Okta Inc (OKTA) 2019 Q1 法說會逐字稿

Good afternoon, and thank you for joining us on today's conference call to discuss Okta's fiscal first quarter 2019 financial results. My name is Catherine Buan, VP of Investor Relations at Okta. 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.

下午好，感謝您參加今天的電話會議，討論 Okta 2019 年第一季的財務表現。我叫 Catherine Buan，Okta 投資人關係副總裁。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 will 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, the SEC, from time to time, including the section titled Risk Factors in the annual report on Form 10-K previously filed with the SEC. You can also find more detailed information in our supplemental financial materials, which includes trended financial statements and key 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 (SEC) 提交的文件中，包括 10-K 表格年度報告中標題為「風險因素」的部分此前已向SEC 備案。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. Todd?

現在我想把電話轉給托德·麥金農。托德？

Thanks, Catherine, and thanks, everyone, for joining us today. Our Q1 financial results marked a great start to the new fiscal year. Revenue and calculated billings growth continued to be strong, both up 60% year-over-year. The economics of our business continued to evolve favorably as we improved our free cash flow margin by 24 percentage points year-over-year, and were operating cash flow-positive in the quarter. We're growing aggressively while prudently managing our cost structure.

謝謝凱瑟琳，也謝謝大家今天加入我們。我們第一季的財務表現標誌著新財年的良好開端。營收和計算帳單成長持續強勁，年增 60%。我們的業務經濟狀況持續向好發展，我們的自由現金流利潤率年增了 24 個百分點，並且本季營運現金流為正值。我們在積極發展的同時審慎管理我們的成本結構。

Our customer metrics reveal a lot about the drivers behind our growth. While our total customer base grew by a robust 40% in Q1 to over 4,700, the number of customers with over $100,000 of annual recurring revenue grew even faster, at 52% year-over-year to 747. This is a proxy for our increase in enterprise deals and expanding customer relationships. Beyond our strong customer additions, dollar-based net retention rate continued at a healthy 121%, demonstrating our commitment to customer success and our customers' continued investment in Okta.

我們的客戶指標揭示了許多關於我們成長背後的驅動因素。雖然我們的總客戶群在第一季強勁增長了40%，達到4,700 多個，但年度經常性收入超過100,000 美元的客戶數量增長更快，同比增長52%，達到747 個。這是我們增長的一個代表。企業交易和擴大客戶關係。除了強勁的客戶增加之外，以美元計算的淨保留率繼續保持在 121% 的健康水平，這體現了我們對客戶成功的承諾以及客戶對 Okta 的持續投資。

What's driving this growth is simple, organizations are moving to the cloud, and they want to transform their customer experience. We can help them do both securely. We have 3 major areas of focus that align with the needs of our customers: first, the Okta Integration Network; second, customer identity; and third, security. These areas address significant pain points for CIOs and developers. Here are a few customer examples that are great illustrations of the diversity and scope of our market opportunity.

推動這種成長的原因很簡單，組織正在遷移到雲端，並且他們希望改變客戶體驗。我們可以幫助他們安全地做到這兩點。我們有 3 個主要關注領域來滿足客戶的需求：首先是 Okta 整合網路；第二，客戶身分；第三，安全。這些領域解決了資訊長和開發人員的重大痛點。以下是一些客戶範例，它們很好地說明了我們市場機會的多樣性和範圍。

Mattel, an existing Okta customer, first adopted the Okta Identity Cloud to support its own cloud adoption strategy for its extended enterprise back in 2015. After continued success, Mattel this quarter expanded its investment in Okta to help strengthen its security posture by adding Okta Adaptive Multi-Factor Authentication as an extra layer of security for its 28,000 employees.

Mattel 是Okta 的現有客戶，早在2015 年就首次採用Okta Identity Cloud 來支援其擴展企業的雲端採用策略。在持續取得成功後，Mattel 本季度擴大了對Okta 的投資，透過添加Okta Adaptive 來幫助加強其安全態勢多重身分驗證為其 28,000 名員工提供額外的安全保障。

Warner Music Group is an exciting new customer for us in the quarter. They selected Okta for an enterprise-wide deployment of Single Sign-On, Lifecycle Management and Adaptive Multi-Factor Authentication to modernize their IT infrastructure.

華納音樂集團是本季我們令人興奮的新客戶。他們選擇 Okta 在企業範圍內部署單一登入、生命週期管理和自適應多重身分驗證，以實現 IT 基礎架構的現代化。

FICO has been using Okta for several years to provide employees with safe and seamless access to its business-critical applications in the cloud. After internal success, they expanded their use of Okta to provide FICO's customers with secure access to their data and advanced analytics solutions. This quarter, to enhance customer security, they've grown their Multi-Factor Authentication rollout and added API Access Management to secure their APIs.

FICO 多年來一直使用 Okta，為員工提供對其雲端中關鍵業務應用程式的安全、無縫存取。在內部取得成功後，他們擴大了 Okta 的使用範圍，為 FICO 的客戶提供對其數據和高級分析解決方案的安全存取。本季度，為了增強客戶安全性，他們擴大了多重身份驗證部署，並添加了 API 存取管理來保護其 API。

The Centers for Medicaid & Medicare Services (sic) [Centers for Medicare & Medicaid Services], an existing U.S. federal government customer who used Okta for their Quality Payment program, expanded their use of Okta to replace a legacy identity solution used for partner-accessed applications. With Okta, they will connect CMS partners to over 70 applications, all with increased efficiency, a better user experience and improved security. CMS now uses all of the products in the Okta Identity Cloud across both the extended enterprise and customer experience. These customers, along with thousands of others, illustrate the need for an identity platform such as Okta. While they represent a variety of industries and use cases, they all need identity, and Okta can help them.

醫療補助和醫療保險服務中心(原文如此) [醫療保險和醫療補助服務中心] 是美國聯邦政府的現有客戶，他們使用Okta 進行品質支付計劃，擴大了Okta 的使用範圍，以取代用於合作夥伴存取的傳統身分解決方案應用程式。借助 Okta，他們將 CMS 合作夥伴連接到 70 多個應用程序，所有這些都將提高效率、改善用戶體驗並提高安全性。 CMS 現在在擴展的企業和客戶體驗中使用 Okta Identity Cloud 中的所有產品。這些客戶以及成千上萬的其他客戶說明了對 Okta 等身份平台的需求。雖然它們代表了各種行業和用例，但它們都需要身份，而 Okta 可以幫助它們。

As many of you know, we just completed our sixth annual conference, Oktane18. This year was our largest and most successful event to date as we unveiled a number of exciting new partnerships and products. Thousands of customers, prospects and partners attended the event, and more than 60 of our customers joined Okta on stage to share their experiences.

正如你們許多人所知，我們剛剛結束了第六屆年度會議 Oktane18。今年是我們迄今為止最大、最成功的活動，我們推出了許多令人興奮的新合作夥伴關係和產品。數千名客戶、潛在客戶和合作夥伴參加了這項活動，其中 60 多名客戶與 Okta 一起上台分享他們的經驗。

One theme that has become clear is that more organizations are choosing Okta as the central identity platform standard for every user in their ecosystem. Decision-makers understand the strategic importance of identity in today's complex environment, and they see Okta's essential value as an independent and neutral cloud platform. We believe that this increased awareness will accelerate our ability to truly take identity mainstream.

一個已經變得清晰的主題是，越來越多的組織選擇 Okta 作為其生態系統中每個使用者的中央身分平台標準。決策者了解身分認同在當今複雜環境中的策略重要性，他們看到 Okta 作為獨立、中立的雲端平台的基本價值。我們相信，這種意識的提升將加速我們真正將身分主流化的能力。

Our leadership in identity is driven by 2 primary strengths. The first is our platform. Our platform, the Okta Identity Cloud, addresses the challenges and opportunities organizations are facing today. Okta is uniquely positioned to help organizations modernize their IT environments with our IT products and the Okta Integration Network. We enable our customers to build personalized and secure customer-facing applications with our API products while simultaneously helping to secure their businesses with our expanded set of contextual access management capabilities.

我們在身分識別方面的領先地位由兩個主要優勢所驅動。第一個是我們的平台。我們的平台 Okta Identity Cloud 可解決組織當今面臨的挑戰和機會。 Okta 具有獨特的優勢，可透過我們的 IT 產品和 Okta 整合網路來幫助組織實現 IT 環境現代化。我們使客戶能夠使用我們的 API 產品建立個性化且安全的面向客戶的應用程序，同時透過我們擴展的上下文存取管理功能集幫助保護他們的業務。

The second is our ever-expanding network. The Okta Integration Network amplifies the core value of our platform to customers through network effects that allow them to connect through the Okta Identity Cloud. This brings us to the first growth driver I mentioned earlier, the Okta Integration Network is the foundation of everything we do, and it's why we have invested heavily ensuring that we have what we believe is the broadest and deepest catalog of integrations in the industry. For most of our customers, modernizing IT has been about moving to the cloud and adopting a best-of-breed or hybrid IT environment. In this paradigm shift, a best-of-breed approach is not a choice. It's about necessity. Okta enables this transition by making it as frictionless as possible. We make technologies easy to discover, deploy, manage, administer and above all, more secure.

第二是我們不斷擴大的網路。 Okta 整合網路透過網路效應向客戶放大我們平台的核心價值，使客戶能夠透過 Okta 身分雲進行連結。這給我們帶來了我之前提到的第一個成長動力，Okta 整合網路是我們所做一切的基礎，這就是為什麼我們投入巨資以確保我們擁有我們認為是行業中最廣泛和最深入的整合目錄。對我們的大多數客戶而言，IT 現代化就是遷移到雲端並採用最佳的或混合 IT 環境。在這種範式轉移中，最佳方法並不是一種選擇。這是關於必要性的。 Okta 透過盡可能無摩擦地實現這一轉變。我們使技術易於發現、部署、管理和管理，最重要的是，使技術更加安全。

At Oktane18, we announced 2 new capabilities that will take the Okta Integration Network to a new level. We launched Sign In with Okta, which will enable technology providers to integrate with Okta in a fraction of the time. We also announced the launch of Okta Onramp, which we believe can make it easier for forward-thinking organizations to discover and deploy new technologies. These announcements accelerate our integration network effect. The faster and deeper we enable technology providers to integrate to Okta, the more integrations we'll be able to offer and the more valuable we become to customers. With over 5,500 integrations and over 4,700 customers, this network effect is already powerful and continues to strengthen.

在 Oktane18 上，我們宣布了 2 項新功能，這些功能將把 Okta 整合網路提升到一個新的水平。我們推出了 Sign In with Okta，這將使技術提供者能夠在很短的時間內與 Okta 整合。我們也宣布推出 Okta Onramp，我們相信它可以讓具有前瞻性思維的組織更輕鬆地發現和部署新技術。這些公告加速了我們的整合網路效應。我們幫助技術提供者更快、更深入地整合到 Okta，我們就能提供更多的集成，對客戶來說就更有價值。憑藉 5,500 多個整合和 4,700 多個客戶，這種網路效應已經非常強大，並且還在不斷增強中。

The second growth driver is customer identity. We believe this remains a significant opportunity that Okta is uniquely able to address with our API products. What we're seeing is that customer identity is a build-versus-buy decision for organizations. Either build authentication and user management functionality or buy it from a provider like Okta. We're making it an easy decision by offering multiple ways for organizations to get started with our API products. We offer API products across the spectrum, from developer tools all the way up to enterprise solutions. Many of our largest customers such as JetBlue and MGM Resorts today are using Okta to support more complex scenarios with multiple back-end applications or directories and can support millions of users. At Oktane18, we unveiled an additional path for developers to get started, which addresses the middle ground. We call it API Products for One App, which offers the same functionality as our developer API products only at a much more accessible entry point. And like our enterprise API products, it can scale to millions of users and runs in a managed production environment.

第二個成長動力是客戶身分。我們相信，這仍然是 Okta 能夠透過我們的 API 產品來解決的獨特機會。我們看到的是，客戶身分對於組織來說是建置還是購買的決定。要么建立身份驗證和用戶管理功能，要么從 Okta 等提供者購買。透過為組織提供多種方式來開始使用我們的 API 產品，我們可以輕鬆做出決定。我們提供各種 API 產品，從開發人員工具一直到企業解決方案。目前，我們的許多最大客戶（例如捷藍航空和米高梅度假村）正在使用 Okta 來支援具有多個後端應用程式或目錄的更複雜的場景，並且可以支援數百萬用戶。在 Oktane18 上，我們為開發人員推出了一條額外的入門路徑，解決了中間立場。我們將其稱為“One App 的 API 產品”，它提供與我們的開發人員 API 產品相同的功能，只是在一個更容易存取的入口點。與我們的企業 API 產品一樣，它可以擴展到數百萬用戶並在託管生產環境中運行。

We are also offering Okta-branded components of the One App product, which include the Identity by Okta logo on their sign-in page. By doing this, we feel we've made it easier for organizations to select Okta rather than build this functionality in-house. But with clear upgrade paths, we're also establishing a great way to land and expand our business.

我們也提供 One App 產品的 Okta 品牌元件，其中包括登入頁面上的 Identity by Okta 標誌。透過這樣做，我們覺得我們讓組織更容易選擇 Okta，而不是在內部建立此功能。但透過明確的升級路徑，我們也正在建立一種落地和擴展業務的好方法。

The third growth driver for us is security. We believe the security industry is converging around identity. By understanding the user's context as well as the context of the device they're using, organizations can better secure their business and deliver a better experience to their users at the same time. We enable this with our contextual access management capabilities, our Adaptive Multi-Factor Authentication products and a flexible policy engine that enables our customers to define and enforce rules around who gets access to what, when. We've built on this concept with a new input that will inform these policies called Okta ThreatInsight. Okta ThreatInsight will give our customers the ability to take action on a real-time feed of threatening IP addresses that Okta's security research team has curated based on activity across all of Okta's customer base. We believe this additional insight will be game-changing for a couple of reasons: first, the more organizations that use ThreatInsight, the more valuable it becomes for everyone on the network; second, with the combination of our integrations, user and device context, ThreatInsight and our policy engine, we're enabling our customers to eliminate passwords for their users. So if an employee checks all the boxes from location to IP address to device trust to time of day, they can access their applications by simply clicking Accept on their phones, no password required. We believe we are best positioned to responsibly offer passwordless access because of the power of our network.

我們的第三個成長動力是安全。我們相信安全產業正在圍繞身份進行整合。透過了解使用者的上下文以及他們所使用的設備的上下文，組織可以更好地保護其業務，同時為使用者提供更好的體驗。我們透過情境存取管理功能、自適應多重身分驗證產品和靈活的策略引擎來實現這一點，使我們的客戶能夠定義和執行有關誰在何時存取什麼內容的規則。我們在此概念的基礎上添加了一個名為 Okta ThreatInsight 的新輸入，將為這些策略提供資訊。 Okta ThreatInsight 將使我們的客戶能夠對威脅 IP 位址的即時回饋採取行動，這些威脅 IP 位址是 Okta 安全研究團隊根據 Okta 所有客戶群的活動精心策劃的。我們相信這種額外的洞察力將改變遊戲規則，原因如下：首先，使用 ThreatInsight 的組織越多，它對網路上的每個人來說就越有價值；其次，透過結合我們的整合、使用者和裝置上下文、ThreatInsight 和我們的策略引擎，我們使客戶能夠消除其使用者的密碼。因此，如果員工選中從位置到 IP 地址、設備信任到一天中的時間的所有複選框，他們只需單擊手機上的“接受”即可訪問其應用程序，無需密碼。我們相信，由於我們網路的力量，我們最有能力負責任地提供無密碼存取。

At Oktane18, we also announced 2 key partnerships. First, Okta and Workplace by Facebook announced a partnership and product integration to give enterprises a simple, secure way to enable modern collaboration. Workplace by Facebook also joined as an inaugural partner of Okta's Project Onramp.

在 Oktane18 上，我們也宣布了 2 個重要的合作夥伴關係。首先，Okta 和 Workplace by Facebook 宣佈建立合作夥伴關係和產品集成，為企業提供一種簡單、安全的方式來實現現代協作。 Workplace by Facebook 也加入為 Okta 專案 Onramp 的首個合作夥伴。

Second, we are tightly integrating Okta's identity products with the mobility products in VMware's Workspace ONE to enable a secure and seamless experience from the device to every technology in our network. We are proud to be partnering with 2 of the most innovative companies in the world. These partnerships are a result of our presence in the market and the value of our technology.

其次，我們將 Okta 的身份產品與 VMware Workspace ONE 中的行動產品緊密整合，以實現從裝置到網路中的每項技術的安全、無縫體驗。我們很榮幸能夠與世界上兩家最具創新性的公司合作。這些合作關係是我們在市場中的存在和我們的技術價值的結果。

You'll notice that all these announcements tie back to fuel our 3 areas of focus: the Okta Integration Network, customer identity and security. This is how we'll best serve our customers and maintain durable growth over the long term.

您會注意到，所有這些公告都與我們的 3 個重點領域相關：Okta 整合網路、客戶身分和安全性。這就是我們為客戶提供最佳服務並保持長期持久成長的方式。

I want to thank our customers, partners and everyone at Okta who are the driving force behind our success. Since we founded Okta, the mission has been to enable any organization to use any technology. While we've made significant progress, the market opportunity remains vast, and we are just getting started.

我要感謝我們的客戶、合作夥伴以及 Okta 的每個人，他們是我們成功背後的動力。自從我們創立 Okta 以來，我們的使命就是讓任何組織能夠使用任何技術。雖然我們已經取得了重大進展，但市場機會仍然巨大，而我們才剛開始。

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

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. Before I go over this quarter's results, I want to remind you that as of this quarter, all of our data will be presented under the new accounting standard, ASC 606. Last quarter, we provided materials that summarize the estimated impact of ASC 606 for fiscal years '17 and '18. The supplemental financial tables posted today on our Investor Relations website include updated and finalized historical data. The updates are immaterial, but please make sure you update your historical models.

謝謝托德，再次感謝大家加入我們。在回顧本季度的業績之前，我想提醒您，截至本季度，我們的所有數據都將根據新會計準則 ASC 606 呈現。上季度，我們提供了總結 ASC 606 的估計影響的材料。 '17 和' 18 財年。今天在我們的投資者關係網站上發布的補充財務表格包括更新和最終的歷史數據。更新並不重要，但請確保更新您的歷史模型。

I would also highlight that the supplemental financial tables included an updated description of the components that comprise calculated billings consistent with ASC 606, although there is no change to our previously reported calculated billings numbers.

我還要強調的是，補充財務表包括對組成與 ASC 606 一致的計算帳單的組成部分的更新描述，儘管我們先前報告的計算帳單數字沒有變化。

Now moving on to our results for the first quarter of our fiscal year '19. We had a strong first quarter and a great start to the year. Revenue for the first quarter totaled $83.6 million, growing 60% year-over-year. Subscription revenue totaled $76.8 million in the first quarter, an increase of 59% year-over-year and was 92% of our total revenue, consistent with what we saw in Q1 last year. Professional services revenue was $6.8 million, an increase of 68% over the same period last year.

現在讓我們來看看 19 財年第一季的業績。我們第一季表現強勁，今年開局良好。第一季營收總計 8,360 萬美元，年增 60%。第一季訂閱營收總計 7,680 萬美元，年增 59%，占我們總營收的 92%，與去年第一季的情況一致。專業服務收入為680萬美元，比去年同期成長68%。

In terms of geographic breakdown, approximately 85% of our first quarter revenue came from the U.S. and 15% came from outside the U.S. compared to 86% and 14%, respectively, in Q1 last year. We continue to see most of our business coming from the U.S. However, the international market for us is emerging and remains an area of opportunity.

從地理分佈來看，我們第一季營收的約 85% 來自美國，15% 來自美國以外地區，而去年第一季分別為 86% 和 14%。我們仍然看到我們的大部分業務來自美國。然而，國際市場對我們來說正在興起，並且仍然是一個充滿機會的領域。

Moving on to billings. Calculated billings for the first quarter totaled $95.9 million, an increase of 60% over Q1 last year. Current calculated billings growth was consistent with calculated billings at 60% year-over-year. We are clearly very happy with our billings growth and the underlying demand that is driving our business. Our exceptionally high growth rate was due to better-than-expected linearity in the quarter and the beneficial timing of certain invoices. We saw a similar dynamic last year where Q1 had an especially strong year-over-year growth rate in billings compared to the other quarters in the year.

繼續討論比林斯。第一季的計算帳單總額為 9,590 萬美元，比去年第一季成長 60%。目前計算的帳單成長與計算的帳單年增 60% 一致。顯然，我們對我們的帳單成長和推動我們業務的潛在需求感到非常滿意。我們異常高的成長率是由於本季的線性優於預期以及某些發票的有利時機。去年我們看到了類似的動態，與今年其他季度相比，第一季的帳單年增率特別強勁。

Our strong billings growth has been driven by momentum both within our customer base and with new customer additions. The total number of customers at the end of the quarter came in at over 4,700. That represents an addition of over 350 net new customers in the quarter, up 40% over the first quarter last year. As Todd mentioned, we saw our customers with ARR greater than $100,000 grow 52% year-over-year to a total of 747 customers.

我們強勁的帳單成長是由我們的客戶群和新客戶增加的動力所推動的。截至本季末，客戶總數超過 4,700 家。這意味著本季淨新增客戶超過 350 家，比去年第一季成長 40%。正如 Todd 所提到的，我們看到 ARR 超過 10 萬美元的客戶年增 52%，達到 747 名客戶。

Our dollar-based retention rate for the trailing 12 months ended April 30 was consistent with the last quarter at 121%. This demonstrates the ongoing success we are having expanding within our existing customer base.

截至 4 月 30 日的過去 12 個月，以美元計算的留存率與上一季一致，為 121%。這表明我們在現有客戶群中不斷取得成功。

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 80.7%, up 240 basis points versus the first quarter last year. Our professional services gross margin was negative 1.6% compared to negative 44.3% in the first quarter last year. As you know, Q4 business is often deployed in Q1. The improvement in professional services margin was due to the higher-than-expected utilization from our professional services team in the quarter.

訂閱毛利率為80.7%，較去年第一季上升240個基點。我們的專業服務毛利率為負 1.6%，而去年第一季為負 44.3%。大家知道，Q4的業務往往是在Q1部署的。專業服務利潤率的改善是由於本季我們專業服務團隊的使用率高於預期。

Total gross margin showed continued improvement and was 74.1% in the first quarter, up 520 basis points year-over-year. Gross profit was $61.9 million, up 72% year-over-year. Our gross margin represented a new record high as we continue to scale our platform.

總毛利率持續改善，第一季為74.1%，年增520個基點。毛利為 6,190 萬美元，年增 72%。隨著我們繼續擴大平台規模，我們的毛利率創下新高。

Turning now to operating expenses. We remain focused on responsible growth, and as a result, we've seen continued improvement in our operating margins even as we continued to generate high top line growth. Non-GAAP operating margin in the first quarter improved more than 22 percentage points over the last year to negative 13%. We expect to see continued quarterly fluctuations in operating margin as we grow our business, but expect that operating margins will continue to improve annually as subscription revenue grows at a faster rate than total operating expenses.

現在轉向營運費用。我們仍然專注於負責任的成長，因此，儘管我們繼續實現高收入成長，但我們的營業利潤率持續改善。第一季非公認會計準則營業利潤率比去年同期提高了 22 個百分點以上，達到負 13%。隨著我們業務的成長，我們預期營業利潤率將持續出現季度波動，但由於訂閱收入的成長速度快於總營運支出，預計營業利潤率將繼續逐年提高。

Sales and marketing expenses for Q1 was $45.3 million compared to $32.9 million in Q1 last year. This represents 54% of total revenue, a 9-point improvement compared to 63% in the first quarter last year. We continue to invest heavily to capture our large market opportunity but balance that investment with a focus on operating leverage. As a result, you should continue to see us improve the sales and marketing expense margin on a full year basis.

第一季的銷售和行銷費用為 4,530 萬美元，而去年第一季的銷售和行銷費用為 3,290 萬美元。這佔總收入的 54%，比去年第一季的 63% 提高了 9 個百分點。我們繼續大力投資以抓住巨大的市場機會，但平衡投資與專注於營運槓桿。因此，您應該會繼續看到我們全年的銷售和行銷費用利潤率有所提高。

R&D expense in Q1 was $15.7 million compared to $12.1 million in Q1 last year. This represents a growth rate of 30% as we continue to invest heavily in the Okta Identity Cloud platform and our Okta Integration Network. At the same time, R&D as a percentage of revenue came in at 19% of revenue, a reduction from the 23% we saw in Q1 last year.

第一季的研發費用為 1,570 萬美元，而去年第一季的研發費用為 1,210 萬美元。隨著我們繼續大力投資 Okta Identity Cloud 平台和 Okta 整合網絡，這意味著成長率為 30%。同時，研發佔營收的比例為 19%，比去年第一季的 23% 有所下降。

G&A expense was $11.7 million for the first quarter compared to $9.6 million in the first quarter last year. G&A was 14% of revenue, an improvement from 18% in Q1 last year.

第一季的一般管理費用為 1,170 萬美元，而去年第一季的管理費用為 960 萬美元。 G&A 佔營收的 14%，較去年第一季的 18% 有所提高。

Our operating loss in the quarter was $10.8 million compared to a loss of $18.5 million in Q1 of last year. Our operating margin in Q1 was negative 13% compared to negative 35.4% in the same period last year. Net loss per share in Q1 was $0.09 with 104.2 million basic shares outstanding. This compares to a net loss per share in Q1 last year of $0.47 with 39.8 million basic shares outstanding at the time.

我們本季的營運虧損為 1,080 萬美元，而去年第一季的營運虧損為 1,850 萬美元。我們第一季的營業利潤率為負 13%，而去年同期為負 35.4%。第一季每股淨虧損為 0.09 美元，已發行基本股為 1.042 億股。相比之下，去年第一季每股淨虧損為 0.47 美元，當時已發行基本股為 3,980 萬股。

We hit an important milestone this quarter, generating $4 million in positive operating cash flow as we benefited from a seasonally high amount of collections from our strong Q4. This compares to negative $9.7 million in Q1 last year. Free cash flow came in at a negative $1.6 million in the quarter compared to a negative $13.3 million in the first quarter last year. Our free cash flow margin was negative 1.9%, a 24-point improvement compared to a negative 25.5% for Q1 last year.

本季我們實現了一個重要的里程碑，產生了 400 萬美元的正營運現金流，因為我們受益於第四季強勁的季節性高收款量。相比之下，去年第一季為負 970 萬美元。本季自由現金流為負 160 萬美元，去年第一季為負 1,330 萬美元。我們的自由現金流利潤率為負 1.9%，比去年第一季的負 25.5% 提高了 24 個百分點。

As we have mentioned before, we expect to see variability in free cash flow margin in the coming quarters due to increased CapEx associated with our headquarter office expansion along with ongoing fluctuations in working capital.

正如我們之前提到的，由於我們總部辦公室擴張帶來的資本支出增加以及營運資本的持續波動，我們預計未來幾季的自由現金流利潤率將出現變化。

Turning to the balance sheet. We ended the first quarter with $547 million in cash, cash equivalents and short-term investments. This includes net proceeds of approximately $307 million from the convertible senior note offering that we closed this quarter.

轉向資產負債表。第一季結束時，我們擁有 5.47 億美元的現金、現金等價物和短期投資。這包括我們本季完成的可轉換優先票據發行的約 3.07 億美元淨收益。

Lastly, our total headcount was 1,265 as of April 30, 2018, growing 24% over Q1 of last year. We continue to add headcount across the board as we support the growth of our business.

最後，截至 2018 年 4 月 30 日，我們的總員工人數為 1,265 人，比去年第一季成長 24%。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. For the second quarter fiscal 2019, we expect revenue in the range of $84 million to $85 million, representing a growth rate of 39% to 41% year-over-year; non-GAAP operating loss in the range of $23 million to $22 million; non-GAAP net loss per share in the range of $0.21 to $0.20, assuming 106 million weighted shares outstanding.

繼續指導。對於2019財年第二季度，我們預期營收在8,400萬美元至8,500萬美元之間，年成長率為39%至41%；非 GAAP 營業虧損在 2,300 萬美元至 2,200 萬美元之間；假設已發行加權股為 1.06 億股，非 GAAP 每股淨虧損在 0.21 美元至 0.20 美元之間。

For the full fiscal year 2019, we now expect revenue in the range of $353 million to $357 million, representing a growth rate of 38% to 39% year-over-year; non-GAAP operating loss in the range of $67 million to $62 million; non-GAAP net loss per share in the range of $0.58 to $0.54, assuming 107 million weighted shares outstanding.

對於2019整個財年，我們目前預計營收在3.53億美元至3.57億美元之間，年成長率為38%至39%；非 GAAP 營運虧損在 6,700 萬美元至 6,200 萬美元之間；假設已發行加權股為 1.07 億股，非 GAAP 每股淨虧損在 0.58 美元至 0.54 美元之間。

In summary, we had a very strong start to the year, and I'm pleased with the consistent execution we demonstrated in our first year as a public company. We look forward to building our momentum in the quarters ahead, where we see opportunities for growth through continued innovation, additional partnerships and international expansion.

總而言之，我們今年有一個非常強勁的開局，我對我們作為上市公司第一年所表現出的一致執行力感到高興。我們期待在未來幾季建立我們的勢頭，我們看到透過持續創新、更多合作夥伴關係和國際擴張來實現成長的機會。

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 at this time, we have several callers in the queue. We'd like to take your first question from Heather Bellini from Goldman Sachs.

（操作員說明） 此時，隊列中有幾個來電者。我們想回答高盛希瑟貝利尼（Heather Bellini）提出的第一個問題。

Just -- I had 2 quick ones. One, I guess, for Bill, and then I had another one for Todd or Freddy. Bill, I guess, for you first. If I look at your sequential revenue guidance given how well you guys did in Q1, it looks like you're implying a flat to up 2% kind of sequential guide. I'm just wondering under what circumstances would -- like what would have to happen for you guys to see kind of flat sequential revenue growth? Kind of what things would be factored into that just given all the great momentum in your business? And then, I guess, the second question, for Todd or Freddy, would be just related to how much of your customer conversations right now are being driven by security first? And I guess, if you could just share with us kind of how the momentum might be building there and just, I guess, if you can touch on that as kind of a key driver of the strong results that you're posting, that'd be great.

只是——我有兩個快速的。我想，一份是給比爾的，然後我又為托德或弗雷迪準備了一份。比爾，我想，首先是為了你。如果我看看你們的連續收入指導，考慮到你們在第一季的表現，看起來你們是在暗示一個持平到成長 2% 的連續指引。我只是想知道在什麼情況下，你們會看到什麼情況才能看到收入連續成長？考慮到您業務的強勁勢頭，哪些因素會被納入其中？然後，我想，對於托德或弗雷迪來說，第二個問題與現在有多少客戶對話首先是由安全驅動的有關？我想，如果您能與我們分享那裡的勢頭是如何形成的，並且我想，如果您能將其視為您所發布的強勁結果的關鍵驅動因素，那麼'會很棒。

It's really interesting. I'll take the second question first, and then Bill can chime in on the first question. The evolution for us has been when we started, we were really about enabling things. We were enabling platform, right. Like make it really easy for end-users to log in, make it easy to roll out apps and enable technology. And it wasn't until 4, 5 years into building the company that we really started selling to the CISO, the Chief Security Officer. And it became from identity being just an enabling thing to identity being the key to security. And I would say over the last year, and Freddy can chime in on this as well as he talks to a ton of customers, what's happening is the world of identity and security are really merging with concepts like Zero Trust, which is like this post-network perimeter world where you have to really manage the security and identity of every person, every device. That is really becoming one conversation. I think it's a huge driver in our business. Not to mention that as we've all seen just watching the news and so forth and every time you have to -- every time you get a notice that you have to reset your credit card number, we know that breaches and these kind of things are a board-level conversation and a big thing in everyone's mind, and I think that is driving our business as well.

這真的很有趣。我先回答第二個問題，然後比爾可以插話第一個問題。我們的發展是在我們開始的時候，我們真正致力於實現事物。我們正在啟用平台，對吧。例如讓最終用戶真正輕鬆登入、輕鬆推出應用程式和啟用技術。直到公司成立 4、5 年後，我們才真正開始向 CISO（首席安全長）進行銷售。它從身份只是一個使能的東西變成了身份成為安全的關鍵。我想說，在過去的一年裡，弗雷迪可以插話，他也與大量客戶交談，正在發生的事情是，身份和安全的世界確實與零信任等概念融合在一起，就像這篇文章一樣- 網路外圍世界，您必須真正管理每個人、每台設備的安全和身分。這確實成為一場對話。我認為這是我們業務的巨大推動力。更不用說，正如我們在觀看新聞等時所看到的那樣，每次您必須這樣做時，每次您收到必須重置信用卡號的通知時，我們都知道違規行為和此類事情是董事會層級的對話，是每個人心中的一件大事，我認為這也推動了我們的業務。

Yes. Heather, I would just add that it's in both of those big use cases that we think about we see this trend. First of all, for the extended enterprise, companies just need to do a better job with their employees, their contractors and making sure that they have secure and easy access to all these applications and this infrastructure on any mobile device. But it's also when it comes to customer identity and access management, it's -- the customer websites are no longer just resetting a user name or password. It's about ensuring that you have very easy-to-use 2-factor authentication with SMS to phones. Just making sure that, that experience is simple but secure, I think, is of paramount importance for companies today.

是的。 Heather，我想補充一點，在我們認為的這兩個大用例中，我們看到了這個趨勢。首先，對於擴展型企業來說，公司只需要與員工、承包商更好地合作，並確保他們能夠在任何行動裝置上安全、輕鬆地存取所有這些應用程式和基礎設施。但在客戶身分和存取管理方面，客戶網站不再只是重置使用者名稱或密碼。這是為了確保您透過簡訊向手機進行非常易於使用的兩因素身份驗證。我認為，確保這種體驗簡單且安全，對於當今的公司來說至關重要。

And Heather, to address the question you had on the outlook we gave for Q2 revenues, I think there were 2 dynamics that happened in Q1 that I think are relevant and informed us as we thought about what our Q2 forecast was. First of all, we beat and exceeded our professional services revenue significantly versus what we had anticipated. Primarily, the reason for that is we had a lot of large enterprise deals closing at the end of Q4, did those deployments in Q1, had much higher utilization from our professional services. So we saw some real uptick in revenues from what we anticipated from that. The second thing is that during the course of the Q1 quarter, we had a lot more linearity in the business than we had anticipated. And both of those things, we took into consideration as we thought about how those dynamics played out in Q1 and factored it into what our Q2 forecast is. We certainly are feeling very strong about the business, the underlying market and -- the underlying market landscape and feel like this is a very prudent guidance, but very -- we are still very -- we are very bullish on the business.

希瑟，為了解決您對我們對第二季收入前景的疑問，我認為第一季發生了兩個動態，我認為它們是相關的，並在我們思考第二季預測時告知了我們。首先，我們的專業服務收入大大超出了我們的預期。主要是因為我們在第四季末完成了許多大型企業交易，這些部署是在第一季完成的，我們的專業服務的使用率要高得多。因此，我們看到收入比我們預期的有所增長。第二件事是，在第一季期間，我們的業務線性度比我們預期的要高得多。當我們思考這些動態在第一季如何發揮作用並將其納入我們第二季的預測時，我們考慮了這兩件事。當然，我們對業務、基礎市場和基礎市場格局感覺非常強烈，感覺這是一個非常謹慎的指導，但我們仍然非常看好這項業務。

We'll hear next from Rob Owens from KeyBanc Capital Markets.

接下來我們將聽取來自 KeyBanc Capital Markets 的 Rob Owens 的演講。

This is Mike Casado on for Rob Owens. In terms of the cross-sell activity in the quarter, how would you rank order the contribution by product? And I guess relatedly, I'm hoping you can speak to the early reception of ThreatInsight and in particular, how the promise of passwordless access might be aiding the pipeline for adaptive SSO and adaptive MFA.

我是麥克·卡薩多 (Mike Casado)，替補羅布·歐文斯 (Rob Owens)。就本季的交叉銷售活動而言，您如何按產品對貢獻進行排序？我想與此相關的是，我希望您能談談 ThreatInsight 的早期接受情況，特別是無密碼存取的承諾如何幫助自適應 SSO 和自適應 MFA 的發展。

The -- so the answer to the ThreatInsight is related to the impact of the -- which products. So the core identity products remain very strong. Adaptive MFA had a strong quarter, and we've also continued -- kind of going down the list, we've also continued to see the Lifecycle Management be a differentiator, especially against some of the more narrow traditional access management players in the market. And then as well as -- the other big driver in our business is customer identity. So every company is figuring how they can become more of a technology company, and identity helps them with that, and that had a strong quarter as well.

因此，ThreatInsight 的答案與哪些產品的影響有關。因此，核心身份產品仍然非常強大。自適應 MFA 有一個強勁的季度，我們也繼續 - 某種程度的下降，我們也繼續看到生命週期管理成為一個差異化因素，特別是相對於市場上一些更狹窄的傳統訪問管理參與者。然後，我們業務的另一個重要驅動力是客戶身分。因此，每家公司都在考慮如何成為更像科技公司的公司，而身分識別可以幫助他們實現這一點，而且這個季度也表現強勁。

That makes sense, Todd. I also know that Okta had been in the U.K., Australia and Canada. So can you help us understand the considerations that put Paris and Stockholm next on the list and more broadly, how you're thinking about the partnership contribution as you eye that international opportunity?

這是有道理的，托德。我還知道 Okta 去過英國、澳洲和加拿大。那麼，您能否幫助我們了解將巴黎和斯德哥爾摩列為下一個名單的考慮因素？更廣泛地說，您在關注國際機會時如何考慮合作夥伴關係的貢獻？

Yes. Hey, Mike, this is Frederic. So happy to do that. I think when you think about the mark -- the expansions that we have across our offices, you've seen us obviously expand throughout the years as we continue to grow. You saw us add San Jose last year and now doubling the footprint there. You see us with the San Francisco headquarters consolidating at 100 First St. later this year, which are great moves. Internationally as well, you continue to see the business expand. When you think about those mark -- those office expansions you mentioned, specifically Paris and Stockholm, I think a couple of things there. First of all, they're markets where we see a quick expansion of cloud adoption and of mobile applications. So when you think about not only Europe, I think France is one of the fastest-growing Software as a Service adoption countries. And then the Nordics have been good adopters of Software as a Service applications for a number of years now. But I would think about those office openings as actually lagging indicators because we've had strong performance in those countries already for a number of years. A good example is our global energy company like ENGIE in France. We've been servicing a lot of those large players throughout Europe from our U.K. headquarters, which continues to grow very fast as well, but we think it's a growing sign of solid play with our customers to have more and more folks in territory with offices and really planting the flag that we're there for the long term.

是的。嘿，麥克，這是弗雷德里克。很高興這樣做。我認為，當您想到我們在各個辦事處的擴張時，您會發現我們多年來隨著我們的不斷發展而明顯擴大。您看到我們去年增加了聖何塞，現在將那裡的足跡增加了一倍。今年晚些時候，我們將舊金山總部合併到第一街 100 號，這是一個偉大的舉措。在國際上，您也將看到業務不斷擴張。當你想到那些標誌——你提到的那些辦公室擴建，特別是巴黎和斯德哥爾摩時，我想到了一些事情。首先，我們在這些市場中看到雲端採用和行動應用程式的快速擴展。因此，當您不僅考慮歐洲時，我認為法國是軟體即服務採用成長最快的國家之一。多年來，北歐地區一直是軟體即服務應用程式的良好採用者。但我認為這些辦公室的開設其實是落後指標，因為多年來我們在這些國家已經取得了強勁的業績。一個很好的例子是我們的全球能源公司，例如法國的 ENGIE。我們一直在英國總部為整個歐洲的許多大型企業提供服務，該總部也在繼續快速成長，但我們認為，越來越多的人在當地設有辦事處，這是與我們的客戶進行穩固合作的日益增長的跡象並真正樹立我們長期存在的旗幟。

Sterling Auty from JPMorgan.

來自摩根大通的斯特林·奧蒂。

I want to start with how, if at all, has the mix of products in both your initial deals and then more of your expansion deals changed in the last couple of quarters? Because it definitely feels like the large deal traction is growing.

我想先了解您最初的交易以及過去幾季的更多擴張交易中的產品組合是否發生了變化（如果有的話）？因為確實感覺到大宗交易的吸引力正在增長。

Yes, thanks for the question. So I think as you've seen, we continue to deepen the breadth of the products that we have. Meaning there's more and more functionality in all of those products. Obviously, with an agile development life cycle, we release software throughout the course of the year and customers benefit from that. I think what that means is that each of those products starts becoming more and more feature complete, so we can really start to land with any of our products in both use cases, both internal and external. And those landing opportunities, first of all, we're doing it inside large organizations, which is why you see the growth in the over $100,000 a year ARR. Over half of the growth of those logos from this past quarter were net new logos. So that's the first thing. You see this increased opportunity for us inside these large enterprises, but also you continue to see more and more use cases. As we deepen the products and each of those products can go into both of the use cases, you've got more and more use cases where we can help larger organizations, something that I'm personally very, very excited about in the times ahead.

是的，謝謝你的提問。所以我認為正如您所看到的，我們繼續深化我們擁有的產品的廣度。這意味著所有這些產品的功能越來越多。顯然，透過敏捷的開發生命週期，我們全年發佈軟體，客戶從中受益。我認為這意味著每個產品的功能開始變得越來越完整，因此我們可以真正開始在內部和外部的兩個用例中使用我們的任何產品。首先，這些落地機會是在大型組織內部進行的，這就是為什麼您會看到每年 ARR 超過 100,000 美元的成長。上個季度這些標誌成長的一半以上是淨新標誌。這是第一件事。您會看到我們在這些大型企業內部的機會增加，而且您也會繼續看到越來越多的用例。隨著我們深化產品，並且每個產品都可以進入這兩個用例，您將擁有越來越多的用例，我們可以幫助更大的組織，這是我個人在未來非常非常興奮的事情。

That makes sense. And then one follow-up. How should we think about how you monetize the new relationship with VMware? And how does that ramp in the coming quarters?

這就說得通了。然後是一個後續行動。我們該如何考慮您如何利用與 VMware 的新關係獲利？未來幾季的成長情況如何？

Yes. So thanks. For those of you who were not at Oktane, we announced a great partnership with VMware just a couple of weeks ago, which we're very, very excited about. It's something, frankly, that customers are thrilled about. On day 2 of the show, we actually had the Chief Technology and Digital Officer of JetBlue onstage. And he said, hey, I love the announcement from yesterday. It's something I'm already going to put into play, which is great. So we see a great opportunity to work with our friends at VMWare to both improve customer experiences as well as obviously for Okta to broaden the prospective customer base that we can go after. What you should expect in the coming months is we're going to continue to build out not only the product but also the go-to-market partnership on all those sides, and you'll continue to see that. We are not planning on any specific revenue uplift for the next quarter or the next couple of quarters from that partnership. But certainly, I think that over time, it could be a very important partnership, and I think it's also a good indication of larger and larger enterprises and partnerships that we can do to go and address the enterprise market.

是的。那謝謝啦。對於那些不在 Oktane 的人來說，幾週前我們宣布與 VMware 建立良好的合作夥伴關係，對此我們感到非常非常興奮。坦白說，這是讓客戶感到興奮的事情。在展會第二天，捷藍航空的首席技術和數位長登上了舞台。他說，嘿，我喜歡昨天的公告。這是我已經要投入使用的東西，這很棒。因此，我們看到了與 VMWare 的朋友合作的絕佳機會，不僅可以改善客戶體驗，而且對於 Okta 來說顯然也可以擴大我們可以追求的潛在客戶群。在接下來的幾個月裡，您應該期待的是，我們不僅將繼續開發產品，還將繼續在所有方面建立上市合作夥伴關係，您將繼續看到這一點。我們不打算透過該合作夥伴關係在下一個季度或接下來的幾個季度實現任何具體的收入成長。但當然，我認為隨著時間的推移，這可能會成為一種非常重要的合作夥伴關係，而且我認為這也很好地表明了越來越大的企業和合作夥伴關係，我們可以採取這些措施來解決企業市場問題。

Yes. And I'll just add, Sterling, for me, it's just a kind of a representation of the presence in the market we've built up and the -- how we've become a really compelling partner with some of the largest software companies in the world to work with. It's important for us as we try to integrate broadly and deeply across the entire ecosystem, that leverage in the market that drives to partnerships and collaboration is important for our strategy going forward.

是的。我只想補充一點，斯特林，對我來說，這只是我們在市場上的存在的一種代表，以及我們如何成為一些最大的軟體公司真正引人注目的合作夥伴在世界上一起工作。當我們試圖廣泛且深入地整合整個生態系統時，這對我們來說很重要，推動合作夥伴關係和協作的市場槓桿對於我們未來的策略非常重要。

We'll hear next from Alex Henderson from Needham & Company.

接下來我們將聽取來自 Needham & Company 的 Alex Henderson 的演講。

Just a housekeeping item. Can you tell us what the ending share count was if you had been profitable for valuation calculations? And while you're looking that up, let me ask the broader question. So very impressive conference Oktane19 (sic) [Oktane18], up 50%. A huge turnout there. It seems pretty clear that you guys are really outrunning any competitor that might want to get into this space with the scale of your integration network and the attention you're getting. Have you seen any change in the competitive dynamics as your integration network gets larger and larger? Are there any reactions from these competitors? Are they falling out of -- showing up at fewer deals? Can you give us any metrics around how you see the competitive landscape as a result of your obvious huge success?

只是一個家務用品。如果您在估值計算中獲利，您能否告訴我們最終的股票數量是多少？當你查找這個問題時，讓我問一個更廣泛的問題。非常令人印象深刻的會議 Oktane19（原文如此）[Oktane18]，成長了 50%。那裡的投票率很高。很明顯，憑藉您的整合網路規模和您所獲得的關注，您確實超越了任何可能想進入這個領域的競爭對手。隨著您的整合網路變得越來越大，您是否發現競爭動態發生了任何變化？這些競爭對手有何反應？他們是否會退出——出現在更少的交易中？您能否提供我們一些指標來說明您如何看待您所取得的巨大成功所帶來的競爭格局？

So it's a really -- it's a key question, and while we look at -- we definitely track competitive win rates and think about competitive landscape. The primary focus is on addressing more use cases and broadening the platform and the capabilities. And I think a lot of the -- as you mentioned, a lot of the things that Oktane or a lot of the announcements are around that, more use cases, more applicability, more value to our customers. And I think in turn -- like specifically on competition, the other thing I'll add is that employee identity has a different set of competitors than customer identity. Customer identity is build versus buy. So the strategy there is make sure we communicate to the world that there is a better alternative than building this themselves. That you can use Okta as a component and solve these identity and security challenges and make your customer experience better and make your product or website or mobile app better. So that's on the customer identity side. On the internal identity -- on the employee identity side, I would say kind of the numbers and the growth there tell the story of the competitive environment, namely the competitive positioning we're seeing is strong and consistent with what we've seen over the last several years, so we're very happy about that. And I think it's -- you mentioned it in one of your questions, kind of like we see the big platform players, but folks like Microsoft, they have a different worldview than us, or even Salesforce or Microsoft. They think about their platform, Azure or the Salesforce platform. They don't think about a broad ecosystem of technology. All of that can be used by our customers to be successful regardless of whose platform it might run on. So that's just a different worldview, and I think that's why you see strength in competitive win rates against those kind of folks. And then the other thing you talked -- you said was just scale. And I think a bunch of other competitors that are more point providers or identity-type providers, we're just kind of out-executing them on a scale and a product perspective, and that's adding up to the success we're seeing.

所以這確實是一個關鍵問題，當我們觀察時，我們肯定會追蹤競爭獲勝率並考慮競爭格局。主要重點是解決更多用例並擴大平台和功能。我認為，正如您所提到的，Oktane 的許多事情或很多公告都是圍繞這一點，更多的用例，更多的適用性，為我們的客戶帶來更多的價值。我反過來想——就像特別是在競爭方面一樣，我要補充的另一件事是，員工身分與客戶身分有不同的競爭對手。客戶身份是建構而不是購買。因此，我們的策略是確保我們向世界傳達這樣的訊息：有比自己建構更好的選擇。您可以使用 Okta 作為元件來解決這些身分和安全挑戰，讓您的客戶體驗更好，讓您的產品或網站或行動應用程式變得更好。這就是客戶身分的問題。在內部認同方面——在員工身分方面，我想說，那裡的數字和成長講述了競爭環境的故事，即我們看到的競爭定位是強大的，並且與我們所看到的一致。過去幾年，我們對此感到非常高興。我認為，您在一個問題中提到了這一點，有點像我們看到了大型平台參與者，但像微軟這樣的人，他們有與我們不同的世界觀，甚至與 Salesforce 或微軟不同。他們會考慮自己的平台、Azure 或 Salesforce 平台。他們沒有考慮廣泛的技術生態系統。無論在哪個平台上運行，我們的客戶都可以利用所有這些來取得成功。所以這只是一種不同的世界觀，我認為這就是為什麼你會看到與這類人的競爭獲勝率的優勢。然後你談到的另一件事——你說的只是規模。我認為許多其他競爭對手更多的是積分提供商或身份類型提供商，我們只是在規模和產品角度上超越了他們，這增加了我們所看到的成功。

So no change in pricing in reaction to your success?

那麼您的成功沒有導致定價改變嗎？

No, we're not seeing that.

不，我們沒有看到這一點。

And that share count?

那份額是多少？

Alex, I don't have that at my fingertips since you were asking it based on if we were fully profitable, but we'll get back to you on that after the call.

亞歷克斯，我手邊沒有這個訊息，因為你是根據我們是否完全盈利來詢問的，但我們會在通話後回覆你。

(Operator Instructions) We'll hear next from Terry Tillman from SunTrust Robinson Humphrey.

（操作員說明）接下來我們將聽取 SunTrust Robinson Humphrey 的 Terry Tillman 的發言。

Can you hear me okay?

你聽得到我說話嗎？

Yes. We're hearing a little static on the line. Hopefully everyone can hear us as well.

是的。我們聽到線路中有一點靜電聲。希望每個人也能聽到我們的聲音。

Yes. Sorry about that. I'm going to blame it on my phone. This kind of quarter, when it's strong like this, we end up getting relegated to asking like a CapEx question, but I actually still have a couple of questions -- I have a couple of questions that hopefully are worthwhile. First, I guess, Todd, in terms of Okta API for One App, is this just kind of a test-and-learn type dynamic? Or do you actually see enough already that this could actually accelerate customer identity business or at least the landings, if you will?

是的。對於那個很抱歉。我會把它歸咎於我的手機。在這樣的季度，當它如此強勁時，我們最終會被降級為提出資本支出問題，但實際上我仍然有幾個問題——我有幾個問題希望是有價值的。首先，托德，我想，就一個應用程式的 Okta API 而言，這只是一種測試和學習類型的動態嗎？或者您已經充分認識到這實際上可以加速客戶身份業務或至少是落地（如果您願意的話）？

It's definitely the second thing you said. It's a result of learning that isn't a test-and-learn. So we've learned being in this business now for a few years that traditionally, we've entered the customer identity business from the enterprise side. Meaning that it was complex, multi-directory, multi-application, high scale, high user load. And then last year at Oktane, we -- the year before this Oktane, we introduced the developer -- API products for developers. And that was more of the -- for a developer to do a quick proof-of-concept or POC. And the learning there was that they needed something in the middle. They needed something that was beyond the developer API products but not all the way up at the enterprise level. And that's -- API products for One App is a result of that. So we're really excited about this, and we think that it's going to give us another landing point for this important part of our business.

這絕對是你說的第二件事。這是學習的結果，而不是測驗和學習。因此，我們已經了解到，在這個行業已經有幾年了，傳統上，我們是從企業方面進入客戶身份業務的。這意味著它是複雜的、多目錄、多應用程式、高規模、高用戶負載。然後去年在 Oktane，我們——前年 Oktane，我們推出了開發者——開發者的 API 產品。更重要的是，開發人員可以快速進行概念驗證或 POC。我們了解到他們需要中間的東西。他們需要的東西超出了開發人員 API 產品的範圍，但又不是一直上升到企業層級。這就是——One App 的 API 產品就是這一結果。因此，我們對此感到非常興奮，我們認為這將為我們業務的這一重要部分提供另一個著陸點。

Great. And as a follow-up on the customer identity side. This is maybe just selfishly an education question for me in terms of are there any notable demand differences or trends as it relates to you guys getting customer identity wins where it's a custom-develop type situation as opposed to like an ISV or a packaged app like Adobe?

偉大的。作為客戶身分的後續行動。對我來說，這可能只是一個自私的教育問題，因為它與你們獲得客戶身份勝利有關，這是一個定制開發類型的情況，而不是像ISV 或像這樣的打包應用程序那樣，是否存在任何顯著的需求差異或趨勢。阿多比？

Yes, no problem. Happy to answer the questions. The customer identity business is -- the majority of it is they're building a website or a mobile app versus them being a software vendor themselves. We have many of those, but the majority is that it's a company transforming their customer experience by building a website or a mobile app. The example we gave earlier on the call of FICO, right, that's FICO modernizing their customer experience using Okta as a component inside something they're building.

是沒有問題。很高興回答問題。客戶身份業務主要是他們正在建立網站或行動應用程序，而不是他們自己成為軟體供應商。我們有很多這樣的公司，但大多數是一家透過建立網站或行動應用程式來改變客戶體驗的公司。我們之前在 FICO 電話會議上給出的例子，對吧，FICO 使用 Okta 作為他們正在建造的東西中的組件來現代化他們的客戶體驗。

And I will just add that I do think you touched on the Adobe piece. That is -- I wouldn't say it's a trend, but we're seeing more and more of that. For example, we have customers like Splunk or Palo Alto Networks or ServiceNow, where they start using us for the extended enterprise, then they start using us for customer identity and access management, and then they just see the value of actually putting us right inside their products. So that is something where we're very excited about the opportunity to work with some of the leading technology providers out there. But yes, customer identity and access management more broadly is every company has to become a technology company and provide better interfaces and experiences for their customers and their partners and their vendors, and that's something we're very excited to help them with.

我只想補充一點，我認為您確實談到了 Adob​​e 的文章。也就是說——我不會說這是一種趨勢，但我們看到越來越多的這種趨勢。例如，我們有 Splunk、Palo Alto Networks 或 ServiceNow 等客戶，他們開始將我們用於擴展企業，然後開始使用我們進行客戶身份和訪問管理，然後他們就看到了將我們真正置於內部的價值他們的產品。因此，我們對有機會與一些領先的技術提供者合作感到非常興奮。但是，是的，更廣泛地說，客戶身分和存取管理是每家公司都必須成為一家技術公司，並為其客戶、合作夥伴和供應商提供更好的介面和體驗，這是我們非常高興能夠幫助他們的事情。

We'll move next to Jonathan Ho from William Blair.

我們將移至威廉布萊爾 (William Blair) 的喬納森何 (Jonathan Ho) 旁邊。

I just wanted to, I guess, go back to one of your comments around more evidence that the company is now becoming the central identity platform. I guess, I wanted to kind of delve a little bit further and understand maybe what supports that claim and maybe what the implications are in terms of how your customers will then deal with their other partners and suppliers.

我想，我只是想回到你的評論之一，圍繞更多證據表明該公司現在正在成為中央身份平台。我想，我想進一步深入研究一下，了解支持這項主張的因素，以及您的客戶將如何與其他合作夥伴和供應商打交道的影響。

It's a good question. We think about that a lot. And I think as we were preparing the comments and the materials for the release and the call, it really comes down to the different types of identities in their ecosystem that they're managing through Okta and then the use cases that they're using Okta to solve. And the more types of identities, be it customers, partners, employees, in managing through Okta and the more use cases, whether it's customers logging in to a website or employees or partners logging in to collaborate, that -- when enough of that happens, that's when we say we're the standard in that organization versus -- a lot of times, the journey with Okta begins very, very flexibly in solving an immediate problem a customer has, right? Maybe it's one application they're trying to get rolled out or a new project they're trying to build. And then over time, we become the standard as we take on more and more identities and use cases. I think that -- we talked a lot about reducing friction and complexity and allowing our customers to focus on the benefits of technology versus like the plumbing. And the challenge to that is complexity and different ways things are done and different protocols and different standards and different design patterns. And I think to your question about what our growing presence in this market, in this ecosystem allows us to do is it allows us to help standardize some of that stuff. So it standardizes the approaches of identity and how you get to this world of Zero Trust perimeterless security, how you really create a customer experience without having to reinvent the wheel from identity. And the more prevalence we get, the more partners we can work with, and the more things we can connect to, the more we standardize how things are done and the more effective we can be removing that complexity from customers' environments and helping them achieve their business goals faster, and that's kind of the core of what we're trying to do.

這是一個好問題。我們對此思考了很多。我認為，當我們準備發布和電話會議的評論和資料時，這實際上取決於他們透過 Okta 管理的生態系統中不同類型的身份，以及他們使用 Okta 的用例來解決。透過 Okta 進行管理時，身分類型越多，無論是客戶、合作夥伴、員工，用例就越多，無論是客戶登入網站，還是員工或合作夥伴登入進行協作，當發生足夠多的情況時， ，當我們說我們是組織的標準時，很多時候，與Okta 的旅程開始於非常非常靈活地解決客戶面臨的緊迫問題，對嗎？也許這是他們試圖推出的一個應用程序，或者是他們試圖建立的新項目。隨著時間的推移，隨著我們採用越來越多的身份和用例，我們就成為了標準。我認為 - 我們談論了很多關於減少摩擦和複雜性，並讓我們的客戶專注於技術而不是管道等的好處。其挑戰在於複雜性、不同的完成方式、不同的協議、不同的標準和不同的設計模式。我認為，對於你的問題，我們在這個市場、這個生態系統中不斷增長的存在讓我們能夠做的是，它讓我們能夠幫助標準化其中一些東西。因此，它標準化了身份方法，以及如何進入零信任無邊界安全的世界，如何真正創建客戶體驗，而無需從身份中重新發明輪子。我們的普及程度越高，我們可以合作的合作夥伴就越多，我們可以連接的事物越多，我們的工作方式就越標準化，我們就越能有效地消除客戶環境中的複雜性並幫助他們實現目標他們更快地實現業務目標，這就是我們正在努力做的核心事情。

And Jonathan, I would just add, since you were at Oktane, you heard folks like the CIO of Cardinal Health or the CISO of Allergan, Fortune 15, Fortune 500 companies talking about how they are seeing Okta. After solving specific problems, they really start thinking about Okta as a foundational platform throughout their organization as they're modernizing IT both for the extended enterprise and for customer identity management, which is very exciting. But I think what's more exciting even is that it's very early innings. Our penetration in the enterprise is just starting, and the opportunity in the years ahead is very exciting.

Jonathan，我想補充一點，自從您在 Oktane 工作以來，您就聽到 Cardinal Health 的 CIO 或 Allergan、財富 15 強、財富 500 強公司的 CISO 等人談論他們如何看待 Okta。在解決特定問題後，他們真正開始考慮將 Okta 作為整個組織的基礎平台，因為他們正在為擴展企業和客戶身分管理實現 IT 現代化，這非常令人興奮。但我認為更令人興奮的是，現在還處於早期階段。我們對企業的滲透才剛開始，未來幾年的機會非常令人興奮。

Great. And then just as a follow-up. Just given the strength in the gross margins this quarter, how should we be thinking about that as we think about the margins over the course of the year just given the overperformance on professional services?

偉大的。然後作為後續行動。考慮到本季毛利率的強勁表現，當我們考慮到專業服務的出色表現而考慮全年的利潤率時，我們應該如何考慮這一點？

Yes, Jonathan. This is Bill. Like I said, we thought Q1 was an exceptional quarter because of the fact that it's a seasonally strong quarter when you have a lot of business coming in at the end of Q4 and you've done those -- you do those deployments in Q1. So we had very, very strong utilization in that quarter. I think that going forward, we're not changing, making any fundamental changes in our gross margin assumptions. I think to the extent we do continue to overperform on professional services margin, there will be some upside. But I think overall, we're keeping the same assumptions going [progress through] the year.

是的，喬納森。這是比爾。正如我所說，我們認為第一季是一個特殊的季度，因為這是一個季節性強勁的季度，第四季度末有大量業務進入，並且您已經完成了這些業務- 您在第一季度進行了這些部署。所以我們在那個季度的使用率非常非常高。我認為，展望未來，我們不會改變，不會對毛利率假設做出任何根本性的改變。我認為，只要我們在專業服務利潤率上繼續表現出色，就會有一些上升空間。但我認為總體而言，我們在這一年中[取得進展]保持著相同的假設。

Shaul Eyal from Oppenheimer.

奧本海默的肖爾·埃亞爾。

Todd, can you share with us how GDPR playing into the equation? Are you seeing accelerated conversion from just interest over the course of the past few quarters into actual revenues?

Todd，您能否與我們分享 GDPR 如何發揮作用？您是否看到過去幾季從單純的利息加速轉化為實際收入？

It's definitely on everyone's mind and the conversations are very prevalent. And it's kind of happening at the same time as all these other trends we're talking about. Companies trying to modernize their technology environments. Companies trying to transform their customer experience. So sometimes, it's hard to tease apart about what is driving what, but I will tell you this, that every company is trying to figure out this inevitable -- the inevitable regulatory impact on everything they're trying to do. And they're looking for partners that can help them do that. They're looking for people that know how to be GDPR-complaint and other regulations, by the way, compliant themselves, or looking for people that have expertise in like how that maps to what the customer is trying to do, both from an internal perspective and from a customer -- their customer's perspective. So we've become very conversant in that both in our own compliance and in the industry we're in. And it's -- we're having productive conversations that are resonating helping customers. So I think -- overall, I think it's a very positive thing for us and for the industry. But I do -- I also think there's a lot of work to do as an industry to regulate and to effectively balance all of these competing priorities, personal data, security, privacy, compliance. And I think we're happy to work with our customers and with the regulators to push that all forward.

這肯定是每個人都關心的問題，而且討論也非常普遍。它與我們正在談論的所有其他趨勢同時發生。試圖實現技術環境現代化的公司。試圖改變客戶體驗的公司。因此，有時，很難區分是什麼在推動什麼，但我會告訴你，每家公司都在試圖弄清楚這個不可避免的問題——不可避免的監管對他們所做的一切的影響。他們正在尋找可以幫助他們做到這一點的合作夥伴。順便說一句，他們正在尋找知道如何遵守 GDPR 和其他法規的人，或者尋找具有專業知識的人，例如如何映射到客戶想要做的事情，無論是從內部從客戶的角度——他們的客戶的角度。因此，無論是在我們自己的合規性方面還是在我們所處的行業中，我們都非常熟悉這一點。我們正在進行富有成效的對話，這些對話正在幫助客戶產生共鳴。所以我認為，總的來說，我認為這對我們和整個行業來說都是一件非常積極的事情。但我確實 - 我也認為作為一個行業，還有很多工作要做，以監管和有效平衡所有這些相互競爭的優先事項，包括個人資料、安全、隱私、合規性。我認為我們很高興與客戶和監管機構合作，推動這一切向前發展。

Understood. And my follow-up question could be a little tricky here. Looking at your new net 350 customers that you booked this quarter, even just from a qualitative perspective, how many of them are -- would you define as displacements? How many do you think are pure greenfields?

明白了。我的後續問題可能有點棘手。看看您本季預訂的淨 350 名新客戶，即使只是從定性角度來看，其中有多少客戶 - 您會將其定義為流失嗎？您認為有多少是純綠地？

Yes. I don't know. I don't know the number. Yes. It's essentially like why I don't know the number is because I think it's very -- it happens gradually, right? Our motion is we start solving problems and deliver value very quickly. And over time, it might end up into a sizable account even before we've displaced anything, let alone a global multimillion dollar installation of a legacy identity suite. So I'd say the default motion for us is coexistence and over time add more and more value with more use cases and more capabilities and becoming the standard and then over a number of years, it's a displacement. So yes, I think that's been our motion, and that's kind of the trend we've continued to see. With the -- obviously, we see more and more displacements because the product has gotten a lot better than it -- over the last few years, it's continuously improved. And customers' move to the cloud and modern technology has put their architectures in a place where what we do in the Identity Cloud makes incredible amount of sense, and the pattern of using it to displace legacy technologies is more obvious than ever. So those are more prevalent than they have been, and we've continued -- we expect that to continue going forward.

是的。我不知道。我不知道號碼。是的。這本質上就像為什麼我不知道這個數字是因為我認為它是逐漸發生的，對嗎？我們的行動是開始解決問題並快速交付價值。隨著時間的推移，甚至在我們取代任何東西之前，它就可能最終成為一個相當大的帳戶，更不用說在全球範圍內花費數百萬美元安裝遺留身份套件了。所以我想說，我們的預設動作是共存，隨著時間的推移，透過更多的用例和更多的功能來增加越來越多的價值，並成為標準，然後經過幾年，這是一種替代。所以，是的，我認為這就是我們的動議，也是我們繼續看到的趨勢。顯然，我們看到越來越多的排氣量，因為產品已經比它好得多，在過去的幾年裡，它不斷改進。客戶向雲端和現代技術的遷移已經將他們的架構置於我們在身分識別雲中所做的事情變得非常有意義的地方，並且使用它來取代傳統技術的模式比以往任何時候都更加明顯。因此，這些問題比以往更加普遍，我們一直在繼續——我們預計這種情況將繼續下去。

We'll hear next from Gray Powell from Deutsche Bank.

接下來我們將聽取德意志銀行格雷·鮑威爾的演講。

So at the conference a couple of weeks ago, you talked about how customers are purchasing more modules on day 1. So I'd be curious like what's the typical increase in a contract if a customer buys MFA in addition to SSO and Universal Directory. And then would it be common for that customer to expand MFA to all users at the company? Or is it just -- is it really just like a certain subset of high-priority users?

因此，在幾週前的會議上，您談到了客戶如何在第一天購買更多模組。因此，我很好奇，如果客戶除了SSO 和通用目錄之外還購買了MFA，合約的典型增量是多少。那麼該客戶將 MFA 擴展到公司的所有用戶是否很常見？或者它真的就像高優先用戶的某個子集嗎？

Yes. Gray, thanks for the question. So I think there's a couple of things there that you talked about. The first one was as customers purchase more, as you know, for the different products, they're priced on a per product basis. So as you would go up and add more modules, as you call them, from Single Sign-On, Universal Directory, adding in something like Multi-Factor Authentication, obviously, you would pay in addition for that specific product. I think what's more exciting when we take a step back is that each of these different products are now so feature-rich that you can land with any of the products. So it might be the case, for example, that you have Single Sign-On, Universal Directory and layer on Multi-Factor Authentication. We certainly see that in examples like Mattel, where they've been a customer for a while using those Single Sign-On, Universal Directory products and then added Multi-Factor Authentication this quarter, which we talked about. But you also start to see a situation where each of the specific products can be purchased as a point solution. For example, we talked on this call a couple of quarters ago about a large financial institution. They were looking to enhance their customer-facing web properties, and for high net worth individuals, they wanted to provide Multi-Factor Authentication for that specific piece. So that would be a good opportunity where we'd start externally with customer identity management and then be able to go back internally for extended enterprise later on. So I think what you start to see is you can really land with any of these products in either of the use cases.

是的。格雷，謝謝你的提問。所以我認為你談到了一些事情。第一個是，如您所知，隨著客戶購買更多不同的產品，它們會以每種產品定價。因此，當您從單一登入、通用目錄中添加更多模組（如您所說），並添加諸如多重身份驗證之類的內容時，顯然，您需要為該特定產品額外付費。我認為，當我們退後一步時，更令人興奮的是，這些不同的產品現在功能都非常豐富，您可以使用任何產品。例如，您可能擁有單一登入、通用目錄和多重驗證層。我們當然在像 Mattel 這樣的例子中看到了這一點，他們已經成為使用單一登入、通用目錄產品一段時間的客戶，然後在本季度添加了我們談到的多重身份驗證。但您也開始看到每種特定產品都可以作​​為單點解決方案購買的情況。例如，幾個季度前我們在這次電話會議上討論了一家大型金融機構。他們希望增強面向客戶的網路屬性，對於高淨值人士，他們希望為該特定部分提供多重身份驗證。因此，這將是一個很好的機會，我們可以從外部開始進行客戶身分管理，然後再回到內部進行擴展企業。所以我認為你開始看到的是你真的可以在任何一個用例中使用這些產品。

Your final question today will come from Pat Walravens from JMP Securities.

今天的最後一個問題將由 JMP 證券的 Pat Walravens 提出。

Todd or Frederic, I'm not sure who, but can one of you guys comment on what the pipeline and opportunity look like in federal government? So -- and maybe does that -- that Centers for Medicare & Medicaid deal, does that help you position -- help position you for future things?

托德或弗雷德里克，我不確定是誰，但是你們中的一個人能否評論一下聯邦政府的管道和機會是什麼樣的？那麼——也許——醫療保險和醫療補助中心的交易，這是否可以幫助你定位——幫助你為未來的事情定位？

Yes, it's strong. I mean, the government's a big part of the world and a big part of the economy. And like everyone else, they are figuring out how to leverage technology and balance the demands of citizens with also the realities of security. And I think the deal you spoke of, the Center for Medicaid & Medicare Services (sic) [Centers for Medicare & Medicaid Services] is a good example of that. We've done a lot of work in terms of -- we mentioned GDPR earlier, but we've done a ton of work on compliance for federal government regulations. And the more agencies we bring on board, the more evidence for other agencies that we can help them solve their problem. It's definitely an important area for us.

是的，它很強。我的意思是，政府是世界的重要組成部分，也是經濟的重要組成部分。和其他人一樣，他們正在研究如何利用科技並平衡公民的需求與安全現實。我認為你提到的醫療補助和醫療保險服務中心（原文如此）[醫療保險和醫療補助服務中心]就是一個很好的例子。我們在之前提到過 GDPR 方面做了很多工作，但我們在遵守聯邦政府法規方面也做了很多工作。我們邀請的機構越多，其他機構就越有證據表明我們可以幫助他們解決問題。這對我們來說絕對是一個重要的領域。

So like if I have a log-in as a citizen for whatever you do for Medicaid, is there a path to that later when I need to get my passport renewed, being able to use the same one?

因此，就像如果我以公民身份登錄，無論您為醫療補助計劃做什麼，當我需要更新護照時，是否有辦法可以使用相同的護照？

It's a potential. It's a potential. I mean, there's a lot of different websites and different properties involved there, but we'd like to have Okta be behind all of them. And with the success we've had in some parts of the government, we can think it's decently possible that we could leverage and eventually having that be a reality.

這是一個潛力。這是一個潛力。我的意思是，其中涉及許多不同的網站和不同的屬性，但我們希望 Okta 能夠支援所有這些網站。隨著我們在政府某些部門的成功，我們可以認為我們完全有可能利用並最終將其變為現實。

I think what you're seeing -- Todd, I would just add, is what you're seeing in the federal government, also in state and local but particularly in the federal government, I think it's very similar dynamics to the enterprise, where we've been working with them for some time. For example, we're FedRAMP Moderate-certified, which we were sponsored by the CIO over at the Department of Justice, to give you an idea, a couple of years ago. We're continuing to build on that. CMS, which you mentioned, is actually an upsell. They've been a customer for a year now, and this is actually an upsell to the extended enterprise to integrate more services for their partners. But we're -- it's early. Giant market, as you mentioned, it's early. And there's a lot of opportunity, and we're going to continue to make very good progress as we go.

我想你所看到的——托德，我想補充一下，是你在聯邦政府、州政府和地方政府中看到的，特別是在聯邦政府，我認為這與企業的動態非常相似，在企業中我們已經與他們合作了一段時間。例如，幾年前，我們獲得了 FedRAMP 中等認證，這是由司法部 CIO 贊助的，目的是給您一個想法。我們將繼續以此為基礎。您提到的 CMS 實際上是追加銷售。他們成為客戶已經一年了，這實際上是對擴展企業的追加銷售，以便為他們的合作夥伴整合更多服務。但我們——現在還早。巨大的市場，正如你所提到的，現在還很早。這裡有很多機會，我們將繼續取得很好的進展。

And at this time, I would like to turn the conference back over to Mr. Todd McKinnon for any additional or closing comments.

此時，我想將會議轉回給托德·麥金農先生徵求任何補充意見或結束意見。

Thanks, everyone. We appreciate the time, and I love this quote, and it's from one of our customers who -- he's the Chief Digital and -- I want to leave you with this quote as a final thought. So he's the Chief Digital and Technology Officer of JetBlue. And the quote is, "Everything in aviation starts with who you are and what you do. Identity is the key to the success of this airline to keep us safe and secure." So it's really a manifestation of how identity is becoming so important to JetBlue and to that industry, but it's not just aviation. It's every industry that is -- every industry in the world as they all strive to connect their people with the important technologies that -- and make it easy and make it secure. And so the Identity Cloud is truly a foundational platform, and we're investing in all these strategic areas we've talked about. And we believe that, that's going to be the key to our sustained, long term and durable growth. So the market opportunity is immense, and we're still in the early days. So I look forward to bringing some of this excitement and energy that we've talked about today and we're seeing in the marketplace out into when we go on the road and meet with a bunch of you one-on-one in the coming months. So until then, thanks for your attention, and I look forward to speaking with you soon.

感謝大家。我們感謝您的寶貴時間，我喜歡這句話，它來自我們的一位客戶——他是首席數位長——我想把這句話留給您作為最後的想法。所以他是捷藍航空的首席數位和技術長。引言是：“航空業的一切都始於你是誰和你做了什麼。身份是這家航空公司成功的關鍵，可以確保我們的安全。”因此，這確實體現了身份對於捷藍航空和該行業變得如此重要，但不僅僅是航空業。世界上的每個行業都在努力將員工與重要的技術聯繫起來，並使其變得簡單且安全。因此，身份雲確實是一個基礎平台，我們正在投資我們討論過的所有這些策略領域。我們相信，這將是我們持續、長期和持久成長的關鍵。因此，市場機會是巨大的，而我們仍處於早期階段。因此，我期待著將我們今天討論的以及我們在市場上看到的一些興奮和活力帶入到我們即將上路並與你們一對一會面時。幾個月。在此之前，感謝您的關注，我期待盡快與您交談。

That does conclude this evening's teleconference. We thank you all for your participation.

今晚的電話會議到此結束。我們感謝大家的參與。