Matt Cohen: Yes. I mean, we believe that this kind of shift up into the Identity Security vision, the Identity Security platform and our ability to be able to go out there and help our customers across the entire identity landscape, human and nonhuman machine into access, into all the new areas we’ve been that the market opportunity for us remains huge. And we can go and tap into that over the next couple of years. We don’t need to pivot to a new strategy. We need to go and execute or continue to execute against the current strategy to go get that opportunity.
Operator: Your next question is from the line of Jonathan Ho with William Blair. Please go ahead.
Jonathan Ho: Udi, let me echo my congratulations as well. It’s been a pleasure for all of these years. And Matt, congrats on the new opportunity. Just wanted to maybe dig a little bit more into sort of the new Secrets Management products that you guys referenced. Just — what’s been the initial reception from customers there? How do you think about sort of the total market opportunity? And how does this maybe augment your existing Secrets Management strategy?
Udi Mokady: Absolutely, Jonathan. And thank you for those warm words, and thank you for getting to know me when we were an unknown category as we were pioneering time as a private company.
Jonathan Ho: Yes. I still remember the days of $20 million in ARR. So it’s good to see the growth.
Udi Mokady: Great. So to your question, I think the two that I would highlight is that we released Conjur Cloud. So the ability to consume Secrets Management as a service, where our customer can hit the ground running and they don’t have to set of infrastructure, we have our first customers on that and the reception. That optionality is really well received by customers. They can still decide to have it on-premise or they can now have Conjur as a service, which really breakthrough innovation in the market. And the second one that I mentioned earlier, and it’s very strategic process to is Secrets Hub. We’re on top of our solution for, I would say, native applications And for dynamic applications, we allow organizations that decide to use the native cloud Secret Store and CyberArk as the backbone.
That was announced that had impact and is very well received. The first the cloud supported is AWS, and we will follow with Azure and GCP. And again, customers are eager. And again, have started with the AWS aspect it also further strengthens our partnership with AWS. And so those are being well accepted. And in terms of the opportunity, it’s really — we’ve highlighted the multibillion opportunity in Identity Security and the machine identity is a big part of that. And we have a unique angle to take after it because we are coming as the trusted security provider, but understanding the unique needs of the developer. So bridging between security and developers is a very large opportunity.
Operator: Your next question is from the line of Josh Wood Tilton with Wolf Research. Please go ahead.
Josh Tilton: And Udi, it has been an absolute privilege. No intended. And Matt, congrats on the appointment. Just a quick one for me. I think in the prepared remarks, you guys touched on this tailwind from cyber insurance. Is there any way you can dive one level deeper on that? And just maybe how long do you think this tailwind could last?
Udi Mokady: I think it’s going to — so thanks for the question and onwards. I think it’s going to last because we’re seeing just the early parts of it. It’s mostly in North America. We believe similar drivers will show up in Europe and in the rest of the world. The insurers are — they found themselves like every company in the world, every organization is being attacked. It’s a given — and we’ve recently showed in a conference that companies are being attacked multiple times, even after they recover. So the insurance providers had to step up and take an approach of we’re going to enforce important layers that make a difference before we ensure your to lower the premium. So I think it’s going to be another of those drivers that will last as long as that cyber insurance will exist and it’s going to exist, it’s becoming kind of table stakes at companies.
And it gives an opportunity for CyberArk and companies like us, they also further partner with the insurance companies to educate their customers and make it very seamless for them to get on board. And the fact that we now have the SaaS optionality really serves that well that they — when they need to meet the requirement, they can join CyberArk and be up and running fast and get that insurance set up.
Operator: Your next question is from the line of Gregg Moskowitz with Mizuho. Please go ahead.
Gregg Moskowitz: And congratulations, Udi, on everything you’ve achieved thus far in building such a terrific company. Congrats to Matt as well in an extremely well-deserved promotion. Udi, as you know, CyberArk is one of a select few software vendors that was able to execute at a very high level throughout all of 2022. Many investors wonder if you can continue to defy gravity in this environment. So it might be helpful just to hear a bit more from you on your confidence level and repeating this in 2023, even if we were to assume that the macro gets a little tougher from here?
Udi Mokady: Yes. I would say that we’re extremely confident. I think we’ve built a plan and like we mentioned, Matt and Josh and I and the executive team, we built a plan that factored the macro. Macro was in the room as we worked on the plan and really also very data-driven, analyzing our pipeline, analyzing our continued contribution from channels. And so we’re very confident in the opportunity we have into this year. And for our ability to push those levers that we put in place. I mean, a lot of the components in CyberArk are actually behaving like growth engines, also like start-ups within the company, like the way the access business is growing. So we have the growth edge, we have the PAM market become — it’s a no greater security layer, and we’re taking it all over the world. And so yes, I would answer that. And Josh, do you have a numerical answer for that?
