Okta Inc (OKTA) 2018 Q2 法說會逐字稿

Ladies and gentlemen, thank you for joining today to discuss Okta's second quarter 2018 financial results. Today's conference is being recorded. I'd like to turn the call over to Catherine Buan, Vice President of Investor Relations. Ms. Buan, please go ahead.

女士們、先生們，謝謝你們今天參加討論 Okta 2018 年第二季的財務表現。今天的會議正在錄製中。我想將電話轉給投資人關係副總裁凱瑟琳‧布安 (Catherine Buan)。布安女士，請繼續。

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（技術難度）

today's conference call to discuss Okta's fiscal second quarter 2018 financial results. 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.

今天的電話會議討論 Okta 2018 年第二季的財務表現。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；以及該公司聯合創始人兼首席營運長 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. 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. You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent our management's beliefs and assumptions only as of the date such statements are made.

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。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。您不應依賴前瞻性陳述作為未來事件的預測。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'll discuss non-GAAP financial measures. 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. There are a number of limitations related to the use of these non-GAAP financial measures versus their closest GAAP equivalents. 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. A reconciliation between GAAP and non-GAAP financial measures is available in our earnings release.

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。這些非公認會計原則財務指標是根據公認會計原則編制的財務績效指標的補充，而不是替代或優於這些指標。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。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。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 Securities and Exchange Commission from time to time, including the section titled Risk Factors in the company's Form S-1 previously filed with the SEC. You can also find more detailed information in our supplemental financial materials, which includes trended financial statements and selected metrics posted on our Investor Relations website.

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美國證券交易委員會提交的文件中，包括公司先前向美國證券交易委員會提交的S-1 表格中標題為「風險因素」的部分。您還可以在我們的補充財務資料中找到更多詳細信息，其中包括趨勢財務報表和我們投資者關係網站上發布的選定指標。

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

現在我想把電話轉給托德·麥金農。托德？

Thanks, Catherine, and thanks to everyone for joining us. We reported a very strong second quarter, and I'm pleased to share our results with you today.

謝謝凱瑟琳，也謝謝大家加入我們。我們報告了非常強勁的第二季業績，我很高興今天與您分享我們的業績。

We're also coming off the heels of our customer and partner conference, Oktane17, which brought a number of exciting announcements in the last week. This year's Oktane was the largest event we've ever had with over 2,400 individuals registered, including over 350 partners and over 100 C-level executives who participated in our Executive Summit. It was an incredibly successful event, and it wouldn't have been possible without the enthusiasm and support from our customers, partners and employees.

我們也剛結束了客戶和合作夥伴會議 Oktane17，該會議在上週發布了許多令人興奮的公告。今年的 Oktane 是我們舉辦過的規模最大的活動，註冊人數超過 2,400 人，其中包括 350 多名合作夥伴和 100 多名 C 級高管參加了我們的高階主管高峰會。這是一個非常成功的活動，如果沒有我們的客戶、合作夥伴和員工的熱情和支持，這是不可能的。

I'll begin the call today with a brief overview of our performance in the quarter and then go through some of the updates to our business with a few notable customer wins. Finally, Bill will walk through the financial results in detail.

我將在今天的電話會議開始時簡要概述我們本季度的業績，然後介紹我們業務的一些更新以及一些值得注意的客戶勝利。最後，比爾將詳細介紹財務表現。

In our second quarter as a public company, we once again achieved record quarterly revenue in billings. At the same time, we saw significant improvements in our operating and free cash flow margins year-over-year. Total revenue grew 63% year-over-year to a record $61 million, while subscription revenue grew 68% year-over-year to $56 million. Calculated billings grew 54% year-over-year to $72 million. And we continued to see improving leverage in our business, demonstrated by a 20 point improvement in our non-GAAP operating margin and a 23 point improvement in our free cash flow margin year-over-year.

作為一家上市公司，我們的第二季再次實現了創紀錄的季度營收記錄。同時，我們的營運利潤率和自由現金流利潤率較去年同期顯著改善。總收入年增 63%，達到創紀錄的 6,100 萬美元，訂閱收入年增 68%，達到 5,600 萬美元。計算出的帳單年增 54%，達到 7,200 萬美元。我們的業務槓桿率持續提高，非 GAAP 營運利潤率年增 20 個百分點，自由現金流利潤率較去年同期提高 23 個百分點。

I know a number of you are still relatively new to the Okta story, but I'd like to take a few moments to explain what we do and why our customers choose Okta as the identity platform for their business ecosystems. What we do is based on a relatively simple concept. Identity is the foundation for connections between people and technology. The single biggest driver of our market continues to be the fundamental shift of organizations moving to the cloud.

我知道你們中的許多人對 Okta 的故事還比較陌生，但我想花一些時間來解釋我們的工作以及為什麼我們的客戶選擇 Okta 作為其業務生態系統的身份平台。我們所做的事情是基於一個相對簡單的概念。身份是人與科技之間連結的基礎。我們市場的最大推動力仍然是組織遷移到雲端的根本轉變。

We have seen a relentless rush of new technologies and device proliferation that has resulted in ever-increasing complexity and security challenges for organizations. Born and built in the cloud, we are on the right side of history in this shift and are well positioned to capitalize on this market as the leading independent provider of identity for the enterprise.

我們看到新技術和設備的不斷湧現，為組織帶來了不斷增加的複雜性和安全挑戰。在雲端中誕生和構建，我們在這一轉變中站在了歷史的正確一邊，並且處於有利位置，可以作為領先的獨立企業身份提供者利用這個市場。

The value proposition that we bring to the market has been further validated by Gartner in their recently released Access Management Magic Quadrant. We were not only named a leader in this report but achieved the highest positioning in ability to execute. We believe we are in the driver's seat as this transformation unfolds, and Okta continues to set the standard for managing identity in the extended enterprise and transforming the customer experience.

Gartner 在其最近發布的存取管理魔力像限中進一步驗證了我們為市場帶來的價值主張。我們不僅在這份報告中被評為領導者，而且在執行能力方面也獲得了最高的定位。我們相信，隨著這項轉型的展開，我們處於主導地位，Okta 將繼續為擴展企業中的身分管理和客戶體驗轉型製定標準。

We have developed a comprehensive identity management platform called the Okta Identity Cloud, which enables customers to securely connect their users to practically any technology anywhere at any time and from any device. The Okta Identity Cloud is made up of 6 individual products: Okta Single Sign-On, Universal Directory, Adaptive Multi-Factor Authentication, Lifecycle Management, Mobility Management and API Access Management.

我們開發了一個名為 Okta Identity Cloud 的綜合身分管理平台，讓客戶能夠隨時隨地從任何裝置將其使用者安全地連接到幾乎任何技術。 Okta Identity Cloud 由 6 個獨立產品組成：Okta 單一登入、通用目錄、自適應多重身分驗證、生命週期管理、行動管理和 API 存取管理。

Together, these products enable millions of users to securely access the applications and data they need. Our customers use our products for managing a range of identities across their businesses, and we have focused on 2 distinct use cases in our approach to the market.

這些產品共同使數百萬用戶能夠安全地存取所需的應用程式和資料。我們的客戶使用我們的產品來管理其企業中的一系列身份，而我們在市場策略中專注於兩個不同的用例。

Number one, Okta for the extended enterprise. We enable organizations to connect people and technology within and outside their businesses, which we refer to as the extended enterprise. The extended enterprise includes not just an organization's employees but also contractors, partners and suppliers who require varying levels of access to an organization's resources and tools. These extended enterprise environments can become very complex to manage given the ever-growing network of individuals and applications that are added to an ecosystem as an organization grows.

第一，Okta 適用於擴展企業。我們使組織能夠將其業務內外的人員和技術聯繫起來，我們稱之為擴展企業。擴展的企業不僅包括組織的員工，還包括需要對組織的資源和工具進行不同層級的存取的承包商、合作夥伴和供應商。隨著組織的發展，生態系統中添加的個人和應用程式網路不斷增長，這些擴展的企業環境管理起來可能會變得非常複雜。

It's becoming increasingly important for CIOs to understand not just who is accessing their organization's applications but the context of when, where and how individuals are accessing systems without limiting access to the applications they need. As such, identity is becoming a more strategic part of managing an IT infrastructure, and organizations have been turning to the Okta Identity Cloud to help them solve this problem, which in turn helps companies grow faster, cut costs, increase efficiency, and enhance security and compliance.

對於首席資訊長來說，不僅要了解誰在訪問其組織的應用程序，還要了解個人何時、何地以及如何訪問系統的上下文，而不限制對他們所需的應用程序的訪問，這一點變得越來越重要。因此，身分認同正在成為管理 IT 基礎架構中更具策略性的部分，組織一直在求助於 Okta Identity Cloud 來幫助他們解決這個問題，從而幫助公司更快地發展、削減成本、提高效率並增強安全性和合規性。

Number two, Okta for the customer experience. It has become increasingly apparent that every company is becoming a technology company. Organizations of all sizes and industries are building mobile, web and API-driven applications and, in one way or another, are using technology to transform their customers' experience. Products across the Okta Identity Cloud can be used by business leaders to bring an identity layer into their own innovations, enabling personalized, secure and engaging new experiences for their users. We have invested significant time and resources in our offerings for software developers to enable the integration of Okta into customer-facing applications.

第二，Okta 致力於顧客體驗。越來越明顯的是，每家公司都在成為一家科技公司。各種規模和行業的組織都在建立行動、Web 和 API 驅動的應用程序，並以某種方式利用技術來改變客戶的體驗。企業領導者可以使用 Okta Identity Cloud 中的產品將身分層引入自己的創新中，從而為使用者提供個人化、安全且引人入勝的新體驗。我們在為軟體開發人員提供的產品中投入了大量時間和資源，以便將 Okta 整合到面向客戶的應用程式中。

The addition of the Stormpath team further accelerates this investment, builds on our existing products and emphasizes our continued focus on the developer. We also announced some exciting updates to Oktane last week, including our Developer Edition, which I'll elaborate on further in a few minutes.

Stormpath 團隊的加入進一步加速了這項投資，建立在我們現有產品的基礎上，並強調我們對開發人員的持續關注。上週我們也宣布了 Oktane 的一些令人興奮的更新，包括我們的開發者版本，我將在幾分鐘內進一步詳細說明。

As organizations increasingly see the strategic value of identity, our solutions have become a more integral part of their daily operations, both within their organizations and in managing their customers' experience. As a result of the growing use of our platform from both a customer and user perspective, we've seen our ecosystem of applications continue to grow.

隨著組織越來越認識到身分的策略價值，我們的解決方案已成為其日常營運中更不可或缺的一部分，無論是在組織內部還是在管理客戶體驗方面。由於從客戶和用戶的角度越來越多地使用我們的平台，我們看到我們的應用程式生態系統不斷發展。

We announced at Oktane an expanded set of integrations called the Okta Integration Network, which broadens the network to connect more technologies across the enterprise. The Okta Integration Network includes connections to a range of technologies provided by partners, such as Palo Alto Networks, F5, IBM and Cisco, delivering new solutions around workflow management, business analytics, security automation and hybrid IT.

我們在 Oktane 上宣布了一套擴展的集成，稱為 Okta 集成網絡，它擴大了網絡以連接整個企業的更多技術。 Okta 整合網路包括與 Palo Alto Networks、F5、IBM 和 Cisco 等合作夥伴提供的一系列技術的連接，圍繞工作流程管理、業務分析、安全自動化和混合 IT 提供新的解決方案。

We believe the Okta Integration Network offers the most comprehensive library of both public and custom applications, which gives the customer the power to use whatever applications they want within the Okta Identity Cloud. And our customers value this flexibility and freedom of choice.

我們相信 Okta 整合網路提供最全面的公共和自訂應用程式庫，使客戶能夠在 Okta Identity Cloud 中使用他們想要的任何應用程式。我們的客戶重視這種靈活性和選擇自由。

One of the benefits of the network we've built is the plethora of data we are able to gather and analyze, which we can learn from and use to help our customers make better informed decisions around technology adoption. At Oktane, we announced the launch of our Businesses @ Work dashboard, which captures the aggregate anonymized data from our network of thousands of companies, organizations, applications, custom integrations and millions of daily authentications from around the world to enable real-time visibility into the most relevant trends in cloud applications among our users.

我們建立的網路的優點之一是我們能夠收集和分析大量數據，我們可以從中學習並使用這些數據來幫助我們的客戶在技術採用方面做出更明智的決策。在Oktane，我們宣布推出Businesses @ Work 儀表板，該儀表板從我們的網路中捕獲匯總的匿名數據，該網路由數千家公司、組織、應用程式、自訂整合和來自世界各地的數百萬次日常身份驗證組成，以便即時查看我們的用戶中最相關的雲端應用趨勢。

Our dedication to our customers and innovation is clear given the numerous product enhancements that we announced at Oktane last week. These updates make the Okta Identity Cloud an even more comprehensive category-defining offering for managing identities across both the extended enterprise and for the customer experience.

鑑於我們上週在 Oktane 上宣布的眾多產品增強功能，我們對客戶和創新的奉獻是顯而易見的。這些更新使 Okta Identity Cloud 成為更全面的類別定義產品，用於管理整個企業的身份並提供客戶體驗。

Specifically, there are 3 categories of announcements from Oktane. First, we announced new functionality for many of our IT products. We added 2-factor authentication and common password detection to our Single Sign-On product, increasing security for all Okta SSO customers. Continuing with security, we enhanced the Okta Adaptive Multi-Factor Authentication product to seamlessly integrate with more of our customers' environments, including on-premise and customer applications. This enables much more broad-based contextual access management and adaptive risk-based authentication.

具體來說，Oktane 的公告分為 3 類。首先，我們宣布了許多 IT 產品的新功能。我們在單一登入產品中添加了兩因素身份驗證和通用密碼檢測，提高了所有 Okta SSO 客戶的安全性。在安全性方面，我們增強了 Okta 自適應多重身份驗證產品，以與更多客戶環境無縫集成，包括本地和客戶應用程式。這使得基礎更廣泛的上下文存取管理和基於風險的自適應身份驗證成為可能。

We added self-service registration and enhanced account suspension capabilities to our Okta Lifecycle Management product, which both reduces costs and enhances security. And last but not least, we added significant LDAP support to our Okta Universal Directory product, giving it the capability to bridge the gap with legacy on-premises systems that many large enterprises use.

我們在 Okta 生命週期管理產品中加入了自助註冊和增強的帳戶暫停功能，這不僅降低了成本，也增強了安全性。最後但並非最不重要的一點是，我們為 Okta 通用目錄產品添加了重要的 LDAP 支持，使其能夠彌補與許多大型企業使用的傳統本地系統之間的差距。

Second, we announced an enhanced integration with Palo Alto Network's security platform to provide security across cloud, on-premise and hybrid applications and data centers. With this deeper product integration, organizations will be able to automatically respond to threat actors to help prevent cyber attacks. With Okta at the identity level and Palo Alto Networks at the network to cloud and endpoint, this gives customers the ability to automate, monitor and analyze action against security threats.

其次，我們宣布增強與 Palo Alto Network 安全平台的集成，以跨雲端、本地和混合應用程式及資料中心提供安全性。透過這種更深入的產品集成，組織將能夠自動回應威脅行為者，以幫助防止網路攻擊。憑藉身份層級的 Okta 以及網路到雲端和端點的 Palo Alto Networks，客戶能夠自動化、監控和分析針對安全威脅的行動。

Finally and most importantly, we announced significant enhancements to the Okta API products with new developer product capabilities and a new Developer Edition. We're extremely excited about these new capabilities, which help companies transform their customer experiences.

最後也是最重要的是，我們宣布透過新的開發人員產品功能和新的開發人員版本對 Okta API 產品進行重大增強。我們對這些新功能感到非常興奮，它們可以幫助公司改變客戶體驗。

And we've continued to see very strong growth in this part of our business. These product enhancements make it much easier for developers in any organization, in any industry to build and scale sophisticated and streamlined customer-facing applications. With this updated suite of developer resources, we are solidifying our position as the leading identity resource for anyone building software today.

我們繼續看到這部分業務的強勁成長。這些產品增強功能使任何組織、任何行業的開發人員都可以更輕鬆地建立和擴展複雜且簡化的面向客戶的應用程式。透過這套更新的開發人員資源，我們正在鞏固我們作為當今軟體建構者的領先身分資源的地位。

Our focus on keeping up with the rapid pace of innovation in the market has helped us to develop what we believe is the most comprehensive identity solution available today. As I previously mentioned, we were pleased to be recognized as a leader in Gartner's Magic Quadrant for Access Management. Prior to this year, Gartner had separately evaluated legacy on-premises vendors and modern cloud solutions. We were named a leader in every single version of what Gartner called Identity as a Service. This year, Gartner combined all vendors into a single category. In this newly created Access Management category, Okta leads every vendor in the ability to execute, including among others, Microsoft, Computer Associates, Oracle and IBM.

我們專注於跟上市場創新的快速步伐，這幫助我們開發了我們認為是當今最全面的身份解決方案。正如我之前提到的，我們很高興被評為 Gartner 訪問管理魔力像限的領導者。今年之前，Gartner 曾分別評估傳統本地供應商和現代雲端解決方案。我們在 Gartner 所謂的「身份即服務」的每個版本中都被評為領導者。今年，Gartner 將所有供應商合併為一個類別。在這個新建立的存取管理類別中，Okta 在執行能力方面領先所有供應商，其中包括 Microsoft、Computer Associates、Oracle 和 IBM。

Now I'll move on to a few notable customer examples from the quarter. First, a large North American grocery retailer selected the Okta Identity Cloud as the cornerstone of their online and mobile experiences for their customer loyalty, rewards and e-commerce programs. The company is using Okta API Access Management as a critical part of how they are going to re-architect their customer experience. With Okta, the retailer will enable over 50 million customers across multiple grocery brands to access targeted promotions, conduct e-commerce and leverage loyalty rewards via one central identity platform. This is a great example of how customers use the Okta Identity Cloud to enhance their customers' experiences and ultimately drive customer loyalty.

現在我將繼續介紹本季度一些著名的客戶範例。首先，一家大型北美雜貨零售商選擇 Okta Identity Cloud 作為其線上和行動體驗的基石，以提高客戶忠誠度、獎勵和電子商務計劃。該公司正在使用 Okta API 存取管理作為他們重新建立客戶體驗的關鍵部分。借助 Okta，該零售商將使多個雜貨品牌的超過 5,000 萬名客戶能夠透過中央身分平台存取有針對性的促銷活動、進行電子商務並利用忠誠度獎勵。這是客戶如何使用 Okta Identity Cloud 增強客戶體驗並最終提高客戶忠誠度的一個很好的例子。

Second, we continue to see expansion across our current customer base. For example, after an initial success across multiple subsidiaries, a global electronics company extended their commitment to Okta by establishing the Okta Identity Cloud as their company-wide standard for identity and access management. Their expanded use of Okta will support over 250,000 employees worldwide and will empower the company's brand across several industries. With the Okta Identity Cloud, the company plans to consolidate multiple disparate identity and access management products and accelerate their global adoption of the cloud.

其次，我們目前的客戶群繼續擴大。例如，在多家子公司取得初步成功後，一家全球電子公司透過建立 Okta Identity Cloud 作為全公司範圍的身份和存取管理標準，擴大了對 Okta 的承諾。他們擴大使用 Okta 將為全球超過 25 萬名員工提供支持，並將增強公司品牌在多個行業的影響力。該公司計劃透過 Okta Identity Cloud 整合多個不同的身分和存取管理產品，並加速雲端的全球採用。

Third, after initial internal rollout of Okta to manage employee access to applications, a major North American home, life and auto insurance company this quarter extend their commitment to Okta. Now more employees and over 40,000 insurance agents will use Okta to securely access applications. With security an important requirement for their company, they will leverage Okta's Adaptive Multi-Factor Authentication to secure their extended enterprise.

第三，在最初內部推出 Okta 來管理員工對應用程式的存取權之後，北美一家大型家庭、人壽和汽車保險公司本季擴大了對 Okta 的承諾。現在，更多員工和超過 40,000 名保險代理人將使用 Okta 安全地存取應用程式。由於安全性是他們公司的重要要求，他們將利用 Okta 的自適應多重身分驗證來保護其擴展企業的安全。

These customer examples are particularly exciting as they demonstrate our increasing momentum with large enterprise customers. We are seeing more frequent instances where we are beating or replacing legacy solutions, further demonstrating our strong competitive position in the market. Our average deal sizes have continued to grow, and we have consistently had success upselling customers of all sizes into larger deployments. And perhaps most importantly, our customers are extremely satisfied with the products and level of service we deliver them.

這些客戶範例特別令人興奮，因為它們展示了我們與大型企業客戶的不斷增長的勢頭。我們越來越頻繁地看到我們擊敗或取代傳統解決方案的情況，進一步證明了我們在市場中強大的競爭地位。我們的平均交易規模持續成長，我們一直成功地將各種規模的客戶推銷到更大的部署。也許最重要的是，我們的客戶對我們提供的產品和服務水準非常滿意。

Looking back on the quarter, I'm very pleased with our results and even more excited about the future. We've continued to define and expand the market for identity solutions, and we believe we are well positioned to capitalize on our expansive market opportunity. With the new enhancements to the Okta Identity Cloud and our initiatives with the developer community, we've extended our lead in identity management for the enterprise.

回顧本季，我對我們的業績非常滿意，對未來更加興奮。我們繼續定義和擴大身分解決方案市場，我們相信我們處於有利地位，可以利用我們廣泛的市場機會。透過 Okta Identity Cloud 的新增強以及我們與開發人員社群的合作，我們擴大了在企業身分管理方面的領先地位。

We appreciate everyone's support to date and look forward to reporting on our progress in the quarters ahead. I'd now like to turn the call over to Bill to walk through our financial results. Bill?

我們感謝大家迄今為止的支持，並期待報告我們在未來幾季的進展。我現在想把電話轉給比爾，讓他詳細介紹我們的財務表現。帳單？

Thanks, Todd, and thanks again to everyone for joining us. Let me start with a brief reminder on our financial model and go through our fiscal second quarter results in detail before moving on to our outlook for the third quarter and full year fiscal 2018.

謝謝托德，再次感謝大家加入我們。讓我先簡單提醒我們的財務模型，並詳細介紹我們第二季的業績，然後再展望第三季和 2018 財年全年。

For those of you who may have just started to learn about Okta, we generate revenue primarily by selling subscriptions to our cloud-based platform that are generally 3 years for our large enterprise customers and 1 to 2 years for our smaller mid-market customers. We typically invoice customers annually and in advance. Our subscription fees are based on the products customer is using and the number of users.

對於那些可能剛開始了解Okta 的人來說，我們主要透過銷售基於雲端的平台的訂閱來產生收入，對於我們的大型企業客戶來說，通常為3 年，對於我們的小型中型市場客戶來說，通常為1 到2 年。我們通常每年提前向客戶開立發票。我們的訂閱費用是根據客戶使用的產品和用戶數量而定。

Our professional services revenue include fees for assisting customers implementing our products. We aim to enable our customers' success and drive higher subscription revenue as these customers expand their usage of the Okta Identity Cloud.

我們的專業服務收入包括協助客戶實施我們的產品的費用。我們的目標是幫助客戶取得成功，並隨著這些客戶擴大對 Okta Identity Cloud 的使用而推動更高的訂閱收入。

We had a successful second quarter and are pleased with our results. Revenue for the second quarter totaled $61 million, growing 63% year-over-year. Subscription revenue totaled $56.1 million in the second quarter, an increase of 68% year-over-year, and comprised 92% of our total revenue, up from 89% in Q2 last year. Professional services revenue was $4.9 million, an increase of 23% over the same period last year. As a reminder, professional service revenue is not a core driver of our top line momentum, and we anticipate that it will continue to be a small proportion of our overall revenue over time, given the success of our partner ecosystem.

我們第二季取得了成功，並對我們的結果感到滿意。第二季營收總計 6,100 萬美元，年增 63%。第二季訂閱營收總計 5,610 萬美元，年增 68%，占我們總營收的 92%，高於去年第二季的 89%。專業服務收入為490萬美元，比去年同期成長23%。需要提醒的是，專業服務收入並不是我們收入成長勢頭的核心驅動力，鑑於我們合作夥伴生態系統的成功，我們預計隨著時間的推移，專業服務收入將繼續占我們總收入的一小部分。

In terms of geographic breakdown, approximately 85% of our second quarter revenue came from the U.S. and 15% came from outside the U.S. compared to 88% and 12%, respectively, in Q2 last year. We continue to expand our footprint internationally with international revenue growing over 100% this quarter year-over-year.

從地理分佈來看，我們第二季營收的約 85% 來自美國，15% 來自美國以外地區，而去年第二季分別為 88% 和 12%。我們繼續擴大我們的國際業務，本季國際營收年增超過 100%。

Moving on to billings. We recorded calculated billings of $71.7 million in the quarter, an increase of 54% over Q2 last year. We are pleased with our billings growth as it demonstrates the strong underlying demand for our products. We do not plan on giving billings guidance on a regular basis, but given the exceptional 63% year-over-year growth we saw in the first half of the year, I'll give you some color on our expectations.

繼續討論比林斯。我們本季的計算帳單為 7,170 萬美元，比去年第二季成長 54%。我們對我們的比林斯成長感到滿意，因為它顯示了對我們產品的強勁潛在需求。我們不打算定期提供比林斯指引，但鑑於我們在今年上半年看到的 63% 的同比增長，我將向您介紹我們的預期。

For the full fiscal year, we continue to expect very strong billings growth in the 50% range. We maintained strong growth in our customer base and ended the second quarter with over 3,650 customers, up 38% versus 2,650 customers in Q2 last year. We also finished the quarter with 539 customers with an annual contract value above $100,000, up 52% compared to Q2 last year.

對於整個財年，我們繼續預計帳單成長將非常強勁，在 50% 的範圍內。我們的客戶群保持強勁成長，第二季末擁有超過 3,650 名客戶，比去年第二季的 2,650 名客戶成長了 38%。本季結束時，我們還有 539 家客戶的年度合約價值超過 10 萬美元，比去年第二季成長了 52%。

It's important to note that the majority of these large customer additions came from new logos, demonstrating our increasing traction landing deals in the large enterprise market. These large customer land deals also paved the way for more sizable upsell opportunities in the future, a key driver of our business long term.

值得注意的是，這些新增的大客戶大部分來自新徽標，這表明我們在大型企業市場的落地交易的牽引力不斷增加。這些大型客戶土地交易也為未來更大規模的追加銷售機會鋪平了道路，這是我們業務長期發展的關鍵驅動力。

In addition, we continue to expand with our existing customers, which translates to a consistently strong dollar-based retention rate, which was 123% for the trailing 12 months ended July 31. Strength in our dollar-based retention rate is driven by the stickiness of our products as well as our high customer satisfaction, which Todd mentioned.

此外，我們繼續擴大現有客戶的規模，這意味著以美元為基礎的保留率持續強勁，截至7 月31 日的過去12 個月為123%。我們以美元為基礎的保留率的強勁是由黏性推動的托德提到，我們的產品以及我們的高客戶滿意度。

Before turning to expense items and profitability, I would like to point out that I will be discussing non-GAAP results going forward. Our GAAP financial results along with a reconciliation between GAAP and non-GAAP results can be found in our earnings release as well as the supplemental materials posted on our Investor Relations website.

在討論費用項目和獲利能力之前，我想指出，我將討論未來的非公認會計準則績效。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以及投資者關係網站上發布的補充資料中找到。

Subscription gross margin was 79.3%, up over 300 basis points versus the second quarter last year. Our professional services gross margin was negative 27.2% compared to negative 25.1% in the second quarter last year. As a reminder, we recognize professional service costs when they are incurred regardless of when the revenue is recognized. Therefore, professional services margins will continue to fluctuate from quarter-to-quarter. As we have mentioned in the past, we will continue to leverage our partners for support services as we expand our business.

訂閱毛利率為79.3%，較去年第二季成長超過300個基點。我們的專業服務毛利率為負 27.2%，而去年第二季為負 25.1%。提醒一下，無論何時確認收入，我們都會在發生時確認專業服務成本。因此，專業服務利潤率將持續逐季波動。正如我們過去所提到的，隨著我們業務的擴展，我們將繼續利用我們的合作夥伴提供支援服務。

Total gross margin was a record 70.7% in the second quarter, up over 540 basis points year-over-year. Gross profit was $43.1 million, up 76% year-over-year. We continue to expect our overall gross margin will move higher over time as we see operational leverage improve, but we will see some variability.

第二季總毛利率達到創紀錄的70.7%，年增超過540個基點。毛利為 4,310 萬美元，年增 76%。我們繼續預計，隨著營運槓桿率的改善，我們的整體毛利率將隨著時間的推移而上升，但我們也會看到一些變化。

Turning now to operating expenses. We remain focused on balancing our investments for growth while improving leverage. We saw an exceptional increase in our operating margin this quarter as we outperformed on revenue and our expenses were lower than expected. Longer term, we expect to continue improving our operating margins as our subscription revenue grows at a faster rate than our total operating expenses. However, we will continue to see quarterly fluctuations in the near term.

現在轉向營運費用。我們仍然專注於平衡成長投資，同時提高槓桿。由於我們的營收表現優於預期且支出低於預期，本季我們的營業利潤率出現了異常成長。從長遠來看，我們預計我們的營運利潤率將繼續提高，因為我們的訂閱收入成長速度快於總營運支出。然而，短期內我們將繼續看到季度波動。

Sales and marketing expense for Q2 was $36.6 million compared to $27 million in Q2 last year. This represents 60% of total revenue, an improvement compared to 72% in the second quarter last year. We are beginning to see some operational efficiencies earlier than expected from our prior investments.

第二季的銷售和行銷費用為 3,660 萬美元，而去年第二季的銷售和行銷費用為 2,700 萬美元。這佔總收入的 60%，比去年第二季的 72% 有所改善。我們開始比先前的投資預期更早看到一些營運效率的提升。

R&D expense in Q2 was $12.5 million compared to $8.9 million in Q2 last year. As a percentage of total revenue, R&D was 20% in Q2 versus 24% in the same period last year. We remain focused on innovation as evidenced by the number of product enhancements we announced at Oktane, and we will continue to invest in R&D to fuel this development.

第二季的研發費用為 1,250 萬美元，而去年第二季的研發費用為 890 萬美元。第二季研發佔總營收的比例為 20%，去年同期為 24%。我們仍然專注於創新，我們在 Oktane 宣布的產品增強數量證明了這一點，並且我們將繼續投資研發來推動這一發展。

G&A expense was $9.2 million for the quarter compared to $5.4 million in the second quarter last year. G&A was 15% of revenue versus 14% of revenue in Q2 last year. We expect that our G&A expense will continue to grow at a moderate pace on an absolute basis as we have added personnel and systems to support our transition to a public company.

本季的一般管理費用為 920 萬美元，而去年第二季的一般管理費用為 540 萬美元。 G&A 佔營收的 15%，而去年第二季為 14%。我們預計，隨著我們增加人員和系統以支援我們向上市公司的轉型，我們的一般管理費用將繼續以絕對速度適度成長。

Our operating loss in the quarter was $15.2 million compared to a loss of $16.9 million last year. Operating margin was negative 25%, a 20 point improvement compared to negative 45% in the same period last year. We expect our operating margin in the third quarter will be closer to what we saw in the first quarter of this year due to the impact of Oktane.

我們本季的營運虧損為 1,520 萬美元，而去年的虧損為 1,690 萬美元。營業利益率為負 25%，比去年同期的負 45% 提高了 20 個百分點。由於 Oktane 的影響，我們預計第三季的營業利潤率將接近今年第一季的水平。

Net loss per share in Q2 was $0.16 using 93.6 million basic shares outstanding. This compares to a net loss per share in Q2 last year of $0.90, using 18.8 million basic shares outstanding at the time.

使用 9,360 萬股已發行基本股，第二季每股淨虧損為 0.16 美元。相比之下，去年第二季每股淨虧損為 0.90 美元，當時已發行 1,880 萬股基本股。

Free cash flow was negative $10.5 million in the quarter compared to negative $15 million in the second quarter last year. Free cash flow margin was negative 17%, a 23 point improvement compared to negative 40% for Q2 last year. We expect to continue to make progress toward positive, sustainable free cash flow on a year-over-year basis, but it may not be in a linear trajectory on a quarterly basis in period-to-period fluctuations in billings, elections and other working capital.

本季自由現金流為負 1,050 萬美元，去年第二季為負 1,500 萬美元。自由現金流利潤率為負 17%，比去年第二季的負 40% 提高了 23 個百分點。我們預計年比將繼續在積極、可持續的自由現金流方面取得進展，但按季度計算，帳單、選舉和其他工作的周期性波動可能不會呈現線性軌跡。首都。

Turning to the balance sheet. We ended the second quarter with $213.2 million in cash, cash equivalents and short-term investments. We remain comfortable with our cash position.

轉向資產負債表。截至第二季末，我們的現金、現金等價物和短期投資為 2.132 億美元。我們對我們的現金狀況仍然感到滿意。

Lastly, we ended the quarter with a total headcount of 1,096, growing 38% over Q2 last year. We continue to add headcount across the board as we invest in our innovation and support the fast growth of our business.

最後，本季末我們的員工總數為 1,096 人，比去年第二季成長 38%。隨著我們投資於創新並支持業務的快速成長，我們將繼續全面增加員工人數。

Moving on to guidance. For the third quarter fiscal 2018, we expect revenue in the range of $62 million to $63 million, representing a growth rate of 47% to 49% year-over-year; non-GAAP operating loss in the range of $23.5 million to $22.5 million; non-GAAP net loss per share in the range of $0.25 to $0.24, assuming 94 million weighted shares outstanding.

繼續指導。對於2018財年第三季度，我們預期營收在6,200萬美元至6,300萬美元之間，年成長率為47%至49%；非 GAAP 營運虧損在 2,350 萬美元至 2,250 萬美元之間；假設已發行加權股數為 9,400 萬股，非 GAAP 每股淨虧損在 0.25 美元至 0.24 美元之間。

For the full year fiscal 2018, we are updating our guidance as follows: revenue in the range of $243 million to $245 million, representing a growth rate of 52% to 53% year-over-year; non-GAAP operating loss in the range of $78.4 million to $76.4 million; non-GAAP net loss per share in the range of $0.98 to $0.95, assuming 80.6 million weighted shares outstanding.

對於 2018 財年全年，我們更新瞭如下指引： 營收在 2.43 億美元至 2.45 億美元之間，年成長率為 52% 至 53%；非公認會計準則營業虧損在 7,840 萬美元至 7,640 萬美元之間；假設已發行加權股數為 8,060 萬股，非 GAAP 每股淨虧損在 0.98 美元至 0.95 美元之間。

In summary, we had a successful second quarter, demonstrated by our strong top line growth. While we are also pleased with our improving leverage, we are continuing to invest in our business to capitalize on the large opportunities at hand. We look forward to seeing many of you over the coming weeks on the road.

總而言之，我們的第二季取得了成功，這從我們強勁的營收成長就可以看出。雖然我們對槓桿率的提高也感到高興，但我們將繼續投資於我們的業務，以利用手頭上的巨大機會。我們期待在未來幾週的路上見到你們中的許多人。

With that, Todd, Frederic and I will take your questions. Operator?

接下來，托德、弗雷德里克和我將回答你們的問題。操作員？

(Operator Instructions) And we'll take our first question from Rob Owens with KeyBanc Capital Markets.

（操作員說明）我們將回答 KeyBanc Capital Markets 的 Rob Owens 提出的第一個問題。

First, I just want to ask about something you announced at your Analyst Day relative to LDAP integration and curious to -- if you can provide some color if that had been a sticking point for smaller organizations in the past, and what the potential implications are in your small and mid-market customers.

首先，我只想問一下您在分析師日宣布的有關LDAP 集成的內容，並且對此感到好奇- 如果這在過去是小型組織的一個癥結所在，您是否可以提供一些說明，以及潛在的影響是什麼在您的中小型市場客戶。

So I think the -- we did -- as you mentioned, Rob, we announced Universal Directory now supports the LDAP protocol natively, and it's a little bit of a -- it's an important enhancement for a couple reasons. The first reason is that, as you mentioned, it enables companies that are using any LDAP native application to connect it directly up to Universal Directory, which does help some of these smaller companies that are rolling out some of these DevOps types of workloads and connecting them up to Universal Directory seamlessly. But on the -- in the larger enterprise, while we've replicated to and from LDAP for a long time, that -- in that scenario, we could support LDAP, but they still had to keep the LDAP server around. But with this enhancement, now they can actually retire that legacy infrastructure. So they don't have to actually run those LDAP servers. So it actually helps both large enterprise and smaller companies. That's why it's so important to us.

所以我認為——我們確實——正如您所提到的，Rob，我們宣布通用目錄現在原生支援 LDAP 協議，而且它是一個重要的增強功能，原因有幾個。第一個原因是，正如您所提到的，它使使用任何LDAP 本機應用程式的公司能夠將其直接連接到Universal Directory，這確實有助於一些正在推出一些DevOps 類型的工作負載並連接接的小型公司。將它們無縫地添加到通用目錄。但在較大的企業中，雖然我們已經在 LDAP 之間進行複製很長時間了，但在這種情況下，我們可以支援 LDAP，但他們仍然必須保留 LDAP 伺服器。但透過這項增強功能，現在他們實際上可以淘汰舊的基礎設施。因此他們不必實際運行這些 LDAP 伺服器。所以它實際上對大企業和小公司都有幫助。這就是為什麼它對我們如此重要。

Great. And then second, Bill, you talked about your success within large customers and the new logo additions. Can you give us color on, as you're seeing these larger deals come in, is this for a single product? Do you see multiproducts typically with your larger customers right off the bat? Or does it remain kind of a nice upsell opportunity as you move forward?

偉大的。其次，比爾，您談到了您在大客戶中的成功以及新徽標的添加。當您看到這些較大的交易出現時，您能否告訴我們，這是針對單一產品的嗎？您是否通常會立即為您的大客戶看到多種產品？或者，隨著您的前進，這仍然是一個很好的追加銷售機會嗎？

I think it's -- when they start using us, the land deal is usually a single product. And what happens is that, over time, we make them successful, and then by the time they get to deploying more and more products, we become the standard. We talked about -- I talked about this -- the electronics company, the global electronics company that standardized us across all of their subsidiaries. And that was the example there where they've used us in some subsidiaries for a single product and then multiple products, and this deal was really a very, very large upsell where they've really standardized on this -- on us for all their identity needs. And as a result, they're taking out a bunch of legacy vendors across their entire landscape, so the answer is kind of both, right. It's like single product initially and then multiproducts over time.

我認為，當他們開始使用我們時，土地交易通常是單一產品。所發生的情況是，隨著時間的推移，我們讓他們取得成功，然後當他們開始部署越來越多的產品時，我們就成為了標準。我們談論了——我談論了這個——電子公司，這家全球電子公司在其所有子公司中對我們進行了標準化。這就是一個例子，他們在一些子公司中使用我們的單一產品，然後是多種產品，這筆交易實際上是一次非常非常大的追加銷售，他們真的對此進行了標準化- 我們為他們所有的人提供了幫助。身份需求。結果，他們在整個領域淘汰了一批傳統供應商，所以答案是兩者兼而有之，對吧。就像最初是單一產品，然後隨著時間的推移變成多種產品。

And we'll take our next question from Heather Bellini with Goldman Sachs.

我們將回答高盛希瑟貝利尼 (Heather Bellini) 提出的下一個問題。

I had a question about the executive, the 100 C-level execs you mentioned that you hosted last week for the executive track. And in particular, I'm just wondering how has their usage of Okta changed over the last few years and just the narrative that they have with the company. So I guess I'm wondering, did it start out that people thought of them -- thought of you as a security offering and now that's changed from being security focused to one that's also revenue enhancing? I'm just wondering kind of how you've seen the relationship with those customers evolve. And I guess we'll start there, and then I had a follow-up.

我有一個關於高階主管的問題，您提到上週為高階主管培訓邀請了 100 名 C 級主管。特別是，我只是想知道他們對 Okta 的使用在過去幾年中發生了怎樣的變化，以及他們對公司的敘述發生了怎樣的變化。所以我想我想知道，人們是否一開始就認為它們是一種安全產品，而現在它已經從以安全為中心轉變為同時增加收入的產品？我只是想知道您如何看待與這些客戶的關係的發展。我想我們會從那裡開始，然後我有一個後續行動。

Thanks, Heather. This is Frederic. So as you mentioned, at Oktane last week, we had our second annual Executive Summit. We had the first one last year. And the size of the room certainly grew substantially as did the representation of C-level executives at some of our larger enterprise customers. And I think that's due to a couple of things. First of all, just the macro trend, right. The trends that we see of company's needing to manage and secure their extended enterprise and transform their customer experiences, this is something that is becoming relevant to every organization and not just to small and mid-market companies. And so as large organizations think about how they're going to do this, certainly, they have, at the implementation level, they have interest. But these are executives who are thinking about their broad plans in terms of how they can not only reduce the cost in their organizations but also increase their revenue while, as you said, enhancing their security posture along the way. And I think that you see that as a result in that group of executives that joined us.

謝謝，希瑟。這是弗雷德里克.正如您所提到的，上週我們在 Oktane 舉行了第二屆年度高階主管高峰會。我們去年有第一個。房間的大小肯定大幅增加，我們一些大型企業客戶的 C 級管理人員的代表人數也大幅增加。我認為這是由於以下幾件事造成的。首先，只是宏觀趨勢，對吧。我們看到公司需要管理和保護其擴展企業並改變其客戶體驗的趨勢，這與每個組織（而不僅僅是中小型市場公司）都變得相關。因此，當大型組織考慮如何做到這一點時，當然，他們在實施層面上有興趣。但這些高階主管正在考慮他們的整體計劃，即如何不僅降低組織成本，而且增加收入，同時，正如您所說，一路增強安全態勢。我認為您在加入我們的高階主管團隊中看到了這一點。

Yes, I will just add...

是的，我只是補充一下...

And then just one follow-up (inaudible)...

然後只有一個後續行動（聽不清楚）...

I would just -- one thing I would add -- I was going to say, Heather, from my perspective, you just saw a maturation of -- from a couple years ago, it was like they were kind of learning about the platform and learning the breadth of the platform, and this year, it was more about how am I -- how was this going in terms of big transformation of my company. And so the maturity of the conversations had progressed a lot.

我只是——我想補充一件事——我想說，希瑟，從我的角度來看，你剛剛看到了——幾年前的成熟，就好像他們正在學習這個平台，學習平台的廣度，今年，更多的是關於我怎麼樣——我的公司的重大轉型進展如何。因此，對話的成熟度已經進步了很多。

Okay. And that segues into my other question, which is really then, if you were to kind of cohort these people to the extent that you can, how have you seen their adoption of Okta products evolve? Meaning, did they start out with just one and now these are kind of mostly multiproduct customers? Is there anything you could share with us about their profile?

好的。這就引出了我的另一個問題，那就是，如果你要盡可能地將這些人分組，你會發現他們對 Okta 產品的採用是如何演變的？意思是，他們一開始只有一種產品，現在大多是多產品客戶嗎？關於他們的個人資料，您有什麼可以與我們分享的嗎？

I think one thing I've noticed is that there's far more of them are using us for customer experience, so there -- that part of our business has grown. That's just matured a lot, especially with these large companies.

我認為我注意到的一件事是，有更多的人使用我們來提供客戶體驗，所以我們的這部分業務已經成長。這已經成熟了很多，尤其是對於這些大公司。

Yes. What I would add to that, Heather, is I think when -- if you're a large organization, and you're -- a few years ago, it was like, okay, I'm going to take a risk on a new cloud-based identity service. I'm going to try it for one part of my business. I can think of a large manufacturing customer of ours in the Midwest who started with they had an internal project for their employees. They started with a specific set of use cases and a couple of our products, and very quickly, they saw success within a couple quarters and came back to us very quickly and said, okay, now I'm more comfortable with the company, with the product suite. I want to understand the entire breadth of what you do, how you can help me not only on my extended enterprise but also with my transformational customer projects, and I really want to align this with what I'm seeing going forward. And I think that is a good example of what we're seeing across the board in the large enterprise.

是的。我要補充的是，希瑟，我認為，如果你是一個大型組織，而且你是，幾年前，就像，好吧，我要冒險新的基於雲端的身份服務。我將在我的業務中嘗試一下。我可以想到我們在中西部的一個大型製造客戶，他們一開始為員工製定了一個內部專案。他們從一組特定的用例和我們的幾個產品開始，很快，他們在幾個季度內看到了成功，並很快回到我們身邊並說，好吧，現在我對公司更滿意了，產品套件。我想了解您所做工作的全部內容，您如何幫助我不僅在我的擴展企業上，而且在我的轉型客戶專案上，我真的很想讓這與我所看到的未來​​保持一致。我認為這是我們在大型企業中全面看到的一個很好的例子。

(Operator Instructions) We'll take our next question from Sterling Auty with JPMorgan.

（操作員說明）我們將接受摩根大通的 Sterling Auty 提出的下一個問題。

Want to start on the operational front. Wonder if you can give us an update on where you are in terms of your sales hiring for the year relative to your original expectations.

想從營運方面開始。想知道您是否可以向我們介紹您今年的銷售招聘情況與您最初的預期相比的最新情況。

Yes, Sterling. So on the sales front, we're hiring very robustly on our key in sale to marketing roles, and so that we're -- we've had aggressive targets. And we are meeting those targets as far as hiring those sales folks because that's obviously very important as we grow to realize these huge opportunities we have in the market.

是的，斯特林。因此，在銷售方面，我們正在大力招募銷售到行銷的關鍵角色，因此我們有雄心勃勃的目標。就僱用這些銷售人員而言，我們正在實現這些目標，因為隨著我們逐漸認識到市場上擁有的巨大機會，這顯然非常重要。

And maybe, Freddy or Todd, can you characterize, where are you finding the incremental sales rep? And is the profile of that salesperson changing as the adoption rate and the use case in terms of what you're being brought in for now seems to be evolving?

也許，弗雷迪或託德，你能描述一下，你在哪裡找到增量銷售代表嗎？隨著採用率和用例（就您目前所引入的內容而言）的演變，該銷售人員的個人資料是否會發生變化？

I think that one thing we've seen is that as we do these larger enterprise deals that really become the standard across these large enterprises -- I mentioned a couple of them before, the large electronics, the global electronics company and then the large grocery chain. These kind of deals are more complicated, so I think it requires a more experienced enterprise-type rep. So I think that would be one in terms of hiring profile we've -- over the last couple years, we've adjusted to.

我認為我們看到的一件事是，當我們進行這些大型企業交易時，這些交易真正成為這些大型企業的標準——我之前提到過其中的幾個，大型電子產品、全球電子公司，然後是大型雜貨店鏈。這類交易比較複雜，所以我認為需要更有經驗的企業型代表。所以我認為這將是我們在過去幾年中已經調整的招募概況之一。

One thing I would add, though, Sterling, to your question is with the growth that we are seeing and the momentum that we have in the market, right, success begets success, and we have more and more of our successful enterprise reps are referring in folks that they know from past lives. And I think that that's helped us a lot, especially as we continue to expand not only in North America but internationally as well.

不過，史特林，我要補充的一件事是，隨著我們所看到的成長以及我們在市場上的勢頭，成功會帶來成功，我們有越來越多的成功企業代表正在提及在他們前世認識的人中。我認為這對我們幫助很大，特別是當我們不僅在北美而且在國際上繼續擴張時。

That's actually a good segue into my follow-up was how would you characterize where you are in the build-out of the international operations. And what are you seeing out of international customers in terms of demand and how that might mirror what you saw maybe a year-or-so ago here in the Americas?

這實際上是我的後續行動的一個很好的延續，即你如何描述你在國際業務建設中的位置。您從國際客戶的需求中看到了什麼？這與您大約一年前在美洲看到的情況有何相似之處？

Yes, Sterling. The international business is outpacing the U.S. in revenue growth, and we're excited to see that the macro trends of acceleration in the enterprise cloud that we saw -- have seen in the U.S. is also extending itself internationally. So we're very, very optimistic about that. And as a result, we are focused on building out our go-to-market operations, investing there. And also, over time, we're expanding and leveraging our channel partners, and we'll be doing that to give us more reach and leverage internationally, Europe and in Asia.

是的，斯特林。國際業務的收入成長正在超過美國，我們很高興看到我們在美國看到的企業雲端加速的宏觀趨勢也在向國際擴展。所以我們對此非常非常樂觀。因此，我們專注於建立我們的市場營運業務並在那裡進行投資。而且，隨著時間的推移，我們正在擴大和利用我們的通路合作夥伴，我們將這樣做以使我們在國際、歐洲和亞洲擁有更大的影響力和影響力。

And we'll take our next question from Richard Davis with Canaccord.

我們將透過 Canaccord 回答 Richard Davis 提出的下一個問題。

Two quick questions. So one of the hard things that a senior manager, the CEO has to decide for companies at your stage is kind of where to draw the line between partners and internal teams to ensure that these great large customers have successful deployment. If you underinvest, you hurt growth. If you overinvest, you hurt margins. How do you think about that balancing act as your business kind of evolves?

兩個簡單的問題。因此，高階經理人、執行長必須為您所在階段的公司做出決定的困難之一是如何在合作夥伴和內部團隊之間劃清界限，以確保這些偉大的大客戶成功部署。如果投資不足，就會損害成長。如果過度投資，就會損害利潤。隨著您的業務發展，您如何看待這種平衡行為？

Yes. It's interesting. I -- the way I look at it is that make the customers successful. That's the first and, in many cases, the only priority, make them successful, especially in our business, which is a -- it's a transformational technology. They're long-term relationships. The strategic value we provide to the customers is very valuable to them and to us so make the customer successful. So that being said, as we've invested more in partners in terms of systems integrators and channel sales partners, we're not the only people in the world that can make the customer successful. So as long as we don't violate that first priority, we're very happy to partner and have the best folks in the industry help us with our #1 goal, which is customer success.

是的。這真有趣。我——我的看法是讓客戶成功。這是使他們成功的首要任務，在許多情況下也是唯一的優先事項，特別是在我們的業務中，這是一項變革性的技術。他們是長期關係。我們為客戶提供的策略價值對他們和我們來說都非常有價值，因此可以幫助客戶成功。話雖這麼說，隨著我們在系統整合商和通路銷售合作夥伴方面對合作夥伴進行了更多投資，我們並不是世界上唯一能夠幫助客戶成功的人。因此，只要我們不違反第一要務，我們就非常樂意合作，並讓業內最優秀的人員幫助我們實現我們的第一個目標，即客戶成功。

As I'm driving and trying not to get run over by a car. Second question is you had Stormpath for now about a few months now. What's gone well so far? What would you like to see go better over the next 12 months? That's it.

當我開車的時候，我努力不被車子輾過。第二個問題是，您已經使用 Stormpath 幾個月了。到目前為止什麼進展順利？在接下來的 12 個月裡，您希望看到哪些方面取得更好的進展？就是這樣。

Yes. I think, this is -- having an offering that is consumable by any developer as they build any application and helping all these folks out there trying to transform their customer experience is a big priority for us. So I mean, like anything, I wish it was all going much faster. I'm very impatient with these kind of things. But that being said, we've made a ton of progress, a lot of which we showed off at Oktane. Last week, we have a new Developer Edition. We have -- and we've done a much better job at really exposing all the capabilities of our platform in a very easy-to-understand and consume and very powerful way for developers because all these customer experience transformation projects have development teams involved, and we're going to be the lead in identity provider to developers. And that's the goal, and we're off to a really good start.

是的。我認為，擁有一個可供任何開發人員在建立任何應用程式時使用的產品，並幫助所有這些試圖改變客戶體驗的人是我們的首要任務。所以我的意思是，就像任何事情一樣，我希望一切進展得更快。我對這類事情非常不耐煩。但話雖這麼說，我們已經取得了很多進展，其中很多我們在 Oktane 上展示過。上週，我們推出了新的開發者版本。我們已經做得更好了，以一種非常易於理解和使用且非常強大的方式為開發人員真正展示了我們平台的所有功能，因為所有這些客戶體驗轉型專案都有開發團隊參與，我們將成為開發者身分提供者的領導者。這就是我們的目標，我們已經有了一個好的開始。

And we'll take our last question from Patrick Walravens with JMP Group.

我們將回答 JMP Group 的 Patrick Walravens 提出的最後一個問題。

I have 2. So the first one is that I really enjoyed the conference, and I like the customer conversations and the customer panels. One of the things that I noticed, though, is when enterprises adopt you guys, they're often replacing not just one solution but a bunch. And so I was wondering if you could sort of address that and, at the same time, talk about competitively what you see in these sales cycles.

我有 2 個。第一個是我真的很喜歡這次會議，我喜歡客戶對話和客戶小組。不過，我注意到的一件事是，當企業採用你們時，他們通常不僅更換一個解決方案，而且更換一堆解決方案。因此，我想知道您是否可以解決這個問題，同時談論您在這些銷售週期中看到的競爭情況。

Yes, absolutely. I'm happy to do that. So when you think about a large enterprise, right, and we can take Experian as an example, they are one of the large credit agencies, obviously. They have been around for a long time, and they have a lot of on-prem infrastructure as you mentioned. And so there's a lot of opportunity to retire different types of systems. Some of them will be specifically focused around core identity and access management. Others will be around gateways for API access they might have built themselves. And so certainly, as they find more and more use cases where they can extend and leverage the service and the platform and the products that we have, there are more and more ways for them to take cost and infrastructure from legacy providers out of the equation.

是的，一點沒錯。我很高興這樣做。因此，當你想到一家大型企業時，對吧，我們可以以 Experian 為例，他們顯然是大型信貸機構之一。正如您所提到的，它們已經存在很長時間了，並且擁有大量本地基礎設施。因此，有許多機會淘汰不同類型的系統。其中一些將特別關注核心身分和存取管理。其他人將圍繞他們自己建立的 API 存取網關進行操作。因此，當然，隨著他們發現越來越多的用例可以擴展和利用我們擁有的服務、平台和產品，他們有越來越多的方法可以將傳統提供者的成本和基礎設施排除在外。

Okay. And then, I guess, Todd, for you, maybe. I remember when you interviewed Diane Greene. That was -- I think that was last year's conference. That was great. And then this year, I noticed that Google was the sole titanium sponsor at the conference. So -- what is the -- it seems like the relationship is somewhat special. What is the relationship with Google?

好的。然後，我想，托德，也許對你來說。我記得你採訪黛安·格林時。那是——我想那是去年的會議。那很棒。今年，我注意到谷歌是這次會議的唯一鈦贊助商。所以——什麼——看起來這種關係有些特殊。和谷歌是什麼關係？

Well, I think that Google is an important player in cloud applications and cloud infrastructure. And what the -- for Google, we can help them, especially in the large enterprise, connect their applications and their cloud infrastructure to the directories and the on-premise identity systems that these large enterprise customers we're both going after have. So -- and then from us, of course, our prerogative is to connect in an independent neutral way to every major cloud infrastructure and cloud application platform. It's one of the things that really -- platforms. It's one of the things that really differentiates us. We don't have -- we're not selling Infrastructure as a Service. We're not selling applications. I mean, we're selling identity, and Identity as a Platform, and we can play this neutral and independent role and let the customer choose whatever is best for them. So for us, it's just part of our mission to connect to companies like Google and, by the way, which is the same way we connect to Amazon and the same way we connect to Microsoft and Salesforce and all the leading cloud, infrastructure and application companies. So that -- it's really a synergistic relationship, which is why I think both of us are investing in the partnership.

嗯，我認為Google是雲端應用和雲端基礎設施領域的重要參與者。對於Google來說，我們可以幫助他們，特別是在大型企業中，將他們的應用程式和雲端基礎設施連接到我們所追求的這些大型企業客戶所擁有的目錄和本地身份系統。因此，當然，對我們來說，我們的特權是以獨立中立的方式連接到每個主要的雲端基礎設施和雲端應用程式平台。這確實是平台之一。這是真正使我們與眾不同的事情之一。我們沒有－我們不出售基礎設施即服務。我們不出售應用程式。我的意思是，我們正在銷售身份，以及身份作為平台，我們可以扮演這種中立和獨立的角色，讓客戶選擇最適合他們的東西。因此，對我們來說，連接到 Google 等公司只是我們使命的一部分，順便說一句，這與我們連接到 Amazon、Microsoft 和 Salesforce 以及所有領先的雲端、基礎設施和應用程式相同的公司。因此，這確實是一種協同關係，這就是為什麼我認為我們雙方都在合作關係上進行投資。

And it appears there are no further questions. I would like to turn the conference back over to Todd McKinnon for any additional remarks.

看來沒有其他問題了。我想將會議轉回給托德·麥金農（Todd McKinnon），請他發表補充意見。

So thanks for your time and attention. I mean, this -- we've talked a lot about on this call. But Okta is about -- the story of Okta is about a couple of important trends. One is the move to the cloud, which continues. That march continues really unabatedly. And then also, as companies try to transform their customer experience, Okta can help them do both. We can help them adopt new technology. We can help them transform their customer experience, and it's really what leads to this big market opportunity we have, which is why we're so focused on executing in a both aggressive way but also an efficient way, which is why you see the results we've posted. So we're really excited about the progress, but we also look forward, and we're very excited about the quarters and the years ahead. So thanks for your time, and have a good afternoon.

感謝您的時間和關注。我的意思是，我們在這次電話會議上討論了很多。但 Okta 的故事是關於幾個重要趨勢的。其中之一是向雲端的遷移，這一趨勢仍在繼續。這場遊行確實有增無減。此外，當公司嘗試改變客戶體驗時，Okta 可以幫助他們實現這兩點。我們可以幫助他們採用新技術。我們可以幫助他們改變客戶體驗，這確實是我們擁有這個巨大市場機會的原因，這就是為什麼我們如此專注於以積極的方式和高效的方式執行，這就是為什麼你會看到結果我們已經發布了。因此，我們對所取得的進展感到非常興奮，但我們也充滿期待，我們對未來幾季和幾年感到非常興奮。感謝您抽出寶貴的時間，祝您下午愉快。

And once again, that concludes today's presentation. We thank you all for your participation, and you may now disconnect.

今天的演講再次結束。我們感謝大家的參與，現在您可以斷開連線了。