cross-sell. So we're really excited about the fact that we can see that translate into our strong ARR growth. And we're just getting started there. And I think one of the intents this year is to invest on being more programmatic in that cross-sell motion. Yeah. And speaking of which, you know, your go-to-market has evolved in many ways too. It's not just your traditional resellers, but you're also leveraging MSSPs, marketplace. Can you talk a little bit about that, how that's giving you more leverage, in expanding and broadening your customer base? Yeah, I think that some of the key things that we've been really successful with over the last several years on broadening out our channel. We've always been a channel company, where, you know, well over 80% of our business is through channels and influenced by channels. But I think that some of the key areas of the last several years is one, is around system integrators and advisory firms. We've built and invested a lot of effort and time in training those system integrators, the advisory firms, them building out their own businesses around CyberArk, as well. And that's been extremely beneficial for us as we go into not just the enterprise but as we go and expand out our platform because that's really where their expertise is. I think the other area, you know, we Erica mentioned it, you know, selling through MSSPs and MSPs has really allowed us to broaden our new logo approach and also to be able to go not just down-market where kind of the natural space for MSPs are, but we're also finding that large enterprises as well are starting to use MSPs as their security providers. And that's not just about developing the channel. It's also kind of working on our product as well to make sure that that's very much something that the MSPs will want to be using. And I think that the third area that's been incremental and strong for us in the last few years is how we've developed out marketplace specifically around AWS. And that's really allowed us to get new budget dollars for enterprises that have very close relationships with AWS and credits there. And that's been another entry to, first of all, building out our overall partner market but also a new entry for new customers that we may not have seen before. Maybe just stepping back a little bit on just the broader spending backdrop. So, you know, you had ransomware attacks were up 70% last year. You had significant breaches like MGM, Clorox, new SEC regulations. Although maybe some of the cybersecurity companies that reported besides you, I think it's been a little bit mixed. So what are you seeing in terms of cyber demand broadly, and as it relates to you guys? Yeah, so we've been seeing and you saw it in our fourth quarter results really strong demand across the board. So if we think it's partially because of the prioritization of identity and where we sit in the stack, really from a customer perspective, they recognize that identity security is mission critical. And the demand environment has been very strong for us, even throughout, you know, there was the economic downturn that we kind of saw for late 2022 into the first half of 2023, demand for our solutions persisted throughout that time frame. And everything seemed to firm up in Q3 and Q4 from a macro perspective. And the demand environment coming into this year remains very strong for us. So we just haven't seen the same noise that other vendors have seen. Got it. And then, you know, zoning in on the MGM attack specifically, you know, that was an identity-related attack, involving, you know, one of your vendors, as well. I'm curious, after that event in September, did that increase awareness of PAM and, you know, for CyberArk products in any way? You know, I think all of the MGM and all of the attacks that we're reading about, and it goes really back to your first question, right? You said over 80%. You know, we have surveys talking about over 90% of attacks are credential-based. And I think that, you know, clearly having, you know, breaches in the front page and things that are that are that are that are like that adds to tailwind and adds to market, market demand. And, and it and it shows how high the threat environment is for the enterprise and that everybody, is, is vulnerable. So, you know, we don't really see these types of breaches as kinda the next day being a surge of, of purchase orders, so to speak, or, or necessarily even a surge of overnight pipeline growth. But absolutely, we see the fact it goes to the threat environment. The threat environment is very high based on actual breaches. But it's also very high because of the discussion going on in the boardroom, whether it's for SEC regulations, whether it's for privacy regulations and the like. You know, so that from that perspective, it just raises the discussion not just even at the IT level but across to the C-suite level and at the board level. Maybe shifting on the SEC regulations. So for context, you know, starting in December 2023, public companies now have to comply with new cybersecurity disclosure mandates, including reporting a material breach within four days. Josh, as a CFO, you know, one of your jobs is risk management, right, for your organization. So I'm curious, when you talk to CFOs and boards, how are they thinking about cybersecurity in the context of this new regulation? Yeah, I mean, people are scared. Like, you know, CFOs, I mean, basically this is a top item on their agenda to ensure that as they help manage their board and bring the right topics in front of their board, this now becomes, you know, it always was an important topic, but now this is something that even the board is going to the CFO and saying, "Hey, what are we doing about this? You know, what things do we need to be thinking about?" And, you know, so it's kind of, I think most CFOs have always brought cybersecurity to the forefront, but now it's like got the backing of the entire SEC. I think that, again, this by itself is not the demand generator for cybersecurity, but it absolutely creates a very high-level discussion at really the decision-makers' point of view. We take it really seriously. It's actually now takes a pretty significant amount of time also at the board level to ensure that they're doing the right governance on what is their enterprise doing related to cybersecurity. And then just to kind of double-click there on what it means for CyberArk, if you think about it from an identity perspective, you need to secure all roads, like Josh said at the beginning, lead to identity in cyberattacks. And so it really we've talked a lot about the fact that our solutions have stayed at the top of the priority list. They've stayed at the top of the priority list because of the fact that there's regulations like this that are coming forward. There's things like GDPR, which seems to have been forgotten long ago but is still a tailwind that impacts our business because you have to actually secure the identities to actually be able to say that, "Hey, we're doing a best effort to make sure that our environment is actually protected." And our solutions help them be able to give that message when, when push comes to shove, when these regulations come to come to bear. Yeah. The other, sort of tailwind, if you will, has been cyber insurance. Nowadays, cyber insurers requiring as part of the underwriting criteria that, you know, companies have some sort of, privileged access management, capability in place. I'm curious how that has been driving pipeline. Is that something that you see inflecting in any way? Yeah, I think where it's driven pipeline first and foremost is kind of in the smaller enterprise because those are organizations that necessarily were not putting cybersecurity at the top of their list. It may not have even have had the most basic protocols in place. You know, if you think about large enterprises, and where cyber insurance is going is they really want to check the box that you have the low-hanging fruit of cyber protocols across your organization, not just that you bought them but that you're actually using them. And somebody, you know, a company who buys you know, we have to also buy cyber insurance. So, you know, we see their due diligence processes. And it absolutely, they're asking about, "What are you doing around identity management? What are you doing around your privileged users?" And they're actually very specific and prescriptive of what you need to do in order for them to even qualify you as a potential recipient of the insurance. And so, again, I think, you know, as we've been kind of talking about, it, it clearly has been a in that case, it could be a generator. If somebody wants to renew their insurance and they actually don't have some of the basic program in place, then, you know, they come to us and they say, "Hey, we need to have this." But for the most part, it's kind of a long tail of all enterprises need to know in order to run their business and to be properly insured that they're going to have to create a very holistic strategy across their cybersecurity so that even if they have it in place, that they'll be able to renew it because on every renewal, they're going through the same exercise of, "Well, show us show us how you've progressed from last year to this year to know that we've lowered our risk with you," because they're just seeing the threat environment skyrocketing. They want to constantly manage their risk profile against where the threat environment is going. Got it. Erica, maybe going back to the multi-product traction, can you remind us what percentage of customers or ARR are using multiple products with you? And I believe there's three main pillars to that. There's the access management. There's the EPM, the Endpoint Privilege Manager. And then there's the DevSecOps secrets management portfolio. So maybe if you could contextualize, you know, how many customers are using multiple products and then how much do each of those pillars make up as a percentage of ARR? Yep. It's a great question. I think this is an important discussion that we're going to have more and more this year, right, because that cross-sell motion is something that we're really investing in. And we want to make sure that customers are taking advantage or having more security controls around all of those identities that you just talked to. And so Josh mentioned earlier that about 85% of our customers have PAM and that there's a lot of room to expand there. If you think about the secrets management business, it's in about 30% of our customer base. But that includes both the traditional applications, so on-premise applications, and the Conjur or the more modern applications. So you should think about that as being more like a, of that 30%, half and half would be using the traditional applications and the modern applications. And then when you go into Endpoint Privilege Manager, that's in about 20 or 25% of our customers. Access is in 10%. And then you have about the single digits for identity management and what we're our Secure Cloud Access today. And so there's lots of room to expand across that customer base of those 8,700 customers that we have today within those various product pillars or solution pillars. When you think about the ARR representation there, it's about 55% coming from PAM, about 20% of our ARR coming from endpoint, about 15% coming from access. And then the last 10% is coming from that secrets management business. And those are rough approximations in terms of the% of the subscription ARR. When you think about the proportion of customers landing with two or more solutions, we're seeing more than 50% of new logos typically now land with more than two products or two, two or more products, I should say. And we expect that to continue to expand to increase as we look ahead, that more customers are going to take more of our platform as we move through this cross-sell motion and the platform strategy. Is there any one particular product area today that is driving more incremental growth for CyberArk? So if you look in the back part of the year, we really saw access do incredibly well. Endpoint Privilege Manager has been a very nice workhorse for us for a number of years now. And we continue to see that as a solution that every one of our customers can have, and certainly should be in every one of our customers. But right now, it's only in about 20% or 25%. So our expectation is that those two solutions should going into this year do incredibly well. And then when you look at what we're doing around secrets management, we introduced Conjur Cloud and AWS Secrets Hub as two areas where we think there's a lot of expansion opportunity. Conjur Cloud is very new. It was just introduced in the back half of last year. And so that will take some time to ramp. But we are seeing a really nice pipeline. And then, I would be remiss if I didn't talk about Secure Cloud Access because it's the solution that we're most excited about. It's a very small percent of our overall business. But when you think about that developer persona, the developer within an enterprise, it's growing at an exponential rate. And there haven't been security controls around that developer. Think of Secure Cloud Access as PAM for the cloud. So it's a motion that we understand. And it's an area that the CISO absolutely has to take a look at and make sure that that developer is being secure when they're accessing cloud workloads. And we believe in our pipeline suggests that we have a great opportunity for Secure Cloud Access. We're very excited about that as an expansion motion as well. Just drilling in on the access management side, you know, there's been a lot of consolidation in that space, from private equity and whatnot. Has that changed the competitive landscape at all for you? And has that been helping at all in terms of pipeline? So I think if you think about the workforce identity, we absolutely are seeing a lot of opportunity there. We've engaged with and really started to step up our marketing and sales channel. We think that they're from a security perspective, if you think about things like Secure Web Sessions and things like Workforce Password Management, we're very differentiated in the market. But we are taking that holistic approach from a platform perspective. Got it. Got it. Josh, shifting back to you. So, you know, I mentioned, you know, CyberArk, very strong growth over the last, you know, few years throughout your subscription transition. You're now four or five quarters away from a $1 billion in ARR. At this point now, you know, about over 90% of your new business has moved to the SaaS and subscription product. The majority of your revenue base is recurring. By your guidance, you now have to add around $200 million in net new ARR. I'm curious, as we go forward beyond the transition, what continues to drive, you know, 25%+ growth for ARR for CyberArk now? Yeah, I think, you know, it's, it's coming from two sides. One is, first of all, what we've been talking about for the last 30 minutes. It's just the threat environment is going through the roof. The demand environment remains robust. And we talked about, and you know, the need and the focus around identity security clearly remains as a top, you know, three priority when we think about different cybersecurity strategies. And then I think about it from the CyberArk perspective. And we also have talked about that over the last, you know, 20 minutes around, you know, the fact that we keep expanding our platform to get more market within an enterprise. So it's no longer where we were 10 years ago where it was really focused around just the IT administrators and around, you know, application credentials. And we've moved that across now to now the developers, the personas of the developers to across the entire workforce. And again, it's not really just around workforce for kind of more commoditized, single sign-on, and multifactor. It's really around how do you secure all those personas through lots of product that you need to have above and beyond the single sign-on, multifactor, which really just manages them. And we talk about Secure Web Sessions and password management. So when we think about kind of our new pieces of our platform over the last, you know, 12 to 36 months that we kinda have developed so that an enterprise can look at us across their entire organization for human and for non-human users as we adapt to where they're going in their transformation. And then you combine that with the pipeline with the record pipeline growth that we've had over several years, including 2023. We see, we add that to how we've developed out our partners who are becoming a stronger and stronger organic boost to how we're hitting the marketplace, whether it's through our advisory firms or whether it's through our resellers or whether it's through marketplace. And we're really confident on the growth projection. And I think, Josh, you, you touched on something super important, which is, us reimagining what it is to secure the workforce. If you think about something like a Secure Browser, which we're introducing now as we speak, then that's another security element that's really important. It's to make sure that you don't have things like session hijacking, that you can't steal cookies, that the actual session is protected. Everybody's accessing cloud applications today in order to get access to their resources within the enterprise. And by introducing something like Secure Browser, that's another really important layer of security. But it's all part of our holistic approach to reimagining how an actual workforce user is secured. That's something that I think we should just, you know, continue to remind everyone that we're really thinking about this differently, not the way that you're traditionally looking at it from an MFA or Single Sign-On perspective. This is about holistic security controls around that workforce user. And we're just at the beginning of that journey. Yes. All right. All right. You know, the phrase, renewal tsunami was used on your last earnings call. It's a good phrase. You have about 2-year average contract durations. You started selling SaaS and subscription products about, you know, 2-3 years ago. So that tsunami, if you will, is coming up now. I'm curious, what do the upsell rates look like so far? Yeah. So we're really at the beginning stages of the renewal cycle, which is an important renewal cycle. And I think we've put in place mechanisms to really make sure we're getting in front of those customers from an upsell perspective. I think the other thing, it does give us now. I know you're going to ask, or I suspect you're going to ask a couple questions around our ability to convert those customers as well. I think we're likely not going to see a major inflection in that conversion activity this year. But it does give us an opportunity to sell additional products within the base. And we are seeing that even the customers that have the traditional perpetual maintenance or on-prem subscription, they're buying more and more of our SaaS portfolio. When you look out into the back half of the year, the vast majority of our pipeline is actually coming from SaaS. That's a lot of add-on opportunities but also a lot of new customers. So part of that is that cross-sell motion 'cause we have more opportunities when those customers come up for a renewal to get into that base and actually be able to cross-sell those products and solutions. One quick follow-up to that, and then I'll open up to the audience. Just on the maintenance to SaaS that you referenced, I think you've talked about how converting the maintenance to SaaS has been about a 3x uplift. It's not obviously a big sample size yet. It's been driving low single-digit% of your ARR growth. Do you foresee that upticking at all this year or in the coming years? So I think it'll be still the single-digit% of the growth this year. I do think when you look out in the future years, you're likely going to see that increase. I think the important thing for us has always been to go with our customers on their journey to SaaS, meaning you could do two steps. You could take the customer from maintenance, perpetual maintenance, to an on-prem subscription. Or you could do the one-step journey, which is from maintenance all the way to SaaS. And much of that base that you're looking at, that roughly $200 million of ARR, are in very highly regulated industries. And so they have a path to get to putting their vaults in the cloud. But it's not a pathway that's going to or a strategy that's going to necessarily get them there this year or next year over. It's over a longer time horizon. And from our perspective, as long as those customers are adding on our SaaS solutions and they're not stagnant customers that aren't active on CyberArk, we're fine keeping that base of maintenance and going on that journey to get the 3X with them 'cause oftentimes they are consuming more and more of our solutions. And so we're getting the growth with those customers. They're becoming more secure. We're a more integrated part of their overall security platform and fabric. So we're stickier. And so we'd rather do that as part of their journey as to try to than to try to force-convert them or do something unnatural at this point. It's the CyberArk way. There you go. Do you have a question here? Oh, can you just wait for the mic? Sorry. Hi. Thank you. Can you talk a little bit more about the competitive environment in particular? You talked about the importance of identity platform, how single sign-on and MFA is not adequate. In particular, Okta. Could you talk about Okta? So obviously, when we think about our competitive environment, we, you know, on the access front and for the workforce, we obviously see Okta. They're, you know, that's where they're coming from. And the way we look at it is that we're actually, and Erica talked about it, is this notion of being able to think about the whole workforce and having, it's not about managing the workforce, and it's really about applying a security-first approach to how we secure those identities. And by the way, those identities across the entire workforce need different level of controls depending on what they're doing. And that's something that CyberArk has brought to the table. So as we look at all of our enterprises, certainly in-house and on the upsell side - and we just finished talking about the cross-sell - that's, that's where, you know, we, we, we compete very strongly with, you know, any of the other access players because these are enterprises that already understand the importance of having different levels of controls for all the identities and also how important it is to, for identity security. As we go to new customers, what's been really successful for us is, is basically things and we talked about the MGM breach. We talked about where the threat environment is. Actually, enterprises are coming to us and saying, "What we thought was okay is no longer okay." So, you know, our goal is not to necessarily go up against an Okta and replace them for single sign-on and multifactor across the board because that's not going to be, you know, the play for us. The play for us is going to these enterprises who are now inbounding to us and saying, "Hey, we need to think about this differently." Not only, you know, not only do I need to manage these identities, but I also need to understand that we're securing them and that the vendor of choice is going to be a security-first vendor of choice. And I'll be able to then move across my entire organization, whether it's also for the administrators. But then, let's not forget, there's a lot of non-human credentials and secrets there, which Okta doesn't play with at all. And then they see things in which CyberArk coming out and Erica referred to the, you know, our Secure Cloud Access. That's really, and it's PAM for the cloud. And that's really kind of going up, you know, to say, "Hey, we're not just about what's going on on the self-hosted. And we're not just about what's going on with administrators. We're going about also where is your enterprise going and where are the attackers going?" And to be able to say, "Developers and workforce need to have different levels of control so that the management doesn't get in the way, the security controls don't get in the way, but they're still a security-first type of a solution." And so far, you know, we're seeing, and we talked about it, you know, the last six months, really a lot of growth not just on the pipeline side but also turning that pipeline, you know, into revenue and into ARR. And our access piece of the ARR growth is one of our fastest growing. We got one more question. Hey. Hi, Josh. How do you set pricing or look at the market size for the non-human side of the business? How that evolves? What's the size of that? That seems to be becoming more and more of an issue, especially with AI and all these apps getting abilities to do a lot more things than they ever did in the past. Yeah. It definitely is. It's a huge area of growth. And if, if you think about the non-human side, we estimate that for every human identity, there's about 45 application or machine identities. And so there's a massive amount of growth for us in that market. We're really looking at the pricing as per environment. So if you think about, like, an AWS environment or an on-prem environment, we're kind of pricing our solution per environment, which has worked out really well for us, which is a little bit of a differentiated approach in the market than what you see from other secrets management solutions that may be out there. But the growth in that has been with the business. So we're really happy there. All right. Great. I think we're just about out of time now. Josh, Erica, thank you so much for your time. Thank you. Thank you, everyone, for joining us. Thank you. All right. Thank you. Good question. See you tonight. Yeah. Thanks.