Okta Inc (OKTA) 2024 Q1 法說會逐字稿

Hi, everybody. Welcome to Okta's First Quarter Fiscal Year 2024 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 2024 財年第一季度收益網絡廣播。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. Forward-looking statements represent our management's beliefs and assumptions only as of the date made. Information on factors that could affect our 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-K.

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。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我們財務業績的因素的信息，包括我們之前提交的 10-K 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. 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.

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。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，其中包括發佈在我們的投資者關係網站上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-over-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. Okta continues to build on its position as the leading independent identity partner. Our 2 clouds, 1 Okta strategy has really taken root with our go-to-market team, and our customers and partners love it, too. The actions we've taken over the past few quarters to increase efficiency and improve profitability enabled us to deliver strong non-GAAP operating profit and record cash flow. We achieved these results despite increased pressure in the macroeconomic environment, which we anticipated when we introduced the FY '24 financial targets last quarter. We continue to take a conservative approach to our business outlook.

謝謝戴夫，也謝謝大家今天下午加入我們。 Okta 繼續鞏固其作為領先的獨立身份合作夥伴的地位。我們的 2 個雲，1 個 Okta 策略確實在我們的上市團隊中紮根，我們的客戶和合作夥伴也喜歡它。我們在過去幾個季度採取的提高效率和盈利能力的行動使我們能夠實現強勁的非 GAAP 營業利潤和創紀錄的現金流。儘管宏觀經濟環境的壓力越來越大，我們還是取得了這些成果，這是我們在上個季度推出 FY '24 財務目標時所預期的。我們繼續對我們的業務前景採取保守的態度。

We're also pleased to have turned the corner on the challenges we faced last year. Attrition in our go-to-market team has significantly decreased over the past 3 quarters to its lowest level in 2 years. The number of fully ramped salespeople is close to a more normalized level as average tenure increases, and we're seeing positive trends in the number of sales reps closing Customer Identity Cloud deals. I'll now cover some of the highlights and achievements in the quarter that we believe position Okta for long-term success.

我們也很高興能夠扭轉去年面臨的挑戰。在過去的 3 個季度中，我們進入市場團隊的人員流失率顯著下降至 2 年來的最低水平。隨著平均任期的增加，完全提升的銷售人員數量接近更正常的水平，我們看到在完成 Customer Identity Cloud 交易的銷售代表數量方面呈積極趨勢。我現在將介紹本季度的一些亮點和成就，我們認為這些亮點和成就將使 Okta 取得長期成功。

Turning to our Q1 results. We added 450 new customers in the quarter, bringing our total customer base to over 18,000, representing growth of 14%. Like last quarter, new customer growth is an area that we believe has been impacted by the macro environment. 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 organizations in the world, such as OpenAI, the U.S. Air Force Recruiting Service and AIA.

轉向我們的第一季度結果。我們在本季度增加了 450 名新客戶，使我們的總客戶群超過 18,000 名，增長了 14%。與上一季度一樣，我們認為新客戶增長是一個受到宏觀環境影響的領域。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組織合作，例如 OpenAI、美國空軍招聘服務和 AIA。

In Q1, we added 150 customers with $100,000-plus ACV. Our total base of $100,000-plus ACV customers now stands at over 4,080 and grew 23%. We're also seeing continued strength in customers with over $1 million of ACV. We now have over 300 customers with $1 million-plus ACV, which continues to be the fastest-growing customer cohort with growth of over 40%. Here are just a few notable examples of customer wins and upsells in Q1, which come from a wide range of industries.

在第一季度，我們增加了 150 名 ACV 超過 100,000 美元的客戶。我們 100,000 美元以上的 ACV 客戶總數現在超過 4,080 人，增長了 23%。我們還看到 ACV 超過 100 萬美元的客戶持續增長。我們現在擁有超過 300 名 ACV 超過 100 萬美元的客戶，這仍然是增長最快的客戶群，增長率超過 40%。以下是第一季度客戶贏得和追加銷售的幾個著名例子，這些例子來自廣泛的行業。

A business line of a Fortune 500 semiconductor company was an exciting new business win in Q1. The company's legacy technology was complex, not adequately secure and couldn't meet the needs of the business line. It selected Okta Workforce Identity Cloud to modernize its technology stack to meet industry compliance standards and for Okta's ability to address multiple identity use cases. The business line also selected Okta Identity Governance to manage partner access to critical collaboration applications. We continue to see great cross-selling between Workforce Identity Cloud and Customer Identity Cloud.

一家財富 500 強半導體公司的業務線在第一季度取得了令人興奮的新業務勝利。公司的遺留技術很複雜，安全性不夠，無法滿足業務線的需求。它選擇了 Okta Workforce Identity Cloud 來實現其技術堆棧的現代化，以滿足行業合規性標準以及 Okta 處理多個身份用例的能力。該業務線還選擇了 Okta Identity Governance 來管理合作夥伴對關鍵協作應用程序的訪問。我們繼續看到 Workforce Identity Cloud 和 Customer Identity Cloud 之間的巨大交叉銷售。

Two great examples in Q1 were with Indeed and NerdWallet. Indeed, the world's most visited job site started as a self-service customer and has since leveraged Okta Customer Identity Cloud to power authentication for its corporate customers. This quarter, the company expanded with Okta Workforce Identity Cloud, including Okta Identity Governance, to bolster its security posture and improve the user experience for its approximately 13,000 employees.

第一季度的兩個很好的例子是 Indeed 和 NerdWallet。事實上，世界上訪問量最大的求職網站最初是自助服務客戶，此後利用 Okta Customer Identity Cloud 為其企業客戶提供身份驗證支持。本季度，該公司擴展了 Okta Workforce Identity Cloud，包括 Okta Identity Governance，以加強其安全狀況並改善其大約 13,000 名員工的用戶體驗。

NerdWallet, a platform that provides financial guidance to consumers in small and midsized businesses, was another great example of cross-selling between our 2 clouds and a great illustration of how our customers layer on more and more Okta capabilities over time. NerdWallet has been leveraging Okta Workforce Identity Cloud since 2017 to secure access for its employees. Last year, the company added Okta Identity Governance to streamline its compliance processes. In Q1, NerdWallet further expanded with Okta as it replaced its homegrown customer identity solution with our Customer Identity Cloud.

NerdWallet 是一個為中小型企業的消費者提供財務指導的平台，它是我們兩個雲之間交叉銷售的另一個很好的例子，並且很好地說明了我們的客戶如何隨著時間的推移使用越來越多的 Okta 功能。自 2017 年以來，NerdWallet 一直在利用 Okta Workforce Identity Cloud 來保護其員工的訪問權限。去年，該公司添加了 Okta Identity Governance 以簡化其合規流程。在第一季度，NerdWallet 進一步擴展了 Okta，因為它用我們的 Customer Identity Cloud 取代了其本土的客戶身份解決方案。

Okta Identity Governance, or OIG, continues to show strong traction. The initial customer demand is validating the desire for a modern approach to governance, one that is cloud-based and integrates seamlessly with access management. In just the past 6 months, hundreds of organizations have purchased OIG, including Q1 wins with Indeed, Amplitude and Australian Football League. We're really excited about the future of OIG, especially since of the customers that have purchased OIG so far, their OIG spend is typically around 1/3 or more of their total Workforce Identity Cloud spend. It's great to see OIG off to a fantastic start.

Okta Identity Governance（OIG）繼續表現出強大的吸引力。最初的客戶需求正在驗證對現代治理方法的渴望，一種基於雲並與訪問管理無縫集成的方法。在過去的 6 個月裡，數百家組織購買了 OIG，包括 Q1 wins with Indeed、Amplitude 和 Australian Football League。我們對 OIG 的未來感到非常興奮，特別是因為到目前為止已經購買了 OIG 的客戶，他們的 OIG 支出通常約為 Workforce Identity Cloud 總支出的 1/3 或更多。很高興看到 OIG 有了一個美妙的開端。

Never stop innovating is a core Okta value, and we continue to make important advancements on that front. We made a number of significant product advancements for our Workforce Identity Cloud in Q1. Advanced phishing resistance is now generally available with Okta FastPass. FastPass gives end users a seamless user experience without passwords. It now protects users against phishing with advanced phishing resistance for the enterprise, covering every user on any device and major operating system.

永不停止創新是 Okta 的核心價值觀，我們將繼續在這方面取得重要進展。我們在第一季度為我們的 Workforce Identity Cloud 做出了許多重要的產品改進。 Okta FastPass 現在普遍提供高級網絡釣魚抵抗功能。 FastPass 為最終用戶提供了無密碼的無縫用戶體驗。現在，它通過針對企業的高級網絡釣魚防禦功能保護用戶免受網絡釣魚攻擊，覆蓋任何設備和主要操作系統上的每個用戶。

Okta Identity Engine began shipping with every new Workforce customer in early 2022. We have made great progress in converting existing customers over to OIE, and now over 40% of our Workforce customers are on OIE. Building on this, we recently rolled out self-service OIE upgrades so customers can automate their upgrade. This self-service option will help accelerate the pace of upgrades, paving the way for even more customers to reap the benefits and power of OIE. More customers on OIE means greater opportunity to upsell our higher-value services and also higher retention rates based on customers converting to date.

Okta Identity Engine 於 2022 年初開始與每個新的 Workforce 客戶一起發貨。我們在將現有客戶轉換為 OIE 方面取得了很大進展，現在我們超過 40% 的 Workforce 客戶都在 OIE 上。在此基礎上，我們最近推出了自助服務 OIE 升級，以便客戶可以自動升級。這種自助服務選項將有助於加快升級步伐，為更多客戶享受 OIE 的好處和力量鋪平道路。 OIE 上的更多客戶意味著有更多機會追加銷售我們更高價值的服務，以及基於迄今為止客戶轉化率的更高保留率。

We're now in beta testing with Okta Privileged Access. We're extending the same great secure access management as well as identity governance capabilities to privileged resources. Businesses will be able to easily integrate modern cloud infrastructures such as AWS, EC2 or Kubernetes into Okta for centralized policies and controls across the resources their workers need. Organizations are recognizing the value and the convergence of IGA, PAM and access management. And Okta is in a unique position to address our customers' identity needs with a unified identity solution. We continue to expect general availability of Okta Privileged Access by the end of this year.

我們現在正在使用 Okta Privileged Access 進行 Beta 測試。我們正在將同樣強大的安全訪問管理和身份管理功能擴展到特權資源。企業將能夠輕鬆地將 AWS、EC2 或 Kubernetes 等現代云基礎設施集成到 Okta 中，以實現對員工所需資源的集中策略和控制。組織正在認識到 IGA、PAM 和訪問管理的價值和融合。 Okta 處於獨特的位置，可以通過統一的身份解決方案滿足客戶的身份需求。我們繼續期待 Okta Privileged Access 在今年年底前普遍可用。

We're also innovating on Okta's Customer Identity Cloud, which processes billions of logins per month from around the world and provides a unique vantage point to both network traffic and application-level security event data. All of this data enables us to identify patterns and detect anomalies as potential security attacks. We're harnessing that data for Security Center, which is now generally available for Okta Customer Identity Cloud. Security Center is a dashboard delivering real-time insights into potential attacks, allowing for security teams to respond quickly.

我們還在 Okta 的客戶身份雲上進行創新，該雲每月處理來自世界各地的數十億次登錄，並為網絡流量和應用程序級安全事件數據提供獨特的優勢。所有這些數據使我們能夠識別模式並將異常檢測為潛在的安全攻擊。我們正在為安全中心利用這些數據，該數據現在已普遍用於 Okta Customer Identity Cloud。安全中心是一個儀表板，可提供對潛在攻擊的實時洞察，使安全團隊能夠快速響應。

In a heterogeneous technology world and an ever-expanding number of devices and applications, best-of-breed technology is the future. To help foster best of breed, Okta continues to expand our technology partnerships so that our customers can deploy the most innovative solutions while enhancing security, all while retaining freedom of choice. Here are just a couple of our latest technology partnership developments.

在一個異構的技術世界中，設備和應用程序的數量不斷增加，同類最佳的技術就是未來。為了幫助培養最佳產品，Okta 繼續擴大我們的技術合作夥伴關係，以便我們的客戶可以部署最具創新性的解決方案，同時增強安全性，同時保留選擇的自由。這只是我們最新的技術合作夥伴關係的幾個發展。

We've had technology integrations and partnerships with Google for over a decade and have a deep base of shared customers. In the first phase of a new go-to-market alliance announced last month, Google's Workspace's global and public sector sellers will now co-sell Okta's Workforce Identity Cloud alongside Google Workspace. This expanded partnership will enable both Okta and Google to reach new customers through a best-of-breed approach to security and productivity.

十多年來，我們與穀歌進行了技術整合和合作，並擁有深厚的共同客戶基礎。在上個月宣布的新上市聯盟的第一階段，Google Workspace 的全球和公共部門賣家現在將與 Google Workspace 一起共同銷售 Okta 的 Workforce Identity Cloud。這種擴大的合作夥伴關係將使 Okta 和 Google 能夠通過同類最佳的安全性和生產力方法來吸引新客戶。

In partnership with Zoom, last month, we announced Okta authentication for end-to-end encrypted meetings for all paid joint customers. This new feature leverages Okta to authenticate a meeting attendee's identity to determine if a meeting guest is who they say they are.

上個月，我們與 Zoom 合作，宣佈為所有付費聯合客戶提供端到端加密會議的 Okta 身份驗證。這項新功能利用 Okta 來驗證與會者的身份，以確定與會者是否與他們所說的相符。

Critical to Okta's success over the years has been our indirect channel partners. Historically, Okta turned to partners primarily for reach. And as Okta has grown, we've recognized the need to engage with partners more strategically. Last month, we unveiled our new partner program called Elevate. The program will recognize and reward partners for the full spectrum of value they can deliver to our customers at Okta. From finding, developing and influencing to delivering, managing and transacting, the more of these motions a partner offers, the more value they provide to Okta and our mutual customers.

Okta 多年來取得成功的關鍵是我們的間接渠道合作夥伴。從歷史上看，Okta 求助於合作夥伴主要是為了擴大影響力。隨著 Okta 的成長，我們已經認識到需要更具戰略性地與合作夥伴互動。上個月，我們推出了名為 Elevate 的新合作夥伴計劃。該計劃將表彰和獎勵合作夥伴可以為我們在 Okta 的客戶提供的全方位價值。從尋找、開發和影響到交付、管理和交易，合作夥伴提供的這些動議越多，他們為 Okta 和我們的共同客戶提供的價值就越大。

Streamlining operations and accelerating business technology are critical to establishing Okta as a primary cloud. To help drive these initiatives, I've asked Eugenio Pace, co-Founder of Auth0, to take on the newly created role of President of Business Operations. Eugenio will turn his attention to the overall growth and operational excellence of Okta, including further accelerating our go-to-market effectiveness and increasing automation across the company. Eugenio has a uniquely deep knowledge of the identity market and is an incredible partner.

簡化運營和加速業務技術對於將 Okta 建立為主雲至關重要。為了幫助推動這些舉措，我請 Auth0 的聯合創始人 Eugenio Pace 擔任新設立的業務運營總裁一職。 Eugenio 將把注意力轉向 Okta 的整體增長和卓越運營，包括進一步加快我們的上市效率和提高整個公司的自動化程度。 Eugenio 對身份市場有著獨一無二的深入了解，是一位令人難以置信的合作夥伴。

I've always been proud of our bench talent, so with Eugenio's new focus, Shiven Ramji, who has been a senior leader at Auth0 and Okta for nearly 4 years, will lead Customer Identity Cloud.

我一直為我們的替補人才感到自豪，因此在 Eugenio 的新關注點下，在 Auth0 和 Okta 擔任高級領導近 4 年的 Shiven Ramji 將領導 Customer Identity Cloud。

To wrap things up, we delivered significantly improved profitability and record cash flow in the face of increasing macro-related pressure. At the same time, we continue to deliver value to our customers and underscore our leadership position through product innovation. Identity is a key building block for zero trust security, digital transformation and cloud adoption projects, trends that will continue in any macroeconomic environment as organizations look for ways to become more efficient while strengthening their security posture.

總而言之，面對日益增加的宏觀相關壓力，我們顯著提高了盈利能力並創下了創紀錄的現金流。與此同時，我們繼續為客戶創造價值，並通過產品創新鞏固我們的領導地位。身份是零信任安全、數字化轉型和雲採用項目的關鍵組成部分，這些趨勢將在任何宏觀經濟環境中持續存在，因為組織正在尋找提高效率的方法，同時加強其安全態勢。

Over the next decade, identity will become increasingly important, and we firmly believe that the winner will be independent-neutral and will deliver a unified platform covering both customer identity and workforce identity across access management, governance and privileged access. Okta is the best positioned company to deliver this to the market and expand on our leadership position, all while delivering profitable growth over the long term.

在接下來的十年裡，身份將變得越來越重要，我們堅信獲勝者將是獨立中立的，並將提供一個涵蓋訪問管理、治理和特權訪問的客戶身份和員工身份的統一平台。 Okta 是最有能力將其推向市場並擴大我們的領導地位，同時實現長期盈利增長的公司。

Now here's Brett to walk you through more of the Q1 financial results and our outlook.

現在布雷特將帶您了解更多第一季度的財務業績和我們的展望。

Thanks, Todd, and thank you, everyone, for joining us today. We continue to make meaningful progress on the actions we've taken to drive efficiency in our cost structure. As Todd noted, we're achieving these results while investing in our platform and business to fuel our future growth. As we navigate the increasing pressures of the macro environment, we remain confident that we have set the path of profitable growth for years to come. I'll review our first quarter results and our outlook for Q2 and FY '24, but first, I'll start with some commentary on the macro environment.

謝謝托德，也謝謝大家今天加入我們。我們在為提高成本結構效率而採取的行動中繼續取得有意義的進展。正如托德指出的那樣，我們正在取得這些成果，同時投資於我們的平台和業務以推動我們未來的增長。當我們應對日益增加的宏觀環境壓力時，我們仍然相信我們已經為未來幾年的盈利增長奠定了基礎。我將回顧我們第一季度的業績以及我們對第二季度和 24 財年的展望，但首先，我將從對宏觀環境的一些評論開始。

We're seeing increased macro headwinds on our business, most notably with new business across SMB and enterprise. These impacts were felt in varying degrees on a global basis. Similar to Q4, customers are requesting shorter contract term lengths, and our overall business was weighted more towards upsells versus new business. We're also seeing smaller average deal sizes as a result. And finally, we continue to experience minor FX headwinds on our top line metrics, which are incorporated into our reported numbers and outlook.

我們看到我們的業務面臨越來越大的宏觀阻力，尤其是中小企業和企業的新業務。這些影響在全球範圍內都受到了不同程度的影響。與第四季度類似，客戶要求縮短合同期限，我們的整體業務更傾向於追加銷售而不是新業務。結果，我們也看到平均交易規模較小。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。

Turning to our Q1 results. Total revenue growth for the first quarter was 25%, driven by a 26% increase in subscription revenue. Subscription revenue represented 97% of our total revenue. International revenue grew 23% and represented 21% of our total revenue. RPO or subscription backlog grew 9%. Impacting total RPO growth is the general shortening of term lengths of recently signed contracts. Our overall average term length is just over 2.5 years. Current RPO, which represents subscription backlog we expect to recognize as revenue over the next 12 months, grew 20% to $1.70 billion.

轉向我們的第一季度結果。在訂閱收入增長 26% 的推動下，第一季度總收入增長 25%。訂閱收入占我們總收入的 97%。國際收入增長了 23%，占我們總收入的 21%。 RPO 或訂閱積壓增長了 9%。影響總 RPO 增長的是最近簽署的合同期限的普遍縮短。我們的總體平均任期長度剛剛超過 2.5 年。當前的 RPO 代表我們預計將在未來 12 個月內確認為收入的訂閱積壓，增長 20% 至 17 億美元。

Turning to retention. Consistent with prior quarters, gross retention rates remained very healthy in the mid-90% range. Our dollar-based net retention rate for the trailing 12-month period remains strong at 117%. The sequential downtick in the net retention rate stemmed from a decrease in the upsell rate with both enterprise and SMB customers. Given the current macro environment, customers are not expanding seats at the rate they have in recent years, and we believe this trend will persist in this environment. On a positive note, we are seeing strong growth in cross-selling of products. As always, the net retention rate may fluctuate from quarter to quarter as the mix of new business renewals and upsells fluctuates.

轉向保留。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。我們過去 12 個月的美元淨保留率保持在 117% 的強勁水平。淨保留率的連續下降源於企業和 SMB 客戶的追加銷售率下降。鑑於當前的宏觀環境，客戶並沒有以近年來的速度擴大座位，我們相信這種趨勢將在這種環境下持續存在。從積極的方面來看，我們看到產品交叉銷售的強勁增長。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。

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. Total headcount at the end of Q1 was approximately 5,700. The sequential decrease primarily reflects the restructuring action taken at the beginning of Q1.

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。第一季度末的總員工人數約為 5,700 人。環比下降主要反映了第一季度初採取的重組行動。

Q1 free cash flow was a record $124 million, yielding a free cash flow margin of 24%. This includes the cash outlay of approximately $14 million related to the organizational restructuring. During the first quarter, we opportunistically repurchased $366 million of our 2025 convertible debt notes, resulting in a $31 million GAAP-only gain. We will continue to regularly evaluate our capital structure and capital allocation priorities. Our balance sheet remains strong, anchored by $2.37 billion in cash, cash equivalents and short-term investments.

第一季度自由現金流達到創紀錄的 1.24 億美元，自由現金流利潤率為 24%。這包括與組織重組相關的大約 1400 萬美元的現金支出。在第一季度，我們機會性地回購了 2025 年可轉換債券中的 3.66 億美元，產生了 3100 萬美元的 GAAP 收益。我們將繼續定期評估我們的資本結構和資本配置重點。我們的資產負債表依然強勁，以 23.7 億美元的現金、現金等價物和短期投資為基礎。

Before getting into our outlook, I wanted to provide an update on equity dilution. At our Investor Day last November, I indicated that our historic norms for net dilution was in the 2% to 3% range and that we expected that range to be elevated in the near term primarily related to the change in our stock price. I'm pleased to report that due to changes that we implemented, including changes in our granting practices and slowed hiring, net dilution for FY '23 finished better than expected at less than 3.5%. And we now believe that dilution for FY '24 will be back within our historical range. Managing dilution will continue to be a focus area, and we remain committed to further reduction over the long term.

在進入我們的展望之前，我想提供有關股權稀釋的最新信息。在去年 11 月的投資者日，我表示我們的淨稀釋歷史標准在 2% 到 3% 的範圍內，我們預計該範圍在短期內會升高，這主要與我們股價的變化有關。我很高興地報告，由於我們實施的變更，包括我們的撥款做法的變更和招聘速度的放緩，23 財年的淨稀釋率低於 3.5%，好於預期。我們現在相信，24 財年的稀釋將回到我們的歷史範圍內。管理稀釋將繼續是一個重點領域，我們仍然致力於在長期內進一步減少。

Now let's turn to our business outlook for Q2 and FY '24. Our projections continue to factor in the increased pressure from the macroeconomic environment. As a reminder, we've taken several actions to reduce our cost structure and increase our efficiency as an organization, which will benefit margins this year and beyond.

現在讓我們談談我們對第二季度和 24 財年的業務展望。我們的預測繼續考慮宏觀經濟環境壓力的增加。提醒一下，我們已經採取了幾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，這將有利於今年及以後的利潤率。

With that as a backdrop, for the second quarter of FY '24, we expect total revenue of $533 million to $535 million, representing growth of 18%; current RPO of $1.71 billion to $1.72 billion, representing growth of 14% to 15%; non-GAAP operating income of $36 million to $38 million; and non-GAAP diluted net income per share of $0.21 to $0.22, assuming diluted weighted average shares outstanding of approximately 180 million.

以此為背景，對於 24 財年第二季度，我們預計總收入為 5.33 億美元至 5.35 億美元，增長 18%；目前的 RPO 為 17.1 億美元至 17.2 億美元，增長 14% 至 15%；非美國通用會計準則營業收入為 3600 萬至 3800 萬美元；非 GAAP 攤薄後每股淨收益為 0.21 美元至 0.22 美元，假設攤薄後加權平均流通股數約為 1.8 億股。

For FY '24, we are raising our revenue outlook by $15 million at the high end of the range. We now expect revenue of $2.175 billion to $2.185 billion, representing growth of 17% to 18%. We are raising our outlook for non-GAAP operating income by $25 million to $161 million to $170 million, which yields a non-GAAP operating margin of approximately 7% to 8%. Non-GAAP net income per share is raised to $0.88 to $0.93, assuming diluted weighted average shares outstanding of approximately 180 million. And we are raising our free cash flow margin outlook for FY '24 to approximately 12% from approximately 10% previously.

對於 24 財年，我們將收入預期提高了 1500 萬美元，處於區間的高端。我們現在預計收入為 21.75 億美元至 21.85 億美元，增長 17% 至 18%。我們將非 GAAP 營業收入的預期提高了 2500 萬美元至 1.61 億美元至 1.7 億美元，這產生了大約 7% 至 8% 的非 GAAP 營業利潤率。假設稀釋後的加權平均流通股數約為 1.8 億股，非 GAAP 每股淨收入上調至 0.88 美元至 0.93 美元。我們將 24 財年的自由現金流利潤率前景從之前的大約 10% 提高到大約 12%。

Lastly, I want to provide a couple of comments to help with modeling Okta. Similar to years past, Q2 is expected to be the seasonal low for cash flow, and we are applying a static 26% non-GAAP effective tax rate for the fiscal year.

最後，我想提供一些意見來幫助建模 Okta。與往年類似，第二季度預計將是現金流的季節性低點，我們在本財年採用靜態 26% 的非 GAAP 有效稅率。

To wrap things up, we've taken action to drive efficiencies in our cost structure while investing to fuel our future growth. And we're confident that we are positioning the company for many years of profitable growth.

總而言之，我們已採取行動提高成本結構的效率，同時投資以推動我們未來的增長。我們相信我們正在為公司定位多年的盈利增長。

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

有了這個，我會把它轉回給 Dave 進行問答。戴夫？

Thanks, Brett. I see that there are quite a few hands raised already, and I'll take them in the order. (Operator Instructions)

謝謝，布雷特。我看到已經有不少人舉手了，我按順序來。 （操作員說明）

So the first question goes to Rob Owens at Piper.

所以第一個問題要問 Piper 的 Rob Owens。

Was hoping you could help me out a little bit with somewhat the disconnect, I guess, between cRPO and how it's trending in annual revenue. I mean annual revenue is inching up a point here, 17%, 18% but cRPO going the other way. So realizing that a lot of that is subscription revenue, it's already "in the bank." But trends definitely are pointing the other way. So is that 14%, 15% guide, is that somewhat of a low-water mark as we kind of contemplate the back half of the year?

希望你能幫我解決一下 cRPO 與年收入趨勢之間的脫節問題。我的意思是年收入在這裡上升了一個點，17%、18%，但 cRPO 卻相反。因此，意識到其中很大一部分是訂閱收入，它已經“存入銀行”。但趨勢肯定指向另一條路。那麼 14%、15% 的指導值是不是有點像我們考慮下半年的低水位線？

Rob, nice to see you. I'll take a shot at it from a big-picture perspective, and then Brett can probably add some details on the guidance. The quarter and the year is off to a solid start. I feel like the customer base is super solid. We're seeing really healthy gross renewals in the same range we've seen for several quarters, indicating that base of customer strength. We're also seeing the momentum in terms of conversations and importance of identity be really quite strong.

羅布，很高興見到你。我將從大局的角度對其進行拍攝，然後 Brett 可能會在指南中添加一些細節。本季度和這一年都有一個良好的開端。我覺得客戶群非常穩固。我們在幾個季度看到的相同範圍內看到真正健康的總續訂，表明客戶實力的基礎。我們還看到對話和身份重要性方面的勢頭非常強勁。

The macro is a little bit of a different story. We talked a little bit about the macro headwinds we're seeing to an increasing degree. It's interesting, the way it's manifesting itself in the numbers is a little bit average deal size is a little bit lower. The new customer count is a little lower than we would have expected. But interestingly enough, in terms of the -- a lot of the executional -- or a lot of the execution metrics we're looking at, whether it's sales force attrition or the amount of sales reps doing a CIC deal, which is 2 things we've been watching a lot on the go-to-market side over the last few quarters, are getting better and better. So that's very positive.

宏有點不同。我們談到了我們看到的越來越大的宏觀逆風。有趣的是，它在數字中表現出來的方式是平均交易規模略低一點。新客戶數量略低於我們的預期。但有趣的是，就我們正在研究的很多執行指標而言，無論是銷售人員流失還是執行 CIC 交易的銷售代表數量，這是兩件事在過去的幾個季度裡，我們一直在關注上市方面，情況越來越好。所以這是非常積極的。

Another interesting thing is that the more -- the large deals over $1 million and customers crossing that $1 million ACV threshold is up over 40%, so that's super positive. So it's -- I think it's a lot of things to be positive about, solid execution, improving execution. And -- but the macro backdrop is just there's a lot of uncertainty around it. So that is kind of a high level how we're looking at the business and color some of our outlook.

另一個有趣的事情是，超過 100 萬美元的大額交易和超過 100 萬美元 ACV 門檻的客戶增加了 40% 以上，所以這是非常積極的。所以它 - 我認為有很多事情值得積極，紮實的執行，提高執行力。而且 - 但宏觀背景只是存在很多不確定性。因此，這是我們如何看待業務並為我們的一些前景著色的高層次。

I can add a little bit there. I mean I think from a current RPO guide perspective, obviously, we've been thoughtful about the macro, I mean, we talked about it over the last few minutes and how it's really been affecting us a little bit more every quarter. So we're being prudent about that side.

我可以在那裡添加一點。我的意思是，我認為從當前的 RPO 指南的角度來看，顯然，我們一直在考慮宏觀，我的意思是，我們在過去幾分鐘討論了它，以及它如何真正對我們每個季度產生更多影響。因此，我們對這一方面持謹慎態度。

And I think the other thing I want to make sure everybody remembers is current RPO does have some residual effect from those FY '23 execution challenges. It's not the major part of it, but that does also weigh on the growth as we go through this year.

而且我認為我想確保每個人都記住的另一件事是當前的 RPO 確實對那些 FY '23 執行挑戰產生了一些殘餘影響。這不是它的主要部分，但這也確實對我們今年的增長產生了影響。

Let's go to Roger Boyd at UBS.

讓我們去瑞銀的羅傑博伊德。

Maybe just to push a little bit further on macro. I think it sounds like the biggest impact is really just around deal sizes. But wondering if you could talk about what you're seeing through the first month of May -- or the first month of 2Q that's really changed. If you think about sales cycles, pipeline, et cetera, how does that kind of factor into the guidance you've laid out?

也許只是為了在宏觀上更進一步。我認為這聽起來最大的影響實際上只是圍繞交易規模。但想知道您是否可以談談您在 5 月的第一個月或第二季度的第一個月看到的情況，這確實發生了變化。如果您考慮銷售週期、管道等，這些因素如何影響您制定的指南？

Yes, pipeline is solid. It's interesting that the -- if you look at the -- like the analytics we look at over the whole of the business, that's where you get that average deal size ticking down. When you just have customers -- we just have conversations with customers and the kind of the qualitative aspects of how important identity is and being interested in this approach we have, which is, "Hey, you can get Customer Identity and Workforce Identity and Privileged and Governance from one customer," very positive conversations.

是的，管道很堅固。有趣的是 - 如果你看 - 就像我們對整個業務的分析一樣，這就是平均交易規模下降的地方。當你只有客戶時——我們只是與客戶進行對話，了解身份的重要性以及對我們所採用的這種方法感興趣的定性方面，即“嘿，你可以獲得客戶身份和員工身份以及特權和來自一位客戶的治理，”非常積極的對話。

Also more on the qualitative side, we saw a lot of deals -- or maybe more than normal. We always have some deals that slip out of an end of the quarter, but we had more than normal slip out this quarter. And I guess that's not great. But on the positive news, we've had many of those close in the first quarter of -- or in the first few weeks of Q2 here. And I think what that tells me is that it's more confidence that it's really just -- it's not a question about the value of identity or the long-term strategic nature of what we're selling. It's more of what every company is doing.

同樣在定性方面，我們看到了很多交易——或者可能比正常情況下更多。我們總是有一些交易會在本季度末溜出，但本季度我們溜出的數量比平時多。我想這不太好。但就積極消息而言，我們已經在第一季度或第二季度的前幾週關閉了其中許多。而且我認為這告訴我的是，它真的只是更有信心 - 這不是關於身份價值或我們所銷售產品的長期戰略性質的問題。這更多是每個公司都在做的事情。

Okta, we're doing this ourselves internally. We're really asking for scrutiny on every purchase. We're trying to be more efficient. We're making sure -- customers are making sure they're getting ROI. They have a plan for ROI. There's maybe another level of budgetary approval that we didn't see before. And it does slow some things down, but the projects are still moving. And when I talk to CIOs of some of the biggest customers in the world, they say, "Hey, identity is going to help me be more secure. It's going to help me do more -- have a more efficient workforce. It's going to help me transform digitally, and it's something people are doubling down on and investing in." So I think it's -- you're seeing solid execution, a lot of macro uncertainty, but long term, identity is going to be an important thing, and we're going to be there to serve the market.

Okta，我們在內部自己做這件事。我們真的要求對每次購買進行審查。我們正在努力提高效率。我們正在確保 - 客戶正在確保他們獲得投資回報率。他們有投資回報率計劃。可能還有我們以前沒有看到的另一個級別的預算批准。它確實減慢了一些事情的速度，但項目仍在進行中。當我與世界上一些最大客戶的 CIO 交談時，他們說，“嘿，身份將幫助我更加安全。它將幫助我做更多的事情——擁有一支更有效率的員工隊伍。它將幫助我進行數字化轉型，這是人們加倍努力和投資的事情。”所以我認為它是 - 你看到穩固的執行，很多宏觀不確定性，但從長遠來看，身份將成為一件重要的事情，我們將在那里為市場服務。

Great. Next question goes to Josh Tilton at Wolfe Research.

偉大的。下一個問題交給 Wolfe Research 的 Josh Tilton。

Just a quick one for me, and I don't -- sorry to come back to the macro here, but I just wanted to clarify. Brett, in the same sentence, you kind of said increased macro headwinds, but then you also reverted to similar to Q4. So I'm just trying to understand, did the macro actually get worse from last quarter? Or did it stay the same?

對我來說只是一個快速的，我不——很抱歉回到這裡的宏觀，但我只是想澄清一下。布雷特，在同一句話中，你有點說宏觀逆風增加，但隨後你也恢復到類似於第四季度的情況。所以我只是想了解，宏觀經濟實際上比上個季度變得更糟了嗎？還是保持不變？

Yes. Yes, it definitely got worse. So what I meant by that is there's some similar trends to Q4 in terms of new business versus upsell mix being much more weighted toward upsells. That's been pretty consistent in terms of us seeing that, right? The contract duration continues to be a little bit lower than what we've historically seen. But some new trends that are coming around are what you heard me talk about around less seat expansions. And what I mean by seat expansions, I mean both seat expansion on the workforce side of the house and also on the monthly active users side of the house in terms of customer identity. So we're seeing it broad-based across both products.

是的。是的，情況肯定變得更糟了。所以我的意思是，在新業務與追加銷售組合方面，與第四季度有一些類似的趨勢，更傾向於追加銷售。就我們所看到的而言，這是非常一致的，對吧？合同期限繼續比我們歷史上看到的要短一些。但是一些正在出現的新趨勢就是你聽到我談論的關於減少座位擴展的內容。我所說的席位擴展是指公司員工方面的席位擴展，以及在客戶身份方面的每月活躍用戶方面的席位擴展。所以我們看到它在這兩種產品中都有廣泛的應用。

The other area that we're kind of seeing it more broad-based is around from a geo perspective or a segment perspective, there's no one area where you're like, wow, it's really affecting it more there. It seems from what we can see in the data and everything that we're looking at, it really does feel much more broad-based at this point than it was maybe in the past or -- so now where we said in the previous couple of quarters ago we said it's a little bit more small and medium-sized business, we're seeing it both enterprise and small and medium-sized business. So it definitely got worse over the quarter in terms of Q4 -- Q1, sorry.

另一個我們看到它的基礎更廣泛的領域是從地理角度或細分角度來看，沒有一個領域你喜歡，哇，它真的在那裡影響更大。從我們在數據和我們正在查看的所有內容中可以看到的情況來看，在這一點上，它確實感覺比過去可能更廣泛，或者 - 所以現在我們在前幾對中說過幾個季度前我們說它更多的是中小型企業，我們看到它既是企業又是中小型企業。因此，就第四季度而言，本季度肯定會變得更糟——抱歉，第一季度。

And just to finish my question was, if I look at the guidance for the full year that you guys are raising for revenue, does that assume that what you see today gets worse, kind of stays the same? And just maybe how should we think about the cRPO numbers for next quarter or maybe the year-over-year comps with Auth0 in the mix?

為了結束我的問題，如果我看看你們為收入籌集的全年指導，是否假設你們今天看到的情況變得更糟，有點保持不變？也許我們應該如何考慮下個季度的 cRPO 數字，或者與 Auth0 的同比比較？

Yes, absolutely. It does, in fact, assume that the macro does get worse, both on the current RPO side and on the revenue side. So obviously, when we think about the guidance, both of them have got that incorporated. So in terms of the compares, I mean, what you heard me say a second ago, there is some residual impact from the execution challenges we had in FY '23 in the current RPO guidance. But obviously, we're being thoughtful with how we're thinking about the balance of the year given what we've seen in the macro and how it's developed over the last few quarters.

是的，一點沒錯。事實上，它確實假設宏觀在當前 RPO 方面和收入方面確實變得更糟。很明顯，當我們考慮指南時，他們都將其納入其中。因此，就比較而言，我的意思是，你剛才聽到我說的話，在當前的 RPO 指南中，我們在 23 財年遇到的執行挑戰有一些殘餘影響。但顯然，鑑於我們在宏觀中看到的情況以及過去幾個季度的發展情況，我們正在考慮如何考慮今年的餘額。

Yes. One thing -- quick thing there is Auth0 was in the comps last year, so that should be a like-for-like there.

是的。一件事——快速的事情是 Auth0 在去年的比賽中，所以那裡應該是一個類似的東西。

Next up, Adam Tindle at Ray J.

接下來，Ray J 的 Adam Tindle。

Todd, I wonder if you could maybe opine on kind of a story that's going on with investors. We're seeing the quantitative metrics here. The NRR is in decline. The average deal size that you talked about is ticking down. But you've got more products to sell in each deal and at least to this qualitative story of perhaps we're in more of a commoditization cycle for core identity. Okta has never been the cheapest. I think you've been proud of that. Stiff competition, there's kind of this platform consolidation narrative across security broadly.

托德，我想知道你是否可以對與投資者發生的故事發表意見。我們在這裡看到了量化指標。 NRR 正在下降。你談到的平均交易規模正在下降。但是你在每筆交易中都有更多的產品要銷售，至少對於這個定性的故事來說，也許我們更多地處於核心身份的商品化週期中。 Okta 從來都不是最便宜的。我想你一直為此感到自豪。激烈的競爭，廣泛存在這種跨安全平台整合的敘述。

So I just wonder if you could maybe talk about that being a premium product with the environment arguably changing. I wonder if you reevaluate that premium product strategy. And if you could maybe comment on the pricing environment broadly and how to compete now versus years ago, that would be helpful.

所以我只是想知道你是否可以談論它是一種優質產品，環境可能會發生變化。我想知道您是否重新評估了該優質產品策略。如果您可以廣泛地評論定價環境以及現在與多年前的競爭方式，那將很有幫助。

Yes. We're -- we hear that narrative as well. And it's interesting, we don't -- we just don't see it in the data. The win rates remain strong. The -- I mentioned the average deal size ticking down a little bit, but the unit price stays -- the unit price we get has stayed consistent. So when we look at the data holistically and be rigorous at it and really something we do culturally, which is check our assumptions and make sure we're seeing the world as it is, we just don't see it.

是的。我們——我們也聽到了這種說法。有趣的是，我們沒有——我們只是沒有在數據中看到它。獲勝率仍然很高。 - 我提到平均交易規模略有下降，但單價保持不變 - 我們獲得的單價保持一致。因此，當我們從整體上審視數據並對其進行嚴格審查時，我們確實在文化上做了一些事情，即檢查我們的假設並確保我們看到的是世界的本來面目，我們只是看不到它。

We think that the -- that being the case, we think the right strategy is continue to build the best products for identity use cases broadly and package them and sell them as we sell them and make sure that we keep delivering that leadership position to the market. But listen, we're not -- I mean, we want to win and we're rigorous in our analysis. And we do make sure we look at things with an open mind, that we're executing the best strategy, but we think our strategy and approach, based on all the data and based on what we're seeing, not just quantitatively, too, but just qualitatively with the customer success we're seeing and the traction in our Customer Identity Cloud and the appeal of this, not just the best core access management product but also this -- the IGA product, which is really off to a super strong start, and Privileged Access is coming out and innovations with FastPass, we think we have a winning strategy and we'll keep executing it.

我們認為 - 既然如此，我們認為正確的策略是繼續廣泛地為身份用例構建最佳產品，並在我們銷售它們時打包和銷售它們，並確保我們繼續將領導地位提供給市場。但是聽著，我們不是——我的意思是，我們想贏，我們的分析很嚴謹。我們確實確保我們以開放的心態看待事物，我們正在執行最佳戰略，但我們認為我們的戰略和方法基於所有數據和我們所看到的，而不僅僅是定量的，但就質量而言，我們看到的客戶成功以及我們客戶身份雲的吸引力以及它的吸引力，不僅是最好的核心訪問管理產品，還有這個——IGA 產品，它真的是一個超級良好的開端，特權訪問的出現以及 FastPass 的創新，我們認為我們有一個成功的戰略，我們將繼續執行它。

And is there still an intent to replace Susan? Or is the management changes you talked about with Eugenio today, that is the new strategy, just to clarify?

是否還有意取代蘇珊？還是您今天與 Eugenio 談到的管理變革，即新戰略，只是為了澄清一下？

It's a great -- thanks for asking. Yes, we are -- I am still searching for a go-to-market president. That's a really important search. And in a lot of ways, we have the luxury of making sure we look everywhere and find a truly amazing candidate. And when you look at the people we're talking to, it's not -- there's not a lot of people in the world that have experience taking a company from $2 billion in ARR to $10 billion-plus, which is where we want to go over the next several years.

這是一個偉大的 - 感謝您的詢問。是的，我們 - 我仍在尋找上市總裁。這是一個非常重要的搜索。在很多方面，我們有幸確保我們到處尋找並找到真正出色的候選人。當你看看我們正在與之交談的人時，世界上沒有多少人有將公司的 ARR 從 20 億美元提升到 100 億美元以上的經驗，而這正是我們想要去的地方在接下來的幾年裡。

So we have -- thankfully, the team that's in place is doing a great job, whether that's the interim Chief Revenue Officer, Jon Addison, or our marketing and customer success executive, Eric Kelleher, is doing an amazing job or Eugenio is taking on this role, which is really, really important. It's about how do we make Okta operationally excellent across all dimensions, including very importantly, the strategy and operations of the growth of go-to-market, which is an important component of that, including the automation projects and the technology, IT projects that have to come together to make that happen. It's adjacent to the president, a very important role, but we're going to find a great person for that president role, and I think we're on track to do that.

所以我們 - 值得慶幸的是，現有的團隊做得很好，無論是臨時首席營收官 Jon Addison 還是我們的營銷和客戶成功主管 Eric Kelleher 都做得非常出色，或者 Eugenio 正在接手這個角色，真的，真的很重要。這是關於我們如何使 Okta 在各個方面都表現出色，包括非常重要的戰略和上市增長的運營，這是其中的重要組成部分，包括自動化項目和技術，IT 項目必須齊心協力才能做到這一點。它與總統相鄰，這是一個非常重要的角色，但我們會為這個總統角色找到一個偉大的人選，我認為我們正在朝著這個方向努力。

Let's go to Sterling Auty at MoffettNathanson.

讓我們去 MoffettNathanson 的 Sterling Auty。

This is Billy Fitzsimmons on for Sterling Auty. I'll steer away from macro for a sec. How do you both think about Okta's opportunity in the generative AI space and the identity opportunity with the emergence of AI applications?

我是 Sterling Auty 的 Billy Fitzsimmons。我會暫時避開宏指令。你們如何看待 Okta 在生成 AI 領域的機會以及隨著 AI 應用程序的出現而帶來的身份機會？

I have a big newsflash for everyone. I think AI is a big deal. And I think it's one of these things that is getting a lot of hype and is probably still underhyped. And I don't think it's like a -- it's come -- it feels like it's come on all at once, but it's really been a culmination of really a lot of important trends in the world, both just like the algorithmic advancements and what they're doing with originally what was TensorFlow and now the large language models in various domains and -- or it's the compute power, which everyone knows about or.

我有一個重要的新聞快報給大家。我認為人工智能是一件大事。而且我認為這是其中一個得到大量炒作並且可能仍然被低估的事情。而且我不認為它就像是——它來了——感覺它是一下子出現的，但它確實是世界上很多重要趨勢的高潮，就像算法的進步和什麼他們最初使用的是 TensorFlow，現在是各個領域的大型語言模型，或者是計算能力，這是每個人都知道的或。

The key thing, too, is just the data. If you think about the breakout application, it's ChatGPT. And ChatGPT really is relevant because of the compute and because of the algorithms but really because it was trained on the Internet or 20-plus years of the Internet to be that training set for that model. So you have to have the data.

關鍵也在於數據。如果您考慮突破應用程序，那就是 ChatGPT。 ChatGPT 確實是相關的，因為計算和算法，但實際上是因為它在互聯網上或 20 多年的互聯網上被訓練成為該模型的訓練集。所以你必須有數據。

So when we look at our own business, one of our huge -- we have AI in our products, and we have for a few years, whether it's ThreatInsight on the workforce side or Security Center on the customer identity side, which look at our billions of authentications and use AI to make sure we defend other customers from like similar types of threats that have been prosecuted against various customers on the platform.

因此，當我們審視自己的業務時，我們的巨大業務之一——我們的產品中有人工智能，而且我們已經使用了幾年，無論是勞動力方面的 ThreatInsight 還是客戶身份方面的安全中心，它都在看我們的數十億次身份驗證，並使用人工智能來確保我們保護其他客戶免受類似類型的威脅，這些威脅已被起訴針對平台上的各種客戶。

Those products are great, and they'll get better with better algorithms and more data because we have the strategic advantage of having so much data, we can see the patterns. And we'll continue to add more products that take advantage of data and algorithms and compute. So that's -- I'm really excited about the potential.

這些產品很棒，它們會隨著更好的算法和更多數據變得更好，因為我們擁有擁有如此多數據的戰略優勢，我們可以看到模式。我們將繼續添加更多利用數據、算法和計算的產品。這就是 - 我對潛力感到非常興奮。

One of the ideas that we're working on that might be a typical use case of how someone like us could use AI is configuring Okta, setting the policy up for Okta across hundreds of applications on the workforce side or 10 or 20 applications on the customer identity side with various access policies and rules about who can access them and how they access them. It'd be pretty complicated to set up, but we've actually been prototyping using AI to auto-generate that configuration and that policy setup so a customer doesn't have to start from scratch. They can see what 18,000-plus other customers have done and then apply that quickly to their own configuration, decreasing the errors, increasing the speed to value. So that's an idea of, in the products, how it could be maybe a nonobvious use case.

我們正在研究的想法之一可能是像我們這樣的人如何使用 AI 的典型用例是配置 Okta，在勞動力方面的數百個應用程序或 10 或 20 個應用程序中為 Okta 設置策略客戶身份方面的各種訪問策略和規則，關於誰可以訪問它們以及他們如何訪問它們。設置起來會非常複雜，但我們實際上一直在使用 AI 進行原型設計，以自動生成配置和策略設置，這樣客戶就不必從頭開始。他們可以看到 18,000 多個其他客戶所做的事情，然後將其快速應用到他們自己的配置中，從而減少錯誤，加快實現價值的速度。所以這是一個想法，在產品中，它可能是一個不明顯的用例。

And then the other one we're excited about is if you zoom out and you think this is a huge platform shift, it's the next generation of technology. So that means that there's going to be tons of new applications built with AI. It means that there's going to be tons of new industries created and industries changed. And there's going to be a login for all these things. You're going to need to log on to these experiences. Sometimes it's going to be machines. Sometimes it's going to be users. That's an identity problem, and we can help with that. So in a sense, we're really going to be selling picks and shovels to the gold miners.

然後我們感到興奮的另一個是，如果你縮小並且你認為這是一個巨大的平台轉變，它就是下一代技術。所以這意味著將會有大量使用 AI 構建的新應用程序。這意味著將會有大量的新行業被創造出來，行業也會發生變化。所有這些都需要登錄。您將需要登錄這些體驗。有時它會是機器。有時它會成為用戶。這是一個身份問題，我們可以幫助解決這個問題。所以從某種意義上說，我們真的要向金礦工人出售鎬和鏟子。

In fact, you all know that OpenAI is a customer, and our Customer Identity Cloud is the login for ChatGPT. So that's, I would say, a very exceptional example of a successful application in the extreme. But there's going to be thousands of these types of applications, and they all need identity, and we're here to serve as that supplier to them. So that's another positive trend on our business, I think.

其實大家都知道OpenAI是客戶，我們Customer Identity Cloud是ChatGPT的登錄。所以，我想說，這是在極端情況下成功應用的一個非常特殊的例子。但是將會有數以千計的此類應用程序，它們都需要身份，而我們在這裡充當它們的供應商。我認為這是我們業務的另一個積極趨勢。

Next up, we have Rudy Kessinger from D.A. Davidson.

接下來，我們有來自 D.A. 的 Rudy Kessinger。戴維森。

I guess coming back to the guide, the cRPO guide, certainly the implied second half revenue guide, Brett, implies growth exiting the year in the mid-teens, if not maybe even the low teens. And I guess what can you guys -- on the one hand, you talked about improvement in metrics with the sales force productivity and selling CIC, et cetera. I guess what more do you have to do to maybe put a stop to the deceleration in growth even against a more difficult macro and maybe even potentially reaccelerate growth?

我想回到指南，cRPO 指南，當然是隱含的下半年收入指南，布雷特，暗示增長在十幾歲中期結束，如果不是十幾歲的話。我想你們能做什麼——一方面，你們談到了銷售人員生產力和銷售 CIC 等指標的改進。我想你還需要做些什麼才能阻止增長減速，即使是在更困難的宏觀經濟甚至可能重新加速增長的情況下？

Sorry, I had -- my computer just froze. What was the question?

抱歉，我有——我的電腦死機了。問題是什麼？

I can take it. I'm happy to take it. I think that there's -- first of all, there's -- we're always improving and trying to get better. And I think I made the comment that we're -- we've made a lot of progress on some of the execution issues we had last year and talked about sales attrition being healthy and tenure ramping and productivity of reps in terms of selling CIC being positive. So we're still doing a lot of things to improve. And that's across the whole company, by the way, whether it's operationally improving our efficiency, our effectiveness, building better products, building products faster, better enablement, better go-to-market operations across the board. So we're going to continue to improve.

我可以接受。我很樂意接受它。我認為 - 首先， - 我們一直在改進並努力變得更好。而且我想我發表的評論是我們 - 我們在去年遇到的一些執行問題上取得了很大進展，並談到銷售流失是健康的，並且在銷售 CIC 方面銷售代表的任期增加和生產力是積極的。所以我們仍在做很多事情來改進。順便說一句，這涉及整個公司，無論是在運營上提高我們的效率、有效性、構建更好的產品、更快地構建產品、更好的支持、更好的全面上市運營。所以我們要繼續改進。

I think the one in terms of like modeling and going forward, when we see a quarter of some of these trends turn the other way, whether it's mix of new business to upsell, whether it's deal size, as we mentioned, things like that, that's when we're really going to be comfortable that the macro is past us and the business can achieve greater than the guidance we've outlined.

我認為就建模和未來發展而言，當我們看到這些趨勢中的四分之一轉向另一種方式時，無論是新業務與追加銷售的組合，還是交易規模，正如我們提到的那樣，那時我們真的會感到很舒服，因為宏觀已經過去了，而且企業可以取得比我們概述的指導更大的成就。

Yes. I would just also add to that, that I would say that we remain committed to this profitable growth concept, right? I mean we've been talking about this for a while now, and you can see it in this quarter with the margins that we had, 24% margins; on the free cash flow side, 21-point improvement. Non-GAAP operating margin was strong as well. That was a huge improvement year-over-year. So it's not just -- obviously, we want to grow as fast as we can, but we want to grow responsibly and profitably as we move forward.

是的。我還要補充一點，我會說我們仍然致力於這種盈利增長的概念，對嗎？我的意思是我們已經討論了一段時間了，你可以在這個季度看到我們的利潤率，24%；在自由現金流方面，改善了 21 個百分點。非 GAAP 營業利潤率也很強勁。與去年同期相比，這是一個巨大的進步。所以這不僅僅是 - 顯然，我們希望盡可能快地增長，但我們希望在我們前進的過程中以負責任和盈利的方式增長。

Let's go to Jonathan Ho at William Blair.

讓我們去找威廉·布萊爾的喬納森·何。

Can you maybe help us understand where we are with the sales transition, productivity levels? And maybe what's left to be done at this point? You referenced the sales conditions right here.

您能否幫助我們了解我們在銷售轉型和生產力水平方面的進展情況？也許此時還剩下什麼要做？您在這裡引用了銷售條件。

Jonathan, just to catch people up, so we're really -- so that's 3 quarters into a big change on the clarifying of the positioning of the Workforce Identity Cloud and the Customer Identity Cloud. And that was -- we did that in Q2 of last year, kind of announced it, revealed it to the world in November, so into Q4. This is really -- the end of Q2 here is really the third quarter since it was publicly launched, kind of the fourth quarter since we started working on it internally.

喬納森，只是為了趕上人們，所以我們真的 - 所以在澄清 Workforce Identity Cloud 和 Customer Identity Cloud 的定位方面發生了重大變化的三個季度。那是——我們在去年第二季度就這樣做了，有點宣布了它，在 11 月向世界展示了它，所以進入第四季度。這真的是 - 第二季度末這裡實際上是自公開發布以來的第三季度，是自我們開始內部研究以來的第四季度。

So that was a big milestone behind us. And when we look at evidence of that -- we look for evidence of that, it's resonating. One thing is just the qualitative conversations with customers, conversations with analysts in the market, industry analysts, et cetera, et cetera, and those are all going very well. Quantitatively, what we look at is we look at the numbers I mentioned over and over. It's how many sales reps have done Customer Identity Cloud deals. That's the big new product suite. Doing a deal in there is -- it demonstrates familiarity and capability to do it. It portends the future of being able to do more. So that one has been trending positively and is really in a healthy place. That's a positive thing.

所以這是我們身後的一個重要里程碑。當我們查看這方面的證據時——我們正在尋找這方面的證據，它引起了共鳴。一件事就是與客戶的定性對話，與市場分析師、行業分析師等的對話，這些都進行得非常順利。從數量上講，我們看的是我們一遍又一遍地看我提到的數字。這是有多少銷售代表完成了 Customer Identity Cloud 交易。這就是大型新產品套件。在那裡做一筆交易——它表明了熟悉程度和做這件事的能力。它預示著未來能夠做得更多。因此，該趨勢一直呈積極趨勢，並且確實處於健康狀態。這是一件積極的事情。

That being said, the tuning of go-to-market and the running of the go-to-market machine on a global basis is something we're always improving, whether it's better top-level, more effective campaigns in terms of driving demand generation, whether it's just operationally how we're prosecuting leads to opportunities, how the sales team has taken those opportunities and all the kind of the blocking and tackling of sales -- the sales funnel and the sales machine, we're continuously improving that.

話雖這麼說，在全球範圍內調整上市和上市機器的運行是我們一直在改進的事情，無論是在推動需求方面更好的頂級、更有效的活動一代人，無論是在運營上，我們如何追尋機會，銷售團隊如何抓住這些機會，以及所有阻礙和解決銷售的問題——銷售漏斗和銷售機器，我們正在不斷改進.

I think -- but the big changes we made last year with that clarifying of the Workforce Identity Cloud and the Customer Identity Cloud positioning and some of the changes we talked through at that time. So I guess it's a tale of 2 things. It's getting those big rocks behind us. We're also continuing to make sure the go-to-market machine is humming as effectively as it can. But remember, you have a team that's every quarter, the retention is strong or the attrition is low. You have more ramp, and they've done more deals. And they have more at-bats to do more deals, and they're getting more and more productive, which is a positive signal.

我認為——但我們去年做出了重大改變，澄清了 Workforce Identity Cloud 和 Customer Identity Cloud 的定位，以及我們當時討論的一些改變。所以我想這是一個關於兩件事的故事。它讓我們身後的那些大石頭。我們還將繼續確保上市機器盡可能高效地運轉。但請記住，您的團隊每個季度都存在，保留率高或流失率低。你有更多的坡道，他們完成了更多的交易。他們有更多的機會來做更多的交易，而且他們的工作效率越來越高，這是一個積極的信號。

Yes. I would add 1 comment to that, Jonathan, which is the CIC trend that Todd talked about in terms of participation in the field is getting better. But the other thing that we saw in the quarter, which was a real strength, was cross-selling across all products, like whether it was like more WIC products to a WIC customer or a WIC customer buying CIC. It's actually one of the fastest-growing areas we had in the company and was definitely accretive to growth in the quarter. So we're very excited about that trend because that really shows you're getting a go-to-market organization that has a breadth of understanding of how to pitch the value and how to deliver value to our customer base.

是的。 Jonathan，我要補充 1 條評論，這是 Todd 談到的 CIC 趨勢，在參與該領域方面正在變得更好。但我們在本季度看到的另一件事是所有產品的交叉銷售，這是一個真正的優勢，比如它是向 WIC 客戶提供更多 WIC 產品，還是向 WIC 客戶購買 CIC。它實際上是我們公司增長最快的領域之一，並且肯定會增加本季度的增長。因此，我們對這一趨勢感到非常興奮，因為這確實表明您正在獲得一個進入市場的組織，該組織對如何推銷價值以及如何為我們的客戶群提供價值有廣泛的了解。

Next, we'll go to Ray McDonough at Guggenheim.

接下來，我們將前往古根海姆的 Ray McDonough。

This is Ray McDonough on for John DiFucci. Maybe for you, Todd. How important is bringing IGA and PAM together to help maybe accelerate or ramp adoption of IGA? And I know it's early with the product, but do you see any delay or hesitancy in customers purchasing attention around IGA, just waiting for the full release of PAM to put those 2 solutions together?

我是約翰·迪富奇的雷·麥克唐納 (Ray McDonough)。也許適合你，托德。將 IGA 和 PAM 結合在一起以幫助加速或提升 IGA 的採用有多重要？而且我知道該產品還處於早期階段，但是您是否看到客戶在 IGA 周圍購買關注時有任何延遲或猶豫，只是等待 PAM 的完整髮布以將這兩個解決方案整合在一起？

Yes, it's a really insightful question. We don't. We actually -- the IGA has -- or OIG, Okta Identity Governance, which is our IGA product, has surpassed every goal we've had for it. Hundreds of customers using it. It surpassed the expectations in terms of -- we originally thought it would be more of a mid-enterprise. It's provided value to some of the largest companies as well.

是的，這是一個非常有見地的問題。我們沒有。實際上，我們 - IGA 擁有 - 或 OIG，我們的 IGA 產品 Okta Identity Governance 已經超越了我們為它制定的每一個目標。數以百計的客戶在使用它。它超出了預期——我們最初認為它更像是一家中型企業。它也為一些最大的公司提供了價值。

Another surprising thing is we thought it would be more, hey, greenfield, you don't have any IGA solution. This would be your first one. We actually see it -- we're seeing it be deployed alongside of some of the other solutions in the market, which is -- was a little bit unexpected, a positive thing. And then also even a few times, it's replacing solutions, which surprised me. I didn't think that -- I thought people, once they had something installed, they wouldn't replace particularly the on-premise product with more of the modern, new product that we have. So those are all positive trends.

另一件令人驚訝的事情是我們認為它會更多，嘿，綠地，你沒有任何 IGA 解決方案。這將是你的第一個。我們實際上看到它 - 我們看到它與市場上的其他一些解決方案一起部署，這是 - 有點出乎意料，這是一件積極的事情。然後甚至有幾次，它正在更換解決方案，這讓我感到驚訝。我不認為 - 我認為人們一旦安裝了某些東西，他們就不會用我們擁有的更多現代新產品來替換特別是本地產品。所以這些都是積極的趨勢。

I actually think -- I don't think that people are waiting at all for the integration between -- to go with IGA, for the integration between IGA and Privileged. I do think that the flip will be true. I think that the fact that Privileged has integration to IGA will accelerate Privileged because that's something that hasn't happened before. Privileged resources were really around -- or privileged access management was really around the admin accounts and dealing with those things in somewhat of a silo. And what we're doing is you can have the same kind of access certification, the same kind of reporting and visibility across all your resources that servers, Kubernetes, and you get the governance capabilities with that.

我實際上認為——我不認為人們在等待 IGA 之間的集成，等待 IGA 和 Privileged 之間的集成。我確實認為翻轉將是真實的。我認為 Privileged 與 IGA 的集成這一事實將加速 Privileged，因為這是以前從未發生過的事情。特權資源確實存在——或者說特權訪問管理確實存在於管理員帳戶周圍，並在某種程度上獨立處理這些事情。我們正在做的是，您可以擁有相同類型的訪問認證、相同類型的報告和跨服務器、Kubernetes 的所有資源的可見性，您將獲得治理功能。

So I think there'll be a tailwind there where we're not seeing the hesitancy the other way to -- although I think there could be an upside, but we're just not seeing a lot of people waiting for -- to go with IGA because of the Privileged not being there quite yet.

所以我認為那裡會有順風，我們沒有看到另一種方式的猶豫——雖然我認為可能會有好處，但我們只是沒有看到很多人在等待——去與 IGA 合作，因為 Privileged 還沒有到位。

Next, we'll go to Adam Borg at Stifel.

接下來，我們將前往 Stifel 的 Adam Borg。

Maybe just on the federal vertical. You guys recently talked about Okta for U.S. military. That seems like an interesting announcement. Talked about a growing partnership with (inaudible). So maybe how to think about the federal opportunity more broadly and where you're investing the most there.

也許只是在聯邦垂直領域。你們最近談到了美國軍方的 Okta。這似乎是一個有趣的公告。談到了與（聽不清）的日益增長的伙伴關係。因此，也許如何更廣泛地考慮聯邦機會以及您在那裡投資最多的地方。

Yes, federal -- go ahead, Todd.

是的，聯邦 - 去吧，托德。

Yes, I was going to say it's really an important vertical for us. And we've had a -- you mentioned the [dot-military], the instance for the DoD, which is the dot-military instance. And then also, we achieved FedRAMP High recently, and these are all huge tailwinds to that important business for us. The government is -- and it's not just federal, by the way. It's the state and local as well. Some of our sizable opportunities over the last couple of quarters and over the next few quarters are actually with states, states doing big transformation projects. And yes, we have a big goal and target on federal this year. It's something we invested a lot in, and we're very excited about the potential for that to achieve and even overachieve its targets.

是的，我想說這對我們來說確實是一個重要的垂直領域。我們有一個——你提到了 [dot-military]，即 DoD 的實例，即 dot-military 實例。然後，我們最近達到了 FedRAMP High，這些都是對我們重要業務的巨大推動力。順便說一下，政府是——而且不僅僅是聯邦政府。國家和地方也是如此。在過去幾個季度和接下來的幾個季度中，我們的一些相當大的機會實際上是與各州、各州進行大型轉型項目有關。是的，我們今年有一個很大的聯邦目標。這是我們投入很多的東西，我們對實現甚至超額實現其目標的潛力感到非常興奮。

Yes, I would just add to that in the sense that if you remember last time we spoke for FY '23, federal specifically was the fastest-growing segment we had across the company, and that's a direct result of the focus we put on in FY '23. And I think that's created a lot of momentum for us as we're going to move through this year. I mean you saw the U.S. Air Force Recruiting Service sign-on for us as a customer. So we definitely are excited about the opportunity in the long run.

是的，我只想補充一點，如果你還記得上次我們談到 23 財年時，聯邦特別是我們在整個公司擁有的增長最快的部門，這是我們關注的直接結果23 財年。而且我認為這為我們創造了很大的動力，因為我們將要度過今年。我的意思是你看到美國空軍招募服務作為客戶為我們登錄。所以從長遠來看，我們肯定對這個機會感到興奮。

Let's go to Stefan Schwarz at Wells Fargo.

讓我們去富國銀行的 Stefan Schwarz。

I'm on for Andy Nowinski. Just a quick one. You mentioned PAM is in beta. Any early customer feedback from that?

我支持安迪諾溫斯基。只是一個快速的。您提到 PAM 處於測試階段。有任何早期客戶反饋嗎？

Yes. It's pretty early. It was released, I think, into beta like 6 weeks ago. But yes, they're digging in, and they're -- a lot of these customers are -- they were familiar with the road map, and so they kind of -- they've really kind of honed their evaluation to be really on the sweet side of the product, which is dynamic environments that use a lot of containers, use a lot of cloud instances, want to control those types of environments with the same types of access management primitives like passwordless, like anti-phishing, access management capabilities that the core Okta platform provides. So they're really kind of perfect fits for this.

是的。現在還早。我認為它是在 6 週前發布的 Beta 版。但是，是的，他們正在深入挖掘，而且他們——很多這些客戶——他們熟悉路線圖，所以他們有點——他們真的有點磨練他們的評估是真的在產品的甜蜜方面，這是使用大量容器的動態環境，使用大量雲實例，希望使用相同類型的訪問管理原語（如無密碼、反網絡釣魚、訪問）來控制這些類型的環境核心 Okta 平台提供的管理功能。所以他們真的很適合這個。

So it's off to a very good start. It's early. We expect that the next wave of customers will be much broader, and it will also be customers that maybe weren't as hand-selected. So we'll get a lot of good signal out of this next wave as well.

所以這是一個非常好的開始。現在還早。我們預計下一波客戶將更加廣泛，而且可能不是人工選擇的客戶。所以我們也會從下一波浪潮中得到很多好的信號。

Got it. And then just real quick, any timing on when you might see the next wave of customers?

知道了。然後真的很快，什麼時候可以看到下一波客戶？

So I would -- instead of the exact time on that, I would focus on the fact that we're on track for the end-of-the-year GA.

所以我會 - 而不是確切的時間，我會專注於我們正在按計劃進行年終 GA 的事實。

Next up is Joe Gallo from Jefferies.

接下來是 Jefferies 的 Joe Gallo。

Todd, you've mentioned SIEM being a key focus area this year. Just any quantitative or qualitative update on the performance of SIEM versus Workforce. And then maybe just a quick update on the sales force's comfortability selling SIEM.

Todd，您曾提到 SIEM 是今年的重點關注領域。只是關於 SIEM 與 Workforce 性能的任何定量或定性更新。然後可能只是快速更新銷售人員銷售 SIEM 的舒適度。

Yes. The one -- it is something importantly we watch, and I mentioned a couple of times that just kind of qualitatively, as I have conversations with customers and I do my -- I talk to a lot of customers, and I'm in a lot of both being the executive sponsor for big accounts for Okta but also working with deals and new customers. It's still a relatively small number given the number of 18,000-plus customers and the number of deals we do in a quarter. So I do like to compare the actually quantitative aggregate data with my qualitative data.

是的。一個——這是我們關注的重要事情，我提到過幾次，只是定性地提到，因為我與客戶進行了交談，我做了我的——我與很多客戶交談，我處於許多人既是 Okta 大客戶的執行發起人，又與交易和新客戶打交道。考慮到 18,000 多名客戶的數量和我們在一個季度內完成的交易數量，這仍然是一個相對較小的數字。所以我喜歡將實際定量的聚合數據與我的定性數據進行比較。

But qualitatively, the interest is pretty similar across both. There's big Customer Identity customers. There's important Workforce customers that want us to -- are going through strategic transformations and want to make sure that we're going to be there to support them for massive rollouts and huge investment in Okta. And then when you look at the -- but when you look at the aggregate number, the one that's really important is just the number of sales reps doing these CIC deals. And that's just more at-bats, more repetition. That's going to lead to, I think, a really balanced business going forward and a go-to-market organization that can sell both products at scale.

但從質量上講，兩者的興趣非常相似。有大客戶身份客戶。有重要的勞動力客戶希望我們——正在經歷戰略轉型，並希望確保我們將在那裡支持他們對 Okta 的大規模部署和巨額投資。然後，當您查看 - 但當您查看總數時，真正重要的只是執行這些 CIC 交易的銷售代表的數量。那隻是更多的擊球，更多的重複。我認為，這將導致一個真正平衡的業務向前發展，以及一個可以大規模銷售這兩種產品的上市組織。

The one thing I will say in terms of qualitative as well -- or quantitative as well is that the macro impacts we're talking about, whether we say smaller than average or decrease in the average deal size or it's the tilt toward upsells versus new business, these are across both use cases. These are consistent across Workforce and Customer. We don't -- you might want to -- one of the ideas we had is it would be impacting one more than the other and we don't see that. It's consistent across that, which is also a reason why when you think about market dynamics or pricing or competitive, the 2 businesses have very different competitive sets. And it's interesting that all these trends we track are impacting both the same, which also gives us confidence that it's macro-related.

我要從定性方面或定量方面說的一件事是我們正在談論的宏觀影響，無論我們說的是小於平均水平還是平均交易規模減少，或者是向上銷售與新銷售的傾斜業務，這些都跨越兩個用例。這些在員工和客戶之間是一致的。我們不——你可能想——我們的一個想法是它會比另一個更影響一個，但我們沒有看到這一點。它是一致的，這也是為什麼當你考慮市場動態、定價或競爭時，這兩家企業的競爭格局截然不同的原因。有趣的是，我們跟踪的所有這些趨勢都對兩者產生了相同的影響，這也讓我們相信它與宏觀相關。

Yes, I just would add to that in the sense that if you heard my comment a second ago around our cross-selling across the business, whether it's intra-cloud or inter-cloud, was really good. One of the bright spots in that was the cross-selling of CIC into other types of customers. So it's another good positive sign inside what we're seeing in the execution of the organization.

是的，我只是想補充一點，如果你在一秒鐘前聽到我關於我們跨業務交叉銷售的評論，無論是雲內還是雲間，都非常好。其中的亮點之一是將 CIC 交叉銷售給其他類型的客戶。因此，這是我們在組織執行中看到的另一個良好的積極信號。

Next, we'll go to Fred Havemeyer at Macquarie.

接下來，我們將前往 Macquarie 的 Fred Havemeyer。

I'm sorry to return the conversation back to macro...

很抱歉將對話返回到宏...

No worries at all.

完全不用擔心。

I'm hoping to get a better picture or a more intuitive understanding about kind of where the macro headwinds are originating. So wanted to ask if you could elaborate about just is this something that could be coupled, perhaps the layoffs and hiring freezes that are ongoing ubiquitously across a whole range of markets? Or is this something perhaps more related to just general cost controls within organizations? Or is it something completely different?

我希望能更好地了解或更直觀地了解宏觀逆風的來源。所以想問問你是否可以詳細說明這是否可以耦合，也許是在整個市場範圍內普遍存在的裁員和招聘凍結？或者這可能與組織內的一般成本控制更相關？還是完全不同的東西？

I would say it's a mix of both of what you just said because when you look at the Workforce Identity Cloud, you heard me talk about seat expansions. Well, the seat expansions are really our customers' employees, right? They don't have as many as they expected, so they're not going to buy more, or maybe they have less than they had when they originally contractually agreed with us. So -- and that's happening, by the way, on the CIC side, the Customer Identity Cloud side as well.

我會說這是你剛才所說的兩者的混合，因為當你查看 Workforce Identity Cloud 時，你聽到我談論席位擴展。那麼，座位擴展實際上是我們客戶的員工，對嗎？他們沒有他們預期的那麼多，所以他們不會購買更多，或者他們可能比他們最初與我們簽訂合同時擁有的更少。所以 - 順便說一下，在 CIC 方面，Customer Identity Cloud 方面也正在發生這種情況。

We're seeing the commitments to and expectations around their own websites or their own customer-facing applications being a little less so. So we're seeing that component, but then we're also seeing, if you look at contract durations, seeing how they're a little bit shorter than normal. I think people are just being more thoughtful about the uncertainty out there in the macro. That's all the quantitative we can see.

我們看到他們對自己的網站或面向客戶的應用程序的承諾和期望有所降低。所以我們看到了那個部分，但如果你看一下合同期限，我們也會看到它們比正常情況短了一點。我認為人們只是對宏觀的不確定性更加深思熟慮。這就是我們能看到的所有數量。

There's also the qualitative that we hear from the field of budgets being reduced a little bit or, hey, the CFO and procurement being a little slower to close deals because they want to be thoughtful about how they enter into contracts. So we're seeing a variety of those things, of what you just said, Fred. So I think you've got it spot on.

我們從預算領域聽到的定性也有所減少，或者，嘿，首席財務官和採購部門完成交易的速度有點慢，因為他們想考慮如何簽訂合同。所以我們看到了各種各樣的事情，你剛才說的，弗雷德。所以我認為你已經明白了。

Let's go to Shrenik Kothari at Baird.

讓我們去 Baird 的 Shrenik Kothari。

So on the positive side, I know Brett mentioned that you guys have seen strong growth in cross-sell across products. So I'm assuming it's both Customer Identity as well as IGA beginning to move the needle in terms of ACV. But I mean since you guys mentioned about the future of Identity Governance, you guys are seeing almost 1/3 or more of the total kind of Workforce Identity Cloud spend going to OIG.

所以從積極的方面來說，我知道布雷特提到你們已經看到跨產品交叉銷售的強勁增長。因此，我假設是客戶身份和 IGA 開始在 ACV 方面發揮作用。但我的意思是，自從你們提到身份治理的未來，你們看到將近 1/3 或更多的 Workforce Identity Cloud 支出用於 OIG。

So just wondering, and I think you touched upon it in terms of essentially the majority of the business still being greenfield, but the replacements are also in terms of your ability to win and RFPs exceeding your expectations. So can you provide some more color there? Has there been more replacements compared to last quarter in terms of the mix, how that's trending?

所以只是想知道，我認為你談到了這一點，基本上大部分業務仍然是綠地，但替代品也是在你獲勝的能力和超出你預期的 RFP 方面。那麼你能在那裡提供更多顏色嗎？與上一季度相比，在組合方面是否有更多的替代品，趨勢如何？

Yes. I think it's a really good -- it's some really good questions there. I'll separate the kind of aggregate statistics of the healthy cross-sell and upsell numbers. So this is inclusive of you have a Workforce. You add multi-factor. You have single sign-on. You add advanced multi-factor or governance. So there's -- it's upsell products within Workforce. It's also upsells -- sorry, cross-sells within Workforce. It's also cross-sells where you have Workforce and you buy Customer or you buy Customer -- you have Customer and you buy Workforce. So that's just in the data holistically.

是的。我認為這真的很好——那裡有一些非常好的問題。我將把健康的交叉銷售和追加銷售數字的匯總統計數據分開。所以這包括你有一個勞動力。您添加多因素。您有單點登錄。您添加高級多因素或治理。所以有 - 它是 Workforce 中的追加銷售產品。它也是追加銷售——抱歉，是勞動力內部的交叉銷售。它也是交叉銷售，你有勞動力，你購買客戶，或者你購買客戶——你有客戶，你購買勞動力。所以這只是整體上的數據。

So IGA, it's off to a strong start, but it's only in the hundreds of customers. So it's very optimistic, but I don't -- it's not really moving that needle yet. We think it will over time. But it is off to a very fast start. And I think one thing that -- just to clarify what I said, I think that our assumption was that it would be more greenfield. It's a very -- it's a modern IGA. It's super integrated with access management. It's -- it covers all of the basic use cases and all the integrations that a customer that is more cloud-centric and modern in their technical architecture want to need -- would want or need. And the -- so I thought it would be more greenfield.

IGA 開局不錯，但只有數百名客戶。所以它非常樂觀，但我不——它還沒有真正移動那根針。我們認為它會隨著時間的推移。但這是一個非常快速的開始。我認為有一件事 - 只是為了澄清我所說的，我認為我們的假設是它會更多。這是一個非常 - 這是一個現代 IGA。它與訪問管理超級集成。它 - 它涵蓋了所有基本用例以及所有以雲為中心和技術架構更現代的客戶想要的所有集成 - 想要或需要的。而且 - 所以我認為它會更綠地。

The surprising thing is that it's being installed next to legacy deployments. So even though they chose a legacy vendor, for whatever reason, they couldn't expand it fast enough, they didn't get the value or it didn't get as broad as they want it to. They're putting Okta Identity Governance next to it for kind of -- and surrounding it in that.

令人驚訝的是它被安裝在遺留部署旁邊。因此，即使他們選擇了一家傳統供應商，無論出於何種原因，他們都無法足夠快地擴展它，他們沒有獲得價值，或者它沒有像他們想要的那樣廣泛。他們將 Okta Identity Governance 放在它旁邊 - 並圍繞它。

I don't -- we have seen a couple of replacements, but I think full rip-outs of an IGA solution are going to be relatively rare. I think once people get these things installed, they work and they don't touch them. But we also think there's a big opportunity to -- I mean, the IGA market right now is not that big. We think with a great product like Okta Identity Governance, we can make it much, much larger. And that's why these early trends are super exciting.

我沒有——我們已經看到了幾個替代品，但我認為完全淘汰 IGA 解決方案的情況相對較少。我認為一旦人們安裝了這些東西，它們就可以工作並且不會碰它們。但我們也認為有很大的機會——我的意思是，目前的 IGA 市場並不那麼大。我們認為，有了像 Okta Identity Governance 這樣的優秀產品，我們可以讓它變得更大、更大。這就是為什麼這些早期趨勢非常令人興奮。

Next up, let's go to Scotiabank.

接下來，讓我們去豐業銀行。

This is Joe Vandrick on for Patrick Colville. So going back to the governance product, adding an incremental 33% or so to customer spend for those who adopt it, should we expect a similar uplift for customers who adopt PAM once that's rolled out?

這是帕特里克科爾維爾的喬范德里克。因此，回到治理產品，為採用它的客戶增加 33% 左右的增量，我們是否應該期望一旦推出後採用 PAM 的客戶也會有類似的提升？

Yes, I think that's realistic. We want to see it in the market and see it contribute that because that 1/3 increase is based on looking at customers in the market, hundreds of customers. So when we look at PAM right now, we see kind of the pricing of it, and we model it out. We think it could be that -- contribute that much. But we want to see it actually before we're as confident as what we're seeing in Okta Identity Governance.

是的，我認為這是現實的。我們希望在市場上看到它並看到它做出貢獻，因為 1/3 的增長是基於觀察市場上的客戶，數百名客戶。因此，當我們現在查看 PAM 時，我們會看到它的定價，然後我們對其進行建模。我們認為可能是——貢獻那麼多。但我們希望在我們像在 Okta Identity Governance 中看到的那樣充滿信心之前真正看到它。

Okay. Let's go to Madeline Brooks at BofA.

好的。讓我們去美國銀行的瑪德琳布魯克斯。

Just one clarifying question and then one quick follow-up. I guess on the cRPO guide, if I'm thinking about the impact from Auth0 integration last year, can you just give us some parameters on how large that is? I mean a 1% impact is very different from 5% impact.

只是一個澄清問題，然後是一個快速跟進。我想在 cRPO 指南中，如果我考慮去年 Auth0 集成的影響，你能給我們一些關於它有多大的參數嗎？我的意思是 1% 的影響與 5% 的影響截然不同。

You mean like the impact associated from the Customer Identity Cloud selling last year?

您的意思是像去年 Customer Identity Cloud 銷售的相關影響？

Right. And some of the selling issues and how that's reflected in cRPO growth.

正確的。還有一些銷售問題以及它如何反映在 cRPO 增長中。

Got it. Look, I couldn't give you the exact percentage. I mean obviously, it creates a headwind for us, both on revenue and cRPO because we didn't execute as well as we want. But obviously, as you've heard today, we feel like we've turned the corner on a lot of those execution issues. And we've actually had quite a nice quarter, both top line and bottom line. So yes, I can't give you an exact number.

知道了。聽著，我不能給你確切的百分比。我的意思是，很明顯，它在收入和 cRPO 方面對我們造成了不利影響，因為我們沒有按照我們想要的那樣執行。但顯然，正如您今天所聽到的那樣，我們覺得我們已經在很多執行問題上度過了難關。我們實際上有一個相當不錯的季度，無論是頂線還是底線。所以是的，我不能給你一個確切的數字。

Okay. Got it. No worries. And then on the Customer side, too, I mean, I know you said that there's no -- you guys aren't seeing an impact -- a difference from macro impact on that. But given that Customer is a little bit more of a transformational project, if we think forward as to how the year is going to go, are you forecasting any slowdown on the Customer side because of that? And if you look forward to it, Brett, you mentioned that you are having a little bit more conservative going forward. So where is that conservatism coming from? Is it still assuming you're going to see similar impacts on both product lines?

好的。知道了。不用擔心。然後在客戶方面，我的意思是，我知道你說過沒有 - 你們沒有看到影響 - 與對此的宏觀影響不同。但考慮到客戶更多是一個轉型項目，如果我們考慮今年的情況，您是否預測客戶方面會因此而放緩？如果你期待它，布雷特，你提到你在未來會更加保守。那麼保守主義從何而來？它是否仍然假設您將看到對兩條產品線的類似影響？

The guidance right now assumes it's -- it gets worse in both product lines because we are seeing the impact in both product lines. So that's really how we're thinking about it going forward.

現在的指導假設是——兩條產品線的情況都變得更糟，因為我們看到了兩條產品線的影響。所以這就是我們未來的思考方式。

Let's go to Keith Bachman at BMO.

讓我們去找 BMO 的 Keith Bachman。

I wanted to ask Brett for a second. If you could talk a little bit about the net retention rate, the latest 12 months number. And so presumably, this quarter was a pretty big step down on a quarter-over-quarter basis. But how should investors be thinking about the net retention rate as we look out over the next couple of quarters?

我想問布雷特一秒鐘。如果你能談談淨保留率，最近 12 個月的數字。因此，據推測，本季度環比下降了相當大的一步。但是，在我們展望未來幾個季度時，投資者應該如何考慮淨保留率？

And related to that, you've talked about IGA and PAM and presumably some other products being interesting to customers. And so if the macro just stays the same or maybe gets a little bit worse, if we think over the next 2 to 4 quarters, how might these products really be able to help the mix or the upsell, if you will? Because what I think investors are really struggling with is the cRPO guide is candidly deemed to be disappointing. But the larger question is, is that 14% to 15%, is that the bottom? Or does it get worse from here?

與此相關的是，您談到了 IGA 和 PAM 以及客戶可能感興趣的其他一些產品。因此，如果宏觀保持不變或者可能變得更糟，如果我們考慮接下來的 2 到 4 個季度，這些產品如何真正能夠幫助混合或追加銷售，如果你願意的話？因為我認為投資者真正苦苦掙扎的是 cRPO 指南被坦率地認為是令人失望的。但更大的問題是，14% 到 15%，是底部嗎？或者從這裡開始變得更糟？

Yes. Okay. So in terms of net retention rate, the decline quarter-over-quarter from 120% to 117%, like we spoke about previously, we did expect the number to decline, and they were for 2 reasons. If you remember last time, I talked about macro worsening, and we basically spent most of this call talking about macro worsening. So it definitely kind of played out like we thought it was. You can see it due to seat expansion stats that we talked about today.

是的。好的。因此，就淨保留率而言，環比下降從 120% 下降到 117%，就像我們之前談到的那樣，我們確實預計這個數字會下降，原因有兩個。如果你還記得上次，我談到了宏觀惡化，我們基本上把這次電話的大部分時間都花在了宏觀惡化上。所以它確實像我們想像的那樣發揮了作用。由於我們今天談到的座位擴展統計數據，您可以看到它。

The other thing we talked about is why we thought it was going to drop throughout FY '24 was around FY '23 customer adds. We didn't add as much new business in new customers in FY '23, thus makes it less customers to upsell into in FY '24. Both of those obviously came to fruition. 117% is where we landed. But the thing that I want to make sure everybody is very clear on is that the gross retention rate has remained stable in that mid-90% range. And we do expect that to continue throughout the balance of FY '24.

我們談到的另一件事是為什麼我們認為它會在整個 24 財年下降，大約是在 23 財年左右客戶增加。我們在 23 財年沒有在新客戶中增加那麼多新業務，因此在 24 財年追加銷售的客戶減少了。這兩個顯然都實現了。 117% 是我們著陸的地方。但我想確保每個人都非常清楚的是，總保留率一直保持穩定在 90% 的中間範圍內。我們確實希望在整個 24 財年的剩餘時間裡繼續這樣做。

In terms of those 2 other factors, which basically influence your upsell rate, the upsell rate is basically the difference between net retention rate and gross retention rate, we do believe that there's a continued headwind through the year, and we do believe we tick down from here in terms of net retention rate through the balance of FY '24.

就其他兩個主要影響追加銷售率的因素而言，追加銷售率基本上是淨保留率和總保留率之間的差異，我們確實認為這一年持續存在逆風，我們確實相信我們會下降從這裡到 24 財年餘額的淨保留率。

Now to your question on OIG and PAM, yes, obviously, we're actively working that to have those offset those seat expansions, but I mean, OIG, off to a great start, as you've heard Todd talk about. But the numbers are still small. We all need hundreds of customers versus 18,000-plus customers, right? And then PAM is only going GA at the very end of the year. So we'll see the effect from PAM more likely in '25 and '26. So that's how I would think about net retention going forward.

現在回答你關於 OIG 和 PAM 的問題，是的，很明顯，我們正在積極努力，以抵消那些席位擴張，但我的意思是，OIG，正如你聽到托德所說的那樣，開局很好。但人數仍然很少。我們都需要數百個客戶而不是 18,000 多個客戶，對嗎？然後 PAM 將在今年年底才正式發布。因此，我們將更有可能在 25 年和 26 年看到 PAM 的影響。這就是我對未來淨保留的看法。

Yes. The other thing, too, is that when you think about the products to potentially upsell, the Customer Identity or Workforce Identity, selling Workforce Identity to someone that has Customer or a Customer that has some in the Workforce is a way bigger impact than PAM and IGA at this point. That could change next year or '26, but for this year, the big upsell opportunities are selling the other cloud.

是的。另一件事是，當您考慮可能追加銷售的產品時，客戶身份或員工身份，將員工身份出售給擁有客戶的人或擁有員工的客戶比 PAM 影響更大，並且IGA 在這一點上。這可能會在明年或 26 年改變，但今年，最大的追加銷售機會是銷售另一個雲。

Okay. And just to finish off though, is there anything you want to say about the cRPO growth? I mean can you say this was the bottom? Or is it just too hard to call at this point?

好的。最後，關於 cRPO 的增長，你有什麼想說的嗎？我的意思是你能說這是底部嗎？還是現在打電話太難了？

We'll update you as we go. Obviously, it's a fluid macro environment, and so we don't want to get too far out in front of ourselves at this point.

我們會隨時為您更新。顯然，這是一個流動的宏觀環境，所以我們現在不想在自己面前走得太遠。

I know we're a little bit past the top of the hour, but we'll go into overtime a little bit more here, try to get to a few more questions. So next, let's go to Gabriela Borges at Goldman.

我知道我們已經過了一點點，但我們會在這裡加班多一點，試著再回答幾個問題。那麼接下來，讓我們去高盛的加布里埃拉博爾赫斯。

I want to stay on the topic of net retention. Brett, could you remind us, what percentage or how do you think about net retention split between upsell? If you look back over the past couple of years, how much has seat count growth or classic upsell contributed to net retention versus how much is cross-sell today?

我想留在淨保留的話題上。布雷特，您能否提醒我們，您如何看待追加銷售之間的淨留存率分配百分比或如何？如果回顧過去幾年，座位數增長或經典追加銷售對淨保留率的貢獻與今天的交叉銷售有多少？

So that was what I was saying earlier, which is seat expansion definitely was a headwind to growth and also a headwind to net retention in Q1. And we do expect that to continue to be a headwind as we move forward given our lens on macro and what we're seeing. So cross-sell had a nice quarter, like you've heard us say, but it's really that seat expansion is really what we're seeing is -- and when I say seats, to be very clear, it's both seats on the Workforce side and MAUs on the Customer side. So we're seeing it in both sides of the business. And we do believe that continues to be a headwind throughout the balance of FY '24.

所以這就是我之前所說的，即席位擴張肯定是增長的逆風，也是第一季度淨保留的逆風。鑑於我們對宏觀的看法和我們所看到的，我們確實預計隨著我們前進，這將繼續成為逆風。所以交叉銷售有一個很好的季度，就像你聽到我們說的那樣，但我們所看到的確實是席位擴展 - 當我說席位時，非常清楚，這兩個席位都是勞動力端和客戶端的 MAU。因此，我們在業務的兩方面都看到了這一點。我們確實相信，在整個 24 財年的剩餘時間內，這仍然是一個不利因素。

Is there a way to think about what the typical magnitude of contribution would be in a normal year from classic upsell (inaudible) MAUs?

有沒有辦法考慮經典追加銷售（聽不清）MAU 在正常年份的典型貢獻量是多少？

It varies from year to year, but it's been a mix between the 2. It hasn't been like 90-10, one or the other, right? It's been a mix between the 2.

它每年都不同，但它是兩者之間的混合。它不像 90-10，一個或另一個，對吧？這是兩者之間的混合。

Let's go to Eric Heath at KeyBanc.

讓我們去找 KeyBanc 的 Eric Heath。

Just a question for you. I mean Microsoft last week at their Build conference announced kind of a new program or a new product around SIEM. So just curious to get your initial thoughts here on kind of that product and maybe how that may alter the competitive landscape, if you will.

只是問你一個問題。我的意思是微軟上週在他們的 Build 會議上宣布了一種圍繞 SIEM 的新計劃或新產品。所以很想知道你對那種產品的初步想法，如果你願意的話，也許這會如何改變競爭格局。

Yes, I'm not -- I didn't pay attention to it. I'm not familiar with that announcement, so I can't comment on that specifically. But I do know that it's just -- they've tried customer identity stuff in the past. I think it's just pretty different than the -- it's pretty different than -- their workforce identity picture is. It's kind of like identity as part of your e-mail. And the whole focus of their identity program really is to be identity for e-mail and then by extension, be identity for security. And it's just a pretty different motion than Customer Identity and having a great developer experience and having the integrations that you have to have on the customer identity side.

是的，我不是——我沒有註意它。我不熟悉那個公告，所以我不能具體評論。但我確實知道這只是 - 他們過去曾嘗試過客戶身份信息。我認為這與他們的員工形象非常不同——非常不同。這有點像作為電子郵件一部分的身份。他們的身份計劃的全部重點實際上是成為電子郵件的身份，然後推而廣之，成為安全的身份。這與客戶身份完全不同，並且擁有出色的開發人員體驗以及在客戶身份方面必須具備的集成。

So I think -- I don't know the specifics, but it's just a pretty different world, and I think that's why we're pretty unique to have such scaled businesses in both. By far, the biggest customer identity vendor, it's a pretty -- it's important to bring both to customers, but one of the reasons why it's so valuable from a company perspective from -- to be that vendor is because you have to really build 2 muscles to do it successfully, which is what we've done.

所以我認為——我不知道具體細節，但這只是一個完全不同的世界，我認為這就是為什麼我們在這兩個領域都擁有如此規模的業務是非常獨特的。到目前為止，最大的客戶身份供應商，它很漂亮 - 將兩者都帶給客戶很重要，但從公司的角度來看它如此有價值的原因之一 - 成為該供應商是因為你必須真正構建 2成功地做到這一點的肌肉，這就是我們所做的。

Let's go to Brian Wilcox at Cleveland.

讓我們去克利夫蘭的 Brian Wilcox。

Could you talk about the contribution you're seeing from cloud marketplace transactions? And how do you think about that channel longer term given we're hearing many customers are using it as a way to work down cloud -- excess cloud commits?

您能談談您從雲市場交易中看到的貢獻嗎？考慮到我們聽說許多客戶正在使用它作為一種在雲下工作的方式——過多的雲承諾，您如何看待該渠道的長期發展？

Yes. We're definitely seeing that as well. The AWS Marketplace has been pretty successful for us. It's still relatively small in terms of our partner channels, but it's growing quite rapidly. And the same thing, it sounds like you've heard, we hear as well. Customers like they can spend their enterprise credits that they've purchased. They can spend it on Okta through the marketplace. That's pretty compelling to them.

是的。我們肯定也看到了這一點。 AWS Marketplace 對我們來說非常成功。就我們的合作夥伴渠道而言，它仍然相對較小，但增長非常迅速。同樣的事情，聽起來你好像聽說過，我們也聽說過。客戶喜歡他們可以使用他們購買的企業積分。他們可以通過市場將其花在 Okta 上。這對他們來說非常有吸引力。

But I think there's a bigger reason why Amazon is a really good partner for us and customers use the marketplace. And that's because if a customer has Okta, that means that they're more likely to use a choice of cloud providers versus being locked into one. And that's -- I think that's why it resonates to not just Amazon but a lot of the partners that we have, whether it's -- we talked about the Google announcement, the Zoom announcement. One of our big value props is our independence and our neutrality.

但我認為亞馬遜成為我們的好合作夥伴以及客戶使用該市場還有一個更大的原因。那是因為如果客戶擁有 Okta，這意味著他們更有可能選擇使用雲提供商，而不是被鎖定在一個雲提供商中。這就是——我認為這就是為什麼它不僅引起了亞馬遜的共鳴，而且引起了我們擁有的許多合作夥伴的共鳴，無論是——我們談到了谷歌的公告，Zoom 的公告。我們的一大價值支柱是我們的獨立性和中立性。

And some of that is just the way we build features and how they're not beholden to kind of shuttling certain technology to customers. But it's also the ecosystems and the partner's ability to work with us, whether it's Google Workspace or Amazon or Zoom we talked about or the hundreds and hundreds of other big-scale technology vendors that have an interest in there having to be choice in an ecosystem. We're ready and willing and capable partner for them.

其中一些只是我們構建功能的方式，以及他們如何不依賴於將某些技術傳遞給客戶。但這也是生態系統和合作夥伴與我們合作的能力，無論是我們談到的 Google Workspace、亞馬遜或 Zoom，還是對生態系統感興趣的數百家其他大型技術供應商必須在生態系統中做出選擇.我們已經準備好、願意和有能力成為他們的合作夥伴。

Let's go to Matt Hedberg at RBC.

讓我們去 RBC 的 Matt Hedberg。

So there's been a lot of talk about better cross-sell and upsell within your base versus new logos. I'm curious, Todd, when you look at the new logo side, how do you think we could start to unlock the broader legacy identity access management replacement? Like there's hundreds, if not billions of dollars out there on the legacy side seemingly waiting to be sort of like unlocked.

因此，有很多關於在您的基礎上與新徽標相比更好的交叉銷售和追加銷售的討論。托德，我很好奇，當您看到新徽標方面時，您認為我們如何才能開始解鎖更廣泛的傳統身份訪問管理替代品？就像在遺留方面有數百甚至數十億美元似乎在等待被解鎖一樣。

Yes. It's -- so I think I've said this before for folks that have listened to the calls and I've had the pleasure to meet and talk to. I think the biggest opportunity for Okta is really the mass -- which is coming, the mass movement of people to do security and identity from the cloud, whether that's on the workforce side, where the default in especially large organizations, the default is just to kind of do it in their own data center and do it on-premise, do it in their own office and their own -- they think about the old world of local area networks and VPNs.

是的。這是——所以我想我之前已經對那些聽過電話的人說過這句話，我很高興見到他們並與之交談。我認為 Okta 最大的機會真的是大眾——即將到來，人們從雲中進行安全和身份驗證的大眾運動，無論是在勞動力方面，尤其是大型組織中的默認設置，默認設置只是在他們自己的數據中心和內部部署，在他們自己的辦公室和他們自己的辦公室裡做——他們想到了局域網和 VPN 的舊世界。

And on the customer identity side, it's just kind of build it yourself. So the -- I guess the good news and the bad news is that -- the good news is that it's changing. I guess the bad news is that, I think in cases the -- maybe people being more conservative with technology investments and some questions about the macro economy can slow down some of that big change that would lead them up to a place where they want to -- they've chosen so much modern SaaS applications or so much cloud infrastructure or so much security stack outside of their own firewall, that now they're going to choose a cloud-based identity provider. They might be, in some cases, more reticent to do that in a macro environment that's maybe softer.

在客戶身份方面，它只是你自己構建的。所以——我想好消息和壞消息是——好消息是它正在改變。我想壞消息是，我認為在某些情況下——也許人們對技術投資更加保守，並且對宏觀經濟的一些問題可能會減緩一些重大變化，這些變化將導致他們到達他們想要的地方——他們已經選擇瞭如此多的現代 SaaS 應用程序或如此多的雲基礎設施或如此多的安全堆棧在他們自己的防火牆之外，現在他們將選擇一個基於雲的身份提供商。在某些情況下，他們可能更不願意在可能更溫和的宏觀環境中這樣做。

So what that means is that our strategy is really we look for companies and we look for opportunities that are going through change, whether it's -- they are adopting apps or they're adopting cloud infrastructure or they're maybe doing M&A, merging things together, divesting things, something that's a catalyst for change, and that's when we do very well.

所以這意味著我們的戰略實際上是我們尋找公司，我們尋找正在經歷變革的機會，無論是——他們正在採用應用程序，他們正在採用雲基礎設施，或者他們可能正在進行併購，合併事物一起，剝離東西，這是變革的催化劑，那是我們做得很好的時候。

So I think, how do you unlock that? Well, one thing you do is you keep having success with customers, and you keep building great products, and you keep building a company that can help customers when they're ready. And then the other part of it is just it's kind of inevitable. I mean it's going to change. Technology is going to move forward. Companies are going to make these investments, and we're going to be there to provide the identity solution when they do.

所以我想，你如何解鎖它？好吧，你要做的一件事就是不斷在客戶方面取得成功，不斷打造出色的產品，不斷打造一家可以在客戶準備就緒時為他們提供幫助的公司。然後它的另一部分是不可避免的。我的意思是它會改變。技術將向前發展。公司將進行這些投資，而我們將在那裡提供身份解決方案。

Maybe we can get these last 2 quickly. We'll go to Peter Weed at Bernstein.

也許我們可以快速獲得最後 2 個。我們會去伯恩斯坦的 Peter Weed。

One of the things that I'm kind of taking out of some of your guidance and numbers here is -- and look, I get that some deals slipped into the next quarter that you had anticipated to get in this quarter. But it looks like you have yourself kind of reaccelerating a bit into the next quarter and actually even more in the second half of this year. And it's modest, obviously, but hopefully, those are conservative and might imply that you've got some optimism for reacceleration. What's giving you that sense of optimism and continuing to kind of raise your full year guide and perhaps quarter-over-quarter acceleration in the second half?

我要從你的一些指導和數字中取出的一件事是 - 看，我知道一些交易進入了你預計在本季度獲得的下一季度。但看起來你自己在下個季度有點重新加速，實際上在今年下半年甚至更多。顯然，它是適度的，但希望這些是保守的，並且可能意味著你對重新加速持樂觀態度。是什麼讓你感到樂觀，並繼續提高你的全年指導，並可能在下半年實現季度環比加速？

Yes. I mean I think for us, when we're thinking about the guidance, I mean, I don't think we're getting overly aggressive here. I think we're obviously being prudent with the environment. And we've seen some good execution in the quarter. And so we're obviously balancing that off with the effect from the macro. So that's really how we're thinking about the guidance.

是的。我的意思是我認為我們在考慮指導時，我的意思是，我不認為我們在這裡變得過於激進。我認為我們顯然對環境持謹慎態度。我們在本季度看到了一些良好的執行情況。因此，我們顯然正在平衡它與宏觀的影響。這就是我們考慮指南的真正方式。

Yes. Let's take our last question from Param Singh.

是的。讓我們來看看 Param Singh 的最後一個問題。

This is Param Singh on for Ittai Kidron. So firstly, I wanted to get a sense of, between the Customer Identity Cloud and the Workforce Cloud, how much of a cross-sell opportunity still exists. I mean just trying to get a sense of, out of the 18,000 customers, how many use bulk. And then I had a quick follow-up.

我是 Ittai Kidron 的 Param Singh。所以首先，我想了解一下，在客戶身份雲和勞動力雲之間，還有多少交叉銷售機會存在。我的意思是只是想了解一下，在 18,000 名客戶中，有多少人使用批量。然後我進行了快速跟進。

The -- I think the opportunity is huge. I think just the Customer Identity and Workforce Identity, if our existing 18,000 customers had both fully, all the products in both clouds, would power success for many, many quarters.

- 我認為機會是巨大的。我認為只有客戶身份和員工身份，如果我們現有的 18,000 名客戶完全擁有這兩種雲中的所有產品，就會在很多很多方面取得成功。

I would say -- I would actually say years.

我會說——我實際上會說多年。

Yes, many, many quarters, like all for us.

是的，很多很多宿舍，就像我們所有的宿捨一樣。

Is there any way to quantify that? You have like 15%, 20%, 50%?

有什麼方法可以量化嗎？你有 15%、20%、50% 嗎？

It's interesting. So we've done some work on this. The tricky part about it is trying to uniformly, across 18,000 customers, quantify the Customer Identity side of it because you have to -- it's not like Workforce where you can say how many employees, making assumptions about partners and contractors and then look at the spend. With Customer, you have to kind of make a leap about when's the next ChatGPT or how much digital transformation are these industries going to go through broadly. So it's a little bit harder to calculate, but we know enough to know that it's -- if we execute, we have a big opportunity.

這真有趣。所以我們在這方面做了一些工作。它的棘手部分是試圖在 18,000 名客戶中統一量化它的客戶身份方面，因為你必須——它不像勞動力，你可以說有多少員工，對合作夥伴和承包商做出假設，然後查看花費。對於 Customer，您必須就下一個 ChatGPT 何時到來或這些行業將廣泛經歷多少數字化轉型做出飛躍。所以計算起來有點困難，但我們知道的足夠多——如果我們執行，我們就有很大的機會。

And then the real quick follow-up was, do you think you're rightsized with the restructuring you had in the first quarter? Or do you think there's some more opportunity here to trim fat here and there?

然後真正的快速跟進是，你認為你在第一季度進行的重組是否合適？還是您認為這里和那裡有更多機會來減少脂肪？

We think the plan is -- in terms of the guidance and the profitability and the profitable growth, we think it's a good plan. We're always looking...

我們認為該計劃是——就指導、盈利能力和盈利增長而言，我們認為這是一個很好的計劃。我們一直在尋找...

You think you're [rightsized] at this time?

你認為你現在 [rightsized] 了？

We think it's a good plan, yes. Yes.

我們認為這是一個好計劃，是的。是的。

Well, great. We appreciate everybody attending today. Before you go, I wanted to let you know that we'll be attending the Mizuho Cyber Summit virtual event on June 12. We'll also be participating in several bus tours this June, and we hope to see you at one of those events. So that's it for today's meeting. And if you have any follow-up questions, you can e-mail us at investor@okta.com.

好吧，太好了。我們感謝今天出席的每一位。在你走之前，我想讓你知道我們將參加 6 月 12 日的瑞穗網絡峰會虛擬活動。今年 6 月我們還將參加幾次巴士之旅，我們希望能在其中一次活動中見到你.這就是今天的會議。如果您有任何後續問題，可以發送電子郵件至 investor@okta.com。

Thanks, everyone.

感謝大家。