Okta Inc (OKTA) 2018 Q1 法說會逐字稿

Ladies and gentlemen, thank you for joining today to discuss Okta's first-quarter 2018 financial results.

女士們、先生們，謝謝你們今天參加討論 Okta 2018 年第一季的財務表現。

Today's conference is being recorded.

今天的會議正在錄製中。

I'd like to turn the conference over to Catherine Buan, Vice President of Investor Relations.

我想將會議交給投資人關係副總裁凱瑟琳‧布安 (Catherine Buan)。

Ms. Buan, please go ahead.

布安女士，請繼續。

Good afternoon, and thank you for joining us on today's conference call to discuss Okta's fiscal first-quarter 2018 financial results.

下午好，感謝您參加今天的電話會議，討論 Okta 2018 年第一季的財務表現。

With me on today's call are Todd McKinnon, Okta's Co-Founder and Chief Executive Officer; Bill Losch, the Company's Chief Financial Officer; and Frederic Kerrest, the Company's Co-Founder and Chief Operating Officer.

參加今天電話會議的有 Okta 聯合創始人兼執行長 Todd McKinnon； Bill Losch，公司財務長；以及公司聯合創辦人兼營運長 Frederic Kerrest。

Statements made on this call include forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including, but not limited to, statements regarding our financial outlook and market positioning.

本次電話會議中所做的聲明包括根據 1995 年《私人證券訴訟改革法案》安全港條款做出的前瞻性聲明，包括但不限於有關我們的財務前景和市場定位的聲明。

Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements.

前瞻性陳述涉及已知和未知的風險、不確定性和其他因素，這些因素可能導致我們的實際結果、績效或成就與前瞻性陳述明示或暗示的任何未來結果、績效或成就有重大差異。

You should not rely upon forward-looking statements as predictions of future events.

您不應依賴前瞻性陳述作為未來事件的預測。

Forward-looking statements represent our management's beliefs and assumptions only as of the date such statements are made.

前瞻性陳述僅代表我們管理階層截至做出此類陳述之日的信念和假設。

In addition, during today's call we will discuss non-GAAP financial measures.

此外，在今天的電話會議中，我們將討論非公認會計準則財務指標。

These non-GAAP financial measures are in addition to, and not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.

這些非公認會計原則財務指標是根據公認會計原則制定的財務績效指標的補充，而不是替代或優於這些指標。

There are a number of limitations related to the use of these non-GAAP financial measures versus their closest GAAP equivalents.

與最接近的 GAAP 同等指標相比，使用這些非 GAAP 財務指標有許多限制。

For example, other companies may calculate non-GAAP financial measures differently, or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison.

例如，其他公司可能會以不同的方式計算非 GAAP 財務指標，或者可能使用其他指標來評估其業績，所有這些都可能會降低我們的非 GAAP 財務指標作為比較工具的有用性。

A reconciliation between GAAP and non-GAAP financial measures is available in our earnings release.

我們的收益報告中提供了 GAAP 和非 GAAP 財務指標之間的調整表。

Further information on these and other factors that could affect the Company's financial results is included in filings we make with the SEC from time to time, including the section titled risk factors in the Company's Form S-1 previously filed with the SEC.

有關這些因素和其他可能影響公司財務表現的因素的更多資​​訊包含在我們不時向 SEC 提交的文件中，包括公司先前向 SEC 提交的 S-1 表格中標題為「風險因素」的部分。

Now, I'd like to turn the call over to Todd McKinnon.

現在，我想將電話轉給托德·麥金農。

Todd?

托德？

Thanks, Catherine and thanks, everyone, for joining our first earnings call.

謝謝凱瑟琳，謝謝大家參加我們的第一次財報電話會議。

I'd like to thank our customers, partners, and investors who have been essential to our success to date.

我要感謝我們的客戶、合作夥伴和投資者，他們對我們迄今為止的成功至關重要。

I'd also like to recognize the employees at Okta who have been instrumental to our growth and success.

我還要感謝 Okta 的員工，他們對我們的成長和成功發揮了重要作用。

We are very proud of how far we've come since Freddy and I started Okta back in 2009 and look forward to building on our success in the years ahead.

自從 Freddy 和我於 2009 年創辦 Okta 以來我們所取得的進步讓我們感到非常自豪，並期待在未來幾年繼續取得成功。

With that, I'm pleased to share our very strong first-quarter results with you today.

因此，我今天很高興與您分享我們非常強勁的第一季業績。

I will begin with a quick overview of our performance in the quarter and then provide some background on our business for those new to the Okta story.

我將首先快速概述我們本季的業績，然後為那些剛接觸 Okta 故事的人提供一些有關我們業務的背景資訊。

And, finally, I'll touch on some of the exciting developments and customer wins we had in the quarter before turning it over to Bill, who will walk through the financials in detail.

最後，我將談談我們在本季度取得的一些令人興奮的進展和客戶贏得的成果，然後將其交給比爾，他將詳細介紹財務狀況。

We had a very successful start to the year and achieved a record quarterly revenue in billings while meaningfully improving operating margins.

我們今年開局非常成功，季度營收創歷史新高，同時營業利潤率也大幅提高。

Total revenue grew 67% year-over-year to a record $53 million, while subscription revenue grew 75% year-over-year to $48 million.

總收入年增 67%，達到創紀錄的 5,300 萬美元，訂閱收入年增 75%，達到 4,800 萬美元。

Calculated billings grew 75% year-over-year to $60 million.

計算出的帳單年增 75%，達到 6,000 萬美元。

And what's even more notable is that our non-GAAP operating margin improved 24 percentage points year-over-year while we maintained very strong top-line growth as we continued to see increasing year-over-year leverage in our business.

更值得注意的是，我們的非 GAAP 營業利潤率年增了 24 個百分點，同時我們的業務槓桿率繼續逐年增加，因此我們保持了非常強勁的營收成長。

The rapid growth and expansion we continue to experience is a result of the key role Okta plays in a constantly evolving cloud-centric world.

我們持續經歷的快速成長和擴張是 Okta 在不斷發展的以雲端為中心的世界中發揮關鍵作用的結果。

Today you cannot avoid the buzzwords of "digital transformation," but it's more than just marketing jargon.

如今，您無法避免「數位轉型」這一流行語，但這不僅僅是行銷術語。

Organizations of all sizes around the world are rapidly adopting cloud applications and mobile technologies to move their companies forward.

世界各地各種規模的組織都在迅速採用雲端應用程式和行動技術來推動公司向前發展。

This often results in increasing complexity, sprawl, and vulnerability within their IT infrastructures while negatively impacting their end-user experience.

這通常會導致 IT 基礎架構的複雜性、無序擴張和脆弱性不斷增加，同時對最終使用者體驗產生負面影響。

These organizations need a secure way to manage the evolving interactions between their businesses and their employees, partners, suppliers, and customers.

這些組織需要一種安全的方式來管理其企業與其員工、合作夥伴、供應商和客戶之間不斷變化的互動。

At Okta, we recognized from the start that identity is the foundation for connections between people and technology.

在 Okta，我們從一開始就認識到身分是人與科技之間連結的基礎。

Our products allow users to connect to any application from any device, all with a simple, intuitive, and consumer-like user experience.

我們的產品允許​​用戶從任何設備連接到任何應用程序，所有這些都具有簡單、直觀和消費者般的用戶體驗。

The Okta Identity Cloud enables millions of users every business data securely access all the applications and data they need to do their most important work.

Okta Identity Cloud 讓數百萬用戶能夠安全地存取他們完成最重要工作所需的所有應用程式和資料。

We have six individual products that operate as a unified platform and together make up the Okta Identity Cloud.

我們有六種單獨的產品，它們作為統一平台運行，共同構成了 Okta Identity Cloud。

First is Okta Single Sign-On, which enables users to access all of their applications from any device with a single set of credentials.

首先是 Okta 單點登錄，它使用戶能夠使用一組憑證從任何裝置存取其所有應用程式。

Next is Okta Universal Directory, which provides a centralized, cloud-based, flexible store to capture user application and device profiles as well as the relationships between those profiles.

接下來是 Okta Universal Directory，它提供集中式、基於雲端的靈活儲存來捕獲用戶應用程式和裝置設定檔以及這些設定檔之間的關係。

Our third product, Okta Adaptive Multi-Factor Authentication, provides an additional layer of security for data and applications while using modern authentication factors such as text messaging and push notifications.

我們的第三個產品 Okta 自適應多重身份驗證在使用文字訊息和推播通知等現代身份驗證因素的同時，為資料和應用程式提供了額外的安全層。

Our fourth product, Okta Lifecycle Management, is a provisioning product that automates IT processes and ensures user accounts are created and deactivated at the appropriate times.

我們的第四個產品 Okta Lifecycle Management 是一種配置產品，可自動化 IT 流程自動化並確保在適當的時間建立和停用使用者帳戶。

Okta Mobility Management, our fifth product, uses identity to automate mobile device administration and provisioning across phones, tablets, and laptops, providing seamless and secure mobile access to any application without compromising security.

Okta 行動管理是我們的第五個產品，它使用身份來自動化跨手機、平板電腦和筆記型電腦的行動裝置管理和配置，提供對任何應用程式的無縫、安全的行動訪問，而不會影響安全性。

And lastly, our newest product, Okta API Access Management, enables organizations to connect custom Web and mobile experiences to cloud or on-premise services through APIs.

最後，我們的最新產品 Okta API 存取管理使組織能夠透過 API 將自訂 Web 和行動體驗連接到雲端或本機服務。

Customers use our platform for a variety of use cases, both internally for their employees and contractors as well as externally to connect their customers, partners, and suppliers.

客戶將我們的平台用於各種用例，包括內部供其員工和承包商使用，以及外部用於連接其客戶、合作夥伴和供應商。

Identity management has historically focused on securing and authenticating internal users.

身分管理歷來著重於保護和驗證內部使用者。

But as organizations become more distributed, and customer engagement moves to online and mobile channels, we recognize that the use cases for internal and external identity solutions were aligning.

但隨著組織變得更加分散，客戶參與轉向線上和行動管道，我們認識到內部和外部身分解決方案的用例正在協調一致。

For both uses, our approach to identity eliminates duplicative, sprawling credentials and disparate authentication policies, allowing our customers to simplify and scale their IT infrastructures more efficiently as the number of users, devices, clouds, and other technologies in their ecosystem grows.

對於這兩種用途，我們的身份方法消除了重複、龐大的憑證和不同的身份驗證策略，使我們的客戶能夠隨著生態系統中用戶、設備、雲端和其他技術數量的增長，更有效地簡化並擴展其IT 基礎架構。

We believe the Okta Identity Cloud has a number of attributes that set it apart from other solutions in the market.

我們相信 Okta Identity Cloud 具有許多區別於市場上其他解決方案的屬性。

First, pure cloud: our superior cloud architecture scales to deployments of any size and is designed to seamlessly integrate with and manage cloud, hybrid, on-premise, and mobile technologies, and is built with a core focus on reliability and security.

首先，純雲端：我們卓越的雲端架構可擴展到任何規模的部署，旨在與雲端、混合、本地和行動技術無縫整合和管理，並以可靠性和安全性為核心建置。

Second, neutrality: we offer leading technology that provides connectivity in a way that is independent, irrespective of application, user, location, or connected device.

其次，中立性：我們提供領先的技術，以獨立的方式提供連接，無論應用程式、使用者、位置或連接的設備如何。

We believe organizations should have the flexibility to use any technology they choose, and their identities should not be tied to any one vendor who provides both applications and identity solutions.

我們認為，組織應該能夠靈活地使用他們選擇的任何技術，並且他們的身份不應與任何一個提供應用程式和身分解決方案的供應商綁定。

Third, ecosystem: our ecosystem of integrations, which we call the Okta Application Network, provides immediate time to value with over 5,000 integrations with cloud, mobile, and Web applications.

第三，生態系統：我們的整合生態系統（我們稱之為 Okta 應用程式網路）透過與雲端、行動和 Web 應用程式的 5,000 多個整合提供即時價值實現。

We are also able to benefit from a number of network effects inherent to our platform, as the more people, applications, devices, and organizations we connect, the more intelligence we gather and the deeper value we can deliver to our customers.

我們還能夠從我們平台固有的許多網路效應中受益，因為我們連接的人員、應用程式、設備和組織越多，我們收集的情報就越多，我們可以為客戶提供的價值就越深。

Lastly, superior user experience without sacrificing organizational security: we provide a differentiated user experience, offering an elegant and intuitive interface despite the complexity of the issues we solve.

最後，在不犧牲組織安全性的情況下提供卓越的使用者體驗：儘管我們解決的問題很複雜，但我們提供差異化的使用者體驗，提供優雅且直觀的介面。

We deliver this while also going to great lengths to ensure that our platform is held to the highest standards in security, and we have achieved several significant industry certifications for cloud security.

我們在實現這一目標的同時，也竭盡全力確保我們的平台達到最高的安全標準，並且我們已經獲得了多項重要的雲端安全產業認證。

On that note, we were very pleased to announce in the quarter that we achieved FedRAMP certification, a gold standard in security certification which currently allows US government agencies to realize the benefits of the Okta Identity Cloud and simplify the adoption of Okta's identity, mobility, and security solutions at scale.

在這一點上，我們非常高興地在本季度宣布我們獲得了 FedRAMP 認證，這是安全認證的黃金標準，目前允許美國政府機構認識到 Okta 身份雲的優勢，並簡化 Okta 身份、移動性、和大規模的安全解決方案。

This certification clears the path for us to pursue the US government agency market, though we are still in the very early stages of capitalizing on this opportunity.

該認證為我們進軍美國政府機構市場掃清了道路，儘管我們仍處於利用這一機會的早期階段。

These differentiators have contributed to Gartner continuously recognizing Okta as a leader in the industry.

這些差異化因素促使 Gartner 持續將 Okta 視為產業領導者。

In fact, Okta has been the clear execution leader in every single Gartner Magic Quadrant we've ever participated in.

事實上，在我們參與的每一個 Gartner 魔力像限中，Okta 都是明確的執行領導者。

Historically, that has been in the identity-as-a-service, or IDaaS Magic Quadrant, where we were a leader every single year.

從歷史上看，這一直在身份即服務（IDaaS 魔力像限）中，我們每年都處於領先地位。

Going forward, Gartner is expected to publish a new Magic Quadrant that covers both cloud and on-premise products, and we expect to do well in this newly expanded Magic Quadrant as well.

展望未來，Gartner 預計將發布涵蓋雲端和本地產品的新魔力像限，我們也希望在這個新擴展的魔力像限中表現出色。

It is expected to be published in the coming weeks.

預計將在未來幾週內發布。

Our dedication to innovation and customer success has enabled us to grow to serve a customer base of over 3,350 organizations of all sizes and verticals.

我們致力於創新和客戶成功，使我們不斷發展壯大，為超過 3,350 個各種規模和行業的組織的客戶群提供服務。

We saw strong customer momentum in the first quarter, particularly with large organizations, and we now serve 493 customers with over $100,000 in annual contract value, a number that has grown 64% year-over-year.

我們在第一季看到了強勁的客戶勢頭，尤其是大型組織，現在我們為 493 家客戶提供服務，年度合約價值超過 100,000 美元，該數字同比增長 64%。

The enthusiasm our customers have for our products continues to grow, as demonstrated by our consistently high dollar-based retention rate which was 123% in the first quarter.

我們的客戶對我們產品的熱情持續成長，第一季以美元計的保留率一直很高，達到 123%，這證明了這一點。

I'd like to highlight a few notable customer wins from the first quarter to provide some insight on our traction in the market.

我想重點介紹第一季取得的一些值得注意的客戶，以提供一些關於我們在市場上的吸引力的見解。

First, demand for our core products continues to be very strong.

首先，對我們核心產品的需求仍然非常強勁。

This quarter, a large North American grocery and retail chain selected the Okta Identity Cloud to securely connect their 12,000 employees to cloud applications.

本季度，一家大型北美雜貨和零售連鎖店選擇了 Okta Identity Cloud 將其 12,000 名員工安全地連接到雲端應用程式。

The company will implement Okta Single Sign-On and Universal Directory to seamlessly manage employee access; and Okta Multi-Factor Authentication to ensure security of corporate data.

該公司將實施 Okta 單點登入和通用目錄來無縫管理員工存取；和 Okta 多重身分驗證，確保企業資料的安全。

Second, we have seen more and more traction landing initial deals with external use cases at large organizations.

其次，我們看到越來越多的牽引力在大型組織中與外部用例達成初步交易。

For example, a North American National Bank is turning to Okta Identity Cloud to build a secure and seamless banking experience for their 2 million plus customers.

例如，一家北美國家銀行正在轉向 Okta Identity Cloud 為其超過 200 萬客戶建立安全、無縫的銀行體驗。

This is an important external use case that is representative of our opportunity to connect companies, including highly regulated industries such as commercial banking, to their customers.

這是一個重要的外部用例，代表了我們將公司（包括商業銀行等高度監管的行業）與其客戶聯繫起來的機會。

The bank will be leveraging Okta to deploy a new digital platform offering an improved online user experience for their customers, who range from commercial to retail and wealth management clients.

該銀行將利用 Okta 部署新的數位平台，為其客戶（從商業客戶到零售客戶和財富管理客戶）提供改進的線上用戶體驗。

Third, we continue to see more and more expansion and upsells from internal use cases to external use cases.

第三，我們繼續看到越來越多的從內部用例到外部用例的擴展和追加銷售。

For example, Wyndham Worldwide has been an Okta customer for over a year, utilizing the Okta Identity Cloud to accelerate their move to the cloud while enhancing user experience for their employees.

例如，Wyndham Worldwide 成為 Okta 客戶一年多了，利用 Okta Identity Cloud 加速向雲端的遷移，同時增強員工的使用者體驗。

The new win this quarter is that Wyndham will now leverage the Okta Identity Cloud as part of the online infrastructure supporting its Wyndham Rewards loyalty program expansion.

本季的新勝利是溫德姆現在將利用 Okta Identity Cloud 作為線上基礎設施的一部分，支持其溫德姆獎賞計畫忠誠度計畫的擴展。

Now they are using Okta to improve their customers' experience as well.

現在他們也使用 Okta 來改善顧客體驗。

These customers are just a few examples of how organizations across a wide range of verticals are utilizing the Okta Identity Cloud for a variety of use cases.

這些客戶只是各個垂直領域的組織如何將 Okta Identity Cloud 用於各種用例的幾個例子。

These examples also demonstrate that we have a significant potential for upsells and cross-sells within our existing customer base, a dynamic that continues to drive our strong top-line growth.

這些例子也表明，我們在現有客戶群中擁有追加銷售和交叉銷售的巨大潛力，這種動力將繼續推動我們強勁的營收成長。

We believe we are just scratching the surface of our overall market opportunity, and are focused on broadening our footprint within both existing customers and into new customers and markets.

我們相信，我們只是觸及了整個市場機會的表面，我們的重點是擴大我們在現有客戶以及新客戶和市場中的足跡。

Not only are we well positioned to capture share in what we estimate to be an $18 billion market for internal use cases, but we believe our opportunity with customers using Okta for external use cases is significant and largely untapped.

我們不僅處於有利地位，可以在我們估計的 180 億美元的內部用例市場中佔據份額，而且我們相信，我們與使用 Okta 進行外部用例的客戶的機會是巨大的且基本上尚未開發。

To give some context on the external market opportunity, companies are already spending over $100 billion every year building cloud applications and custom software, such as mobile applications, to more effectively engage with their customers.

為了了解外部市場機會，該公司每年花費超過 1000 億美元建立雲端應用程式和客製化軟體（例如行動應用程式），以便更有效地與客戶互動。

All of these technologies require a form of identity management to function.

所有這些技術都需要某種形式的身份管理才能發揮作用。

As we look to further build on our capabilities for external users, we added the team from Stormpath in March.

當我們希望進一步增強我們對外部用戶的能力時，我們在 3 月增加了來自 Stormpath 的團隊。

Stormpath focused on identity for the developer.

Stormpath 專注於開發人員的身分。

The integration of Stormpath into Okta accelerates the growth of our identity platform for developers.

Stormpath 與 Okta 的整合加速了我們面向開發者的身份平台的發展。

The need for secure application integration continues to grow as organizations seek to unified identity across applications, services, and devices, and developers are a key part of this process.

隨著組織尋求跨應用程式、服務和裝置的統一身份，對安全應用程式整合的需求不斷增長，而開發人員是此流程的關鍵部分。

Developers are now able to natively build Okta's identity solutions into any application, enabling them to build and scale these customer-facing applications in a matter of days, a process that used to take months or years.

開發人員現在能夠將 Okta 的身份解決方案本地構建到任何應用程式中，使他們能夠在幾天內構建和擴展這些面向客戶的應用程序，而這一過程過去需要數月或數年。

We are excited about what this partnership means for developers and for our customers; and, ultimately, what this means for our ability to capture share in what we believe is a massive market for external use cases.

我們對這種合作關係對開發人員和我們的客戶意味著什麼感到興奮；最終，這對於我們在外部用例的巨大市場中獲取份額的能力意味著什麼。

In summary, we are very pleased with our results this quarter.

總而言之，我們對本季的業績非常滿意。

We generated industry-leading revenue growth and demonstrated increasing financial leverage in the model at the same time.

我們實現了領先業界的收入成長，同時在模型中展示了不斷增加的財務槓桿。

We are seeing robust demand across the business, and we are in the early innings of a significant market opportunity.

我們看到整個產業的需求強勁，而且我們正處於重大市場機會的早期階段。

And we appreciate your interest in the Okta story.

我們感謝您對 Okta 故事的興趣。

I'd now like to turn over the call to Bill to walk through the financial results.

我現在想把電話轉給比爾，讓他了解財務表現。

Bill?

帳單？

Thanks, Todd, and thanks again to everyone for joining us.

謝謝托德，再次感謝大家加入我們。

I'll start by providing a brief overview of our financial model, and then I'll go through our first fiscal quarter results in detail before moving on to guidance for the second quarter and full year of fiscal 2018.

我將首先簡要概述我們的財務模型，然後詳細介紹我們的第一財季業績，然後再介紹 2018 財年第二季和全年的指導。

Our cloud-based platform is offered through a SaaS model, and we generate revenue primarily by selling subscriptions that are generally three years for our large enterprise customers, and range from 1 to 2 years for our small and midmarket customers.

我們的基於雲端的平台透過 SaaS 模式提供，我們主要透過銷售訂閱來產生收入，對於大型企業客戶來說，訂閱期限通常為三年，對於中小型市場客戶來說，訂閱期限為 1 到 2 年。

We typically invoice customers annually and in advance.

我們通常每年提前向客戶開立發票。

There are a number of levers that drive our growth, including acquiring new customers, increased customer spending when the number of users within a customer expands, and upselling additional products.

有許多槓桿可以推動我們的成長，包括獲取新客戶、當客戶內的用戶數量增加時增加客戶支出以及追加銷售外產品。

We also look to grow within customers by expanding their deployment of Okta for both internal and external use cases.

我們還希望透過擴展 Okta 的內部和外部用例部署來實現客戶成長。

Our subscription fees are based on the products a customer is using and the number of users on the platform.

我們的訂閱費用是根據客戶使用的產品和平台上的使用者數量而定。

We also sell Professional Services, which include fees for assisting customers in implementing our products.

我們也銷售專業服務，其中包括協助客戶實施我們的產品的費用。

The primary objective of our professional services team is to make our customer successful, which in turn drives higher subscription revenue as these customers expand their usage of the Okta Identity Cloud.

我們專業服務團隊的主要目標是讓我們的客戶成功，隨著這些客戶擴大對 Okta Identity Cloud 的使用，這反過來又會帶來更高的訂閱收入。

We expect professional services will be a smaller proportion of our overall revenue as our business grows and as our service partners lead a larger portion of implementation.

我們預計，隨著我們業務的成長以及我們的服務合作夥伴主導更大的實施部分，專業服務將占我們總收入的一小部分。

We had a strong first quarter and a start our fiscal year.

我們第一季表現強勁，並開啟了本財年。

As Todd mentioned, revenue for the first quarter totaled $53 million, growing 67% year-over-year.

正如托德所提到的，第一季收入總計 5,300 萬美元，年增 67%。

Subscription revenue totaled $48.4 million in the first quarter, an increase of 75% year-over-year, and comprised 91% of our total revenue.

第一季訂閱營收總計 4,840 萬美元，年增 75%，占我們總營收的 91%。

Professional Services revenue was $4.7 million, an increase of 10% over the same period last year.

專業服務收入為470萬美元，比去年同期成長10%。

In terms of geographic breakdown, roughly 86% of our first-quarter revenue came from the US, and roughly 14% came from outside the US, with the majority of this coming from EMEA.

從地理分佈來看，我們第一季營收的約 86% 來自美國，約 14% 來自美國以外的地區，其中大部分來自歐洲、中東和非洲地區。

We are in the early stages of international expansion, and we remain dedicated to growing our international sales footprint over time.

我們正處於國際擴張的早期階段，我們將繼續致力於隨著時間的推移擴大我們的國際銷售足跡。

We expect our mix of international revenue will continue to grow over the coming years.

我們預計未來幾年我們的國際收入組合將繼續成長。

Moving on to billings.

繼續討論比林斯。

As a reminder, we define calculated billings as total revenue recognized in that quarter, plus the change in total deferred revenue for the quarter.

提醒一下，我們將計算的帳單定義為該季度確認的總收入加上該季度遞延收入總額的變化。

Calculated billings in Q1 were $59.9 million, an increase of 75% year-over-year.

第一季的計算帳單為 5,990 萬美元，年增 75%。

Clearly, we are happy with the calculated billings growth this quarter and the underlying demand that is driving our business.

顯然，我們對本季計算出的帳單成長以及推動我們業務的潛在需求感到滿意。

The exceptionally high growth rate in Q1 was attributed to a number of large user expansions in enterprise that benefited billings in the quarter due to the timing of the invoicing.

第一季異常高的成長率歸因於企業用戶的大量擴張，由於開票的時間安排，本季的帳單受益匪淺。

Of course, this also shows how billings can fluctuate from quarter to quarter based on the timing of renewals and billings duration for large enterprises.

當然，這也顯示了大型企業的帳單如何根據續約時間和帳單持續時間而逐季度波動。

We also tend to see our strongest billings in the fourth quarter as a result of the buying patterns of large enterprise customers.

由於大型企業客戶的購買模式，我們也傾向於在第四季度看到最強勁的營收。

Given the seasonal billing fluctuations that we expect to continue, an additional way to look at billings growth is on a trailing 12-month basis, which removes seasonality.

鑑於我們預計會持續出現季節性帳單波動，請查看帳單成長的另一種方法是基於過去 12 個月的數據，從而消除季節性因素。

From a trailing 12-month perspective, calculated billings growth, ending Q1, was 69%.

從過去 12 個月的角度來看，截至第一季的計算帳單成長率為 69%。

As of the end of Q1 we had over 3,350 customers and continued to see strong momentum with new customer additions.

截至第一季末，我們擁有超過 3,350 名客戶，新客戶的增加持續保持強勁勢頭。

We remain focused on growing our large enterprise customer base, and ended the quarter with 493 customers with an annual contract value above $100,000, up 64% compared to Q1 of fiscal 2017.

我們仍專注於擴大大型企業客戶群，本季末，年合約價值超過 10 萬美元的客戶數量達到 493 家，比 2017 財年第一季成長 64%。

We have also continued to see average deal sizes grow with our large enterprise accounts.

我們也繼續看到我們的大型企業客戶的平均交易規模不斷增長。

These strong customer trends, along with continued expansion with our existing customers, are reflected in our dollar-based retention rate, which was 123% for the trailing 12 months.

這些強勁的客戶趨勢，以及我們現有客戶的持續擴張，都反映在我們以美元計算的保留率上，過去 12 個月的保留率為 123%。

Not only are we adding new customers at a rapid pace, but our existing customers continue to grow the number of users on the platform, expand into new use cases, and buy new products.

我們不僅在快速增加新客戶，而且我們的現有客戶也在不斷增加平台上的用戶數量、擴展到新的用例並購買新產品。

Before turning to expense items and profitability, I would like to point out that I will be discussing non-GAAP results, going forward.

在討論費用項目和盈利能力之前，我想指出，我將討論未來的非公認會計原則結果。

Our GAAP financial results, along with a reconciliation between GAAP and non-GAAP results, can be found in our earnings release.

我們的 GAAP 財務表現以及 GAAP 和非 GAAP 業績之間的調整表可以在我們的收益報告中找到。

Subscription gross margin was 78.4%, up 382 basis points versus the first quarter last year.

訂閱毛利率為 78.4%，較去年第一季成長 382 個基點。

Our subscription gross margin has been consistently strong, although it can fluctuate slightly from quarter to quarter.

我們的訂閱毛利率一直保持強勁，儘管每季可能略有波動。

Our professional services gross margin was negative 25.5% compared to a negative 10% in the first quarter last year, as expected.

我們的專業服務毛利率為負 25.5%，而去年第一季為負 10%，符合預期。

In Q1 last year, we realized the benefit of a number of very large fixed deals that completed in that quarter.

去年第一季度，我們意識到該季度完成的許多大型固定交易的好處。

This had a significant impact on our professional services revenue, and, therefore, gross margin in the period.

這對我們的專業服務收入以及該期間的毛利率產生了重大影響。

It's important to note that we recognize professional services costs when they are incurred, regardless of when the revenue is recognized.

值得注意的是，我們在專業服務成本發生時確認專業服務成本，無論收入何時確認。

Therefore, our professional services margins will continue to fluctuate from quarter to quarter.

因此，我們的專業服務利潤率將持續逐季波動。

Total gross margin was 69.2%, up 594 basis points year-over-year.

總毛利率為69.2%，較去年成長594個基點。

Gross profit was $36.7 million, up 82% year-over-year.

毛利為 3,670 萬美元，年增 82%。

We expect our overall gross margin to trend higher over time as more of our revenues come from subscriptions, though we will still see fluctuations quarter to quarter.

我們預計，隨著時間的推移，我們的整體毛利率將呈上升趨勢，因為我們的收入更多來自訂閱，但我們仍會看到季度與季度之間的波動。

Turning now to operating expenses, we remain focused on improving the leverage in our business while balancing our investments for growth.

現在轉向營運費用，我們仍然專注於提高業務槓桿，同時平衡成長投資。

With this dynamic in mind, we expect our subscription revenue will grow at a faster rate than our total operating expenses, which will continue to improve operating margins over time.

考慮到這種動態，我們預計訂閱收入的成長速度將快於總營運支出的成長速度，隨著時間的推移，這將繼續提高營運利潤率。

Sales and marketing expenses for Q1 was $34.8 million compared to $25 million in Q1 last year.

第一季的銷售和行銷費用為 3,480 萬美元，而去年第一季的銷售和行銷費用為 2,500 萬美元。

This represents 66% of total revenue, an improvement compared to 79% in the first quarter last year.

這佔總收入的 66%，比去年第一季的 79% 有所改善。

We have continued to invest in our go-to-market operations and are seeing improving operating leverage as our overall customer base grows and our base of subscription revenues from renewals and upsells expands.

我們繼續投資我們的上市業務，隨著我們整體客戶群的成長以及續訂和追加銷售的訂閱收入基礎的擴大，我們看到營運槓桿不斷提高。

R&D expense in Q1 was $12.1 million compared to $8.1 million in Q1 last year.

第一季的研發費用為 1,210 萬美元，而去年第一季的研發費用為 810 萬美元。

As a percentage of total revenue, R&D was 23% in Q1 versus 26% in the same period last year.

第一季研發佔總營收的比例為 23%，去年同期為 26%。

Innovation remains a top priority for us, and we will continue to invest in R&D for the foreseeable future, as evidenced by the Stormpath announcement that we made in the first quarter.

創新仍然是我們的首要任務，在可預見的未來，我們將繼續投資於研發，我們在第一季發布的 Stormpath 公告就證明了這一點。

G&A expense was $9.6 million for the quarter compared to $6.2 million in the first quarter last year.

本季一般管理費用為 960 萬美元，去年第一季為 620 萬美元。

G&A was 18% of revenue versus 20% of revenue last year.

G&A 佔收入的 18%，而去年為 20%。

So although we have been investing in people and infrastructure ahead of becoming a public company, our G&A expenses increased more slowly than overall revenue growth in the quarter.

因此，儘管我們在成為上市公司之前一直在人員和基礎設施方面進行投資，但我們的一般管理費用成長速度慢於本季的整體收入成長速度。

Our operating loss in the quarter was $19.7 million compared to a loss of $19.3 million last year.

本季我們的營運虧損為 1,970 萬美元，而去年則為 1,930 萬美元。

Operating margin was negative 37%, a 24 point improvement compared to negative 61% in the same period last year.

營業利益率為負 37%，比去年同期的負 61% 提高了 24 個百分點。

Net loss per share in Q1 was $0.50, using 39.8 million basic and diluted shares outstanding.

第一季每股淨虧損為 0.50 美元，使用 3,980 萬股基本股和稀釋後流通股。

This compares to a net loss per share in Q1 of last year of $1.04.

相比之下，去年第一季每股淨虧損為 1.04 美元。

Free cash flow was negative $13.3 million in Q1 compared to a negative $17.2 million last year.

第一季自由現金流為負 1,330 萬美元，去年為負 1,720 萬美元。

Free cash flow margin was negative 25%, a 29 point improvement compared to negative 54% for Q1 last year.

自由現金流利潤率為負 25%，比去年第一季的負 54% 提高了 29 個百分點。

We expect to continue to make progress towards sustainable free cash flow on a year-over-year basis, but it may not be in a linear trajectory, given period-to-period fluctuations in billings and working capital.

我們預計將繼續在逐年實現可持續自由現金流方面取得進展，但考慮到帳單和營運資本的周期性波動，它可能不會呈現線性軌跡。

Turning to the balance sheet, we ended the first quarter with $224.2 million in cash, cash equivalents, and short-term investments.

轉向資產負債表，第一季末我們的現金、現金等價物和短期投資為 2.242 億美元。

We raised approximately $200 million in our initial public offering in April, or about $194 million, net of expenses, and we are comfortable with our current cash position.

我們在 4 月的首次公開募股中籌集了約 2 億美元，扣除費用後約為 1.94 億美元，我們對目前的現金狀況感到滿意。

Lastly, we ended the quarter with a total headcount of 1,020, growing at 43% year-over-year, although this grew at a slower pace than our revenue growth.

最後，本季末我們的員工總數為 1,020 人，年成長 43%，儘管這一成長速度低於我們的收入成長速度。

The largest portion of our headcount growth occurred in our customer-facing groups, as we continue to scale the organization to meet our large market demand.

隨著我們不斷擴大組織規模以滿足龐大的市場需求，我們的員工人數成長的最大部分發生在面向客戶的團隊。

Moving on to guidance, for the second quarter of fiscal 2018 we expect revenue in the range of $55 million to $56 million, representing a growth rate of 47% to 50% year-over-year.

接下來是指導，我們預計 2018 財年第二季的營收將在 5,500 萬美元至 5,600 萬美元之間，年成長率為 47% 至 50%。

Non-GAAP operating loss in the range of $24 million to $23 million.

非 GAAP 營運虧損在 2,400 萬美元至 2,300 萬美元之間。

Non-GAAP not loss per share in the range of $0.26 to $0.25, using approximately 92.5 million common shares outstanding.

使用約 9,250 萬股已發行普通股，非 GAAP 每股虧損不為 0.26 至 0.25 美元。

For the full year of fiscal 2018, we expect revenue in the range of $233 million to $236 million, representing a growth rate of 45% to 47% year-over-year.

2018財年全年，我們預計營收在2.33億美元至2.36億美元之間，年成長率為45%至47%。

Non-GAAP operating loss in a range of $91.2 million to $88.2 million.

非 GAAP 營運虧損在 9,120 萬美元至 8,820 萬美元之間。

Non-GAAP net loss per share in the range of $1.15 to $1.11, using approximately 80.2 million common shares outstanding.

使用約 8,020 萬股已發行普通股，非 GAAP 每股淨虧損在 1.15 美元至 1.11 美元之間。

In close, Q1 was an exceptional quarter.

總而言之，第一季是一個出色的季度。

We delivered top-line growth of 67%.

我們的收入成長了 67%。

That is one of the highest of any public software company today.

這是當今所有公共軟體公司中最高的之一。

But even more importantly, we achieved this while improving operating margins by 24 points.

但更重要的是，我們實現了這個目標，同時將營業利潤率提高了 24 個百分點。

I'm very excited about the earnings results in Q1, and look forward to seeing many of you over the next several weeks out on the road.

我對第一季的獲利結果感到非常興奮，並期待在接下來的幾週內見到你們中的許多人。

With that, Todd, Freddy and I will take your questions.

接下來，托德、弗雷迪和我將回答你們的問題。

Operator?

操作員？

(Operator Instructions).

（操作員說明）。

Sterling Auty, JPMorgan.

斯特林奧蒂，摩根大通。

So, looking at the quarter, just looking at the adoption and demand, is there any one or two particular key cloud applications, whether it's Office 365, or other, that's really spearheading the demand generation?

那麼，縱觀本季度，僅關注採用率和需求，是否有任何一兩個特定的關鍵雲端應用程式（無論是 Office 365 還是其他）真正引領了需求的產生？

Hey, Sterling, this is -- it's a great question.

嘿，斯特林，這是一個很好的問題。

We think that -- so we released this report called the Businesses at Work report.

我們認為，因此我們發布了這份名為《工作中的企業》報告的報告。

We release it about every quarter.

我們大約每季發布一次。

And it is a broad survey of adoption of cloud applications that we see on our platform, and then as an extrapolation of what is there in the industry.

這是對我們在平台上看到的雲端應用程式採用情況進行的廣泛調查，然後作為對行業現狀的推論。

And you see pretty consistent results from the top 10.

您會看到前 10 名的結果非常一致。

Microsoft Office 365 is very heavily adopted; Salesforce is very heavily adopted; Box and some of the other collaboration services are adopted.

Microsoft Office 365 廣為採用； Salesforce 被廣泛採用；採用了Box和其他一些協作服務。

So those have all remained steady, and they are all going up.

所以這些都保持穩定，而且都在上升。

You are seeing more and more cloud, more and more users on those services.

您會看到越來越多的雲端、越來越多的用戶使用這些服務。

There's also interesting things in the bottom tier.

底層也有一些有趣的事。

In our last report, we saw Zoom, which is a videoconferencing and collaboration service, really take off.

在我們的上一份報告中，我們看到 Zoom（一種視訊會議和協作服務）的真正起飛。

And we saw that emerge on our platform, and that -- some of the more emerging companies are some more interesting results.

我們看到我們的平台上出現了這種情況，一些新興公司帶來了一些更有趣的結果。

But I would say in the top, it's the usual folks all doing very well, and cloud is really growing robustly.

但我想說的是，在頂部，一般人都做得很好，雲端運算確實在強勁成長。

Great.

偉大的。

And one follow-up question.

還有一個後續問題。

Any changes to the competitive landscape in terms of who you are seeing in the final short list of RFPs?

就您在最終 RFP 候選名單中看到的競爭格局而言，競爭格局有何變化？

The competitive landscape is -- remained consistent.

競爭格局保持一致。

And with our win rates against the competitors remaining consistent, particularly Microsoft, where win rates are consistent.

我們相對於競爭對手的勝率保持一致，特別是微軟，其勝率是一致的。

And it's interesting, because that's largely on the internal market.

這很有趣，因為這主要是在內部市場。

So we have identity for internal, which is for employees; and then identity for external, which is this people outside of the employee base of our customers.

所以我們有內在的身份，這是給員工的；然後是外部身份，也就是我們客戶的員工基礎之外的人員。

So identity for customers' customers, or our customers' partners.

因此，我們的身分是客戶的客戶，或是我們客戶的合作夥伴。

Anything they're trying to do to really connect their systems to the broader ecosystem outside their enterprise.

他們試圖做的任何事情都是為了真正將他們的系統連接到企業外部更廣泛的生態系統。

And the competitive dynamic there is actually very different.

那裡的競爭動態實際上非常不同。

It's more greenfield.

這是更多的綠地。

It's companies deciding to build versus buy this technology.

是公司決定建造還是購買這項技術。

And when they make the decision to buy, we're the clear leader.

當他們做出購買決定時，我們是明顯的領導者。

And so the competitive dynamic there is pretty different.

因此，那裡的競爭動態非常不同。

Great, thank you.

太好了謝謝。

Heather Bellini, Goldman Sachs.

希瑟貝利尼，高盛。

I wanted to dig into -- you just were talking about the external opportunity.

我想深入探討一下——你剛剛談到了外部機會。

I was just wondering if you could share with us how you saw the momentum for that adoption progress during the quarter.

我只是想知道您是否可以與我們分享您如何看待本季採用進展的勢頭。

And as you look out over the course of the next 12 months, how are you seeing the pipeline for that business start to evolve, and how is the messaging with customers?

展望未來 12 個月，您如何看待該業務的管道開始發展，以及與客戶的訊息傳遞如何？

It's something we watch very closely, obviously, and it's over the last three years it's grown very quickly.

顯然，這是我們非常密切關注的事情，並且在過去三年中它增長得非常快。

And in terms of looking out in the future, the pipeline is growing very quickly.

就未來而言，管道正在快速成長。

And what we see in that part of our business is going to be very -- all the indicators are it's going to be very robust growth and a big part of our business results.

我們在這部分業務中看到的所有指標都將非常強勁，並將成為我們業務成果的重要組成部分。

It's harder to size because there's not -- it's not as much of a replacement market as the internal market.

確定規模比較困難，因為它不像內部市場那樣是替代市場。

The internal market -- internal identity, there's billions and billions of dollars spent today on existing products that are legacy products that we're replacing in the enterprise.

內部市場——內部身份，今天在現有產品上花費了數十億美元，這些產品是我們在企業中替換的遺留產品。

And then downmarket, in smaller companies, we'll be the first identity solution in there.

然後在低端市場，在較小的公司中，我們將成為那裡的第一個身分解決方案。

On the external side, it's really -- it's a new market in the sense that the competition there is companies building this themselves.

從外部來看，這確實是一個新市場，因為那裡的競爭是公司自己建構的。

So it's a little bit harder to forecast the market size.

因此預測市場規模有點困難。

But if you look at all of the indicators from inside -- in our pipeline and what we're seeing with customers and our results -- I mentioned earlier in the prepared comments about the North American bank who chose us to be the identity layer for their consumer banking website.

但是，如果您從內部查看所有指標 - 在我們的管道中以及我們在客戶和我們的結果中看到的情況 - 我之前在準備好的評論中提到過，北美銀行選擇我們作為身份層他們的消費者銀行網站。

And once an organization makes the decision to -- like that, to buy this technology, buy this identity component versus build it themselves, that's really powerful.

一旦組織做出決定——就像這樣，購買這項技術、購買這種身分元件，而不是自己建構它，那就非常強大了。

And the more and more successes we see like that, the bigger this opportunity will become.

我們看到這樣的成功越多，這個機會就會越大。

So we are very bullish on this.

所以我們非常看好這一點。

And that I just had one follow-up, if I could, just related to Sterling's question about Microsoft.

如果可以的話，我只有一個後續行動，與史特林有關微軟的問題有關。

You said your win rate stayed the same.

你說你的勝率不變。

I was wondering if you could just share with us the list of reasons, and how those might be changing in terms of why you are winning versus Azure AD.

我想知道您是否可以與我們分享原因列表，以及這些原因可能會如何改變您贏得 Azure AD 的原因。

Are you seeing the reasons as to why people are going with Okta, over looking at them, or maybe going with a legacy provider?

您是否明白人們選擇 Okta 的原因、忽視他們，還是可能選擇傳統提供者？

Is why people are migrating for choosing you changing at all?

人們選擇您而遷移的原因是否發生了根本變化？

(multiple speakers) longer?

（多位發言者）更長？

Yes, I would say the big reason is the more cloud, the more likelihood of Okta winning.

是的，我想說最大的原因是雲越多，Okta 獲勝的可能性就越大。

So what I mean by that is, not just cloud apps but cloud infrastructure.

所以我的意思是，不僅僅是雲端應用程序，還有雲端基礎設施。

And companies doing more cloud means more likely that Okta will win versus other providers, Microsoft being included, where a lot of their stack on the identity side is they're on -- it's implemented as an on-premise service, at least partially; and different servers required and different complexities required.

做更多雲端服務的公司意味著Okta 更有可能贏得與其他提供者的競爭，其中包括微軟，他們在身份方面的許多堆疊都是他們所使用的——它是作為本地服務實現的，至少部分是這樣；需要不同的伺服器和不同的複雜性。

So more cloud equals more success for Okta, which is good in the world today where everyone wants to do more cloud.

因此，對於 Okta 來說，更多的雲端意味著更多的成功，這在當今每個人都想使用更多雲端的世界中是件好事。

I would say the other dynamic, particularly with Microsoft, is the company makes a decision as to how strategic the identity platform is to them.

我想說的另一個動態，特別是對微軟來說，是該公司決定身分平台對他們來說具有多大的戰略意義。

And once the identity platform is of any level of strategic importance, we win nearly every time.

一旦身分平台具有任何程度的策略重要性，我們幾乎每次都會獲勝。

Versus where they see identity as more of just a slight adjunct or an add-on to a certain app, that's a more challenging environment for us.

與他們將身份更多地視為某個應用程式的輕微附屬物或附加元件的情況相比，這對我們來說是一個更具挑戰性的環境。

But more cloud; and the more they see identity as being a strategic choice for the company, and really an enabling platform for a broad ecosystem, an array of technologies and applications -- that's very, very high, high win rate there.

但更多的是雲；他們越多認為身份是公司的策略選擇，並且確實是一個廣泛的生態系統、一系列技術和應用程式的支援平台——這就是非常非常高的勝率。

And by the way, those strategic deals are also more valuable.

順便說一句，這些戰略交易也更有價值。

So it's a nice correlation between us winning and the deals being bigger.

因此，我們的勝利與交易規模的擴大之間存在著很好的相關性。

Rob Owens, Pacific Crest Securities.

歐文斯 (Rob Owens)，太平冠證券 (Pacific Crest Securities)。

I was wondering if you could talk a little bit more about the cadence of your land and expand; and, in particular, provide a little color around the 123% renewal rate that you had this quarter.

我想知道你是否可以多談談你的土地和擴張的節奏；特別是，為您本季 123% 的續訂率提供一些色彩。

Is that influenced more by seat expansion, cross-sell of other solutions?

這是否更多地受到席位擴張、其他解決方案交叉銷售的影響？

And I guess, in particular, there was a couple of large user expansions that you referred to.

我想，特別是您提到的一些大型用戶擴充。

Maybe you can color them.

也許你可以為它們上色。

Thanks.

謝謝。

Yes, thanks, Rob, for the question.

是的，謝謝羅布提出的問題。

Greatly appreciate it.

非常欣賞。

So when we think about our land and expand, obviously with the two different main use cases that we have, both internal identity and external identity, and the six integrated products that we have on the platform, we now have a lot of different ways that we can land.

因此，當我們考慮我們的土地和擴張時，顯然我們擁有兩個不同的主要用例，即內部身份和外部身份，以及我們在平台上擁有的六種整合產品，我們現在有很多不同的方式可以著陸。

A good example would be, as Todd just mentioned, the North American bank that decided to use us for their external opportunity, something that we're seeing more and more of.

一個很好的例子是，正如托德剛才提到的，北美銀行決定利用我們作為他們的外部機會，我們越來越多地看到這種情況。

Of course, we continued to land internally.

當然，我們還是繼續在內部落地。

As we talked about, there's a new large North American grocery chain.

正如我們所說，北美有一家新的大型雜貨連鎖店。

And then finally the upsell opportunity, where you see us going from an internal opportunity that we have, for example, at Wyndham that went very well.

最後是追加銷售機會，你可以看到我們從內部機會出發，例如在溫德姆，進展非常順利。

And then they come back and say, there's a new opportunity for us to use them now externally.

然後他們回來說，我們現在有一個在外部使用它們的新機會。

So you see a lot of that the land and expand opportunity.

所以你會看到很多土地和擴張的機會。

I think the vectors that you see there are not only additional users but also additional products.

我認為你看到的向量不僅有額外的用戶，還有額外的產品。

And then as I just mentioned expanded use cases, where we can go from internal to external, or start externally and then go internally.

然後，正如我剛才提到的擴展用例，我們可以從內部到外部，或從外部開始，然後再到內部。

We have a large number of examples of that.

我們有大量這樣的例子。

Yes, I would add to that, that in specifically to your question, Rob, about this past quarter, those customers that we referred to, the large user expansion, that really is a situation where it was predominantly a situation where the customer basically provisioned for more users.

是的，我想補充一點，特別是對於你的問題，羅布，關於上個季度，我們提到的那些客戶，大規模的用戶擴展，這確實是一種主要是客戶基本上配置的情況為更多的用戶。

And that probably, in that particular instance for the -- back this past quarter, we saw more expansion coming from additional users than typically what that mix is.

很可能，在上個季度的特定情況下，我們看到來自更多用戶的擴展比通常的組合要多。

Because typically that mix is, as Freddy said, user expansion, product expansion, cross-sell.

因為正如弗雷迪所說，這種組合通常是用戶擴展、產品擴展、交叉銷售。

And, historically, that mix has been fairly consistent among the three.

而且，從歷史上看，這三者的組合相當一致。

And then second, you mentioned you had achieved FedRAMP.

其次，您提到您已經實現了 FedRAMP。

Can you talk about what maybe some of the early conversations looked like there?

您能談談早期的一些對話是什麼樣的嗎？

And federal fiscal year-end obviously coming up in the next few months, next few quarters I guess.

聯邦財政年度結束顯然將在接下來的幾個月，我猜接下來的幾季即將到來。

Do you plan on any impact to this fiscal year relative to the federal space?

您計劃對本財年相對於聯邦空間產生什麼影響嗎？

Or is that something with long sales cycle that's more of a fiscal 2019 type of play?

還是銷售週期較長、更像是 2019 財年的遊戲類型？

It's a great question.

這是一個很好的問題。

We are very excited about helping the government -- not just federal government, but state and local governments, and also educational institutions adopt technology and be more productive and more strategic.

我們非常高興能夠幫助政府——不僅是聯邦政府，還有州和地方政府以及教育機構採用技術並提高生產力和策略性。

As you know, that's a big, big part of the economy overall, so we're very excited about the opportunity there.

如您所知，這是整個經濟的一個很大的組成部分，因此我們對那裡的機會感到非常興奮。

With that being said, while I think all of state and local governments, education, and federal governments are excited about cloud, it's a new thing for them.

話雖如此，雖然我認為所有州和地方政府、教育機構和聯邦政府都對雲端感到興奮，但這對他們來說是一個新事物。

They are figuring out what it means for the regulatory, and what it means for their procurement cycles and so forth.

他們正在弄清楚這對監管意味著什麼，對他們的採購週期意味著什麼等等。

So while we are very bullish and we have -- we have invested in sales resources to attack this market, and we have the certification now -- we talked about FedRAMP -- we're being, I think, prudent with how long it will take those investments to pay off.

因此，雖然我們非常樂觀，而且我們已經投資了銷售資源來進攻這個市場，而且我們現在已經獲得了認證，但我們談論了 FedRAMP，但我認為，我們對它能持續多久持謹慎態度。讓這些投資得到回報。

But it's still something, down the road, that's going to be a big part of our business.

但在未來，它仍然將成為我們業務的重要組成部分。

Great, thank you.

太好了謝謝。

Richard Davis, Canaccord.

理查德戴維斯，Canaccord。

So I think, as I recall, you are about a year into -- what is it?

所以我想，據我所知，你已經進入了大約一年——那是什麼？

The SCIM developer program.

SCIM 開發者計劃。

And I also as I recall it was supposed to automate on- and off-boarding multiple apps.

我還記得它應該會自動加載和卸載多個應用程式。

Could you talk -- you touched a little bit on it in the prepared remarks, but how satisfied have you been with this effort?

您能談談嗎？您在準備好的發言中稍微提到了這一點，但您對這項努力感到滿意嗎？

Specifically, have you added SaaS vendors that have gotten onto the bandwagon?

具體來說，您是否添加了已經跟上潮流的 SaaS 供應商？

And how should we just think about that?

我們該如何思考這個問題？

Thanks.

謝謝。

Yes, it's a great question.

是的，這是一個很好的問題。

And this is basically the ability for an application to maintain their own integration to Okta.

這基本上是應用程式維護自己與 Okta 整合的能力。

And that's going very well.

一切進展順利。

We mentioned that we have -- I mentioned in the prepared remarks, we have 5,000 integrations to different Web applications and SaaS applications.

我們提到過——我在準備好的演講中提到過，我們有 5,000 個與不同 Web 應用程式和 SaaS 應用程式的整合。

And that number is -- almost understates the true number of integrations because those are just the ones that are publicly available.

這個數字幾乎低估了整合的真實數量，因為這些只是公開的整合數量。

There's several thousand more that are developed privately by customers, and then shared across the network with other customers once those integrations are tested by us and certified by us as shareable.

還有數千個由客戶私人開發的，一旦這些整合經過我們的測試並被我們認證為可共享，然後透過網路與其他客戶共享。

So that program is going very well.

所以這個計劃進展得很順利。

It's a big part of our strategy, too, to connect to the most applications with the most seamless integrations.

透過最無縫的整合連接到最多的應用程式也是我們策略的重要組成部分。

And not only at one point in time, but maintain those integrations over time.

不僅在某個時間點，而且隨著時間的推移保持這些整合。

And to do that we really have to enable the community.

為此，我們確實必須為社區提供支援。

And we're making good progress on that, and very excited about what we will be doing there in the future as well.

我們在這方面取得了良好的進展，並且對我們未來將在那裡做的事情感到非常興奮。

Got it.

知道了。

And just a quick follow-up.

只是快速跟進。

You announced this as, I think, early March, as I recall, but your new connection with Stormpath.

我記得，你在三月初宣布了這一消息，但你與 Stormpath 有了新的聯繫。

Is there anything in terms of technological footprint or improved go-to-market cadence that I should be thinking about as an outsider to the Company?

身為公司的局外人，我應該考慮技術足跡或改進的上市節奏嗎？

Thanks.

謝謝。

Yes, Stormpath is -- we're -- it's super important for us.

是的，Stormpath 對我們來說非常重要。

And the way to think about that is there's -- in the world today, where every company is trying to build better mobile applications and better Web services to connect with their customers and partners, there's a new constituency involved in that company.

思考這個問題的方法是——在當今世界，每家公司都在努力建立更好的行動應用程式和更好的網路服務來與其客戶和合作夥伴建立聯繫，這家公司涉及了一個新的支持者。

It's not just IT; it's not just security.

不只是 IT；還有 IT。這不僅僅是安全問題。

And that new constituency is development, like product development and engineers in those companies building these services.

這個新的支持者就是開發，例如建構這些服務的公司中的產品開發和工程師。

Even if they're not software companies, it's every industry, every company.

即使他們不是軟體公司，但每個產業、每個公司都是如此。

So this developer is -- they like to try and buy things a different way than IT or security.

所以這個開發人員喜歡嘗試以不同於 IT 或安全的方式來購買東西。

And Stormpath, for us, is really making sure we have the best product and the best go-to-market and the best documentation and the best toolkits to make those developers super successful very quickly with our platform.

對我們來說，Stormpath 確實是在確保我們擁有最好的產品、最好的上市方式、最好的文件和最好的工具包，使這些開發人員能夠利用我們的平台快速取得超級成功。

So it's really a -- it is developer-focused, tuning, and improving of our platform to make sure that our external opportunity reaches its full potential.

因此，這實際上是以開發人員為中心，對我們的平台進行調整和改進，以確保我們的外部機會充分發揮其潛力。

Because in every external opportunity, there is a big developer voice.

因為在每一個外在機會中，都有很大的開發者聲音。

And so, having a good go-to-market and a good product and service for developers is paramount of importance.

因此，為開發者提供良好的市場推廣以及良好的產品和服務至關重要。

Great.

偉大的。

Thank you so much.

太感謝了。

Pat Walravens, JMP Securities.

帕特‧沃爾拉文斯 (Pat Walravens)，JMP 證券。

Congratulations, you guys.

恭喜你們。

So you mentioned in your prepared remarks the Gartner report, which actually looks like it just got published on our service.

您在準備好的演講中提到了 Gartner 報告，該報告實際上看起來像是剛剛在我們的服務上發布的。

So if you haven't seen it already, it's pretty fantastic.

所以如果你還沒有看過它，那就太棒了。

Basically you and Microsoft are at the very top, and you're number one in the ability to execute.

基本上你和微軟都處於最頂端，你的執行能力也是第一名。

But so the -- I went right to the concerns, just like all the customers will.

但是，就像所有客戶一樣，我直接解決了這些問題。

And one of the concerns is that you raised prices in the last year, and that they say that Okta has one of the higher average price scenarios, is how they word it.

令人擔憂的一個問題是，去年你提高了價格，他們說 Okta 的平均價格較高，這是他們的說法。

So I'm sure you have a perspective that you share with your customers, and I was wondering if you could share with us.

所以我確信您有與客戶分享的觀點，我想知道您是否可以與我們分享。

Yes, thanks Pat.

是的，謝謝帕特。

We saw a preview of it, and I haven't seen the final report, given that it just came out a few minutes ago.

我們看到了它的預覽，但我還沒有看到最終報告，因為它剛剛在幾分鐘前發布。

But I trust you as saying it's positive, just like the preview we saw.

但我相信你說這是正面的，就像我們看到的預覽一樣。

On the -- and it's really exciting, because it is -- customers are trying to figure out this market and Gartner helps them.

客戶正在嘗試了解這個市場，而 Gartner 可以幫助他們，這確實令人興奮。

So we're excited that they are doing the work and seeing what we see, which is that we are the leader.

因此，我們很高興他們正在做這項工作並看到我們所看到的，那就是我們是領導者。

On pricing, I think that we have the best product, so -- and it's taken a lot of ingenuity and investment to build that product.

在定價方面，我認為我們擁有最好的產品，因此，建立該產品需要大量的聰明才智和投資。

And I think you are seeing it command a premium in the marketplace.

我認為您會發現它在市場上具有溢價。

And it's because of the value we deliver to customers.

這是因為我們為客戶提供的價值。

And I think that customers see that our product is unique and differentiated, and can do things for them that other products can't.

我認為客戶會看到我們的產品是獨特且與眾不同的，並且可以為他們做其他產品無法做到的事情。

And we've gotten also very good at helping customers understand the value and quantifying it, which has led to our ability to have a product that can be priced at a premium level.

我們也非常擅長幫助客戶理解價值並對其進行量化，這使我們能夠擁有定價較高的產品。

All right, good; so you are capturing some of the value.

好吧，很好；所以你正在獲取一些價值。

And then just a slightly related question.

然後是一個稍微相關的問題。

So for me as a consumer, let's say that my bank starts using Okta for the external use case.

因此，對於我作為消費者來說，假設我的銀行開始使用 Okta 作為外部用例。

Am I going to experience anything different?

我會經歷什麼不一樣的事嗎？

It depends on how they use it.

這取決於他們如何使用它。

So, they might use it just as a back-end infrastructure piece to store the user profile and really automate the back end.

因此，他們可能會將其用作後端基礎設施部分來儲存使用者設定檔並真正實現後端自動化。

But they might use it also to really automate the multifactor authentication, and make it so you don't have to carry around a hard token; make it so that you can choose to receive an SMS or a push notification when you log into your bank.

但他們也可能使用它來真正實現多因素身份驗證的自動化，並使您不必攜帶硬令牌；以便您在登入銀行時可以選擇接收簡訊或推播通知。

So it depends on how it's implemented.

所以這取決於它如何實施。

And that's why, as companies choose to use Okta for external, that's why the developer is so important.

這就是為什麼當公司選擇使用 Okta 進行外部開發時，開發人員就如此重要。

Because there's a developer that's going to be integrated into the website or the mobile app.

因為有一個開發人員將被整合到網站或行動應用程式中。

But the good news is that with the Okta platform, it's very easy for the customers to make these decisions and deliver a better end-user experience while also maintaining super-high security.

但好消息是，借助 Okta 平台，客戶可以輕鬆做出這些決策並提供更好的最終用戶體驗，同時保持超高的安全性。

Which is why we're seeing the traction we're seeing in that segment of the market and across all segments of the market.

這就是為什麼我們在該細分市場以及所有細分市場中都看到了巨大的吸引力。

Awesome.

驚人的。

All right, thank you.

好吧。謝謝。

That does conclude our question-and-answer session.

我們的問答環節到此結束。

I'd like to turn the call back over to Todd McKinnon for closing remarks.

我想將電話轉回給 Todd McKinnon 作結束語。

So thanks, everyone, again for joining us today.

再次感謝大家今天加入我們。

We're really excited about the results from today.

我們對今天的結果感到非常興奮。

One -- I'd just like to close with a final reminder that we're holding Oktane, which is our annual customer and partner event.

一——最後我想提醒大家，我們正在舉辦 Oktane，這是我們的年度客戶和合作夥伴活動。

It's August 29 in Las Vegas.

現在是 8 月 29 日，拉斯維加斯。

And this year we're going to have about 2,000 customers, partners, and prospects there.

今年，我們將有大約 2,000 名客戶、合作夥伴和潛在客戶。

And we'll be making exciting announcements about the product and about the Company.

我們將發布有關該產品和公司的令人興奮的公告。

And really -- it's like a big, big celebration with our customers on their success, and then the potential of what we could do to together in the future.

實際上，這就像與我們的客戶一起慶祝他們的成功，然後慶祝我們未來可以一起做的事情的潛力。

So hopefully we'll see you all there.

希望我們能在那裡見到你們。

And thanks again for your time, and I look forward to meeting you in person soon.

再次感謝您抽出寶貴的時間，我期待很快與您見面。

Have a good afternoon.

祝你下午好。

Once again, that does conclude today's call.

今天的電話會議再次結束。

We appreciate your participation.

我們感謝您的參與。