Okta Inc (OKTA) 2019 Q2 法說會逐字稿

Good day, and welcome to the Okta Second Quarter Fiscal Year 2019 Earnings Call.

美好的一天，歡迎參加 Okta 2019 財年第二季財報電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

At this time, I'd like to turn the conference over to Catherine Buan, VP of Investor Relations.

這次，我想將會議交給投資人關係副總裁 Catherine Buan。

Please go ahead.

請繼續。

Good afternoon, and thank you for joining us on today's conference call to discuss Okta's Fiscal Second Quarter 2019 Financial Results.

下午好，感謝您參加今天的電話會議，討論 Okta 2019 年第二季的財務表現。

My name is Catherine Buan, VP of Investor Relations at Okta.

我叫 Catherine Buan，Okta 投資人關係副總裁。

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

參加今天電話會議的有 Okta 聯合創始人兼執行長 Todd McKinnon； Bill Losch，公司財務長；以及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, our market positioning and benefits that may be derived from our recent acquisition.

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、我們的市場定位以及可能從我們最近的業務中獲得的收益的聲明。獲得。

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編制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 the filings we make with the Securities and Exchange Commission from time to time, including the section titled Risk Factors in the Annual 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提交的文件中，包括先前向美國證券交易委員會提交的10-Q 表格年度報告中標題為「風險因素」的部分。美國證券交易委員會。

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

您還可以在我們的補充資料中找到更多詳細信息，其中包括我們的投資者關係網站上發布的趨勢財務報表和關鍵指標。

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？

Thanks, Catherine, and thanks, everyone for joining us today.

謝謝凱瑟琳，謝謝大家今天加入我們。

Our second fiscal quarter was another record quarter for Okta, with total revenue growing 57% and calculated billings growing 53% year-over-year.

我們的第二財季是 Okta 另一個創紀錄的季度，總營收年增 57%，計算出的帳單年增 53%。

We continued to invest across our business while improving our bottom line.

我們繼續對整個業務進行投資，同時提高我們的利潤。

Operating margin improved over 300 basis points, while free cash flow margin improvement more than 500 basis points year-over-year.

營業利益率年增超過 300 個基點，自由現金流利潤率較去年同期提高超過 500 個基點。

We also had a record quarter in terms of customer growth, especially in customers with over $100,000 of ARR which grew 55% year-over-year.

我們的季度客戶成長也創歷史新高，特別是 ARR 超過 10 萬美元的客戶，年增 55%。

We had a number of customer upsells and new wins in the quarter, of which I'll highlight a few.

本季我們獲得了許多客戶追加銷售和新的勝利，我將重點介紹其中的一些。

First, an existing Okta customer, 21st Century Fox, is using Okta as a key part of its Zero Trust architecture to manage access for more than 30,000 employees and thousands of partners globally.

首先，Okta 的現有客戶 21st Century Fox 正在使用 Okta 作為其零信任架構的關鍵部分來管理全球 30,000 多名員工和數千個合作夥伴的訪問。

This quarter, the company added API Access Management to streamline authorization and further strengthen the company's security posture.

本季度，該公司添加了 API 存取管理，以簡化授權並進一步加強公司的安全狀況。

A new customer win in the quarter was Meraki, a leader in networking solutions and a division of Cisco.

本季贏得的新客戶是 Meraki，它是網路解決方案的領導者，也是思科的一個部門。

Meraki was specifically looking for a lifecycle management solution for its 1,500 employees and they chose Okta after evaluating other options.

Meraki 專門為其 1,500 名員工尋找生命週期管理解決方案，他們在評估其他選項後選擇了 Okta。

The Okta Integration Network was a strong selling point for Meraki as they needed to connect custom applications to other existing cloud applications.

Okta 整合網路是 Meraki 的一個強大賣點，因為他們需要將自訂應用程式連接到其他現有雲端應用程式。

Meraki selected Okta SSO, Universal Directory, Multi-Factor Authentication and Lifecycle Management to save on IT costs, improve productivity and increase overall security.

Meraki 選擇 Okta SSO、通用目錄、多重身份驗證和生命週期管理來節省 IT 成本、提高生產力並提高整體安全性。

NTT DATA Services, a top 10 global IT services provider, was another new customer win in the quarter.

全球十大 IT 服務供應商 NTT DATA Services 是本季贏得的另一個新客戶。

They selected Okta to rework their identity platform as their existing solution couldn't scale quickly to keep pace with their growth, particularly in M&A scenarios and for supporting their remote workforce.

他們選擇 Okta 來改造他們的身份平台，因為他們現有的解決方案無法快速擴展以跟上他們的成長步伐，特別是在併購場景和支援遠端員工方面。

NTT selected Okta for SSO, Universal Directory, Lifecycle Management and Adaptive Multi-Factor Authentication.

NTT 選擇 Okta 進行 SSO、通用目錄、生命週期管理和自適應多重身份驗證。

With Okta, NTT was able to execute their identity as a new perimeter strategy and centralize their employees' identities onto one unified platform.

借助 Okta，NTT 能夠將其身分作為一種新的周邊策略來執行，並將員工的身分集中到一個統一的平台上。

We also added one of the world's largest asset management companies as a new customer in both customer and employee identity management this quarter.

本季我們也增加了全球最大的資產管理公司之一作為客戶和員工身分管理的新客戶。

They selected Okta for 2 key initiatives: One, to help modernize their customer-facing portals and provide better experience for their international customers; and two, to secure and expedite adoption of technologies to help make their 15,000 employees more productive.

他們選擇 Okta 是為了實現兩個關鍵舉措：一是幫助其面向客戶的門戶實現現代化，並為國際客戶提供更好的體驗；第二，確保並加快技術的採用，有助於提高 15,000 名員工的工作效率。

This customer purchased our SSO, Universal Directory, Adaptive Multi-Factor Authentication and Lifecycle Management products across both customer and employee identity deployments to achieve these initiatives.

這位客戶購買了我們的 SSO、通用目錄、自適應多重身份驗證和生命週期管理產品，用於客戶和員工身份部署，以實現這些計劃。

We're pleased with our consistently strong results and the momentum we're seeing, which is being driven by several factors.

我們對我們持續強勁的業績和所看到的勢頭感到滿意，這是由多個因素推動的。

It starts with the significant market tailwind in our favor.

它始於對我們有利的重大市場順風。

Every organization is moving to the cloud.

每個組織都在遷移到雲端。

Every company has to become a technology company, and everyone is worried about security.

每個公司都要成為科技公司，每個人都擔心安全。

We are seeing identity become mainstream as organizations recognize the critical role that identity plays in their environments.

隨著組織認識到身份在其環境中發揮的關鍵作用，我們看到身份成為主流。

Our experience in the market has validated our view that identity is becoming more pervasive and imperative for our customers.

我們的市場經驗證實了我們的觀點，即身分認同對我們的客戶來說變得更加普遍和必要。

We believe that the tailwinds driving customer demand for identity solutions are robust and that we are just beginning to capitalize on this rapidly growing opportunity.

我們相信，推動客戶對身分解決方案需求的強勁動力，我們才剛開始利用這一快速成長的機會。

Here are the 4 reasons why I think we're winning and that make us unique: our technology; our customer-driven strategy; our expansion opportunities; and the network effects inherent in our business model.

以下是我認為我們獲勝並讓我們與眾不同的 4 個原因：我們的技術；我們的客戶驅動策略；我們的擴張機會；以及我們商業模式固有的網路效應。

First, we believe we have the best technology platform for identity in the market.

首先，我們相信我們擁有市場上最好的身份技術平台。

Customers love Okta because our platform is secure, scalable and reliable.

客戶喜歡 Okta，因為我們的平台安全、可擴展且可靠。

We are benefiting from our brand, which is strengthening among CIOs and CISOs.

我們受益於我們的品牌，該品牌在 CIO 和 CISO 中的地位不斷增強。

Also, Okta enables a faster ROI for our customers.

此外，Okta 還可以為我們的客戶帶來更快的投資回報。

Many customers can deploy in days or weeks, not quarters or years.

許多客戶可以在幾天或幾週內完成部署，而不是幾個季度或幾年。

And the Okta Identity Cloud is independent and neutral.

Okta Identity Cloud 是獨立且中立的。

In the real world, most organizations don't choose just one cloud platform.

在現實世界中，大多數組織不會只選擇一種雲端平台。

They will be running hybrid cloud architectures for a long time to come.

他們將在未來很長一段時間內運行混合雲架構。

We are uniquely positioned to consolidate all of a customer's applications to a single identity service.

我們具有獨特的優勢，可以將客戶的所有應用程式整合到單一身分服務中。

Okta's platform allows our customers to choose the best technologies without sacrificing security or stability, which our customers often refer to as helping them future-proof their environments.

Okta 的平台使我們的客戶能夠在不犧牲安全性或穩定性的情況下選擇最好的技術，我們的客戶通常稱之為幫助他們的環境適應未來發展。

Lastly, our technology is designed not only to have the best features and functionality but also to address our customers' business pain points.

最後，我們的技術不僅旨在擁有最佳的特性和功能，而且還旨在解決客戶的業務痛點。

We integrate at the workflow level so that users can automatically take advantage of the functionality across their modern cloud applications such as ServiceNow, Palo Alto Networks and Box, without weeks of custom configuration.

我們在工作流程層級進行集成，以便用戶可以自動利用其現代雲端應用程式（例如 ServiceNow、Palo Alto Networks 和 Box）的功能，而無需進行數週的自訂配置。

Okta removes the friction from the process of moving to the cloud.

Okta 消除了遷移到雲端過程中的阻力。

This brings me to the second reason we're winning: our customer-driven strategy.

這讓我想到了我們獲勝的第二個原因：我們的客戶驅動策略。

Our customer-first focus is not just a slogan.

我們以客戶至上為中心不僅僅是一個口號。

It impacts everything we do, how we design and develop our technologies, how we go to market, how we service our customers every day.

它影響我們所做的一切，我們如何設計和開發我們的技術，我們如何進入市場，我們如何每天為客戶服務。

So as we look at our long-term product strategy, we strive to anticipate what will solve our customers' business pain points today and over time.

因此，當我們審視長期產品策略時，我們努力預測什麼將解決客戶當前和未來的業務痛點。

Let me give you some examples of specific pain points.

讓我舉一些具體痛點的例子。

One customer challenge we helped solve is connecting customers and critical partners to corporate systems.

我們幫助解決的一項客戶挑戰是將客戶和關鍵合作夥伴連接到企業系統。

For example, in making a blockbuster film, 21st Century Fox collaborates with over 200 companies from content creation to content distribution.

例如，在製作一部大片時，21 世紀福斯公司與 200 多家公司從內容創作到內容發行進行了合作。

Okta connects Fox with key business partners that are connected into its digital supply chain.

Okta 將 Fox 與其數位供應鏈中的主要業務合作夥伴聯繫起來。

The success they have had with Okta over the years has resulted in multiple upsells.

多年來，他們在 Okta 上取得的成功帶來了許多追加銷售。

Another is modernizing IT where customers are looking to move to the cloud or a hybrid environment but need to integrate different systems and platforms under one control point.

另一種是 IT 現代化，客戶​​希望遷移到雲端或混合環境，但需要在一個控制點下整合不同的系統和平台。

At Oktane, the CISO of Allergan said M&A was a primary driver for their adoption of Okta.

在 Oktane，Allergan 的 CISO 表示併購是他們採用 Okta 的主要動力。

In just 4 years, they had acquired 44 companies and needed a cloud-based solution to quickly consolidate new companies and allow access across all entities.

在短短 4 年內，他們收購了 44 家公司，需要一個基於雲端的解決方案來快速整合新公司並允許跨所有實體進行存取。

They had 5 HR systems, 4 ERP systems and over 20 ways to onboard a contract employee.

他們有 5 個 HR 系統、4 個 ERP 系統和 20 多種合約工入職方式。

Okta allowed them to streamline this by serving as a single control point that sat as an integration layer on top of all of these systems.

Okta 讓他們可以透過充當所有這些系統之上的整合層的單一控制點來簡化這一過程。

In many cases, we are simply reducing friction within a company's IT infrastructure by replacing legacy systems.

在許多情況下，我們只是透過取代舊系統來減少公司 IT 基礎架構內的摩擦。

Our NTT win this quarter is a great example of how Okta was able to create a central source of identity for the company's highly remote workforce and streamline their access to dozens of cloud applications while improving the company's overall security posture.

我們本季贏得 NTT 的勝利是 Okta 如何為公司高度遠端員工創建中央身份來源並簡化他們對數十個雲端應用程式的訪問，同時改善公司整體安全狀況的一個很好的例子。

Solving our customers' most acute pain points today and their most strategic pain points for the future is our imperative, and they choose us because we respond to these problems quickly and effectively.

解決客戶當今最尖銳的痛點以及未來最具戰略意義的痛點是我們的當務之急，他們選擇我們是因為我們能夠快速有效地應對這些問題。

Our success is aligned with our customers' success.

我們的成功與客戶的成功息息相關。

That leads to the third reason we're winning, which is our expansion-rich business model.

這就是我們獲勝的第三個原因，那就是我們的擴張豐富的商業模式。

We have multiple expansion opportunities with customers.

我們與客戶有多種擴展機會。

With the same leading core technology platform, we service identity management for employees, contractors, partners and almost any type of customer application for an organization's many lines of business.

憑藉相同的領先核心技術平台，我們為員工、承包商、合作夥伴以及組織眾多業務線的幾乎任何類型的客戶應用程式提供身分管理服務。

Our ability to offer a single platform to solve identity challenges in all these different use cases gives us the opportunity to sell the Okta Identity Cloud across multiple areas within an organization.

我們能夠提供單一平台來解決所有這些不同用例中的身分挑戰，這使我們有機會在組織內的多個領域銷售 Okta Identity Cloud。

Our customers such as Allergan, Experian and Farmers Insurance each started with Okta to solve an acute problem quickly and effectively and many have since expanded with more users and more products or by expanding into more use cases.

我們的客戶（例如 Allergan、Experian 和 Farmers Insurance）均從 Okta 開始，以快速有效地解決尖銳問題，許多客戶後來透過更多用戶和更多產品或擴展到更多用例而進行了擴展。

This is what drives our dollar-based retention rate and contributes to our high growth rates.

這就是推動我們以美元為基礎的保留率並促成我們高成長率的原因。

Our growth is coming from both new logo wins as well as strong upsells and we believe there are many more use cases ahead of us.

我們的成長來自於新徽標的贏得以及強勁的追加銷售，我們相信我們還有更多的用例。

Lastly, the network effect of over 5,500 integrations allow our customers to benefit from the power of the Okta Integration Network.

最後，超過 5,500 個整合的網路效應使我們的客戶能夠從 Okta 整合網路的強大功能中受益。

The Okta Integration Network is a foundational part of our platform and driver of our success.

Okta 整合網路是我們平台的基礎部分，也是我們成功的驅動力。

Our customers leverage the Okta Integration Network to seamlessly connect across multiple technologies such as applications, network security, workflow orchestration and API management, making it easier for them to discover, deploy, manage and administer all best-of-breed technologies securely.

我們的客戶利用 Okta 整合網路無縫連接多種技術，例如應用程式、網路安全、工作流程編排和 API 管理，使他們更輕鬆地安全地發現、部署、管理和管理所有同類最佳技術。

So in summary, our momentum is being fueled by both the market tailwinds and our ability to win.

總而言之，我們的動力是由市場順風和我們的獲勝能力所推動的。

We are seeing identity become mainstream and the market coming to us.

我們看到身份成為主流，市場正在走向我們。

Our technology platform is highly differentiated and built to help solve our customers' pain points.

我們的技術平台具有高度差異化，旨在幫助解決客戶的痛點。

We are maniacally focused on customer success.

我們瘋狂地專注於客戶的成功。

And lastly, our expansion opportunities and the powerful network effects that we create give us a critical advantage.

最後，我們的擴張機會和我們創造的強大網路效應為我們帶來了關鍵的優勢。

Before I pass it over to Bill, I wanted to briefly comment on our acquisition of ScaleFT.

在將其交給 Bill 之前，我想先簡單評論一下我們對 ScaleFT 的收購。

We were excited to announce the acquisition in the quarter, which will help our capabilities in Zero Trust security.

我們很高興在本季度宣布此次收購，這將有助於我們在零信任安全方面的能力。

We believe that continuous authentication and server access are the next essential features in a secure IT environment and that we will be better equipped to deliver these capabilities with the technology from ScaleFT.

我們相信，持續身份驗證和伺服器存取是安全 IT 環境中的下一個基本功能，並且我們將更好地利用 ScaleFT 的技術來提供這些功能。

We remain focused on the same 3 strategic areas for long-term growth: security; the Okta Integration Network; and customer identity.

我們仍專注於長期成長的 3 個策略領域：安全； Okta 整合網路；和客戶身分。

We're continuing to make great strides in these areas and look forward to diving deeper into our vision and growth opportunities at our Investor Day in a few weeks.

我們將繼續在這些領域取得巨大進步，並期待在幾週後的投資者日上更深入地探討我們的願景和成長機會。

Thanks again for calling in today, and I'll now turn it over to Bill to walk through the financials.

再次感謝您今天打電話，我現在將把它交給比爾來介紹一下財務狀況。

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 second quarter of fiscal year 2019 before getting into our outlook.

在展望我們的前景之前，我將先回顧 2019 財年第二季的業績。

We had another strong quarter with revenue totaling $94.6 million, growing 57% year-over-year.

我們又迎來了一個強勁的季度，營收總計 9,460 萬美元，年增 57%。

Subscription revenue totaled $87.9 million in the second quarter, an increase of 59% year-over-year and comprised 93% of our total revenue, up slightly from 92% in Q2 last year.

第二季訂閱營收總計 8,790 萬美元，年增 59%，占我們總營收的 93%，略高於去年第二季的 92%。

Professional services revenue was $6.7 million, an increase of 36% over the same period last year.

專業服務收入為670萬美元，比去年同期成長36%。

Geographically, the U.S. represented approximately 84% of our second quarter revenue compared to 85% in Q2 last year.

從地理來看，美國約占我們第二季營收的 84%，而去年第二季為 85%。

Approximately 16% of our second quarter revenue came from outside of the U.S., which represents growth of 63% over the same period last year.

我們第二季大約 16% 的營收來自美國以外的地區，比去年同期成長了 63%。

We continue to view our international business as another long-term growth driver.

我們繼續將國際業務視為另一個長期成長動力。

Moving on to billings.

繼續討論比林斯。

Calculated billings for the second quarter totaled $109.4 million, an increase of 53% over Q2 last year.

第二季的計算帳單總額為 1.094 億美元，比去年第二季成長 53%。

We are very pleased with our calculated billings growth and the underlying demand that continues to drive our business.

我們對計算出的帳單成長以及持續推動我們業務的潛在需求感到非常滿意。

Contributing to our high billings growth rate was better-than-expected bookings linearity in the quarter, the beneficial timing of certain invoices and a few customers with multiyear upfront billings.

本季的預訂線性度優於預期、某些發票的有利時機以及一些擁有多年預付款的客戶是我們高帳單成長率的原因。

Current calculated billings growth for the quarter was 50% year-over-year.

目前計算得出的該季度的帳單年增為 50%。

Our strong billings growth has also benefited from momentum within our customer base and from new customer additions.

我們強勁的帳單成長也得益於我們客戶群的成長勢頭和新客戶的增加。

The total number of customers at the end of the quarter came in at over 5,150, and we saw our customers with ARR greater than $100,000 grow to 837, up 55% year-over-year, which was an acceleration from Q1.

截至本季末，客戶總數超過 5,150 家，ARR 超過 10 萬美元的客戶成長至 837 家，年增 55%，較第一季有所加速。

We saw broad additions across our customer base and had record net new total customers and customers with ARR greater than $100,000 up 450 and 90, respectively, from the previous quarter.

我們的客戶群大幅增加，淨新客戶總數和 ARR 超過 10 萬美元的客戶數量創歷史新高，分別比上一季增加了 450 和 90。

Our dollar-based retention rate for the trailing 12 months ended July 31 was consistent with the last quarter at 121%, demonstrating the ongoing success we are having expanding within our existing customer base.

截至 7 月 31 日的過去 12 個月，我們以美元計算的保留率與上一季一致，為 121%，這表明我們在現有客戶群中不斷擴大。

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 continues to be strong at 80.3%, up 130 basis points versus the second quarter last year.

訂閱毛利率持續保持強勁，達到 80.3%，比去年第二季成長 130 個基點。

Our Professional Services gross margin was negative 17.9% compared to negative 26.5% in the second quarter last year, primarily due to improving operational leverage.

我們的專業服務毛利率為負 17.9%，而去年第二季為負 26.5%，主要是由於營運槓桿的改善。

Total gross margin was 73.3% in the second quarter, up 300 basis points year-over-year.

第二季總毛利率為73.3%，較去年成長300個基點。

Gross profit was $69.3 million, up 64% year-over-year.

毛利為 6,930 萬美元，年增 64%。

Turning now to operating expenses.

現在轉向營運費用。

Sales and marketing expense for Q2 was $53.5 million compared to $34.9 million in Q2 last year.

第二季的銷售和行銷費用為 5,350 萬美元，而去年第二季的銷售和行銷費用為 3,490 萬美元。

This represents 57% of total revenue, an improvement from 58% in the second quarter last year despite the impact from Oktane, our annual customer event, which moved from Q3 last year to Q2 this year.

儘管受到我們的年度客戶活動 Oktane（從去年第三季移至今年第二季）的影響，但這佔總營收的 57%，比去年第二季的 58% 有所改善。

As a reminder, Oktane will be in the first week of April next year, which is our first fiscal quarter.

提醒一下，Oktane 將於明年 4 月的第一周上市，這是我們的第一個財政季度。

We continue to expect sales and marketing expense as a percentage of revenue to improve for the full year.

我們繼續預計全年銷售和行銷費用佔收入的百分比將有所改善。

R&D expense in Q2 was $19.6 million compared to $12.5 million in Q2 last year.

第二季的研發費用為 1,960 萬美元，而去年第二季的研發費用為 1,250 萬美元。

This represents a growth rate of 57% as we continued to invest heavily in the Okta Identity Platform and our Okta Integration Network.

隨著我們繼續大力投資 Okta 身分平台和 Okta 整合網絡，成長率達到 57%。

At the same time, R&D as a percentage revenue came in at 21%, consistent with Q2 last year.

同時，研發佔營收的百分比為 21%，與去年第二季一致。

G&A expense was $15.5 million for the second quarter compared to $9.2 million in the second quarter last year.

第二季一般管理費用為 1,550 萬美元，去年第二季為 920 萬美元。

G&A was 16% of revenue, slightly higher than 15% for Q2 last year.

G&A 佔營收的 16%，略高於去年第二季的 15%。

Our total headcount was 1,392 as of July 31, growing 27% over Q2 of last year.

截至 7 月 31 日，我們的員工總數為 1,392 人，比去年第二季成長 27%。

We continued to add headcount across the board as we split the growth of our business.

隨著業務成長的分散，我們持續全面增加員工人數。

We remain focused on responsible growth, and as a result, we've seen continued improvement in our operating margin.

我們仍然專注於負責任的成長，因此，我們的營業利潤率持續改善。

Operating loss in the quarter was $19.2 million, which is a margin of negative 20.3% compared to negative 23.6% in the same period last year, an improvement of 330 basis points.

該季度營運虧損為 1,920 萬美元，利潤率為負 20.3%，而去年同期為負 23.6%，改善了 330 個基點。

As expected, we saw a sequential dip in our operating margin in the quarter, largely due to the cost associated with Oktane.

正如預期的那樣，我們看到本季的營業利潤率連續下降，這主要是由於與 Oktane 相關的成本。

Through the remainder of this year, we are planning to further ramp our hiring as we continue to invest in our go-to-market initiatives and innovation.

在今年剩下的時間裡，我們計劃進一步增加招聘，繼續投資市場推廣計畫和創新。

However, we also expect that operating margin will continue to improve on a fiscal year basis.

然而，我們也預期營業利潤率將在本財年的基礎上繼續改善。

Net loss per share in Q2 was negative $0.15 with 106.7 million basic shares outstanding.

第二季每股淨虧損為負 0.15 美元，已發行基本股為 1.067 億股。

This compares to a net loss per share in Q2 last year of negative $0.15 with 93.6 million basic shares outstanding at the time.

相比之下，去年第二季每股淨虧損為負 0.15 美元，當時已發行基本股為 9,360 萬股。

Operating cash flow was negative $5.3 million in Q2.

第二季營運現金流為負 530 萬美元。

Operating cash flow margin was negative 5.6% compared to a negative 10.4% in Q2 of last year, an improvement of 480 basis points.

營運現金流利潤率為負 5.6%，較去年第二季的負 10.4% 提高了 480 個基點。

Free cash flow came in at a negative $11.3 million in the quarter.

本季自由現金流為負 1,130 萬美元。

Free cash flow margin was negative 12%, an improvement of 540 basis points compared to a negative 17.4% for Q2 last year.

自由現金流利潤率為負 12%，比去年第二季的負 17.4% 提高了 540 個基點。

As expected, we also saw the impact of additional CapEx associated with our headquarter office expansion this quarter.

正如預期的那樣，我們還看到了本季與總部辦公室擴建相關的額外資本支出的影響。

We continued to expect to see variability in free cash flow margin due to this expansion along with ongoing fluctuations in working capital.

我們仍然預計，由於這種擴張以及營運資本的持續波動，自由現金流利潤率將出現變化。

Turning to the balance sheet.

轉向資產負債表。

We ended the second quarter with $536 million in cash, cash equivalents and short-term investments.

截至第二季末，我們的現金、現金等價物和短期投資為 5.36 億美元。

This includes the net proceeds of $307 million from the convertible senior notes we issued in Q1.

這包括我們在第一季發行的可轉換優先票據的 3.07 億美元淨收益。

As Todd mentioned, we completed the acquisition of ScaleFT in the second quarter.

正如托德所提到的，我們在第二季完成了對 ScaleFT 的收購。

This had an immaterial impact on revenue and EPS for the second quarter and we expect the same for the full fiscal year '19.

這對第二季的營收和每股盈餘影響不大，我們預計 19 年整個財年也會如此。

Moving on to guidance.

繼續指導。

For the third quarter fiscal 2019, we expect revenue in the range of $96 million to $97 million, representing a growth rate of 43% to 45% year-over-year; non-GAAP operating loss in the range of $15 million to $14 million; non-GAAP net loss per share in the range of $0.12 to $0.11, assuming 109 million weighted shares outstanding.

對於2019財年第三季度，我們預計營收在9,600萬美元至9,700萬美元之間，年成長率為43%至45%；非 GAAP 營運虧損在 1,500 萬美元至 1,400 萬美元之間；假設已發行加權股為 1.09 億股，非 GAAP 每股淨虧損在 0.12 美元至 0.11 美元之間。

For the full year fiscal 2019, we now expect revenue in the range of $372 million to $375 million, representing a growth rate of 45% to 46% year-over-year; non-GAAP operating loss in the range of $59 million to $57 million; non-GAAP net loss per share in the range of $0.48 to $0.46, assuming 107 million weighted shares outstanding.

對於2019財年全年，我們目前預計營收在3.72億美元至3.75億美元之間，年成長率為45%至46%；非公認會計準則營業虧損在 5,900 萬美元至 5,700 萬美元之間；假設已發行加權股為 1.07 億股，非 GAAP 每股淨虧損為 0.48 美元至 0.46 美元。

In summary, I'm very pleased with our strong performance this quarter, and we look forward to building on this momentum in the second half of the year.

總而言之，我對我們本季的強勁表現感到非常滿意，我們期待在下半年繼續保持這一勢頭。

We are well positioned to continue to capitalizing on market tailwinds, and I'm encouraged by the consistently strong execution we have demonstrated.

我們處於有利地位，可以繼續利用市場順風，我們所展現的一貫強勁的執行力讓我深受鼓舞。

Going forward, we see opportunity for continued growth as well as additional leverage in the model.

展望未來，我們看到了持續成長的機會以及該模型的額外槓桿作用。

We look forward to seeing you at our upcoming Investor Day on October 9 in San Francisco.

我們期待在即將於 10 月 9 日在舊金山舉行的投資者日見到您。

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) Our first question will come from Rob Owens with KeyBanc Capital Markets.

（操作員說明）我們的第一個問題將來自 KeyBanc Capital Markets 的 Rob Owens。

If I look at customer count and growth there or customer count over $100,000 ACV, it seems like it's inflecting here.

如果我觀察那裡的客戶數量和成長情況，或者 ACV 超過 10 萬美元的客戶數量，那麼這裡似乎正在改變。

And I'm curious, are you seeing this as a function of better sales force productivity, the market just opening up a little bit at this point?

我很好奇，您是否認為這是銷售人員生產力提高的結果，市場此時才剛開放一點？

I mean, given where you are in the lifecycle, it's surprising to see a modest inflection in growth to the positive here.

我的意思是，考慮到您處於生命週期的哪個階段，看到這裡的成長出現適度的積極變化是令人驚訝的。

Or are you seeing more partner-led types of opportunities that are helping?

或者您看到更多由合作夥伴主導的機會類型有幫助？

Rob, I think it's a couple of things.

羅布，我認為有幾件事。

I think the biggest opportunity for us has been -- over the last 5 years, has been -- we've talked about these big tailwinds that are behind us, move to the cloud, the prevalent on everyone's mind about security, every company trying to become more of a digital business.

我認為對我們來說最大的機會是——在過去的五年裡——我們已經討論了我們身後的這些大順風，遷移到雲，每個人都普遍關心的安全問題，每個公司都在嘗試成為更數位化的企業。

So those are big macro tailwinds.

所以這些都是巨大的宏觀推動力。

And I think the biggest opportunity for us has been getting that message out there that identity is really important to facilitate all of those transitions and to make those -- to take advantage of all those transitions.

我認為對我們來說最大的機會就是傳達這樣的訊息：身份對於促進所有這些轉變並利用所有這些轉變非常重要。

And I think what's happening is that, that message is getting out there.

我認為正在發生的事情是，這個訊息正在傳播出去。

So everyone knows they got to go to the cloud, everyone knows they have to be secure and transform their businesses to digital, but they're starting to realize more and more that identity is a key to that and that obviously is very, very good for us.

因此，每個人都知道他們必須轉向雲，每個人都知道他們必須確保安全並將其業務轉變為數位化，但他們開始越來越意識到身份是實現這一目標的關鍵，這顯然非常非常好為了我們。

And I think that's really what's driving that.

我認為這才是真正的推動因素。

And then I guess relative to the October quarter guidance.

然後我猜測相對於 10 月季度的指引。

I'm curious what would cause the sequential flatness that you're guarding for at this point given, a, you've never seen it historically and given, b, just the customer velocity that you're seeing overall, why wouldn't you see more of a sequential uptick for October as compared to July.

我很好奇什麼會導致您此時所保護的順序平坦度，a，您在歷史上從未見過它，b，您總體上看到的客戶速度，為什麼不呢？與7 月相比，您會發現10 月的連續上升幅度更大。

Yes, Rob, so we've obviously been very pleased with the growth we've had.

是的，羅布，我們顯然對我們的成長感到非常滿意。

It's been very strong.

它已經非常強大了。

And as Todd said, it's really because the market is just a big opportunity for us.

正如托德所說，這確實是因為市場對我們來說只是一個巨大的機會。

The forecast guide that we gave is growth of 43% to 45% year-over-year.

我們給出的預測指引是年增 43% 至 45%。

So we feel like that's a very strong guide.

所以我們覺得這是一個非常有力的指南。

But that said, as you know, most of our business going forward is coming from large enterprise customers.

但話雖如此，如您所知，我們未來的大部分業務都來自大型企業客戶。

And as you know, those deals can have longer sales cycles, sometimes be a bit choppier, so we're being prudent with our forecasting.

如您所知，這些交易可能有更長的銷售週期，有時會有點波動，因此我們對預測持謹慎態度。

But that said, we feel there's a lot of opportunity and feel very positive about the business going forward.

但話雖如此，我們認為存在著許多機會，並對未來的業務感到非常積極。

Our next question will come from Terry Tillman with SunTrust Robinson Humphrey.

我們的下一個問題將由 SunTrust Robinson Humphrey 的 Terry Tillman 提出。

I guess the first question is just related to pricing and packaging.

我想第一個問題與定價和包裝有關。

You can see where you guys have added additional SKUs for some of your products like SSO.

您可以看到您在哪裡為某些產品（例如 SSO）添加了額外的 SKU。

You've got an adaptive version or higher price point version.

您有一個自適應版本或更高價位的版本。

And a couple of the other products, I think, including MFA.

我認為還有其他一些產品，包括 MFA。

It looks like you've got additional SKUs now that are higher price points SKUs and also just other products that now there's a clear and kind of transparent pricing model for it.

看起來您現在已經有了額外的 SKU，這些 SKU 都是更高價位的 SKU，而且還有其他產品，現在有一個清晰且透明的定價模型。

So I'm just kind of curious, what kind of changes or impact you're seeing from some of these additional price points?

所以我有點好奇，您從這些額外的價格點中看到了什麼樣的變化或影響？

And then I have a follow-up question.

然後我有一個後續問題。

The -- so I think that -- as you mentioned, I think that it's important to understand that the platform is adopted by modules or by products and it's also adopted by users.

所以我認為，正如您所提到的，我認為重要的是要了解該平台被模組或產品採用，並且也被用戶採用。

So you can start with customers as -- customer identity as your users or you can start with employees.

因此，您可以從客戶開始—客戶身分作為您的用戶，或者您可以從員工開始。

You can add the other type of user.

您可以新增其他類型的使用者。

You can start with one product for customers and add multiple products for customers or start with one product for employees and add more products there.

您可以從為客戶提供一種產品開始，然後為客戶添加多種產品，或從為員工提供一種產品開始，然後添加更多產品。

We've -- over the -- we have pretty consistent history of innovation in terms of building new capabilities into the platform and then providing those to customers as separately priced products or modules.

在將新功能建置到平台中，然後將這些功能作為單獨定價的產品或模組提供給客戶方面，我們擁有相當一致的創新歷史。

And what that does is it gives the customers a lot of flexibility on the various use cases they want to start with show success and then build from that success.

這樣做的作用是，它為客戶提供了很大的靈活性，可以幫助他們處理各種用例，他們希望從展示成功開始，然後從成功的基礎上進行構建。

I talked earlier in my comments about customer driven -- customer success-driven culture.

我之前在評論中談到了客戶驅動——客戶成功驅動的文化。

That -- hand-in-hand with that, you have to have this flexible platform that lets customers incrementally adopt and get value as they adopt it.

同時，您必須擁有這個靈活的平台，讓客戶逐步採用它並在採用時獲得價值。

So what's happening more and more is really full-fledged multi-product, multi-use case adoption which is driving some of our numbers.

因此，越來越多的情況是真正成熟的多產品、多用例的採用，這推動了我們的一些數字。

So hopefully that gives a better perspective on what's going on there.

希望這能讓人們更了解那裡正在發生的事情。

Yes, it does.

是的，它確實。

I appreciate that.

我很感激。

And I guess my follow-up question just relates to -- at Oktane, I was really intrigued around ThreatInsight and talking to customers and prospects.

我想我的後續問題只是與 Oktane 有關，我對 ThreatInsight 以及與客戶和潛在客戶的對話非常感興趣。

There seems to be a lot of interest in that.

似乎對此很感興趣。

ThreatInsight, maybe you could talk about where you are versus a couple of months removed from Oktane and really just the story around analytics.

ThreatInsight，也許您可以談談與離開 Oktane 幾個月後的情況相比，您的處境如何，實際上只是圍繞分析的故事。

Because of all this usage, it seems like you are going to have a lot of power to really bring this analytics and ThreatInsight to bear.

由於所有這些用途，您似乎將擁有巨大的能力來真正發揮這些分析和 ThreatInsight 的作用。

So how are you going to monetize it and what kind of impact it's having on the business in general?

那麼您將如何將其貨幣化以及它對整個業務產生什麼樣的影響？

Yes, I think it's one of the -- what we can -- the value that we can deliver to customers based on the data that the service generates is, I think, missed -- is underappreciated about the potential value we can deliver there.

是的，我認為這是我們能夠提供的價值之一——我們可以根據服務產生的數據向客戶提供的價值，我認為是錯過的——我們可以在那裡提供的潛在價值被低估了。

So we're really excited about that.

所以我們對此感到非常興奮。

We talked about ThreatInsight, which is a new capability, we talked about it at Oktane and we're really excited about how that's going.

我們討論了 ThreatInsight，這是一項新功能，我們在 Oktane 上討論過它，我們對它的進展感到非常興奮。

It's in early beta release.

它處於早期測試版本。

We're proving it out with a couple of customers.

我們正在向一些客戶證明這一點。

And basically what it does is it gives customers broad-based insight into all the threats that are emerging across the entire platform and helps them take proactive security measures in the face of those threats for their own organization.

基本上，它的作用是讓客戶對整個平台上出現的所有威脅有廣泛的了解，並幫助他們在自己的組織面臨這些威脅時採取主動的安全措施。

So it's really taking this data and then making the service more valuable because of this broad swath of data we have for each individual customer.

因此，我們實際上是在獲取這些數據，然後使服務更有價值，因為我們擁有每個客戶的大量數據。

So we're working hard on ThreatInsights and, of course, we're thinking about what are the logical ways to expand that and make it broader and make it more impactful just in terms of like innovation -- and specifically innovation with -- that takes that data underlying the service and exposes that to customers in a way that's helpful for them.

因此，我們正在努力研究 ThreatInsights，當然，我們正在考慮什麼是邏輯方法來擴展它，使其更廣泛，並使其更具影響力，就像創新一樣 - 特別是創新 -將這些數據作為服務的基礎，並以對客戶有幫助的方式公開給客戶。

Next, we'll take a question from Alex Henderson with Needham & Company.

接下來，我們將回答 Needham & Company 的 Alex Henderson 提出的問題。

This is Dan Park on for Alex.

這是亞歷克斯的丹·帕克。

So I guess, I know you noted there was some strong progress with upsell in the quarter.

所以我想，我知道您注意到本季的追加銷售取得了一些強勁進展。

I was just wondering if you could provide some additional color on sort of what solutions were driving the upside.

我只是想知道您是否可以提供一些額外的資訊來說明哪些解決方案正在推動上漲。

Dan, thanks for the question.

丹，謝謝你的提問。

This is Frederic.

這是弗雷德里克.

I think as you noted, we're continuing to see not only strong growth in net new customer additions by adding 450 for the quarter, but also we continued with a very strong dollar-based net retention rate of 121%.

我認為正如您所指出的，我們不僅繼續看到新客戶淨增加的強勁增長，本季度增加了 450 名客戶，而且我們還繼續保持著非常強勁的以美元計的淨保留率，達到 121%。

I think what you're seeing is that as organizations start to find that the Okta service and platform can be deployed quickly to solve specific use cases, they get comfortable with what we're doing and they start to see a lot of other opportunities where they can expand their usage.

我認為您所看到的是，隨著組織開始發現 Okta 服務和平台可以快速部署來解決特定用例，他們對我們正在做的事情感到滿意，並且開始看到很多其他機會他們可以擴大其用途。

So again, whether they start with a workforce opportunity and then move to customer identity management, or whether they start with a specific issue that they're looking to solve and then they expand to other products, there's a lot of continued vectors of expansion in the service, and we're fortunate that our customers are finding a lot of value with what we're doing for them.

再說一次，無論他們從勞動力機會開始，然後轉向客戶身份管理，還是從他們想要解決的特定問題開始，然後擴展到其他產品，都有很多持續的擴張向量我們很幸運，我們的客戶發現我們為他們所做的事情帶來了很多價值。

Yes.

是的。

And I will just add, the customer identity part of the product suite is -- it's newer.

我只想補充一點，產品套件的客戶身份部分是——它是較新的。

So we introduced that second to the employee identity, and as a result, it's -- it was earlier in the lifecycle in terms of maturity.

因此，我們將這一秒鐘引入了員工身份，因此，就成熟度而言，它處於生命週期的早期。

And that's really matured over the last several quarters.

在過去的幾個季度裡，這一點確實已經成熟了。

So what you see is more and more companies starting with customer identity and then adding the employee identity later.

所以你看到的是越來越多的公司從客戶身分開始，然後再增加員工身分。

So if you look at -- we talked about the large asset management new win in the customer, that started as a customer identity deal, right?

因此，如果你看一下——我們談到了大型資產管理在客戶方面的新勝利，它始於客戶身分交易，對嗎？

So that's happening more and more.

所以這種情況越來越常發生。

And then also with that maturity, the add-on sales that -- maybe companies that started with employee identity, but the add-on sale for customer identity is bigger because that product line is more mature now.

隨著這種成熟度，附加銷售可能是從員工身分開始的公司，但客戶身分的附加銷售更大，因為該產品線現在更加成熟。

So those are a couple of trends I would highlight.

這些是我要強調的幾個趨勢。

Our next question will come from Sterling Auty with JPMorgan.

我們的下一個問題將來自摩根大通的斯特林·奧蒂。

Just want to maybe expand upon the answer that you just gave.

只是想擴展您剛剛給出的答案。

So Todd, in your prepared remarks, you talked about your keys to success.

托德，在您準備好的演講中，您談到了成功的關鍵。

Expansion was one of those keys.

擴張是其中的關鍵之一。

And what I'm wondering is how much of that expansion that you're seeing is what you just kind of answered, which is the additional use cases and additional users versus expansion through selling additional products into those existing customers?

我想知道的是，您所看到的擴充功能有多少是您剛才所回答的，即額外的用例和額外的用戶與透過向現有客戶銷售以外的產品進行的擴展？

I would -- I don't know the exact breakout of that.

我會——我不知道具體的突破。

I do think -- I know that to the extent of major shifts, the newer products like Multi-Factor Authentication, Adaptive Multi-Factor, Advanced SSO, those are early in their life cycles and they're growing faster.

我確實認為 - 我知道就重大轉變而言，諸如多重身份驗證、自適應多重因素、高級 SSO 等新產品正處於生命週期的早期，並且增長速度更快。

So every quarter they make more contribution.

所以每個季度他們都會做出更多的貢獻。

And then the dynamic I just mentioned in terms of customer identity is definitely true.

我剛才提到的關於客戶身分的動態絕對是正確的。

The product is maturing.

產品日趨成熟。

The build versus buy decision in the marketplace is becoming more well known to be something you could buy.

市場上的建造與購買決策正變得越來越廣為人知，因為它是您可以購買的東西。

So you're seeing more deals start with that and then bigger expansions because of that.

所以你會看到更多的交易由此開始，然後因此而進行更大的擴張。

So that's an important dynamic there.

所以這是一個重要的動態。

And what I would add on that, Sterling, is don't get me wrong, we're very excited about those dynamics and the expansion within customers.

史特林，我要補充的是，不要誤會我的意思，我們對這些動態和客戶的擴張感到非常興奮。

Again, it's very early for the business.

再說一次，對企業來說現在還為時過早。

These are very, very big markets, and there's a lot of opportunities with both net new customers as well as, as we get into more and more of the large enterprise, they have more and more opportunities where they can leverage the service.

這些是非常非常大的市場，淨新客戶有很多機會，而且隨著我們進入越來越多的大型企業，他們有越來越多的機會利用我們的服務。

If you think about large organizations like Allergan, where they have many, many different kinds of patient and doctor and clinician forward-facing websites, there's a lot of different ways that we can help them in what they're trying to do.

如果您考慮像艾爾建這樣的大型組織，他們擁有許多不同類型的患者、醫生和臨床醫生的前瞻性網站，我們可以透過多種不同的方式幫助他們完成他們正在嘗試做的事情。

That makes sense.

這就說得通了。

And then just as a follow-up, I believe at Oktane, you mentioned or had a number of partnership announcements.

然後，作為後續行動，我相信在 Oktane，您提到或發布了許多合作夥伴公告。

I think VMware was one of the elements that you were talking about.

我認為 VMware 是您所談論的要素之一。

I'm just kind of curious, I know it's still early days, but what kind of conversations are you getting from customers around that endeavor?

我只是有點好奇，我知道現在還處於早期階段，但是您從客戶那裡得到了關於這項努力的什麼樣的對話？

Yes, the -- we are very excited about the partnership with VMware.

是的，我們對與 VMware 的合作感到非常興奮。

We had a good presence with them at their VMWorld a couple of weeks ago, and we thought that the opportunity to expand with both net new customers and joint customers, all these customers are thinking about a best-of-breed world where it's a very heterogeneous environment.

幾週前，我們在他們的VMWorld 上與他們進行了良好的交流，我們認為有機會與淨新客戶和聯合客戶一起擴展，所有這些客戶都在考慮一個最佳的世界，這是一個非常好的世界。異構環境。

They're trying to manage a lot of infrastructure and devices, some of which are company-owned, some of which are brought by employees.

他們試圖管理大量基礎設施和設備，其中一些是公司所有的，有些是員工帶來的。

They're trying to leverage the best technology out there.

他們正在嘗試利用現有最好的技術。

And what you see is a very strong demand for a joint product like what we have with VMware.

您看到的是對我們與 VMware 的聯合產品的非常強烈的需求。

So it's early days for the partnership, as you mentioned, since Oktane was only a couple of months ago, but I'm very excited about that.

因此，正如您所提到的，合作關係還處於早期階段，因為 Oktane 才幾個月前，但我對此感到非常興奮。

And I think there's huge opportunity ahead.

我認為前面有巨大的機會。

(Operator Instructions) Next, we will go to Heather Bellini with Goldman Sachs.

（操作員指示）接下來，我們將與高盛一起前往Heather Bellini。

I just was wondering, Todd, maybe this is for you.

我只是想知道，托德，也許這適合你。

Just how do you think the contribution of the dollar-based net expansion has changed over the years?

您認為多年來以美元為基礎的淨擴張的貢獻發生了怎樣的變化？

And I guess what I'm trying to think about is, is there a way to kind of characterize how much of that is coming from new seats, how that might have changed over the last few years versus the addition of the new products that you've been successful with?

我想我正在考慮的是，是否有一種方法可以描述其中有多少來自新座椅，以及在過去幾年中與您添加的新產品相比，這可能會發生怎樣的變化。已經成功了？

And then I have a follow-up.

然後我有一個後續行動。

Yes.

是的。

I don't -- Heather, I don't know the exact number.

我不知道——希瑟，我不知道確切的數字。

And even if I did know it, we haven't broken it out, so I probably couldn't say it.

即使我知道，我們也沒有透露出來，所以我可能無法說出來。

But I do know that -- what I talked about -- what I mentioned for the previous couple of answers is we're seeing progress in the newer products like Multi-Factor Authentication, Advanced SSO and so forth.

但我確實知道——我談到的——我在前幾個答案中提到的是，我們看到了多重身份驗證、高級 SSO 等新產品的進展。

Smaller bases because they're newer, but we've seen -- we are happy with the progress there.

基地較小，因為它們較新，但我們已經看到——我們對那裡的進展感到滿意。

And this dynamic on customer identity is real.

這種對客戶身分的動態是真實存在的。

Although I don't have the exact numbers, I do know that as the product has matured, we're leading more deals with it than we were when it was not as mature.

雖然我沒有確切的數字，但我確實知道，隨著產品的成熟，我們正在比它不成熟時領導更多的交易。

And it also continues to be a bigger contribution to overall expansion, and that's important because that's a big area for us.

它也繼續為整體擴張做出更大的貢獻，這很重要，因為這對我們來說是一個很大的領域。

If you look over the last couple of years, we did an acquisition that helped bolster this, the Stormpath acquisition.

如果你回顧過去幾年，我們進行了一項收購，即 Stormpath 收購，這有助於加強這一點。

We have -- we're working on this a lot.

我們已經在這方面做了很多工作。

We think it's a very important trend, and we're happy to see progress there.

我們認為這是一個非常重要的趨勢，我們很高興看到這方面的進展。

Although by no means are we done there.

儘管我們的工作還沒結束。

That market has, I think, a long, long way to run.

我認為這個市場還有很長的路要走。

And so we're just in the early stages of that.

所以我們還處於早期階段。

And I guess just to follow-up on what you just said, are those -- when you're adding things like MFA, for example, are people taking on bigger seat deployments right away than maybe the initial sale would have been on Identity Management maybe the last time they signed on?

我想，為了跟進您剛才所說的內容，例如，當您添加 MFA 之類的內容時，人們是否會立即進行比身份管理初始銷售更大的席位部署也許他們上次登錄是什麼時候？

Is there any way to think how fast people are kind of taking a bite out of -- how big the bite of the apple is when they start adding these new products versus kind of their initial sale?

有沒有什麼方法可以考慮人們開始添加這些新產品時的速度與最初銷售的蘋果相比，咬一口的速度有多大？

Yes, yes.

是的是的。

And so I think that it's -- a typical pattern is start with SSO for every employee and then add Customer Identity, which, depending on the company, could be bigger to much bigger than the employee deal.

因此，我認為典型的模式是從每位員工的 SSO 開始，然後添加客戶身份，這取決於公司，可能比員工交易更大甚至更大。

It's not true for every company because some companies have small numbers of customers relative to large employee bases.

並非每家公司都如此，因為相對於龐大的員工群而言，有些公司的客戶數量較少。

But generally speaking, the customer identity investment for certain companies could be bigger.

但一般來說，某些公司的客戶身分投資可能會更大。

And then you could add something like a Multi-Factor to the employee population.

然後您可以向員工群體添加諸如多因素之類的內容。

That's usually done for the entire employee population and has an extra module just like the original SSO deal with the entire population.

這通常是針對整個員工群體完成的，並且有一個額外的模組，就像原始的 SSO 處理整個群體一樣。

So we get a bump from that.

所以我們從中得到了啟發。

Okay, great.

好的，太好了。

And then just my follow-up for Bill was going to be of the net increase, the 90 customer net increase in customers with ACV over $100,000, how many of those came from new logos?

然後我對比爾的後續行動將是淨增長，ACV 超過 100,000 美元的客戶淨增長 90 個，其中有多少來自新徽標？

A majority of those came from new logos, Heather, but there was -- so that's very positive.

其中大部分來自新標誌，希瑟，但確實有——所以這是非常積極的。

So we're still seeing a lot of incremental billings, and the majority of our incremental billings are coming from new logos.

因此，我們仍然看到很多增量帳單，而且我們的大部分增量帳單都來自新徽標。

But the point we've been making earlier about the expansion opportunities we have since we have a customer in place with the 121% net retention rate demonstrating that, we see a lot of value, obviously, once the customer's there, but are still getting a lot of upside so to speak from new customers, and new customers paying us a lot of money.

但我們之前一直強調的一點是，自從我們擁有了121% 的淨保留率客戶以來，我們就擁有了擴張機會，這表明，顯然，一旦客戶出現，我們就會看到很多價值，但我們仍然會獲得更多的價值。可以說，新客戶為我們帶來了很多好處，而且新客戶給了我們很多錢。

Our next question will come from Gray Powell from Deutsche Bank.

我們的下一個問題將來自德意志銀行的格雷鮑威爾。

Just a couple of questions.

只是幾個問題。

I want to follow-up on customer identity.

我想跟進客戶身分。

I know you guys -- I know you just hit on this, but can you help us think through the size of customer identity?

我知道你們──我知道你們剛剛想到了這一點，但你們能幫助我們思考一下客戶身分的規模嗎？

Like if a customer's spending $100,000 per year on the employee-facing products and then they purchased Okta for the external use case, what's the typical spend?

例如，如果客戶每年在員工工作的產品上花費 100,000 美元，然後他們購買 Okta 用於外部用例，那麼典型的支出是多少？

And then did you say anything on just the mix of new business that came in from the external use case?

然後您是否對來自外部用例的新業務組合說了些什麼？

Hey, Gray, this is Frederic.

嘿，格雷，這是弗雷德里克。

I'm happy to touch on that.

我很高興談及這一點。

So when we think about customer identity, it's a pretty new market.

因此，當我們考慮客戶身份時，這是一個相當新的市場。

Traditionally, it's been a build market.

傳統上，它是一個建築市場。

So it's one where organizations would just set up the infrastructure themselves.

因此，組織只需自行建立基礎設施即可。

They are now more and more realizing with things like scale, with things like security, the importance of performance for these large customer-facing systems that it becomes a buy decision.

他們現在越來越意識到規模、安全性、性能對於這些面向客戶的大型系統的重要性，這已成為購買決策。

And that's where we're getting involved.

這就是我們要參與的地方。

That's why we're -- when we talk about it being an early market but growing fast, that's the dynamic we're referring to.

這就是為什麼我們——當我們談論它是一個早期市場但成長迅速時，這就是我們所指的動態。

I think what's interesting to think about is the market for custom developed applications by companies in the world, it's huge, it's tens and tens of billions of dollars.

我認為有趣的是世界各地的公司定制開發的應用程式的市場，它是巨大的，有數百億美元。

And all of these applications need to use identity.

而所有這些應用程式都需要使用身分。

So if you think about organizations who want to take Twilio off the shelf to use them for SMS communication and they want to take Stripe off the shelf to use it for payments, we want to make it very easy for them to take identity off the shelf with Okta and put it right into their application.

因此，如果您想到想要將 Twilio 下架以用於 SMS 通信的組織，並且他們想要將 Stripe 下架以將其用於支付，我們希望讓他們能夠輕鬆地下架身份驗證與Okta 合作並將其直接放入他們的應用程式中。

And you're seeing that with every organization's got to do more when it comes to B2B, when it comes to business-to-consumer, when it comes to, as we talked about patients and customers, and all sorts of different use cases.

您會看到，當涉及 B2B、企業對消費者、涉及患者和客戶以及各種不同的用例時，每個組織都必須做得更多。

And every organization has to look at this.

每個組織都必須考慮這一點。

It's hard to figure out exactly how that works and how customers think about it, but you can see that across the organizations, there's a lot of opportunities for those.

很難確切地弄清楚它是如何運作的以及客戶如何看待它，但你可以看到在整個組織中，有很多機會。

As Todd said, even small organizations could have large customer bases.

正如托德所說，即使是小型組織也可能擁有龐大的客戶群。

And so even with small companies, you'll see deals into the 6 and 7 figures when it comes to the external customer identity management.

因此，即使是小型公司，在外部客戶身分管理方面，您也會看到 6 位數和 7 位數的交易。

In terms of thinking about how that market is going to evolve, look, it's early but it's a big and it's growing, and we think it's going to be a very interesting market in the years ahead.

就思考該市場將如何發展而言，現在還為時過早，但它很大而且正在成長，我們認為未來幾年這將是一個非常有趣的市場。

Got it.

知道了。

Just one more quick one.

只要再快一點就好了。

So it sounds like Adaptive MFA's seeing pretty strong demand.

所以聽起來自適應 MFA 的需求相當強勁。

How do you think the acquisition of Duo by Cisco impacts the competitive environment there, if at all?

您認為思科收購 Duo 對那裡的競爭環境有何影響（如果有的話）？

I think it's an interesting transaction for a couple of perspectives.

我認為從幾個角度來看，這是一筆有趣的交易。

First of all, I think that a lot of people don't realize this, but Duo is actually a really good partner of ours.

首先，我想很多人都沒有意識到這一點，但Duo其實是我們非常好的合作夥伴。

We have a lot of joint customers.

我們有很多共同客戶。

And our integration between Duo, Multi-Factor Authentication and Okta Identity Cloud is really robust and delivers value to customers.

我們的 Duo、多重身分驗證和 Okta Identity Cloud 之間的整合非常強大，可以為客戶帶來價值。

And I think that partnering with Cisco more broadly and Duo as part of Cisco is going to be great, and we're very optimistic about that.

我認為與思科更廣泛的合作以及 Duo 作為思科的一部分將會很棒，我們對此非常樂觀。

We do compete.

我們確實競爭。

We have our own Multi-Factor product that competes with Duo.

我們有自己的 Multi-Factor 產品，可以與 Duo 競爭。

And I think that for many, many customers as well, our complete solution in terms of MFA and Identity is what they want, so we sell it to them.

我認為對於許多許多客戶來說，我們在 MFA 和身份方面的完整解決方案正是他們想要的，所以我們將其出售給他們。

And we're confident that where we compete, we'll continue to do very well even if it's part of a different parent umbrella organization.

我們相信，在我們競爭的地方，即使是不同母公司的一部分，我們也將繼續表現出色。

I do -- one thing, when I look at it from a macro perspective, when we started at Okta, it was -- people thought cloud security and doing identity in the cloud was kind of a very, very forward-leaning thing to do.

我確實 - 有一件事，當我從宏觀角度來看時，當我們在 Okta 開始時，人們認為雲端安全和在雲端中進行身份驗證是一件非常非常前瞻性的事情。

And I think it's interesting that you look at one of the old guard of technology in Cisco and someone that's really known for on-premise and networks and so forth is really leaning in, in terms of getting on board with cloud identity and cloud security.

我認為有趣的是，你會看到思科的一位老牌技術衛士，以及一位真正以本地部署和網路等聞名的人，在加入雲端身分和雲端安全方面確實在努力。

I think it's pretty exciting for where we are and kind of the leadership we've shown to the market and where we could go from here.

我認為這對我們所處的位置、我們向市場展示的領導力以及我們可以走向何方來說是非常令人興奮的。

Our next question will come from Shaul Eyal with Oppenheimer.

我們的下一個問題將由 Shaul Eyal 和 Oppenheimer 提出。

I know Frederic, Todd or Bill...

我認識弗雷德里克、托德或比爾…

Appreciate it.

欣賞它。

Absolutely, absolutely.

絕對，絕對。

Europe, also.

歐洲也。

Great acceleration.

加速度很大。

What's driving that?

是什麼推動了這一點？

Is it just the overall demand?

僅僅是整體需求嗎？

Is it country specific, is it [VAS] relations?

是特定國家的關係嗎？還是 [VAS] 關係？

Is it GDPR?

是 GDPR 嗎？

Is it all of the above?

是以上所有的嗎？

Yes, this is Bill.

是的，這是比爾。

I think it's primarily being driven by the market and the demand in the market.

我認為這主要是由市場和市場需求所驅動的。

We're seeing, as you saw, growth of 63% year-over-year.

如您所見，我們看到同比增長 63%。

So it's even growing faster than what is a very, very, very healthy growth in the U.S. So a lot of it is being driven, and most of it I think is, by the demand in the market.

因此，它的成長速度甚至比美國非常、非常、非常健康的成長速度還要快。因此，其中很大一部分是由市場需求驅動的，我認為其中大部分是由市場需求驅動的。

And obviously, we're investing now to realize that demand and capitalize on that.

顯然，我們現在正在投資以實現這一需求並利用這一需求。

Understood, understood.

明白了，明白了。

And if you're going back and building a little bit on the prior question on Duo and Cisco.

如果您要回頭進一步了解先前有關 Duo 和 Cisco 的問題。

And Todd, you addressed your talent partnership with Duo, what can you tell us about some of the other partnerships with some of the other identity-related players, you know, whether it's a CyberArk or a Salepoint, how is that coming along?

Todd，您談到了與 Duo 的人才合作夥伴關係，您能告訴我們關於與其他一些身份相關參與者的其他合作夥伴關係嗎？無論是 Cyber​​Ark 還是 Salepoint，進展如何？

Yes, I'm happy to talk about this.

是的，我很高興談論這個。

So we have -- as you mentioned, there are other very strong partners of ours out there that we do a lot with in identity.

正如您所提到的，我們還有其他非常強大的合作夥伴，我們在身份方面做了很多工作。

And if you think about the Okta innovation network as a core piece of the platform that we built, it's what allows our customers to derive a lot of value out of, not only Okta, but the end-to-end use cases that we help them solve.

如果您將 Okta 創新網路視為我們建立的平台的核心部分，那麼我們的客戶不僅可以從 Okta 中，還可以從我們幫助的端到端用例中獲得大量價值。他們解決。

We have very good partnerships, as you mentioned, with providers like SalePoint, like CyberArk and many others.

正如您所提到的，我們與 SalePoint、Cyber​​Ark 等提供者有著非常良好的合作關係。

In fact, I don't know if anyone noticed yesterday, Proofpoint put out a press release about a very tight integration that we have now with them to both prevent phishing attacks for employees but also help remediate those kinds of attacks very quickly.

事實上，我不知道昨天是否有人注意到，Proofpoint 發布了一份新聞稿，介紹我們現在與他們進行的非常緊密的集成，既可以防止員工遭受網絡釣魚攻擊，又可以幫助快速修復此類攻擊。

That's just a great example of more and more technology partners finding great ways to integrate with our platform and our products to provide better solutions for both joint as well as prospective customers.

這只是一個很好的例子，說明越來越多的技術合作夥伴正在尋找與我們的平台和產品整合的好方法，以便為聯合客戶和潛在客戶提供更好的解決方案。

Our next question will come from Jonathan Ho with William Blair.

我們的下一個問題將由喬納森·何和威廉·布萊爾提出。

Just wanted to start out with ScaleFT.

只是想從 ScaleFT 開始。

I just wanted to better understand sort of the opportunities that you see here and maybe your thinking around timing for more adoption of, I guess, the Zero Trust approach?

我只是想更了解您在這裡看到的機會，也許您對更多採用零信任方法的時機的想法？

Yes.

是的。

I'm happy to talk about that, Jonathan.

我很高興談論這個，喬納森。

We're really excited about ScaleFT, relatively small, primarily R&D company we bought.

我們對 ScaleFT 感到非常興奮，這是我們收購的相對較小的主要研發公司。

And they have a product that -- their product is something called server access management, which essentially helps you give secure, auditable access from server admin in the cloud environment.

他們有一個產品——他們的產品稱為伺服器存取管理，它本質上可以幫助您從雲端環境中的伺服器管理員提供安全、可審核的存取。

And we're excited about this for a couple of reasons.

我們對此感到興奮有幾個原因。

One is that we think providing secure access for server admins is potentially a fruitful area for us.

一是我們認為為伺服器管理員提供安全存取對我們來說可能是一個富有成果的領域。

But also to do that from a technological perspective, you have to be very good at knowing exactly what's happening on the device and doing continuous authentication of all the requests so that you can tightly control in a very flexible way what -- who has access to what sort of resources.

但從技術角度來看，要做到這一點，您必須非常善於準確了解設備上發生的情況，並對所有請求進行持續身份驗證，以便您可以以非常靈活的方式嚴格控制誰有權訪問哪些內容什麼樣的資源。

And we're excited about taking those pieces of the technology and then broadening those out, using the technology and applying them to the broader Identity Cloud so that we can control -- we can provide that kind of super flexible, very controlled access to any cloud resource from anyone to really democratizing that kind of access.

我們很高興能夠採用這些技術，然後擴展它們，使用該技術並將它們應用到更廣泛的身份雲，以便我們可以控制 - 我們可以提供對任何內容的超級靈活、非常受控的訪問任何人都可以獲取雲端資源，從而真正實現這種存取的民主化。

And that's this concept of Zero Trust, where you don't trust -- the concept of trying to trust a network perimeter is outdated.

這就是零信任的概念，你不信任——嘗試信任網路邊界的概念已經過時了。

Things are coming from so many different places and so many different networks and you're going through so many different resources, many of which aren't even your data center.

事物來自許多不同的地方和許多不同的網絡，您正在使用許多不同的資源，其中許多甚至不是您的資料中心。

You can't trust the network perimeter.

您不能信任網路邊界。

You had to have -- you basically have to trust identity.

你必須——你基本上必須信任身分。

And you have to trust your identity system knows the person, the device and the resource and makes the right security access decisions in a flexible way.

您必須相信您的身分識別系統了解人員、設備和資源，並以靈活的方式做出正確的安全存取決策。

And that's really democratizing this concept, and that's what we're excited about doing with some of the underpinning technology of ScaleFT.

這確實使這個概念變得大眾化，這就是我們對 ScaleFT 的一些基礎技術感到興奮的事情。

Got it.

知道了。

And then relative to the incremental investments that you talked about making the second half, where do you see the most opportunity?

那麼相對於您所說的下半年的增量投資，您認為哪裡的機會最多？

Is this increasing the number of people in the sales force?

這是否會增加銷售隊伍的人數？

Is this investing in product?

這是投資產品嗎？

I just want to get a sense for where those dollars are going.

我只是想了解這些錢的去向。

Yes, happy to talk about that, Jonathan.

是的，很高興談論這個，喬納森。

Look, we're investing across the business.

看，我們正在對整個業務進行投資。

There's a lot of opportunity, obviously, in R&D and in engineering.

顯然，研發和工程領域有很多機會。

And we're going to continue to be aggressive in these markets.

我們將繼續積極進軍這些市場。

They're big markets and we're early.

他們是大市場，而我們還很早。

So we're going to continue to make sure that we have the best technology out there and that our technology helps our customers be successful.

因此，我們將繼續確保我們擁有最好的技術，並確保我們的技術幫助我們的客戶成功。

We're going to continue with our customer-driven strategy.

我們將繼續實施以客戶為導向的策略。

So you're going to see us to continue to invest in customer success and in all of those groups.

因此，您將看到我們繼續投資於客戶的成功以及所有這些群體。

Of course, there's a big opportunity ahead of us, both in the workforce and customer identity parts of the business.

當然，我們面前有一個巨大的機會，無論是在勞動力或客戶身分方面。

So you're going to see us continue to build out that sales force.

因此，您將看到我們繼續建立銷售團隊。

In particular, international, which we touched on briefly both in the prepared remarks as well as in the Q&A, it's a big opportunity for us.

特別是國際，我們在準備好的發言和問答中都簡要地提到過，這對我們來說是一個巨大的機會。

We're really excited about the momentum, and we think that we can do a lot.

我們對這種勢頭感到非常興奮，我們認為我們可以做很多事情。

And it's a best-of-breed world, and it's something we're excited to move forward with.

這是一個最佳的世界，我們很高興能夠繼續前進。

So basically across the entire business.

所以基本上貫穿整個業務。

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

我們今天的問答環節到此結束。

And at this time, I'd like to turn the call back over to Todd McKinnon for closing remarks.

此時，我想將電話轉回給 Todd McKinnon 作結束語。

So thanks, everyone, for joining us.

謝謝大家加入我們。

We're really excited about the business and the future ahead of us.

我們對我們的業務和未來感到非常興奮。

We're also -- we're having an Investor Day on October 9 in San Francisco.

我們也將於 10 月 9 日在舊金山舉辦投資者日。

Hopefully, you can all make it.

希望你們都能做到。

We're going to talk a lot about the future and some of the product stuff we've been working on and the go-to-market organization, our investments there.

我們將談論很多關於未來、我們一直在開發的一些產品、進入市場的組織以及我們在那裡的投資。

And a lot of these questions we talked about here in the call, we'll go into more detail and give you more color on our thinking around some of these important long-term issues that are going to lead to our durable growth over the many years ahead.

我們在電話會議中討論了很多這些問題，我們將更詳細地討論這些問題，並為您提供更多關於我們對一些重要的長期問題的思考，這些問題將導致我們在許多方面實現持久增長。未來幾年。

So thanks again, and appreciate your time.

再次感謝，並感謝您的寶貴時間。

And look forward to seeing you on October 9.

期待 10 月 9 日與您見面。

That concludes our conference for today.

我們今天的會議到此結束。

Thank you for your participation.

感謝您的參與。