SailPoint, Inc.

Good day and thank you for standing by. Welcome to the SailPoint Second 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 will need to press star 1-1 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Scott Smith. SVP of Investor Relations, please go ahead.

Good morning, and thank you for joining us today to discuss SailPoint's fiscal second quarter 2026 financial results. Joining me today are SailPoint's founder and CEO, Mark McLean, 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 and our supplemental earnings presentation posted on investors.salepoints.com for further information regarding our forward-looking statements and non-GAAP financial measures, including reconciliations to the nearest comparable GAAP financial measures. And with that, I'd like to turn the call over to Mark.

Thank you, Scott, and good morning, everyone, and thank you for joining us today. We're thrilled to share our Fiscal Q2 2026 results. This was another exceptionally strong quarter for SailPoint, where we executed well against the opportunity in front of us. We closed the quarter with $982 million in annual recurring revenue, or ARR, a 28% year-over-year increase, with SAS ARR growing 37% year-over-year. Our ARR growth reflects the strong demand for the breadth and depth of identity security controls that SailPoint provides to more than 3,100 enterprises worldwide. This quarter, we saw a 48% year over year increase in customers with ARR greater than $1 million. This highlights our unique ability to support the tremendous scale and complexity prevalent among enterprises today. This momentum reflects a market and transformation Let me explain the key themes that are driving this demand and why we believe our approach positions us to lead this evolution. First, enterprises now expect identity to solve full-fledged security challenges by anchoring them in deep governance constructs. We believe SailPoint's heritage and leadership in governance means we're the only provider that can elevate identity to this broader security role with confidence. Second, static admin time controls are giving way to real-time and dynamic enforcement as enterprises face new classes of risk, especially from AI and machine identities. With SailPoint, customers will soon be able to adapt to these risks quickly, applying identity intelligence to stop threats before they spread. Third, security leaders are realizing that identity alone is not enough and that they need security and data context as well, which was highlighted in our recently released Horizons of Identity Security report. Our ability to create a trifecta across these vectors of identity, security, and data context is highly differentiated and enables customers to make rapid, precise decisions that reduce risk without slowing the business. And finally, the market and SailPoint is operating well beyond traditional IGA. We deliver an extensible platform that governs and secures all identities, human and non-human, and their access to data, so that context can be leveraged to strengthen every layer of the entire security stack. Let me walk you through how these shifts are reshaping the market and why we believe we're built to lead in this new era. CIOs and CISOs are prioritizing their investment in identity security because they recognize it has become the backbone of securing their enterprise. As identity becomes the primary threat vector, enterprises are realizing they need real-time controls across all identities, human and machine, to properly secure their environments. Security companies may excel at threat detection, but without identity context layered in, today's threats are nearly impossible to understand against the backdrop of business risk. That's where we believe SailPoint is uniquely positioned. We've built a platform that is bringing together identity, data, and security in real time, and that advantage becomes even more critical as AI agents enter the enterprise. These autonomous actors are making access decisions independently, often spinning up sub-agents or executing workflows at machine speed. Static admin time policies simply weren't built for this speed or scale. We believe real-time authorization, especially for this new class of AI agents, is no longer optional. Securing them requires more than static authentication controls or basic policy. It demands deep governance with identity context and controls applied at the most granular level and for the duration of the workflow. Every enterprise will soon face two critical questions. First, can you guarantee that an agent isn't accessing data the human owner shouldn't see? And secondly, can a human use that agent to circumvent security controls? To properly answer these questions, agent governance must be built on a foundation of deep identity context and intelligent automation. With SailPoint Agent Identity Security launching at this year's Navigate, we're delivering what we believe is the only solution that is designed to govern AI agents and the subagents they create across the full lifecycle. It's powered by the same policy engine and entitlement level precision that we believe has always set SailPoint apart. The rise of AI agents in the workforce is driving a fundamental shift from static admin time governance to dynamic real-time identity security. With the innovations we're delivering today, we're helping enterprises address an entirely new class of identity challenges. We believe SailPoint provides the critical platform to enable broad enterprise adoption of AI, purely and at scale. The game has changed, and so have we. With our heritage and traditional IGA, we are able to bring together the context of identity, data, and security in ways that are difficult for others to replicate. While others are rolling up swim lanes, like Access, PAM, and IGA, we've chosen to bring together the capabilities that truly work to solve the next generation of identity security challenges. Aggregation may simplify procurement, but it doesn't solve the security problem, especially at enterprise scale. Instead of stitching tools together, we've built a unified platform that brings identity context, data context, and security context into one extensible control plane. Importantly, we believe our 20-year foundation in identity gives us something others don't have, deep contextual understanding of how identity works across the enterprise. Today, we manage over 125 million identities and their deep, fine-grained entitlements across 3,100 customers, spanning legacy systems, SaaS applications, cloud platforms, and hybrid environments. That's the kind of complexity most vendors just can't touch. We believe that depth of identity and entitlement data isn't just foundational to securing the modern enterprise, it's essential to governing the rise of AI agents, which interact with every layer of this ecosystem. In this regard, the recent flurry of M&A activity in our space validates what we've said for years. Identity is now central to enterprise security, but it also highlights a key difference. While others focus on connecting identity and threat, We're addressing the deeper challenge, bringing identity and data together, tightly integrated across the security ecosystem to provide risk-aware authorization and context into breaches across all identities. Solving identity security at scale requires more than consolidation. It requires deep expertise. SailPoint is purpose-built for this, with two decades of industry expertise, broad identity coverage, and an open partner ecosystem. In a market increasingly defined by consolidation, roll-ups, and bundled point solutions, SailPoint remains one of the only independent enterprise-scale identity security platforms, offering the objectivity, extensibility, depth, and scale large complex enterprises demand. Just as enterprises embrace multi-cloud strategies for choice and resilience, they rely on SailPoint for the same flexibility and identity. And at our annual Navigate event, we'll show exactly how this will come to life through things such as real-time authorization across all identities, human, machine, and AI, advanced security solutions for orchestration, risk-based intelligence, and automated remediation, privileged security posture management, our dynamic approach to help achieve zero standing privilege. We recognize that all identities can be privileged at some point. We secure the full identity landscape, privileged or not, by applying identity context at the entitlement level, whereas traditional PAM uses a static model focused mainly on privileged identities, which represent at most 10% of all identities in any large enterprise. It's one more example of how SailPoint is redefining the control plane for identity security, unifying policy, intelligence, and enforcement across every corner of the enterprise. We believe this is a market transformation, not incremental innovation. Our goal is to build the foundation for the next generation of enterprise security, where identity operates at the heart of the Security Operations Center, delivering real-time protection at the speed and scale the modern enterprise demands. Now, let me spend a few minutes on our execution this quarter before I hand over to Brian, who will dive deeper into our financial results. We continue to execute with discipline, translating our strategy into strong results. Enterprises around the world are embracing our comprehensive, intelligent approach to identity security, and we're arming them for what's next via new innovations that address both existing as well as new emerging challenges. For example, We recently introduced SailPoint Accelerated Application Management to directly address an ongoing enterprise challenge, the frustration that comes from limiting how many applications customers connect to identity security solutions due to complexity and lack of time or resources. This is a breakthrough offering from SailPoint that transforms how enterprises discover, govern, and secure applications at scale. By uniting visibility, intelligence, speed, and automation, we enable organizations to quickly onboard and deeply govern hundreds of applications, something previously out of reach for most. We've shattered the old notion that it takes years to make hundreds of apps visible in an identity solution. Our customers can now do this in hours or days and then move to a deeper level of governance. Our acquisition of key assets from Savvy, which is expected to close later this year, subject to customary closing conditions, stands to further enhance this offering with what we believe is best-in-class SaaS application visibility and identity risk detection. This will strengthen our ability to reduce application sprawl and deliver faster time-to-value, lower costs, and reduced risk. Likewise, we're tackling emerging challenges through key product innovations like SailPoint non-employee risk management, SailPoint data access security, and SailPoint machine identity security. Each is seeing strong, sustained demand, with ARR across these offerings more than doubling in the first half of this year compared to the same period last year. SailPoint machine identity security, in particular, is delivering record-breaking momentum, our fastest-growing new product in SailPoint's recent history, demonstrating the market's appetite for advanced, enterprise-grade identity solutions. To highlight a couple of key wins in Q2, a leading technology company turned to SailPoint to govern their identity landscape, which spans employees, cloud infrastructure, and machine identities. In fact, their machines now outnumber human identities 20 to 1, underscoring the scale and complexity we believe SailPoint is uniquely built to handle. In another example, a Forbes Global 2000 auto manufacturer modernized on SailPoint's platform to address an evolving identity landscape that spans employees, contractors, cloud workloads, and machines. This was one of our largest deals of the quarter and reflects the growing demand for a future-ready platform that can unify governance across all identities. While much of our growth is outside of traditional IGA today, we continue to capitalize on competitive displacements. Increasingly, enterprises recognize that legacy solutions can't take them into the future, and they're turning to SailPoint's modern platform to get them there. They buy from us not only to solve today's identity challenges, but to prepare for tomorrow's. From governing machine identities to securing AI agents and addressing the entitlement explosion that legacy approaches weren't built to handle. A recent win was one of Europe's largest retailers, replacing a stalled deployment from another vendor that lingered for more than three years, underscores the strength of our future-ready approach and the value of SailPoint as a proven modernization partner. On the partner front, inbound interest from global systems integrators and leading technology firms continues to accelerate. Our newly announced partnership with HCL Technologies will bring enterprise-scale modern identity security to more markets and geographies, especially in the age of AI. The market is validating our strategy. Our execution is solid, and we believe our position has never been stronger. We're building the identity security platform that enterprises trust to govern every identity, contextualize every access decision, and secure every interaction, human or machine, in real time. While there is a lot of convergence in the industry, we're converging what we believe matters most to customers, identity, data, and security. That's what modern security demands, and that's what we believe positions SailPoint to lead in a world defined by agent scale, data sensitivity, and escalating complexity. With that, I'll turn it over to Brian, who will share more details on our financial results from the quarter. Brian?