Okta Inc (OKTA) 2023 Q3 法說會逐字稿

Hi, everybody. Welcome to Okta's Third Quarter Fiscal Year 2023 Earnings Webcast. I'm Dave Gennarelli, Senior Vice President of Investor Relations at Okta. With me in today's meeting, we have Todd McKinnon, our Chief Executive Officer and Co-Founder; and Brett Tighe, Chief Financial Officer. Today's meeting will include forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our financial outlook and market positioning. Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Forward-looking statements represent our management's beliefs and assumptions only as of the date made. Information on factors that could affect the company's financial results is included in our filings with the SEC from time to time, including the section titled Risk Factors in our previously filed Form 10-Q.

大家好你們好。歡迎收看 Okta 2023 財年第三季度收益網絡廣播。我是 Okta 投資者關係高級副總裁 Dave Gennarelli。和我一起參加今天的會議的還有我們的首席執行官兼聯合創始人 Todd McKinnon；首席財務官 Brett Tighe。根據 1995 年私人證券訴訟改革法案的安全港條款，今天的會議將包括前瞻性陳述，包括但不限於關於我們的財務前景和市場定位的陳述。前瞻性陳述涉及已知和未知的風險和不確定性，這些風險和不確定性可能導致我們的實際業績表現或成就與前瞻性陳述所明示或暗示的存在重大差異。前瞻性陳述僅代表我們管理層截至作出之日的信念和假設。我們不時向美國證券交易委員會提交的文件中包含有關可能影響公司財務業績的因素的信息，包括我們之前提交的 10-Q 表格中標題為“風險因素”的部分。

In addition, during today's meeting, 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.

此外，在今天的會議上，我們將討論非 GAAP 財務措施。這些非 GAAP 財務措施是對根據 GAAP 編制的財務業績措施的補充，而不是替代或優於這些措施。

A reconciliation between GAAP and non-GAAP financial measures and a discussion of the limitations of using non-GAAP measures versus their closest GAAP equivalents is available in our earnings release. You can also find detailed information in our supplemental financial materials, which include trended financial statements and key metrics posted on our Investor Relations website.

我們的收益發布中提供了 GAAP 和非 GAAP 財務指標之間的協調，以及對使用非 GAAP 指標與其最接近的 GAAP 等效指標的限制的討論。您還可以在我們的補充財務材料中找到詳細信息，其中包括在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。

In today's meeting, we will quote a number of numerical growth changes as we discuss our financial performance. And unless otherwise noted, each such reference represents a year-over-year comparison. And now I'd like to turn the meeting over to Todd McKinnon. Todd?

在今天的會議上，我們將在討論我們的財務業績時引用一些數字增長變化。除非另有說明，否則每個此類參考均代表同比比較。現在我想將會議轉交給 Todd McKinnon。托德？

Thanks, Dave, and thank you, everyone, for joining us this afternoon. We're pleased with our Q3 results. But before reviewing them, I thought I'd provide an update on some of the progress with respect to the execution challenges we faced this year. Our confidence in our ability to further advance our leadership position in a very large market opportunity has not wavered.

謝謝戴夫，也謝謝大家今天下午加入我們。我們對第三季度的結果感到滿意。但在審查它們之前，我想我會提供有關我們今年面臨的執行挑戰的一些進展的最新情況。我們對在非常大的市場機會中進一步提升領導地位的能力的信心並未動搖。

In fact, with all the great new products and functionality, we announced at Oktane22 earlier this month, we are more optimistic about our long-term prospects than ever. The action plan we initiated to stem attrition has delivered meaningful improvement over the last quarter. And while we're making progress with the execution challenges we outlined, we recognize that it will take several quarters to regain top line momentum in the business.

事實上，有了我們本月早些時候在 Oktane22 上宣布的所有出色的新產品和功能，我們對我們的長期前景比以往任何時候都更加樂觀。我們發起的旨在阻止人員流失的行動計劃在上個季度取得了顯著改善。雖然我們在應對我們概述的執行挑戰方面取得了進展，但我們認識到需要幾個季度才能恢復業務的頂線勢頭。

Adding to the challenge is a global macro environment that we anticipate becoming worse before it improves. Brett will talk more specifically about what we're seeing in our business in terms of the macro environment and the more cautious approach we're taking to our business outlook. We view these issues as short term in nature. We continue to focus on the long term while making the necessary adjustments to the business in the near term, including our commitment to meaningfully higher profitability and cash flow.

增加挑戰的是我們預計在改善之前會變得更糟的全球宏觀環境。布雷特將更具體地談論我們在宏觀環境方面在我們的業務中看到的情況，以及我們對我們的業務前景採取的更謹慎的方法。我們認為這些問題本質上是短期的。我們繼續關注長期，同時在短期內對業務進行必要的調整，包括我們對顯著提高盈利能力和現金流的承諾。

One constant is that identity will remain a critically important element to organizations. At Oktane22 earlier this month, we officially unveiled our simplified 2 cloud approach to the market. the Workforce Identity Cloud and the Customer Identity cloud, 2 clouds, one Okta. This alignment has alleviated prior confusion in the field and sets us up to build on these 2 powerful pillars. More importantly, this strategy has been enthusiastically received by our go-to-market team, customers and partners. A great proof point is the upward trend line of the number of sales reps that have closed customer identity cloud deals over the past 3 quarters. the feedback that I personally received in my conversations with dozens of partners and customers at Oktane was overwhelmingly positive, and we firmly believe that it will only get better with time.

一個不變的是身份將仍然是組織的一個至關重要的元素。在本月初的 Oktane22 上，我們正式向市場推出了簡化的 2 雲方法。 Workforce Identity Cloud 和 Customer Identity Cloud，2 個雲，一個 Okta。這種一致性減輕了該領域先前的困惑，並使我們能夠在這兩個強大的支柱上繼續發展。更重要的是，這一策略得到了我們的上市團隊、客戶和合作夥伴的熱烈歡迎。一個很好的證據是過去 3 個季度中完成客戶身份雲交易的銷售代表數量的上升趨勢線。我個人在與 Oktane 的數十位合作夥伴和客戶的談話中收到的反饋非常積極，我們堅信隨著時間的推移它只會變得更好。

Identity matters to every part of an organization, which is why it's such a strategic decision. CIOs care about high-performing IT. CMOs care about conversion and customer acquisition, CTOs care about innovation, CFOs care about costs and efficiency and CEOs and their Boards care about all of these things. Identity can help address all of these and having one account exec to speak to all of these decision makers will help drive a more cohesive identity strategy across the entire organization.

身份對組織的每個部分都很重要，這就是為什麼它是一個戰略決策。 CIO 關心高性能 IT。 CMO 關心轉化和客戶獲取，CTO 關心創新，CFO 關心成本和效率，而 CEO 和他們的董事會關心所有這些事情。身份可以幫助解決所有這些問題，讓一名客戶主管與所有這些決策者交談將有助於在整個組織中推動更具凝聚力的身份戰略。

Turning to our Q3 results. We added 650 new customers in the quarter, bringing our total customer base to over 17,000, representing growth of 22%. we continue to see growth with large customers for both workforce and customer identity. And we are proud to work with some of the most important brands in the world, such as S&P Global, McKesson and Zoom. In Q3, we added 215 customers with $100,000-plus ACV.

轉向我們的第三季度業績。我們在本季度增加了 650 名新客戶，使我們的總客戶群超過 17,000 名，增長了 22%。我們繼續看到大客戶在勞動力和客戶身份方面的增長。我們很自豪能與世界上一些最重要的品牌合作，例如 S&P Global、McKesson 和 Zoom。在第三季度，我們增加了 215 名 ACV 超過 100,000 美元的客戶。

Our total base of $100,000-plus ACV customers now stands at over 3,700 and grew 32%. Here are just a few notable examples of customer wins in Q3, which come from a wide range of industries. KeyBanc, a Fortune 500 financial services company was a significant Okta workforce, a new business win. They sought a cloud-based identity solution to help modernize their legacy systems, eliminate redundancies across tool sets and support their cloud-first initiatives.

我們 100,000 美元以上的 ACV 客戶總數現在超過 3,700 人，增長了 32%。以下是第三季度贏得客戶的幾個著名例子，這些例子來自各行各業。財富 500 強金融服務公司 KeyBanc 是 Okta 的重要員工隊伍，這是一項新的業務勝利。他們尋求基於雲的身份解決方案來幫助實現遺留系統的現代化，消除工具集之間的冗餘並支持他們的雲優先計劃。

Okta's workforce identity cloud will provide a unified identity system while also enhancing security through adaptive multifactor authentication for KeyBanc's 25,000 globally distributed employees. A Fortune 100 global entertainment conglomerate was a big upsell this quarter. As a result of many acquisitions, the company has disparate identity providers that resulted in its employees having multiple different log-ins to access corporate apps resulting in friction, unpleasant user experiences and slowed business outcomes.

Okta 的勞動力身份雲將提供一個統一的身份系統，同時還通過自適應多因素身份驗證為 KeyBanc 分佈在全球的 25,000 名員工增強安全性。一家財富 100 強全球娛樂集團在本季度大賣。由於進行了許多收購，該公司擁有不同的身份提供商，導致其員工使用多個不同的登錄名來訪問公司應用程序，從而導致摩擦、不愉快的用戶體驗和緩慢的業務成果。

Having leveraged Okta workforce for several business units, this customer is now deploying Okta workforce Identity Cloud to cover its more than 200,000 employees. Today, they are one of our largest customers, and we believe there is significantly more opportunity to unlock as we partner with them going forward. We also closed our biggest customer identity cloud deal ever with a multinational technology company. This company began using Okta back in 2019 to better connect with its business partners.

在為多個業務部門利用 Okta 勞動力後，該客戶現在正在部署 Okta 勞動力身份雲以覆蓋其超過 200,000 名員工。今天，他們是我們最大的客戶之一，我們相信隨著我們與他們的合作，未來會有更多的機會來解鎖。我們還與一家跨國技術公司完成了有史以來最大的客戶身份雲交易。該公司於 2019 年開始使用 Okta 以更好地與其業務合作夥伴建立聯繫。

The company then sought to consolidate onto a single identity provider while accelerating revenue, moving to the cloud and enhancing its security posture. The Okta Customer Identity Cloud will help increase security and harden authentication for this customer amid increased security concerns, while maintaining the ease of their end user experience. We also had another strong quarter with our public sector vertical. Year-to-date, our business with pub sec organizations has increased over 65% with great wins across both workforce and customer identity clouds.

然後，該公司尋求整合到單一身份提供商，同時加速收入、遷移到雲並增強其安全狀況。 Okta Customer Identity Cloud 將在安全問題日益增加的情況下幫助提高該客戶的安全性並加強身份驗證，同時保持其最終用戶體驗的便利性。我們的公共部門垂直領域也有另一個強勁的季度。年初至今，我們與公共安全組織的業務增長了 65% 以上，並在勞動力和客戶身份雲方面取得了巨大成功。

A great workforce upsell in Q3 was with a huge federal agency that will cover tens of thousands of their employees. The agency is modernizing its legacy, on-prem identity technology. We see significantly more opportunity to expand our relationship with this agency and the even larger agency that it rolls up to. We also continue to have success with state and local agencies as they replace legacy identity solutions for both their employees and their citizens.

第三季度的一個巨大的勞動力追加銷售來自一個龐大的聯邦機構，它將覆蓋數万名員工。該機構正在對其遺留的本地身份技術進行現代化改造。我們看到了更多的機會來擴大我們與該機構以及它所涉及的更大機構的關係。我們還繼續與州和地方機構取得成功，因為他們為員工和公民更換了遺留身份解決方案。

In Q3 alone, cities like Birmingham, Charlotte and Tampa all turned to Okta. We got to meet with some of these customers just a couple of weeks ago at Oktane22 in San Francisco. This was our 10th Oktane, and we had nearly 10,000 registrants for the in-person and online event, a sold-out partner pavilion and 9 million views of the live opening keynote stream.

僅在第三季度，伯明翰、夏洛特和坦帕等城市都轉向了 Okta。幾週前，我們在舊金山的 Oktane22 會見了其中一些客戶。這是我們的第 10 屆 Oktane，我們有近 10,000 名現場和在線活動註冊者，一個售罄的合作夥伴展館和 900 萬次現場開幕主題演講觀看次數。

During the event, we announced numerous new products, features and functionality that we believe will elevate Okta's market leadership position. In our strategy to build the primary cloud for identity, we now cover the most use cases of any company and help solve the most challenging identity issues that are being driven by the increasing deployment of cloud technology, the adoption of Zero Trust security and digital transformation projects. As Okta invests in both of our clouds and develops purpose-built functionality for app building, IT and security teams. We're also investing in connecting our clouds. This interoperability and connection has the ability to create greater value for customers and flexibility and security, and it can also become the catalyst for rapid innovation that drives business outcomes. The foundation of this interoperability is the Okta Identity platform where shared platform services and the Okta Integration Network reside.

在活動期間，我們宣布了許多新產品、特性和功能，我們相信它們將提升 Okta 的市場領導地位。在我們為身份構建主要雲的戰略中，我們現在涵蓋了所有公司的大多數用例，並幫助解決最具挑戰性的身份問題，這些問題是由雲技術部署的增加、零信任安全的採用和數字化轉型所推動的項目。隨著 Okta 投資於我們的兩個雲並為應用程序構建、IT 和安全團隊開發專門構建的功能。我們還在投資連接我們的雲。這種互操作性和連接能夠為客戶創造更大的價值以及靈活性和安全性，它還可以成為推動業務成果的快速創新的催化劑。這種互操作性的基礎是共享平台服務和 Okta 集成網絡所在的 Okta Identity 平台。

As the Okta Identity platform evolves, additional services will be available for customers emphasizing capabilities that unlock even more use cases. Core to Okta's success is our independence neutrality. The Okta Integration Network is the foundational technology that supports customer choice. It was innovative when we launched it 13 years ago, and it still offers the broadest selection and deepest integrations available. The success we're having with customers around the world is directly related to the Okta Integration Network.

隨著 Okta Identity 平台的發展，將為客戶提供更多服務，強調解鎖更多用例的功能。 Okta 成功的核心是我們的獨立中立性。 Okta Integration Network 是支持客戶選擇的基礎技術。我們在 13 年前推出它時它是創新的，它仍然提供最廣泛的選擇和最深入的集成。我們與世界各地客戶取得的成功與 Okta 集成網絡直接相關。

Monolithic platforms try to imitate the Okta Integration Network but they can never replicate it. In fact, we're now taking the power of the Okta Integration Network to the next level with the power of our 2 clouds. By having both clouds together, we further enable this open ecosystem of choice. Workforce customers get the functionality of their craving, like seamless Zero Trust security, continuous authentication and fine grain authorization, all working out of the box. And for the SaaS builders, they know what enterprise readiness looks like because we define it in the customer identity cloud and can plug into the workforce customers around the world. All of this pushes the identity industry forward, resulting in more standardization that benefits everyone.

單體平台試圖模仿 Okta 集成網絡，但它們永遠無法複製它。事實上，我們現在正在利用我們的 2 個雲的力量將 Okta 集成網絡的力量提升到一個新的水平。通過將兩種雲結合在一起，我們進一步啟用了這個開放的生態系統選擇。勞動力客戶可以獲得他們渴望的功能，例如無縫的零信任安全、持續身份驗證和細粒度授權，所有這些都是開箱即用的。對於 SaaS 構建者，他們知道企業準備情況是什麼樣的，因為我們在客戶身份雲中定義它，並且可以插入世界各地的勞動力客戶。所有這些都推動了身份識別行業向前發展，從而使每個人都受益於更多的標準化。

And finally, I want to thank Susan St. Ledger for her dedication to Okta the past 2 years. We wish her well in her retirement at the end of this fiscal year. We're initiating a search, but if a successor isn't in place at that time, I will step in to lead the go-to-market organization in the interim. Susan will stay on as an adviser to provide for a successful transition.

最後，我要感謝 Susan St. Ledger 在過去 2 年中對 Okta 的奉獻。我們祝愿她在本財政年度結束時退休。我們正在啟動搜索，但如果屆時沒有繼任者到位，我將在此期間介入並領導進入市場的組織。蘇珊將繼續擔任顧問，以確保成功過渡。

We're looking forward to bringing on the next leader who will help Okta further penetrate the massive market opportunity. To wrap things up, we're pleased with our Q3 financial results. We've made some early progress to improve our execution challenges, but we recognize we still have a lot more work to do to regain our business momentum.

我們期待著引進下一位領導者，他將幫助 Okta 進一步滲透巨大的市場機會。總而言之，我們對第三季度的財務業績感到滿意。我們在改善執行挑戰方面取得了一些早期進展，但我們認識到要重拾業務勢頭，我們還有很多工作要做。

I want to thank the entire Okta team for their tireless work. I also want to thank everyone who came out to support us at Oktane22. Now here's Brett to walk you through more of Q3 financial details and our outlook for meaningfully increased profitability in Q4 and next year.

我要感謝整個 Okta 團隊的不懈努力。我還要感謝所有在 Oktane22 上支持我們的人。現在，Brett 將向您介紹更多第三季度的財務細節，以及我們對第四季度和明年盈利能力顯著提高的展望。

Thanks, Todd, and thank you, everyone, for joining us today. I'll start with some commentary on the macro environment and then get into our third quarter results, followed by our outlook. With regards to the macro environment, while we didn't experience a meaningful change in sales cycles, we are seeing signs that the environment has further weakened since we spoke last quarter.

謝謝托德，也謝謝大家今天加入我們。我將從對宏觀環境的一些評論開始，然後進入我們第三季度的業績，然後是我們的展望。關於宏觀環境，雖然我們沒有經歷銷售週期的重大變化，但我們看到有跡象表明，自上個季度以來，環境進一步減弱。

For example, in Q3, new pipeline is more weighted towards upsells, and we're experiencing some softening demand in the SMB market in North America. Turning to our Q3 results. Total revenue growth for the third quarter was 37%, driven by a 38% increase in subscription revenue. Subscription revenue represented 97% of our total revenue. International revenue grew 39% and represents 22% of our total revenue. We experienced minor FX headwinds, which are incorporated into our reported numbers.

例如，在第 3 季度，新管道更傾向於追加銷售，我們在北美的 SMB 市場經歷了一些疲軟的需求。轉向我們的第三季度業績。第三季度總收入增長 37%，主要受訂閱收入增長 38% 的推動。訂閱收入占我們總收入的 97%。國際收入增長了 39%，占我們總收入的 22%。我們經歷了輕微的外匯逆風，這些逆風已納入我們報告的數字。

RPO or backlog grew 21% to $2.85 billion. Impacting total RPO growth is the general shortening of term lengths of recently signed contracts and an increase in public sector contracts, which generally have a 1-year term length. Our average term length is just over 2.5 years. Current RPO, which represents subscription revenue we expect to recognize over the next 12 months grew 34% to $1.58 billion. We view current RPO as the better metric to assess our quarterly performance relative to calculated billings, which as we've noted, can be noisy due to fluctuations in invoice timing and contract duration.

RPO 或積壓訂單增長 21% 至 28.5 億美元。影響總 RPO 增長的是最近簽署的合同期限普遍縮短，以及公共部門合同的增加，這些合同的期限通常為 1 年。我們的平均任期長度剛剛超過 2.5 年。當前 RPO 代表我們預計在未來 12 個月內確認的訂閱收入增長 34% 至 15.8 億美元。我們將當前的 RPO 視為評估我們相對於計算的賬單的季度績效的更好指標，正如我們已經指出的那樣，由於發票時間和合同期限的波動，這可能會產生噪音。

Calculated billings and current calculated billings grew 37%. Turning to retention. Our dollar-based net retention rate for the trailing 12-month period remains strong at 122%. This was driven by the strong upsell motion we are seeing with our existing customers as they expand on both products and users. As always, the net retention rate may fluctuate from quarter to quarter as the mix of new business, renewals and upsells fluctuates.

計算賬單和當前計算賬單增長了 37%。轉向保留。我們過去 12 個月的美元淨保留率保持在 122% 的強勁水平。這是由我們在現有客戶中看到的強勁追加銷售推動的，因為他們在產品和用戶方面都在擴展。與往常一樣，隨著新業務、續訂和追加銷售組合的波動，淨保留率可能會隨季度波動。

Consistent with prior quarters, gross retention rates remained very healthy in the mid-90% range despite experiencing some sequential weakness in the SMB market. Before turning to expense items and profitability, I'll point out that I will be discussing non-GAAP results going forward, looking at operating expenses.

與前幾個季度一致，儘管 SMB 市場經歷了一些連續疲軟，但總保留率在 90% 的中間範圍內仍然非常健康。在轉向費用項目和盈利能力之前，我要指出的是，我將討論未來的非 GAAP 結果，著眼於運營費用。

Total operating expenses for the quarter was lower than expected and allowed us to return to non-GAAP profitability with slightly positive operating income. The better-than-expected profitability is primarily due to the combination of revenue overperformance and better-than-expected outcomes from spend efficiency measures. Total headcount at the end of Q3 grew to just over 6000. We've significantly slowed hiring and this quarter's sequential headcount growth rate was roughly half of the average growth rate of the past 4 quarters. Moving to cash flow. Free cash flow was $6 million. We ended the third quarter with a strong balance sheet anchored by nearly $2.5 billion in cash, cash equivalents and short-term investments. Overall, we're pleased with our Q3 results.

本季度的總運營費用低於預期，這使我們能夠以略微正的運營收入恢復非 GAAP 盈利能力。盈利能力好於預期主要是由於收入超額表現和支出效率措施好於預期的結果相結合。第三季度末總員工人數增長到略高於 6000 人。我們的招聘速度明顯放緩，本季度的連續員工人數增長率大約是過去 4 個季度平均增長率的一半。轉向現金流。自由現金流為 600 萬美元。我們以近 25 億美元的現金、現金等價物和短期投資為支撐，在第三季度結束時擁有強勁的資產負債表。總體而言，我們對第三季度的業績感到滿意。

Now let's turn to our business outlook for Q4 and FY '24. This outlook incorporates the execution challenges we experienced this year, which resulted in lower-than-expected capacity build as we move through the year. We're also taking a more cautious stance on the macro environment, which we believe will get worse before getting better. We expect to continue to benefit from the spend reduction measures we started implementing in Q3, including significantly reducing our hiring plans, rationalizing our facilities footprint and applying greater overall financial discipline.

現在讓我們談談我們對第四季度和 24 財年的業務展望。這一展望包含了我們今年經歷的執行挑戰，這些挑戰導致我們在這一年中的產能建設低於預期。我們還對宏觀環境採取更加謹慎的立場，我們認為在好轉之前會變得更糟。我們預計將繼續受益於我們在第三季度開始實施的支出削減措施，包括大幅減少我們的招聘計劃、合理化我們的設施足跡以及實施更嚴格的整體財務紀律。

The reductions will help us further improve our operating margins and profitability in Q4 and beyond. For the fourth quarter of FY '23, we expect total revenue of $488 million to $490 million, representing growth of 27% to 28%. Current RPO of $1.63 billion to $1.64 billion, representing growth of 21%. Non-GAAP operating income of $15 million to $17 million and non-GAAP diluted net income per share of $0.09 to $0.10, assuming diluted weighted average shares outstanding of approximately 175 million.

裁員將幫助我們進一步提高第四季度及以後的營業利潤率和盈利能力。對於 23 財年第四季度，我們預計總收入為 4.88 億美元至 4.9 億美元，增長 27% 至 28%。當前 RPO 為 16.3 億美元至 16.4 億美元，增長 21%。非 GAAP 營業收入為 1500 萬美元至 1700 萬美元，非 GAAP 稀釋後每股淨收入為 0.09 美元至 0.10 美元，假設稀釋後的加權平均流通股數約為 1.75 億股。

For FY '23, we are raising our revenue outlook by approximately $18 million at the high end. We now expect revenue of $1.836 billion to $1.838 billion, representing growth of 41%. We are raising our profitability outlook by approximately $66 million at the high end. We now expect non-GAAP operating loss of $41 million to $39 million and non-GAAP net loss per share of $0.27 to $0.26, assuming weighted average shares outstanding of approximately 158 million.

對於 23 財年，我們將高端收入預期提高了約 1800 萬美元。我們現在預計收入為 18.36 億美元至 18.38 億美元，增長 41%。我們將高端的盈利前景提高了約 6600 萬美元。我們現在預計非 GAAP 運營虧損為 4100 萬美元至 3900 萬美元，非 GAAP 每股淨虧損為 0.27 美元至 0.26 美元，假設加權平均已發行股票約為 1.58 億股。

Lastly, I want to provide a few comments to help with modeling Okta. We're providing a non-GAAP fully diluted share count for Q4 because we expect to flip to positive non-GAAP net income for the quarter. We will continue to provide a basic share count for FY '23 because of the net loss position for the full year. We expect Q4 to be our seasonally strongest quarter for free cash flow and expect free cash flow margin to be in the low double digits.

最後，我想提供一些意見來幫助建模 Okta。我們將提供第 4 季度的非 GAAP 完全稀釋後的股票數量，因為我們預計本季度的非 GAAP 淨收入將轉為正數。由於全年的淨虧損狀況，我們將繼續提供 23 財年的基本股票數量。我們預計第 4 季度將是我們季節性最強的自由現金流季度，並預計自由現金流利潤率將處於低兩位數。

We also expect free cash flow margin for FY '23 to be in the low single digits. We are increasing our calculated billings outlook for FY '23 by approximately $25 million to $2.065 billion to $2.075 billion, representing growth of 28% to 29% when viewed on a like-for-like basis or 20% to 21% on an as-reported basis. As we've noted throughout this year, this will be the final time we provide a billings outlook. While we are in the early phases of financial planning, we would also like to provide a preliminary view of FY '24.

我們還預計 23 財年的自由現金流利潤率將處於較低的個位數。我們將 23 財年的計算賬單前景增加了約 2500 萬美元，達到 20.65 億美元，達到 20.75 億美元，同比增長 28% 到 29%，同比增長 20% 到 21%報告的基礎。正如我們在今年全年所指出的那樣，這將是我們最後一次提供賬單展望。雖然我們處於財務規劃的早期階段，但我們還想提供對 FY '24 的初步看法。

With our continued focus on expense control, we are focused on achieving non-GAAP profitability for FY '24 and an operating margin in the low single digits. We're also targeting a meaningful increase to free cash flow and free cash flow margin over FY '23, and we'll provide more specific cash flow comments on our Q4 call. From a revenue perspective, we are factoring in the execution challenges we faced this year, the go-to-market leadership transition and the growing uncertainties of the macroeconomic environment. We estimate total revenue to be in the range of $2.130 billion to $2.145 billion or growth of 16% to 17%. While we had initially planned on providing an update on our long-term targets, we believe it's prudent to wait and revisit this once we have increased visibility and confidence in the macro environment.

隨著我們對費用控制的持續關注，我們專注於實現 24 財年的非 GAAP 盈利能力和低個位數的營業利潤率。我們還計劃在 23 財年大幅增加自由現金流和自由現金流利潤率，我們將在第四季度電話會議上提供更具體的現金流評論。從收入的角度來看，我們正在考慮我們今年面臨的執行挑戰、進入市場的領導層過渡以及宏觀經濟環境日益增加的不確定性。我們估計總收入在 21.3 億美元至 21.45 億美元之間，或增長 16% 至 17%。雖然我們最初計劃更新我們的長期目標，但我們認為謹慎的做法是等待並在我們對宏觀環境的可見度和信心增強後重新審視這一點。

New global field operations leadership in place and have made more progress on the integration. To wrap things up, we're confident we have the right action plan in place to build on our progress and expand on our market leadership position. I'll turn it back to Dave for Q&A. Dave?

新的全球現場運營領導層就位，並在整合方面取得了更多進展。總而言之，我們相信我們已經制定了正確的行動計劃，以鞏固我們的進步並擴大我們的市場領導地位。我會把它轉回 Dave 進行問答。戴夫？

Thanks, Brett. (Operator Instructions) So with that, we'll take the first question from Matt Hedberg at RBC. Matt?

謝謝，布雷特。 （操作員說明）因此，我們將從 RBC 的 Matt Hedberg 提出第一個問題。馬特？

Congrats on the bounce back quarter here. Maybe, Brett, for you, on the revenue guide, thank you for that preliminary look, I think that's super helpful. Can you provide maybe some of the underlying inputs in that. How you're thinking about like customer adds, NRR, anything to kind of give us a little better sense of sort of how you came up with that? I think it was 16% to 17% growth.

恭喜這裡的反彈季度。也許，布雷特，對你來說，在收入指南上，謝謝你的初步了解，我認為這非常有幫助。您能否提供其中的一些基礎輸入。你是如何考慮客戶補充的，NRR，任何能讓我們更好地了解你是如何想出這個的？我認為這是 16% 到 17% 的增長。

Yes, absolutely. I mean first...

是的，一點沒錯。我是說先...

Matt, I know you asked Brett, but let me jump in real quick and then turn it over to Brett, if that's okay. First of all, we are very, very bullish and excited on the long-term opportunity. Identity is critical for so many things, whether it's companies transitioning to the cloud, adopting technology or building customer-facing initiatives or enhancing their security posture.

馬特，我知道你問過布雷特，但如果可以的話，讓我快速插話，然後把它交給布雷特。首先，我們對長期機會非常、非常樂觀和興奮。身份對於很多事情都至關重要，無論是公司過渡到雲、採用技術還是構建面向客戶的計劃或增強其安全狀況。

So when we talk about the business outlook for the fourth quarter or next year, there are some headwinds, and we can talk about how we've come to this outlook, but the long-term opportunity is super bullish, and we're really excited about the opportunity in front of us.

所以當我們談論第四季度或明年的業務前景時，有一些不利因素，我們可以談談我們是如何得出這一前景的，但長期機會是超級看漲的，我們真的對我們面前的機會感到興奮。

Yes, I can take it from there. Thanks, Todd. I think before I talk about FY '24, it's kind of all wrapped together with how we talked about things last quarter, right? So if you think about last quarter, there are a few things that we talked about. There was some challenges in terms of the integration challenges we talked about, specifically around customer identity. Second one being around attrition. And the third one, which was a distant third was from a macro perspective, right?

是的，我可以從那裡拿走它。謝謝，托德。我想在我談論 24 財年之前，它有點與我們上個季度談論的事情結合在一起，對吧？所以如果你想想上個季度，我們談到了一些事情。在我們談到的集成挑戰方面存在一些挑戰，特別是圍繞客戶身份。第二個是關於減員。第三個，從宏觀角度來看，這是一個遙遠的第三個，對吧？

So let's fast forward today, 90 days later, how have those things progressed because that's influencing us how we're thinking about the macro or the overall guidance for next year. So if you think about the attrition, you heard about it earlier in the call, significant improvement, but it's 1 quarter. We're not getting overly excited. So we're remaining cautiously optimistic. We're not going to say, "Hey, 1 quarter is a trend. We got to see a longer trend. So we're going to see that over time and make sure that continues to improve. The second one is around the integration, the customer identity cloud.

因此，讓我們今天快進，90 天后，這些事情進展如何，因為這影響了我們如何思考明年的宏觀或整體指導。因此，如果您考慮人員流失，您會在早些時候的電話會議中聽說過，顯著改善，但只有 1 個季度。我們並不過分興奮。所以我們保持謹慎樂觀。我們不會說，“嘿，第一個季度是一種趨勢。我們必須看到一個更長的趨勢。所以我們會隨著時間的推移看到它並確保它繼續改善。第二個是圍繞整合，客戶身份雲。

You heard earlier today, there's some progress there, early progress, larger number of sales reps and field being involved with customer identity deals. Once again, one quarter trend. We're pleased with where we are. It's -- but once again, cautiously optimistic. And then the third one we talked about last time was around the macro. And last time we talked to it, like I just said, it wasn't very apparent to us, right? It was small. You could start to see signs of it. This quarter has gotten significantly -- it's worsened since then.

你今天早些時候聽說，那裡取得了一些進展，早期進展，更多的銷售代表和現場參與客戶身份交易。再次是四分之一的趨勢。我們對自己的位置感到滿意。這是 - 但再次謹慎樂觀。然後我們上次談到的第三個是圍繞宏觀。上次我們談過它，就像我剛才說的，對我們來說不是很明顯，對吧？它很小。你可以開始看到它的跡象。本季度已經顯著 - 從那以後情況惡化了。

So -- and we're thinking it's going to get worse from here. Now when you think about the fourth factor we're thinking about from this guidance perspective, that fourth factor being the transition and go-to-market leadership. And so when you add that all up today, you get to that 16% to 17% revenue growth and really thinking about. You got to remember we're pretty early right now. We're still going through our financial planning process. We'll finalize those numbers over the next couple of months. And so we're being prudent in the approach from a top line perspective.

所以 - 我們認為它會從這裡變得更糟。現在，當你從這個指導的角度考慮我們正在考慮的第四個因素時，第四個因素是過渡和進入市場的領導力。因此，當您今天將所有這些加起來時，您將獲得 16% 至 17% 的收入增長，並且真的在考慮。你得記住我們現在還早。我們仍在進行財務規劃流程。我們將在接下來的幾個月內確定這些數字。因此，從頂線的角度來看，我們對這種方法持謹慎態度。

But one thing I want to be very clear about is -- the first time we've ever given you this is around margin expectations at this point of the year for the following fiscal year. So typically, we just give you a revenue kind of first look, right? Now we're talking about also pairing that with margin. And so -- if you look at what I just talked about in terms of non-GAAP profitability, low positive single digits, that will be a significant improvement over FY '23.

但我想非常清楚的一件事是——我們第一次給你這是關於下一個財政年度今年這個時候的利潤率預期。所以通常情況下，我們只是給你一個初步的收入，對吧？現在我們正在談論將其與保證金配對。所以——如果你看看我剛才談到的非 GAAP 盈利能力，低正個位數，這將比 23 財年有了顯著改善。

And you can even see in FY '23, the improvement we've had as growth has moderated. If you look at our initial guide on non-GAAP operating profit for the full fiscal year '23, and you look at where it is today, it's over $140 million improvement just in span of a few quarters. So we're expecting to really improve margin, really focused on profitable growth in the years to come and then also free cash flow margin, obviously improving meaningfully. And we'll give you some more information on that when we talk at the Q4 earnings process.

你甚至可以在 23 財年看到，隨著增長放緩，我們所取得的進步。如果您查看我們關於整個 23 財年非 GAAP 營業利潤的初步指南，並查看今天的情況，僅在幾個季度內就增加了超過 1.4 億美元。因此，我們期望真正提高利潤率，真正專注於未來幾年的盈利增長，然後還有自由現金流利潤率，顯然有意義地提高。當我們在第四季度的收益過程中討論時，我們會為您提供更多信息。

Let's go to Gray Powell at BTIG.

讓我們去 BTIG 的 Gray Powell。

Okay. Great. Yes. So I just wanted to follow up on Matt's question and just drill into the revenue guidance more. So I mean, I guess the 16% to 17% growth seems really conservative. I definitely appreciate there's a lot of uncertainty out there and that you guys are giving us visibility pretty -- a lot earlier than most companies will. So I mean, can you maybe just talk more about how derisked do you think that number is? And then within the context of that guidance, how should we think about growth between Workforce and Customer Identity.

好的。偉大的。是的。所以我只想跟進 Matt 的問題，並深入研究收入指導。所以我的意思是，我猜 16% 到 17% 的增長似乎真的很保守。我非常感謝那裡有很多不確定性，你們給了我們很好的知名度——比大多數公司早得多。所以我的意思是，你能不能多談談你認為這個數字有多低？然後在該指南的背景下，我們應該如何考慮勞動力和客戶身份之間的增長。

Greg, I think this is a good time to be very, very cautious in my opinion. And you heard Brett's comments about the conservatism and the pragmatic approach we've taken to the forward outlook. There's something else that he didn't mention directly, which I think is important, which is like every other company in the world, we are looking at our investments, particularly the investments around growth and really stack ranking them and saying, what are the most likely to have high ROI? And what should we double down on that we think is going to be the most productive.

格雷格，我認為現在是非常非常謹慎的好時機。你聽到了布雷特關於保守主義和我們對前瞻性前景採取的務實方法的評論。還有一些他沒有直接提到的東西，我認為這很重要，就像世界上所有其他公司一樣，我們正在研究我們的投資，特別是圍繞增長的投資，並真正對它們進行排名並說，什麼是最有可能獲得高投資回報率？我們應該在我們認為最有成效的事情上加倍努力。

And some of the things that maybe in years past, we would have embarked upon that the likelihood of a higher ROI isn't as high, we're not going to do those things. So you're also seeing a focusing and prioritizing of the initiatives of the company and that means on margins less investment and also less opportunity for growth.

有些事情可能在過去的幾年裡，我們會開始認為更高投資回報率的可能性不那麼高，我們不會做那些事情。所以你也看到了公司計劃的重點和優先次序，這意味著利潤率減少了投資，也減少了增長機會。

About Customer Identity and Workforce Identity, I remember that was part of your question, too. When we think about macro, and we think about the situation worsening and our outlook of it getting worse before it gets better, it's pretty balanced across both of those business lines, both customer and workforce in terms of the impact. We did see more impact in the SMB segment across both of those business lines. And there's kind of puts and takes we're seeing across both in terms of -- we've seen cases where the economic environment is leading to people really scrutinizing budgets and not moving forward with projects. But we've also seen cases where companies really want to consolidate and invest more aggressively because of the more focus on expense control and consolidating on 1 vendor.

關於客戶身份和員工身份，我記得這也是你問題的一部分。當我們考慮宏觀時，我們考慮到情況正在惡化，我們的前景在好轉之前會變得更糟，就影響而言，這兩個業務線（包括客戶和員工）都非常平衡。我們確實看到這兩條業務線對 SMB 細分市場的影響更大。我們在這兩個方面都看到了某種投入和投入——我們已經看到經濟環境導致人們真正審查預算而不是推進項目的情況。但我們也看到過這樣的案例，由於更注重費用控制和對一家供應商的整合，公司確實想要更積極地進行整合和投資。

So it's a little bit hard. It's definitely not specific to any particular one of our products. And in terms -- it's a little bit hard to predict because we see conservative economic conditions or recessionary conditions, helping in some cases and hurting in other cases. So it's a little bit hard to predict, which is why we think it's really prudent to be super cautious in the outlook.

所以有點難。它絕對不特定於我們的任何特定產品。就術語而言——這有點難以預測，因為我們看到保守的經濟狀況或衰退狀況，在某些情況下會有所幫助，而在其他情況下會造成傷害。所以它有點難以預測，這就是為什麼我們認為對前景保持超級謹慎是非常謹慎的。

Yes. I would add to that. I think from a macro perspective, like you heard me say a couple of minutes ago, I would probably be less focused on Customer Identity versus Workforce Identity. It'd probably be more along the lines of which segments they're in, right? We saw that softening of demand kind of in the small and medium-sized businesses in North America.

是的。我會補充一點。我認為從宏觀角度來看，就像你幾分鐘前聽到我說的那樣，我可能不太關注客戶身份與員工身份。它可能更符合他們所處的細分市場，對吧？我們看到北美中小企業的需求疲軟。

On the flip side, you saw some really large customer wins in the quarter, actually a fair amount of them. We saw the greater than 100,000 number grow at a very healthy clip. So it's kind of a tale of 2 worlds right now in terms of segments. That's probably where we're seeing the biggest differentiation rather than by product.

另一方面，您在本季度看到了一些非常大的客戶贏得，實際上是相當多的客戶。我們看到超過 100,000 的數字以非常健康的速度增長。因此，就細分而言，這現在有點像兩個世界的故事。這可能是我們看到最大的差異化而不是產品差異化的地方。

All right. That's really helpful, really helpful color. Congrats on the improved execution this quarter.

好的。這真的很有幫助，非常有用的顏色。祝賀本季度的執行力有所提高。

All right. Next, let's go to Jonathan Ho with William Blair.

好的。接下來，讓我們和威廉·布萊爾一起去拜訪Jonathan Ho。

Sorry about that. Can you -- sorry, give me a second. Can you maybe give us a little bit more color. As you start to think about this progress that you've made on the go-to-market and sales realignment improvements, maybe what were you most proud of in terms of accomplishments and maybe what is still a work-in-progress when it comes to that go-to-market side?

對於那個很抱歉。你能不能 - 抱歉，請稍等一下。你能不能給我們多一點顏色。當您開始考慮您在上市和銷售調整改進方面取得的進展時，也許您最引以為豪的成就是什麼，也許當它到來時您仍在進行中的工作是什麼到上市方面？

I think the most impactful has been clarity of the message. At Oktane, we really had a -- we started the process of clarifying the message, as you know, a few months ago, 4 or 5 months ago now. But we really had an opportunity to show it off at Oktane. And the clear message of this is Workforce Identity. This is Customer Identity. There are 2 clouds that are each best-in-class and they're better together. That resonated really well not only with the field organization, but also with customers and partners, everyone gets it.

我認為最有影響力的是信息的清晰度。在 Oktane，我們真的有一個——我們開始了澄清信息的過程，正如你所知，幾個月前，現在是 4 或 5 個月前。但我們確實有機會在 Oktane 展示它。明確的信息是勞動力身份。這是客戶身份。有 2 個雲，每個都是同類中最好的，而且它們在一起更好。這不僅引起了現場組織的共鳴，也引起了客戶和合作夥伴的共鳴，每個人都明白這一點。

They understand the strategy. They understand that we're -- we are already by far the leading independent neutral identity platform. And this sets us up to really cement that lead and extend that lead over the long term, and it translated into -- it's not just the impression from a conference, it translated into the really quantifiable metrics like the number of sales reps that have actually done a customer identity cloud deal is increasing the last 3 quarters sequentially, which is a really good sign. The lower attrition rate is a good sign. So I think that's the most impactful change.

他們了解戰略。他們明白我們 - 我們已經是迄今為止領先的獨立中立身份平台。這讓我們能夠真正鞏固領先優勢並長期擴大領先優勢，它轉化為——不僅僅是會議的印象，它轉化為真正可量化的指標，比如實際擁有的銷售代表數量完成客戶身份雲交易在過去 3 個季度連續增加，這是一個非常好的跡象。較低的流失率是一個好兆頭。所以我認為這是最有影響力的變化。

The thing that when we look about our -- talk about our outlook and being cautious, the big thing there, Jonathan, is that the more time and see a go-to-market person has, the more familiar they are with the products, the more they understand the customers' problems and the value props time and different at-bats in this process, build strength and capability. So I think what to improve is just give the great folks and go-to-market more time and more at-bats. They're amazing -- it's an amazing team and the more -- now that we've given them this clarified positioning, something that was really, I think, we put them in a tough spot before. We've clarified the positioning. Now they're going to get the at-bats and build the muscle and be amazingly productive in the future.

當我們審視我們的——談論我們的前景並保持謹慎時，喬納森，最重要的是，進入市場的人花的時間越多，他們對產品就越熟悉，他們越了解客戶的問題和價值支撐時間以及在此過程中的不同策略，就會建立實力和能力。所以我認為要改進的只是給偉大的人更多的時間和更多的投入市場。他們很了不起——這是一支了不起的團隊，更重要的是——既然我們已經給了他們這個明確的定位，我認為這確實是我們之前讓他們陷入困境的地方。我們已經明確了定位。現在他們將開始擊球並鍛煉肌肉，並在未來取得驚人的生產力。

Let's go to Hamza Fodderwala at Morgan Stanley.

讓我們去摩根士丹利的 Hamza Fodderwala。

Way to throw the kitchen sink on the guide. I wanted to talk a little bit about the profitability. So you're going to be growing high teens next year. It sounds like there's still some capacity build that needs to take place because of the attrition this year. And there's probably going to be a little bit of a drag on sales force productivity. So I'm just curious if you could put a finer point on how you're driving that incremental leverage in FY '24?.

將廚房水槽扔到導軌上的方法。我想談談盈利能力。所以你明年會長高。聽起來由於今年的人員流失，仍然需要進行一些能力建設。銷售人員的生產力可能會受到一點拖累。所以我很好奇你是否可以更詳細地說明你是如何在 24 財年推動增量槓桿的？

Yes. Actually, I would say the capacity build is not the area I would focus on, Hamza. I would say it's more about the productivity. It's exactly what Todd was just talking about, getting those reps even more tenured and getting more productivity out of them, right? Because as you know, Hamza, you've been following us long enough to know that a year -- a rep that's been here for 3 years is far more productive than what's been here for 9 months, right? Both aren't ramping any more in our technical terms, but you're getting a much more productive rep at that point.

是的。實際上，Hamza，我會說能力建設不是我要關注的領域。我會說更多的是關於生產力。這正是 Todd 剛才所說的，讓這些銷售代表獲得更多的終身職位並提高他們的工作效率，對吧？因為你知道，Hamza，你已經關注我們足夠長的時間了，你知道一年 - 在這里工作 3 年的代表比在這里工作 9 個月的代表更有效率，對吧？在我們的技術術語中，兩者都不再增加，但此時您將獲得更有成效的代表。

So that's the one side, just from your pure sales and marketing perspective. And I think other areas that we're focusing, obviously, the classic focus on productivity across the rest of the organization. One of the key things -- we're still -- like I said, we're still early in our planning process, but one of the key goals we're talking about next year is around automation, around improving the productivity of not just the field but like my team, the R&D team, how do we make everyone a little bit more productive, and that's one of the ways we see the margins improving over time.

所以這是一方面，只是從您純粹的銷售和營銷角度來看。而且我認為我們關注的其他領域，顯然，經典關注組織其他部門的生產力。關鍵的事情之一——我們仍然——就像我說的，我們還處於規劃過程的早期階段，但我們明年談論的關鍵目標之一是圍繞自動化，圍繞提高生產力而不是只是這個領域，但就像我的團隊、研發團隊一樣，我們如何讓每個人的工作效率更高一點，這是我們看到利潤率隨著時間的推移而提高的方式之一。

Let's go to Rob Owens of Piper.

讓我們去找 Piper 的 Rob Owens。

Dave, Todd, obviously, a lot of management turnover over the last 6 months. So at a high level, just address what's transpired? What's first in terms of your agenda as you rebuild this team.

戴夫、托德，很明顯，在過去的 6 個月裡，管理層人員變動很大。所以在較高的層面上，只是解決發生了什麼？當你重建這個團隊時，你的議程的首要任務是什麼。

Well, I think the team, speaking broadly, the team is incredibly strong. And I'm very happy with the team, specifically about Susan. I think the world of Susan, and I want to just thank her for her contribution and she's an amazing person and an amazing executive. And after 30 years in operating roles, she's going to retire now and spend time on Board.

好吧，我認為團隊，從廣義上講，團隊非常強大。我對團隊非常滿意，尤其是蘇珊。我認為蘇珊的世界，我只想感謝她的貢獻，她是一個了不起的人和一位了不起的高管。在擔任運營角色 30 年後，她現在將退休並在董事會任職。

And by the way, she's going to -- she's already on Board, and she's going to be on many more. I think she's going to be an amazing Board member. So I think the world of her. And also one of the reasons is the team she's built. It's an amazing team that's going to carry on with a deep bench of talent, and they're going to take this strategy and this vision that we're executing on.

順便說一句，她會——她已經在董事會上了，而且她還會在更多的地方。我認為她會成為一名了不起的董事會成員。所以我認為她的世界。還有一個原因是她建立的團隊。這是一支了不起的團隊，將憑藉大量人才繼續前進，他們將採用我們正在執行的戰略和願景。

And that team and the entire team is going to do a great job at it. So it's always hard to see people retire, especially someone of Susan's ability. But the show must go on, and we're going to do a search for her backfill. We're going to look at internal candidates and external candidates. And although it's going to be hard to find someone as good as her, we're going to do a thorough search, and I have no doubt that we will.

該團隊和整個團隊將在這方面做得很好。所以總是很難看到人們退休，尤其是像蘇珊這樣有能力的人。但是演出必須繼續進行，我們將搜索她的回填。我們將考察內部候選人和外部候選人。雖然很難找到像她這樣優秀的人，但我們會進行徹底的搜索，我相信我們會的。

Lets go to Joe Gallo at Jefferies.

讓我們去找 Jefferies 的 Joe Gallo。

And I appreciate the comments on macro and prudence and baking in a worse environment before it gets better. Maybe based on your conversations with customers, what is their viewpoint on cyber budgets in 2023 and when it can get better? Or is this malaise more of a long-term new normal?

我很欣賞關於宏觀和審慎以及在情況好轉之前在更糟糕的環境中烘烤的評論。也許根據您與客戶的對話，他們對 2023 年的網絡預算有何看法以及何時可以變得更好？還是這種不適更像是一種長期的新常態？

Yes. It's -- we see the -- like I mentioned earlier, just kind of repeating myself here, that it's -- the conversations are a little bit -- there's like a different story for every customer in terms of some customers, particularly in the SMB segment are delaying purchases or reevaluating things.

是的。它是 - 我們看到 - 就像我之前提到的，只是在這裡重複我自己，它是 - 對話有點 - 就某些客戶而言，每個客戶都有不同的故事，特別是在 SMB 中部分正在延遲購買或重新評估事物。

Some of our -- this quarter or the past quarter Q3 was one of our best quarters ever for large deals. So deals that were in process, mostly on the upsell side, the big entertainment conglomerate I talked about in the prepared remarks. This company has bought several companies over the last few years that were Okta customers. And when that happens, at some point, the success is overwhelming. So they know that to move their whole global organization forward, it needs to standardize.

我們的一些 - 本季度或上一季度第三季度是我們有史以來最好的大型交易季度之一。因此，正在進行的交易，主要是在追加銷售方面，我在準備好的評論中談到的大型娛樂集團。這家公司在過去幾年收購了幾家 Okta 客戶的公司。當這種情況發生時，在某個時候，成功是壓倒性的。所以他們知道要推動整個全球組織向前發展，就需要標準化。

And this process happens over multiple years from the acquisitions to the success to the consensus building inside the company. And then when it happens, it happens regardless of the macro environment that's hitting this company as hard as it's hitting at other companies. So another example is the story of KeyBanc, which is this is a consolidation play. They had several legacy vendors and disparate identity tools. So they look at the economy and say, we need to consolidate onto one identity platform and it helps there. But there's other customers that are saying, "Hey, we're going to maybe stick with what we have a little longer.

從收購到成功再到公司內部達成共識，這個過程發生了很多年。然後當它發生時，無論宏觀環境對這家公司的打擊與對其他公司的打擊一樣嚴重，它都會發生。所以另一個例子是 KeyBanc 的故事，這是一個整合遊戲。他們有幾個遺留供應商和不同的身份工具。所以他們看著經濟說，我們需要整合到一個身份平台上，它在那裡有所幫助。但也有其他客戶說，“嘿，我們可能會堅持使用我們現有的產品一段時間。

So it's -- it all adds up to validating the long-term trends we know that have been powering our success for a long time, and we'll continue over the long term as well, but there's just a lot of uncertainty in terms of how it plays out in the details and the timing of the progress over the next several quarters.

所以它 - 這一切加起來驗證了我們所知道的長期趨勢，這些趨勢長期以來一直為我們的成功提供動力，我們也將長期繼續下去，但在這方面存在很多不確定性它在未來幾個季度的細節和進展時間方面如何發揮作用。

Next up, John Difucci at Guggenheim.

接下來是古根海姆的 John Difucci。

Todd, our field work, we're hearing that customers really want to buy IGA from Okta II. But they really want to buy the whole suite. And so they're waiting until PAM is ready. I guess, first of all, do you agree with that? And secondly, can you give us any update on the PAM product release?

托德，我們的現場工作，我們聽說客戶真的想從 Okta II 購買 IGA。但他們真的很想買下整套房子。因此，他們一直在等待 PAM 準備就緒。我想，首先，你同意嗎？其次，您能否向我們提供有關 PAM 產品發布的任何更新信息？

So I think it's good to hear that because it plays right into our strategy, which is -- we want to have the best identity product in many categories and establish this wall-to-wall identity platform. We already are the largest independent, neutral platform, and we have a chance to even extend that lead and build one of the most important companies ever around identity. Something by the way that's never been done before.

所以我認為很高興聽到這個消息，因為它正好符合我們的戰略，也就是——我們希望在許多類別中擁有最好的身份產品，並建立這個全面的身份平台。我們已經是最大的獨立、中立平台，我們甚至有機會擴大這種領先地位，並建立圍繞身份的最重要的公司之一。順便說一下，這是以前從未做過的事情。

So we're really excited about that long-term vision. Specifically about the products. We talked a lot about Customer Identity Cloud and Workforce Identity Cloud, specifically in workforce, the access management products, single sign-on, advanced multifactor authentication, clearly the leader there, identity governance, a newer product for us. It's only been available in North America for a quarter or 2 quarters coming up on and it's generally available by the end of this year.

所以我們對這個長期願景感到非常興奮。具體關於產品。我們談了很多關於 Customer Identity Cloud 和 Workforce Identity Cloud 的話題，特別是在勞動力方面，訪問管理產品，單點登錄，高級多因素身份驗證，顯然是那裡的領導者，身份治理，對我們來說是一個新產品。它僅在北美推出了四分之一或兩個季度，到今年年底將全面上市。

This product is off to a very, very fast start. It's exceeding all of our expectations. And it's going in terms of the reasons why it's successful. It's exactly what we thought. It's much better to be sold and deployed next to the leading access management product. There's a natural synergy in terms of technical integrations there and also buyer integrations. So the person that buys access management often is the person or the group or the very close to the group that buys governance, and that's very powerful there.

該產品的啟動非常非常快。它超出了我們所有的預期。就成功的原因而言，它正在發展。這正是我們的想法。在領先的訪問管理產品旁邊銷售和部署要好得多。在技術集成和買方集成方面存在自然的協同作用。因此，購買訪問管理的人通常是個人或團體，或者與購買治理的團體非常接近的人，這在那裡非常強大。

We're also very excited about the progress of our PAM product. We announced at Oktane and that's going to be in early access just in a couple of quarters. So in Q2 of '24, which is 6 months from now or so and then generally available by the end of next year. And this product really is going to be -- is like the topping on the sundae in terms of this last piece of covering a few more resource types, [vault-in] credentials, being tightly integrated with the reporting capabilities of access management and IGA with the resource coverage, so not just applications, but also servers and root accounts on servers and Kubernetes clusters and rounding out that whole -- I can't believe I just made the analogy that my product is like a sundae, but that's the analogy.

我們也對 PAM 產品的進展感到非常興奮。我們在 Oktane 上宣布，這將在幾個季度後進入搶先體驗階段。所以在 24 年的第二季度，也就是從現在開始大約 6 個月，然後到明年年底普遍可用。這個產品真的會——就像聖代冰淇淋上的澆頭一樣，就覆蓋更多資源類型的最後一塊而言，[入庫]憑證，與訪問管理和 IGA 的報告功能緊密集成有了資源覆蓋率，所以不僅是應用程序，還有服務器和 Kubernetes 集群上的服務器和根帳戶，並完善了整個——我不敢相信我只是做了一個類比，我的產品就像一個聖代，但這就是類比.

And it's -- we're really excited about the progress. We have the -- PAM is on track. It's been taking longer than we thought, as we talked about, but we're very confident in the dates we've delivered. And we're also confident -- really optimistic about the early feedback we've had from the customers we have spoken with about it.

這是 - 我們對取得的進展感到非常興奮。我們有-- PAM 正在走上正軌。正如我們所說，它花費的時間比我們想像的要長，但我們對交付的日期非常有信心。我們也很有信心——對我們從與我們交談過的客戶那裡得到的早期反饋非常樂觀。

Is there any -- just any way to speed that up instead of the end of the next year, it just seems like a long time. Sorry, the I won't do that again.

有沒有什麼方法可以加快速度，而不是明年年底，這似乎是一個很長的時間。對不起，我不會再這樣做了。

No, it's all right. I appreciate the feedback. Yes, it's got a big focus. And I think that like a lot of the forward-looking dates and estimates and modeling we're doing, I think that's a very prudent and achievable date.

不，沒關係。感謝您的反饋。是的，它有一個很大的重點。我認為，就像我們正在做的許多前瞻性日期、估計和建模一樣，我認為這是一個非常謹慎和可實現的日期。

I think I was just going to add to what Todd said, John, around IGA. If you remember, workflows is one of the components of IGA, right? And we've had that around for a long time. It's been one of our most successful products and when we look at the stickiness, the win rates, all that sort of stuff alongside in workflows, which is obviously a component of IGA. There's a lot of success there. So we're -- like Todd said, we're off to a really fast start, but we're excited where we're headed.

我想我只是想補充一下 Todd John 圍繞 IGA 所說的話。如果您還記得，工作流是 IGA 的組成部分之一，對嗎？我們已經有很長時間了。它是我們最成功的產品之一，當我們查看粘性、獲勝率以及工作流中的所有這些東西時，這顯然是 IGA 的一個組成部分。那裡有很多成功。所以我們 - 就像托德說的那樣，我們的開局非常快，但我們對前進的方向感到興奮。

Let's go over to our new customer, Eric Heath at KeyBanc.

讓我們來看看我們的新客戶，KeyBanc 的 Eric Heath。

Todd, I mean, you previously talked about kind of expanding the set of channel partners you work with to more of the, call it, the new school channel partners, the GSIs and cloud marketplace. Just curious if you can give us an update on how that avenue performed, that indirect sales motion performed in the quarter? And maybe if you can just kind of give us an update on how much of that business today is kind of coming from these newer channel partners versus maybe the traditional channel partners?

托德，我的意思是，你之前談到過將與你合作的渠道合作夥伴範圍擴大到更多，稱之為新的學校渠道合作夥伴、GSI 和雲市場。只是想知道您是否可以向我們介紹該渠道的執行情況，該間接銷售活動在該季度的執行情況？也許您可以向我們介紹一下今天有多少業務來自這些較新的渠道合作夥伴，而不是傳統的渠道合作夥伴？

I think the trends that in the quarter were consistent with what we've seen. The Amazon Marketplace continues to do very well. I think that's a good model for how customers want to buy in general, looking to marketplaces from big cloud platforms and procuring solutions through there. That's a trend we're investing into. We're also working really hard.

我認為本季度的趨勢與我們所看到的一致。亞馬遜商城繼續表現出色。我認為這是一個很好的模型，可以說明客戶一般希望如何購買，從大型雲平台尋找市場並通過那裡採購解決方案。這是我們正在投資的趨勢。我們也非常努力。

The customer identity business, the customer identity cloud has a very interesting big, long-term opportunity for partners, which is as we've talked about over and over, and you all understand that these applications and these sites are built. And so this is a huge opportunity for large SIs. And frankly, an area where with the workforce business, if you talk to a big global SI, the cloud modern workforce identity business, a lot of times is -- it's kind of too easy.

客戶身份業務，客戶身份雲為合作夥伴提供了一個非常有趣的大而長期的機會，正如我們一遍又一遍地談論的那樣，你們都明白這些應用程序和這些網站是建立的。因此，這對大型 SI 來說是一個巨大的機會。坦率地說，在勞動力業務領域，如果你與大型全球 SI、雲現代勞動力身份業務交談，很多時候都是——這有點太容易了。

They'd rather spend their time with a legacy stack where they have a lot of services dollars to wrap around that. And so getting the big SIs interested at times has been challenging for Okta. We've had some success, but compared to the businesses opportunity for helping people deploy workforce technology, it's relatively small. The customer identity side is a huge opportunity with people wanting to build solutions and companies needing help, building transformative customer-facing projects. And getting that motion started is really important on the partner side of the Customer Identity Cloud business.

他們寧願把時間花在遺留堆棧上，他們有大量的服務資金來解決這個問題。因此，有時讓大型 SI 感興趣對 Okta 來說一直是一個挑戰。我們取得了一些成功，但與幫助人們部署勞動力技術的商業機會相比，它相對較小。客戶身份方面是一個巨大的機會，人們想要構建解決方案，公司需要幫助，構建面向客戶的變革項目。開始這項運動對於 Customer Identity Cloud 業務的合作夥伴而言非常重要。

Yes, I might just add to that in the sense of on the indirect side, we do continue to see more and more of the business be part of the indirect channel. Also, like just Todd said, the marketplaces are growing quite rapidly. It's a very interesting way for people to buy from us.

是的，我可能只是在間接方面補充一點，我們確實繼續看到越來越多的業務成為間接渠道的一部分。此外，正如托德所說，市場增長非常迅速。這是人們從我們這裡購買的一種非常有趣的方式。

Next up, Peter Weed at Bernstein.

接下來是伯恩斯坦的 Peter Weed。

And congratulations on the continued progress that you're making. One of the things that I was really impressed with is the continued leverage that you're getting in OpEx. I completely understand the sales and marketing side. But I think we saw it continue to strongly come through in R&D and G&A. I wanted to kind of hear how you're thinking about that, particularly on the R&D side.

並祝賀您取得的持續進步。讓我印象深刻的一件事是您在 OpEx 中獲得的持續影響力。我完全了解銷售和營銷方面。但我認為我們看到它在研發和 G&A 方面繼續強勁發展。我想听聽你是怎麼想的，尤其是在研發方面。

Was that coming from freezing of hiring? Was that kind of an increase in churn of people in R&D. And then kind of on the right level going forward, I think my quick penciling out is you're in the high teens percent subscription revenue on a non-GAAP basis right now. Is that kind of the level that you want to keep it out? Is that too lean and you're thinking about bringing in a bit more next year? Is this something you're trying to get even more? Like how are you just thinking about that on the R&D side, given the criticality of these people coming to the future platform.

那是因為凍結招聘嗎？研發人員流失率是否會增加？然後在正確的水平上前進，我想我的快速總結是你現在在非 GAAP 的基礎上處於很高的訂閱收入百分比。那種水平是你想把它拒之門外的嗎？是不是太瘦了，你正在考慮明年再引進一點？這是你想得到更多的東西嗎？考慮到這些人對未來平台的重要性，你在研發方面是如何考慮的。

Yes. I'll let Todd talk about maybe the second part of that question, but I can answer more of the financial side of it, which is -- when we talked to you last, we talked about some cost efficiency measures that we implemented. And those cost efficiency measures, you'll see them coming through not only in Q3 in the results, but also our guidance for Q4 and FY '24, which is we slowed down hiring. I mean you can look at the quarter-over-quarter increase. It was about half of what it's been the last 4 quarters. And that was us slowing down everything as growth moderated, right?

是的。我會讓托德談談這個問題的第二部分，但我可以回答更多財務方面的問題，那就是 - 當我們上次與您交談時，我們談到了我們實施的一些成本效益措施。而那些成本效率措施，你會看到它們不僅在第三季度的結果中得到體現，而且在我們對第四季度和 24 財年的指導中也得到體現，這是我們放慢了招聘速度。我的意思是你可以看看環比增長。這大約是過去 4 個季度的一半。那就是我們隨著增長放緩而放慢一切，對吧？

This concept of balancing growth and margin over the years is something we've applied in the past, and you can see it happening even in FY '23 and into FY '24. And so -- that just didn't affect R&D, it affected some other areas across the P&L. We also rationalized real estate footprint, which, although it's not gets allocated across the P&L, so you've seen an effect there. So you're seeing it across the board of these cost-saving initiatives for us to kind of drive the profitability up so much so that we're slightly positive this quarter and guiding positive in Q4.

多年來平衡增長和利潤率的概念是我們過去應用的東西，你甚至可以在 23 財年和 24 財年看到它發生。因此——這並沒有影響研發，而是影響了損益表中的其他一些領域。我們還合理化了房地產足跡，雖然它沒有在損益表中分配，但你已經看到了那裡的影響。因此，您看到這些成本節約舉措全面推動了我們的盈利能力，因此我們本季度略有積極，並在第四季度指導積極。

But I'll let Todd answer the second part of the question, what's the right level?

但我會讓托德回答問題的第二部分，什麼是正確的水平？

One thing that is I think when you look at the income statement and expenses on R&D, one part of our strategy is really critical is that workforce identity cloud, customer Identity Cloud, we strongly believe that these are both important markets that -- to own the -- and provide value across an entire identity platform. We have to be the leader in both. So we're investing in terms of R&D, commensurate it.

我認為，當您查看損益表和研發費用時，我們戰略的一部分非常關鍵，那就是勞動力身份雲、客戶身份雲，我們堅信這兩個都是重要的市場——擁有- 並在整個身份平台上提供價值。我們必須成為兩者的領導者。因此，我們在研發方面進行投資，與之相稱。

We think we could take the 2 R&D teams and try to get more efficient and try to combine them all, but we don't think that's the right approach. We think the right approach is build the best-in-class clouds for both of these use cases. And over time, with our Okta Identity platform, bring together things that are common. We've talked about common platform services that can get shared value across both. So it's a short -- it's a long way of saying, we think it's worth the increased R&D investment now to lead this market.

我們認為我們可以讓 2 個研發團隊嘗試提高效率並嘗試將它們結合起來，但我們認為這不是正確的方法。我們認為正確的方法是為這兩種用例構建一流的雲。隨著時間的推移，借助我們的 Okta Identity 平台，將常見的事物匯集在一起。我們已經討論了可以在兩者之間獲得共享價值的通用平台服務。所以這是一個簡短的 - 這是一個很長的說法，我們認為現在值得增加研發投資來引領這個市場。

And over time, you are going to see more shared services and more R&D efficiency over the next several years.

隨著時間的推移，您將在未來幾年看到更多的共享服務和更高的研發效率。

I think what I'm hearing you say though, is that while you've got more leverage out of R&D, that is -- it feels appropriate to you that level and you're thinking about kind of holding it there. It's not something where you might increase spend going into next year as you get say more efficiency out of sales and marketing and rotate some of that cost savings into kind of increased R&D spend as a percentage of revenue.

我想我聽到你說的是，雖然你從研發中獲得了更多的影響力，也就是說——你覺得那個水平適合你，你正在考慮把它放在那裡。這不是你可能會在明年增加支出的地方，因為你會說銷售和營銷效率更高，並將部分成本節約轉化為增加研發支出佔收入的百分比。

It's accurate. Yes, it feels right to us at this level.

這是準確的。是的，在這個層面上我們感覺很合適。

Next, We'll go to Alex Henderson at Needham.

接下來，我們將前往 Needham 的 Alex Henderson。

Can you hear me?

你能聽到我嗎？

So I wanted to dig into the exact subject that we were just talking about. Your headcount was up 32% year-over-year, but only 4.5% quarter-to-quarter. If you're going to get leverage next year, that would require the headcount growth rate quarter-to-quarter to actually flat. Now considerably from here.

所以我想深入探討我們剛剛談論的主題。您的員工人數同比增長 32%，但環比僅增長 4.5%。如果你想在明年獲得影響力，那將需要員工人數的季度增長率實際上持平。現在從這里大大。

So when we think about that 16%, 17%, 18% top line growth rate, are we now talking about headcount growth in 5% to 10% range? And if that's the case, how do you allocate that headcount additions? And underneath the surface of that, can you give us a little bit more granularity on the degree of attrition and the wage rates?

所以當我們考慮 16%、17%、18% 的收入增長率時，我們現在談論的是 5% 到 10% 的員工人數增長嗎？如果是這樣的話，你如何分配增加的員工人數？在表面之下，您能否更詳細地介紹一下人員流失程度和工資率？

Yes. I mean when we look at the cost structure, Alex, I mean it's really majority is headcount, right? I mean we're a typical software company. You guys probably know the standard ratios, right, of how much of that is headcount. So yes, obviously, when we look into next year, we're evaluating what the right thing to do is from a headcount growth perspective.

是的。我的意思是當我們查看成本結構時，亞歷克斯，我的意思是它真的大部分是員工人數，對吧？我的意思是我們是一家典型的軟件公司。你們可能知道其中有多少是員工人數的標準比率。所以，是的，很明顯，當我們展望明年時，我們正在從員工人數增長的角度評估正確的做法。

We're still early in the planning process. We still have a few months to go on that. But ultimately, we're evaluating the cost structure, and we'll let you guys know more in next year when we get into, obviously, the Q4 earnings. But ultimately, not just evaluating headcount, we're evaluating all the other spend as well to be able to make sure that we can grow these margins in the right direction.

我們仍處於規劃過程的早期階段。我們還有幾個月的時間來做這件事。但最終，我們正在評估成本結構，我們會在明年進入第四季度收益時讓你們知道更多。但最終，不僅僅是評估員工人數，我們還在評估所有其他支出，以確保我們能夠在正確的方向上增加這些利潤。

Well, if we're not going to go in that direction, then maybe you could just give us some sense of the differential between domestic and international growth, which is kind of hard to evaluate over the last couple of quarters because of the M&A, so we can get there.

好吧，如果我們不打算朝那個方向前進，那麼也許你可以讓我們了解一下國內和國際增長之間的差異，由於併購，這在過去幾個季度很難評估，這樣我們就可以到達那裡。

You're talking about the difference of the change in U.S. versus international revenue?

您是在談論美國收入與國際收入變化的差異嗎？

Right.

正確的。

Yes. I mean, look, we are actually a strong quarter in EMEA. And that was actually thankful to -- once again, this is -- when you think about the macro this plays -- ties into what we've been talking about is there's actually a fair amount of large deals in EMEA and that helped us grow in the quarter, and that's where you see international revenue being 22% of total, right?

是的。我的意思是，看，我們實際上是歐洲、中東和非洲地區的強勁季度。這實際上要感謝——再一次，這是——當你考慮它發揮的宏觀作用時——與我們一直在談論的聯繫在一起，實際上在歐洲、中東和非洲地區有相當多的大型交易，這幫助我們成長在本季度，您看到國際收入佔總收入的 22%，對嗎？

There was an FX headwind that hit there. It wasn't hugely material, but it is starting to hit us a little bit on the revenue side. But really, EMEA had a good quarter. And ultimately, when we're looking ahead, international continues to be a focus of ours, right? If you think about the 3 things that we talked about as our main goals this year, 1 was customer identity, second was federal, the third one was global acceleration, right?

外匯逆風襲來。它不是很重要，但它開始在收入方面對我們產生一些影響。但實際上，EMEA 有一個很好的季度。最後，當我們展望未來時，國際化仍然是我們關注的焦點，對吧？如果你想想我們今年談論的 3 件事作為我們的主要目標，1 是客戶身份，第二是聯邦，第三是全球加速，對吧？

Those things are still in play. We're still actively working that. You heard in Todd's script around federal growing 65% year-to-date. And then global acceleration, you can see it in the international numbers. And I just told you, like I said, EMEA had a very good quarter. We had some very large deals there, which we're really pleased with. But we're just we're just at the tip of the iceberg with the international side of the house. There's so much opportunity out there. We need to focus and continue to make inroads there because -- there is -- identity is not a U.S. problem, right? It's a worldwide problem. so we got to able to continue to focus there.

那些事情仍在發揮作用。我們仍在積極努力。你在托德的劇本中聽到了聯邦今年迄今增長了 65%。然後是全球加速，您可以在國際數字中看到它。我剛剛告訴過你，就像我說的那樣，EMEA 有一個非常好的季度。我們在那里達成了一些非常大的交易，我們對此非常滿意。但我們只是在房子的國際方面只是冰山一角。那裡有很多機會。我們需要集中精力並繼續在那裡取得進展，因為——確實——身份不是美國的問題，對吧？這是一個世界性的問題。所以我們必須能夠繼續關注那裡。

We still have a long queue here. (Operator Instructions) Josh, over to you at Wolfe.

我們這裡仍然排著長隊。 （操作員說明）喬希，在沃爾夫交給你。

Thanks for squeezing me in here. I really appreciate the derisk numbers for next year. So thanks for that -- just a simple one for me. When we look at this new guidance, how should we think about your ability to outperform these numbers as we head into next year?

謝謝你把我擠在這裡。我真的很感激明年的 derisk 數字。所以謝謝你——對我來說只是一個簡單的。當我們審視這個新指南時，我們應該如何考慮您在進入明年時超越這些數字的能力？

Yes. I mean when we're thinking about the guidance, obviously, you heard me talk about being cautiously optimistic, right? So being prudent in the guidance that we're giving you today both on the revenue and the margin side, right? We're still doing our planning process. We're doing the same play we've done for you guys for years.

是的。我的意思是，當我們考慮指導意見時，顯然，你聽到我說要謹慎樂觀，對吧？因此，在我們今天提供給您的收入和利潤方面的指導中要謹慎，對嗎？我們仍在進行規劃過程。我們正在做我們多年來為你們所做的同樣的事情。

And so we still got a big quarter ahead of us, right? Q4, biggest quarter of the year, but we are being prudent with everything that's going on, whether it'd be the macro, whether it'd be some of the integration challenges that we've had, we see early signs of success, but we're not going to bank on them right now. We're going to be prudent and cautious like you've heard us talk about throughout this call.

所以我們還有一個很大的季度領先，對吧？第四季度，今年最大的一個季度，但我們對正在發生的一切都持謹慎態度，無論是宏觀的，還是我們遇到的一些整合挑戰，我們看到了成功的早期跡象，但我們現在不會指望他們。就像您在整個電話會議中聽到我們談論的那樣，我們將保持謹慎和謹慎。

Next up, we'll go to Adam Tindle in a Raymond James. We can't hear you, Adam.

接下來，我們將前往 Raymond James 的 Adam Tindle。我們聽不到你的聲音，亞當。

There we go, double mute. I'll try to be quick here. One for Todd. The key point to generating leverage here that you're talking about are one of the key points is rep tenure and attrition did improve during Q3. Susan talked about that at Oktane. And she mentioned adding more commission dollars in the pool as one of the factors that helped to improve attrition.

好了，雙重靜音。我會盡量快點。一個給托德。您在這裡談論的產生槓桿作用的關鍵點之一是代表任期和流失率在第三季度確實有所改善。蘇珊在 Oktane 談到了這一點。她還提到在池中增加更多的佣金是有助於減少人員流失的因素之一。

The message today that we're hearing is understandably a focus on profitability. You've got this attractive profitability swing in fiscal '24. I'm just wondering how do you achieve that profitability swing while avoiding another attrition surprise that would derail that operating leverage story, especially with the end of the fiscal year coming up? Are there other options beyond the commission pool that would help with that.

我們今天聽到的信息是關注盈利能力，這是可以理解的。你在 24 財年獲得了這種有吸引力的盈利能力波動。我只是想知道你如何實現盈利能力的波動，同時避免另一個會破壞經營槓桿故事的意外減員，尤其是在財政年度即將結束的時候？除了佣金池之外，還有其他選擇可以幫助解決這個問題嗎？

Yes, it's a really astute question. And -- the way I think about it is there's a lot of different levers to make the whole team successful. We talked a lot about last call and this call about sales attrition, but sales is like the tip of the spear. A lot has to go well to support them to make them successful. The problem is not sales. The problem is clarity of the message. We've done much better at that, clear, compelling positioning, enablement. These are all the things that we're getting better at.

是的，這是一個非常敏銳的問題。而且 - 我的想法是有很多不同的槓桿可以使整個團隊取得成功。我們談了很多關於最後一次電話和這次關於銷售流失的電話，但銷售就像長矛的尖端。要支持他們使他們成功，必須做很多事情。問題不在於銷售。問題是消息的清晰度。我們在這方面做得更好，清晰，引人注目的定位，支持。這些都是我們正在變得更好的事情。

So I think holistically, when you think about next year, it's how much do we invest, where do we invest in terms of people, coverage? And how do we get the balance between prudent financial management on how much resources we deploy into the field versus the expected return and the expected productivity and balancing that.

所以我認為從整體上看，當你考慮明年時，我們會投資多少，我們在人員和覆蓋範圍方面投資在哪裡？以及我們如何在我們部署到現場的資源數量與預期回報和預期生產力之間取得平衡，並在兩者之間取得平衡。

And yes, commission is one important -- 1 variable, but it's relatively small in terms of the overall investment in go-to-market capacity as it leads to productivity and leverage in the model there.

是的，佣金是一個重要的 - 1 個變量，但就進入市場能力的總體投資而言，它相對較小，因為它會提高那裡模型的生產力和槓桿作用。

Yes, I would just add that, I mean, that's 1 of those things you've heard me talk about, Adam. We were talking about the guidance of being -- hey, 1 quarter, we really improved on a variety of things. but we're being cautious about the future because 1 quarter doesn't make a trend. I wish it did, make our life a lot easier.

是的，我只想補充一點，我的意思是，這是你聽到我談論的事情之一，亞當。我們在談論存在的指導——嘿，1 個季度，我們在很多方面確實有所改進。但我們對未來持謹慎態度，因為 1 個季度不會形成趨勢。我希望這樣做，讓我們的生活更輕鬆。

Let's go over to Shrenik Kothari at Baird.

讓我們去拜訪 Baird 的 Shrenik Kothari。

You guys mentioned the 100,000 plus customers grew nicely 32% and the net new customer adds back out. That was also sequentially better quarter-on-quarter, I think overall 22% year-on-year. And yes, I mean, it kind of adds up with the number of sales reps that you said closing the customer identity deals, sequentially getting better over 3 quarters.

你們提到 100,000 多個客戶增長了 32%，淨新客戶又增加了。這也比上一季度更好，我認為總體同比增長 22%。是的，我的意思是，它與您所說的完成客戶身份交易的銷售代表數量相加，在 3 個季度內逐漸好轉。

One comment you made was the pipeline is more weighted towards upsells. And I mean, of course, you're seeing some softening in the SMB market. But are you already starting to see that SMB softening in the customer adds as well on that side of things as well?

您發表的一項評論是管道更傾向於追加銷售。我的意思是，當然，您會看到 SMB 市場出現一些疲軟。但是您是否已經開始看到 SMB 在客戶中的軟化也在這方面增加了？

I think just the general -- I don't actually know the mix of the degree of softening of upsells versus new business. We just -- we know that the SMB segment of our business was less than we would have liked this past quarter and balance with a lot of other things, the whole overall mix of the entire book of business being more upsell focused than usual lead us to strongly believe that, that's macro related both just anecdotally in the conversations, but plus when we look at it quantitatively in the statistics across the whole business.

我認為只是一般 - 我實際上並不知道加售與新業務的軟化程度的組合。我們只是 - 我們知道我們業務的 SMB 部分在上個季度比我們希望的要少，並且與許多其他事情保持平衡，整個業務簿的整體組合比往常更注重追加銷售，這導致我們堅信，這與宏觀相關，不僅在對話中只是軼事，而且當我們在整個業務的統計數據中定量地看待它時。

Next, we'll go to Fatima Boolani at Citi.

接下來，我們將前往花旗的 Fatima Boolani。

Brett, between you and Todd, you sort of talked a lot about the strength in the renewal side of the business. And of course, the performance in the quarter being weighted more towards upsells presumably coming from the installed base. So, what I wanted to ask you was just around the conversations with respect to renewals. What we've heard from some of your peers is there is increasingly an orientation from customers to manage their cash flow, manage their OpEx budgets.

布雷特，在你和托德之間，你談到了很多關於業務更新方面的優勢。當然，本季度的表現更傾向於可能來自已安裝基礎的追加銷售。所以，我想問你的是關於續約的對話。我們從你們的一些同行那裡聽到的是，客戶越來越傾向於管理他們的現金流，管理他們的運營支出預算。

So I think we saw a little bit of this in your backlog and RPO because you called it out. But I'm curious from an invoicing standpoint, what sort of conversations are you having in your renewal dialogue. And then as a related matter, and I think I've asked you this before, we've been seeing maybe more broad-based sort of employment contraction and layoff activity, and it seems a little bit more concentrated in certain sectors. But I'm curious how that's sort of factoring into some of your renewal conversations as well.

所以我認為我們在您的積壓工作和 RPO 中看到了一點點，因為您提出了這一點。但從發票的角度來看，我很好奇，您在更新對話中進行了什麼樣的對話。然後作為一個相關的問題，我想我之前問過你這個問題，我們已經看到了可能更廣泛的就業收縮和裁員活動，而且似乎更集中在某些行業。但我很好奇這也是如何影響你的一些更新對話的。

Yes. I think I think there's a couple of things, and Todd, you can follow up because I think you probably have a thought or 2 here, which is in terms of renewals we haven't really seen a material change in renewals. I think the good news is that gross retention rate remains in that mid-90% range like we've talked about at Investor Day, we talked about it today.

是的。我想我認為有幾件事，托德，你可以跟進，因為我認為你可能有一個或兩個想法，就續約而言，我們還沒有真正看到續約發生實質性變化。我認為好消息是總保留率保持在 90% 的中間範圍內，就像我們在投資者日談到的那樣，我們今天談到了這一點。

And I think a quick reminder is, we're fortunate enough to have long contract durations, right? It's a little north of 2.5 years. And so we have the opportunity to deliver value in these contracts. We don't have to deliver it in the first 30 days, right? We wake up every morning and say how can we deliver value, customer success. I mean you heard me at Investor Day talk about loving our customers is a key customer -- a key Okta value. And you see that in these retention rates, right?

我想快速提醒一下，我們很幸運能有很長的合同期限，對吧？它比 2.5 年略偏北。因此，我們有機會在這些合同中實現價值。我們不必在前 30 天內交付它，對嗎？我們每天早上醒來都會說我們如何才能創造價值，讓客戶成功。我的意思是你在投資者日聽到我談論愛我們的客戶是一個關鍵客戶——一個關鍵的 Okta 價值。您在這些保留率中看到了這一點，對嗎？

I mean you need identity. Every modern tech stack needs it, right? And so that's why you see the strength in the gross retention. That's why you see the upsells and the net retention number of 122%, right? Because if you don't get to deliver on the original promise of the original deal, it's hard to get that upsell, but that's why -- but that's why you see the strong numbers on gross and net.

我的意思是你需要身份。每個現代技術棧都需要它，對吧？這就是為什麼您會看到總保留率的優勢。這就是為什麼您會看到加售和 122% 的淨留存率，對嗎？因為如果你不能兌現最初交易的最初承諾，就很難獲得追加銷售，但這就是原因——但這就是為什麼你會看到毛額和淨額的強勁數字。

In terms of your question directly around invoicing, we haven't really seen a material change on that either, really, things have kind of more or less stayed the same here. But I think one of the things we've talked about is upsells continue to be a strength of our business, right? Once we get people in, they get successful. And so that's why you see these strong retention numbers.

就您直接圍繞發票開具的問題而言，我們也沒有真正看到實質性變化，實際上，這裡的情況或多或少保持不變。但我認為我們討論過的一件事是加售繼續成為我們業務的優勢，對嗎？一旦我們讓人們進來，他們就會成功。這就是為什麼您會看到這些強勁的保留數字。

Yes. the workforce business is per named user seat sold in a contract with average duration of 2.5 years across the whole base. Customer identity is a monthly active user. So 1 thing I talked to people about when -- if someone has fewer employees, when that contract comes up for renewal, the per seat is going to be less or not the per seat, but the number of seats they buy will be less. But that doesn't mean there's -- they can still add more products or add more -- get more value by buying IGA or by having a new use case around multifactor authentication or adding customer monthly active users for customers. So it's not -- the workforce business is, to some degree, is tied the seat expansion or contraction, but there's many other levers of expansion there as well.

是的。勞動力業務是在整個基地的平均期限為 2.5 年的合同中出售的每個指定用戶席位。客戶身份是每月活躍用戶。所以我和人們談過一件事——如果某人的員工較少，當合同需要續籤時，每個席位將減少或不再是每個席位，但他們購買的席位數量會減少。但這並不意味著 - 他們仍然可以添加更多產品或添加更多 - 通過購買 IGA 或通過圍繞多因素身份驗證的新用例或為客戶添加客戶每月活躍用戶來獲得更多價值。所以它不是 - 在某種程度上，勞動力業務與席位擴張或收縮有關，但那裡也有許多其他擴張槓桿。

Okay. Next, we're going to go to Rudy Kessinger at D.A. Davidson.

好的。接下來，我們要去 D.A. 的 Rudy Kessinger。戴維森。

What percent of your sales reps currently are what you would classify as fully productive. I know with the macro, maybe not anybody is really fully productive right now, but what percent are fully productive today? And when do you think you can get that within 6 months?

目前您的銷售代表中有多少百分比是您認為完全有效率的。我知道從宏觀角度來看，也許現在沒有人真正完全有效率，但今天有多少人是完全有效率的？你認為你什麼時候可以在 6 個月內得到它？

Yes. I mean I don't have the exact figure in front of me, but we are -- like we talked about last quarter, last quarter was an all-time low in terms of ramped reps as a percentage of the total. Given the attrition numbers we've talked about today, the massive improvement there, we've bounced off the bottom, if you will. And so we are turning in the right direction. But it's not anywhere near where we want to be, and that's why we continue to talk about being cautiously optimistic.

是的。我的意思是我面前沒有確切的數字，但我們是——就像我們上個季度談到的那樣，上個季度的重複次數佔總數的百分比是歷史最低的。考慮到我們今天討論的人員流失數字，那裡的巨大改進，如果你願意的話，我們已經從底部反彈。因此，我們正朝著正確的方向前進。但這離我們想要的地方還很遠，這就是為什麼我們繼續談論保持謹慎樂觀。

We need to get that ramp level as a percentage of total back to more of a historical number, and that will take time, right? And you heard Todd talk about it. It's not just about the definition of being ramped, right? Because we have a definition internally, just like every other company does. It's about getting them to certain thresholds and productivity, which usually comes with tenure that is sometimes after that "official" ramp time frame being over with. So we need to continue to enable these folks, show them all these opportunities, show them success. And ultimately, that will result in our success because we'll have a more productive field in the coming quarters and years.

我們需要使斜坡水平佔總數的百分比恢復到歷史數字的水平，這需要時間，對嗎？你聽到托德談論它。這不僅僅是關於被斜坡的定義，對吧？因為我們內部有一個定義，就像其他所有公司一樣。這是關於讓他們達到一定的門檻和生產力，這通常伴隨著任期，有時是在“官方”上升時間框架結束之後。因此，我們需要繼續為這些人提供支持，向他們展示所有這些機會，向他們展示成功。最終，這將導致我們的成功，因為我們將在未來幾個季度和幾年內擁有一個更有成效的領域。

Let's go to Keith Bachman of BMO.

讓我們去 BMO 的 Keith Bachman。

Brett, I wanted to -- excuse me, Todd, I wanted to direct this to you, if I could. Just a clarification to start with, you indicated that if you didn't find a leader of the go-to-market, you would assume that role. But I would assume that's just a temporary position. In other words, you would keep searching because you're being stretched in a lot of different directions.

布雷特，我想——對不起，托德，如果可以的話，我想直接給你。首先要澄清一下，您表示如果您沒有找到上市領導者，您將擔任該角色。但我認為這只是一個臨時職位。換句話說，你會繼續尋找，因為你被拉向了很多不同的方向。

So I just want to clarify that. And then the real question is in terms of the guide, I want to try to understand the competitive dynamics. And what I mean by that is, your CRPO guide for Q4 is 21%. And candidly, you've been beating that a little bit, and yet your rev guide for the out year is below that. And so I'm just trying to understand, as the economy weakens here, is the pipeline remaining robust? And really, are you seeing any changes in the competitive dynamics? Because I think what investors have some concern about is as the macro weakens, perhaps that causes some users to migrate towards Microsoft if the cost is cheaper. So just wanted to understand a little bit on that.

所以我只想澄清一下。然後真正的問題是在指南方面，我想嘗試了解競爭動態。我的意思是，您的第 4 季度 CRPO 指南是 21%。坦率地說，你已經超過了一點點，但你去年的轉速指南低於這個水平。所以我只是想了解，隨著這裡的經濟疲軟，管道是否保持強勁？真的，你看到競爭動態有任何變化嗎？因為我認為投資者擔心的是，隨著宏觀經濟走弱，如果成本更便宜，這可能會導致一些用戶轉向微軟。所以只是想了解一點。

Yes. So specifically on Susan's retirement and timing, what the plan is, is that she is in her job until the end of January. And so we will be searching for a replacement, considering internal candidates, external candidates, finding the best person in the world. And if we don't find anyone by February 1, we'll keep searching, but I will be the interim until we find someone.

是的。因此，特別是關於蘇珊的退休和時間安排，計劃是她在一月底之前繼續工作。因此，我們將尋找替代者，考慮內部候選人、外部候選人，尋找世界上最好的人選。如果到 2 月 1 日我們還沒有找到任何人，我們會繼續尋找，但我將是臨時的，直到我們找到人。

Perfect.

完美的。

And then about the competitive environment, the competitive environment, broadly speaking, has been consistent for several years. I talk about this a lot for the folks that have been around the story for a long time. The market is, it's kind of decided -- the people in the market decided if they want cloud or they want on-prem. And the folks that want on-prem, there's good on-prem solutions like Ping and ForgeRock and that part of the market is -- we think it's smaller right now. We think it's trending down over time as more people want a modern solution.

然後關於競爭環境，從廣義上講，競爭環境多年來一直保持一致。對於長期關注這個故事的人們，我經常談論這個問題。市場已經決定了——市場上的人們決定他們是想要雲還是想要本地。那些想要本地的人，有很好的本地解決方案，比如 Ping 和 ForgeRock，而這部分市場是——我們認為它現在較小。我們認為，隨著越來越多的人需要現代解決方案，它會隨著時間的推移而下降。

And then the other big competitive dynamic is do you want to get it from a monolithic platform? Or do you -- that has other apps and services to sell you as well? Or do you want an independent and neutral -- someone to focus on identity. And that's been the way it's been for a long time. And our strategy is focused on extending that lead over time.

然後另一個大的競爭動力是你想從一個單一的平台上得到它嗎？或者你 - 還有其他應用程序和服務可以賣給你嗎？或者你想要一個獨立和中立的人——一個專注於身份的人。很長一段時間以來都是如此。我們的戰略重點是隨著時間的推移擴大領先優勢。

I think the reality is that in a recessionary environment, what you're saying is likely true. Some people are going to choose, hey, the monolithic platform, the Microsofts. And by the way, we assume that every big cloud is going to have their version of Okta eventually. It's a very compelling business obviously, and they're going to want to try to provide some of this value.

我認為現實情況是，在經濟衰退的環境中，你所說的可能是正確的。有些人會選擇，嘿，單一平台，微軟。順便說一下，我們假設每個大雲最終都會有他們的 Okta 版本。這顯然是一項非常有吸引力的業務，他們會想要嘗試提供其中的一些價值。

And that's why we think independent neutrality is the best strategic opportunity. But yes, in a recessionary environment, I'm sure some will choose to go with the monolithic platform. So that is kind of like negative. But on the positive side, there are -- I gave the example of KeyBanc. This past quarter, they're consolidating identity vendors because of the same force. And they're picking the independent neutral leader. And so that was driving them toward Okta.

這就是為什麼我們認為獨立中立是最好的戰略機會。但是，是的，在經濟衰退的環境中，我敢肯定有些人會選擇使用單一平台。所以這有點像消極的。但從積極的方面來說，有——我舉了 KeyBanc 的例子。上個季度，由於同樣的原因，他們正在整合身份供應商。他們正在挑選獨立中立的領導人。因此，這驅使他們轉向 Okta。

So I think in this whole recessionary environment, I don't expect competitive environment. In certain cases, it might shift one way or the other. But in aggregate, I think it's going to be as consistent as it's been in the last 4, 5 years.

所以我認為在整個衰退環境中，我不期望競爭環境。在某些情況下，它可能會以一種或另一種方式移動。但總的來說，我認為它將與過去 4、5 年一樣一致。

By the way, Keith, you just made my entire day by asking the relationship between current RPO and next year's revenue guide.

順便說一下，基思，你問了當前 RPO 和明年收入指南之間的關係，讓我忙了一整天。

if I was allowed to ask 2 questions, I was going to go on that, but I'll cede the floor.

如果允許我問 2 個問題，我會繼續說下去，但我會讓出發言權。

Yes. No, but I will answer your question, we're being cautious. That's ultimately the answer delta between the 2 because pipeline is trending in the right direction, but we're being cautious at this point given everything we know at this point.

是的。不，但我會回答你的問題，我們很謹慎。這最終是兩者之間的答案增量，因為管道正朝著正確的方向發展，但鑑於我們目前所知道的一切，我們在這一點上保持謹慎。

Well, I don't want to get in trouble with Dave.

好吧，我不想惹上戴夫的麻煩。

No. One last thing on competitive is that -- remember that the Customer Identity Cloud business is huge important opportunity for us, both just in terms of market opportunity, but in terms of establishing this broad platform. And the competitive dynamic there is very different. It's build versus buy, and we have the best developer-focused platform and that's -- it's a really exciting opportunity.

不。關於競爭的最後一件事是 - 請記住，客戶身份雲業務對我們來說是巨大的重要機會，無論是在市場機會方面，還是在建立這個廣泛的平台方面。那裡的競爭動態非常不同。它是構建還是購買，我們擁有最好的以開發人員為中心的平台，這是一個非常令人興奮的機會。

Okay. We can go into some overtime here, but let's keep it as short as possible. We'll go to Adam Borg at Stifel.

好的。我們可以在這裡進行一些加班，但讓我們盡量縮短時間。我們會去 Stifel 的 Adam Borg。

Awesome. Just on the macro, you talked about seeing more pressure at the low end of the market. You talked about workforce and SIEM really being equal in terms of where you're seeing any headwinds. Just curious, anything by geography more. You talked about North America, you talked about EMEA, anything else by geography or a vertical to go into just a plus of that.

驚人的。就宏觀而言，您談到在低端市場看到更多壓力。你談到了勞動力和 SIEM 在你看到任何不利因素方面確實是平等的。只是好奇，地理上的任何東西更多。你談到了北美，你談到了歐洲、中東和非洲，以及任何其他按地理或垂直方向進行的討論。

Yes, really, I mean, it's -- like you said, SMB is getting it first with it. North America, obviously, is where we saw that the most, but that's also because that's our biggest portion of our business, right? So EMEA did have a strong quarter, especially like I said earlier, with those big deals. So that's really the extent of what we're seeing right now.

是的，真的，我的意思是，就像你說的，SMB 率先使用它。顯然，北美是我們看到最多的地方，但這也是因為這是我們業務中最大的部分，對吧？所以 EMEA 確實有一個強勁的季度，特別是就像我之前說的那樣，那些大交易。這就是我們現在所看到的情況。

Over to Sterling Auty at MoffettNathanson.

轉向 MoffettNathanson 的 Sterling Auty。

So administrative one from my side. Oktane, you talked about the fiscal '26 long-term targets, given the quiet period, you'd kind of address them now. Are you going to just kind of table that discussion until you're a little bit further along some of the changes? Or what should be the expectations on that front?

我這邊的管理人員。 Oktane，你談到了 26 財年的長期目標，考慮到平靜期，你現在可以解決這些問題。在您進一步了解一些更改之前，您是否打算只是討論一下？或者在這方面的期望應該是什麼？

Yes, we're going to table that for now Sterling. It's primarily related to 3 things I talked about earlier is making sure we see through these integration challenges, the macro uncertainty out there and then the change of go-to-market leadership. We want to make sure that those things stabilize before we come back to you in the future and talk about that.

是的，我們現在將把它放在桌子上。這主要與我之前談到的 3 件事有關，即確保我們看到這些整合挑戰、宏觀不確定性以及進入市場領導層的變化。我們希望確保這些事情穩定下來，然後我們將來再回到您身邊討論這個問題。

Peter Levine at Evercore.

Evercore 的 Peter Levine。

Maybe I want to touch the high level one is when you look across identity, endpoint or networking, in your opinion, what's more mission-critical? Because I ask, given the macro commentary, obviously, deals are elongating. It's not just you, it's your competitors as well. So are these deals just getting pushed out? Or are you actually seeing customers mainly focus on other areas of the security stack. Just curious to see if it's across or just particular areas within cyber?.

也許我想觸及更高層次的是，當您跨身份、端點或網絡查看時，在您看來，哪個更關鍵？因為我問，鑑於宏觀評論，顯然交易正在延長。不只是你，還有你的競爭對手。那麼這些交易只是被推遲了嗎？或者您是否真的看到客戶主要關注安全堆棧的其他領域。只是想知道它是否跨越或只是網絡中的特定區域？

I think -- so I think you picked up 3 that are all pretty critical. When I work with customers, they're trying to shore up their identity strategy, especially around Zero Trust. If you want to do Zero Trust, you have to know who can go where. And then once you know -- and that's identity, you have to know who can go here and make sure you don't over provision people and then you want to enforce that from the endpoint, you want to force that from the network.

我認為 - 所以我認為你選擇了 3 個都非常關鍵。當我與客戶合作時，他們正試圖加強他們的身份戰略，尤其是圍繞零信任。如果你想做零信任，你必須知道誰可以去哪裡。然後一旦你知道——這就是身份，你必須知道誰可以去這裡並確保你不會過度供應人員，然後你想從端點強制執行，你想從網絡強制執行。

And so that's the network folks and then the endpoint folks. So they're all critical. I think I would say my observation is that it's more -- it's not the criticality that gets things delayed. It's like the time to value and how deeply they want to integrate. In our case, you can deploy Okta very quickly. But if you want to deploy it deeply and integrate it to every application, these big companies have thousands of applications and business processes across departments and divisions.

這就是網絡人員，然後是端點人員。所以它們都很關鍵。我想我會說我的觀察是它更多 - 它不是讓事情延遲的關鍵。這就像價值的時間以及他們想要整合的深度。在我們的案例中，您可以非常快速地部署 Okta。但是如果你想深入部署它並把它集成到每一個應用程序中，這些大公司有成千上萬個跨部門和部門的應用程序和業務流程。

A deep integration and deployment can take quite a long time. Same is true for some of these other tools and technologies. So how they deploy them and how deep it is, that's more of a driver, I think, in terms of whether they go forward or not in a recessionary environment versus the actual just the category.

深度集成和部署可能需要相當長的時間。其他一些工具和技術也是如此。因此，他們如何部署它們以及它有多深，我認為，就他們是否在衰退環境中前進與實際只是類別而言，這更像是一個驅動因素。

Trevor Walsh of JMP.

JMP 的特雷弗·沃爾什。

Todd, maybe best for you. Brett had mentioned the federal business as kind of 1 of the 3 priorities for the year. I noticed that you had announced the Okta for the U.S. military launch earlier in the month. Just curious if that's -- can you just double-click us around? Is that a broad net new opportunity or more just kind of incremental to what you might already be doing (inaudible).

托德，也許最適合你。布雷特曾提到聯邦業務是今年 3 個優先事項之一。我注意到你在本月早些時候宣布了為美國軍方發射的 Okta。只是好奇那是不是——你能雙擊我們周圍嗎？這是一個廣泛的淨新機會，還是更多只是對您可能已經在做的事情的增量（聽不清）。

Yes. First of all, public sector is doing really well. The 3/4 this year, up 65% over the 3 quarters -- first 3 quarters last year. So -- which is great to see because it's something we've been focusing on for a while. I think specifically on the federal opportunity, the [dot mill] instance of Okta, which you can now sell with the certification of IL-4, you can now sell to the DoD for their use cases. It's more than incremental. It's a big new door to be opened for us.

是的。首先，公共部門做得非常好。今年的 3/4，比去年前 3 個季度的 3 個季度增長了 65%。所以 - 很高興看到，因為這是我們一段時間以來一直關注的事情。我認為特別是在聯邦機會上，Okta 的 [dot mill] 實例，你現在可以通過 IL-4 認證出售，你現在可以出售給國防部用於他們的用例。它不僅僅是漸進的。這是一扇為我們打開的新大門。

We're right on -- we're working for the final paperwork to be returned on FedRAMP High, which is another federal certification that's super important. So yes, I mean, the government needs identity just like every organization, every opportunity -- or every sector needs identity, and that's a big area of focus for us, and we're glad to see some progress. But relatively speaking, we're still early days in that big opportunity.

我們是對的——我們正在努力爭取最終的文書工作在 FedRAMP High 上返回，這是另一個非常重要的聯邦認證。所以是的，我的意思是，政府需要身份，就像每個組織、每個機會——或每個部門都需要身份一樣，這是我們關注的一個大領域，我們很高興看到一些進展。但相對而言，我們還處於這個巨大機遇的早期階段。

And our final question from Brad Zelnick at Deutsche Bank.

最後一個問題來自德意志銀行的 Brad Zelnick。

I guess most of the questions were asked, but I'll throw a big picture one at you, Todd. It's great to see you continue executing against your vision of building out a broader platform with SIEM identity governance and PAM in the pipeline. Consolidation has been the siren song of many security vendors over the course of time, yet security as an industry remains highly fragmented. As we look out in the many years to come, why is consolidation a viable strategy today for you in identity and why isn't that Okta is positioned to be the winner?

我想大多數問題都被問到了，但我會向你展示一幅大圖，托德。很高興看到您繼續執行您的願景，即通過管道中的 SIEM 身份治理和 PAM 構建更廣泛的平台。隨著時間的推移，整合一直是許多安全供應商的警笛，但安全作為一個行業仍然高度分散。正如我們在未來多年展望的那樣，為什麼今天的整合對您來說是一種可行的身份戰略，為什麼 Okta 不能成為贏家？

I mean the industry is naturally fluctuate between consolidation and fragmentation. So I think the key is not to think about -- like are you -- do you want to be fragmented or consolidated, the key is to think what are the right points of consolidation. And we believe identity is that point. We believe that if a company can consolidate their identity across customers, around governance, around employees, then that will enable integration to a very broad and diverse technology landscape, which all these companies and organizations have, but most importantly, a broad and diverse and integrated security landscape.

我的意思是這個行業自然會在整合和分散之間波動。所以我認為關鍵不是去想——就像你一樣——你是想分散還是整合，關鍵是想想什麼是正確的整合點。我們相信身份就是這一點。我們相信，如果一家公司能夠跨客戶、圍繞治理、圍繞員工鞏固他們的身份，那麼這將能夠整合到一個非常廣泛和多樣化的技術領域，所有這些公司和組織都擁有，但最重要的是，廣泛、多樣化和綜合安全格局。

And it's especially important in security because security is adversarial. You don't want to consolidate everything to one security vendor, and you don't want to get one log analysis and endpoint and identity and network, all from one company because the attackers are going after that company, you have no flexibility to swap out pieces and get your defenses more robust.

這在安全方面尤為重要，因為安全是對抗性的。您不想將所有內容都整合到一個安全供應商，並且您不想從一家公司獲得一個日誌分析、端點、身份和網絡，因為攻擊者正在攻擊那家公司，您沒有交換的靈活性出局，讓你的防禦更加穩固。

So -- we think the right point of consolidation is identity, and of course, that has some security capabilities, life cycle management, a healthy factor. But -- and then that enables a tight integration to the entire security ecosystem, which will keep customers more robust and secure in the long term. That's why we think it's the right balance between the 2.

所以——我們認為正確的整合點是身份，當然，它具有一些安全功能、生命週期管理，這是一個健康的因素。但是——然後這使得與整個安全生態系統的緊密集成成為可能，這將使客戶在長期內更加穩健和安全。這就是為什麼我們認為這是兩者之間的正確平衡。

Great. well, that's it for this afternoon. But before you go, we just want to let you know we'll be at a few investor events this quarter. We'll be at the Needham Growth Conference on January 12. We'll also be participating in several in-person and virtual bus tours over the course of December and January. So we hope to see you at one of those events. And that's it for our time. If you have any follow-up questions, you can reach us at investor@okta.com.

偉大的。好了，今天下午就到這裡。但在您離開之前，我們只想讓您知道我們將在本季度參加一些投資者活動。我們將參加 1 月 12 日的 Needham Growth Conference。我們還將在 12 月和 1 月期間參加幾次面對面和虛擬的巴士之旅。所以我們希望在其中一個活動中見到你。這就是我們的時間。如果您有任何後續問題，可以通過 investor@okta.com 與我們聯繫。

Thanks, everyone.

感謝大家。

Thanks, everyone.

感謝大家。