Okta Inc (OKTA) 2018 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining today to discuss Okta's Third Quarter Fiscal 2018 Earnings Call.

女士們先生們，謝謝你們今天參加討論 Okta 2018 年第三季財報電話會議。

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 third quarter 2018 financial results.

下午好，感謝您參加今天的電話會議，討論 Okta 2018 年第三季的財務表現。

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

與我一起參加今天電話會議的有 Okta 聯合創始人兼首席執行官 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.

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 Securities and Exchange Commission, the SEC, from time to time, including the section entitled Risk Factors in the quarterly report on Form 10-Q 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美國證券交易委員會 (SEC) 提交的文件中，包括 10-Q 表季度報告中標題為「風險因素」的部分此前已向SEC 備案。

You can also find more detailed information in our supplemental financial materials, which include trended financial statements and key metrics posted on our Investor Relations website.

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關鍵指標。

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

現在我想把電話轉給托德·麥金農。

Todd?

托德？

Thank you, Catherine, and thank you, everyone, for joining us today.

謝謝凱瑟琳，也謝謝大家今天加入我們。

I'm pleased to report that during the third quarter, our total revenue grew 61% while subscription revenue grew 64%.

我很高興地報告，第三季我們的總收入成長了 61%，而訂閱收入成長了 64%。

At the same time, we continue to show significant bottom line improvement to operations with free cash flow margin improving 12 points in Q3 versus the same period last year.

同時，我們的營運利潤持續顯著改善，第三季自由現金流利潤率比去年同期提高了 12 個百分點。

Our strong top line growth was driven by 3 factors: new customer wins in the quarter, increases in deal sizes and momentum with existing customer expansions.

我們強勁的營收成長由三個因素推動：本季新客戶的贏得、交易規模的增加以及現有客戶擴張的勢頭。

The total number of customers over $100,000 of ARR grew 50% year-over-year.

ARR 超過 10 萬美元的客戶總數較去年同期成長 50%。

This brings our total to 603 customers who spend more than $100,000 per year with Okta.

這使得我們每年在 Okta 花費超過 10 萬美元的客戶總數達到 603 名。

This is an increase of 64 compared to the prior period and a record for the company.

與上一期相比增加了 64 人，創下了該公司的記錄。

Here are some examples of key customer wins in the quarter.

以下是本季度贏得主要客戶的一些範例。

First, a new customer win.

首先，贏得新客戶。

We signed a multinational beverage company.

我們簽約了一家跨國飲料公司。

This company wanted to modernize their enterprise IT and centralize access control for on-premise and cloud.

該公司希望實現企業 IT 現代化並集中本地和雲端的存取控制。

They selected the Okta Identity Cloud as their identity access management solution for over 35,000 employees and 3,000 distributors.

他們選擇 Okta Identity Cloud 作為超過 35,000 名員工和 3,000 名經銷商的身份存取管理解決方案。

Okta will be replacing their existing Microsoft solution, and the company will now migrate many of its best-of-breed cloud applications as well as on-premise systems to Okta.

Okta 將取代其現有的 Microsoft 解決方案，該公司現在將把許多同類最佳的雲端應用程式以及本地系統遷移到 Okta。

This is a great example of how customers need to use best-of-breed technologies and can't be locked into a proprietary stack.

這是一個很好的例子，說明客戶如何需要使用最佳技術，並且不能鎖定在專有堆疊中。

Second, customer identity management continues to be a driver of growth.

其次，客戶身分管理仍是成長的驅動力。

To solve its customer identity challenges and improve user experience of their customer portal, a Fortune 500 insurance company expanded its Okta deployment to include 3 additional products: core API products, API Access Management and Adaptive Multi-Factor Authentication.

為了解決客戶身分挑戰並改善客戶入口網站的使用者體驗，財富 500 強保險公司擴展了 Okta 部署，增加了 3 個附加產品：核心 API 產品、API 存取管理和自適應多重身分驗證。

This customer initially deployed Okta in 2016 for employees and has expanded with Okta for customer identity management.

該客戶最初於 2016 年為員工部署了 Okta，並透過 Okta 進行了擴展，用於客戶身份管理。

Third, another new customer win in Q3, a major international airport based in the U.S. selected Okta to protect against data breaches.

第三，第三季又贏得了一個新客戶，美國一家主要國際機場選擇 Okta 來防止資料外洩。

They needed an identity solution with Single Sign-On, Lifecycle Management and Multi-Factor Authentication to reduce highly manual processes that result in exposure to security threats.

他們需要具有單一登入、生命週期管理和多重身份驗證功能的身份解決方案，以減少導致安全威脅的高度手動流程。

Okta will be the strategic provider of identity and access across all mission critical airport systems.

Okta 將成為所有關鍵任務機場系統的身份識別和訪問的策略提供者。

Fourth, one of our largest deals in the quarter was an upsell.

第四，本季我們最大的交易之一是追加銷售。

It shows the strategic leverage of our deep integration with application partners on the Okta Integration Network.

它顯示了我們在 Okta 整合網路上與應用程式合作夥伴深度整合的策略優勢。

This national nonprofit health system first adopted Okta to consolidate access across multiple identity domains and support its migration to the cloud.

這個國家非營利性衛生系統首先採用 Okta 來整合多個身分領域的存取並支援其遷移到雲端。

Now it has selected Okta to streamline its onboarding process by integrating Okta Lifecycle Management with Workday to automate provisioning of cloud applications and decrease the manual processes and time required to onboard new employees.

現在，該公司選擇 Okta 來簡化其入職流程，將 Okta Lifecycle Management 與 Workday 集成，以自動配置雲端應用程序，並減少新員工入職所需的手動流程和時間。

These customer examples further demonstrate our increasing penetration in the enterprise market and our dedication to customer satisfaction as we provide solutions across multiple applications and hybrid environments.

這些客戶範例進一步證明了我們在企業市場的滲透率不斷提高，以及我們在提供跨多種應用程式和混合環境的解決方案時致力於客戶滿意度。

There are also evidence of the upsell potential we have.

也有證據顯示我們具有追加銷售的潛力。

Many of our customers may start with 2 to 3 products.

我們的許多客戶可能會從 2 到 3 種產品開始。

Then, as was the case with the health care customer this quarter, based on their positive customer experience, expand their relationships with Okta adding more products.

然後，與本季醫療保健客戶的情況一樣，根據他們積極的客戶體驗，擴大與 Okta 的關係，添加更多產品。

We are also continuing to replace legacy solutions and work with hybrid environment to support customers' move to the cloud at any pace.

我們也繼續替換傳統解決方案，並與混合環境合作，以支援客戶以任何速度遷移到雲端。

Our continued success in customer momentum was recently validated by Forrester, who named Okta the leader in its Forrester Wave report for Identity as a Service in November.

我們在客戶動力方面的持續成功最近得到了 Forrester 的驗證，在 11 月的 Forrester Wave 身分即服務報告中將 Okta 評為領導者。

Gartner also named Okta as a leader in its Magic Quadrant for access management earlier this year.

今年早些時候，Gartner 還在其訪問管理魔力像限中將 Okta 評為領導者。

If you look at these reports and how they've evolved over the last several years, you'll notice that identity is a rapidly evolving market, with a broad range of vendors approaching us from different vantage points.

如果您查看這些報告以及它們在過去幾年中的發展情況，您會注意到身份是一個快速發展的市場，眾多供應商從不同的角度接近我們。

On the one hand, you have a number of point solution providers who focus on a slice of the overall identity stack.

一方面，您有許多單點解決方案提供者，他們專注於整個身分堆疊的一部分。

For example, identity governance administration or Single Sign-On.

例如，身分治理管理或單一登入。

And on the other hand, you'll see larger providers like Microsoft who offer their identity solutions as part of a broader proprietary stack.

另一方面，您會看到像 Microsoft 這樣的大型提供者將其身分解決方案作為更廣泛的專有堆疊的一部分提供。

Notably, Okta is the only vendor to be included and named the leader in every major analyst report.

值得注意的是，Okta 是唯一一家被納入每份主要分析報告並被評為領導者的供應商。

And that's not only because of our market position, it's because our strategy is fundamentally different.

這不僅是因為我們的市場地位，還因為我們的策略根本不同。

We built the Okta Identity Cloud to be the world's first independent and neutral cloud-based identity platform.

我們將 Okta Identity Cloud 打造為世界上第一個獨立且中立的基於雲端的身份平台。

We offer a complete and integrated identity stack that is built on a single code base.

我們提供基於單一程式碼庫建置的完整且整合的身份堆疊。

It's not a point solution that needs to be integrated to other identity products, it's not a combination of products acquired over the years and it's not tethered to the success of a proprietary software stack.

它不是需要整合到其他身分識別產品的單點解決方案，不是多年來獲得的產品的組合，也不受專有軟體堆疊成功的束縛。

We believe our independence and neutrality are critical because customers need to use the best technologies with the assurance that we will securely connect every one of their users to the technology they want to use.

我們相信我們的獨立性和中立性至關重要，因為客戶需要使用最好的技術，並確保我們將他們的每位使用者安全地連接到他們想要使用的技術。

This has been our mission from the start.

這從一開始就是我們的使命。

We want to enable any organization to use any technology today and in the future.

我們希望使任何組織能夠在今天和未來使用任何技術。

So with this in mind, I would like to now turn to some of our key areas of focus for the next fiscal year.

因此，考慮到這一點，我現在想談談我們下一財年的一些重點領域。

First, we will continue to broaden and deepen the Okta Integration Network, which is our most significant competitive moat.

首先，我們將繼續擴大和深化 Okta 整合網絡，這是我們最重要的競爭護城河。

Second, we will capitalize on the enormous and largely untapped opportunity in the customer identity market, one that we are well positioned to win.

其次，我們將利用客戶身分市場中龐大且基本上尚未開發的機會，我們完全有能力贏得這個市場。

And finally, we will leverage the paradigm shift in security to identity.

最後，我們將利用安全性到身分的典範轉移。

No matter what they're doing, every customer that buys Okta does so in part to be more secure.

無論他們在做什麼，每個購買 Okta 的客戶都會這樣做，部分原因是為了更安全。

I'd like to spend a couple of minutes on each of these points, first, about the Okta Integration Network.

我想花幾分鐘時間討論每一點，首先是關於 Okta 整合網路。

Customers need to use the best set of technologies to run their business.

客戶需要使用最好的技術來經營他們的業務。

The proprietary stack model from the '90s is dead.

90 年代的專有堆疊模型已經消亡。

Today, customers use hundreds of applications and a broad range of infrastructure technologies from many different vendors.

如今，客戶使用來自許多不同供應商的數百種應用程式和廣泛的基礎設施技術。

And in this new reality, integration is essential.

在這個新的現實中，整合至關重要。

Ease-of-use, centralized management and security all depend on how well you connect this diverse set of systems to best empower the people who use them.

易用性、集中管理和安全性都取決於您如何很好地連接這組不同的系統，以最好地為使用它們的人提供支援。

Given this technology sprawl in today's pace of innovation, organizations can't do it on their own.

鑑於當今創新步伐中這項技術的蔓延，組織無法僅憑一己之力做到這一點。

They need an integration layer that connects everything for them.

他們需要一個為他們連接一切的整合層。

And if you talk to our customers, they will tell you Okta is that layer.

如果您與我們的客戶交談，他們會告訴您 Okta 就是這一層。

The Okta Integration Network boasts the broadest and deepest catalog of integrations in the industry.

Okta 整合網路擁有業界最廣泛、最深入的整合目錄。

We are well known for how seamlessly we allow our customers to connect to disparate applications.

我們以如何讓客戶無縫連接到不同的應用程式而聞名。

Over 5,000 commercial applications, and many more times private and custom applications, are pre-integrated to the Okta Integration Network, so our customers' users are able to securely access them anytime, anywhere, from any device.

超過 5,000 個商業應用程式以及更多的私人和自訂應用程式已預先整合到 Okta 整合網路中，因此我們客戶的用戶能夠隨時隨地從任何裝置安全地存取它們。

It is also integrated to other tools and technologies that fit in our customers' IT environments.

它還整合到適合客戶 IT 環境的其他工具和技術。

For example, we integrate our Adaptive Multi-Factor Authentication service to network security providers like Palo Alto Networks to enable comprehensive security in hybrid IT environments.

例如，我們將自適應多重身分驗證服務整合到 Palo Alto Networks 等網路安全供應商，以在混合 IT 環境中實現全面的安全性。

We integrate our Single Sign-On service to application delivery controllers like F5 to enable users to connect into on-premise applications like Oracle, SAP and even mainframes and to retire legacy identity solutions like CA, Tivoli and Oracle.

我們將單一登入服務整合到 F5 等應用程式交付控制器中，使用戶能夠連接到 Oracle、SAP 等本機應用程式甚至大型主機，並淘汰 CA、Tivoli 和 Oracle 等傳統身分解決方案。

Also, we've integrated our API Access Management service with API management solutions like Apigee and Mulesoft to enable organizations to have a complete and secure API strategy.

此外，我們還將 API 存取管理服務與 Apigee 和 Mulesoft 等 API 管理解決方案集成，使組織能夠擁有完整且安全的 API 策略。

We believe there is a very important and powerful network-effective play here.

我們相信這裡存在著非常重要且強大的網路效應。

When we integrate a new technology for one customer, it is immediately available for all of our customers.

當我們為一個客戶整合一項新技術時，我們的所有客戶都可以立即使用它。

As a result, the Okta Integration Network is a significant differentiator and continues to be an important area of investment for us because every product we offer is built to leverage these integrations.

因此，Okta 整合網路是一個顯著的差異化因素，並且仍然是我們的重要投資領域，因為我們提供的每個產品都是為了利用這些整合而建構的。

The second area of our strategy I'd highlight is our API products and the continued momentum we're seeing in the customer identity market.

我要強調的第二個策略領域是我們的 API 產品以及我們在客戶身分市場中看到的持續成長動能。

The same functionality that powers our extended enterprise products is being expanded behind the scenes by developers to power customer-facing web and mobile applications.

開發人員正在幕後擴展為我們的擴展企業產品提供支援的相同功能，以支援面向客戶的 Web 和行動應用程式。

It seems like nearly every organization, even those who aren't traditionally software companies, they're building applications to unlock new routes to market and better engage with their customers.

似乎幾乎每個組織，甚至那些不是傳統軟體公司的組織，都在建立應用程式來開闢新的市場途徑並更好地與客戶互動。

And it's happening at a lightning pace because the barriers to innovation are lower than ever.

而且它正在以閃電般的速度發生，因為創新的障礙比以往任何時候都更低。

There are billions of potential users around the world always connected, always ready to consume content, and anyone can build and roll out new application to scale.

世界各地有數十億潛在用戶始終保持連接，隨時準備好消費內容，任何人都可以建立和推出新的應用程式來擴展。

With the API economy, people no longer need to code from scratch.

借助 API 經濟，人們不再需要從頭開始編寫程式碼。

Micro services and reasonable components make it easier than ever to build powerful new applications in days versus years.

微服務和合理的組件使得在幾天而不是幾年內建立強大的新應用程式比以往任何時候都更容易。

Every company needs to participate in this because, in order to be competitive, companies need to engage with their customers online.

每家公司都需要參與其中，因為為了保持競爭力，公司需要在線上與客戶互動。

And no matter what these companies are building, whether a customer loyalty website, a mobile health care app or a full-blown SaaS product line, virtually every application needs an identity layer.

無論這些公司正在建立什麼，無論是客戶忠誠度網站、行動醫療保健應用程式還是成熟的 SaaS 產品線，幾乎每個應用程式都需要一個身分層。

They need modern authentication to ensure users are who they say they are.

他們需要現代身份驗證來確保用戶的真實身份。

They need authorization to ensure a user's permissions are enforced once they're in the application.

他們需要授權來確保使用者的權限在進入應用程式後得到執行。

They need user management so that people can register and manage their profile, and they need the ability to capture and store information about users that can be leveraged to ensure the experienced delivery is highly personalized.

他們需要用戶管理，以便人們可以註冊和管理他們的個人資料，並且他們需要能夠捕獲和儲存有關用戶的信息，這些信息可用於確保體驗交付高度個人化。

Okta's API products are used to power this identity layer for any type of application that our customers are building.

Okta 的 API 產品用於為我們的客戶正在建立的任何類型的應用程式提供此識別層。

Customer identity management is growing rapidly and has been a major area of investment and innovation for us this year and will continue to be in the future.

客戶身分管理正在快速成長，一直是我們今年投資和創新的主要領域，未來也將繼續如此。

While it's a relatively new and undefined market, we believe customer identity offers a very large and relatively untapped opportunity that we are ideally suited to capture because of our enterprise-grade heritage and proven success with the hundreds of companies who use our API products today.

雖然這是一個相對較新且未定義的市場，但我們相信客戶身分提供了一個非常大且相對尚未開發的機會，由於我們的企業級傳統以及當今使用我們API 產品的數百家公司所取得的成功，我們非常適合抓住這個機會。

The third area of the Okta Identity Cloud strategy that I'd like to talk about is security.

我想談論的 Okta Identity Cloud 策略的第三個領域是安全性。

I'm often asked if Okta is a security company.

我常被問到 Okta 是否是一家安全公司。

And the answer is 100% yes.

答案是 100% 是的。

No matter what customers are buying from us, they're trusting Okta to help keep their businesses secure as they modernize IT with the extended enterprise or transform their customer experience.

無論客戶從我們這裡購買什麼產品，他們都相信 Okta 能夠幫助他們在擴展企業中實現 IT 現代化或轉變客戶體驗時確保其業務安全。

It's a valid question though.

但這是一個有效的問題。

Identity wasn't traditionally thought of as a security product as much as it was seen as a way to manage users and devices, but the paradigm for security has changed.

傳統上，身分認同並不被視為一種安全產品，而是被視為一種管理使用者和設備的方式，但安全範式已經改變了。

When seemingly every company is moving to the cloud and building their own customer-facing applications, the result is that those companies can also be breached in ways the traditional security perimeters can't prevent.

當似乎每個公司都轉向雲端並建立自己的面向客戶的應用程式時，結果是這些公司也可能以傳統安全邊界無法阻止的方式受到破壞。

So much of today's security paradigm is about identity.

當今的安全範式很大程度上與身分有關。

In fact, depending on what source you look at, the vast majority of security breaches are due to identity theft, specifically, the lost or stolen credentials.

事實上，根據您查看的來源，絕大多數安全漏洞都是由於身分盜竊造成的，特別是憑證遺失或被盜。

Threatening actors sit amongst the same people who interact with your business every day.

威脅行為者就在每天與您的企業互動的同一個人中。

And when these people are coming in from any network, device or location trying to access any application, people are the new perimeter.

當這些人從任何網路、裝置或位置進入並嘗試存取任何應用程式時，人就是新的邊界。

We believe security needs to be managed and enforced around the user and his or her contacts.

我們認為，需要圍繞用戶及其聯絡人來管理和實施安全性。

If you can deeply understand who someone is, what devices they're using, where they are physically located and what time of day it is and what they're trying to access, you should be able to define and enforce very granular security policies.

如果您能夠深入了解某人是誰、他們正在使用什麼設備、他們的物理位置、一天中的什麼時間以及他們試圖訪問什麼，您應該能夠定義和實施非常精細的安全策略。

The last thing I would leave you with is this: we believe the market opportunity for the Okta Identity Cloud is enormous, and we are in the right place at the right time.

我要留給您的最後一件事是：我們相信 Okta Identity Cloud 的市場機會是巨大的，而且我們在正確的時間處於正確的位置。

Our strategy is to focus and invest deeply in the current markets we're in where we are in the very early stages of market penetration.

我們的策略是專注於當前市場並進行深入投資，我們正處於市場滲透的早期階段。

We will continue to innovate in our core products, expand our integration types, enhance our developer experience, improve security and grow user adoption.

我們將繼續創新我們的核心產品，擴展我們的整合類型，增強我們的開發人員體驗，提高安全性並提高用戶採用率。

Before I hand it over to Bill, I want to reiterate how pleased we are with our performance and the momentum we are seeing in the business.

在將其交給比爾之前，我想重申我們對我們的業績和我們在業務中看到的勢頭感到非常滿意。

Today, I'm excited to announce the plan for a new headquarters here in San Francisco to support our growth.

今天，我很高興地宣佈在舊金山設立新總部的計劃，以支持我們的發展。

I'll let Bill go through some of the details with you, but our new office allows us to keep our corporate headquarters in one place while it gives us ample capacity here in San Francisco for the long term.

我會讓比爾與您一起了解一些細節，但我們的新辦公室使我們能夠將公司總部保留在一個地方，同時它為我們在舊金山提供了充足的長期產能。

We appreciate your support through our journey and look forward to a strong finish to what has been a great year for us.

我們感謝您在我們旅程中的支持，並期待著對我們來說偉大的一年取得圓滿成功。

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

我現在想把電話轉給比爾，讓他詳細介紹我們的財務表現。

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 first go through our results for the third quarter before getting into our guidance and outlook.

在討論我們的指導和展望之前，我將先回顧第三季的表現。

We had a strong third quarter and are once again pleased with our results.

我們第三季表現強勁，再次對我們的結果感到滿意。

Revenue for the third quarter totaled $68.2 million, growing 61% year-over-year.

第三季營收總計 6,820 萬美元，年增 61%。

Subscription revenue totaled $62.7 million in the third quarter, an increase of 64% year-over-year and comprised 92% of our total revenue, up from 90% in Q3 last year.

第三季訂閱營收總計 6,270 萬美元，年增 64%，占我們總營收的 92%，高於去年第三季的 90%。

Professional service revenue was $5.5 million, an increase of 33% over the same period last year.

專業服務收入為550萬美元，比去年同期成長33%。

As you know, professional services 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 total revenue over time as more of this business successfully moves to our growing services partner ecosystem.

如您所知，專業服務收入並不是我們收入成長動能的核心驅動力，隨著時間的推移，隨著更多業務成功轉移到我們不斷發展的服務合作夥伴生態系統，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 84% of our third quarter revenue came from the U.S. and 16% came from outside the U.S. compared to 86% and 14%, respectively, in Q3 last year.

從地理分佈來看，我們第三季營收的約 84% 來自美國，16% 來自美國以外地區，而去年第三季分別為 86% 和 14%。

Our international business is still in the early stages of expansion and continues to grow rapidly.

我們的國際業務仍處於擴張的早期階段，並持續快速成長。

In the third quarter, international revenue grew more than 80% year-over-year and once again outpaced overall revenue growth.

第三季度，國際營收年增超過80%，再次超過整體營收成長。

Moving on to billings.

繼續討論比林斯。

We recorded calculated billings of $78.6 million in the quarter, an increase of 54% over Q3 last year.

我們本季的計算帳單為 7,860 萬美元，比去年第三季成長 54%。

The strong billings growth we saw in the quarter was due to new business momentum, large deals and strong upsells.

我們在本季看到的強勁的營業額成長是由於新的業務動能、大宗交易和強勁的追加銷售。

As you heard from Todd's comments, we continue to see strength in new account wins, and our deal sizes are increasing as reflected in the number of customers with annual recurring revenue greater than $100,000 and 603, up from 539 last quarter and growing 50% year-over-year.

正如您從托德的評論中聽到的那樣，我們繼續看到新客戶贏得的力量，並且我們的交易規模正在增加，這反映在年度經常性收入超過100,000 美元的客戶數量達到603 家，高於上季的539 家，年增50% -年增。

I would also point out that of the incremental 64 customers, approximately 2/3 were new customers.

我還要指出的是，在新增的 64 位客戶中，大約 2/3 是新客戶。

Once again, we are pleased with our significant billings growth.

我們再次對帳單的顯著增長感到高興。

Driven by the seasonality of our large enterprise customers, we expect another strong performance in Q4.

在大型企業客戶季節性的推動下，我們預計第四季將再次表現強勁。

Looking ahead, we expect year-over-year calculated billings growth of 41% to 45% in Q4 on top of the excellent billings performance we also had in Q4 of last year.

展望未來，除了去年第四季的出色帳單表現之外，我們預計第四季的同比計算帳單成長將達到 41% 至 45%。

For the full year, we expect to achieve billings growth in the low to mid-50% range.

就全年而言，我們預計營收成長將在 50% 的中低範圍內。

We continue to grow our customer base and ended the third quarter with over 3,950 customers, up 36% versus over 2,900 in Q3 last year.

我們持續擴大客戶群，截至第三季末，我們擁有超過 3,950 名客戶，比去年第三季的 2,900 多名客戶成長了 36%。

We continue to see strong expansion within our existing customer base.

我們繼續看到現有客戶群的強勁擴張。

This is evidenced by our consistently strong dollar-based retention rate, which was 123% for the trailing 12 months ended October 31.

我們持續強勁的美元留存率證明了這一點，截至 10 月 31 日的過去 12 個月，留存率為 123%。

Strength in our dollar-based retention rate is driven by the stickiness of our products, the upsell opportunity inherent in our model as well as our continuously high customer satisfaction.

我們以美元為基礎的保留率的優勢是由我們產品的黏性、我們模型中固有的追加銷售機會以及我們持續高的客戶滿意度所推動的。

Todd discussed some specific Q3 expansion examples of customers that are increasingly using Okta as a core component in modernizing their overall IT strategies while others are expanding with Okta to create a secure and seamless customer experience.

Todd 討論了一些具體的第三季客戶擴展範例，這些客戶越來越多地使用 Okta 作為整體 IT 策略現代化的核心組件，而其他客戶則使用 Okta 進行擴展以創建安全、無縫的客戶體驗。

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。

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.

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 80.7%, up over 150 basis points versus the third quarter last year.

訂閱毛利率為80.7%，較去年第三季成長超過150個基點。

Our professional services gross margin was negative 19.1% compared to negative 25% in the third quarter last year.

我們的專業服務毛利率為負 19.1%，而去年第三季為負 25%。

As a reminder, we recognize professional service costs when they are incurred regardless of when the revenue is recognized.

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。

Therefore, our professional services margins will continue to fluctuate from quarter-to-quarter as we grow our business.

因此，隨著我們業務的成長，我們的專業服務利潤率將繼續逐季波動。

Total gross margin reached a record high of 72.6% in the third quarter, up over 350 basis points year-over-year.

第三季總毛利率創歷史新高72.6%，年增超過350個基點。

Gross profit was $49.5 million, up 70% year-over-year.

毛利為 4,950 萬美元，年增 70%。

We have seen our gross margin steadily increase in recent quarters as we have seen operational leverage improve.

隨著營運槓桿率的提高，我們的毛利率在最近幾季穩步增長。

Turning now to operating expenses.

現在轉向營運費用。

We remain focused on balancing our investments for growth while improving leverage.

我們仍然專注於平衡成長投資，同時提高槓桿。

We showed a substantial margin improvement versus the comparable period last year improving non-GAAP operating margins by 11 points year-over-year.

與去年同期相比，我們的利潤率大幅提高，非 GAAP 營業利潤率年增了 11 個百分點。

At the same time, we saw a sequential seasonal dip in our operating margins in the quarter, as expected, due largely to the cost associated with Oktane, our annual customer event, which was held in August.

同時，正如預期的那樣，我們看到本季的營業利潤出現連續季節性下降，這主要是由於與 8 月舉行的年度客戶活動 Oktane 相關的成本。

Long term, we continue to expect that our operating margins will improve as our subscription revenue grows at a faster rate than our total operating expenses.

從長遠來看，我們繼續預計，隨著訂閱收入的成長速度快於總營運支出的成長，我們的營運利潤率將會提高。

However, we will continue to see quarterly fluctuations in the near term.

然而，短期內我們將繼續看到季度波動。

Sales and marketing expenses for Q3 was $45.7 million compared to $30.8 million in Q3 last year.

第三季的銷售和行銷費用為 4,570 萬美元，而去年第三季的銷售和行銷費用為 3,080 萬美元。

This represents 67% of total revenue, an improvement compared to 73% in the third quarter last year.

這佔總收入的 67%，比去年第三季的 73% 有所改善。

While we are beginning to see some operational efficiencies in sales and marketing, we are continuing to invest in our go-to-market strategies across the board in order to meet the strong market demand we are seeing.

雖然我們開始看到銷售和行銷方面的營運效率有所提高，但我們仍在繼續全面投資於我們的進入市場策略，以滿足我們所看到的強勁市場需求。

R&D expenses in Q3 was $14 million compared to $8.9 million in Q3 last year.

第三季的研發費用為 1,400 萬美元，而去年第三季的研發費用為 890 萬美元。

This equates to [21%] of revenue, which is consistent with what we saw in Q3 last year.

這相當於收入的[21%]，與我們去年第三季看到的一致。

R&D investment was up 58% year-over-year this quarter, which is a testament to our commitment to be the most reliable and innovative service in the market.

本季研發投資年增 58%，證明了我們致力於成為市場上最可靠和創新的服務。

G&A expenses was $9.9 million for the quarter compared to $6.4 million in the third quarter last year.

本季的一般管理費用為 990 萬美元，而去年第三季的一般管理費用為 640 萬美元。

G&A was 14% of revenue versus 15% of revenue in Q3 last year.

G&A 佔營收的 14%，而去年第三季為 15%。

We expect that our G&A expense will continue to grow at a moderate pace on an absolute basis as we add personnel and systems to support our growth.

我們預計，隨著我們增加人員和系統來支援我們的成長，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 $20.1 million compared to a loss of $17 million last year.

我們本季的營運虧損為 2,010 萬美元，而去年的虧損為 1,700 萬美元。

Operating margin was negative 29% compared to negative 40% in the same period last year.

營業利益率為負 29%，而去年同期為負 40%。

Before I move to net loss, let me address the effective tax expense this quarter.

在討論淨虧損之前，讓我先談談本季的有效稅收支出。

We had a one-time tax benefit related to stock option exercises in Europe following the lockup expiration, which totaled approximately $940,000.

鎖定期滿後，我們在歐洲獲得了與股票選擇權行使相關的一次性稅收優惠，總計約 94 萬美元。

Net loss per share in Q3 was $0.19 with 95.5 million basic shares outstanding.

第三季每股淨虧損為 0.19 美元，已發行基本股為 9,550 萬股。

This compares to a net loss per share in Q3 last year of $0.89 with 19.2 million basic shares outstanding at the time.

相比之下，去年第三季每股淨虧損為 0.89 美元，當時已發行基本股為 1,920 萬股。

Free cash flow was negative $11.2 million in the quarter compared to a negative $11.8 million in the third quarter last year.

本季自由現金流為負 1,120 萬美元，去年第三季為負 1,180 萬美元。

Free cash flow margin was negative 16%, a 12-point improvement compared to negative 28% for Q3 last year.

自由現金流利潤率為負 16%，比去年第三季的負 28% 提高了 12 個百分點。

We expect to continue to make progress toward positive, sustainable free cash flow, but it may not be in a linear trajectory on a quarterly basis given period-to-period fluctuations in working capital.

我們預計將繼續在積極、可持續的自由現金流方面取得進展，但考慮到營運資本的周期性波動，它可能不會按季度呈線性軌跡。

Turning to the balance sheet.

轉向資產負債表。

We ended the third quarter with $223.6 million in cash, cash equivalents and short-term investments.

截至第三季末，我們的現金、現金等價物和短期投資為 2.236 億美元。

Lastly, our total headcount was 1,141, growing 35% over Q3 last year.

最後，我們的總員工人數為 1,141 人，比去年第三季成長 35%。

We continue to add headcount across the board as we support the growth of our business.

隨著我們支持業務成長，我們將繼續全面增加員工人數。

Moving on to guidance.

繼續指導。

For the fourth quarter fiscal 2018, we expect revenue in the range of $70 million to $71 million, representing a growth rate of 43% to 45% year-over-year; non-GAAP operating loss in the range of $18 million to $17 million; non-GAAP net loss per share in the range of $0.18 to $0.17, assuming 100 million weighted shares outstanding.

對於2018財年第四季度，我們預計營收在7,000萬美元至7,100萬美元之間，年成長率為43%至45%；非 GAAP 營業虧損在 1,800 萬美元至 1,700 萬美元之間；假設已發行加權股數為 1 億股，非 GAAP 每股淨虧損在 0.18 美元至 0.17 美元之間。

For the full year of fiscal 2018, we're updating our guidance as follows: revenue in the range of $252 million to $253 million, representing a growth rate of 57% to 58% year-over-year; non-GAAP operating loss in the range of $73 million to $72 million; non-GAAP net loss per share in the range of $0.87 to $0.86, assuming 82 million weighted shares outstanding.

對於 2018 財年全年，我們更新瞭如下指引： 營收在 2.52 億美元至 2.53 億美元之間，年成長率為 57% 至 58%；非公認會計準則營業虧損在 7,300 萬美元至 7,200 萬美元之間；假設已發行加權股數為 8,200 萬股，非 GAAP 每股淨虧損在 0.87 美元至 0.86 美元之間。

As we look ahead to fiscal 2019, we remain confident in our positioning and market opportunity.

展望 2019 財年，我們對自己的定位和市場機會仍充滿信心。

Although we are still early in financial planning for fiscal 2019, I would like to provide a preliminary view as you look at your models for next year.

儘管我們仍處於 2019 財年財務規劃的早期階段，但我想在您查看明年的模型時提供初步看法。

First, these figures do not include any impact of ASC 606, which we plan to adopt using the full retrospective method beginning February 1. As we gain more insight into our plan for fiscal 2019, we plan to update you when we report Q4 fiscal 2018.

首先，這些數字不包括ASC 606 的任何影響，我們計劃從2 月1 日開始採用全面追溯法。隨著我們對2019 財年計劃有了更多了解，我們計劃在報告2018 年第四季度財報時向您通報最新情況。

We currently estimate revenue for fiscal year 2019 to be between $331 million and $336 million, representing a growth rate of 31% to 33%.

我們目前預期 2019 財年營收在 3.31 億至 3.36 億美元之間，成長率為 31% 至 33%。

Also, as Todd discussed, we announced today that we have signed a new lease agreement to move and expand our San Francisco headquarters and double our capacity.

此外，正如托德所討論的，我們今天宣布，我們已經簽署了一份新的租賃協議，以搬遷和擴大我們的舊金山總部，並使我們的產能增加一倍。

While we will incur some incremental expenses in connection with this expansion in fiscal 2019, this allows us to expand and scale our operations to accommodate future growth and will result in lower real estate cost per headcount over time.

雖然我們將因 2019 財年的擴張而產生一些增量費用，但這使我們能夠擴大和擴大我們的業務以適應未來的成長，並將隨著時間的推移降低人均房地產成本。

While we did not plan to complete our move until the end of our next fiscal year, the new lease agreement will result in additional capital expenditures and operating expenses beginning Q1 of fiscal 2019.

雖然我們計劃在下一財年年底之前完成搬遷，但新的租賃協議將導致 2019 財年第一季開始的額外資本支出和營運支出。

We estimate the CapEx impact, which will be in fiscal year '19, of up to $15 million, primarily resulting from the buildout of our new office space, net of the allowance from our landlord.

我們估計 19 財年的資本支出影響將高達 1500 萬美元，主要是由於我們新辦公空間的擴建（扣除房東的補貼）所造成的。

When we issue full guidance for fiscal 2019 on our Q4 earnings call, it will include the impact of the lease on our operating expenses.

當我們在第四季財報電話會議上發布 2019 財年完整指引時，它將包括租賃對我們營運費用的影響。

In summary, we had another successful quarter that demonstrated the increasing demand for identity solutions.

總之，我們又度過了一個成功的季度，這表明對身分解決方案的需求不斷增長。

We look forward to closing on our first year as a public company and hope to see many of you on the road soon.

我們期待著結束作為上市公司的第一年，並希望很快能見到你們中的許多人。

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

接下來，托德、弗雷德里克和我將回答你們的問題。

Operator?

操作員？

(Operator Instructions) And we'll take our first question from Terry Tillman with SunTrust Robinson Humphrey.

（操作員說明）我們將接受 SunTrust Robinson Humphrey 的 Terry Tillman 提出的第一個問題。

One of the things that was striking to me was just the traction with large deals.

讓我印象深刻的事情之一就是大筆交易的吸引力。

If I got it correct, I think you talked about 2/3 of these $100,000-plus ARR-type customers were new customers.

如果我沒猜錯的話，我認為您所說的這些 100,000 美元以上的 ARR 型客戶中有 2/3 是新客戶。

I hope I got that right.

我希望我做對了。

But what I'm curious about is are you getting a bigger average enterprise size customer that just has a lot more users?

但我很好奇的是，您是否會獲得更大的平均企業規模客戶，並且擁有更多的用戶？

Or are they doing more use cases upfront?

或者他們是否預先做了更多用例？

Or is there an expansion of just this strategic customer experience at use case?

或者是否在用例中擴展了這種戰略客戶體驗？

It's a great question.

這是一個很好的問題。

And I think the first thing is that it's -- the problems we solve are very valuable to the companies of all -- the solution to the problem is very valuable to companies of all sizes.

我認為首先，我們解決的問題對所有公司都非常有價值，問題的解決方案對各種規模的公司都非常有價值。

But when you're a very large enterprise, whether it's a large number of employees or a very large number of customers for our customer, the solution is more valuable.

但是當你是一個非常大的企業時，無論是大量的員工還是我們的客戶有非常多的客戶，解決方案就更有價值。

The value of the solution grows with the numbers involved.

解決方案的價值隨著涉及的數量而增長。

So it's a big part of our strategy to be very aggressive in selling our products to the largest organizations in the world.

因此，積極向世界上最大的組織銷售我們的產品是我們策略的重要組成部分。

So what you're seeing is that you're seeing kind of all of the things you're describing.

所以你所看到的是你所看到的所有你所描述的。

You're seeing bigger initial deals with the large enterprises, you're seeing bigger expansion because the product suite is maturing so there's more products that address more use cases.

您會看到與大型企業達成的更大的初始交易，您會看到更大的擴張，因為產品套件正在成熟，因此有更多的產品可以解決更多的用例。

And the problems that the largest enterprises in the world are having are getting -- are growing and growing every day, and we can bring a solution to those problems.

世界上最大的企業所面臨的問題每天都在增加，而我們可以為這些問題提供解決方案。

Great.

偉大的。

And my follow-up question, and then I'll turn it over, is just winning the hearts and minds of developers and there's correlation there with customer identity management, the customer experience, obviously, Stormpath is an important strategic move.

我的後續問題是贏得開發人員的心，這與客戶身分管理、客戶體驗相關，顯然，Stormpath 是一項重要的策略舉措。

You got a Developer Edition.

您擁有開發者版本。

You actually announced something today that I thought was interesting, Okta for Startups.

實際上，您今天宣布了一些我認為很有趣的事情，即 Okta for Startups。

But how are we going to understand your traction was actually winning hearts, with the hearts and minds of developers?

但我們如何才能理解您的吸引力實際上贏得了開發者的心和思想呢？

Is there other metrics you're going to be able to start to provide?

您是否可以開始提供其他指標？

Or is it going to be seen in the large deals or just more kind of use case examples that you put in press releases?

或者它會出現在大型交易中，還是只是您在新聞稿中放入的更多用例範例中？

Just help us understand more of the report card on how we're going to know how and what you're doing with developers.

請幫助我們進一步了解有關我們將如何了解您與開發人員一起做什麼的報告卡。

I think it's a great question, and it's something we think about a lot.

我認為這是一個很好的問題，也是我們經常思考的問題。

I think that the main metric is success with customer identity.

我認為主要衡量標準是客戶身分的成功。

So success with helping our customers build better solutions for their customers.

因此，我們成功地幫助我們的客戶為其客戶建立更好的解決方案。

And there's a lot of other things you mentioned that are interesting for us to think about as potential metrics, and we will think about those.

您提到的許多其他事情對我們來說很有趣，可以將其視為潛在指標，我們會考慮這些。

But the end game for this is customer identity.

但最終的結果是客戶身分。

And the more of our customers we can help build better websites, build better mobile apps, increase their customer experience, we'll be successful in that regard.

我們可以幫助更多的客戶建立更好的網站，建立更好的行動應用程序，提高他們的客戶體驗，我們將在這方面取得成功。

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, just looking at how solid your growth in total customers has been, I think it's been around 35%, 36% each quarter this year, I was wondering if you could share with us how your -- the sales hires that you've been aggressively making over the past year kind of are matriculating.

我有一個問題，看看你們的客戶總數增長有多穩定，我認為今年每個季度都在 35%、36% 左右，我想知道你們是否可以與我們分享一下你們的銷售人員招聘情況在過去的一年裡，你一直在積極爭取入學。

And are you -- how quickly are you seeing them actually get to full productivity?

您能以多快的速度看到他們真正充分發揮生產力？

And I'm wondering if they're getting there maybe faster, and that's what able to sustain such high growth in your total customer count each quarter.

我想知道他們是否會更快地實現這一目標，這就是為什麼能夠維持每季客戶總數如此高成長的原因。

Heather, this is Frederic speaking.

希瑟，我是弗雷德里克。

So I think that's a very astute observation.

所以我認為這是一個非常敏銳的觀察。

I think that we have been fortunate with the continued sales hiring that we've had.

我認為我們很幸運能夠持續招募銷售人員。

I think there's a couple of things working there.

我認為有幾件事在那裡起作用。

The first thing is that we've had good retention of sales folks.

首先，我們很好地保留了銷售人員。

And as you know, as a salesperson becomes more tenured in the organization, they become more and more productive.

如您所知，隨著銷售人員在組織中任職時間的延長，他們的工作效率也會越來越高。

That's the first thing.

這是第一件事。

Second thing I think that what you're starting to see is also the macro trend of just more and more growth across all the different segments not only in the enterprise but the commercial business is particularly strong.

我認為第二件事是，您開始看到的也是宏觀趨勢，即所有不同領域的成長越來越快，不僅在企業中，而且商業業務也特別強勁。

We're starting to see us grow more and more internationally, as we've talked about, which continues to be a big part of the revenue.

正如我們所討論的，我們開始看到我們的國際化程度越來越高，這仍然是收入的很大一部分。

And then, frankly, at the most macro level, every organization needs to become a technology company.

然後，坦白說，在最宏觀的層面上，每個組織都需要成為一家科技公司。

And as you're adopting more technology, there's more need and, frankly, there is just more deals.

隨著你採用更多的技術，就會有更多的需求，坦白說，就會有更多的交易。

So we're excited about what we've seen in the momentum this year.

因此，我們對今年所看到的勢頭感到興奮。

I expect that to continue into Q4 and, frankly, going into next year.

我預計這種情況將持續到第四季度，坦白說，會持續到明年。

Yes.

是的。

We found that more deals make the sales force the more productive.

我們發現，交易越多，銷售人員的工作效率就越高。

We'll take our next question from Rob Owens with KeyBanc Capital Markets.

我們將回答 KeyBanc Capital Markets 的 Rob Owens 提出的下一個問題。

This is Mike Casado on for Rob Owens.

我是麥克·卡薩多 (Mike Casado)，替補羅布·歐文斯 (Rob Owens)。

I had another one on Okta for Startups.

我在 Okta for Startups 上還有另一篇文章。

Could you guys frame your expectations for conversion rates following that first free year?

你們能否對第一個免費年之後的轉換率做出預期？

Any impact that may have in margins?

可能對利潤率產生任何影響嗎？

And I guess how you see these relationships ramping over time.

我猜你如何看待這些關係隨著時間的推移而不斷發展。

Thanks.

謝謝。

This is Frederic again.

這又是弗雷德里克。

That's a good question.

這是個好問題。

We thought a lot about that.

我們對此想了很多。

Frankly, our move into Okta for Startups is something that was demand-driven.

坦白說，我們進入 Okta for Startups 是受需求驅動的。

We just get a lot of organizations who've been calling us as soon as they get up and running, whether it's to manage their employees or whether they're building new products and want to take identity off the shelf and put it right into those products.

我們收到了很多組織，他們在剛開始營運時就給我們打電話，無論是為了管理員工，還是為了開發新產品，並希望將現成的身份識別技術應用到這些產品中。產品。

And that was kind of the result of it.

這就是它的結果。

So of course, down the road, we see that as an opportunity.

當然，在未來，我們認為這是一個機會。

As all these organizations grow, they will become commercial segment opportunities and, down the road, into the enterprise, of course.

隨著所有這些組織的發展，它們將成為商業領域的機會，當然，將來也會進入企業。

But right now, we're really focused on providing that opportunity for startups to get up and running, to use the service, to embed Okta for their customer-facing properties, to get going.

但現在，我們真正專注於為新創公司提供啟動和運行、使用服務、將 Okta 嵌入其面向客戶的資產以及開始營運的機會。

We don't have any specific metrics at this point that we're looking to in terms of conversion or margin expansion.

目前，我們在轉換率或利潤率擴張方面沒有任何具體指標。

The payoff there will be in 5 years when the next wave of medium-sized and large companies that are startups today have Okta embedded.

5 年後，當下一波中型和大型新創公司（即今天的新創公司）嵌入 Okta 時，就會獲得回報。

Okay.

好的。

And then, Todd, you also talked about expanding integrations as being a key area of focus for next year.

然後，托德，您還談到擴大整合是明年的重點領域。

I guess given your existing integration portfolio, where are you seeing the most opportunities to drive further integration?

我想考慮到您現有的整合產品組合，您在哪裡看到了推動進一步整合的最多機會？

And is this an effort in that driving more differentiation?

這是為了推動更多差異化的努力嗎？

Or will they be targeting certain segments of the market?

或者他們會瞄準某些細分市場嗎？

Our focus there is really making our customers -- making it really, really seamless and simple and frictionless for our customers to adopt new technology, so that's the driving force behind it.

我們的重點是真正幫助我們的客戶——讓我們的客戶能夠真正、真正無縫、簡單、無摩擦地採用新技術，所以這就是背後的驅動力。

We started really as integration to application.

我們實際上是從應用程式整合開始的。

So Single Sign-On, provisioning security identity in the application.

因此單點登錄，在應用程式中配置安全性身分。

And really the innovation there has been broadening that.

事實上，那裡的創新已經擴大了這個範圍。

So it's not just other applications, it's not just integration to sales force and Workday and ServiceNow, but it's integration to other types of things, whether it's a firewall, VPN or an application delivery controller or an API gateway.

因此，它不僅僅是其他應用程序，不僅僅是與銷售人員、Workday 和 ServiceNow 的集成，而且是與其他類型事物的集成，無論是防火牆、VPN 還是應用程式交付控制器或 API 網關。

So it's the types of integrations and the depths along those different types, that's where we're investing.

因此，我們投資的重點是整合的類型以及這些不同類型的深度。

The application, we've kind of sewn up the application race.

申請方面，我們已經完成了申請競賽。

We have that flywheel spinning, and we have over 5,000 integrations and many, many more private and custom application integrations.

我們有飛輪旋轉，我們有超過 5,000 個整合以及許多、更多的私人和客製化應用程式整合。

And it's really about the different types of integrations, so different types of the stack.

這實際上是關於不同類型的集成，以及不同類型的堆疊。

Because from a customer's perspective, and that's what's most important, from a customer's perspective, they need identity integrated to everything: their firewalls, their API gateways, their devices, not just their applications.

因為從客戶的角度來看，這是最重要的，從客戶的角度來看，他們需要將身份整合到一切：他們的防火牆、他們的API 網關、他們的設備，而不僅僅是他們的應用程序。

And that's a key area of focus for us.

這是我們關注的關鍵領域。

And we'll take our next question from Sterling Auty with JPMorgan.

我們將回答摩根大通的斯特林·奧蒂提出的下一個問題。

Two questions.

兩個問題。

The first one is relative to your guidance that you gave for this quarter, so that upside, you gave 3 levers for what's driving the growth.

第一個是相對於您為本季給予的指導而言的，因此，從好的方面來說，您給出了 3 個推動成長的槓桿。

I'm curious what contributed the biggest dollar amount to that upside.

我很好奇是什麼對這上漲貢獻最大。

Was it the expansion with existing customers, the addition -- so the 3 levers?

是對現有客戶的擴展、增加還是 3 個槓桿？

So which of the 3 gave us the biggest dollar contribution to the upside?

那麼這三者中哪一個對我們的上漲貢獻最大呢？

Sterling, I think that the contributions were fairly consistent among the 3. I mean, certainly, we bought in new business as evidenced by what we talked about as far as 2/3 of the incremental customers that are now paying us under $100,000 came from new business.

斯特林，我認為這 3 家公司的貢獻相當一致。我的意思是，當然，我們購買了新業務，正如我們所談論的那樣，目前支付給我們的增量客戶中有 2/3 來自於新生意。

Expansion within those existing customers is still very strong.

這些現有客戶的擴張仍然非常強勁。

So I think all of the toggles that we've talked about contributed and probably contributed fairly equally across the board.

因此，我認為我們討論過的所有切換都做出了貢獻，並且可能在整體上做出了相當平等的貢獻。

Okay.

好的。

And then my follow-up is you highlighted one of the strategic goals for this coming fiscal year is the customer section, so the external use case.

然後我的後續行動是您強調了下一個財年的策略目標之一是客戶部分，即外部用例。

And you talked about in the past Adobe and Creative products, et cetera.

您剛才談到了Adobe和Creative產品等等。

But how many customers -- is it that were reaching a tipping point and it's not as much as an evangelical sale?

但有多少客戶──是否已經達到了臨界點，而且還沒有福音派銷售那麼多？

Or what is it that you think makes this fiscal year going to be the tipping point for that business?

或者您認為是什麼使得本財年成為該業務的轉捩點？

I think it's a couple of things.

我認為有幾件事。

One is that this pressure, this relentless pressure, for every organization to become more of a technology company.

一是這種壓力，這種無情的壓力，讓每個組織都變得更像科技公司。

What we mean by that is every organization has to build a better website, build a better mobile app, they have to build new products, they have to enhance their existing products to be more connected and more digital.

我們的意思是，每個組織都必須建立一個更好的網站，建立一個更好的行動應用程序，他們必須建立新產品，他們必須增強現有產品，使其更加互聯和更加數位化。

So that's just a macro trend that's very, very prevalent and gaining momentum.

所以這只是一個非常非常普遍且勢頭強勁的宏觀趨勢。

And the second thing is, frankly, that our products are getting better there.

坦白說，第二件事是我們的產品在那裡變得更好。

And over the last couple of years, we've invested a lot.

在過去的幾年裡，我們投入了大量資金。

And what you can do with our APIs and how you can embed things and the power that you can gain and the speed to market and the productivity you can gain by using our products versus building some of these things yourself is very profound now.

現在，您可以使用我們的API 做什麼、如何嵌入事物、您可以獲得的能力、上市速度以及使用我們的產品獲得的生產力（與您自己構建其中一些東西相比），這些都是非常深刻的。

So I think those 2 things is why we think it's such an interesting future for that customer identity market.

所以我認為這兩件事就是我們認為客戶身分市場的未來如此有趣的原因。

We'll take our next question from Jonathan Ho with William Blair.

我們將回答 Jonathan Ho 和 William Blair 提出的下一個問題。

I just wanted to start out with the multi-product adoption.

我只是想從多產品的採用開始。

Can you maybe give us a little bit more color on which of the products within the platform are seeing faster adoption?

您能否為我們提供更多信息，說明平台內哪些產品的採用速度更快？

And any type of color in terms of what the relative growth rates would be would be helpful as well.

就相對增長率而言，任何類型的顏色也會有所幫助。

Yes, absolutely, happy to do that.

是的，絕對，很高興這樣做。

The products, the 6 products that you're talking about on the integrated Identity Cloud are all performing very, very well.

您在整合 Identity Cloud 上談論的產品，也就是您所談論的 6 種產品，都表現得非常非常好。

I mean, from obviously Single Sign-On, which was our first product, to Lifecycle Management, Multi-Factor Authentication, they are all significantly contributing to revenue at this point, even including the latest products that we released just last year, API Access Management is now using production at very large organizations.

我的意思是，從明顯的單一登入（這是我們的第一個產品）到生命週期管理、多重身份驗證，它們都在這一點上對收入做出了重大貢獻，甚至包括我們去年剛剛發布的最新產品API Access管理層現在正在非常大的組織中使用生產。

So we're really starting to see a balance across many, if not all, of the products in terms of their contributions to revenue.

因此，我們確實開始看到許多（如果不是全部）產品對收入的貢獻達到平衡。

And we are seeing the ability for organizations of all sizes, frankly, even in the enterprise, to land with any of those 6 products in specific use cases and expand out for there.

坦白說，我們看到各種規模的組織，甚至是企業組織，都能夠在特定用例中使用這 6 種產品中的任何一種，並在那裡進行擴展。

So it's really a very productive thing that we're seeing in terms of how the different products are being used, adopted and implemented inside organizations.

因此，我們看到不同產品在組織內部的使用、採用和實施方式確實是一件非常有成效的事情。

Got it.

知道了。

And then you talked a little bit about making incremental investments.

然後您談到了增量投資。

Can you maybe give us a sense around your philosophy between how you balance taking advantage of new opportunities but also showing that operating leverage over time?

您能否讓我們了解您的理念：如何在利用新機會和隨著時間的推移展示營運槓桿之間取得平衡？

Yes.

是的。

So the way we historically and still look at it is we really do focus on achieving sales efficiency and measuring our sales efficiency and balancing that against what that growth -- our growth opportunities are.

因此，我們過去和現在的看法是，我們確實專注於實現銷售效率並衡量我們的銷售效率，並將其與成長（我們的成長機會）進行平衡。

So we've done a good job historically of keeping that sales efficiency kind of in that range of about an 18-month payback, if not less.

因此，我們在歷史上做得很好，將銷售效率保持在 18 個月左右（甚至更短）的投資回收期範圍內。

And we really think that given our long contract length, given the expansion opportunities we have in the business, that really does add a significant amount to our customer lifetime value by making those investments.

我們確實認為，考慮到我們的長期合約期限，考慮到我們在業務中擁有的擴張機會，透過這些投資確實可以顯著增加我們的客戶終身價值。

And what we've done is historically make sure that we're balancing how we invest to over time maintain that efficiency.

從歷史上看，我們所做的就是確保我們平衡投資方式，以隨著時間的推移保持這種效率。

And that's really the way we've been focusing on it.

這確實是我們一直關注的方式。

(Operator Instructions) We'll take our next question from Shaul Eyal with Oppenheimer.

（操作員說明）我們將接受 Shaul Eyal 和 Oppenheimer 提出的下一個問題。

Todd, success with large customers, without a doubt a point which seems to be accelerating.

托德，大客戶的成功，毫無疑問，這一點似乎正在加速。

Is it driven by more internal budgets being allocated to identity?

它是由分配給身分的更多內部預算所驅動的嗎？

Is it that budgets within the security space are being allocated from one category to more of a cloud-driven one?

安全領域內的預算是否正在從一個類別分配到更多的雲端驅動類別？

Is it the result of some of business market identification or maybe just all of the above?

這是某些商業市場辨識的結果，還是以上所有因素的結果？

I think it's -- we try to have the customers give us their budget in detail, but it doesn't always work.

我認為，我們試圖讓客戶向我們提供詳細的預算，但這並不總是有效。

It's a little bit hard to -- but it's a very important dynamic to understand.

這有點難——但要理解它是一個非常重要的動態。

And the color I would add there from what we understand is that they're really -- customers are really, for the employee identity, they're really -- it's kind of 50-50 between trying to adopt new cloud and mobile technologies efficiently with ease-of-use and being more secure.

根據我們的理解，我要補充的是，他們真的——客戶真的，對於員工身份來說，他們真的——嘗試有效地採用新的雲端和行動技術之間的比例是 50-50。易於使用且更安全。

In that part of the business, the security part is a bigger driver, and the security budget is the bigger contributor than it's ever been.

在這部分業務中，安全部分是一個更大的驅動因素，安全預算的貢獻也比以往任何時候都更大。

We've seen that trend over the last 3 years, and the security driver for the internal identity market is driving more than it's ever been.

我們在過去三年中看到了這一趨勢，並且內部身分市場的安全驅動力比以往任何時候都更加強勁。

But it's still probably 50-50, kind of like new technology, a facilitator for new cloud and mobile or versus security.

但它仍然可能是 50-50，有點像新技術，新雲端和行動或安全的促進者。

On the customer identity side, it's -- the trends I've talked about -- the trend I talked about before where these companies are putting investment in becoming more digital, getting a great website, a great customer experience, a great mobile app.

在客戶身份方面，這是我之前談到的趨勢，這些公司正在投資變得更加數位化，獲得一個很棒的網站，一個很棒的客戶體驗，一個很棒的行動應用程式。

And that's something that we've seen over the last couple of years, and that continues to accelerate as well.

這是我們在過去幾年中看到的，而且還在繼續加速。

And I think you're seeing these accelerations with both of these trends happen in faster and larger companies because the problem is bigger.

我認為你會看到這兩種趨勢的加速發生在速度更快、規模更大的公司中，因為問題更大。

They have more customers, they have more employees and they can get more value out of something like Okta.

他們擁有更多的客戶、更多的員工，並且可以從 Okta 等產品中獲得更多價值。

And one thing I would add to that is I think when you think about managing and securing the extended enterprise, so how they're trying to make their employees more productive and more secure but also just thinking about reducing costs a lot of times, whereas when it's customer identity management, these are really new opportunities.

我要補充的一件事是，我認為當您考慮管理和保護擴展企業時，他們如何努力提高員工的生產力和安全性，同時也只是考慮多次降低成本，而當涉及到客戶身份管理時，這些確實是新的機會。

These are new revenue opportunities, and they're thinking about top line growth, which make these opportunities exciting, and I think as we see every organizations thinking about how they can grow their top line.

這些都是新的收入機會，他們正在考慮收入成長，這使得這些機會令人興奮，我認為我們看到每個組織都在考慮如何增加收入。

And in this new world, it's really about how they can do that digitally, securely with their customers.

在這個新世界中，真正重要的是他們如何以數位方式、安全地與客戶合作。

Got it.

知道了。

This is helpful.

這很有幫助。

Bill, maybe just one for you.

比爾，也許只是一個適合你的。

Accounts receivable, I know it seems to be slightly up from prior quarters on a linear basis.

應收帳款，我知道它似乎比前幾季略有增長，呈線性增長。

Is this where it should be?

這是它該在的地方嗎？

Or is it just a sign of a slightly more back-end loaded quarter?

或者這只是季度後端負載稍微增加的跡象？

How should we be thinking about it?

我們該如何思考呢？

Yes, it's a good question.

是的，這是一個好問題。

So I think it's a couple of dynamics.

所以我認為這是兩個動力因素。

One is we did have some slippage in collections in this quarter, which had an impact on our free cash flow.

一是本季我們的收款確實出現了一些下滑，這對我們的自由現金流產生了影響。

So obviously, the receivables were a little higher because of that.

顯然，應收帳款因此而略高。

But also, as we move into larger and larger enterprise customers, as we're doing and landing those customers, there is more the back-end of the quarter, so to speak, of when those -- that business gets booked.

而且，隨著我們進入越來越大的企業客戶，當我們正在做和吸引這些客戶時，可以說，當這些業務被預訂時，本季的後端會有更多。

And so you're going to see a natural increase in your ARR on a period -- in the quarter-to-quarter basis because of that.

因此，您將看到一段時間內的 ARR 自然增長——因此逐季度增長。

We'll take our last question from Pat Walravens with JMP Securities.

我們將回答 JMP 證券 Pat Walravens 提出的最後一個問題。

So I have one for Todd and maybe Freddy on this one and then one for Bill.

所以我給托德準備了一份，也許還有弗雷迪一份，然後給比爾一份。

So the first one is, can you guys just sort of update us on where the relationship with Google is?

第一個問題是，你們能否向我們介紹一下與Google的關係的最新情況？

And in particular, any change since they bought Bitium in September?

特別是，自 9 月購買 Bitium 以來，有什麼變化嗎？

And then also, what is this BeyondCorp that they keep talking about?

還有，他們一直在談論的 BeyondCorp 是什麼？

And how does that fit into your vision of the world?

這如何符合你的世界觀？

Google continues to be a really strong partner of ours.

谷歌仍然是我們真正強大的合作夥伴。

We -- I mentioned earlier on the call, a large multinational beverage company that was one of our significant deals in the quarter, that was landed in partnership with Google.

我之前在電話會議上提到過，一家大型跨國飲料公司是我們本季的重要交易之一，是與Google合作達成的。

So we're continuing to collaborate with them effectively in the marketplace.

因此，我們將繼續在市場上與他們有效合作。

So we haven't seen any change, and we don't -- we're in close partnership with them.

所以我們沒有看到任何變化，而且我們沒有——我們與他們保持著密切的合作關係。

We don't foresee any change there with that partnership.

我們預計這種夥伴關係不會有任何變化。

The BeyondCorp, for those of you that haven't heard, BeyondCorp is -- it's really an articulation of what is the future for network architecture for companies.

BeyondCorp，對於那些還沒有聽說過的人來說，BeyondCorp 是——它確實闡明了公司網路架構的未來。

So instead of having an office and a data center and a VPN, you have basically users accessing things all over different networks and then you have a personal level of security about each user.

因此，您基本上沒有辦公室、資料中心和 VPN，而是讓使用者透過不同的網路存取事物，然後您就為每個使用者提供了個人層級的安全性。

That's how you secure it versus the firewall perimeter.

這就是您如何保護它免受防火牆外圍的影響。

And it's really the design pattern that we facilitate because to have BeyondCorp, you have to have that personal level of identity and security, and that's what we do.

這確實是我們促進的設計模式，因為要擁有 BeyondCorp，您必須擁有個人層級的身份和安全性，而這就是我們所做的。

So we are evangelizing BeyondCorp.

所以我們正在向 BeyondCorp 傳播福音。

We hope more and more people adopt it because we're -- we provide a key, key part of that design pattern.

我們希望越來越多的人採用它，因為我們提供了該設計模式的關鍵部分。

Great.

偉大的。

And then, Bill, so in my model, and it probably goes back further than my model goes, but I think this is 9 quarters in a row where subscription revenue per customer has gone up.

然後，比爾，在我的模型中，它可能比我的模型更早，但我認為這是連續 9 個季度每個客戶的訂閱收入上升。

Any reason that, that shouldn't just keep happening?

有什麼理由認為這種情況不應該繼續發生嗎？

Well, we've been very pleased with the fact that it's happening today.

嗯，我們對今天發生的事情感到非常高興。

And certainly, what that's being driven by is more and more customers that we're getting; better, larger enterprises paying us, as we said in the metric that we talked about today, greater than $100,000 a year.

當然，推動這一趨勢的是我們獲得越來越多的客戶；正如我們在今天討論的指標中所說，更好、更大的企業每年向我們支付超過 10 萬美元。

We think there's tremendous opportunity going forward as we both land and have expansion in those customers for all the reasons we talked about as far as their need for moving to the cloud, digital transformation vis-a-vis their customers.

我們認為，隨著我們在這些客戶中的落地和擴張，我們將面臨巨大的機遇，因為我們談到了他們對雲端運算、數位轉型的需求。

And so we're pretty pleased with that trend, and we do think there's a tremendous amount of opportunity for us there in the future.

因此，我們對這種趨勢非常滿意，我們確實認為未來我們有大量的機會。

And I would just -- I would highlight that it's part of our strategy.

我想強調這是我們策略的一部分。

This is a platform strategy.

這是一個平台策略。

So the Identity Cloud is a broad platform with multiple products that traditionally, in the past, have been done by different vendors, and we brought them together.

因此，身份雲是一個廣泛的平台，擁有多種產品，這些產品過去傳統上是由不同的供應商開發的，而我們將它們整合在一起。

So it's part of our strategy to have this platform that can be adopted with one solution or one use case, and then more and more solutions and products and use cases adopted over time as the usage of the platform expands.

因此，我們策略的一部分是讓這個平台可以採用一種解決方案或一種用例，然後隨著平台使用範圍的擴大，越來越多的解決方案、產品和用例被採用。

So it's built into our technical strategy, our product strategies, and it's good that we -- it's positive that we've seen it borne out over the last 9 quarters, to use your figure, I haven't validated that figure myself.

因此，它已融入我們的技術策略、我們的產品策略中，而且我們在過去 9 個季度中看到這一點得到了證實，這很好，使用您的數據，我自己還沒有驗證該數據。

But we -- that's part of our strategy going forward as well.

但這也是我們未來策略的一部分。

So it's a good thing to call out because it is important to us.

所以呼籲出來是一件好事，因為這對我們很重要。

And that does conclude our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Todd McKinnon for any additional or closing remarks.

我想將會議轉回給托德·麥金農（Todd McKinnon）發表任何補充或結束語。

So I would just like to close out the call by saying that with the success we've had so far in the first 3 quarters of this year, we feel like in a lot of ways we're even more energized than ever because every success we have just really tells us how big the opportunity is for the identity cloud and really for the impact we can have as we help customers adopt this next wave of technology, both for internal use for their employees and also as they become technology companies themselves.

因此，我想在結束這次電話會議時說，鑑於我們在今年前三個季度取得的成功，我們在很多方面都感覺比以往任何時候都更加充滿活力，因為每一次成功我們剛剛真正告訴我們身份雲端的機會有多大，以及我們在幫助客戶採用下一波技術時可以產生的影響，無論是供其員工內部使用，還是當他們自己成為科技公司時。

So it's a big mission, it's a big opportunity that we're working on.

所以這是一個重大使命，也是我們正在努力的一個重大機會。

And we're excited about the progress we've made, but we also are working hard to make sure that their success continues for the future.

我們對所取得的進步感到興奮，但我們也在努力確保他們的成功在未來繼續下去。

So with that, we'll wrap it up.

至此，我們就結束了。

Thanks for your attention, and we look forward to seeing many of you on the road in the coming weeks and months.

感謝您的關注，我們期待在未來幾週和幾個月內見到你們中的許多人。

And once again, that concludes today's presentation.

今天的演講再次結束。

We thank you all for your participation, and you may now disconnect.

我們感謝大家的參與，現在您可以斷開連線了。