Hamza Fodderwala: Sorry about that. Good morning, good afternoon. Thank you for taking my question. I had a one question around distribution for Matt. It seems like you’re going after a really broad opportunity in the prepared remarks are really helpful. I’m curious how you plan to continue to improve on the sales velocity to go from 9,000, 10,000, 20,000 customers over time? Or do you feel like there’s more opportunity still within the installed base, and that’s going to be driving the majority of growth going forward? Thank you.
Matt Cohen: Yes. Hamza, thanks for the question. And I wanted to highlight the opportunity within the base because I think it’s important that everybody understands how the expansion happens, but you can get me equally excited about our ability to be able to go and grab new logos. And if you were talking with our wonderful CMO, he walks around with a new logo T-shirt on every day because that’s what he’s going off and trying to drive for us and build up that channel. Now as you said, it’s not just about what we do direct. It’s about our channel partners in that space. We have the best channel partners in the world, whether it’s the Sis [ph]. You heard an example of where one of them was able to bring us into a Fortune 100 account this quarter, whether it’s the reselling partners that are out there that are increasingly turning their attention to driving new logos or if it’s an area which I’m even more excited about, which is the MSP programs.
And as you start to embed your entire platform into the MSPs and you start to be able to have them represent you within their vast customer base, even in the enterprise and down market, that becomes a flywheel of its own in terms of the ability to be able to go after new logos and to be able to go after new logos with all of the product set. So I do think you’re hitting on a key point here, which is the channel and the force multiplying effect of our channel is a critical ingredient of driving the productivity growth that we want to see, and we continue to want to see more productivity and then also our ability to be able to get outside of our base and really capture this opportunity in the broader market.
Operator: Your next question is from the line of Ray McDonough with Guggenheim Securities. Please go ahead.
Ray McDonough: Great. Thanks for taking the questions. Maybe one for Matt, if I could get a follow-up for Josh after. But Matt, I wanted to follow up on your answer to Hamza’s question around the MSSP [ph] opportunity. What specifically are you doing to enable the channel from a product perspective to help them – help you attack that market? And then how much of the demand and the need for cyber insurance plays into the roll down market and what those MSSPs can help you achieve in terms of penetration?
Matt Cohen: Yes. Great follow-up by the way. And I think there is investments in the product to make it serve the MSP market better. We’ve got a whole wing of product management that’s actually just thinking about the MSP market and what needs to happen. And some of that we’ve built and some of it is still being built. The idea of easier reporting, the ability of easier way to manage tenancy within the platform. The idea of even on the finance side, which is in the product, but in the organization to be able to bill more effectively and more flexibly. All these things are part of our MSP program holistically. We think of it as a market for us, and we run it like that where we’re tracking the contribution and what do we need to do throughout the entire parts of CyberArk concluding product to serve that market.
And so I think that’s one of the big shifts we’ve made in the last 18 months is to think of it that way. It’s not just a little bit of an offshoot of the channel partner program. It’s its own thing. I think to your point, there is intersections all the time between the growth drivers of our business. On one end, you’ve got cyber insurance with absolutely in the lower end of the enterprise and in the mid-market, is a driver of people towards PAM, towards Identity Security. It’s a factor in whether somebody can get cyber insurance. And by the way, it’s a factor in what their premium would look like. Then those companies are looking for an easy way to procure it. They might be procuring it, by the way, not even only through MSPs, they might be procuring it through their AWS marketplace and leveraging some of those lubricated routes to market.
But in addition then, MSPs can manage the whole system for them obscuring them from any of the complexity and make sure that they’re able to stand it up quickly and meet the cyber insurance requirements. And we could take any one of the tailwinds that we talk about and routes to market that we talk about, and there’s always that juxtaposition and the one you’re picking on is a particularly nice one for us as we move forward.
Operator: This concludes the Q&A session. I will now turn the call back to the CEO, Matt Cohen for any closing remarks.
Matt Cohen: So thank you to everybody. I want to finish up here by thanking our employees for their hard work and dedication. It’s only because of them that we’re able to talk about the success we had in 2023 and our optimism for the future. I want to thank our customers and partners for their support and partnership. And personally, I also want to thank Udi for his mentorship and support over the last year. I look forward to continuing to partner with him on the long-term strategy in his role as Executive Chair. But personally, I have a big thank you to him to add into the talk track here. With that being said, we look forward to seeing you all and talking to you all real soon. Take care.
Operator: This concludes the CyberArk Software Fourth Quarter and Full Year 2023 Earnings Conference Call. Thank you for joining. You may now disconnect.
