Okta Inc (OKTA) 2019 Q3 法說會逐字稿

Good day, and welcome to the Okta's Third Quarter 2019 Earnings Call. Today's conference is being recorded.

美好的一天，歡迎參加 Okta 2019 年第三季財報電話會議。今天的會議正在錄製中。

At this time, I'd like to turn the conference over to Ms. Catherine Buan, Vice President of Investor Relations. Please go ahead, ma'am.

現在，我想把會議交給投資者關係副總裁 Catherine Buan 女士。請繼續，女士。

Good afternoon, and thank you for joining us on today's conference call to discuss Okta's fiscal third quarter 2019 financial results.

下午好，感謝您參加今天的電話會議，討論 Okta 2019 年第三季的財務表現。

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.

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, our market positioning and benefits that may be derived from our recent acquisition. Forward-looking statements involve known and unknown risks and 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、我們的市場定位以及可能從我們的業務中獲得的利益的聲明。最近收購。前瞻性陳述涉及已知和未知的風險和不確定性以及其他因素，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 on 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 quarterly report on Form 10-Q previously filed with the SEC. You can also find more detailed information in our supplemental financial materials, which include trended financial statement 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-Q 表格季度報告中標題為「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. Before we begin the call, I'd like to take a moment to recognize this day of memorial for the late President George H.W. Bush. We honor his presidency and lifetime of public service to our country, and our thoughts are with his family today.

謝謝凱瑟琳，也謝謝大家今天加入我們。在我們開始通話之前，我想花一點時間來紀念已故總統喬治·H·W·布希的這一天。襯套。我們向他擔任總統期間以及一生為國家所做的公共服務表示敬意，今天我們的思念與他的家人同在。

Our third fiscal quarter was another outstanding quarter for Okta, with total revenue and calculated billings both up 58% year-over-year. We continued to invest across our business while improving our bottom line. Operating margin improved over 22 points. And free cash flow margin improved more than 18 points year-over-year, making us free cash flow positive for the first time. We also had a record quarter in terms of customer growth. We added over 450 new customers in Q3, bringing our total to over 5,600 customers. Even more exciting is the momentum with our largest customers. We saw 55% growth in customers with over $100,000 in annual recurring revenue, which represents a record 100 net new adds in a quarter. This momentum is an indicator that identity is an increasingly strategic comparative for organizations in every industry and validates Okta's approach to helping organizations manage all their identities through our independent cloud platform.

第三財季是 Okta 另一個出色的季度，總營收和計算帳單均年增 58%。我們繼續對整個業務進行投資，同時提高我們的利潤。營業利潤率提高了 22 個百分點以上。自由現金流利潤率年增超過 18 個百分點，使我們的自由現金流首次為正值。我們的客戶成長也創下了季度記錄。第三季我們增加了 450 多個新客戶，使我們的客戶總數達到 5,600 多個。更令人興奮的是我們最大的客戶的勢頭。我們看到年經常性收入超過 10 萬美元的客戶成長了 55%，這意味著一個季度淨新增客戶數量達到創紀錄的 100 個。這種勢頭表明身份對於每個行業的組織來說都越來越具有戰略意義，並驗證了 Okta 幫助組織透過我們的獨立雲端平台管理所有身分的方法。

As a reminder, we address 2 markets, workforce identity, the identities of employees, contractors and partners; and customer identity, the identities of our customers' customers. We closed a number of significant deals in the quarter. I'll highlight a few of them. First, Hertz Global Holdings, a car rental company that operates in 150 countries, is an exciting new deal for us. The company chose Okta to securely connect all of its employees to the hundreds of applications they use to run their business. Hertz will use our workforce identity products, namely Okta's Single Sign-On, Universal Directory and Multi-Factor Authentication, to provide a better and more secure user experience for its associates around the world and reduce IT help desk and administration costs.

提醒一下，我們關注兩個市場：勞動力身分、員工、承包商和合作夥伴的身份；以及客戶身份，我們客戶的客戶的身份。我們在本季完成了許多重大交易。我將重點介紹其中的一些。首先，Hertz Global Holdings 是一家在 150 個國家/地區開展業務的汽車租賃公司，這對我們來說是一項令人興奮的新交易。該公司選擇 Okta 來將所有員工安全地連接到他們用於營運業務的數百個應用程式。Hertz 將使用我們的員工身分產品，即 Okta 的單一登入、通用目錄和多重身分驗證，為其世界各地的員工提供更好、更安全的使用者體驗，並降低 IT 服務台和管理成本。

Next, an international financial services company with over 750,000 members was a new customer identity and workforce identity win for us in the quarter. The company recognized that its outsourced identity solution lacked a full view of its customers and did not support its digital initiatives. They worked with Deloitte to find a single identity platform that could manage and secure both its members and employees. They selected Okta's customer identity products to provide personalized experiences for its members; and our workforce identity products, including Single Sign-On, Universal Directory, Lifecycle Management and Adaptive Multi-Factor Authentication to streamline employee access to workforce applications.

接下來，一家擁有超過 75 萬名會員的國際金融服務公司是我們在本季贏得的新客戶身分和員工身分。該公司認識到其外包身分解決方案缺乏對客戶的全面了解，並且不支援其數位計劃。他們與德勤合作尋找一個可以管理和保護其會員和員工的單一身分平台。他們選擇了 Okta 的客戶身份產品來為其會員提供個人化體驗；以及我們的員工身份產品，包括單一登入、通用目錄、生命週期管理和自適應多重身份驗證，以簡化員工對員工應用程式的存取。

A noteworthy upsell in the quarter was the U.S. Department of State, who had initially purchased Okta for authentication for its more than 100,000 external industry partners, but will now expand to its entire workforce. The State Department evaluated multiple identity solutions to strengthen its security posture and support its transition to the cloud. We believe the State Department selected Okta as its enterprise-wide workforce identity solution because of our credibility across the government sector to secure identities and digital assets across a wide variety of users and technologies. Okta's Single Sign-On, Universal Directory, Lifecycle Management and Adaptive Multi-Factor Authentication products will provide 170,000 State Department employees, contractors and agency partners with secure, seamless access to web and cloud-based applications such as Office 365, ServiceNow, Box and AWS.

本季值得注意的追加銷售是美國國務院，該部門最初購買 Okta 是為了對其超過 10 萬個外部產業合作夥伴進行身份驗證，但現在將擴展到其整個員工隊伍。美國國務院評估了多種身分解決方案，以加強其安全態勢並支持其向雲端的過渡。我們相信，國務院之所以選擇 Okta 作為其企業範圍的員工身分解決方案，是因為我們在政府部門中具有可信度，能夠保護各種用戶和技術的身份和數位資產。Okta 的單一登入、通用目錄、生命週期管理和自適應多重身分驗證產品將為 170,000 名國務院員工、承包商和機構合作夥伴提供對 Web 和基於雲端的應用程式（例如 Office 365、ServiceNow、Box 和AWS。

We are very excited about the customer momentum in the quarter. Not only are we seeing more deals, we're also seeing broader adoption of our technology. And we'll continue to innovate and expand on our platform. There are a couple of overarching takeaways I want to highlight from the third quarter.

我們對本季的客戶勢頭感到非常興奮。我們不僅看到了更多的交易，而且還看到我們的技術得到了更廣泛的採用。我們將繼續創新和擴展我們的平台。我想強調第三季的幾個重要要點。

First, we are seeing traction with the investments we've made in our partner strategy, in particular, our partner ecosystem is growing significantly as the awareness around identity is increasing and the space is becoming better defined. Meanwhile, large players, such as Deloitte and VMware have recognized Okta as a vendor of choice for identity solutions, which further enhances our positioning in these partner opportunities. We're pleased with our momentum in partner deals in the quarter, including the U.S. Department of State and believe we are in the early innings of seeing upside from these relationships.

首先，我們看到了我們在合作夥伴策略中所做的投資的吸引力，特別是，隨著人們對身份的認識不斷增強並且空間變得更加明確，我們的合作夥伴生態系統正在顯著增長。同時，Deloitte 和 VMware 等大型企業已將 Okta 視為身分解決方案的首選供應商，這進一步增強了我們在這些合作夥伴機會中的地位。我們對本季合作夥伴交易的勢頭感到滿意，其中包括美國國務院，並相信我們正處於看到這些關係好處的早期階段。

And second, we've continued to build our Zero Trust security framework. Last quarter, I talked about our acquisition of ScaleFT as an important step in furthering our position in Zero Trust security. We believe that identity is the foundation for enabling Zero Trust security, and we're encouraged to see that validated both by our customers and the industry.

其次，我們持續建構零信任安全框架。上個季度，我談到了我們對 ScaleFT 的收購，這是鞏固我們在零信任安全領域地位的重要一步。我們相信身分是實現零信任安全的基礎，我們很高興看到這一點得到了客戶和產業的驗證。

Last month, Forrester Research published its first ever Wave evaluation of the Zero Trust security framework in which Okta was recognized as a strong performer and earned the highest possible score in the criteria people/workforce security, vision and strategy, and market approach. We're very pleased with our consistently strong results and the momentum we're seeing, and we think it's being driven by several factors. We believe significant technology transitions are pushing the market in our direction. First, every organization we talk to is on a journey to the cloud. Second, they're thinking about how to become technology companies and better engage with customers online or through custom and mobile applications. And third, security has become a priority at the highest level. As these transitions unfold, organizations are recognizing the critical role that identity must play in their environments. And while cloud, digital transformation and security are top priorities, most organizations are still relatively early in their journeys to realize their full potential. We believe Okta's opportunity will grow alongside all 3 of these transitions as they continue to mature over time.

上個月，Forrester Research 發布了對零信任安全框架的首次 Wave 評估，其中 Okta 被認為是表現強勁的參與者，並在人員/勞動力安全、願景和戰略以及市場方法等標準中獲得了最高分。我們對我們持續強勁的業績和所看到的勢頭感到非常滿意，我們認為這是由幾個因素推動的。我們相信重大的技術轉型正在推動市場朝我們的方向發展。首先，我們接觸過的每個組織都正在踏上雲端之旅。其次，他們正在考慮如何成為科技公司，並透過線上或透過客製化和行動應用程式更好地與客戶互動。第三，安全已成為最高層的優先事項。隨著這些轉變的展開，組織逐漸意識到身分認同在其環境中必須扮演的關鍵角色。儘管雲端、數位轉型和安全是首要任務，但大多數組織仍處於充分發揮潛力的早期階段。我們相信，隨著這三個轉變隨著時間的推移而不斷成熟，Okta 的機會將隨著它們的不斷成熟而增長。

The market is validating our belief that identity is the foundation for securely connecting people and technology. And we believe that Okta is leading in identity and winning for a few important reasons. First, we have a fundamentally different approach to the space than our competitors. The Okta Identity Cloud is a completely independent and neutral cloud platform for identity. Because our business isn't tethered to the success of specific applications, customers appreciate that Okta will let them choose and continuously adopt the best technologies for their business. Our customers think of Okta as an independent platform that helps them future-proof their technology investments.

市場正在驗證我們的信念，即身份是安全連接人員和技術的基礎。我們相信，Okta 在身份識別方面處於領先地位，並因幾個重要原因而獲勝。首先，我們對這個領域採取了與競爭對手截然不同的方法。Okta Identity Cloud 是一個完全獨立、中立的身份雲平台。由於我們的業務並不依賴特定應用程式的成功，因此客戶很高興 Okta 讓他們選擇並持續採用適合其業務的最佳技術。我們的客戶將 Okta 視為一個獨立的平台，可以幫助他們的技術投資面向未來。

Second is the Okta Integration Network. Because of the central role Okta plays for our customers, we strive to integrate to every technology those customers want to use with more than 5,500 prebuilt integrations to cloud and on-premise applications and advanced integrations, the network security providers like Palo Alto Networks, security analytics providers like Splunk and IT operations providers like ServiceNow. We believe the Okta Integration Network is our single biggest differentiator in the market. The breadth and depth of our integrations are critical, especially in this industry, because the kinds of capabilities that we offer are only as useful as the technologies they integrate with.

其次是 Okta 整合網路。由於Okta 對我們的客戶發揮核心作用，我們努力將客戶想要使用的每項技術整合到雲端和本地應用程式的5,500 多個預建整合以及高級整合、Palo Alto Networks 等網路安全供應商、安全Splunk 等分析提供者和 ServiceNow 等 IT 營運提供者。我們相信 Okta 整合網路是我們在市場上最大的差異化因素。我們整合的廣度和深度至關重要，尤其是在這個行業，因為我們提供的各種功能的有用程度取決於它們所整合的技術。

Many of the reasons our customers love Okta are the results of our long-term and continued investments in innovation in the Okta Integration Network, reasons such as the speed of implementation, the ability to roll out applications in days or weeks versus months or years, the ability to address a very complex set of problems with a simple and intuitive solution and the ability to keep pace with technology. And what we've seen as a result is a powerful network effect that is generating a ton of value for Okta, our customers and our ecosystem of partners. As we integrate to more technologies, we become more valuable to our customers. As we attract more customers, technology providers become more incentivized to integrate to Okta.

我們的客戶喜愛 Okta 的許多原因是我們對 Okta 整合網路創新進行長期持續投資的結果，例如實施速度、在幾天或幾週而不是幾個月或幾年內推出應用程式的能力，透過簡單直觀的解決方案解決一系列非常複雜的問題的能力以及跟上技術步伐的能力。我們所看到的結果是強大的網路效應，它為 Okta、我們的客戶和我們的合作夥伴生態系統創造了大量價值。隨著我們整合更多技術，我們對客戶變得更有價值。隨著我們吸引更多客戶，技術提供者變得更有動力整合到 Okta。

The third reason we're winning is that we're uniquely able to serve as the identity standard for our customers because we offer a single identity platform for every type of user in an organization's ecosystem, from their employees and contractors to their partners and their customers. Increasingly, we're seeing customers adopt Okta as this single standard and retire legacy infrastructure along the way, including both longtime customers like Experian, Allergan or Adobe and newer customers like Major League Baseball, who recently presented at our Investor Day. They are able to manage and secure all of their identities in a consistent way from a single platform.

我們獲勝的第三個原因是，我們具有獨特的能力作為客戶的身份標準，因為我們為組織生態系統中的每種類型的用戶提供單一的身份平台，從他們的員工和承包商到他們的合作夥伴和他們的客戶。顧客。我們越來越多地看到客戶採用Okta 作為單一標準，並在此過程中淘汰遺留基礎設施，其中包括Experian、Allergan 或AdAdobe 等長期客戶，以及最近在我們的投資者日上亮相的美國職棒大聯盟等新客戶。他們能夠透過單一平台以一致的方式管理和保護其所有身分。

The last thing I'll call out that sets us apart is our customer-first focus. We think of customer success in a much broader way than most technology companies, even most cloud technology companies. For most, customer success is about making sure customers are successful on your platform, that they're able to successfully implement it and use it. This is, of course, true for us as a well. However, since Okta is an enabling platform for people and technology, it has to be more. Our customers buy Okta to make the rest of their technology even better. For example, many use Okta to automate provisioning from their HR systems to downstream applications. Even more use Okta to roll out applications like Office 365 to highly distributed environments. Their metrics for success aren't just about being successful with Okta, they are about being able to automate provisioning through Workday to improve employee onboarding and offboarding or being able to roll out Office 365 to large global organizations in a matter of weeks. These are the kinds of success stories we care about most. And since we've done these kinds of implementations countless times, our customers are able to lean on our experience and expertise to ensure they're successful with Okta and the technologies we connect to.

我要指出的讓我們與眾不同的最後一件事是我們以客戶至上為中心。與大多數科技公司，甚至大多數雲端技術公司相比，我們以更廣泛的方式看待客戶的成功。對大多數人來說，客戶成功就是確保客戶在您的平台上取得成功，他們能夠成功實施並使用它。當然，這對我們來說也是如此。然而，由於 Okta 是為人員和技術提供支援的平台，因此它還必須有更多功能。我們的客戶購買 Okta 是為了讓他們的其他技術變得更好。例如，許多公司使用 Okta 自動化從 HR 系統到下游應用程式的配置。更多的人使用 Okta 將 Office 365 等應用程式部署到高度分散式的環境中。他們的成功指標不僅在於 Okta 的成功，還在於能夠透過 Workday 進行自動化配置，以改善員工入職和離職，或能夠在幾週內向大型全球組織推出 Office 365。這些是我們最關心的成功故事。由於我們已經進行了無數次此類實施，因此我們的客戶能夠依靠我們的經驗和專業知識來確保他們使用 Okta 和我們連接的技術取得成功。

In summary, the market is being driven our way as momentum in cloud, digital transformation and security are all converging on identity. And we're winning because of our independent neutral approach, the breadth and depth of the Okta Integration Network and our ability to offer one platform for every use case and our customer-first focus.

總而言之，隨著雲端運算、數位轉型和安全的發展勢頭都在向身分匯聚，市場正在向我們的方向發展。我們之所以獲勝，是因為我們獨立中立的方法、Okta 整合網路的廣度和深度、我們為每個用例提供一個平台的能力以及我們以客戶至上的關注點。

Thanks again for your time today, and I'll now turn it over to Bill to walk through the financial results.

再次感謝您今天抽出時間，我現在將把它交給比爾來介紹一下財務表現。

Thanks, Todd, and thanks again to everyone for joining us. I'll first go through our results for the third quarter of fiscal year 2019 before discussing our outlook.

謝謝托德，再次感謝大家加入我們。在討論我們的前景之前，我將先回顧 2019 財年第三季的業績。

We had another strong quarter, with revenue totaling $105.6 million, growing 58% year-over-year. Subscription revenue totaled $97.7 million in the third quarter, an increase of 58% year-over-year, representing 93% of our total revenue, up slightly from 92% in Q3 last year. Professional Services revenue was $7.9 million, an increase of 56% over the same period last year.

我們又迎來了一個強勁的季度，營收總計 1.056 億美元，年增 58%。第三季訂閱營收總計 9,770 萬美元，年增 58%，占我們總營收的 93%，略高於去年第三季的 92%。專業服務收入為790萬美元，比去年同期成長56%。

Revenue from outside of the U.S. grew 58% year-over-year and represented approximately 16% of our third quarter revenue, consistent with Q3 last year. We continue to view our international business as a long-term growth driver, and we're investing strategically to foster this incremental growth opportunity.

來自美國以外地區的營收年增 58%，約占我們第三季營收的 16%，與去年第三季一致。我們繼續將我們的國際業務視為長期成長動力，並且我們正在進行策略性投資以培育這種增量成長機會。

Moving on to billings. The current portion of calculated billings growth for the quarter was 57% year-over-year. Total calculated billings for the third quarter totaled $124 million, an increase of 58% over Q3 last year. We're very pleased with our calculated billings growth and the underlying demand that continues to drive our business. Contributing to our high billings growth rate was better-than-expected bookings linearity in the quarter and the beneficial timing of certain invoices.

繼續討論比林斯。本季目前計算的帳單成長部分年增 57%。第三季的計算總帳單總額為 1.24 億美元，比去年第三季成長 58%。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。本季的預訂線性度優於預期，以及某些發票的有利時機，促成了我們的高帳單成長率。

Our growth has benefited from momentum of new customer additions as well as upsells within our customer base across all of our segments. The total number of customers at the end of the quarter was over 5,600, up 42% year-over-year, a slight acceleration from Q2. We saw broad additions across our enterprise customer base and added a record number of net new customers with annual recurring revenue greater than $100,000, up 100 from the previous quarter to 937, representing a 55% year-over-year growth.

我們的成長得益於新客戶增加的勢頭以及我們所有細分市場的客戶群的追加銷售。截至季末，客戶總數超過 5,600 家，年增 42%，較第二季略有加速。我們的企業客戶群大幅增加，年度經常性收入超過 10 萬美元的淨新客戶數量創歷史新高，比上一季增加 100 家，達到 937 家，年增 55%。

Our dollar-based retention rate for the trailing 12 months ended October 31 remained strong at 120%, demonstrating the ongoing success we are having expanding within our existing customer base.

截至 10 月 31 日的過去 12 個月，我們以美元計算的保留率仍然保持在 120% 的強勁水平，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. Our GAAP financial results, along with the reconciliation between GAAP and non-GAAP results, could 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 continues to be strong at 82.2%, up 180 basis points versus the third quarter last year. Our Professional Services gross margin was negative 3.2% compared to negative 30.6% in the third quarter last year, primarily due to strong utilization and improving operational leverage.

訂閱毛利率持續保持強勁，達到 82.2%，比去年第三季成長 180 個基點。我們的專業服務毛利率為負 3.2%，而去年第三季為負 30.6%，這主要是由於強勁的利用率和營運槓桿的改善。

Total gross margin was 75.8% in the third quarter, up 380 basis points year-over-year. Gross profit was $80 million, up 66% year-over-year. Our gross margin represented a new record high as we continue to scale our platform.

第三季總毛利率為75.8%，年增380個基點。毛利為8000萬美元，較去年成長66%。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. Sales and marketing expense for Q3 was $50.7 million compared to $43.7 million in Q3 last year. This represents 48% of total revenue, an improvement from 65% in the third quarter last year. This year-over-year improvement was aided by the expense impact due to the timing of Oktane, our annual customer event, which was held in Q3 of last year, but in Q2 this year.

現在轉向營運費用。第三季的銷售和行銷費用為 5,070 萬美元，而去年第三季的銷售和行銷費用為 4,370 萬美元。這佔總收入的 48%，比去年第三季的 65% 有所提高。這一同比改善得益於我們的年度客戶活動 Oktane 的時間表造成的費用影響，該活動於去年第三季度舉行，但今年改為第二季度。

R&D expense in Q3 was $21.3 million compared to $14 million in Q3 last year. This represents a growth rate of 52% as we continued to invest significantly in the Okta identity platform and our Okta Integration Network. At the same time, R&D as a percentage of revenue remained fairly consistent at 20% compared to 21% in Q3 last year.

第三季的研發費用為 2,130 萬美元，而去年第三季的研發費用為 1,400 萬美元。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 52%。同時，研發佔營收的比例維持在 20%，而去年第三季為 21%。

G&A expense was $14.5 million for the third quarter compared to $9.9 million in the third quarter last year. G&A was 14% of revenue, an improvement from 15% for Q3 last year.

第三季一般管理費用為 1,450 萬美元，去年第三季為 990 萬美元。G&A 佔營收的 14%，較去年第三季的 15% 有所提高。

Our total headcount was 1,473 as of October 31, growing 29% over Q3 of last year. We are adding headcount across the board to support the growth of our business and expect headcount growth to continue to accelerate in the fourth quarter as we further invest in our go-to-market initiatives and innovation across our platform capabilities.

截至 10 月 31 日，我們的總員工人數為 1,473 人，比去年第三季成長 29%。我們正在全面增加員工數量，以支持我們的業務成長，並預計隨著我們進一步投資於市場推廣計劃和跨平台能力的創新，員工數量增長將在第四季度繼續加速。

We remain focused on durable growth, and as a result, we've seen continued improvement in our operating margin, while maintaining strong top line growth. Operating loss in the quarter was $6.5 million, which is a margin of negative 6.1% compared to a negative 28.9% in the same period last year, a significant improvement of over 22 points.

我們仍然專注於持久成長，因此，我們的營業利潤率持續改善，同時保持強勁的營收成長。該季度營運虧損為 650 萬美元，利潤率為負 6.1%，而去年同期為負 28.9%，顯著改善了 22 個百分點以上。

Net loss per share in Q3 was $0.04, with 109 million basic shares outstanding. This compares to a net loss per share in Q3 last year of $0.19, with 95 million basic shares outstanding at the time.

第三季每股淨虧損為 0.04 美元，已發行基本股為 1.09 億股。相比之下，去年第三季每股淨虧損為 0.19 美元，當時已發行基本股為 9,500 萬股。

Operating cash flow was positive $6.4 million in Q3. Operating cash flow margin was 6.1% compared to negative 14.2% in Q3 last year, an improvement of over 20 points. Our top line outperformance and continued margin improvement resulted in positive free cash flow in the quarter for the first time. Free cash flow came in at a positive $1.4 million in the quarter. Free cash flow margin was 1.3%, an improvement of over 18 points compared to a negative 16.8% for Q3 last year.

第三季營運現金流為正 640 萬美元。營運現金流利潤率為 6.1%，較去年第三季的負值 14.2% 提高了 20 個百分點。我們的營收表現出色，利潤率持續改善，導致本季首次實現正自由現金流。本季自由現金流為 140 萬美元。自由現金流利潤率為 1.3%，與去年第三季的負值 16.8% 相比，提高了 18 個百分點以上。

We are particularly pleased with this, given the impact we saw with CapEx in the quarter due to our ongoing headquarter office expansion. While we're encouraged by our strong cash flow performance in the quarter, we continue to expect to see variability in free cash flow margin due to this expansion along with ongoing fluctuations in working capital.

考慮到我們不斷進行的總部辦公室擴張對本季資本支出的影響，我們對此感到特別滿意。儘管我們對本季強勁的現金流表現感到鼓舞，但我們仍然預計，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. We ended the third quarter with $546 million in cash, cash equivalents and short-term investments. This includes the net proceeds of $307 million from the convertible senior notes we issued in Q1.

轉向資產負債表。截至第三季末，我們的現金、現金等價物和短期投資為 5.46 億美元。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。

Moving on to guidance. For the fourth quarter fiscal 2019, we expect total revenue of $107 million to $108 million, representing a growth rate of 39% to 40% year-over-year; non-GAAP operating loss of $12.5 million to $11.5 million; non-GAAP net loss per share of $0.09 to $0.08, assuming shares outstanding of approximately 110 million.

繼續指導。2019財年第四季，我們預期總營收為1.07億至1.08億美元，年成長率為39%至40%；非公認會計準則營業虧損為 1,250 萬美元至 1,150 萬美元；假設已發行股數約為 1.1 億股，非 GAAP 每股淨虧損為 0.09 至 0.08 美元。

For the full year of fiscal 2019, we now expect total revenue of $391 million to $392 million, representing a growth rate of 52% to 53% year-over-year; non-GAAP operating loss of $49 million to $48 million; non-GAAP net loss per share of $0.37 to $0.36, assuming shares outstanding of approximately 107 million.

2019財年全年，我們目前預期總營收為3.91億至3.92億美元，年成長率為52%至53%；非公認會計準則營業虧損為 4,900 萬美元至 4,800 萬美元；假設已發行股數約為 1.07 億股，非 GAAP 每股淨虧損為 0.37 至 0.36 美元。

Although we are still early in financial planning for fiscal 2020, I would like to provide a preliminary view as you look at your models for next year. We currently estimate revenue for fiscal year 2020 to be between $510 million and $520 million, representing a growth rate of 30% to 33%.

儘管我們仍處於 2020 財年財務規劃的早期階段，但我想在您查看明年的模型時提供初步看法。我們目前預計 2020 財年的營收將在 5.1 億至 5.2 億美元之間，成長率為 30% 至 33%。

In summary, I'm pleased with our consistent execution and the results we reported this quarter. We remain committed to durable growth, as outlined at our Investor Day in October. We see this growth coming from customer momentum, partners' channel traction, international expansion and innovation in our platform and network. And particularly this quarter, we're excited about the continued traction we see across our partner ecosystem. We remain confident in our positioning and long-term strategy.

總之，我對我們一貫的執行力和本季報告的結果感到滿意。正如我們在 10 月的投資者日所概述的那樣，我們仍然致力於實現持久成長。我們看到這種成長來自於客戶動力、合作夥伴的通路牽引、國際擴張以及我們平台和網路的創新。尤其是在本季度，我們對合作夥伴生態系統的持續吸引力感到興奮。我們對我們的定位和長期策略仍然充滿信心。

As Todd mentioned, we see benefit from the market tailwinds that are elevating the need for identity. These tailwinds, in addition to the success we've seen with our leading platform, Integration Network and customer-first approach, continue to put us in a winning position. We're excited about the opportunities ahead and look forward to closing out the year on a strong note.

正如托德所提到的，我們看到了市場順風車帶來的好處，即提高了對身份的需求。除了我們透過領先的平台、整合網路和客戶至上的方法所取得的成功之外，這些有利因素繼續使我們處於制勝的地位。我們對未來的機會感到興奮，並期待以強勁的勢頭結束這一年。

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

接下來，托德、弗雷德里克和我將回答你們的問題。操作員？

(Operator Instructions) And we'll take our first question today from Sterling Auty with JP Morgan.

（操作員說明）今天我們將回答摩根大通的 Sterling Auty 提出的第一個問題。

I believe Microsoft Azure Active Directory had a couple of notable outages in the recent past here. And I'm just wondering if that's actually changed the kind of conversations or the number of discussions driving more interest in your solution or is it even having an adverse effect where companies are perhaps nervous about identity in the cloud?

我相信 Microsoft Azure Active Directory 最近發生了幾次明顯的中斷。我只是想知道這是否真的改變了對話的類型或討論的數量，從而提高了人們對您的解決方案的興趣，或者是否甚至對公司可能對雲中的身份感到緊張的情況產生不利影響？

Sterling, it's a good question. We're having so many conversations with so many customers, and they all follow kind of the same key big trends. One is just customers need help adopting more cloud. They're thinking about apps, Office 365, Google apps. They're thinking about infrastructure, Amazon, Azure. They're thinking about business apps, Salesforce, Workday, ServiceNow. And there is lots of different -- the reliability, as you mentioned, is one thing. But there is just a whole host of things they're trying to figure out. And they're trying to figure out security to make sure these apps are accessible and secure. They're trying to figure out how to get the most business benefits out of it. And they are increasingly realizing that identity is at the key to a lot of that. If you want to do secure deployments, if you want to do quick deployments, if you want to do deployments that would get the business benefits, you have to have your identity story straight. Vis-à-vis Microsoft specifically, one thing that's interesting is that because of our breadth of customers now over 5,600 customers and many, many of those customers using some technology from Microsoft, we actually get visibility into the reliability of Microsoft's products. So we actually -- it's not just in conversations with customers, it's actually in conversations -- with prospective customers, but it's conversations with existing customers, talking about what was the extent of this outage, can you understand how broadly the impact was. So we're able to help customers understand the breadth of some of the technology choices they are using and the pros and cons. And that's the benefit of being this independent and neutral platform. So it is -- I would say, it is something we see, but in the grand scheme of things, it's one of the many conversations we're having.

斯特林，這是個好問題。我們與如此多的客戶進行瞭如此多的對話，他們都遵循相同的關鍵大趨勢。一是客戶需要幫助採用更多雲端。他們正在考慮應用程式、Office 365、Google 應用程式。他們正在考慮基礎設施、亞馬遜、Azure。他們正在考慮商業應用程式、Salesforce、Workday、ServiceNow。還有很多不同之處——正如您所提到的，可靠性是一回事。但他們正試圖弄清楚一大堆事情。他們正在嘗試解決安全問題，以確保這些應用程式可存取且安全。他們正在試圖找出如何從中獲得最大的商業利益。他們越來越意識到身份是其中的關鍵。如果您想要進行安全部署，如果您想要進行快速部署，如果您想要進行能夠獲得業務利益的部署，那麼您必須明確您的身分故事。具體到 Microsoft，一件有趣的事情是，由於我們的客戶範圍現在超過 5,600 個客戶，並且其中許多客戶使用 Microsoft 的某些技術，因此我們實際上可以了解 Microsoft 產品的可靠性。所以我們實際上 - 這不僅僅是與客戶的對話，實際上是與潛在客戶的對話，而且是與現有客戶的對話，談論這次中斷的程度，你能理解影響有多大嗎？因此，我們能夠幫助客戶了解他們正在使用的一些技術選擇的廣度以及優缺點。這就是成為這個獨立和中立平台的好處。所以，我想說，這是我們所看到的，但從整體來看，這是我們正在進行的眾多對話之一。

All right, great. And then one quick follow-up on Zero Trust. How should we think about what portion of the Zero Trust architecture that Okta will ultimately provide? And I guess, what I'm thinking about is it seems like in some of these models you will have some of the cloud gateway companies playing a role as well. So is that an area where we should look for increased partnership from Okta moving forward?

好吧，太好了。然後是零信任的快速跟進。我們應該如何考慮 Okta 最終將提供零信任架構的哪一部分？我想，我正在考慮的是，在其中一些模型中，似乎也會有一些雲端網關公司發揮作用。那麼，這是我們應該尋求 Okta 加強合作的領域嗎？

It's a good question. So Zero Trust is a term in the industry these days -- it's a fairly recent term in the industry, which basically means don't trust the network, give the user the same experience regardless of whether it's an internal network or a network from home or a network from a coffee shop, give them the same experience, same great ease of use, and most importantly, same great security. So many times customers aren't asking for Zero Trust per se, they're asking for how do you make this all secure. And they are saying, we love the cloud, we're trying to build better customer-facing applications, but security is paramount and we need help securing that all. And what they're increasingly realizing is that identity is the key to that. You have to control identity to give a really great user experience and a secure user experience. So now Zero Trust is the industry trying to put a design pattern in place around what this truly looks like and what are the different components you need and what do you need on the client and what do you need on the device, what do you need in terms of, as you mentioned, gateways and other things. And people have different opinions, but one thing that's becoming very clear is that you have to have identity covered well and you have to have a good identity backbone to do security and to do Zero Trust. So I think what you'll see is, and you see it in our results, that identity is prevalent and pervasive and especially as customers do more cloud, do more -- and want to be more secure. And then the actual details of that, whether you need a gateway or whether -- how the VPNs fit in, those details will be figured out over time, but identity is going to be at the core.

這是一個好問題。所以零信任是當今行業中的一個術語——這是行業中一個相當新的術語，這基本上意味著不信任網絡，無論是內部網絡還是家庭網絡，都給用戶相同的體驗或者來自咖啡店的網絡，為他們提供相同的體驗、同樣的易用性，最重要的是，同樣的安全性。很多時候，客戶並不是要求零信任本身，而是詢問如何確保這一切的安全。他們說，我們喜歡雲，我們正在努力建立更好的面向客戶的應用程序，但安全性至關重要，我們需要幫助來確保這一切的安全。他們越來越意識到身份是實現這一目標的關鍵。您必須控制身份才能提供真正出色的使用者體驗和安全的使用者體驗。因此，現在零信任是業界試圖圍繞其真正的樣子、您需要什麼不同的組件、您在客戶端上需要什麼、您在設備上需要什麼、您需要什麼來建立設計模式。正如您所提到的，就網關和其他事物而言。人們有不同的看法，但有一點變得非常清楚，那就是你必須很好地覆蓋身份，並且必須有一個良好的身份骨幹來實現安全性和零信任。因此，我認為您將看到，並且您在我們的結果中看到，身份是普遍存在的，尤其是當客戶使用更多雲端、做更多事情並希望變得更安全時。然後是實際細節，無論您是否需要網關，還是 VPN 如何融入，這些細節將隨著時間的推移而弄清楚，但身份將成為核心。

Next, we'll hear from Terry Tillman with SunTrust.

接下來，我們將聽取 SunTrust 的 Terry Tillman 的發言。

Maybe the first question, because we heard a lot in your prepared remarks about partner momentum. I know earlier in the year, it sounded -- it looked like you all kind of refined your partner program with Partner Connect and maybe redesigned it. So I don't know if some of that's behind kind of this amped-up success with partners. But maybe you could just talk about some of things structurally you've been doing around partnering and then maybe more specifically VMware and Deloitte, a little bit more specificity in terms of the momentum with them.

也許是第一個問題，因為我們在您準備好的關於合作夥伴動力的評論中聽到了很多。我知道今年早些時候，聽起來似乎你們都透過 Partner Connect 完善了你們的合作夥伴計劃，甚至可能重新設計了它。所以我不知道這是否是與合作夥伴如此巨大成功的原因之一。但也許你可以從結構上談談你一直在圍繞合作夥伴關係所做的一些事情，然後也許更具體地說是VMware和德勤，在與他們的合作勢頭方面更具體一些。

Yes, absolutely. This is Frederic. Happy to talk about that. I think you bring up a very important point, which is the importance of partners in our business. It's something we've obviously been working on for a number of years. These things are not things that you can just turn on overnight. I think you highlighted a couple of examples of some of the big categories that I would point to, in that we see a lot of momentum growing in our business. The first ones are the global system integrators. You mentioned Deloitte, but also some of the other folks that are out there as strategic advisers and implementers to large enterprise and public organizations. Deloitte is doing very well. I was just actually in Europe last week with a number of our customers opening up our France office and had an opportunity to speak with some of the senior partners there. And they are as excited in Europe as they are in North America to work with us, both on the security implementation side, but also on the large digital transformation projects that they want to be involved with. The second piece are very large technology partnerships that are starting to come into play. Again, you mentioned a very important one, VMware. For those of you who might not remember all the details, we announced an important partnership that we started last May at Oktane with VMware with first technology and business integrations between our teams. We furthered that at VMware's VMworld, and VMworld Europe, Barcelona, in early November where we talked about the second level of [now] technology integration as well as extending that partnership out to VMware's channel. And again, in Europe last week, I heard from a lot of folks in the VMware channel who were very excited about this partnership as well as customer and prospects excited at seeing us work with such a large and important company and an important piece of technology for them. And then finally, I would just point to the Okta Integration Network, which continues to be the de facto standard in the industry for the best and broadest, deepest integrations across thousands of not only applications, but pieces of infrastructure, networking gear and everything else with dozens of advanced integrations that are really benefiting our customers where they find these solutions and drive a lot of value. So we are seeing a lot across all the different pieces of our partner ecosystems, which we continue to invest in. But like our business, these are early days and the opportunities ahead are very large, and we're excited to keep building upon these results.

是的，一點沒錯。這是弗雷德里克.很高興談論這個。我認為您提出了非常重要的一點，那就是合作夥伴在我們業務中的重要性。顯然，這是我們多年來一直在努力的事情。這些東西不是一朝一夕就能打開的。我認為您強調了我要指出的一些大類別的幾個例子，因為我們看到我們的業務成長勢頭強勁。首先是全球系統整合商。您提到了德勤，也提到了其他一些作為大型企業和公共組織的策略顧問和實施者的人。德勤的表現非常好。事實上，我上週剛在歐洲與我們的一些客戶一起開設了我們的法國辦事處，並有機會與那裡的一些高級合作夥伴進行了交談。他們在歐洲和北美一樣對與我們合作感到興奮，無論是在安全實施方面，還是在他們希望參與的大型數位轉型專案上。第二部分是正在開始發揮作用的大型技術合作夥伴關係。您再次提到了一個非常重要的，VMware。對於那些可能不記得所有細節的人，我們宣布了去年 5 月在 Oktane 與 VMware 建立的重要合作夥伴關係，我們的團隊之間首次進行了技術和業務整合。11 月初，我們在 VMware 的 VMworld 和巴塞隆納 VMworld Europe 上進一步推進了這一點，我們討論了 [現在] 技術整合的第二級以及將這種合作夥伴關係擴展到 VMware 的管道。上週在歐洲，我再次聽到 VMware 管道中的許多人對此次合作感到非常興奮，而客戶和潛在客戶也對我們與如此大而重要的公司和一項重要技術的合作感到興奮對於他們來說。最後，我只想指出 Okta 集成網絡，它仍然是業界事實上的標準，不僅可以跨數千​​個應用程序，還可以跨基礎設施、網絡設備和其他一切進行最佳、最廣泛、最深入的集成擁有數十種高級集成，這些集成真正使我們的客戶受益，他們找到了這些解決方案並帶來了很多價值。因此，我們在合作夥伴生態系統的各個不同部分都看到了很多，我們將繼續對其進行投資。但就像我們的業務一樣，現在還處於早期階段，未來的機會非常大，我們很高興能夠在這些成果的基礎上繼續發展。

And I would add, Terry, that the programmatic things that Freddy talked about are very important. But one thing I've noticed is that the business results we're showing are really motivating the partners. So if you talk about 100 new deals over $100,000 in ARR, partners notice that as well. And they want to be on board with this -- the latest trends and the leader in this industry and that's the business success and the momentum in the market has driven the partner momentum as much as anything else we've done programmatically.

我想補充一點，特里，弗雷迪談到的綱領性的東西非常重要。但我注意到的一件事是，我們展示的業務成果確實激勵了合作夥伴。因此，如果您談論 ARR 超過 100,000 美元的 100 筆新交易，合作夥伴也會注意到這一點。他們希望加入這一行業的最新趨勢和領導者，這就是業務的成功和市場的勢頭推動了合作夥伴的動力，就像我們以程式設計方式所做的任何其他事情一樣。

That's great. And I guess, just my quick follow-up is on ThreatInsight. Todd, I know earlier in the year, you all kind of unveiled kind of where you could go with all this analytics horsepower. It looked like the way some of this could work is you have to buy the higher price point SSO or the MFA product to get access to it. But what can you just do in terms of an update on ThreatInsight? How it's being received and just where you are with that?

那太棒了。我想，我的快速跟進是在 ThreatInsight 上。托德，我知道今年早些時候，你們都公開了利用所有這些分析能力可以去往的地方。看起來其中一些可行的方式是您必須購買更高價位的 SSO 或 MFA 產品才能訪問它。但是，就 ThreatInsight 的更新而言，您能做什麼呢？您的反應如何？您對此的態度如何？

ThreatInsight is essentially -- it's really important for the value it delivers to customers. And it delivers value in a way that's pretty special. Because we see so many customers and so many logins, we can detect threats across the entire ecosystem, and then we can expose that threat intelligence back to individual customers and let them configure policies in Okta that would make certain decisions based on those threats that are relevant to an individual customer. So it's -- because we see the data, we can make the product more valuable for individual customer, and it's one of the benefits of being on the cloud platform. ThreatInsight is going very well. We're continuing to roll it out, and uptake has been very positive. We're working with -- getting a lot of feedback from customers not just on ThreatInsight, but in the overall policy engine and continuously innovating around the capabilities as we do for all of our features. We have this model -- this cloud model, which allows us to continuously release features and functions. But also, the data changes all the time. So as threats emerge, it's updated real-time in ThreatInsight. So it's a very powerful capability that's been well received by the customer base.

從本質上講，ThreatInsight 對於為客戶提供的價值非常重要。它以一種非常特別的方式提供價值。因為我們看到如此多的客戶和如此多的登錄，所以我們可以檢測整個生態系統中的威脅，然後我們可以將該威脅情報公開給各個客戶，並讓他們在Okta 中配置策略，根據這些威脅做出某些決策。與個人客戶相關。所以，因為我們看到了數據，所以我們可以讓產品對個人客戶更有價值，這是雲端平台的好處之一。ThreatInsight 進展順利。我們正在繼續推出它，並且採用情況非常積極。我們正在與客戶合作，不僅在 ThreatInsight 方面，而且在整體策略引擎方面，也從客戶那裡獲得大量反饋，並像我們對所有功能所做的那樣，不斷圍繞功能進行創新。我們有這個模型——這個雲端模型，它使我們能夠不斷地發布特性和功能。而且，數據一直在改變。因此，當威脅出現時，它會在 ThreatInsight 中即時更新。因此，這是一項非常強大的功能，受到了客戶群的好評。

We'll now hear from Alex Henderson with Needham.

現在我們將聽取 Alex Henderson 和 Needham 的發言。

I was hoping you could talk a little bit about the competitive landscape relative to Cisco's acquisition of Duo and to what extent you're seeing any change in the behavior of customers that they've been associated with or to what extent, as you're going through your competitive processes, you are taking more business from that channel or any change in that dynamic.

我希望您能談談與思科收購 Duo 相關的競爭格局，以及您在多大程度上看到與他們有聯繫的客戶的行為發生了任何變化，或者在多大程度上，正如您所看到的那樣通過您的競爭流程，您將從該管道或該動態的任何變更中獲得更多業務。

We haven't seen a change. The big picture is that there's -- there are a lot of deals. I mean, the market is really accelerating. There are a lot of deals. And we -- the overall competitive trends are very consistent with what we've seen. Our run rates have been consistent for several years with respect to all the competitors. The competitors are different, like it's very different when you're competing with someone like a Microsoft, where the dynamic is customers, they really don't want to be locked-in to Microsoft. They're worried about lock-in to a certain platform, particularly Microsoft. So there, it's about this broad identity platform that can support multiple technologies, give the customers choice and freedom from any kind of being driven down a certain path. That's powerful to them. Different competitors are different. So maybe a legacy competitor, it's all about a product set that's not being updated or not being migrated to the modern environment and they see us as their pathway to the future, their pathway to the cloud, their pathway to digital transformation. Or a point competitor maybe that just doesn't have the breadth of coverage and can't get any deals and can't cover the field. Or maybe it's just more of a niche solution, not a broader platform. So I think back to your question about Duo and Cisco, first of all, you asked the question about competitive, but I would first say is that we're very strong partners with both Cisco and with Duo. Duo, we have a seamless integration with Duo on our platform. We have a very seamless integration with Cisco, their firewall products. So we're very, very happy with those partnerships, and those continue to be very productive. On the competitive side, we do have some product overlap with Duo, and we continue to compete with them. And I think it's natural that you're going to see -- anytime there is a big acquisition like that, you're going to see some disruption in terms of the execution of them independently. And I think we are seeing that to some degree, but we think that the partnership will continue. And where we compete, we'll compete and the environment will be consistent over time. And the big picture, it's -- there is a lot of value to be created for customers, and we're busy trying to capture and deliver that as much as possible.

我們沒有看到任何變化。整體情況是，有很多交易。我的意思是，市場確實在加速發展。有很多優惠。我們——整體競爭趨勢與我們所看到的非常一致。多年來，我們的運行率與所有競爭對手相比一直保持一致。競爭對手是不同的，就像當你與像微軟這樣的公司競爭時，情況是非常不同的，其中的動力是客戶，他們真的不想被鎖定到微軟。他們擔心鎖定某個平台，尤其是微軟。因此，這個廣泛的身份平台可以支援多種技術，為客戶提供選擇和自由，使他們免受任何形式的束縛。這對他們來說很強大。不同的競爭對手是不同的。因此，也許是一個傳統的競爭對手，這一切都是關於沒有更新或沒有遷移到現代環境的產品集，他們將我們視為他們通往未來的道路、他們通往雲端的道路、他們數位轉型的道路。或者是積分競爭對手，可能只是沒有涵蓋範圍，無法獲得任何交易，也無法涵蓋整個領域。或者也許它只是一個利基解決方案，而不是一個更廣泛的平台。所以我回想一下你關於 Duo 和 Cisco 的問題，首先，你問了關於競爭力的問題，但我首先要說的是，我們與 Cisco 和 Duo 都是非常強大的合作夥伴。Duo，我們在我們的平台上與 Duo 無縫整合。我們與思科及其防火牆產品實現了非常無縫的整合。因此，我們對這些合作關係非常非常滿意，而且這些合作夥伴關係仍然非常有成效。在競爭方面，我們確實與 Duo 有一些產品重疊，並且我們將繼續與他們競爭。我認為你自然會看到——任何時候發生這樣的大型收購，你都會看到它們的獨立執行受到一些幹擾。我認為我們在某種程度上看到了這一點，但我們認為這種夥伴關係將繼續下去。在我們競爭的地方，我們就會競爭，隨著時間的推移，環境將保持一致。從大局來看，我們可以為客戶創造很多價值，我們正忙於盡可能地捕捉和交付這些價值。

Yes. So one broader question. So clearly, as we're moving to a world where the center of gravity of security is moving out of the enterprise into the cloud, the architecture of security delivery has to change. And I assume that no single company is going to be able to provide the full platform. In that environment where we're federating multiple security clouds together, does Okta end up being the connective -- the primary connective tissue between them? And if that's the case, how do -- what role do you play in the policy piece of that?

是的。這是一個更廣泛的問題。很明顯，當我們進入一個安全重心從企業轉移到雲端的世界時，安全交付的架構必須改變。我認為沒有任何一家公司能夠提供完整的平台。在我們將多個安全雲端結合在一起的環境中，Okta 最終會成為它們之間的結締組織嗎？如果是這樣的話，你在這方面的政策中扮演什麼角色？

Well, I think -- I think if you think about the definition of the word platform, at least how we think about it, it's -- a platform by definition is a set of underlying capabilities that then other people build on top of to provide the full set of value to the ecosystem. So if you think like Windows, Microsoft couldn't build every application. So they built the Windows platform, and then the app developer community built all the applications. If you think about -- there is other examples, iOS, right? Apple couldn't build all the apps into iOS. So they opened up this platform, the App Store, and then developers built this. We think of -- when you say the entire security ecosystem, we absolutely agree. We think that no one company can build it all. It's all about choice for the customers. But then you get back down to like what is the platform and what is the right thing to pivot off of to be the basic thing you need to have a handle on that then other people can build around. For us, that's identity. We think by being the system of record for identity, we can be the foundational platform and other people can build around us. So the way we think about the world is we're the identity platform, and then all of these other adjacent categories will plug into us and provide the application "for our platform." So that's how we think about the world. And I think it's -- if you think about look at -- looking at how we're investing in the product, it's consistent with that.

嗯，我認為 - 我認為如果你考慮一下平台這個詞的定義，至少我們是如何看待它的，它是 - 平台的定義是一組底層功能，其他人可以在此基礎上構建並提供這些功能對生態系的全套價值。因此，如果您像 Windows 一樣思考，那麼 Microsoft 無法建立所有應用程式。因此他們建立了 Windows 平台，然後應用程式開發人員社群建立了所有應用程式。如果你想一想，還有其他例子，iOS，對吧？Apple 無法將所有應用程式建置到 iOS 中。所以他們開放了這個平台，也就是App Store，然後開發人員建構了這個平台。當你說整個安全生態系統時，我們想到了，我們絕對同意。我們認為沒有一家公司能夠實現這一切。這一切都取決於客戶的選擇。但隨後你會回過頭來思考什麼是平台，什麼是正確的核心，成為你需要掌握的基本事物，然後其他人可以圍繞它進行構建。對我們來說，這就是身分。我們認為，透過成為身分記錄系統，我們可以成為基礎平台，其他人可以圍繞我們進行建構。因此，我們思考世界的方式是，我們是身份平台，然後所有其他相鄰類別都將插入我們並「為我們的平台」提供應用程式。這就是我們看待世界的方式。我認為——如果你考慮一下——看看我們如何投資產品，這是一致的。

I think, Alex, just to add on that. You see that also from a customer perspective. I mean, what they say is they're very excited about a lot of the advanced integrations that we have in the Okta Integration Network because it allows them to leverage the investments that they've made. For example, in Palo Alto Networks, get it pre-integrated with Okta, and that way they can get more value out of both of the solutions. The Palo Alto Networks firewall can talk to Okta and back and forth. So you actually get more information by connecting them. In fact, we have a number of -- and I see this more and more with our large enterprise customers. A good example is a large financial institution, I think, in Texas was the first one to do this. They are now actually writing into all of their new technology contracts that the solutions they're buying must be pre-integrated to Okta. So what you're getting is not only the existing technology vendors know that they need to partner, but the next generation of security vendors are coming to us and saying, clearly, you're the new identity standard, this single identity platform, it's foundational, we want to make sure we're pre-integrated to it. And you really see that flywheel spinning, which I think is going to be very exciting for customer success in the times ahead.

我想，亞歷克斯，只是補充一下。從客戶的角度也能看到這一點。我的意思是，他們所說的是，他們對我們在 Okta 整合網路中擁有的許多高級整合感到非常興奮，因為這使他們能夠利用他們所做的投資。例如，在 Palo Alto Networks 中，將其與 Okta 預先集成，這樣他們就可以從這兩種解決方案中獲得更多價值。帕洛阿爾托網路防火牆可以與 Okta 來回通訊。因此，透過連接它們，您實際上可以獲得更多資訊。事實上，我們有很多——而且我在我們的大型企業客戶中看到這種情況越來越多。一個很好的例子是，我認為德州的一家大型金融機構是第一個這樣做的。他們現在實際上正在所有新技術合約中寫入他們購買的解決方案必須預先整合到 Okta 中。因此，您所得到的不僅是現有的技術供應商知道他們需要合作，而且下一代安全供應商也正在向我們表示，顯然，您是新的身份標準，這個單一的身份平台，它是作為基礎，我們希望確保我們已預先整合到其中。你確實看到了飛輪的旋轉，我認為這對未來客戶的成功將是非常令人興奮的。

Next, we'll hear from Richard Davis with CG Financial.

接下來，我們將聽取 CG Financial 的 Richard Davis 的發言。

So maybe I think a remix on Sterling's question a little bit. So when do you guys think we're going to get to the point where you and maybe another modern security vendor or 2 will allow Chief Security Officers to save money and kind of de-provision or stop spending on security systems that -- when I talk to these guys and gals, they're just like, we know we're over-insuring with stuff that's repetitively redundant, so to speak? Do you think there is a point where we get to that point where you can walk in and go, "Look, it's a hard dollar ROI, you can like cut off 6 different things"?

所以也許我想對斯特林的問題進行一些重新調整。那麼，你們認為我們什麼時候才能達到這樣的地步：你們和另一家或兩個現代安全供應商將允許首席安全官節省資金，並取消配置或停止在安全系統上的支出——當我與這些傢伙和女孩交談，他們就像，我們知道我們對重複冗餘的東西進行了過度保險，可以這麼說嗎？你認為我們是否會達到這樣的程度，你可以走進去說，「看，這是一個硬性的投資回報率，你可以砍掉 6 個不同的東西」？

I think that -- it's an interesting question. From our perspective, it's about the choice, right? And it's about the choice to pick the apps, the infrastructure, the platforms, the security tools that are best for the customer. I think in some cases, that's a consolidation of spend around certain vendors. In some cases, it's branching out into new areas for some business driver or business growth. I think it's the flexibility that customers need. I think as many customers I talk to that want to consolidate and cut down on vendors, many more are branching into new areas and want to expand. So I think it's got to have flexible -- got to have flexibility to go both ways. But I do think that you have to -- and I think you see this in all of the super-successful companies. You have to have -- you have to manage something that is -- something that the customer can pivot around, whether it's -- with us, it's the person and the identity. With other vendors, it's different things. But we're very confident that our strategy of being the system of record for identity is the right strategy and give customers the flexibility to take the technology in the way it needs to be best for them.

我認為——這是一個有趣的問題。從我們的角度來看，這是一個選擇，對嗎？這關係到選擇最適合客戶的應用程式、基礎設施、平台和安全工具。我認為在某些情況下，這是圍繞某些供應商的支出整合。在某些情況下，它會為了某些業務驅動因素或業務成長而擴展到新領域。我認為這是客戶需要的靈活性。我認為，與我交談過的許多客戶都希望整合並減少供應商，更多的客戶正在涉足新領域並希望擴張。所以我認為它必須具有靈活性——必須具有雙向的靈活性。但我確實認為你必須這樣做——而且我認為你在所有超級成功的公司中都看到了這一點。你必須擁有——你必須管理一些客戶可以圍繞的東西，無論它是——與我們一起，它是人和身份。對於其他供應商來說，情況有所不同。但我們非常有信心，我們作為身分記錄系統的策略是正確的策略，並讓客戶能夠靈活地以最適合他們的方式採用該技術。

Got it. And then just a quick follow-up. So we're seeing identity management kind of evolve from password reset companies to multifactor to adaptive in the space. So have you guys ever said like how much penetration the -- whatever, the highest part of Maslow's hierarchy of identification is there? Is it 10%? Is it 5% of the -- I mean, you're at the foothills. Have you looked at that on that basis at all or not?

知道了。然後進行快速跟進。因此，我們看到身分管理從密碼重設公司發展到多因素，再到該領域的適應性。那你們有沒有說過馬斯洛認同層次的最高部分有多少滲透率？是10%嗎？是 5% 嗎——我是說，你在山腳下。您是否在此基礎上考慮過這一點？

I think it's -- I don't have the numbers. I think it's my impression from customers I talked to and so forth, it's -- the super-sophisticated, machine learning driven is very, very rare. I think most customers are trying to get things integrated and get the right security policy on the right resources. I think the promise is longer-term, more autonomous, more machine learning type things that are kind of the truly adaptive for everything. But most customers just want the flexibility to connect all their technology and then do policies appropriate for the right resources based on the risk level. And I think that it's kind of -- people know it's a good idea. The reason it's hard is because that's not integrated. And one of the things we're doing is trying to bring that pre-integrated approach to it with our -- the Okta Integration Network. And we think if we can integrate everything, we can give customers this basically a fighting chance to do the right policy on the right resources, and that's going to make things much better in terms of ease of use for the users, but also for security.

我認為是——我沒有數字。我認為這是我與客戶交談過的印像等等，超級複雜的、機器學習驅動的非常非常罕見。我認為大多數客戶都在嘗試將事物整合並在正確的資源上獲得正確的安全策略。我認為我們的承諾是更長期、更自主、更多機器學習類型的東西，真正適應一切。但大多數客戶只是希望能夠靈活地連接所有技術，然後根據風險等級制定適合正確資源的策略。我認為人們知道這是一個好主意。之所以困難是因為它沒有整合。我們正在做的事情之一就是嘗試將這種預先整合的方法與我們的 Okta 整合網路結合起來。我們認為，如果我們能夠整合所有內容，我們基本上可以為客戶提供一個在正確的資源上採取正確的策略的戰鬥機會，這將使用戶的易用性和安全性方面變得更好。

We'll now hear from Heather Bellini with Goldman Sachs.

我們現在將聽取高盛希瑟貝利尼 (Heather Bellini) 的演講。

I had 2 for you guys. I guess, the first one would be you continue to just have a really good improvement in the net new customer account with over $100,000 in spending, $90,000 last quarter, $100,000 this quarter. Is something changing in terms of the number of products that they might be purchasing upfront for the first time? Is it potentially that they're just adding -- they're doing larger deal sizes of a single product than maybe what you were seeing before? I just was wondering if you can give us some color there. And then I had a question -- I know someone asked about some of the issues that Microsoft had over the last few months. But I was more wondering, when you see headlines like the one with Marriott last week, does that ever -- do you see breaches like that ever causing kind of a spike in deal activity or at least kind of RFPs for you guys?

我為你們準備了 2 個。我想，第一個是你的淨新客戶帳戶繼續取得非常好的改善，支出超過 10 萬美元，上季 9 萬美元，本季 10 萬美元。他們可能首次預先購買的產品數量是否有變化？他們是否有可能只是增加——他們對單一產品的交易規模可能比你之前看到的更大？我只是想知道你是否可以給我們一些顏色。然後我有一個問題 - 我知道有人詢問了微軟在過去幾個月中遇到的一些問題。但我更想知道，當你看到像上週萬豪的頭條新聞時，你是否看到過這樣的違規行為導致了交易活動的激增，或者至少是你們的 RFP 的激增？

Thanks, Heather. I'll take the first question regarding what we're seeing in that momentum. I think it's a couple of things. First of all, obviously, we're very fortunate, right, in that we're addressing 2 large markets, workforce identity management and customer identity management. So what you see is you see customers that can now start in either of those large 2 markets with any of our 5 different products. And as you start working with larger and larger organizations, whether they are governmental organizations or private companies, they find more and more ways to use the product, so they could start, for example, with Multi-Factor Authentication for a customer situation and then they could find ways to deploy it internally for workforce. So there is a lot of points where they can land and expand. Number two, I think you're starting to see us just -- there is a natural momentum between as we roll out 40 new releases a year in our agile software development model, there is a lot more features and functions coming all the time and there are more and more advanced use cases we can help customers address. At the same time, you're starting to see larger and larger enterprises turning around and saying we're going to have a cloud-first approach. Last week when I was in Europe, I remember meeting with a large utility a couple of years ago, and they said, "We're never going to have anything in the cloud." And that same utility, one of the largest utility companies in Europe started the conversation last week with, we now have a cloud-first mandate across the business. And so you're just seeing much larger organization saying we have to get on this journey to the cloud, we have to undertake a digital transformation. And so the convergence of us being able to provide more solutions for them and the enterprise finding more and more ways to leverage the service I think is what you're starting to see drive those results. By the way, that's the same reason that organizations like Deloitte are finding more and more interest in working with us because obviously, they're working with the largest organizations in the world. What I would say, though, it's very early. So I think that in this transformation, our best days by far are ahead of us in helping these large enterprises. We're very happy with the results we have, but I think that it's going to be very exciting in the times ahead. And then on the second piece regarding Marriott specifically, we can't point to anything this week, were there more inbound phone calls from organizations looking for that. Certainly, it is unfortunate whenever you read one of those headlines for those organizations because it's a very tough position to be in. But yes, I think it highlights a couple of things. First of all, it highlights the fact that every company has to think about how they're going to modernize their technology and how they're going to prioritize security in a new way, whether you are a high tech company, whether you're a retail company, whether you're in the hospitality industry, it applies to every organization. Number two, I think it also highlights what we all know, which is there is a significant dearth of advanced software developers in the world, in North America and specifically in security. And you can imagine that for a lot of these large companies, it's hard just to attract all these advanced security software developers to their companies. And then finally, identity is only now starting to become the center. People are now trying to come around to the fact that it is so critical. But it's taken a while. And certainly, a lot of these companies have had these resources available. So Marriott has been out there with their programs for many, many years. Now it's time to modernize them. I think I would just point to what we just said with the Albertsons customer press release that went out today as well, a very good example of a company that's been around 80-plus years, they have had loyalty and rewards programs for a long time, but they realized it's time to modernize. And so they started working with us a couple of quarters ago, and today, there's 30 million consumers accessing Albertsons Safeway and all of their customer identity management resources on a weekly basis. I think those are the kinds of trends that you're going to see more and more of in the times ahead. And certainly, we think that we're very excited about the opportunity to help a lot of customers with those opportunities in their businesses.

謝謝，希瑟。我將回答第一個問題，關於我們在這種勢頭中看到的情況。我認為有幾件事。首先，顯然，我們非常幸運，對吧，因為我們正在解決兩個大市場：勞動力身分管理和客戶身分管理。所以你看到的是，你看到客戶現在可以在這兩個大市場中的任何一個市場開始使用我們 5 種不同產品中的任何一種。當您開始與越來越大的組織合作時，無論他們是政府組織還是私人公司，他們都會找到越來越多的使用該產品的方法，因此他們可以開始針對客戶情況進行多重身份驗證，然後他們可以找到在內部為員工部署它的方法。所以他們可以落地、擴張的點很多。第二，我想您已經開始看到我們了——我們在敏捷軟體開發模型中每年推出 40 個新版本，不斷推出更多功能和功能，這之間存在著一種自然的動力。我們可以幫助客戶解決越來越多的高階用例。同時，您開始看到越來越大的企業轉變態度，並表示我們將採用雲端優先的方法。上週我在歐洲時，我記得幾年前與一家大型公用事業公司會面，他們說：“我們永遠不會在雲端擁有任何東西。”同樣的公用事業公司，歐洲最大的公用事業公司之一，上週開始與我們進行對話，我們現在在整個業務中都有雲端優先的要求。因此，您只會看到更大的組織說我們必須踏上雲端之旅，我們必須進行數位轉型。因此，我們能夠為他們提供更多解決方案，而企業找到越來越多的方式來利用該服務，我認為這就是您開始看到的推動這些結果的動力。順便說一句，這也是像德勤這樣的組織越來越有興趣與我們合作的原因，因為顯然，他們正在與世界上最大的組織合作。不過，我要說的是，現在還為時過早。所以我認為，在這次轉型中，我們在幫助這些大型企業方面迄今為止最好的日子就在前方。我們對所取得的成果感到非常滿意，但我認為未來將會非常令人興奮。然後，關於具體關於萬豪的第二篇文章，我們本週無法指出任何事情，是否有更多組織打來的電話來尋找這一點。當然，每當你讀到這些組織的頭條新聞時，你都會感到不幸，因為這是一個非常艱難的處境。但是，是的，我認為它強調了一些事情。首先，它強調了這樣一個事實：每個公司都必須考慮如何實現技術現代化，以及如何以新的方式優先考慮安全性，無論您是一家高科技公司，還是零售公司，無論您是在酒店業，它都適用於每個組織。第二，我認為這也凸顯了我們都知道的一點，那就是世界上、北美特別是安全領域嚴重缺乏高階軟體開發人員。您可以想像，對於許多這樣的大公司來說，僅僅吸引所有這些高級安全軟體開發人員到他們的公司是很困難的。最後，身份現在才開始成為中心。人們現在正試圖認識到它是如此重要這一事實。但這需要一段時間。當然，許多公司都擁有這些可用資源。因此，萬豪酒店多年來一直致力於其項目。現在是時候將它們現代化了。我想我只想指出我們剛才在今天發布的艾伯森客戶新聞稿中所說的內容，這是一家擁有 80 多年曆史的公司的一個很好的例子，他們長期以來一直擁有忠誠度和獎勵計劃，但他們意識到是時候進行現代化了。因此，他們在幾個季度前開始與我們合作，如今，每周有 3000 萬消費者訪問 Albertsons Safeway 及其所有客戶身份管理資源。我認為在未來的時代你會越來越多地看到這些趨勢。當然，我們認為我們非常高興有機會幫助許多客戶利用這些業務機會。

Next, we'll hear from Shaul Eyal with Oppenheimer.

接下來，我們將聽取 Shaul Eyal 和 Oppenheimer 的演講。

I wanted to ask about some of the clients and contract announcements you've made, probably starting with Albertsons, appears to be a sizable customer. I think you've indicated 30 million customers/users from their perspective interacting on a weekly basis. Was that a displacement, probably not, but just want to hear your thinking about it. And also maybe talk to us, Todd or Freddy, about the process, maybe the time frame it took from PoC to PO. And probably what are the other long-term opportunities you can see with this specific client? And then I have a question on the State Department contract.

我想問一些您發布的客戶和合約公告，可能從艾伯森開始，似乎是一個相當大的客戶。我認為您已經從每週互動的角度指出了 3000 萬客戶/用戶。這是一種位移嗎，可能不是，但只是想聽聽你的想法。也許還可以與我們（Todd 或 Freddy）談談這個過程，也許是從 PoC 到 PO 所需的時間範圍。您可以從這個特定客戶身上看到哪些其他長期機會？然後我有一個關於國務院合約的問題。

Yes, absolutely. Thanks for the question, Shaul. I'll start with Albertsons. So your first question was about what we displaced there. I mean, Albertsons, like a lot of large organizations, has been built up over the years through M&A, right? So if you look, they have today dozens of different properties in food and drug retail. And so as these different organizations have evolved and as Albertsons has rolled up more and more of these different brands, each of those different companies has come with their own set of infrastructure. So in fact, there was legacy infrastructure, but not just at Albertsons proper, at Safeway and all the other brands. And so what you have is this sprawl where they have many different installations. Some of them might be homegrown. Some of them might be FCA. Some of them might be Oracle or IBM. And so what happens is you as an end customer, it's a bad experience for you because you might have an Albertsons login and a Safeway login. You don't get the value across both of them. They don't know what you're doing. And then at Albertsons obviously, they want one view of you, so they know where you're purchasing across all their properties both on the web, on the mobile, physically inside the stores. And so by transforming across all those different pieces of on-prem infrastructure moving to a centralized cloud platform like the Okta Identity Cloud, putting all of those different resources inside one central database -- they're using our Okta Universal Directory -- and allowing their customers to have a much more seamless experience is enhancing the customer experience, but it's also obviously on the back-end, providing Albertsons with much better visibility into what their customer is doing across all these different properties. And that is the true value. So absolutely, we did displace legacy technologies, but it wasn't just one piece, it was undoubtedly many pieces that they were having a lot of trouble separating because they've been around for 10, 15, 20 years inside different data centers and it gets very, very complicated. On your second question around the time to work with the customer, I think you'll probably be pleasantly surprised that Albertsons has been a customer of ours for less than 4 quarters. I can go back and look exactly, but certainly, I think it was since the beginning of this fiscal year where they signed up. And I think that time-to-value is something that you really only get with a modern cloud platform. The fact that they were able to roll out 30 million customer visits on a weekly basis across all these different myriad properties, both physically, both on the web, on mobile applications and the fact they were able to that in a matter of a couple of quarters, that's how you get this customer success. And it's because of the foundational platform that we have in there that you start seeing they get very quick ROI, that TCO is easily understandable, and very quickly, they go from us helping them solve one specific problem where we become then the identity standard and we become pervasive across their entire organization and identity really becomes this foundational platform they get a lot of comfort around and they can build on. So that's specifically around Albertsons. I believe you also had a question, you said a follow-up question around the State Department.

是的，一點沒錯。謝謝你的提問，肖爾。我將從艾伯森開始。所以你的第一個問題是關於我們在那裡流離失所的東西。我的意思是，艾伯森像許多大型組織一樣，是多年來透過併購建立起來的，對吧？因此，如果你仔細觀察，他們今天在食品和藥品零售領域擁有數十種不同的資產。因此，隨著這些不同組織的發展，以及艾伯森 (Albertsons) 推出越來越多的不同品牌，每個不同的公司都擁有自己的一套基礎設施。所以事實上，有遺留的基礎設施，但不僅僅是在艾伯森本身，在西夫韋和所有其他品牌。所以你所看到的是這種蔓延，他們有許多不同的安裝。其中一些可能是本土的。其中一些可能是 FCA。其中一些可能是 Oracle 或 IBM。因此，作為最終客戶，您可能會獲得糟糕的體驗，因為您可能擁有 Albertsons 登入和 Safeway 登入。你無法獲得兩者的價值。他們不知道你在做什麼。顯然，在艾伯森 (Albertsons)，他們想要您的一個視圖，這樣他們就知道您在哪裡購買他們所有的房產，無論是在網路上、在行動裝置上還是在實體店內。因此，透過將所有這些不同的本地基礎設施遷移到像 Okta Identity Cloud 這樣的集中式雲端平台，將所有這些不同的資源放入一個中央資料庫中（他們使用我們的 Okta 通用目錄），並允許他們的客戶擁有更無縫的體驗正在增強客戶體驗，但它顯然也在後端，使艾伯森能夠更好地了解客戶在所有這些不同的酒店中所做的事情。這才是真正的價值。所以絕對，我們確實取代了傳統技術，但這不僅僅是一件事情，毫無疑問，他們在分離方面遇到了很多麻煩，因為它們已經在不同的資料中心內存在了10、15、20 年，而且它變得非常非常複雜。關於你關於與客戶合作的時間的第二個問題，我想你可能會感到驚喜，因為艾伯森成為我們的客戶不到四個季度。我可以回去仔細看看，但當然，我認為他們是從本財年年初就開始簽約的。我認為只有透過現代雲端平台才能實現價值實現。事實上，他們每週能夠在所有這些不同的無數資產上實現3000 萬次客戶訪問，無論是在物理上、在網絡上還是在移動應用程序上，而且事實上他們只需幾分鐘就能做到這一點季度，這就是您獲得客戶成功的方式。正是因為我們擁有的基礎平台，您開始看到他們獲得非常快的投資回報率，TCO 很容易理解，而且很快，他們就離開我們幫助他們解決一個特定問題，然後我們成為身份標準，我們在他們的整個組織中變得無處不在，而身份確實成為了這個基礎平台，他們在周圍感到非常舒適，並且可以在此基礎上繼續發展。這是特別圍繞艾伯森的。我相信你也有一個問題，你提到了國務院的後續問題。

Yes -- no. So Freddy, this is really great, great color. And probably on the State Department, that comes under the federal verticals. Talk to us a little bit maybe specifically about this product, this contract, but also how do you see the opportunity on the federal vertical and what are you guys doing to probably accelerate that? Without a doubt, I would imagine such a contract should entice and accelerate the appetite to do much more. You get the State Department, you know these guys, they all talk to each other. You can get a great reference here. And the sky could potentially be the limit here, and that's in the federal vertical.

是的——不。弗雷迪，這真的很棒，很棒的顏色。可能在國務院，這屬於聯邦垂直部門。與我們具體談談這個產品、這份合同，還有您如何看待聯邦垂直領域的機會以及您正在做什麼來加速這一過程？毫無疑問，我認為這樣的合約應該會吸引並加速人們做更多事情的慾望。你了解國務院，你認識這些人，他們都互相交談。您可以在這裡獲得很好的參考。天空可能是這裡的極限，而且是在聯邦垂直領域。

I certainly hope that you're right, Shaul. So we're working on that every day. In the meantime, I'll give you some specific details around that. Look, I think public sector, very much like the question around partners earlier on the call, this is not something you can turn on overnight. I mean, this is something we've been working on with a federal team in place, I think, for coming over 3 years now. It's not just at the federal level, but we do very well at state and local. And again, you see all sorts of organizations seeing these major imperatives of the journey to the cloud and how they're going to become technology companies. I think when you think about public sector, and the U.S. State Department is one example, it's a good one, but it's just one example. Certainly, the federal fiscal year ends in September, which coincides with our Q3, which is why we're not terribly surprised to see some good business from the federal sector as they wrap up their year and they look to the year ahead. But I would highlight that we've been working on a lot of the underpinnings for our platform and to make it viable and a good, strong, viable, secure, reliable, scalable performance solution for the government agencies for a long time. For example, we have been HIPAA compliant for quite some time. We are now already FedRAMP Moderate certified on the platform, and we also have native support for things like PIV and CAC, which allows the government to use a lot of our Okta workforce products. And then finally, you see a lot of big initiatives that are happening inside the government. For example, they have the Modernize (sic) [Modernizing] Government Technology Act, which establishes funds to improve federal technology. You also have the White House, which is pushing this Cloud Smart strategy, with anything that can go to the cloud should go to the cloud. So I think these are just some of the examples of what you see. And obviously, we're very fortunate that we can help these organizations make those moves, and we're very happy with the success we have had. But again, I think the opportunity in the times ahead is very good. Over the last couple of years, you've seen us work more and more with government agencies, organizations like the Department of Justice, the Centers for Medicare & Medicaid Services and now the State Department. So certainly, we're starting to get good traction. It's important to make these customers successful, which we do. But we're very excited about the opportunity ahead, and I think it's, again, very early days and we're excited about what we can possibly do in this segment, so.

我當然希望你是對的，肖爾。所以我們每天都在努力。同時，我將向您提供一些具體細節。聽著，我認為公共部門，非常像電話會議早些時候圍繞合作夥伴提出的問題，這不是你可以在一夜之間打開的東西。我的意思是，我認為這是我們與聯邦團隊合作三年多來一直在努力的事情。不僅在聯邦層面，我們在州和地方也做得很好。同樣，您將看到各種各樣的組織都看到了雲端之旅的這些主要要求以及他們將如何成為科技公司。我認為當你想到公共部門時，美國國務院就是一個例子，這是一個很好的例子，但它只是一個例子。當然，聯邦財政年度於 9 月結束，這與我們的第三季度一致，這就是為什麼我們在聯邦部門結束年度並展望未來一年時看到一些良好的業務並不感到非常驚訝。但我想強調的是，長期以來，我們一直在為我們的平台打基礎，並使其成為一個可行的、良好的、強大的、可行的、安全的、可靠的、可擴展的性能解決方案，為政府機構服務。例如，我們已經遵守 HIPAA 相當長一段時間了。我們現在已經在該平台上獲得了 FedRAMP Moderate 認證，我們還對 PIV 和 CAC 等內容提供本地支持，這使得政府可以使用我們的許多 Okta 勞動力產品。最後，你會看到政府內部正在採取許多重大措施。例如，他們制定了《現代化》政府技術法案，該法案設立了資金來改善聯邦技術。還有白宮正在推動這種雲端智慧策略，任何可以上雲的東西都應該上雲。所以我認為這些只是您所看到的一些例子。顯然，我們非常幸運能夠幫助這些組織採取這些行動，並且我們對所取得的成功感到非常高興。但我再次認為，未來的機會非常好。在過去的幾年裡，您已經看到我們越來越多地與政府機構、司法部、醫療保險和醫療補助服務中心以及現在的國務院等組織合作。所以當然，我們開始獲得良好的牽引力。讓這些客戶成功非常重要，我們就是這麼做的。但我們對未來的機會感到非常興奮，我認為現在還處於早期階段，我們對我們在這一領域可能做的事情感到興奮，所以。

Next, we'll hear from Pat Walravens with JMP Securities.

接下來，我們將聽取 JMP 證券 Pat Walravens 的演講。

Todd, can you walk us through just sort of at a high level the steps that you're taking to make sure bad guys don't breach the Okta network?

Todd，您能否向我們簡要介紹一下您為確保壞人不會破壞 Okta 網路而採取的步驟？

It's a -- yes. I mean, it's a big focus for us. We -- first of all, the main thing that customers -- when customers think about Okta, the main thing that they are trying to solve for is combining both ease of use for their end users and security for their own application and services. So they see Okta as a way to make their own technology more secure. And whether it's making sure that accounts are provisioned at the right time, making sure that the right people actually have access to the right services at the right time, making sure that there is the right amount of authentication, whether it's a single password, whether it's multifactor, whether it's a certain policy, all that makes a tremendous amount of improvement in how things are easy to use and then how things are secure. And if they're building a customer-facing site or mobile app, you're doing all that, while at the same time increasing their time-to-value and their productivity of the developers that they have to spend to build that thing. So obviously, the foundation all that is that the Okta service itself is secure. And the -- we've kind of -- that's what we've hung our hat on. And by investing a tremendous amount in the basic architecture, the processes and procedures, the technology reviews, the redundancy, it's something that it has to be built in from the ground up, it has to be consistently followed for years and years and years. It has to be part of the culture. It's something that's very, very hard to replicate. And it's not only a technical thing, but it's also a communication thing. And we have this conversation with customers. And whether it's a customer that's learning about us for the first time or whether it's a customer that's expanding their usage with us, we're very good at talking to them about this in a very open and transparent way, so they can understand what we do, they can understand how we mitigate risk and they can understand why it's kind of hard to replicate and something that's very valuable to them as they try to transform their technology.

這是——是的。我的意思是，這對我們來說是一個重點。我們——首先，客戶最關心的事情——當客戶考慮 Okta 時，他們試圖解決的主要問題是將最終用戶的易用性與他們自己的應用程式和服務的安全性結合起來。因此，他們將 Okta 視為讓自己的技術更加安全的一種方式。以及是否確保在正確的時間配置帳戶，確保正確的人實際上可以在正確的時間訪問正確的服務，確保有正確數量的身份驗證，是否是單一密碼，是否它是多因素的，無論是某種策略，所有這些都極大地改善了事物的易用性以及事物的安全性。如果他們正在建立面向客戶的網站或行動應用程序，那麼您就在做這一切，同時增加了他們的價值實現時間和開發人員的生產力，而他們必須花費這些錢來建立該東西。顯然，一切的基礎是 Okta 服務本身是安全的。這就是我們所堅持的。透過在基本架構、流程和程序、技術審查、冗餘方面投入大量資金，它必須從頭開始構建，必須多年來始終如一地遵循。它必須成為文化的一部分。這是非常非常難以複製的。這不僅是技術問題，也是溝通問題。我們與客戶進行了這樣的對話。無論是第一次了解我們的客戶，還是正在擴大使用我們的客戶，我們都非常善於以非常開放和透明的方式與他們談論這一點，這樣他們就可以了解我們的內容這樣做，他們可以理解我們如何降低風險，他們可以理解為什麼它很難複製，以及在他們嘗試改造技術時對他們非常有價值的東西。

Next, we'll hear from Gray Powell with Deutsche Bank.

接下來，我們將聽取德意志銀行格雷·鮑威爾的演講。

Sorry, can you hear me?

抱歉，你聽得到我說話嗎？

Loud and clear.

響亮清晰。

All right. I'll be quick. So definitely seems like you're all seeing an uptick in the adoption of MFA this year. Just ballpark, where do you think overall industry adoption is or what stage do you think it's in? And then how do you feel about the growth of the product set over the next 12 months versus the last 12?

好的。我會快點的。因此，今年 MFA 的採用率肯定有所上升。大概來說，您認為整個產業的採用率處於什麼階段，或者您認為它處於哪個階段？那麼與過去 12 個月相比，您對未來 12 個月內產品集的成長有何看法？

I think Multi-Factor Authentication is, the stage it is -- everyone knows it's a good idea. I think it's still too hard to roll out, in general. I think we're trying to make it easier by making it pre-integrated, by connecting it to our policy engine, by delivering it as a cloud solution. So we're getting better. But I think there's a lot of -- the industry as a whole has to move from -- everyone knows it's a good idea to having kind of this broadly deployed multifactor connecting to a policy engine and we're trying to help. I think product innovation is critical to us, and we're very excited about what's ahead for us in terms of product innovation and releasing new capabilities. And we're going to have -- I encourage everyone to stay tuned. We have a customer conference coming up in just 3.5 months and we will have a ton of announcements there.

我認為多重身份驗證已經到了這個階段——每個人都知道這是一個好主意。我認為總的來說，推出仍然太難。我認為我們正在嘗試透過預先整合、將其連接到我們的策略引擎、將其作為雲端解決方案提供來使其變得更容易。所以我們正在變得更好。但我認為有很多——整個行業必須改變——每個人都知道，將這種廣泛部署的多因素連接到政策引擎是一個好主意，我們正在努力提供幫助。我認為產品創新對我們至關重要，我們對產品創新和發布新功能的前景感到非常興奮。我們將會－我鼓勵大家繼續關注。3.5 個月後我們將召開客戶會議，屆時我們將發布大量公告。

We'll now hear from Jonathan Ho with William Blair.

我們現在將聽取喬納森·何 (Jonathan Ho) 和威廉·布萊爾 (William Blair) 的發言。

I just wanted to start out with maybe the international opportunity and where -- maybe where you see the most opportunity to leverage investments as well as maybe how the challenges differ in the international markets.

我只是想從國際機會開始，也許您在哪裡看到最多的槓桿投資機會，以及國際市場的挑戰有何不同。

Yes, sure. Nice to hear from you. Happy to chat a little bit about that. I think the first thing is we're very excited about the opportunity in international. And I think that you're starting to see the results speak for themselves. That business is growing and it's growing fast. I think there's a lot of opportunity in terms of not only the customer interest for what we do, but also in working with a lot of these channel partners because those markets are much more fragmented. And obviously, you have dozens of countries in Europe, Asia Pacific is the same. And so to the question about partners that we had earlier, one of the things that we spent a lot of time on over the last 12, 24 months is really making sure that we have the right partner programs with the right incentives, making it very easy for our partners to adopt our products and help distribute them in the market. I think you're going to see more and more of that. We've also historically made the right investments ahead of time that I think are now bearing fruit. So for example, we have had data centers in Europe where they can fill over data to a second data center in Europe without ever coming to North America. That's a solution that's been out there for quite some time. We're in the process of implementing the same in Asia Pacific to, again, give customers the comfort that they can keep their data in region if they're interested, and again, with very high levels of control, security, reliability, availability. And I think some of those things are very important. At the same time, you've also seen us continue to invest in expansion of our offices. Our office in London has continued to grow over the last 4 or 5 years, and we've continued to take on more office space there with opportunity. I mentioned that we opened formally our Paris office last week. We've had an office in Sydney for some time, and we're continuing to invest there. So I think the opportunities in international are early, they're exciting, they're big, and they are huge opportunities for us in the years ahead.

是的，當然。很高興聽到你的消息。很高興能聊聊這一點。我認為首先我們對國際比賽的機會感到非常興奮。我認為您已經開始看到結果不言而喻了。該業務正在成長，而且成長速度很快。我認為，不僅客戶對我們所做的事情感興趣，而且與許多通路合作夥伴合作也有很多機會，因為這些市場更加分散。顯然，歐洲有幾十個國家，亞太地區也是一樣。因此，對於我們之前的合作夥伴問題，我們在過去 12、24 個月中花費了大量時間的事情之一就是確保我們擁有正確的合作夥伴計劃和正確的激勵措施，使其非常我們的合作夥伴可以輕鬆採用我們的產品並幫助在市場上分銷它們。我想你會看到越來越多這樣的情況。從歷史上看，我們也提前做出了正確的投資，我認為現在已經取得了成果。例如，我們在歐洲設有資料中心，他們可以將資料填入歐洲的第二個資料中心，而無需前往北美。這是一個已經存在相當長一段時間的解決方案。我們正在亞太地區實施同樣的計劃，再次讓客戶放心，如果他們感興趣，他們可以將數據保存在該地區，並且具有非常高水平的控制、安全性、可靠性和可用性。我認為其中一些事情非常重要。同時，您也看到我們繼續投資擴大辦公室。我們在倫敦的辦事處在過去四五年中持續成長，我們不斷抓住機會在那裡佔用更多的辦公空間。我提到我們上周正式開設了巴黎辦事處。我們在雪梨設立辦事處已經有一段時間了，我們將繼續在那裡投資。所以我認為國際比賽的機會很早，它們令人興奮，它們很大，對我們未來幾年來說是巨大的機會。

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

我們的最後一個問題將來自 KeyBanc Capital Markets 的 Rob Owens。

In under the gun. Kind of feel like now I can take as long as I want, too.

就在槍口下。有點感覺現在我也可以想花多久就花多久。

The floor is yours, Rob. The floor is yours.

地板是你的了，羅布。地板是你的。

Want to drill down into -- a little bit into the international financial services win, both on the workforce ID side and the customer ID side. Just, relatively, where you get more dollars? Is it on the workforce side or the customer side, as you see some of these guys bite on both sides of the apple?

想要深入了解國際金融服務的勝利，包括勞動力 ID 方面和客戶 ID 方面。只是，相對而言，你從哪裡得到更多的美元？是在勞動力方面還是在客戶方面，正如您看到其中一些人在蘋果的兩面都咬一樣？

Yes, happy to talk about that, Rob. I think that -- I think the one thing we should talk about is what's happening today. And then I think we should talk about the trends and what we see happening in the future. Look, today and as evidenced by our business, we started with workforce identity management, so the first. We're coming up -- wrapping up our 10th year of business, which is great. Our first 5 years of business, we basically only had a workforce identity management product. Now why is that? Well, workforce identity, formerly known as enterprise identity, is something that's well known. It's been in the industry for 20, 25 years, legacy software vendors, Oracle, IBM, CA have had solutions here for the days of homogeneity when you were an IBM shop or an Oracle shop. And so it was a well-understood kind of need as we came into the market. So if you look at our first 1,000 customers, all they could buy actually was workforce identity. Now that's great and that's going to continue to grow, and that's a big market and we're barely scratching the surface. And you're going to see more and more workforce identity business in the years ahead. What's happened over the last few years is customers have started to say, hey, I've built this customer identity management infrastructure myself in the past, it's getting complicated. We talked about examples like Marriott. Security is important. Password reset flows, registration across devices, multiple e-mail addresses, these are very complex piece of technology for companies to build themselves. So they've started using solutions like what we have in the customer identity and access management in the Okta Identity Cloud. So it is a newer part of our business, right, also growing very quickly. But what's exciting is in the times ahead, if you think about a large organization like Dignity Health, which is a customer of ours, we can help them with their workforce, obviously, which is tens or maybe hundreds of thousands of employees in certain cases. We have a set of products. They're very well suited. There is a lot of use cases for them. But in -- now in the customer identity side, as they put more and more online, as they digitize more and more of their business, there is more and more constituents that an organization like Dignity Health needs to interact with. For example, they could have patient portals that you and I go and pay our bills on. They could have physician portals where physicians come and get information on patients. They could have vendor or supplier portals where they talk about their supply chain. So whereas an organization could have one large workforce opportunity for us to help them with, they could start to develop more and more of these customer identity management opportunities as well. And that's why I think you see the people have very good ideas on how large the market is for workforce, which is very large, and they're starting to develop those ideas around customer identity management. So that's a long-winded way of saying, today customers can land with either workforce or customer identity with either of our 5 products. They find ways to cross-sell and upsell themselves because of our very high customer dollar base net retention rate of 120%. But in the times ahead, I think it's a tossup on which of these 2 large markets are going to continue to grow faster. A lot of opportunity, and obviously, we want to be able to help the customers with either one. It's certainly something that we're going to continue to keep an eye on in the times ahead.

是的，很高興談論這個，羅布。我認為——我認為我們應該談論的一件事是今天發生的事情。然後我認為我們應該討論趨勢以及我們認為未來會發生什麼。看，今天，正如我們的業務所證明的那樣，我們從員工身分管理開始，所以是第一個。我們即將迎來第十個年頭，這真是太棒了。在我們業務的前 5 年裡，我們基本上只有一個員工身分管理產品。這是為什麼呢？嗯，員工身份，以前稱為企業身份，是眾所周知的。該行業已經存在 20、25 年了，當您還是 IBM 商店或 Oracle 商店時，傳統軟體供應商 Oracle、IBM、CA 已經在同質化時代提供了解決方案。因此，當我們進入市場時，這是一個很好理解的需求。因此，如果你看看我們的前 1,000 名客戶，他們能買到的實際上只是員工身分。現在這很好，而且會繼續成長，這是一個很大的市場，而我們只是觸及了表面。未來幾年，您將看到越來越多的員工身分業務。過去幾年發生的情況是，客戶開始說，嘿，我過去自己建立了這個客戶身分管理基礎設施，它變得越來越複雜。我們討論了像萬豪這樣的例子。安全很重要。密碼重設流程、跨裝置註冊、多個電子郵件地址，這些都是公司自行建立的非常複雜的技術。因此，他們開始使用我們在 Okta Identity Cloud 中的客戶身分和存取管理等解決方案。所以這是我們業務的較新部分，對吧，成長也非常快。但令人興奮的是在未來的時代，如果你想到像Dignity Health 這樣的大型組織，它是我們的客戶，我們可以幫助他們解決勞動力問題，顯然，在某些情況下可能有數萬甚至數十萬名員工。我們有一套產品。他們非常適合。它們有很多用例。但現在在客戶身分方面，隨著他們越來越多地將業務放在網路上，隨著他們將越來越多的業務數位化，像 Dignity Health 這樣的組織需要與越來越多的選民互動。例如，他們可以擁有您和我可以用來支付帳單的患者入口網站。他們可以擁有一個醫生入口網站，醫生可以透過該入口網站獲取患者資訊。他們可以擁有供應商或供應商入口網站，在那裡他們可以談論他們的供應鏈。因此，儘管一個組織可能有大量的勞動力機會供我們幫助他們，但他們也可以開始開發越來越多的客戶身分管理機會。這就是為什麼我認為人們對勞動市場有多大有很好的想法，這個市場非常大，並且他們開始圍繞客戶身份管理開發這些想法。所以這是一種冗長的說法，今天客戶可以透過我們的 5 種產品中的任何一種以勞動力或客戶身份登陸。由於我們 120% 的客戶基礎美元淨保留率非常高，他們找到了交叉銷售和追加銷售的方法。但在未來，我認為這兩個大市場中哪一個會繼續以更快的速度成長是一個難以抉擇的問題。有很多機會，顯然，我們希望能夠為客戶提供任何一種幫助。這肯定是我們在未來繼續關注的事情。

That will conclude today's question-and-answer session. I'll now turn the conference over to Todd McKinnon for any additional or closing remarks.

今天的問答環節到此結束。現在我將把會議轉交給托德·麥金農（Todd McKinnon）發表補充或結束語。

So we appreciate the time today. We are excited about our progress this year. And -- but the most exciting thing for us I think is that we're still very early in these big trends, where this trend of cloud adoption we've been talking about it for a long time. But when you look at organizations around the world, whether they are large companies, governments, international markets, cloud is a big transformation that's going to take many, many years ahead and we're going to be there to help customers along the way.

所以我們很珍惜今天的時間。我們對今年的進步感到興奮。而且，我認為對我們來說最令人興奮的事情是，我們仍處於這些大趨勢的早期階段，我們已經討論了很長時間的雲端採用趨勢。但當你觀察世界各地的組織時，無論是大公司、政府或國際市場，雲端都是一場巨大的變革，需要很多年的時間，我們將一路為客戶提供幫助。

Same with digital transformation, that's a continuously evolving thing. And we're very excited that identity is the core of that, and it's going to be a growth driver for years ahead.

就像數位轉型一樣，這是一個不斷發展的事情。我們非常高興身份是其中的核心，它將成為未來幾年的成長動力。

And finally, security is just timeless. So while we're excited about the results, we're more excited about the future potential, and we're working hard every day to make sure we capitalize on this. So thank you very much for your time, and we look forward to seeing you on the road or talking to you on the next quarterly call.

最後，安全是永恆的。因此，雖然我們對結果感到興奮，但我們對未來的潛力更加興奮，我們每天都在努力工作，以確保我們充分利用這一點。非常感謝您抽出寶貴的時間，我們期待在路上見到您或在下一個季度的電話會議上與您交談。

That will conclude today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。