SailPoint, Inc.

Good day and thank you for standing by. Welcome to CellPoint's first quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised today's conference is being recorded. I would now like to hand this conference over to your speaker today, Scott Schmitz. Please go ahead.

Good morning, and thank you for joining us today to discuss SailPoint's fiscal first quarter 2026 financial results. Joining me today are SailPoint's founder and CEO, Mark McClain, and our chief financial officer, Brian Carolyn. For the Q&A portion of today's call, we will also be joined by our president, Matt Mills. Please note that today's call will include forward-looking statements, and because these statements are based on the company's current intent, expectations, and projections, They are not guarantees of future performance, and a variety of factors could cause actual results to differ materially. This call will also include references to non-GAAP results, which exclude certain items that do not reflect our underlying business performance. Please reference this morning's press release in the investor section of SailPoint.com for further information regarding forward-looking statements and reconciliations of GAAP to non-GAAP financial measures. And with that, I'd like to turn the call over to Mark.

Thank you, Scott. Good morning, everyone, and thank you for joining us today. We're thrilled to share our fiscal Q1 2026 results. We closed the quarter with $925 million in annual recurring revenue, or ARR, a 30% year-over-year increase, with SAS ARR growing 39% year-over-year. Our ARR growth reflects continued high demand as we believe identity security continues to be a top cybersecurity investment priority for enterprise leaders. We also saw a 62% year-over-year increase in customers with ARR greater than $1 million. This highlights our continued ability to support the significant scale and complexity prevalent among enterprises today. Today's digital enterprises demand a trusted partner who can secure the full spectrum of identities from the human workforce, which includes employees, contractors, and third-party suppliers, to the digital workforce, which spans machines and autonomous AI agents across a hybrid environment. Organizations with this level of scale and complexity need identity controls that are both broad and deep. This is where SailPoint stands apart and the market is taking notice. Our expertise in enterprise class governance continues to drive share gains over both legacy and niche players. The Gartner's latest IGA market sizing report placing us at nearly 21% market share, which represents about 5x the gain of our nearest direct competitor. We believe this leadership reflects our commitment to meet the evolving identity security needs of our customers, as well as their belief that SailPoint is more than just an IGA vendor. Our innovation strategy is central to our long-term durable growth and our differentiation in the market. Let me highlight the key tenets behind that strategy. First, our foundational principle is simple. Least privilege for all enterprise identities. Every identity, human or digital, carries some level of privilege. What matters is context, the role it plays, where it operates, and what it needs access to. A contractor with temporary access to intellectual property, a payroll bot executing critical transactions, or a remote agent handling regulated data, all are privileged, but each in a different way. Legacy PAN tools were built for a narrow world, admin accounts on static infrastructure. SnowPoint breaks that mold, delivering fine-grained contextual governance for all identities, systems, and access levels at enterprise scale. Our policy-driven model defines who or what gets access to information and what actions they can take, a modern, unified approach that we believe is fundamentally different from how others manage identities today. Second, we're leading in the governance of emerging identity types. particularly machine identities and AI agents. Machine identities have proliferated with some hidden deep within directories like Active Directory and intra, making them difficult to track or secure. SailPoint machine identity security delivers deep visibility, control and entitlement level governance for these often overlooked assets, such as service accounts, software bots, and intelligent devices. When it comes to machines, other vendors primarily manage keys and certificates, not the actual access rights. Our approach goes far deeper, providing the full identity governance lifecycle for the actual machines those keys and certificates belong to. AI agents represent the next frontier. These autonomous systems are now underwriting loans, onboarding customers, and executing critical operations across both cloud native apps and legacy systems. They make decisions independently, often operating with a level of self-governance that redefines what it means to be an identity. With our new offering, agent identity security, planned for release this fall, we believe SailPoint is uniquely positioned to govern this new class of digital identities, alongside all human and machine identities, across the full spectrum of access, from the cloud to the mainframe. Third, we're embracing AI not just as a disruptor, but as a catalyst for cyber resilience. Just last quarter, we introduced HarborPilot, our AI-powered assistant, and it's already gaining strong traction. HarborPilot embeds AI into the fabric of identity programs, servicing recommendations, guiding configurations, and driving faster, smarter decisions. Users can issue prompts, such as, share all roles with no entitlements, or make me a workflow that creates a certification when a user's department changes to surface actionable insights in real time. It's also fueling a new wave of low-code, no-code workflow automation, enabling intuitive, intelligent management of identity processes. These innovations make our platform even more powerful and easier to use, helping security teams achieve more with less. In many ways, Harbor Pilot functions like a digital employee with deep expertise in both SailPoint and identity security. Fourth, threat prevention must evolve, and with Atlas, we're transforming how it's done. Atlas is our unified intelligence platform built on a consolidated data model and shared services architecture designed to deliver deep identity context at scale. As the authoritative source of identity entitlements for many of the world's most complex organizations, we enable advanced entitlement-level risk modeling that surfaces granular signals in real time. This allows for proactive detection and response, identifying threats before they can be exploited. By continuously mapping identities, entitlements, behaviors, and risks, Atlas becomes an intelligent foundation of modern identity security. our own decisions with context and fortifying the entire enterprise security stack. Innovation alone isn't enough. We know identity security must operate in lockstep with the broader ecosystem. That's why we're forging deep partnerships with cloud providers, systems integrators, and technology leaders as we work together with forward-thinking customers to ensure our Atlas platform integrates seamlessly into all customer environments. Our shared data model and flexible architecture enable partners to build on SailPoint, enhancing coverage and accelerating outcomes across a wide range of identity security needs. We're continuously focused on expanding connectivity across the portfolio, making it easier for customers to govern access to more business-critical applications. This ecosystem strategy is helping us scale across the market. The large enterprises, our expanded strategic alliance with Deloitte is a prime example. Together, we're enabling organizations to navigate the rise of AI agents, harnessing them as a force for efficiency while helping improve governance and security. At the same time, we're extending our reach into the mid-market through our Managed Service Provider, or MSP, program. which gives mid-sized enterprises access to SailPoint's industry-leading solution through trusted partners. Across the board, our ecosystem is a growth engine, bringing SailPoint to more customers with more efficiency and greater impact. Our ecosystem is a force multiplier, and our consistent NRR is the proof. Half of our new bookings this quarter came from existing customers, a strong indicator of the trust and value we continue to deliver. And these customers aren't just renewing, they're expanding. For us, it's not just about the number of individual solutions a customer buys. It's about the outcomes we deliver, the breadth and depth of identity coverage we provide, and the unique high-stakes problems we help solve. That value is reflected in the numbers. Our average ARR per customer is nearly three times higher than that of other identity security vendors, a clear signal of the comprehensive enterprise-wide role SailPoint plays across our customers' environments. As an example, a leading mortgage lender significantly deepened their investment with us as part of their broader digital transformation and modernization efforts. They upgraded to our identity security cloud business plus suite, adding machine identity security and data access security, plus training and services support. Their decision was driven by the proven ROI they had already seen and the value of our unified solution, built on the scalable integrated architecture in the Atlas platform. Today, we continue to see strong customer adoption across our platform. Our workflow usage hit an all-time high during fiscal Q1, 2026, with a record number of identity workflows being built. Clear evidence that our customers are scaling their use of SailPoint to govern more apps, new use cases, and diverse identity types. This includes machine identities, where we've seen robust demand and a strong and growing pipeline since the initial launch of SailPoint machine identity security last fall. This quarter, interest in machine identity security continued to grow among both existing and new customers. A Fortune 500 manufacturer expanded their sell point investment to better manage service accounts with greater precision. Meanwhile, a Fortune 25 retailer became a new SailPoint customer, adopting our most comprehensive identity security cloud business plus suite, along with machine identity security, non-employee risk management, a suite of connectors, and advisory and success services. They went all in on SailPoint, confident in our proven ability to deliver identity security at the scale and sophistication required to support their massive identity landscape. As we look ahead, we remain confident in the depth of our pipeline, the velocity of our sales motion, and the resilience of identity and cybersecurity budgets. As identity-centric threats continue to be a top challenge for global enterprises today, we believe it's clear that identity has become the hub of modern security strategy, serving as the common link across all aspects of enterprise security, from networks and cloud infrastructure to endpoints, data, and applications. And while some competitors tout momentum with a collection of products, we're not seeing that approach resonate in our core enterprise markets. Our win rate remains strong among large complex organizations that demand the depth, breadth and sophistication that we believe only SailPoint can deliver. This represents clear validation that our focused platform driven strategy is winning where it matters most. In closing, I'm grateful to everyone at SailPoint and our partners for ensuring we continue to stay in front. We're executing with focus, innovating with purpose, and delivering real value where it matters most. As the industry increasingly recognizes identity security as the backbone of enterprise resilience, SailPoint will continue to be the identity security innovator and trusted partner leading the way. And now, let me hand it off to Brian, who will share more details on our financial results for the quarter.