CyberArk at 18th Annual Emerging Technology Summit: Strategic Growth Insights

On Wednesday, 05 March 2025, CyberArk Software (NASDAQ: CYBR) participated in the 18th Annual Emerging Technology Summit, presenting a strategic overview of its recent performance and future plans. The discussion highlighted strong Q4 results, driven by strategic acquisitions and a focus on expanding their core Privileged Access Management (PAM) market. Despite challenges in the broader market, CyberArk remains optimistic about its growth trajectory.

Key Takeaways

• CyberArk reported robust Q4 earnings, bolstered by the Venafi acquisition and growth in secrets management.
• The company targets $600 million in free cash flow by 2028, maintaining a 20% growth rate.
• New logo acquisitions are improving, with 85% stemming from the core PAM market.
• Strategic acquisitions of Venafi and Zillow aim to enhance capabilities in certificate management and cloud identity governance.
• CyberArk is exploring Agentic AI to enhance security controls across its platform.

Financial Results

• Q4 Performance:

- Earnings were strengthened by the successful integration of Venafi, growth in secrets management, and increased platform deals.

- A notable rise in seven-figure deals with new logos was observed, with the top three deals involving the full platform.

• Acquisition Impact:

- Venafi deals are comparable to CyberArk’s initial land sizes, with potential for higher spending on certificate lifecycle management.

- Zillow’s revenue trajectory is set to grow from $2.5 million last year to a target of $10 million by the end of next year.

• Future Targets:

- CyberArk is committed to the "rule of 45," with a goal of $600 million in free cash flow by 2028 and a sustained 20% growth rate.

Operational Updates

• Core PAM Market:

- Focus on IT and developer personas is driving growth, with 85% of new logos originating from PAM.

- The company is expanding its core base and adding solutions like zero standing privileges.

• Integration Efforts:

- Venafi has been successfully integrated, creating synergies with the secrets management business.

- Zillow’s integration enhances workforce identity capabilities.

• Go-to-Market Strategy:

- CyberArk employs enterprise reps with the full product suite and specialized sales teams for Venafi and Zillow.

- Increased marketing efforts targeting CIOs and CSOs are underway.

• Channel Partnerships:

- The company is investing in the MSP channel and leveraging marketplaces for sales, especially in secure cloud access solutions.

Future Outlook

• Growth Drivers:

- Continued expansion in human identities (PAM) and significant potential in the machine identity business.

- Opportunities are being explored in MSPs and marketplaces.

• Agentic AI Exploration:

- CyberArk is investigating the application of Agentic AI to apply human-like security controls at machine speed.

• Guidance and Strategy:

- Confidence in achieving 2028 targets is supported by platform growth and opportunities in both human and machine identity businesses.

- Conservative estimates for Zillow are included in long-term guidance, with potential for higher growth.

Q&A Highlights

• New Logo Environment:

- Improvement in the new logo environment was noted in Q4, though not a complete market shift.

• Competitive Landscape:

- CyberArk emphasizes that identity is fundamentally a security problem, focusing on value-based pricing rather than discounts.

- The company sees substantial greenfield opportunities in the identity space.

• Salesforce Dynamics:

- Venafi’s salesforce now provides technical support as an overlay to enterprise reps.

For a detailed exploration of CyberArk’s strategic insights and future plans, please refer to the full transcript below.

Full transcript - 18th Annual Emerging Technology Summit:

Unidentified speaker: My perception of the world is like skewed.

Eric Heath, security and data software analyst, KeyBanc: Yes. All right. So I think we’re live. So welcome, everybody. Last morning session here before lunch.

Eric Heath, the security and data software analyst here at KeyBanc. Pleased to have us with us, CyberArk and Erica, newly appointed CFO. So congrats in person. Really excited for you. So it’s great.

So maybe look, we had earnings, and it was a strong strong earnings for you. We had the Analyst Day. So maybe just starting with Q4, I’d love to maybe just get your perspective on what drove the strength, what metric or what outcome that you saw in 4Q that was most notable for you?

Unidentified speaker: Yes. So there were a number of things that I would point to, but I’m going to keep it to three. So the first is the success we had with Venafi right out of the gate. The fact that we were able to kind of we closed the acquisition execution perspective, we felt like that went just as well as we expected, if not better. And so I think we were super excited about our about the opportunity there and our ability to be able to take that acquisition and and really, we feel like, drive some performance or outperformance in EMEA in some larger deals that they probably wouldn’t have been able to do if they had been or continue to be on a stand alone basis.

Related to that would be the success of secrets. Right? So when you think about the whole machine identity space, which I’m sure we’re gonna talk a bit more about, but when you think about machine identities generally, we’ve been seeing for the last eighteen months or so a really impressive growth rate around our secrets management business. And I think in Q4 and throughout the year last year, we continue to see that momentum build, which I think when you combine that with Venafi as we roll into 2025, it has a really great setup for us. But when you think about that secrets business, it really is the fact that the CISO is taking a more active role in the whole management of secrets.

And so that’s something that we were really excited about. And then the third piece that I wanted to point to is the fact that we’re increasingly selling those platform deals. And so when you think about those top three deals that we talked about that were new logos. So, you know, if you think about the last couple of years, the new logo environment, because the macro environment broadly has been challenged, we hadn’t seen as many 7 figure deals. In the fourth quarter, there were four that were actually in the top 10 that were new logos that were 7 figure deals.

And the top three of the three deals that we signed in the quarter were actually for the full platform, and they were new logos. So we were really excited about that too because it proved out our platform selling motion, but it also gave us more confidence in that new logo market and the fact that we were able to sign that number of large deals

Eric Heath, security and data software analyst, KeyBanc: for the quarter. That that’s interesting. So do you think the new logo environment is getting a little bit easier on the margin?

Unidentified speaker: So I think in the fourth quarter, we certainly saw, an improvement in the new logo environment. I would say, like, it’s not, there was no market change as if it is if everything felt as if it opened up. But I think that, as we progress through the year, the fact that we were able to sign those bigger deals

Eric Heath, security and data software analyst, KeyBanc: Yeah.

Unidentified speaker: With new logos gave us more confidence. Now the macro, as I said to you when we began the conversation here, that there certainly is noise. Right? Like, from a business perspective, we feel confident. Like, you were only two weeks out from giving our guidance.

There’s nothing in the nothing materially has changed from when we provided guidance a couple of weeks ago. But certainly, there’s a lot of headlines that are out there in the biz in the in the in the news.

Eric Heath, security and data software analyst, KeyBanc: Right. So I mean, the three things you talked about were kind of, I don’t know, adjacencies. I mean, platform includes everything, but I mean, some of the newer products. But the core of it still seems like on fire, I guess, is my way to interpret. So where are you still seeing the opportunities with just the core PAM

Unidentified speaker: market? Yes. So I think our shift to selling solutions and the focus that we have on both the IT persona and the developer persona, I think, is really paying off. I think when you think about the basic blocking and tackling for privileged access, which is what sits in both of those personas, the threat landscape continues to keep that at the top of the priority list. Right?

And so when we think about penetration in our core base, we’re still expanding. So that expand motion is really, really healthy. And now we’ve also added on the fact that when those core IT people need to increasingly access cloud environments, we can do that through zero standing privileges, which is our secure cloud access solution, which is a different offering. But the our customers were able to say, hey. We wanna add on this new solution or we wanna upgrade our seat.

Right? And we wanna move to the enterprise edition where we’ll get more of that functionality. So I think our ability to modernize PAM has really paid off. Plus, there’s still so much opportunity within the core base to just expand broadly. And we’re still landing new logos.

85% of the new logos. We signed about a thousand new logos last year, over a thousand new new logos last year, and 85% of them came from PAM. So you’re still seeing customers start with the PAM use cases because it’s an area where they have to control because it’s the one control within cybersecurity that actually can stop a breach from progressing.

Eric Heath, security and data software analyst, KeyBanc: And 85% of new logo, so eight fifty of the of the thousand roughly speaking, are they displacements? Are they greenfield, down market?

Unidentified speaker: So it’s a mix. So I would say we we started to see an increase in the displacement motion a couple years ago, but, the vast majority of those customers are landing with privileged cloud, and a lot of that would be greenfield in nature, which is surprising. Right? Like, I’ve been at CyberArk almost ten years, and and I think at year three, I I was like, we have to start seeing more displacements because doesn’t everybody have PAM?

Eric Heath, security and data software analyst, KeyBanc: And Doesn’t everybody have PAM?

Unidentified speaker: And they don’t. And and it’s one of those things where even within a large enterprise customer, they may create a new environment. Right? Like, they may they may open up a new AWS environment. They might have Delinea or they might have a BeyondTrust or they might have CyberArk in their on premise state, but they want to use CyberArk for that newer environment, which would be a greenfield opportunity because nothing is being secured in that environment with CyberArk.

So when you have those complex environments, you oftentimes will have or not often, but sometimes you will have multiple vendors in there.

Eric Heath, security and data software analyst, KeyBanc: Yeah.

Unidentified speaker: But we have seen an increase in some of those rip and replace, in the last few years.

Eric Heath, security and data software analyst, KeyBanc: Yeah. So so on Venafi, can you just remind us the thesis on on the Venafi acquisition, how this I always think of it as trying to understand the longer term one plus one equals three with the secrets management and start there and then maybe we’ll come back to like our machine, AgenTek AI stuff later. But just remind us the high level thesis on why you’re excited about Venafi longer term.

Unidentified speaker: Yeah. I’m gonna even start with the near term, and then I’ll go into longer term. So when we think about the machine identity space, there is a number of dynamics that have been happening. Right? Like, first of all, there’s just the sheer volume of certificates, the sheer volume of machine identities that are getting created.

Now independent of agentic AI, just AI in general is accelerating the creation of machine identities. Like, if you’re able to make a developer more efficient, that developer by nature is gonna create more secrets because they’re going to be developing more code. And when you develop more code, you have more secrets. You have more certificates. You have more crypto keys.

All of that, when you bring it together, creates this really great opportunity for CyberArk when it as it relates to the Venafi business with our secrets business because customers are struggling there. And, you know, I mentioned secrets at the beginning of this conversation that it was one of our the highlights of last year. And when you combine that with the ability to manage, the certificates for where is where the lion’s share of Venafi’s business comes today, that’s something that every one of our customers, when we were having those conversations throughout 2024, was struggling with. And then when they’re starting to get hear the noise about Google saying that those certificates have to be rotated every 90 days, and then Apple comes out a few weeks later and says those certificates have to be rotated every forty five days, that is not manageable from an Excel spreadsheet. And so, that from our perspective really creates a huge opportunity.

And then when you combine that with secrets and our ability to be able to manage those and secure those nonhuman identities, we think we’re in a really great position. And plus, also on the human side, because all of those have some can be it’s privileged use cases.

Eric Heath, security and data software analyst, KeyBanc: Mhmm.

Unidentified speaker: It gives everybody it gives our customers that visibility across their human and nonhuman state.

Eric Heath, security and data software analyst, KeyBanc: Yeah. And and I know it’s still early days, but what what sort of uplift are you seeing with customers that are taking to Venafi?

Unidentified speaker: Yeah. So the Venafi deal sizes are, actually pretty similar to the from an initial land perspective to what the CyberArk deal sizes from an initial land perspective are. And one of the things that is interesting that we’ve been seeing is when we’ve been going into some of the customers, they can build, into very nice average ARR in terms of a total lifetime value from the customer. Right? So, there’s been a lot of instances where we’ve come in and that customer may be paying a couple thousand a hundred thousand dollars for CyberArk, but they’re paying more than that on the certificate life cycle side, which is, we think also gives us an opportunity in some of the other pieces of our business.

But, we do think that it can be equal to, if not just like secrets, equal to, if not more than, a pay them opportunity when you’re kind of all in.

Eric Heath, security and data software analyst, KeyBanc: Yeah. Makes sense. And then another acquisition with with with Zillow recently, and I think the IJ space is is quite interesting at the moment. So why now? Why why was this the right time to move into IGA?

And why why was this the right acquisition to do it?

Unidentified speaker: Yeah. All really great questions. So I think if you think about why now, when we looked at the our product portfolio and our platform play, IGA was an area modern IGA. So when you’re thinking about cloud workloads, we felt like that was an area where we had done some internal development, and we had also acquired a couple companies a few years ago to give us life cycle management and identity flows, which are, governance use cases. We felt like it was an area where we really needed to bolster our capabilities in order to deliver on that vision.

Right? That that vision of ours, which is to apply the right level of privilege controls across all identities, human and machines, given what that identity is doing. And so in order to execute against that vision, we felt like we needed more governance capabilities when it came to the cloud. Given that how the pace at which the change happens, it embedding that into the platform, some of those capabilities, and also giving us another land spot or an expand spot was really attractive to us. Yeah.

And so why that was the why. The why now is we’ve been looking at a number of different opportunities. Deepak, who is the founder of Zillow, is actually kind of he’s as Matt likes to call him, he’s the he’s the Oodi of IGA. Right? Like, so when you think about what he was able to do way back before SailPoint even existed, he actually was the first, founder to kind of create an IGA solution in the market.

And so having his expertise, in house at CyberArk to help us shape and craft our vision over a longer time frame, we felt like made a lot of sense to CyberArk. They were also based in Boston, so we got to know them pretty well. And as you know and some folks here may know, culture is really, really important to CyberArk. And I think whenever you make an acquisition, having that cultural fit is one of those areas that, can either kill a deal or help accelerate a deal. And so it’s always been important from our perspective to get that right cultural fit, and we felt like Zillow had that.

Plus, the tech was pretty impressive.

Eric Heath, security and data software analyst, KeyBanc: And when you think about this coming year, 2025, I mean, two acquisitions now and now a very comprehensive portfolio. And if you’re selling a bigger portfolio, bigger platform, it usually involves, I don’t know, more of a C suite sale. How are you thinking about adjustments to go to market to enable this broader platform sale?

Unidentified speaker: Yes. So it’s a great question. So I think the way we’re kind of structuring the go to market is that we have our enterprise reps that have the full bag and are able to focus on going in and pitching or selling the entire platform story. But we’ve also kind of built on those speedboats that we’ve had previously, right, or what we used to historically called speedboats, which are more of that specialized sales motion. And so the Zillow acquisition is actually going to go into the identity piece, the broader workforce identity piece of the puzzle.

And then when you think about Venafi, we actually have a specialized sales force that will get into that depth, and that is going to be combined to a large extent with our secrets management business. So those two, overlays are gonna be working together hand in glove. And there there’s so many synergies there that we think that that training, which is now at this point complete, we should be able to benefit from. And then from a marketing programs, we’ve you know, something that we talked about last week at our Investor Day is that that CIO, CSO marketing, motion is something that we’ve also been increasing from, a reach perspective because we think that that’s something an area when we sell into security teams, we’ve always done a really nice job of selling up into the organization. But as we go broader into the platform selling, we obviously have to increase that motion quite a bit.

Eric Heath, security and data software analyst, KeyBanc: Yes. So I mean, if the swim lanes are blurring, I think it’s going to be one question for investors of like, okay, everybody has their starting point of strength.

Unidentified speaker: Yeah.

Eric Heath, security and data software analyst, KeyBanc: Why is PAM the right starting point of what makes you strategically have the advantage upper hand in consolidating adjacencies?

Unidentified speaker: Yeah. It’s a really great question and one that, you can imagine I get every once in a while. So I think when I think about why, of course, I’m biased. But, when you think about where identity sits in terms of the attack landscape

Eric Heath, security and data software analyst, KeyBanc: Mhmm.

Unidentified speaker: It’s one of, if not the most, frequently attacked vector. Right? This is a security problem.

Eric Heath, security and data software analyst, KeyBanc: Yeah.

Unidentified speaker: This isn’t an identity management problem. This isn’t a governance problem. Identity is a security problem.

Eric Heath, security and data software analyst, KeyBanc: Mhmm.

Unidentified speaker: And from where we sit at CyberArk, we believe that the people best able to solve a security problem is a security vendor. And it’s not to say that Okta isn’t a really good company. They’ve got great technology. They really make life easier with their MFA in single sign on. We also have MFA in single sign on, but we are able to wrap security controls around that.

When you think about what SailPoint does, really great company around governance. They’ve built out a wonderful technology on the government side for particularly for their on prem. But we think we can add some unique value when you’re going into cloud environments because there’s a lot of risk in the cloud. And so we think we, coming from PAM, are better able to address those use cases because it’s one of the hardest things you have to do.

Eric Heath, security and data software analyst, KeyBanc: Yes. Hitting agents at a high level, we won’t get too technical. And I think a lot of this is still just being figured out and we’re sorting through it still. But what when we think about the portfolio, what do you think this benefits which part of the portfolio do you think benefits or is best aligned with the AgenTek opportunities? Is it Venafi?

Is it Secrets? Is it CorpAM?

Unidentified speaker: So I’m gonna give you a can I can I take door number? Can I take, the third door?

Eric Heath, security and data software analyst, KeyBanc: You can take the third door.

Unidentified speaker: So and we actually think it’s an entire the entire platform. So when you think about when you think about and we’re not saying that you have to buy the whole platform. We’re actually

Eric Heath, security and data software analyst, KeyBanc: Mhmm.

Unidentified speaker: Stay tuned. We’re gonna talk more about Agentic. We kinda teed up some of what we’re thinking about from Agentic at our investor day. But the thing about, like, real, agentic AI, like, when you’re getting into an agent that acts like a human, it has to have human level controls around authentication, around privileged access, around the ability to monitor and manage what those agents are doing, but it has to be done at the speed of light. Right?

Like, it has to be done at the speed of a machine.

Eric Heath, security and data software analyst, KeyBanc: Mhmm.

Unidentified speaker: And so when you’re thinking about that combination, we think that we’ve got a really unique value proposition because we can take those human like controls, and we can apply them to those agents through our platform. And then we can also take elements of secrets management and Venafi and combine that to be able to create a solute a unique solution Mhmm. That will address those use cases. Now you’re right. This is still emerging.

Like, we’re still like, the good news is is that we’ve had and done some pretty interesting work with Accenture to be able to validate some of what we think is going to be an appropriate level of controls around these agents. So we feel like we’re in a really good position because of the work that we’ve already done. But we’re going to talk more about it at our customer event in a couple weeks.

Eric Heath, security and data software analyst, KeyBanc: Yeah. Looking forward to it. Hopefully, I get an invite. Let’s talk about the targets from the last week. It’s all blur at this point in time.

But I think the guidance implies a bit of growth in net new ARR, which I think is a little bit different than your prior guidance. Maybe it was, I don’t know, I could argue is slightly more conservative in that sense. So why the different approach to the guidance and what gives you the confidence in that? I don’t know. It seems like a little bit more optimistic in terms of net new ARR growth going forward.

Unidentified speaker: Yes. So I think when you think about the guidance, I think our guidance methodology between myself and Josh is the same, right? Like, we have not changed our approach in the way we look at the various pillars that go into our near term guidance as well as our long term guidance. So we look at the opportunity. We look at our ability to execute, and then we look at generally what any of the exogenous hurdles might be, like the macro environment would impact our ability to execute.

So when we were talking about and contemplating the targets for 2028, the thing that gave one of the things that gave us confidence to give us to put those targets forward was the fact that we really do have that broader platform and that we see really strong growth as we as you pointed out, like, the human identities are still growing. And that piece of the business continues to have really healthy growth from not only a land perspective, but also expand. And then we have this machine identity business that we have a high degree of confidence in our ability to execute against. And so I would even argue, like, if you look at the pieces of the pie that we PAM, just over a quarter of the business coming from machines, and just under a quarter of the business coming from workforce, there probably or could be some optionality in that machine identity business because we do think it could grow faster.

Eric Heath, security and data software analyst, KeyBanc: Yep.

Unidentified speaker: So, I think we felt like the guidance was a nice guide for us to put out, to kick off the 2028 view of the world, and we feel like it just demonstrates the confidence we have in our ability to execute.

Eric Heath, security and data software analyst, KeyBanc: So machine identity is probably something more optionality there. What about Zillow? Is much embedded in that?

Unidentified speaker: No. Not much is embedded in that. I mean, we have some embedded in our guidance for Zillow. You know, we kind of have if you think about the Zillow trajectory, it’s gone from 2,500,000 last year to roughly 5,000,000 at the end of this year. So more than the end of twenty twenty four doubled.

Our expectation is we can get it to 10 by the end of twenty twenty four 2025, excuse me. And then when we look forward, we do have some conservative estimates for Zillow in that long term guidance, but, we do think that there’s also optionality there.

Eric Heath, security and data software analyst, KeyBanc: Yeah. And you also committed it, right, it’s a rule of 45 each year for the next

Unidentified speaker: We committed to it being a rule of 45 companies.

Eric Heath, security and data software analyst, KeyBanc: Yes. And how should we think about the margin path? I think it’s was it 22% free cash margins today? Yeah. 27% in ’twenty eight?

Unidentified speaker: So we committed to 600,000,000 in free cash flow for 2028. So I think the, and the reason we wanted to anchor everyone on rule of 45 is that if there were faster growth

Eric Heath, security and data software analyst, KeyBanc: Mhmm.

Unidentified speaker: We may not give you the same margin. So

Eric Heath, security and data software analyst, KeyBanc: But the dollar amount.

Unidentified speaker: But the dollar amount. We’re committing to $600,000,000 and being a rule of 45 companies. So the margin growth profile between those two might look a little bit different. We wanted to give ourselves a little bit more optionality to invest back in the business if we think we can continue to drive growth. Like, we believe that we have the opportunity in front of us to continue to be a 20% grower, but that will take investment.

So that $600,000,000 is where we’re committing to and then where the margin falls on that rule of 45 will be kind of a derivative.

Eric Heath, security and data software analyst, KeyBanc: Yeah. I wanted to just ask you on the channel partnership opportunity, just where you still see some big opportunity going forward. I think MSPs is probably something that was been talked about. I don’t know if we got much attention last earnings call or the Analyst Day, but where you see the opportunity from the channel perspective, MSPs in particular? Yes.

There was a I think there were

Unidentified speaker: I think there was so much data that we gave at the, that we gave at the investor day that some of the excitement around MSPs got lost in the noise. I think there was one statistic in there around the growth in the MSP business, which is that we’re seeing really great growth there. It’s off of small numbers, but I think Gartner is projecting that 30% to 40% of all IT is going to be run through MSPs in the next few years. Our belief is that we’re in a really good position to be able to capitalize on that. We, we made some nice investments in that MSP channel.

We’ve been seeing growth. I think the other piece that we didn’t talk about in Investor Day or much on the earnings call was even some of the marketplaces. We think that we’ve got some nice opportunity there to get some leverage in the marketplaces, and we’ve also been making investments in the technology around product led sales to make it easier for us to kind of go to market with something like, secure cloud access, which is solving in a use case around low zero to any privileges that are ripe to be sold through those marketplaces. Yeah.

Eric Heath, security and data software analyst, KeyBanc: One more I wanted to ask, but I do wanna say there’s a question in the audience at all. Just on on the Venafi Salesforce, you said you were keeping them separate.

Unidentified speaker: So the Venify Salesforce force is now an overlay. So we’ve got the CyberArk enterprise reps that have Venify in, have the Venify solution in the bag. And then we took the Venify reps and we created an overlay sales force that is a more of a technical support of our enterprise reps.

Eric Heath, security and data software analyst, KeyBanc: And and you think Zillow is more adjacent to the core sales rep today than Venify, correct? The IGA sales process.

Unidentified speaker: So the IGA sales process no. I actually it’s interesting because Venafi broadly is actually being bought by the cyber the same privileged buyer Yeah. Oftentimes. So, like, even to the named human being that’s associated with the budget. So that was one of the things that surprised me the most when we’re going through diligence was how much overlap between the buying centers, between Venafi and Pam Mhmm.

There actually was. So I actually think when you think about both Zillow and Venafi, they’re very complementary to the way we’ve been going to market.

Eric Heath, security and data software analyst, KeyBanc: Yeah. But last one I wanted to ask you just because we’re seeing, obviously, some weird pricing dynamics with not necessarily your competitors, but large security companies and flexible credits and platformizations and discounts and contract buyouts. Do do you see any of that happening in identity space in the foreseeable future as a possibility to enable adoption of broader platform?

Unidentified speaker: So it’s not something that we’ve kind of that we entertain and not something that we’ve done. I can’t speak to what our competitors or peers within the identity market will do, but it’s not been we kind of if our approach to pricing is that you’re able to sell for value. Right? And so that’s kind of always been our approach. When you think about privileged access, we’ve always sold at a price premium because we believe we give customers a heck of a lot more value because of what we’re able to give them from a functionality perspective.

And so giving products away has not never been part of our DNA, and I don’t see cyber going down that path. Doesn’t mean that some other vendors may not do that.

Eric Heath, security and data software analyst, KeyBanc: Well, I mean, I think identity is not at the place the maturity where it’s a replacement market. I just think there’s so much greenfield that’s still to go.

Unidentified speaker: Totally agree with that. Yeah.

Eric Heath, security and data software analyst, KeyBanc: So alright. I think we’re out of time. So I appreciate everybody sitting in and listening. Thank you so much, Erica.

Unidentified speaker: Of course. Thank you,

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