Okta Inc (OKTA) 2023 Q4 法說會逐字稿

(presentation)

（推介會）

Hi, everybody. Welcome to Okta's Fourth 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, our Chief Financial Officer.

大家好。歡迎收看 Okta 2023 財年第四季度收益網絡廣播。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；和我們的首席財務官 Brett Tighe。

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.

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結果、業績或成就與前瞻性陳述中明示或暗示的結果、業績或成就存在重大差異。

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.

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. Though we may not state it explicitly during the meeting, all references to profitability are non-GAAP. 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。儘管我們可能不會在會議期間明確說明，但所有對盈利能力的提及都是非公認會計原則。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 more 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更多詳細信息，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 numeric growth changes as we discuss our financial performance. And unless otherwise noted, each such reference represents a year-on-year comparison.

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。

And now I'd like to turn the meeting over to Todd McKinnon. Todd?

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 Q4 results and the significant improvement in our profitability and record cash flow. It was a strong close to FY '23 with continued improvement in our go-to-market business performance, giving us confidence going into the new fiscal year.

謝謝，戴夫。感謝大家今天下午加入我們。我們對第四季度的業績以及盈利能力的顯著改善和創紀錄的現金流感到滿意。隨著我們上市業務績效的持續改善，我們對進入新的財政年度充滿信心，這與 23 財年的表現非常接近。

We've positioned Okta for continued success with our customers and improved profitability and increased cash flow as an organization to navigate the evolving macroeconomic environment.

我們已將 Okta 定位為與我們的客戶持續取得成功，並提高盈利能力和增加現金流，作為一個組織來駕馭不斷變化的宏觀經濟環境。

The 3 mega trends that have driven Okta's business over the past several years: the deployment of cloud and hybrid IT, digital transformation projects and the adoption of Zero Trust security, remain top priorities for organizations around the world. These trends are more relevant than ever, and the role of identity has only grown in importance in helping organizations do more with less.

過去幾年推動 Okta 業務的三大趨勢：雲和混合 IT 的部署、數字化轉型項目以及零信任安全的採用，仍然是全球組織的首要任務。這些趨勢比以往任何時候都更重要，身份的作用在幫助組織事半功倍方面變得越來越重要。

Organizations that can address at least one, if not all 3, of these trends will fare better over the long term. All organizations need to enable a more efficient workforce and invest in security and innovation around revenue-generating initiatives, whether during a recession or emerging from one, and all of these initiatives are powered by identity. Remember that Okta was founded during a downturn.

從長遠來看，能夠應對其中至少一種（如果不是全部 3 種）趨勢的組織將會表現得更好。所有組織都需要培養更高效的員工隊伍，並圍繞創收計劃投資於安全和創新，無論是在經濟衰退期間還是從經濟衰退中恢復過來，所有這些計劃都由身份提供支持。請記住，Okta 是在經濟低迷時期成立的。

Over the past several months, how many companies have you heard talk about increasing efficiency? Okta has always enabled organizations to do more with less. And in this new environment, where business leaders are striving for increased efficiency, Okta is well positioned to advance our leadership position in a market that continues to move toward us. I'll dive into a deeper review of the quarter and finish with some comments to wrap up FY '23.

在過去的幾個月裡，您聽說過多少家公司在談論提高效率？ Okta 始終使組織能夠事半功倍。在這個新環境中，商業領袖正在努力提高效率，Okta 處於有利地位，可以在不斷向我們發展的市場中提升我們的領導地位。我將對本季度進行更深入的審查，並以一些評論結束 23 財年。

The 2 Cloud, 1 Platform approach that we introduced to the market mid last year, the Workforce Identity Cloud and the Customer Identity Cloud has really hit the mark and continues to be well-received by our customers and partners. Our go-to-market team has enthusiastically embraced the structure, and we continue to see an upward trend line in the number of sales reps that have closed Customer Identity Cloud deals over the past 4 quarters. Just last week, we had our annual sales kickoff summit. The energy at the event was fantastic, and the team is highly motivated to keep the momentum going.

我們去年年中向市場推出的 2 雲、1 平台方法，即 Workforce Identity Cloud 和 Customer Identity Cloud 確實達到了目標，並繼續受到我們的客戶和合作夥伴的歡迎。我們的上市團隊熱情地接受了這種結構，我們繼續看到在過去 4 個季度中完成 Customer Identity Cloud 交易的銷售代表數量呈上升趨勢。就在上週，我們舉行了年度銷售啟動峰會。活動中的能量非常棒，團隊非常積極地保持這種勢頭。

Turning to our Q4 results. We added 550 new customers in the quarter, bringing our total customer base to 17,600, representing growth of 17%. New customer growth is an area where we believe the macroeconomic environment is affecting our business. Conversely, Brett will cover the continued strength we're experiencing with our upsell/cross-sell business with existing customers.

轉向我們的第四季度結果。我們在本季度增加了 550 名新客戶，使我們的總客戶群達到 17,600 名，增長了 17%。新客戶增長是我們認為宏觀經濟環境正在影響我們業務的一個領域。相反，布雷特將介紹我們與現有客戶的追加銷售/交叉銷售業務所經歷的持續優勢。

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 Sonos, Hewlett Packard Enterprise and MassMutual. In Q4, we added 190 customers with $100,000-plus ACV. Our total base of $100,000-plus ACV customers now stands at 3,930 and grew 27%. Here are just a few notable examples of customer wins and upsells in Q4, which come from a wide range of industries.

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 Sonos、Hewlett Packard Enterprise 和 MassMutual。在第四季度，我們增加了 190 名 ACV 超過 100,000 美元的客戶。我們 100,000 美元以上的 ACV 客戶總數現在為 3,930，增長了 27%。以下是第 4 季度贏得客戶和追加銷售的幾個著名示例，這些示例來自各行各業。

OpenAI, the company powering ChatGPT was a great Customer Identity Cloud win this quarter. With the increasing popularity of its cutting-edge AI technology, the company looked to Okta's Customer Identity Cloud to support authentication for the rapid influx of people interested in using the tool. Having utilized Customer Identity Cloud for authentication as a self-service customer, OpenAI's developers were able to bolster its Customer Identity needs, thanks to Okta's ease-of-use, reliability and security.

為 ChatGPT 提供支持的公司 OpenAI 在本季度贏得了 Customer Identity Cloud 的巨大勝利。隨著其尖端 AI 技術的日益普及，該公司希望 Okta 的 Customer Identity Cloud 能夠為快速湧入的有興趣使用該工具的人們提供身份驗證支持。由於 Okta 的易用性、可靠性和安全性，OpenAI 的開發人員利用 Customer Identity Cloud 作為自助服務客戶進行身份驗證，從而能夠滿足其客戶身份需求。

A Global 2000 agriculture and home improvement supply chain company was a great Workforce Identity Cloud win this quarter. The company selected Okta for its breadth of integrations, partnerships and technology road map alignment. Okta will provide secure access for its 40,000 employees while providing the company with increased automation to reduce administrative overhead.

一家全球 2000 強農業和家居裝修供應鏈公司在本季度取得了巨大的 Workforce Identity Cloud 勝利。該公司選擇 Okta 是因為其廣泛的集成、合作夥伴關係和技術路線圖對齊。 Okta 將為其 40,000 名員工提供安全訪問，同時為公司提供更高的自動化以減少管理開銷。

A Fortune 100 insurance company was an exciting Workforce Identity Cloud upsell this quarter. The company selected Okta's Customer Identity solution last year to reduce complexity associated with its homegrown identity solution and free up developers' time to focus on business-differentiating projects. With this upsell, the company expanded its investment with Okta to replace its incumbent on-prem workforce technology and eliminate the friction in the end-user experience.

一家財富 100 強保險公司在本季度推出了令人興奮的 Workforce Identity Cloud 追加銷售。該公司去年選擇了 Okta 的客戶身份解決方案，以降低與其本土身份解決方案相關的複雜性，並讓開發人員有時間專注於業務差異化項目。通過這次追加銷售，該公司擴大了對 Okta 的投資，以取代現有的本地勞動力技術，並消除最終用戶體驗中的摩擦。

We continue to see strong demand for Okta Identity Governance or OIG as our customers are tapping into the power of Okta's unified platform to improve their overall security posture and remove identity silos. This helps our customers gain better visibility across their identity stacks and implement a governance solution with faster time to value and cost reductions. It's still very early days with OIG as it just became globally available in early December.

我們繼續看到對 Okta 身份治理或 OIG 的強勁需求，因為我們的客戶正在利用 Okta 統一平台的力量來改善他們的整體安全狀況並消除身份孤島。這有助於我們的客戶更好地了解其身份堆棧，並實施治理解決方案，從而更快地實現價值並降低成本。 OIG 還處於早期階段，因為它在 12 月初才在全球上市。

We are seeing a lot of interest across various business segments and verticals from organizations like Notion, the upstart productivity tool company; to NOV, a Fortune 1000 energy manufacturing company. NOV was a great OIG upsell this quarter. They had been leveraging Okta Workforce Identity Cloud products since 2020 and were looking for a product that would satisfy their regulatory reporting obligations. Since they had already implemented Okta Workflows, OIG was a natural step for them.

我們看到來自各種業務部門和垂直行業的組織，如新興的生產力工具公司 Notion； NOV，財富 1000 強能源製造公司。 NOV 是本季度 OIG 的一個很好的追加銷售。自 2020 年以來，他們一直在利用 Okta Workforce Identity Cloud 產品，並正在尋找能夠滿足其監管報告義務的產品。由於他們已經實施了 Okta Workflows，OIG 對他們來說是自然而然的一步。

Reflecting back on FY '23, we accomplished a tremendous amount. For example, revenue increased by 43%. RPO hit $3 billion. We added 2,600 customers. We added over 800 customers with an ACV of $100,000 or more. We expanded our portfolio of products, including Okta Identity Governance. And we made tremendous progress on the ESG front, including setting validated science-based targets for Scope 1, 2 and 3 emissions reductions.

回顧 23 財年，我們取得了巨大成就。例如，收入增長了 43%。 RPO 達到 30 億美元。我們增加了 2,600 名客戶。我們增加了 800 多個 ACV 為 100,000 美元或更多的客戶。我們擴展了我們的產品組合，包括 Okta Identity Governance。我們在 ESG 方面取得了巨大進展，包括為範圍 1、2 和 3 減排設定經過驗證的基於科學的目標。

FY '23 was a year of challenges, learnings, action and change. Our vision, purpose, opportunity and everything we do is grounded in what we make possible for customers. Identity isn't just part of an organization's infrastructure, it's a strategic component. And Okta isn't just a technology vendor, we're a strategic partner. We're a stronger company going into FY '24, with deeper relationships with our customers and an expanding product portfolio.

23 財年是充滿挑戰、學習、行動和變革的一年。我們的願景、目標、機會和我們所做的一切都基於我們為客戶創造的可能性。身份不僅僅是組織基礎設施的一部分，它還是一個戰略組成部分。 Okta 不僅僅是技術供應商，我們還是戰略合作夥伴。進入 24 財年，我們是一家更強大的公司，與客戶的關係更深，產品組合也不斷擴大。

As we go forward into FY '24, organizational leaders around the world are looking for ways to become more efficient in today's environment, and we've never been so confident in our ability to help our customers create more efficiencies for both their Workforce and their Customer Identity Solutions. Okta, too, has taken several actions to create more efficiencies within our own organization as we position the company for our next phase of profitable growth.

隨著我們進入 24 財年，世界各地的組織領導者正在尋找在當今環境中提高效率的方法，我們從未如此自信地相信我們有能力幫助我們的客戶為他們的員工和他們的員工創造更高的效率客戶身份解決方案。 Okta 也採取了多項措施來提高我們自己組織的效率，因為我們將公司定位為下一階段的盈利增長。

I also thought it would be helpful to share a few of Okta's top strategic priorities for FY '24. These are shared across the entire organization to align our execution with our broader company strategy. Keep in mind, these are multiyear horizons.

我還認為分享 Okta 在 24 財年的一些首要戰略重點會有所幫助。這些在整個組織中共享，以使我們的執行與我們更廣泛的公司戰略保持一致。請記住，這些是多年的視野。

The first priority is winning the customer identity market. We've made tremendous progress in SIEM, but in many respects, we are still just getting started on what we believe is a $30 billion market opportunity.

首要任務是贏得客戶身份市場。我們在 SIEM 方面取得了巨大進步，但在許多方面，我們仍只是剛剛開始，我們認為這是一個價值 300 億美元的市場機會。

Second, take Workforce Identity to the next level. We've done well to establish our clear market leadership over the past 14 years with the broadest independent and neutral identity platform. Consistent with our core value of continuous innovation, we're pushing to advance our leadership position in the $50 billion workforce market.

其次，將 Workforce Identity 提升到一個新的水平。在過去的 14 年裡，我們憑藉最廣泛的獨立和中立的身份平台建立了明確的市場領導地位，做得很好。與我們持續創新的核心價值觀一致，我們正在努力提升我們在價值 500 億美元的勞動力市場中的領導地位。

And third, scale Okta to support durable growth. This includes increasing automation throughout the organization and expanding our international presence in lower-cost geographies, both of which have margin benefits. Scaling for durable growth also includes hardening our own security infrastructure. Of course, underpinning our strategy continues to be our vision to free everyone to safely use a technology.

第三，擴展 Okta 以支持持久增長。這包括提高整個組織的自動化程度，以及擴大我們在低成本地區的國際影響力，這兩者都有利潤優勢。為實現持久增長而擴展還包括加強我們自己的安全基礎設施。當然，支撐我們戰略的仍然是我們讓每個人都能安全使用技術的願景。

To wrap things up, we're pleased with our finish to FY '23 and believe we're positioned for profitable growth going into FY '24 and beyond. I want to thank the entire Okta team for their tireless work, and a special thank you to our customers and partners who place their trust in us every day.

總而言之，我們對 23 財年的完成感到滿意，並相信我們已準備好在 24 財年及以後實現盈利增長。我要感謝整個 Okta 團隊的不懈努力，並特別感謝每天信任我們的客戶和合作夥伴。

Before I turn it over to Brett, I want to give a special thank you to our outgoing General Counsel, Jon Runyan. Jon has been a key adviser since Freddie and I founded the company, an executive team member over the past 8-plus years and will continue to serve as an adviser through mid-September. I'm very excited that Larissa Schwartz, our Deputy General Counsel, who has been a member of the Okta legal team for the past 7-plus years, is being promoted to Chief Legal Officer.

在我把它交給 Brett 之前，我想特別感謝我們即將離任的總法律顧問 Jon Runyan。自弗雷迪和我創立公司以來，喬恩一直是一位重要顧問，在過去 8 年多的時間裡，他一直是執行團隊的成員，並將在 9 月中旬之前繼續擔任顧問。我很高興我們的副總法律顧問 Larissa Schwartz 晉升為首席法律官，他在過去 7 年多時間裡一直是 Okta 法律團隊的成員。

Now here's Brett to walk you through more of the Q4 financial details and our outlook for meaningfully improved profitability this year.

現在布雷特將帶您了解更多第四季度的財務細節以及我們對今年盈利能力顯著提高的展望。

Thanks, Todd. And thank you, everyone, for joining us today. We're pleased with the progress we've made over the past 2 quarters. We've taken action to significantly reduce our cost structure while maintaining key investments to fuel our future growth. And we're confident that we have set the path for many years of profitable growth. I'll review our fourth quarter results and our outlook for FY '24.

謝謝，托德。感謝大家今天加入我們。我們對過去兩個季度取得的進展感到滿意。我們已採取行動大幅降低我們的成本結構，同時保持關鍵投資以推動我們未來的增長。我們相信我們已經為多年的盈利增長鋪平了道路。我將回顧我們的第四季度業績和我們對 24 財年的展望。

But first, I'll start with some commentary on the macro environment and the restructuring we announced last month. With regards to the macro environment, similar to last quarter, we have not experienced a meaningful change in sales cycles or close rates. However, customers are requesting shorter-term contract links as they become more conservative with their long-term commitments.

但首先，我將從對宏觀環境和我們上個月宣布的重組的一些評論開始。關於宏觀環境，與上一季度類似，我們沒有經歷銷售週期或成交率的重大變化。但是，隨著客戶對長期承諾變得更加保守，他們要求縮短合同鏈接。

Additionally, our overall business was more weighted towards upsells versus new business across both SMB and enterprise. New pipeline generation was also more weighted towards upsells. And finally, we continue to experience minor FX headwinds on our top line metrics, which are incorporated into our reported numbers and outlook.

此外，我們的整體業務更側重於追加銷售，而不是中小企業和企業的新業務。新一代管道也更傾向於追加銷售。最後，我們繼續在我們的頂線指標中遇到輕微的外匯逆風，這些指標已納入我們報告的數字和前景。

With regards to the restructuring that we announced in early February, we've taken a GAAP charge of approximately $15 million in Q4. There were many functions in the organization that were affected, with the biggest reductions within the go-to-market and G&A teams. The vast majority were located in the United States.

關於我們在 2 月初宣布的重組，我們在第 4 季度計入了約 1500 萬美元的 GAAP 費用。組織中有許多職能部門受到影響，其中上市和 G&A 團隊的裁員幅度最大。絕大多數位於美國。

Turning to our Q4 results. Total revenue growth for the fourth quarter was 33%, driven by a 34% increase in subscription revenue. Subscription revenue represented 97% of our total revenue. International revenue grew 32% and represented 21% of our total revenue.

轉向我們的第四季度結果。受訂閱收入增長 34% 的推動，第四季度總收入增長 33%。訂閱收入占我們總收入的 97%。國際收入增長了 32%，占我們總收入的 21%。

Looking at the ACV split between Workforce Identity and Customer Identity. Workforce ACV grew 30% and represented 61% of total ACV. Customer Identity ACV grew 35% and represented 39% of total ACV. Over the long term, we expect the mix to trend towards 50-50, with healthy growth in both businesses.

查看 Workforce Identity 和 Customer Identity 之間的 ACV 拆分。勞動力 ACV 增長了 30%，佔總 ACV 的 61%。客戶身份 ACV 增長了 35%，佔總 ACV 的 39%。從長遠來看，我們預計該組合將趨向於 50-50，並且這兩項業務都將健康增長。

RPO or backlog grew 12% and hit the $3 billion mark. Impacting total RPO growth is the general shortening of term lengths of recently signed contracts. 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 25% to $1.68 billion.

RPO 或積壓訂單增長 12%，達到 30 億美元大關。影響總 RPO 增長的是最近簽署的合同期限的普遍縮短。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 25% 至 16.8 億美元。

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 duration. Calculated billings grew 18% and current calculated billings grew 19%. As we've noted previously, this is the final time we'll be referencing billings performance in our formal commentary.

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，由於發票時間和持續時間的波動，這可能會產生噪音。計算賬單增長了 18%，當前計算賬單增長了 19%。正如我們之前所指出的，這是我們最後一次在正式評論中提及比林斯表現。

Turning to retention. Our dollar-based net retention rate for the trailing 12-month period remains strong at 120%. The sequential downtick in the net retention rate was driven primarily by a decrease in the upsell rate with our SMB customers. As always, the net retention rate may fluctuate from quarter-to-quarter as the mix of new business, renewals and upsells fluctuates. Consistent with prior quarters, gross retention rates remain very healthy in the mid-90% range.

轉向保留。我們過去 12 個月的美元淨保留率保持在 120% 的強勁水平。淨保留率的連續下降主要是由於我們的 SMB 客戶的追加銷售率下降。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。與前幾個季度一致，總保留率在 90% 的中間範圍內保持非常健康。

Before turning to expense items and profitability, I'll point out that I'll be discussing non-GAAP results going forward. Looking at operating expenses. Total operating expenses for the quarter were lower than expected. The better-than-expected profitability is primarily due to the combination of revenue overperformance and better-than-expected outcomes from spend efficiency measures.

在轉向費用項目和盈利能力之前，我要指出我將討論未來的非 GAAP 結果。查看運營費用。本季度的總運營費用低於預期。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。

Total headcount at the end of Q4 was just over 6,000, which is flat quarter-over-quarter. That number does not reflect the restructuring action, which will be incorporated in next quarter's headcount total. We will continue to hire in critical areas and backfill open positions.

第四季度末總員工人數剛剛超過 6,000 人，環比持平。該數字並未反映重組行動，重組行動將被納入下一季度的員工總數。我們將繼續在關鍵領域招聘並回補空缺職位。

Moving to cash flow. Q4 free cash flow was seasonally strong, producing a record $72 million. We ended the year with a strong balance sheet anchored by nearly $2.58 billion in cash, cash equivalents and short-term investments. Overall, we're pleased with our Q4 results.

轉向現金流。第 4 季度自由現金流季節性強勁，產生了創紀錄的 7200 萬美元。我們以近 25.8 億美元的現金、現金等價物和短期投資為基礎，以強勁的資產負債表結束了這一年。總體而言，我們對第四季度的業績感到滿意。

Now let's turn to our business outlook for Q1 and FY '24. While we've been pleased with improved execution over the past 2 quarters, our projections continue to factor in the uncertainties of the macroeconomic environment. We're also factoring in the go-to-market leadership transition and the challenges we faced in the first half of last year.

現在讓我們來看看我們對第一季度和 24 財年的業務展望。雖然我們對過去兩個季度的執行情況有所改善感到滿意，但我們的預測繼續考慮宏觀經濟環境的不確定性。我們還考慮了進入市場的領導層過渡以及我們在去年上半年面臨的挑戰。

We're taking several actions to reduce our cost structure and increase our efficiency as an organization, including reducing headcount by 5%, rationalizing our facilities' footprint, narrowing our R&D scope to focus on core product development, eliminating redundant software tools increasing systems and process automation. And we're focusing on building operations in lower-cost regions in Europe and Asia Pacific that have fantastic talent bases.

我們正在採取多項措施來降低我們的成本結構並提高我們作為一個組織的效率，包括減少 5% 的員工人數，合理化我們設施的足跡，縮小我們的研發範圍以專注於核心產品開發，消除冗餘軟件工具增加系統和過程自動化。我們正專注於在歐洲和亞太地區擁有出色人才基礎的低成本地區開展業務。

With that as a backdrop, for the first quarter of FY '24, we expect total revenue of $509 million to $511 million, representing growth of 23%; current RPO of $1.67 billion to $1.685 billion, representing growth of 19%; non-GAAP operating income of $18 million to $20 million and non-GAAP diluted net income per share of $0.11 to $0.12, assuming diluted weighted average shares outstanding of approximately 178 million.

以此為背景，我們預計 24 財年第一季度的總收入為 5.09 億美元至 5.11 億美元，增長 23%；當前 RPO 為 16.7 億美元至 16.85 億美元，增長 19%；非 GAAP 營業收入為 1800 萬美元至 2000 萬美元，非 GAAP 攤薄後每股淨收入為 0.11 美元至 0.12 美元，假設攤薄後的加權平均已發行股票約為 1.78 億股。

For FY '24, we are raising our revenue outlook by approximately $25 million at the high end. We now expect revenue of $2.155 billion to $2.170 billion, representing growth of 16% to 17%. With our continued expense control we plan to achieve non-GAAP profitability for the full year. We expect non-GAAP operating income of $136 million to $145 million, which yields a non-GAAP operating margin of approximately 6% to 7%; non-GAAP net income per share of $0.74 to $0.79, assuming diluted weighted average shares outstanding of approximately 180 million.

對於 24 財年，我們將高端收入預期提高了約 2500 萬美元。我們現在預計收入為 21.55 億美元至 21.7 億美元，增長 16% 至 17%。通過我們持續的費用控制，我們計劃在全年實現非 GAAP 盈利能力。我們預計非 GAAP 營業收入為 1.36 億美元至 1.45 億美元，非 GAAP 營業利潤率約為 6% 至 7%；非 GAAP 每股淨收入為 0.74 美元至 0.79 美元，假設稀釋後的加權平均流通股約為 1.8 億股。

We expect free cash flow margin for FY '24 to improve to approximately 10%. This includes a cash impact of approximately $15 million related to the organizational restructuring, which will be paid out in Q1.

我們預計 24 財年的自由現金流利潤率將提高至約 10%。這包括與組織重組相關的大約 1500 萬美元的現金影響，將在第一季度支付。

Lastly, I want to provide a few comments to help with modeling Okta. Keep in mind that when viewing our Q1 projections versus our Q4 results, Q1 has 3 fewer days, which impacts revenue and gross margins. We expect non-GAAP operating margin to build as we progress through the fiscal year.

最後，我想提供一些意見來幫助建模 Okta。請記住，當查看我們的第一季度預測與第四季度結果時，第一季度的天數減少了 3 天，這會影響收入和毛利率。我們預計非 GAAP 營業利潤率會隨著本財年的進展而增加。

Similar to years past, Q2 is expected to be the seasonal low for cash flow. We are applying a static 26% non-GAAP effective tax rate now that we expect to be non-GAAP profitable for the foreseeable future. Partially offsetting the higher effective tax rate is a significant increase in interest income related to higher interest rates we expect on our cash and investments.

與往年類似，第二季度預計將是現金流的季節性低點。我們現在採用靜態 26% 的非 GAAP 有效稅率，因為我們預計在可預見的未來將實現非 GAAP 盈利。部分抵消了較高的有效稅率是與我們預期現金和投資的較高利率相關的利息收入的顯著增加。

We are also continuing to reduce our stock-based compensation. SBC as a percentage of revenue decreased by 7 percentage points in FY '23, but remains elevated largely due to the Auth0 acquisition. We expect SBC to be in the low 30% range of revenue in FY '24. The improvement is being driven by slower hiring, decreased grant sizes and as the SBC impacts from the Auth0 acquisition begins to roll off. We remain committed to further reducing SBC and dilution over the long term.

我們還將繼續減少基於股票的薪酬。 SBC 佔收入的百分比在 23 財年下降了 7 個百分點，但主要由於收購 Auth0 而保持高位。我們預計 SBC 在 24 財年的收入將處於 30% 的低範圍內。這種改善是由招聘速度放緩、撥款規模減少以及 Auth0 收購對 SBC 的影響開始減弱所推動的。從長遠來看，我們仍然致力於進一步減少 SBC 和稀釋。

To wrap things up, I'll reiterate that we're pleased with the progress we've made over the past 2 quarters. Our business performance has improved, but we recognize there's still more work to do. We've significantly reduced our cost structure while maintaining key investments to fuel our future growth, and we're confident that we've positioned the company for many years of profitable growth.

總結一下，我要重申，我們對過去兩個季度取得的進展感到滿意。我們的業務績效有所改善，但我們認識到還有更多工作要做。我們已經顯著降低了成本結構，同時保持關鍵投資以推動我們未來的增長，我們相信我們已經為公司定位了多年的盈利增長。

With that, I'll turn it back to Dave for Q&A. Dave?

有了這個，我會把它轉回 Dave 進行問答。戴夫？

Great. Thanks, Brett. I see that there's quite a few hands raised already, so I'll take them in order. (Operator Instructions) So with that, let's take the first question from Rob Owens at Piper. Rob?

偉大的。謝謝，布雷特。我看到已經有不少人舉手了，所以我會按順序發言。 （操作員說明）因此，讓我們來看看 Piper 的 Rob Owens 提出的第一個問題。搶？

Curious how you're thinking about DBNRR as we move throughout the year. You've seen some pressure there, obviously, and I think you addressed it in the script. But especially as we contemplate OIG ramping some of the cross-sell activity that you're seeing on the SIEM front, can you put some guardrails around where this could be as we move throughout the year?

好奇在我們全年移動時您如何看待 DBNRR。很明顯，你在那裡看到了一些壓力，我想你在劇本中已經解決了。但尤其是當我們考慮 OIG 加強您在 SIEM 前沿看到的一些交叉銷售活動時，您能否在我們全年移動時圍繞這可能出現的情況設置一些護欄？

Rob, thanks for the question. It's nice to see everyone. We're pleased with the results, and I think one of the themes to the results are the foundation of the business are very solid. And the core of that solidity is the customer success. And in that net retention rate, the foundation is the gross retention rate, which remains healthy and consistent in the mid-90% range.

羅伯，謝謝你的提問。很高興見到大家。我們對結果感到滿意，我認為結果的主題之一是業務基礎非常堅實。這種穩固的核心是客戶的成功。在該淨保留率中，基礎是總保留率，它在 90% 的中間範圍內保持健康和一致。

I think the change you've seen in the rate sequentially and projecting forward the change will largely be because of just the amount of upsells. And as there are headwinds on the business and the amount of upsells change, that's going to be the changing factor.

我認為您在費率中看到的順序變化和預測變化在很大程度上是因為加售的數量。由於業務存在逆風和加售量的變化，這將成為變化的因素。

We have the macroeconomic impact in the business overall that we're trying to account for going forward. But we also have a lot of positives, like you mentioned. We have really record performance in terms of cross-sells in the quarter we just finished. And we expect, with our improved execution on the Customer Identity side, that will continue.

我們對整體業務產生了宏觀經濟影響，我們正在努力考慮未來的發展。但我們也有很多積極因素，就像你提到的那樣。在我們剛剛結束的那個季度，我們在交叉銷售方面的表現確實創下了紀錄。我們預計，隨著我們在客戶身份方面的執行得到改進，這種情況將繼續下去。

And then we have this product, OIG, which is early, and it's only been generally available since December, but it's got all the markings of a hit. It's exceeded our expectations, and we're going to get 1 full year in market with that in FY '24. So we're super excited about that.

然後我們有這個產品，OIG，這是早期的，它從 12 月開始才普遍可用，但它有所有的成功標記。它超出了我們的預期，我們將在 24 財年獲得整整一年的市場銷售。所以我們對此感到非常興奮。

Yes, I would just add to that. Rob, thanks for that question. I think to put a finer point on what Todd was saying, I totally agree with everything he's saying around gross retentions. We think it's going to travel in that 90% -- mid-90% range that we've seen be very stable for a while now. I think we are going to see a little bit of net upsell rate he was describing.

是的，我只想補充一點。羅布，謝謝你提出這個問題。我想更詳細地說明托德所說的話，我完全同意他所說的關於總保留率的一切。我們認為它將在 90% - 90% 的範圍內運行，我們已經看到一段時間以來非常穩定。我認為我們將看到他所描述的一點點淨追加銷售率。

I think we will see a little bit of headwind for the reasons he was saying around macro. And then I think the other one is around -- we didn't close as many new customers in FY '23 as we would have liked, which means there's less customers to upsell into in FY '24. So I do think we see a little bit of a headwind on that net retention rate as we travel through FY '24.

我認為由於他在宏觀方面所說的原因，我們會看到一些不利因素。然後我認為另一個是 - 我們在 23 財年沒有像我們希望的那樣關閉盡可能多的新客戶，這意味著在 24 財年追加銷售的客戶較少。因此，我確實認為，在我們度過 24 財年的過程中，我們看到淨保留率有點不利。

Let's go to Gray Powell at BTIG.

讓我們去 BTIG 的 Gray Powell。

Okay. Great. And really good results here. I was happy to see the guidance. One thing I want to make sure that I understood correctly, just looking at the Q1 revenue guidance, it implies that revenue is flat from Q4.

好的。偉大的。這裡的結果真的很好。我很高興看到指導。我想確保我理解正確的一件事，只是看看第一季度的收入指導，這意味著收入與第四季度持平。

I understand the commentary around 3 less selling days or just 3 less calendar days, services around the macro, but it just seems really conservative. Anything else that we should be thinking of that's going on in Q1? And then just your confidence level in the ramp needed to hit the full year guide in terms of sequential growth.

我理解圍繞宏觀服務減少 3 個銷售日或僅減少 3 個日曆日的評論，但它看起來真的很保守。我們應該考慮在第一季度發生的其他事情嗎？然後只是您對達到連續增長方面的全年指南所需的增長的信心水平。

Yes, Gray, it's a good question. Yes, it really has more to do with that 89 days versus 92 days. Just as a reminder for everybody, we recognize revenue on a daily basis. So at these dollar levels and these growth rates does become very material for us.

是的，格雷，這是個好問題。是的，這確實與 89 天而不是 92 天有關。提醒大家，我們每天都確認收入。因此，在這些美元水平和這些增長率對我們來說確實變得非常重要。

In terms of the top line guide for the full fiscal year, yes, we're confident. Obviously, we're taking a prudent approach given we're still very early in the year. We've talked about the macro headwinds. And we've talked about, obviously, go-to-market leadership transition and then also some of the challenges we had last year.

就整個財政年度的頂線指南而言，是的，我們有信心。顯然，鑑於我們還處於今年的早期，我們正在採取謹慎的方法。我們已經討論了宏觀逆風。顯然，我們已經談到了進入市場的領導層過渡，以及我們去年遇到的一些挑戰。

We're not saying job done. Despite the fact that we've had good -- 2 good quarters in a row for both attrition in the field and also participation of the field in Customer Identity deals, we're excited about the momentum, but I also want to be thoughtful given how early we are in the fiscal year.

我們並不是說工作完成了。儘管我們在該領域的流失以及該領域參與客戶身份交易方面已經連續兩個良好的季度取得了良好的成績，但我們對這種勢頭感到興奮，但我也想考慮到我們在財政年度有多早。

Yes. And I think that if you -- when we first gave that top line guide 3 months ago, from that point until now, our confidence in the ability to execute this year has, I would say, increased. So I think we're turning in the right direction along with some of the positives in the business we've talked about.

是的。而且我認為，如果你 - 當我們在 3 個月前首次給出該頂級指南時，從那時到現在，我會說，我們對今年執行能力的信心有所增強。因此，我認為我們正在朝著正確的方向前進，同時我們談到了業務中的一些積極因素。

That's perfect. Nice work.

那很完美。幹得好。

Thanks. Nice to speak with you.

謝謝。很高興和你說話。

Thanks, Gray. Next, we'll go to Hamza Fodderwala at Morgan Stanley.

謝謝，格雷。接下來，我們將前往摩根士丹利的 Hamza Fodderwala。

And Todd, congrats on the Open AI win.

Todd，祝賀 Open AI 獲勝。

Thanks, Hamza.

謝謝，哈姆扎。

So I wanted to ask, I mean, you've been running effectively the sales force now for about a quarter. I was wondering if you could give us any finer points around what the sales execution is looking like from an attrition standpoint, in particular, I looked at the Customer Identity growth at 35%, it's slowed down a bit, obviously, given the execution. So I imagine you can't be satisfied with that just given the opportunity ahead of you in Customer Identity. So I'm curious when that sort of starts to stabilize?

所以我想問，我的意思是，你現在已經有效地管理了大約四分之一的銷售隊伍。我想知道您是否可以從減員的角度就銷售執行情況向我們提供更詳細的觀點，特別是，我看到客戶身份增長率為 35%，顯然，考慮到執行情況，它有所放緩。所以我想你不會滿足於僅僅因為你在客戶身份方面有機會。所以我很好奇這種情況何時開始穩定？

In general, I'm the type of person that's not satisfied with a lot of things. So yes, I think we can -- across the business, I think we can always improve. In terms of the go-to-market organization, it's obviously very important part of Okta. There have been a bunch of changes there. So let me just level set the group.

總的來說，我是那種對很多事情都不滿意的人。所以是的，我認為我們可以——在整個業務中，我認為我們總是可以改進的。就上市組織而言，這顯然是 Okta 非常重要的一部分。那裡發生了很多變化。因此，讓我對小組進行水平設置。

So first of all, Susan, our outgoing President of go-to-market, was here through the end of February. So her and Steve Rowland, who's also leaving, cranked it out, and obviously, you can see the numbers. They did a good job, and their teams did a good job delivering in Q4. Now with them leaving, we have interim leaders on the Chief Revenue Officer side stepping up.

因此，首先，我們即將離任的上市總裁蘇珊 (Susan) 一直待到 2 月底。所以她和同樣要離開的史蒂夫·羅蘭 (Steve Rowland) 一起努力，顯然，你可以看到這些數字。他們做得很好，他們的團隊在第四季度也做得很好。現在隨著他們的離開，我們的首席營收官方面有臨時領導人加強。

Jon Addison was -- has been in Okta a couple of years now, has been running Europe, and he is in the interim CRO role. Now we were looking -- and I'm spending a ton of time looking for the next great go-to-market President over all of it. So until we find that person, I'll obviously be more involved working with Jon. But we've also collapsed and focused the organization so that marketing, customer success, services and everything is under one leader, Okta veteran, Eric Kelleher.

喬恩艾迪生 - 已經在 Okta 工作了幾年，一直在管理歐洲，他擔任臨時 CRO 角色。現在我們正在尋找 - 我正在花費大量時間尋找下一位偉大的上市總裁。所以在我們找到那個人之前，我顯然會更多地參與與喬恩的合作。但我們也瓦解並集中了組織，以便營銷、客戶成功、服務和一切都在一位領導者、Okta 資深人士 Eric Kelleher 的領導下。

So we have 2 go-to-market leaders running go-to-market with me, the leader over them. And then as part of that change, we're also moving marketing under Eric. That's led to another change, which is our Chief Marketing Officer is going to be leaving Okta. So that's a change as well.

因此，我們有 2 名上市領導者與我一起管理上市，我是他們的領導者。然後作為這種變化的一部分，我們也在埃里克的領導下進行營銷。這導致了另一個變化，即我們的首席營銷官將離開 Okta。所以這也是一個變化。

But we have this consolidated team under Jon, under Eric, that's really -- it has a deep bench. There's a lot of people that are psyched up. They've delivered Q4, Q3. The trends are getting better in terms of number of reps doing CIC deals, which is very positive. The attrition, which is a key metric we've talked about for the last couple of quarters is -- we've had really 2 positive quarters in terms of low rep attrition, which is great.

但是我們在喬恩和埃里克的領導下擁有一支團結的球隊，這真的是 - 它有一個很深的替補席。有很多人精神抖擻。他們已經交付了第四季度、第三季度。就進行 CIC 交易的代表數量而言，趨勢越來越好，這是非常積極的。減員是我們在過去幾個季度討論的一個關鍵指標——我們在低代表減員方面確實有兩個積極的季度，這很棒。

We just got back from Las Vegas, where we had an amazing sales kickoff and got the reiterated the product positioning and the messaging and got everyone psyched up and trained for the year. So there's a lot of very positive things happening there, and I'm very confident in this team to go out and have a great FY '24.

我們剛從拉斯維加斯回來，在那裡我們進行了驚人的銷售啟動，並重申了產品定位和信息傳遞，讓每個人都為這一年做好了準備和培訓。所以那裡發生了很多非常積極的事情，我對這支球隊非常有信心走出去並擁有一個偉大的 24 財年。

Next up, we have Jonathan Ho at William Blair.

接下來，我們有請威廉·布萊爾的 Jonathan Ho。

Congratulations on the strong quarter and the operating margin guide. I just want to drive a little bit deeper into the operating margin and guidance and sort of take a look at the $15 million cost restructuring actions. How is that going to translate into cost savings for 2024? And how do we think about sort of that balance going forward between showing reacceleration in growth as well as the operating leverage?

祝賀強勁的季度和營業利潤率指南。我只想更深入地了解營業利潤率和指導，並看看 1500 萬美元的成本重組行動。這將如何轉化為 2024 年的成本節約？我們如何考慮在顯示增長重新加速和運營槓桿之間取得平衡？

Yes. I would say, if you look at the non-GAAP operating margin for FY '24 or the free cash flow margin for FY '24, you look at both, there are about a 7-point increase relative to what we just produced in FY '23. And it's not really just a single action that's producing that. You brought up the restructuring action, right? It's really a tale of multiple actions that we've been taking over the last few quarters.

是的。我想說的是，如果你看看 24 財年的非 GAAP 營業利潤率或 24 財年的自由現金流利潤率，你看看兩者，相對於我們剛剛在 2018 財年產生的結果，增加了大約 7 個百分點'23。產生這種效果的不僅僅是一個單一的動作。你提出了重組行動，對吧？這真的是我們在過去幾個季度採取的多項行動的故事。

If you remember, the last couple of quarters, I've talked about slowing down hiring. I've talked about real estate rationalization, cost efficiency measures like software rationalization. And you see the results Q3 and Q4, you see pretty large beats on our expectations for both non-GAAP operating margin in both of those quarters, right?

如果你還記得，在過去的幾個季度裡，我談到了放慢招聘速度。我已經談到了房地產合理化、軟件合理化等成本效率措施。你看到第三季度和第四季度的結果，你看到我們對這兩個季度的非 GAAP 營業利潤率的預期都大大超過了，對吧？

And so it really was -- it's been a plan that we've been working for a while now to set ourselves up to have that cost envelope as we enter into FY '24. But we don't think we're going to be done in FY '24. We're not going to be okay, 6% to 7%, we're all set and done and we're going to go on our merry way.

所以它真的是 - 這是一個我們已經工作了一段時間的計劃，以便在我們進入 24 財年時讓我們自己擁有這個成本範圍。但我們認為我們不會在 24 財年完成。我們不會好起來的，6% 到 7%，我們都準備好了，我們將繼續我們的快樂之路。

It's all about continuing to scale this business to be able to profitably grow this business, and that's why you heard about 1 of our 3 strategic initiatives that Todd talked about a few minutes ago was around scaling and automating the business. So we want to be able to profitably grow this business, not just in '24, but also '25 and beyond. So that's one thing to keep in mind, Jonathan.

這一切都是為了繼續擴大這項業務，以便能夠盈利地發展這項業務，這就是為什麼你聽說托德幾分鐘前談到的我們的 3 項戰略計劃中的一項是圍繞業務擴展和自動化的。因此，我們希望能夠盈利地發展這項業務，不僅在 24 世紀，而且在 25 世紀及以後。所以這是要記住的一件事，喬納森。

But also just that balancing of growth and profitability. One of the things that we did in this year's budget is really focus our investments for those 3 strategic initiatives that we talked about around solidifying our leadership in Workforce Identity, capturing more of the market in Customer Identity, and then obviously, the scale and automation I just talked about.

但也只是增長和盈利能力的平衡。我們在今年的預算中所做的其中一件事就是真正將我們的投資集中在我們談到的這 3 項戰略計劃上，這些計劃圍繞著鞏固我們在 Workforce Identity 方面的領導地位，在 Customer Identity 中佔領更多市場，然後顯然是規模化和自動化我剛才講了。

Those are about how can we focus our investments, make us grow as fast as possible, but doing it in a responsible way from a profitability perspective. And so we're going to continue to balance growth and margin just like we've done for years now, and we're going to continue to do it as we move forward.

這些是關於我們如何集中投資，使我們盡可能快地增長，但從盈利的角度以負責任的方式進行。因此，我們將繼續平衡增長和利潤率，就像我們多年來所做的那樣，並且隨著我們的前進，我們將繼續這樣做。

Next up, we have Ittai Kidron from Oppenheimer.

接下來，我們有來自 Oppenheimer 的 Ittai Kidron。

Congrats, guys. Great quarter. I guess a couple of small ones for me. One on comp, starting with you here. Are there any changes to the comp plan, if you can go into that? And then, Todd, a little bit more to you. I want to dig into OIG, maybe you could give us a little bit more color on that.

恭喜，伙計們。偉大的季度。我想我有幾個小的。一個關於補償，從你這裡開始。補償計劃是否有任何變化，如果你能參與的話？然後，托德，再給你一點。我想深入了解 OIG，也許你可以給我們更多的顏色。

Clearly, you're off to a solid start there. But maybe you can give us a little bit of a flavor? If I'm a $100,000 customer, what is the percent uptake in deal sizes that could come if I adopt OIG on a broad basis? Number one.

顯然，您在那裡有了一個堅實的開端。但也許你可以給我們一點味道？如果我是一個 100,000 美元的客戶，如果我廣泛採用 OIG，交易規模的百分比是多少？第一。

Number two, are deployments mostly greenfield? Do you find that you're just entering into open-wide space or they're displacement-driven? Any color you can give on the traction there would be great.

第二，部署主要是綠地嗎？您是否發現您只是進入開闊的空間，或者它們是位移驅動的？您可以在牽引力上塗上任何顏色都會很棒。

The -- on the comp, the comp plans and the comp changes, the one thing that is very positive for the go-to-market team and for Okta's plan for this year going into FY '24 is that relative to last year, there are far, far fewer changes in terms of product mix that the sales rep [pass] to be able to sell, territory changes, org structures. It's nothing like last year.

- 在 comp、comp 計劃和 comp 變化方面，對於上市團隊和 Okta 今年進入 24 財年的計劃來說，有一點非常積極，那就是與去年相比，有銷售代表[通過]能夠銷售的產品組合、區域變化、組織結構方面的變化要少得多。這與去年完全不同。

Last year, there was a lot of change, which I think was, in retrospect, pretty hard to navigate through. We've kept things much more consistent this year, whether it's structure of the comp plans, whether it's territory changes, whether it's organizational changes. There obviously are some, but we've cut things largely the same and focused, and so that's really good for continuity there.

去年，發生了很多變化，回想起來，我認為這很難駕馭。今年我們讓事情變得更加一致，無論是薪酬計劃的結構，還是領土變化，還是組織變化。顯然有一些，但我們在很大程度上削減了相同和集中的東西，所以這對那裡的連續性真的很有好處。

We've also tried to keep it simple. I think a lot of companies try to overly make comp plans complex, and sometimes it's better to keep it simple. Customer Identity, Workforce Identity make customers successful and so forth. So I think that's part of the -- when I talk about being confident in the year, that's a big contributor in terms of change there. So hopefully, that gives you some color there.

我們也試圖保持簡單。我認為很多公司都試圖使薪酬計劃過於復雜，但有時最好保持簡單。客戶身份、員工身份使客戶成功等等。所以我認為這是 - 當我談到對這一年充滿信心時，這是改變那裡的一個重要貢獻者。所以希望這能給你一些顏色。

On the -- on OIG, specifically, the -- I think that the way to think about it is it's a natural adjacency for us. If you think about access management and what it does is it gives you -- it creates profiles and roles and gives you access to resources, and it does that in real time and checks it as you log in and gives you single sign-on, et cetera.

關於--關於OIG，特別是--我認為思考它的方式是它對我們來說是一種自然的鄰接關係。如果您考慮訪問管理，它可以為您提供 - 它創建配置文件和角色並為您提供對資源的訪問權限，它實時執行並在您登錄時檢查它並為您提供單點登錄，等等。

So it's a natural extension to have the system that reports on who can go where, and it does exception reporting and compliance reporting on who can go where and make sure the right people are going to the right place. It's tightly coupled to that system. So it's a natural adjacency. It's a natural upsell.

因此，擁有報告誰可以去哪裡的系統是一個自然的擴展，它會進行異常報告和合規報告，說明誰可以去哪裡，並確保正確的人去正確的地方。它與該系統緊密耦合。所以這是一個天然的鄰接。這是一個自然的追加銷售。

I think in the history of identity, the reason that governance grew up independently than access management is basically because there was no Okta. There was no independent and neutral leader of access management, so companies had to create these governance solutions in an unnatural way, which is off to the side. I think it's a natural thing to bring them together.

我認為在身份的歷史上，治理比訪問管理獨立成長的原因基本上是因為沒有 Okta。沒有獨立和中立的訪問管理領導者，因此公司不得不以一種不自然的方式創建這些治理解決方案，這是不合時宜的。我認為將它們聚集在一起是很自然的事情。

The success of the product has actually been pretty interesting. We -- the IGA solutions out there tend to be sold to larger enterprises and be more complex implementations. And so we thought that our product would start more at the smaller companies and be bottoms up, and we've seen a much more balanced enterprise success and mid-market success than we expected.

該產品的成功實際上非常有趣。我們 - 那裡的 IGA 解決方案往往出售給更大的企業並且是更複雜的實施。因此，我們認為我們的產品將更多地從小公司開始，並自下而上，我們看到了比我們預期的更平衡的企業成功和中端市場成功。

And to your question about $100,000, the simple way to think about it is, if it's a $100,000 customer, it might be a $30,000 to $50,000 upsell for the governance solution. And that -- I think that will increase as the product gets more mature, and our selling motion gets more mature.

對於你關於 100,000 美元的問題，簡單的思考方式是，如果它是一個 100,000 美元的客戶，那麼治理解決方案的追加銷售可能是 30,000 到 50,000 美元。而且 - 我認為隨著產品變得更加成熟，我們的銷售活動變得更加成熟，這種情況將會增加。

And just in the examples I gave on the call, the Notion is a relatively small company, a great innovative company, relatively small. You think of them as cloud-first. But NOV is actually a Fortune -- it's a large Fortune 1000 energy company. And it's this combination of Okta Access Management, Okta Identity Governance is magical for them. It's very impactful.

就我在電話中給出的例子而言，Notion 是一家相對較小的公司，一家偉大的創新公司，相對較小。您認為它們是雲優先的。但 NOV 實際上是一家財富公司——它是一家財富 1000 強能源公司。正是 Okta 訪問管理的這種組合，Okta 身份治理對他們來說是神奇的。這是非常有影響力的。

And the last thing about is it greenfield versus net new, it's -- the majority of it is greenfield. But again, I think the replacements have exceeded our expectations. And what also has exceeded our expectations is our ability to win in RFPs. We thought greenfield would be good. I think replacements, we thought, would be pretty infrequent. We've seen some of those, not many, but some. And then the RFP wins have exceeded our expectations. We have a lot of work to do, but it's off to a really good start.

最後一件事是綠地與淨新，它是 - 其中大部分是綠地。但同樣，我認為替代品超出了我們的預期。同樣超出我們預期的是我們在 RFP 中獲勝的能力。我們認為綠地會很好。我們認為，我認為更換很少見。我們已經看到了其中一些，不是很多，而是一些。然後，RFP 的獲胜超出了我們的預期。我們有很多工作要做，但這是一個非常好的開始。

Next, let's go to Adam Tindle at Raymond James.

接下來，讓我們去 Raymond James 的 Adam Tindle。

Okay. Todd, I wanted to acknowledge you've seen obviously significant improvement in profitability of the business, proving a lot of what the business can do. At the same time, in the slides, you talked about how you're so early in this opportunity based on this $80 billion market.

好的。托德，我想承認你已經看到企業盈利能力明顯顯著提高，證明了企業可以做很多事情。同時，在幻燈片中，您談到了基於這個 800 億美元的市場，您是如何如此早地抓住這個機會的。

So I guess, more of a philosophical question at the end of the fiscal year to ask, why is focusing on profit right now the right strategy? Given we are seeing moderation or deceleration in the growth metrics concurrent with this. And if you're trading off a little bit of growth for profit, what do you do with the $2.5 billion of cash on the balance sheet and more coming in?

所以我想，更多的是在財政年度末問一個哲學問題，為什麼現在關注利潤是正確的策略？鑑於我們看到與此同時出現的增長指標放緩或減速。如果您要犧牲一點點增長來換取利潤，您將如何處理資產負債表上的 25 億美元現金以及更多現金？

I think about it broadly in 2 buckets. One is the growth rate and the spend in sales and marketing, those things are very related. The more we spend in sales and marketing, the more we grow. That's one bucket. And so when you think about how we're balancing growth rate with sales and marketing expense, there's the 2 factors.

我大致分為兩個方面來考慮。一個是增長率和銷售和營銷支出，這些都是非常相關的。我們在銷售和營銷方面投入的越多，我們的成長就越多。那是一桶。因此，當您考慮我們如何平衡增長率與銷售和營銷費用時，有兩個因素。

There's the macroeconomic expense. We don't -- there's a limit in terms of the growth rate with the macroeconomy. At least, go forward, we're being prudent about that limit. So that gates our investment in sales and marketing, and thus, our growth rate.

這是宏觀經濟支出。我們沒有——宏觀經濟的增長率是有限度的。至少，向前看，我們對這個限制持謹慎態度。因此，這會影響我們在銷售和營銷方面的投資，從而影響我們的增長率。

The second factor is just some of the execution challenges we had last year. We had a bunch of attrition, which brings down the cost, brings down the growth, and it takes time to ramp that back up again, whether it's hiring people and now having them ramp, which translates into the growth.

第二個因素只是我們去年遇到的一些執行挑戰。我們有很多減員，這降低了成本，降低了增長，並且需要時間再次增加，無論是僱用人員還是現在讓他們增加，這都轉化為增長。

So there are some factors there that are -- we're not being limited by the market opportunity. It's execution, macro and which is leading to some of this profitability improvement. Although you could argue that we -- maybe we don't want that profitability improvement because we could be growing faster without the macro issue or without some of our execution challenges.

所以有一些因素 - 我們不受市場機會的限制。這是執行，宏觀，這導致了一些盈利能力的提高。儘管你可能會爭辯說我們 - 也許我們不希望盈利能力提高，因為我們可以在沒有宏觀問題或沒有一些執行挑戰的情況下增長得更快。

Now the second bucket is just call it efficiency and better discipline and running the business more rigorously. And I think like a lot of companies, we were -- we lived through many, many years of 0 interest rates and growth, growth, growth. And we need -- and it's healthy. We need a dose of being more efficient and making sure we're investing in the highest ROI things. And we're not spreading ourselves too thinly, both from the go-to-market side, but also the R&D side, and other areas of G&A, we're being efficient.

現在第二個桶就是效率和更好的紀律以及更嚴格地經營業務。我認為像很多公司一樣，我們經歷了很多很多年的零利率和增長、增長、增長。我們需要 - 而且它很健康。我們需要提高效率並確保我們投資於最高投資回報率的事情。而且我們並沒有把自己分散得太細，無論是從上市方面，還是研發方面，以及 G&A 的其他領域，我們都很有效率。

So that's why that drove the workforce reduction we did about a month ago. But it also is this third pillar of our company strategy, which is scale Okta for durable growth and make sure we have that as a core value. Because when we're -- right now, we're -- our run rate is around $2 billion. And as it goes to $4 and $8 billion and $10 billion over the next several years, the investments and the efficiency we're building now can be hugely impactful down the road, and we're very cognizant of that.

這就是為什麼這推動了我們大約一個月前進行的裁員。但這也是我們公司戰略的第三個支柱，即擴大 Okta 以實現持久增長，並確保我們將其作為核心價值。因為當我們 - 現在，我們 - 我們的運行率約為 20 億美元。隨著未來幾年它達到 4、80 億美元和 100 億美元，我們現在正在建設的投資和效率可能會在未來產生巨大的影響，我們非常清楚這一點。

And the final point about the cash on the balance sheet. We're -- we think about that as a little bit of it was when we raised that money and as we build that cash on the balance sheet, a little bit of it is margin of safety to run the business. And now that we're really turning toward profitability and generating cash, and you've seen our outlook on that.

最後一點是關於資產負債表上的現金。我們 - 我們認為這是我們籌集資金時的一點點，當我們在資產負債表上建立現金時，其中一點點是經營業務的安全邊際。現在我們真的在轉向盈利和產生現金，你已經看到了我們對此的展望。

The second use of those funds is for M&A at the right point. How can we expand the portfolio in a way that makes sense and is strategic for our customers and will be synergistic to what we're doing from a go-to-market perspective? And we're still open to that. The things we're looking at tend to be smaller, so it's a good option to have. And we're always looking at managing the balance sheet overall, but those are some ways we think about that balance.

這些資金的第二個用途是在適當的時候進行併購。我們如何才能以一種對我們的客戶有意義且具有戰略意義的方式擴展產品組合，並從上市的角度與我們正在做的事情協同作用？我們仍然對此持開放態度。我們正在尋找的東西往往更小，所以這是一個不錯的選擇。我們一直在考慮整體管理資產負債表，但這些是我們考慮這種平衡的一些方式。

Yes. I would just add to, yes, obviously, what Todd was just saying. We're obviously looking at options. But to your point, Adam, the additional cash flow that we're going to generate this year does give us even more optionality as we think about those 25 and 26 converts, about what to do with them. So it's -- I think it's a win-win for us to, obviously, as Todd was saying, become a more efficient company. That's something we want to become.

是的。我只想補充一點，是的，很明顯，托德剛才說的是什麼。我們顯然正在尋找選擇。但就你的觀點而言，亞當，我們今年將產生的額外現金流確實給了我們更多的選擇權，因為我們考慮了這 25 名和 26 名皈依者，以及如何處理他們。所以它 - 我認為這對我們來說是雙贏的，顯然，正如托德所說，成為一家更有效率的公司。這就是我們想要成為的東西。

We've already made a lot of progress, but we need to continue to make more progress while also balancing that growth aspect that you were just talking about. But it just helps us in a variety of ways that, like you just are saying around capital allocation, let's give ourselves a little more optionality.

我們已經取得了很多進展，但我們需要繼續取得更多進展，同時還要平衡您剛才談到的增長方面。但它只是以多種方式幫助我們，就像你剛剛在資本配置方面所說的那樣，讓我們給自己多一點選擇權。

A lot of this I go back to over and over. As we execute and we have our challenges and we improve our challenges and we work to fulfill our vision, it's all built on this foundation of this really strategic thing we're providing. I was having a meeting with a CIO of a global -- one of our large customers, a global media company, that's been through a lot of change themselves. And they were telling me that identity is that 1 of our top 3 priorities at our whole company this year.

我一遍又一遍地回顧其中的很多內容。當我們執行並面臨挑戰，我們改善挑戰並努力實現我們的願景時，這一切都建立在我們提供的這一真正具有戰略意義的事物的基礎上。我正在與一家全球公司的首席信息官會面——我們的大客戶之一，一家全球媒體公司，他們自己也經歷了很多變化。他們告訴我，身份是我們今年整個公司的三大優先事項之一。

And there's macroeconomic stuff, there's structural stuff in their industry, but they're still prioritizing identity. And that's gold when you're trying to build a company. If you're building a company, you have that customer success and that kind of focus and that kind of mind share, it can really give you a foundation to work through a lot of what may be short-term issues for a long-term success.

還有宏觀經濟的東西，他們行業中的結構性東西，但他們仍然優先考慮身份。當你試圖建立一家公司時，這就是黃金。如果你正在建立一家公司，你有那種客戶成功，那種專注和那種思想分享，它真的可以為你解決很多可能是長期的短期問題奠定基礎成功。

Okay. Let's go to Gabriela Borges at Goldman.

好的。讓我們去高盛的加布里埃拉博爾赫斯。

I want to follow up on the comments on growth and profitability, and I can appreciate it's a little bit too early for normalized long-term targets. I'd love to get a little bit of a preliminary -- your preliminary books on how are you thinking about what does the normalized growth profile of this business look like minus the macro of what's happening right now?

我想跟進有關增長和盈利能力的評論，我可以理解，對於正常化的長期目標來說，現在還為時過早。我很想得到一些初步的信息——你的初步書籍是關於你如何看待這個業務的正常增長情況減去目前正在發生的宏觀情況的？

I mean, obviously, we're going to balance growth and profitability as we go forward, I mean, it's something we've been doing for years. But what I will say is we want to -- our goal is to profitably grow the business, right? And so if there's areas that we can invest in that can stoke growth, we're going to do it as long as it's efficient, just like Todd was talking about. We want to make sure that we have investments that are high probability of payoff and high ROI, right?

我的意思是，很明顯，我們將在前進的過程中平衡增長和盈利能力，我的意思是，這是我們多年來一直在做的事情。但我要說的是我們想要 - 我們的目標是盈利地發展業務，對嗎？因此，如果我們可以投資可以刺激增長的領域，只要它是有效的，我們就會去做，就像托德所說的那樣。我們要確保我們的投資有很高的回報率和高投資回報率，對嗎？

And so trying to be a little bit more thoughtful around those acceptance of investments. And so we're -- I can't give you an exact number, Gabriela. But I mean, obviously, we're going to try to balance both the growth and the profitability over time. We want to continue to expand margins. I can't tell you that beyond '24, but we're going to try to grow as fast as we can, but do it in a responsible way.

因此，在接受投資方面要多考慮一些。所以我們——加布里埃拉，我不能給你一個確切的數字。但我的意思是，很明顯，隨著時間的推移，我們將努力平衡增長和盈利能力。我們希望繼續擴大利潤率。我不能告訴你 24 年後的情況，但我們將盡可能快地發展，但要以負責任的方式進行。

Gabriela, thanks for the question. It's nice to see you. One thing I think about a lot is the strategy is we want to -- basically, we want to be the one-stop shop for identity. We think identity is so strategic and so impactful, and there's such a value to having an independent -- for customers to having an independent neutral partner there that will give them a choice of technology and not lock them in.

加布里埃拉，謝謝你的提問。見到你很高興。我經常考慮的一件事是我們想要的戰略——基本上，我們想成為身份的一站式商店。我們認為身份是如此具有戰略意義和影響力，擁有一個獨立的價值 - 對於客戶來說，擁有一個獨立的中立合作夥伴可以讓他們選擇技術而不是鎖定他們。

So to do that, we have to have really a lot of balance in terms of the use cases, which are Customer Identity and Workforce Identity. So the business has to get to more of a 50-50 mix, both growing very -- at a healthy pace. So if you look at the numbers now, they're about 60-40. We think there's a big TAM over there. So when you add that all up, it's -- if we do this right, it's a healthy grower and profitably for a long time.

因此，要做到這一點，我們必須在客戶身份和員工身份等用例方面取得真正的平衡。因此，企業必須達到 50-50 的組合，兩者都以健康的速度增長。因此，如果您現在查看這些數字，它們大約是 60-40。我們認為那裡有一個很大的 TAM。因此，當您將所有這些加起來時，它就是——如果我們做對了，它就是一個健康的種植者，並且可以長期盈利。

Next up is Rudy Kessinger at D.A. Davidson.

接下來是 D.A. 的 Rudy Kessinger。戴維森。

Great. I guess, I'm curious, maybe kind of related to Gabriela's question. The restructuring, the cuts you made last time, I'm curious how that impacts your capacity to grow? And I guess, maybe the question is, if your execution improves, maybe the macro impacts on is severe and maybe you get better traction with SG&A, what kind of growth do you have the capacity to deliver if things go right? Is 20% to 25% completely out of the question? Or is something like that doable?

偉大的。我想，我很好奇，也許與 Gabriela 的問題有關。重組，你上次所做的削減，我很好奇這對你的增長能力有何影響？我想，也許問題是，如果你的執行力得到改善，也許宏觀影響會很嚴重，也許你會在 SG&A 方面獲得更好的牽引力，如果一切順利，你有能力實現什麼樣的增長？ 20%到25%完全不可能嗎？或者這樣的事情可行嗎？

Look, I can't give you the exact number, Rudy. But what I will say is when we thought about the plan, we were going to sacrifice capacity build for FY '25, right? Because really, when you think about it, right, the capacity we have for '24 is the capacity we're going to have. I mean, you could -- we could hire some folks in the first half and have a small amount of capacity built for the second half.

看，我不能給你確切的數字，魯迪。但我要說的是，當我們考慮該計劃時，我們將犧牲 25 財年的產能建設，對嗎？因為真的，當你考慮它時，我們擁有的 24 年產能就是我們將擁有的產能。我的意思是，你可以——我們可以在上半年僱傭一些人，並在下半年建立少量的能力。

But in reality, when we think about this year's plan, it's about making sure we have the capacity for '24, but also having it for '25. So we're not getting over our skis in one period to the other and not sacrificing growth in one period or the other. So we've been very thoughtful about that in terms of how we're thinking about the capacity build for both the fiscal years.

但實際上，當我們考慮今年的計劃時，這是關於確保我們有能力應對 24 年，但也有能力應對 25 年。因此，我們不會在一個時期超越我們的滑雪板到另一個時期，也不會在一個時期或另一個時期犧牲增長。因此，就我們如何考慮兩個財政年度的能力建設而言，我們一直在深思熟慮。

Yes. And more specifically on that, the way we run the business is the headcount growth in the second half of the year really is, as kind of restating what Brett just said, it's really like that tells you the bullishness and the capacity build going into next year. Because like he said, by the end of Q4 this year, the people that are on the capacity onboard is going to drive the growth number for next year.

是的。更具體地說，我們經營業務的方式是今年下半年的員工人數增長，就像重申布雷特剛才所說的那樣，這真的告訴你接下來的看漲和產能建設年。因為就像他說的那樣，到今年第四季度末，船上的人員將推動明年的增長。

Okay. Let's go to Matt Hedberg at RBC.

好的。讓我們去 RBC 的 Matt Hedberg。

I'll offer my congrats as well. Todd, maybe a higher-level question. During COVID, we heard a lot of customers that wanted to just stay put on a legacy identity provider. Now there were few years removed, a lot of the partners we talked to think there could be a more material replacement opportunity from the legacy side. Can you talk about that as like a long-term catalyst within maybe identity and access management, IGA and PAM, less so SIEM, obviously, more greenfield opportunity?

我也會表示祝賀。托德，也許是一個更高層次的問題。在 COVID 期間，我們聽到很多客戶只想繼續使用舊身份提供者。現在移除了幾年，我們交談過的許多合作夥伴認為，遺留方面可能會有更多的材料替代機會。您能否將其視為身份和訪問管理、IGA 和 PAM 中的長期催化劑，而不是 SIEM，顯然，更多的綠地機會？

I think the -- it's a great question. It's super insightful. I think the biggest opportunity we have is actually what you're saying, which is the mainstream -- or sorry, the mainstream, more traditional organization deciding to do security and identity from the cloud. That's still not mainstream. That's more of a progressive thing. It's getting more mainstream, but it's still relatively progressive.

我認為 - 這是一個很好的問題。這是超級有見地的。我認為我們擁有的最大機會實際上就是您所說的，這是主流 - 或者對不起，主流，更傳統的組織決定從雲中進行安全和身份驗證。那還不是主流。這更像是一件進步的事情。它變得越來越主流，但它仍然相對進步。

And the companies that choose not to do that are maybe building their own Workforce Identity or maybe customizing a legacy Oracle or IBM or computer associates or they're just going with one of those solutions. So this is a big opportunity. And so how do we -- part of it is natural. The cloud is the future. The benefits of being more integrated and more flexibility that an Okta provides is going to help us. But another thing, which is just these are smart, economical buyers. And if they can get more functionality from one vendor, whether it's not just access, but it's a governance and it's privilege, that's going to help.

選擇不這樣做的公司可能正在構建自己的 Workforce Identity，或者可能定制傳統的 Oracle 或 IBM 或計算機助理，或者他們只是採用其中一種解決方案。所以這是一個很大的機會。那麼我們如何 - 部分是自然的。雲是未來。 Okta 提供的集成度更高和靈活性更高的好處將對我們有所幫助。但另一件事是，這些都是精明、經濟的買家。如果他們可以從一家供應商處獲得更多功能，無論是訪問權限，還是治理和特權，都會有所幫助。

And another big thing, which might sound maybe counterintuitive coming from me. But what is Microsoft, they're significant -- in terms of competitors, they're a competitor of ours. But what are they telling the whole world? They're telling the whole world is that use the cloud for identity and security. And this is a huge boon for us because I do think the biggest opportunity we have is the mainstream company wanting to go to this model for Workforce Identity. And it's -- we're both -- we're all making it mainstream.

還有另一件大事，這聽起來可能違反我的直覺。但微軟是什麼，他們很重要——就競爭對手而言，他們是我們的競爭對手。但是他們在告訴全世界什麼呢？他們告訴全世界，使用雲來實現身份和安全。這對我們來說是一個巨大的福音，因為我確實認為我們擁有的最大機會是主流公司希望採用這種 Workforce Identity 模型。而且它——我們都是——我們都在讓它成為主流。

And I'm very confident that the value we provide, which is more integration, more security, best-of-breed choice on security tools, on the technology you want to do to make your business successful, our differentiation there against any platform provider, whether it's Microsoft today or another major platform tomorrow that wants to be broader in identity, our independent neutral choice is going to win out.

我非常有信心我們提供的價值，即更多的集成、更多的安全性、安全工具的同類最佳選擇，以及您希望使您的業務成功的技術，我們在這些方面與任何平台提供商的差異化，無論是今天的微軟還是明天的另一個主要平台想要在身份上更廣泛，我們獨立中立的選擇都會勝出。

So you can see this in the IDC numbers, where it's still a pretty fragmented market. You see Microsoft. You see Okta. You see a bunch of other little slices in that graph that are eventually going to go to the cloud, and we're set up to continue to be the leader to benefit from it.

所以你可以在 IDC 數據中看到這一點，它仍然是一個相當分散的市場。你看微軟。你看奧克塔。您會在該圖中看到一堆其他小切片，它們最終將進入雲端，我們將繼續成為從中受益的領導者。

Okay. Next up is Brian Colley at Stephens.

好的。接下來是 Stephens 的 Brian Colley。

So last quarter, you talked about the macro impacting the SMB market in the U.S. most acutely. I mean have you seen any of that macro impact start to bleed in, impact larger companies or customers in other geographies as well? Or is it still mostly limited to U.S. SMB?

因此，上個季度，您談到了對美國 SMB 市場影響最大的宏觀因素。我的意思是，您是否看到任何宏觀影響開始滲入，影響其他地區的大公司或客戶？或者它仍然主要限於美國 SMB？

Yes, Brian. It's mainly U.S. at this point from our perspective, at least what we can see in the quant. In terms of it leaking into enterprise, we have seen that new business versus upsell mix in both SMB and enterprise now, more so in SMB. But it's -- so it is, to your point, Brian, it's starting to leak a little bit into the enterprise from that perspective.

是的，布萊恩。從我們的角度來看，目前主要是美國，至少我們可以在量化中看到。就它滲入企業而言，我們現在已經看到 SMB 和企業中新業務與追加銷售的混合，在 SMB 中更是如此。但它 - 就你的觀點而言，布賴恩，從這個角度來看，它開始向企業洩漏一點點。

In terms of international, we haven't seen it quite as much there, but I will -- from a quantitative perspective. But from a qualitative perspective, if we just talk to sales leadership in most of the regions, they have heard the, hey, budgets are tighter or budgets are being delayed or projects are being delayed. So we've got the quant side of it, and then we've got that qualitative side of it as well to kind of prove out that it does feel like the macro has started to hit us in the last couple of quarters.

在國際方面，我們還沒有看到那麼多，但我會——從定量的角度來看。但從定性的角度來看，如果我們只與大多數地區的銷售領導交談，他們就會聽說，嘿，預算更緊了，或者預算被推遲了，或者項目被推遲了。所以我們有它的定量方面，然後我們也有它的定性方面，以證明它確實感覺宏觀在過去幾個季度開始打擊我們。

One thing that's interesting from my perspective there is that in the enterprise, big deals are doing well. So I have this theory that if there is some macro headwinds in the enterprise, there's a dynamic there that's it's being counterbalanced by big deals going through.

從我的角度來看，一件有趣的事情是，在企業中，大交易做得很好。所以我有這樣一個理論，如果企業中存在一些宏觀逆風，那麼就會有一種動態，那就是它正在被正在進行的大交易所抵消。

I mentioned on the prepared remarks, one of our biggest wins was a big deal and a well-known insurance company, that was an upsell. So some of these things are even though the economy is -- there's some questions about the economy, these big deals are going through, which, I think, when we look at in the aggregate at our enterprise business, it might be balancing out any headwinds from a quantitative perspective.

我在準備好的發言中提到，我們最大的勝利之一是一筆大交易和一家知名保險公司，這是一次追加銷售。所以其中一些事情是即使經濟是 - 有一些關於經濟的問題，這些大交易正在經歷，我認為，當我們從總體上看我們的企業業務時，它可能會平衡任何從數量的角度來看逆風。

All right. Next up, Shaul Eyal from TD Cowen.

好的。接下來，來自 TD Cowen 的 Shaul Eyal。

Congrats on the ongoing notable improvement. Todd or Brett, so the business remains on solid fundamentals, as Todd indicated. We're seeing the macro impacting new logos predominantly. As you think about the fiscal '24 guidance, how should we be thinking about the new logos in that context?

祝賀持續的顯著改進。 Todd 或 Brett，因此正如 Todd 所指出的那樣，業務仍保持穩固的基礎。我們看到宏觀主要影響新標識。當您考慮 24 財年指南時，我們應該如何在這種情況下考慮新徽標？

Yes. I would say it's really -- that's probably where the headwind will exist. I mean, we'd want to grow -- frankly, we want to grow both as fast as we possibly can, both new business and upsells. But we do believe that if we do see a headwind, it is probably more likely to happen there in FY '24. We'd love to have that not happen and not be the macro situation.

是的。我會說它真的 - 這可能是逆風存在的地方。我的意思是，我們希望增長——坦率地說，我們希望盡可能快地增長新業務和追加銷售。但我們確實相信，如果我們確實看到逆風，它很可能在 24 財年發生。我們希望這種情況不會發生，也不會成為宏觀形勢。

But I mean just think about it, if you're a customer today or a company today, you're likely going to go to the vendors you trust and love, right? And you can see it in some of the numbers that we've produced. Our customers love us. Look at that solid or strong gross retention rate, that's been in the mid-90s for a very long time now. You can see it in the net retention rate. You can see the growth in the customer count and the greater than $100,000 growth, which comes from a lot of our current customers, it's upselling into those cohorts.

但我的意思是想想看，如果你今天是客戶或公司，你很可能會去找你信任和喜愛的供應商，對吧？你可以在我們製作的一些數字中看到它。我們的客戶喜歡我們。看看那個穩定或強勁的總保留率，那已經在 90 年代中期很長一段時間了。您可以在淨保留率中看到它。你可以看到客戶數量的增長和超過 100,000 美元的增長，這來自我們現有的許多客戶，它正在向這些群體銷售。

So I can see how customers will be a little bit more hesitant to engage in new partnerships at this time just because there is an unknown macro situation out there or the fear of the unknown, if you will. So we do believe it will hit us a little bit more on the new business side, but we're obviously actively working to try to sell both new business and upsells. We're just being prudent with our expectations at this point.

因此，我可以看到客戶此時會如何更加猶豫地參與新的合作夥伴關係，只是因為那裡存在未知的宏觀情況或對未知的恐懼，如果你願意的話。所以我們確實相信它會在新業務方面對我們產生更大的影響，但我們顯然正在積極努力嘗試銷售新業務和追加銷售。在這一點上，我們只是對我們的期望持謹慎態度。

Great. Next up is Joe Gallo at Jefferies.

偉大的。接下來是 Jefferies 的 Joe Gallo。

I really appreciate the question. And I love that you laid out your top priorities for fiscal '24. Todd, can you just double click on what's needed to win in the SIEM market? Is there a technical moat you need to widen? Or is it more go-to-market focused?

我真的很感激這個問題。我喜歡你為 24 財年制定了首要任務。托德，您能否雙擊要在 SIEM 市場中獲勝所需的內容？您是否需要拓寬技術護城河？還是更注重上市？

I'd say the primary is go-to-market focus, not that it's -- I guess I should be more precise. It's -- the whole company and the engineering product, product marketing, demand generation, it's the whole end-to-end at Okta maturing in that motion. Because as we talked about, it's a big opportunity, it's related, but it's distinct in a lot of ways that require the company to work hard to get that second act going.

我會說主要是進入市場的焦點，而不是 - 我想我應該更準確。它是——整個公司和工程產品、產品營銷、需求生成，它是 Okta 的整個端到端在該議案中日趨成熟。因為正如我們所說，這是一個巨大的機會，它是相關的，但它在很多方面都很獨特，需要公司努力工作才能實現第二幕。

So that's the -- that's things like clarity of the product portfolio. That's things like enablement. That's things like clarifying the messaging. We talked last year about the systems, all that stuff coming together to execute there. There are -- it's an interesting market because, in a lot of ways, just the size is interesting, but also the boundaries of it and what it means to be a Customer Identity provider and how that overlaps with general customer data functionality or the more of the marketing use case of finding new users.

這就是 - 這就是產品組合的清晰度。這就是啟用之類的事情。這就是澄清消息傳遞之類的事情。我們去年談到了系統，所有的東西都聚集在一起在那裡執行。有——這是一個有趣的市場，因為在很多方面，只是規模很有趣，但它的邊界也很有趣，成為客戶身份提供商意味著什麼，以及它如何與一般客戶數據功能或更多功能重疊尋找新用戶的營銷用例。

There's a lot of gray areas in how the market, I think, eventually will crystallize to be a mature category in what will be included and what won't be included. The strategy in that business now is we have a marketplace of partner solutions around there, and you can get like fraud detection, identity verification, more kind of market integration functionality. So it's almost like a platform in itself.

我認為，市場最終將如何具體化為一個成熟的類別，包括哪些內容和哪些內容不包含在內，存在很多灰色地帶。該業務現在的戰略是我們有一個合作夥伴解決方案市場，您可以獲得欺詐檢測、身份驗證和更多類型的市場整合功能。所以它本身幾乎就像一個平台。

And the advantage is it gives customers -- as the category is being created in many ways, it gives customers a ton of value with these integrations, but also, it puts us in a position to help define what the final market in terms of the boundaries around the market, how it will play out. And it's important that we not only execute on that, but keep innovating and define that market as it eventually comes into a mature status in several years from now. We're the leader, by far. It's not even close. And so it's an exciting place to be in.

優勢在於它為客戶提供了 - 由於該類別正在以多種方式創建，它通過這些集成為客戶提供了大量價值，而且，它使我們能夠幫助定義最終市場市場邊界，它將如何發揮作用。重要的是，我們不僅要執行這一點，而且要不斷創新並定義該市場，因為它最終會在幾年後進入成熟狀態。到目前為止，我們是領導者。它甚至不接近。所以這是一個令人興奮的地方。

We'll go to Adam Borg at Stifel.

我們會去 Stifel 的 Adam Borg。

Awesome. Maybe just for Todd on the macro. Obviously, we talked a little bit about some of the headcount reduction that you guys made, and we'll be hearing more broadly about headcount reductions across the industries. Maybe just remind us how correlated of this top line growth is to headcount changes in your installed base overall.

驚人的。也許只是為了宏觀上的托德。顯然，我們談到了你們所做的一些裁員，我們將聽到更廣泛的關於整個行業裁員的消息。也許只是提醒我們，這種收入增長與總體安裝基數的員工人數變化有多麼相關。

The first thing to understand is that the -- our products, whether it's Customer Identity or Workforce Identity, are licensed on their recurring subscription. So the -- there's -- on the Customer Identity self-service business, the credit card business, this is accepting that. But everything else, it's 1-year subscriptions minimum. The average is over 2.5 years.

首先要了解的是——我們的產品，無論是客戶身份還是員工身份，都在其定期訂閱中獲得許可。因此，關於客戶身份自助服務業務，信用卡業務，這是接受的。但除此之外，至少訂閱 1 年。平均超過 2.5 年。

So these aren't month-to-month subscriptions or pure usage-based subscriptions that can get downsized if there's less usage or less employees. So that's one level of -- that's just a level set about the business. They're licensed on a number of users in the employee case or a number of monthly active users in the Customer Identity case.

因此，這些不是按月訂閱或純基於使用的訂閱，如果使用量減少或員工減少，它們就可以縮減規模。所以這是一個級別 - 這只是關於業務的一個級別。他們獲得了員工案例中的一些用戶或客戶身份案例中的一些每月活躍用戶的許可。

So all things being equal, when the contracts come up for renewal, more employees or more users is going to be more money, and less is going to be less. So there is some correlation. What we've seen in the business is that there is some insulation just because of the contract duration. And then when companies do come up for renewal and they have much more employees or users are much less, a lot of times, the difference can be made up with the other dimension, which is just selling them more products.

因此，在所有條件都相同的情況下，當合同需要續籤時，更多的員工或更多的用戶會賺更多的錢，而更少的錢會更少。所以有一定的相關性。我們在業務中看到的是，由於合同期限的原因，存在一些絕緣。然後當公司確實要更新時，他們有更多的員工或用戶更少，很多時候，差異可以通過另一個維度來彌補，這只是向他們銷售更多產品。

So let's say, you go into a renewal on the workforce side and there's fewer employees because of the reduction, well, you can maybe keep the contract flat or even increase it by upselling workflows or life cycle management or advanced multifactor authentication. So I think those 2 dimensions, usage, contracts and the product portfolio insulate what we've seen. It insulates our foundations of our gross retention and our NRR, to some degree. Of course, we talked about it earlier about how that could -- how that will trend over time, but those are some important dynamics there.

比方說，你在勞動力方面進行了續約，由於裁員，員工人數減少了，好吧，你可以保持合同持平，甚至可以通過向上銷售工作流或生命週期管理或高級多因素身份驗證來增加合同。所以我認為這兩個維度，使用，合同和產品組合隔離了我們所看到的。它在某種程度上隔離了我們的總保留率和 NRR 的基礎。當然，我們之前討論過它如何——隨著時間的推移會如何發展，但這些是那裡的一些重要動態。

One other thing to factor in there, Adam, is the diversity of our customer base. I think sometimes everyone thinks we just sell to tech companies, but we don't. If you look at the slide at Investor Day, the diversity of industry that we have is quite good. In fact, there's no industry on that slide, if you go back and look at it, that is greater than 10% of our total portfolio of annualized contract value.

亞當，要考慮的另一件事是我們客戶群的多樣性。我想有時候每個人都認為我們只是賣給科技公司，但我們沒有。如果你看一下投資者日的幻燈片，我們擁有的行業多樣性非常好。事實上，那張幻燈片上沒有任何行業，如果你回過頭來看，它占我們年化合同價值總投資組合的 10% 以上。

So yes, there's been a lot of -- a fair amount of layoffs in tech. But if you look at the rest of the economy, it hasn't quite hit it as much. And so I think that's one of the benefits of our product. That's why identity is this universal problem that everybody has. It's not a tech problem. It's not a financials problem. It's not a U.S. versus international problem. It's not a small company or a big company. It's a universal problem that we're solving here.

所以是的，有很多 - 相當數量的技術裁員。但如果你看看其他經濟領域，它並沒有受到那麼大的打擊。所以我認為這是我們產品的優勢之一。這就是為什麼身份是每個人都有的普遍問題。這不是技術問題。這不是財務問題。這不是美國對抗國際的問題。這不是一家小公司或一家大公司。這是我們在這裡解決的普遍問題。

All right. Let's go to Sterling Auty at MoffettNathanson.

好的。讓我們去 MoffettNathanson 的 Sterling Auty。

This is Billy Fitzsimmons on for Sterling Auty. I'll keep it quick for you. You guys talked about how macro compared for -- from Q4 to Q3. But I'm curious, how did Q4 2023 end-of-quarter close rates compared to Q4 a year ago, so back in 2022?

我是 Sterling Auty 的 Billy Fitzsimmons。我會盡快給你的。你們談到了從第四季度到第三季度的宏觀比較。但我很好奇，2023 年第四季度的季末收盤價與一年前的第四季度（即 2022 年）相比如何？

Close rates have been fairly similar across that time frame. Also, sales cycles, sales duration. We haven't seen a change there either. So when we're talking about the macro, we were talking about those major factors of new business versus upsell mix, contract duration and then the qualitative talking with our sales leadership. Those other 2 factors that you just -- I just mentioned around sales cycles and -- and the other one is it just -- it hasn't changed. Close rates haven't changed. It's been more of the same.

在那個時間範圍內，收盤價非常相似。此外，銷售週期、銷售持續時間。我們也沒有看到那裡發生變化。因此，當我們談論宏觀時，我們談論的是新業務與追加銷售組合、合同期限的主要因素，然後是與我們的銷售領導進行的定性談話。你剛才提到的其他兩個因素——我剛剛提到了銷售週期——另一個是——它沒有改變。收盤價沒有改變。它更像是一樣的。

Okay. Next up is Wolfe Research.

好的。接下來是 Wolfe Research。

This is Patrick on for Josh. A similar vein to the last question. Just kind of now that you're 2 months into the year and selling into 2023 budgets, what changes have you noticed, if any, in customer budget dynamics, both kind of in general and then also specifically with regard to like the priority of identity security within the budgets?

這是喬什的帕特里克。與上一個問題類似。就在今年已經過去 2 個月並銷售 2023 年預算的現在，您注意到客戶預算動態有哪些變化（如果有的話），無論是一般情況還是具體情況，例如身份的優先級預算內的安全性？

We're only a month into our fiscal, so it's pretty early. Our fiscal starts Feb 1. I think that I haven't -- we haven't noticed a change, but the honest answer is it's pretty early to get a really good read for that. We are confident in the ability to execute our plan for the year. And talking to sales reps at our sales kickoff last year, they're confident about their plans and the ability to be successful in their plan.

我們的財政只有一個月，所以現在還早。我們的財政從 2 月 1 日開始。我認為我還沒有——我們沒有註意到變化，但誠實的回答是現在還為時過早。我們有信心有能力執行我們今年的計劃。去年在我們的銷售啟動會上與銷售代表交談時，他們對自己的計劃以及成功實施計劃的能力充滿信心。

So when I look at the -- what makes me comfortable or confident, that's a big factor. So I think we've got to maybe get a few more months before we get a real good look on customer buying behavior. Because I think a lot of times, the customers are figuring out things in the macroeconomic situation like we are.

所以當我看到——是什麼讓我感到舒服或自信時，這是一個重要因素。所以我認為我們可能還需要幾個月的時間才能真正了解客戶的購買行為。因為我認為很多時候，客戶正在像我們一樣在宏觀經濟形勢下弄清楚事情。

Great. Let's go to Eric Heath at KeyBanc.

偉大的。讓我們去找 KeyBanc 的 Eric Heath。

Great. Good to see the strong results here, Brett and Todd. So Brett, I guess 2 questions for you, just on the margins. If you look at subscription gross margins, it's kind of been improving quarter-over-quarter for a handful of quarters now. Just curious, what's driving that improvement? And how to think about that going forward? That's one.

偉大的。布雷特和托德，很高興看到這裡的強勁結果。所以布雷特，我猜你有 2 個問題，就在邊緣。如果你看一下訂閱毛利率，現在有幾個季度它一直在環比改善。只是好奇，是什麼推動了這種改進？以及如何考慮未來的發展？那是一個。

And then two, if I look back to Okta and the kind of pre-COVID, pre-Auth0, I saw that your free cash flow margins were typically about 10 points higher than your EBIT margins were. I think your guidance for this year calls for about 6 points of delta there. So just talk about maybe any dynamics that might be happening on that front as well, too.

然後兩個，如果我回顧 Okta 和 COVID 之前、Auth0 之前的那種，我看到你的自由現金流利潤率通常比你的息稅前利潤率高 10 個百分點左右。我認為你今年的指導要求那裡有大約 6 個增量點。因此，也可以談談這方面可能發生的任何動態。

Yes, sure. In terms of the gross margin, the reason why you're seeing the improvement is kind of what I've been talking about in terms of just becoming more efficient across the board, slowing down hiring, cost efficiency measures. Those are the 2 things that we're really kind of focused on. As you could see, through the second half of the year in terms of just margins in general, we do expect subs gross margins to probably roughly travel about the same percentage in FY '24 as we do in FY '23.

是的，當然。就毛利率而言，你看到改善的原因是我一直在談論的，即全面提高效率、放慢招聘、成本效率措施。這些是我們真正關注的兩件事。正如您所看到的，就一般利潤率而言，到下半年，我們確實預計 subs 毛利率在 24 財年的百分比可能與我們在 23 財年的百分比大致相同。

And then on the question around Auth0 and the delta between Okta or the delta between cash flow and op margins, that's just a function of the business slowing down a little bit, right? You build a little bit less. And you have -- obviously, if you're growing a little bit faster, the billings are growing a little bit faster, you're going to collect cash a little bit faster and so, thus, you're going to get that little bit of compression between the 2 numbers of free cash flow and non-GAAP operating margin.

然後關於 Auth0 和 Okta 之間的增量或現金流量與運營利潤率之間的增量的問題，這只是業務放緩的一個功能，對吧？你建造的少了一點。而且你有 - 顯然，如果你的增長速度快一點，賬單增長速度快一點，你收現金的速度就會快一點，因此，你會得到那麼少自由現金流量和非 GAAP 營業利潤率這兩個數字之間略有壓縮。

Okay. We're running up on the hour, but I think we can go a little bit over time here and try to get as many as we can. We'll go to Peter Weed at Bernstein.

好的。我們正趕上時間，但我認為我們可以在這裡稍微加點時間，盡可能多地參加。我們會去伯恩斯坦的 Peter Weed。

Congratulations on the continued momentum in the business.

祝賀業務的持續發展勢頭。

I just want to make sure everyone knows that we would go over even if the results weren't strong.

我只是想確保每個人都知道，即使結果不佳，我們也會通過。

It's even more fun than...

它甚至比...更有趣

We're not cherry picking. We're not cherry picking, right?

我們不是在挑選櫻桃。我們不是在挑櫻桃，對吧？

We can always celebrate something right now. And maybe we carry on that theme. I think you answered a couple of questions here recently that clarified saying, hey, at the beginning of this year, whether or not it's January or February, you're not seeing any new deterioration relative to what was seen kind of in the second half of last year. And we kind of know how that played out.

我們現在總能慶祝一些事情。也許我們會繼續這個主題。我想你最近在這裡回答了幾個問題，這些問題澄清說，嘿，在今年年初，無論是一月還是二月，你都沒有看到與下半年相比有任何新的惡化去年的。我們有點知道結果如何。

And in those quarters, we ended up seeing kind of on a quarter-over-quarter basis, like 6% growth rates, right? So things we're continuing to hum forward. Yet if I look at the guidance for this upcoming year, if I take the quarter 4 results and annualize that, you're talking about for an entire year having a 6% growth rate relative to just annualizing the fourth quarter.

在那些季度，我們最終看到了某種程度的環比增長，比如 6% 的增長率，對吧？因此，我們將繼續向前推進。然而，如果我看一下即將到來的一年的指導，如果我將第 4 季度的結果進行年度化，那麼你說的是全年增長率為 6% 相對於僅對第四季度進行年度化。

Like when you set that type of guide, what are you seeing out there that you think could be this credible reason why what has been seen at the second half of last year and what you continue to see in January and February this year might fall apart and result in such a huge deceleration relative to kind of the quarter-over-quarter path that's been going on without accelerated problems?

就像當你設置那種類型的指南時，你在那裡看到了什麼，你認為這可能是去年下半年所看到的以及今年 1 月和 2 月繼續看到的可能分崩離析的可靠原因並導致相對於沒有加速問題的季度環比路徑出現如此巨大的減速？

Well, keep in mind, the second half of the year, revenue growth rates are a reflection of the prior periods, right, and so because of the obvious -- the way the revenue model works, the revenue accounting works.

好吧，請記住，今年下半年，收入增長率是前期的反映，對，所以很明顯——收入模式的運作方式，收入核算的運作方式。

In terms of going forward, we're just being thoughtful with the guidance at this point, right? I mean we've talked about the macro. We've talked about go-to-market leadership changes. We've talked about not getting too aggressive in our expectations around attrition in the field and Customer Identity Cloud. But we're very early in the year, right? We still got 11 months left in the year, and we want to make sure that we're just being thoughtful about all those factors, given that...

在前進方面，我們只是在考慮目前的指導，對嗎？我的意思是我們已經討論過宏觀。我們已經討論了上市領導層的變化。我們已經討論過不要對現場和 Customer Identity Cloud 中的人員流失抱有太大的期望。但我們今年還很早，對吧？我們今年還有 11 個月的時間，我們想確保我們只是在考慮所有這些因素，因為……

Are you seeing any specific things that worry you? Like, hey, there's reasons to believe that new customers are going to further deteriorate relative to what we're seeing, which, I think, I heard sales pipelines look okay. You said, hey, SMBs are a little bit weaker. But I think we've started to see some indications that maybe SMBs may be bottoming. So like maybe not a lake down there. So it's enterprise is the worrier. Are you seeing reasons to be worried on the enterprise?

你有沒有看到任何讓你擔心的具體事情？就像，嘿，有理由相信新客戶相對於我們所看到的情況會進一步惡化，我認為，我聽說銷售渠道看起來不錯。你說，嘿，中小企業有點弱。但我認為我們已經開始看到一些跡象表明，中小企業可能正在觸底。所以就像下面可能不是一個湖。所以它的企業更令人擔憂。您是否有理由擔心企業？

I think you had a great point around NRR saying, hey, from an NRR standpoint, when you have fewer new customers, over time, you're going to just see a headwind because you've got fewer people to upgrade. But like that's a relatively small number because you didn't fall off the cliff that big with new customers. I'm just trying to figure out like what keeps you up at night the most when you look forward. What should we watch for that, that would like tell us, hey, something might be going on?

我認為你對 NRR 說得很好，嘿，從 NRR 的角度來看，當你的新客戶越來越少時，隨著時間的推移，你只會看到逆風，因為你需要升級的人越來越少。但這是一個相對較小的數字，因為你並沒有因為新客戶而掉下懸崖。我只是想弄清楚當你期待的時候是什麼讓你晚上睡不著覺。我們應該注意什麼，它會告訴我們，嘿，可能發生了什麼事？

What keeps me up at night, that's a dangerous question. Yes, I'm sure Todd's got some answers on that one as well. But no, I think it's just some of the items I've already talked about around just being thoughtful about the productivity in the field, making sure we're doing the right actions, right, doing the right things.

是什麼讓我夜不能寐，這是一個危險的問題。是的，我相信託德也對那個問題有了一些答案。但不，我認為這只是我已經討論過的一些項目，只是考慮到該領域的生產力，確保我們正在做正確的行動，正確的，做正確的事情。

And like I said earlier in the year, we just want to be thoughtful about things. We do think the macro is going to get worse, right? So we're not expecting things to get better from here on a variety of fronts, and so that's really what our expectations are at this point.

就像我在今年早些時候所說的那樣，我們只是想對事情進行深思熟慮。我們確實認為宏觀經濟會變得更糟，對吧？所以我們並不期望事情會在各個方面變得更好，所以這正是我們目前的期望。

Let's go to Keith Bachman at BMO.

讓我們去找 BMO 的 Keith Bachman。

I'm going to ask question. I think, Todd, this is for you. A, could you talk about your win rates over the last kind of 90 -- 1 to 2 quarters and how those might have changed, in particular with regard to any of the categories that you may want to find, whether it's SMB or large enterprise or SIEM versus employee?

我要問問題。我想，托德，這是給你的。 A，你能談談你在過去 90 年中的贏率——1 到 2 個季度，以及這些可能發生了怎樣的變化，特別是關於你可能想要找到的任何類別，無論是 SMB 還是大型企業還是 SIEM 與員工？

And then, B, I just wanted to make sure I understand on the go to market. I know there's a lot of transition at the top. Comp plan sounds like they're not changing much. But in terms of -- I just wanted to broaden that out about territories or strategies or anything along those lines.

然後，B，我只是想確保我了解上市的情況。我知道頂部有很多過渡。薪酬計劃聽起來變化不大。但就——我只是想擴大關於領土或戰略或任何類似方面的內容。

I think the go-to-market is relatively stable, but you had previously highlighted a different question, just comp plans. But I wanted to broaden that out to just talk about go-to-market more broadly than comp plans, including geo. Any geo redistributions or any other or kind of changes that might be involved in go-to-market changes?

我認為上市相對穩定，但你之前強調了一個不同的問題，只是比較計劃。但我想擴大範圍，只談論上市，而不是競爭計劃，包括地理。任何地理重新分配或任何其他或種類的變化可能會涉及上市變化？

Yes. I think it's a really insightful question because it is more than just comp plans. It's the sum of all changes that our go-to-market team has to adjust to and pivot around. And there just aren't many of them, whether it's countries entering or not entering or territories or organizational shifts or down at the -- we talked about leadership changes at the top, but the go-to-market strategy is not changed.

是的。我認為這是一個非常有見地的問題，因為它不僅僅是薪酬計劃。這是我們的上市團隊必須適應和圍繞的所有變化的總和。而且他們並不多，無論是進入或不進入的國家或領土或組織轉移或向下 - 我們談到了高層的領導層變動，但進入市場的戰略沒有改變。

And so when you talk about SCO last week, and Jon Addison gets up there as the interim Chief Revenue Officer and kicks off the year; and Eric Kelleher gets up there about professional services and customer success, what they're saying is -- sounds very consistent to the teams, such as we have to win SIEM, we have to keep executing on workforce.

因此，當你上週談論 SCO 時，Jon Addison 擔任臨時首席營收官並開始新的一年；埃里克·凱萊赫 (Eric Kelleher) 談到了專業服務和客戶成功，他們所說的是——聽起來對團隊來說非常一致，比如我們必須贏得 SIEM，我們必須繼續在員工隊伍中執行。

The -- you asked a question about win rates. Our win rates remain very healthy, and it's a very good situation to be in. I think whether it's on the Customer Identity side, where it's really is are you going to build it or are you going to buy it from Okta?

- 你問了一個關於贏率的問題。我們的贏率保持非常健康，這是一個非常好的情況。我認為無論是在客戶身份方面，你是要構建它還是要從 Okta 購買它？

And we have things like ChatGPT is a super in the news right now, and everyone is talking about it. So we had some success there. So we use that to illustrate that market, which is developers found the product, put it in that product when it was as the login and the identity when the product was very nascent. And all of a sudden, it takes off, and it's a huge deal for us.

我們有 ChatGPT 之類的東西，現在是新聞中的超級產品，每個人都在談論它。所以我們在那裡取得了一些成功。因此，我們用它來說明市場，即開發人員發現了產品，並在產品剛剛起步時將其作為登錄名和身份放入該產品中。突然之間，它起飛了，這對我們來說意義重大。

But that's happening in a lot of places in customer nowadays. There's engineering teams that are thinking about what to use and thinking about should they use open source, should they build it themselves? And we have the best product there for developers, which is a huge advantage.

但如今，這種情況在客戶的很多地方都在發生。有些工程團隊正在考慮使用什麼，並考慮他們應該使用開源，還是應該自己構建？我們為開發人員提供最好的產品，這是一個巨大的優勢。

On the workforce side, it's -- like I mentioned, it's -- are we going to use the cloud for identity and security? And there's lots of forces, whether it's great solutions like Okta, whether it's just legacy maintenance contracts expiring. There's reasons to use something, and we continue to execute well with our message of independence and neutrality. And yes, it's a solid foundation to work off of.

在勞動力方面，就像我提到的那樣，我們要使用雲來實現身份和安全嗎？而且有很多力量，無論是像 Okta 這樣的偉大解決方案，還是只是即將到期的遺留維護合同。使用某些東西是有原因的，我們繼續很好地執行我們的獨立和中立信息。是的，這是一個堅實的基礎。

Okay. When you say -- just to push on that, when you say healthy, I was just asking, have they changed much in the last 1 to 2 months?

好的。當你說 - 只是為了推動這一點，當你說健康時，我只是問，他們在過去的 1 到 2 個月內發生了很大變化嗎？

No. There's been -- they've been healthy for a long time.

不，他們一直很健康。

Let's go to Madeline Brooks at BofA.

讓我們去美國銀行的瑪德琳布魯克斯。

Just a really quick one here. I wanted to just get a sense of what an ideal split is for Okta between upsell and cross-sell and new business. And then additionally, on the new business side, would you just be able to give us some color if, over the last quarter, you needed to implement any discounting or further bundling?

這裡只是一個非常快的。我只想了解 Okta 在追加銷售、交叉銷售和新業務之間的理想劃分是什麼。此外，在新業務方面，如果在上個季度您需要實施任何折扣或進一步捆綁，您能否給我們一些顏色？

In terms of the discounting, the discounting has actually been very consistent as well. It's one of those things that we just -- it hasn't changed very much. In terms of the mix between new business and upsell, right now, we want it to higher new business than it is. We're too weighted towards upsells, and that's something we're focused on, but it's -- and it could be -- it's definitely like a factor of the macro, but we got to get better at doing new business in the future.

在折扣方面，折扣實際上也非常一致。這是我們剛剛做的事情之一——它並沒有太大改變。就新業務和追加銷售之間的組合而言，現在，我們希望它比現在更高的新業務。我們過於重視追加銷售，這是我們關注的重點，但它是——而且可能是——它絕對是宏觀因素，但我們必須在未來更好地開展新業務。

Yes. We were -- right now, we were talking about this earlier this week. I think another factor on new business versus upsell is ramping reps. Brett talked about a customer that wants to double down on their vendor relationships that's in place. If you're a new sales rep that's ramping, what's the easiest thing to sell to? A customer that the company already has a relationship. So I think so you'll see us make progress there just as reps ramp.

是的。我們 - 現在，我們在本週早些時候討論過這個問題。我認為新業務與追加銷售的另一個因素是增加銷售代表。 Brett 談到了一位客戶，該客戶希望加強現有的供應商關係。如果您是新晉銷售代表，最容易銷售的對像是什麼？公司已經有關係的客戶。所以我想你會看到我們在那裡取得進展，就像代表增加一樣。

Yes. That's a good point.

是的。那是個很好的觀點。

Sorry. Can you just remind us of the percentage breakout between them as it stands for the fourth quarter?

對不起。你能提醒我們他們之間的百分比突破，因為它代表第四季度嗎？

We don't usually talk about that. We just talked about net retention, which was 120%.

我們通常不談論這個。我們剛剛談到了淨留存率，即 120%。

We'll go to Brian Essex at JPMorgan.

我們將去摩根大通的 Brian Essex。

All right. Congratulations from me as well.

好的。我也祝賀你。

Thanks, Brian.

謝謝，布萊恩。

Maybe if I could, I guess, take one layer deeper on Keith's question with regard to sales force organization, how that's structured, so I better understand it. It sounds like maybe it's still relatively siloed between workforce and SIEM. But are you -- do you envision shifting towards more of a platform approach? And are you seeing a lot of multiproduct workforce plus SIEM deals? Or are you going to stick with maybe a more what seems to be a land anywhere approach or keep those kind of sales forces relatively siloed?

我想，如果我可以更深入地了解 Keith 關於銷售人員組織的問題，它是如何構建的，那麼我可以更好地理解它。這聽起來可能在勞動力和 SIEM 之間仍然相對孤立。但是你 - 你是否設想轉向更多的平台方法？您是否看到很多多產品勞動力加上 SIEM 交易？或者，您是否會堅持使用一種看似隨處可見的方法，或者讓這些銷售人員相對孤立？

Yes, the sales -- there's one sales team. So every customer has one rep from Okta. And the rep from Okta sells them all our products, OIG, workforce, customers. So it's -- there's no -- there's some technical specialists, but it's -- I think people call it the IBM model. There's one -- I think that's the first time I've ever compared myself to IBM. It's a great company. It's a great company.

是的，銷售——只有一個銷售團隊。所以每個客戶都有一個來自 Okta 的代表。 Okta 的代表向他們出售我們所有的產品、OIG、員工和客戶。所以它 - 沒有 - 有一些技術專家，但它 - 我認為人們稱之為 IBM 模型。有一個——我認為這是我第一次將自己與 IBM 進行比較。這是一家很棒的公司。這是一家很棒的公司。

Anyways, there's one sales rep. And the idea is that we want to be the strategic partner for identity. So that's incumbent on the sales reps to use their capability to appeal to different buying centers in their company. The disadvantage of that is it's sometimes it's harder to train and enable. The advantage of that is you can get higher if you do it right, and that's in line with our strategy of being the strategic platform. So it's one sales team. They're selling all the products with specialist's help and presales' help when they need it when it's fair to.

無論如何，只有一名銷售代表。這個想法是我們想成為身份的戰略合作夥伴。因此，銷售代表有責任利用他們的能力來吸引公司內不同的採購中心。這樣做的缺點是有時更難訓練和啟用。這樣做的好處是，如果你做對了，你可以變得更高，這符合我們成為戰略平台的戰略。所以這是一個銷售團隊。他們在專家的幫助和售前的幫助下銷售所有產品，當他們需要時，在公平的情況下。

Are they incentivized to sell the platform? Or do they go into like a customer has a specific use case and they go in to solve that problem?

他們是否有動力出售該平台？或者他們是否像客戶有一個特定的用例一樣進入並解決該問題？

Well, they're incented to. There's -- the compliance, we kept them simple, but they're incentivized to sell more, and they're incentivized to sell multiyear. And they are -- there's a little bit of a kicker for our priority, which is customer a day. Yes.

好吧，他們很高興。有 - 合規性，我們讓他們保持簡單，但他們被激勵銷售更多，並且他們被激勵銷售多年。他們是 - 我們的優先事項有點重要，這是一天的客戶。是的。

And I think the other really important thing is we had a really, really good quarter for cross-sells. And I think you're starting to see this work, whether it's our company starting with Customer Identity Cloud and selling workforce or the vice versa or even OIG, which is modules inside of workforce. So it's a positive energy.

而且我認為另一件非常重要的事情是我們有一個非常非常好的交叉銷售季度。而且我認為你開始看到這項工作，無論是我們公司從 Customer Identity Cloud 開始並銷售勞動力，反之亦然，甚至是 OIG，它是勞動力內部的模塊。所以這是一種正能量。

And then those responsible for developers, is that completely separate? Or is that under that same team umbrella as well?

然後那些負責開發人員的人，是完全分開的嗎？還是在同一個團隊保護傘下？

There's one sales team. Yes, one sales team. Yes, there's a lot of -- so for the developer motion, so there's a team that's dedicated to getting -- making that developer experience. That developer team at open AI that found online and learned about Customer Identity Cloud and put in their APIs and read the documentation, that's all a different team. But once it gets to a rep, once the lead from a self-service credit card customer goes up to a rep, we're going to do a bigger deal, that's the one sales team.

有一個銷售團隊。是的，一個銷售團隊。是的，有很多——所以對於開發者動議，所以有一個團隊致力於獲得——創造開發者體驗。 Open AI 的開發人員團隊在網上找到並了解了 Customer Identity Cloud，並輸入了他們的 API 並閱讀了文檔，這完全是一個不同的團隊。但是一旦它到達代表，一旦來自自助信用卡客戶的線索上升到代表，我們將做一個更大的交易，那就是一個銷售團隊。

So the sales team loves this because, in addition to their leads, they get from normal demand gen, they get a bunch of leads off to Customer Identity self-service. So they have to -- like we've talked about, they have to be -- we have to ramp them and make sure they're ready to sell it. But once that starts to happen, it's a good time to be a salesperson at Okta.

所以銷售團隊喜歡這個，因為除了他們的線索之外，他們還從正常的需求生成中獲得，他們從客戶身份自助服務中獲得了一堆線索。所以他們必須 - 就像我們已經談到的那樣，他們必須 - 我們必須擴大他們並確保他們準備好出售它。但一旦開始發生這種情況，就是成為 Okta 銷售人員的好時機。

Very helpful.

很有幫助。

Sure. Happy to lay it out there for you.

當然。很高興為你把它放在那裡。

Okay. I'm going to call a 5-minute warning here if we can get as many as we can here. Let's go to Taz Koujalgi, Wedbush.

好的。如果我們能在這裡獲得盡可能多的人，我將在這裡發出 5 分鐘警告。我們去韋德布什的 Taz Koujalgi。

Question for Brett. Brett, your guide implies 5% growth in OpEx for the quarter and for the year. Is that also reflective of the sales capacity increase? Would your sales capacity increase at that same 5% rate?

布雷特的問題。布雷特，您的指南暗示本季度和本年度的運營支出增長 5%。這是否也反映了銷售能力的增加？您的銷售能力會以同樣的 5% 的速度增長嗎？

Our sales capacity is designed to be able to hit -- like I said earlier, designed to hit the FY '24 bookings number and also set us up for success in FY '25. So we're not saying, one way or the other, exactly what the quota increase or the quota capacity out there on the street is. But ultimately, we're making sure that we're -- we've got the right people in the right places, right segments, right geos to be able to go after this opportunity, both this year and in fiscal year '25.

我們的銷售能力旨在達到——就像我之前說的那樣，旨在達到 24 財年的預訂數量，並為我們在 25 財年的成功做好準備。因此，我們並不是說，無論是哪種方式，配額增加或配額容量到底是多少。但最終，我們要確保我們——我們在正確的地方、正確的細分市場、正確的地理區域找到了正確的人，以便能夠在今年和 25 財年抓住這個機會。

One quick follow-up, please. Your CRP guide implies CRP is stepping down from Q4 to Q1. That's never happened before. Or are you just being very conservative? Or is there something happening with seasonality, backlog getting built into the...

請快速跟進。您的 CRP 指南暗示 CRP 正在從第四季度下降到第一季度。這以前從未發生過。或者你只是非常保守？或者是否有季節性的事情發生，積壓被納入......

Yes. I mean, at the top end, it would imply about flat. But I mean, keep in mind, remember, Q4 is our seasonally biggest quarter of bookings. Q1 is our seasonally lowest quarter of bookings. And so we're just being thoughtful about that and making sure we're incorporating in the guidance for you guys today.

是的。我的意思是，在頂端，這意味著持平。但我的意思是，請記住，請記住，第四季度是我們季節性最大的預訂季度。第一季度是我們季節性最低的預訂季度。因此，我們只是對此深思熟慮，並確保我們將納入今天為你們提供的指南中。

But nothing changing in terms of the booking mix by quarter? Like are you shaping a smaller mix in Q1 versus the usual mix in Q1? Because you've always said that Q1 being smaller than Q4, but your CRP system is going up.

但按季度的預訂組合沒有變化嗎？就像你在第一季度塑造一個較小的組合而不是第一季度的通常組合？因為你一直說 Q1 比 Q4 小，但你的 CRP 系統在上升。

Yes. Keep in mind, though, if you look at the quarters before from Q4 to Q1, the growth rates were higher, and so you'll see a slightly different result when you have that. So a slightly lower growth rate, you're going to have a seasonality that looks a little bit more like what we're talking about this time around. So nothing really different from an overall seasonality of bookings, it's just the results of having slower growth than we have in the years past.

是的。不過請記住，如果你看一下從第四季度到第一季度之前的幾個季度，增長率會更高，所以你會看到略有不同的結果。所以增長率略低，你會有一個看起來更像我們這次談論的季節性。因此，與預訂的整體季節性沒有什麼不同，這只是增長速度低於過去幾年的結果。

We'll go to Patrick Colville at Scotiabank.

我們會去豐業銀行的帕特里克科爾維爾。

And congrats on a very solid set of results. I guess my question is around the ACV disclosure you guys gave, which is extremely helpful. When I look at the numbers, my take is that workforce has held up very like robustly in 4Q and over the trailing kind of 24 months, whereas the, I guess, the deltas have been really in the customer segment.

並祝賀一組非常可靠的結果。我想我的問題是關於你們提供的 ACV 披露，這非常有幫助。當我查看這些數字時，我的看法是勞動力在第四季度和過去 24 個月的時間裡表現非常強勁，而我猜，增量實際上是在客戶群中。

So I guess, can I sneak in a 2-parter? One is the Street thinks that workforce is in the maturing segment at Okta. What is the Street missing? And what would it take you in that customer bit customer segment for that growth to start plateauing or maybe in increasing?

所以我想，我可以偷偷加入一個 2 人組嗎？一是華爾街認為 Okta 的勞動力處於成熟階段。街道缺少什麼？在那個客戶細分客戶群中，您需要什麼才能使增長開始趨於穩定或可能增長？

We're very excited about both. I think the Street is underestimating workforce. I think that they -- there's been this narrative that Okta is so much focused on Customer Identity because workforce is -- there's a problem with it. I couldn't disagree more. I think it's a great opportunity long term. We want these businesses to be -- we want to build this partner and independent neutral one-stop shop for identity, and you got to have both. So I think that workforce can grow. Customer Identity can grow.

我們對兩者都感到非常興奮。我認為華爾街低估了勞動力。我認為他們 - 有這樣一種說法，即 Okta 非常關注客戶身份，因為勞動力 - 這是一個問題。我完全不同意。我認為這是一個長期的好機會。我們希望這些企業成為——我們希望建立這個合作夥伴和獨立的中立身份一站式商店，你必須同時擁有這兩者。所以我認為勞動力可以增長。客戶身份可以增長。

If you look at those numbers, besides just thinking that the depth of workforce is greatly overrated, I think you see some of our -- in the Customer Identity number, you see there's an opportunity for better execution. I think that even with all the things we talked about, whether it's macro, whatever, we can execute better in Customer Identity. And we're set up to do that.

如果你看看這些數字，除了認為勞動力的深度被大大高估之外，我認為你會看到我們的一些 - 在客戶身份號碼中，你會看到有更好執行的機會。我認為即使我們談到了所有的事情，無論是宏觀的還是其他什麼，我們都可以在客戶身份方面做得更好。我們準備這樣做。

We're the leader, by far, and we got a bunch of stuff we've done to improve that. And I'm confident about that one getting -- that growing faster as well because it's still smaller. You saw the growth rates are 30% and 35%. -- that customer growth rate should be higher, given it's coming off a lower base.

到目前為止，我們是領導者，我們做了很多事情來改進它。而且我對那個越來越有信心 - 增長速度也更快，因為它仍然更小。你看到增長率是 30% 和 35%。 ——客戶增長率應該更高，因為它的基數較低。

Okay. We're going to take the last question from Fatima Bolani at Citi. Apologies to Carson, Fred and Brad. We'll get to you next time.

好的。我們將接受花旗銀行 Fatima Bolani 的最後一個問題。向卡森、弗雷德和布拉德道歉。我們下次再找你。

You're first next time, Carson. You're first.

卡森，下次你是第一個。你是第一個。

Ladies last in 2023 -- '22. Brett, I'll make it quick for you. So between you and Todd, you quantified for us the contract duration and some of the dynamics there. But I'm wondering what you're assuming in your guidance as it relates to some of the contractual duration with -- especially with your renewals business. And as a related matter, if there's any particularly large cohorts of renewals that are coming up that you're being maybe more cautious about by way of shortening contract duration?

女士們最後一次在 2023 年——'22。布雷特，我會盡快給你的。所以在你和托德之間，你為我們量化了合同期限和那裡的一些動態。但我想知道你在指導中假設了什麼，因為它與一些合同期限有關——尤其是與你的續約業務有關。作為一個相關問題，如果有任何特別大的續約隊列即將到來，您可能會通過縮短合同期限而更加謹慎？

Yes, that's a good question. There's no real cohort that's wildly different than the other. I mean that's one of the benefits of having these longer duration contracts, just spreads everything out. So there's nothing really to speak of in terms of like major assumptions in terms of what we're thinking about from a renewals perspective.

是的，這是個好問題。沒有真正的隊列與其他隊列截然不同。我的意思是，這是擁有這些期限更長的合同的好處之一，只是分散了一切。因此，就我們從更新的角度考慮的內容而言，就類似的主要假設而言，沒有什麼可說的。

We talked about the gross retention earlier as being a subset of the net retention. We do expect that to remain stable because, from our forecasts, from what the teams are telling us and what we can see in the business, we do believe that to continue going to be stable, and really, one of the strengths of our business, right? We've talked about this for a long time that gross retention really reflects the value that we deliver on a day-to-day basis. And so yes, it's probably how it kind of put it to.

我們之前將總留存率視為淨留存率的一個子集。我們確實希望它保持穩定，因為根據我們的預測，從團隊告訴我們的內容以及我們在業務中可以看到的內容，我們確實相信繼續保持穩定，並且確實是我們業務的優勢之一， 正確的？我們已經討論了很長時間，總保留率確實反映了我們每天提供的價值。所以是的，這可能就是它的表達方式。

Okay. That's the time we have today. Before we go, I want to let you know that we'll be attending a couple of investor conferences this quarter. We'll be at the Morgan Stanley conference in San Francisco next week on the 6th and the KeyBanc conference in San Francisco on the 7th, and we hope to see you at one of those events. And if you have any other follow-up questions, you can reach us at ir@okta.com. Thanks.

好的。這就是我們今天的時間。在我們走之前，我想讓你知道我們將在本季度參加幾次投資者會議。我們將參加下週 6 日在舊金山舉行的摩根士丹利會議和 7 日在舊金山舉行的 KeyBanc 會議，我們希望在其中一個活動中見到您。如果您有任何其他後續問題，可以通過 ir@okta.com 與我們聯繫。謝謝。