Okta Inc (OKTA) 2024 Q2 法說會逐字稿

Hi, everybody. Welcome to Okta's Second 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 財年第二季度收益網絡廣播。我是戴夫·根納雷利 (Dave Gennarelli)，Okta 投資者關係高級副總裁。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托德·麥金農 (Todd McKinnon)；以及我們的首席財務官 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.

今天的會議將包括根據 1995 年《私人證券訴訟改革法案》安全港條款做出的前瞻性聲明，包括但不限於有關我們的財務前景和市場定位的聲明。前瞻性陳述涉及已知和未知的風險和不確定性，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 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-Q.

前瞻性陳述僅代表我們管理層截至做出之日的信念和假設。有關可能影響我們財務業績的因素的信息包含在我們不時向 SEC 提交的文件中，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. 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，我們將討論非公認會計原則的財務指標，儘管我們可能不會在會議期間明確說明，但所有提及盈利能力的內容都是非公認會計原則的。這些非公認會計原則財務指標是對根據公認會計原則編制的財務業績指標的補充，而不是替代或優於這些指標。我們的收益報告中提供了 GAAP 和非 GAAP 財務指標之間的對賬，以及使用非 GAAP 指標與最接近的 GAAP 指標相比使用非 GAAP 指標的局限性的討論。您還可以在我們的補充財務材料中找到更多詳細信息，其中包括趨勢財務報表和我們投資者關係網站上發布的關鍵指標。

In today's meeting, we will quote a number of numeric or 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，我們在討論我們的財務業績時將引用一些數字或增長變化。除非另有說明，否則每個此類參考都代表逐年比較。

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

現在我想把會議交給托德·麥金農。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 focus on improving execution and efficiency has delivered solid top line results, along with significant improvements to operating profit and cash flow. Brett will walk you through more of the financial details and discuss why we believe the macroeconomic environment, while still challenging, has stabilized relative to the last few quarters.

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獨立身份合作夥伴的地位。我們專注於提高執行力和效率，帶來了堅實的營收成果，同時營業利潤和現金流也得到了顯著改善。布雷特將向您介紹更多財務細節，並討論為什麼我們認為宏觀經濟環境雖然仍然充滿挑戰，但相對於過去幾個季度已經穩定下來。

I'll now cover some of the highlights and achievements in the quarter that we believe position Okta for long-term success. I'll start with a few notable examples of customer wins and upsells in Q2, which come from a wide range of industries.

現在我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有助於 Okta 取得長期成功。我將從第二季度贏得客戶和追加銷售的幾個著名示例開始，這些示例來自各個行業。

An exciting new win this quarter was with one of the largest shipping and transportation lines in Europe. As the company sought to move more of its workload to the cloud, it lacked a strong identity solution and struggled with the manual and time-consuming processes.

本季度令人興奮的新勝利是歐洲最大的航運和運輸公司之一。當該公司尋求將更多工作負載轉移到雲端時，它缺乏強大的身份解決方案，並在手動和耗時的流程中苦苦掙扎。

Okta Workforce Identity Cloud, including Okta Identity Governance or OIG, will enable its thousands of employees and partners to seamlessly access company apps and systems while bolstering its security posture and improving compliance.

Okta Workforce Identity Cloud（包括 Okta Identity Governance 或 OIG）將使其數千名員工和合作夥伴能夠無縫訪問公司應用程序和系統，同時增強其安全態勢並提高合規性。

A Global 100 consumer packaged goods company was an exciting new Okta Customer Identity Cloud win. The company sought a flexible developer-friendly solution that would help improve the experience of their digital customers. The company will be deploying Okta across multiple customer-facing web, mobile and IoT applications as well as across different brands. This is a great beginning with a customer that will have massive expansion opportunities over time.

Okta 客戶身份雲贏得了令人興奮的新勝利，成為全球 100 強消費品公司。該公司尋求一種靈活的、對開發人員友好的解決方案，以幫助改善其數字客戶的體驗。該公司將在多個面向客戶的網絡、移動和物聯網應用程序以及不同品牌中部署 Okta。對於客戶來說，這是一個良好的開端，隨著時間的推移，客戶將獲得巨大的擴展機會。

Ryder Truck Rentals was an exciting upsell. Ryder has been leveraging Okta Workforce Identity Cloud, including Okta Customer Identity solution since 2019 to secure access for its employees and business partners. This quarter, Ryder selected Okta Identity Governance to replace its legacy provider for identity governance, access request flows and access certifications.

萊德卡車租賃公司的追加銷售令人興奮。自 2019 年以來，Ryder 一直在利用 Okta Workforce Identity Cloud（包括 Okta 客戶身份解決方案）來確保員工和業務合作夥伴的訪問安全。本季度，Ryder 選擇 Okta Identity Governance 來取代其傳統的身份治理、訪問請求流和訪問認證提供商。

OIG was deployed in just weeks. And with the power of workflows, Ryder will significantly improve the onboarding experience for new employees while reducing costs. And here is an example of landing a new customer with OIG as the lead product, a leading global provider of customer experience solutions selected OIG for its extensibility and value. OIG will enable the company to streamline Lifecycle Management, ensure employees have the right level of access to their resources and leverage the power of Okta's workflows platform to customize complex identity governance requirements.

OIG 在短短幾週內就部署完畢。借助工作流程的強大功能，Ryder 將顯著改善新員工的入職體驗，同時降低成本。這是一個以 OIG 作為主導產品來吸引新客戶的示例，一家全球領先的客戶體驗解決方案提供商因其可擴展性和價值而選擇了 OIG。 OIG 將使公司能夠簡化生命週期管理，確保員工對其資源有適當的訪問級別，並利用 Okta 工作流程平台的強大功能來定制複雜的身份治理要求。

In all, we added 350 new customers in the quarter, bringing our total customer base to over 18,400, representing growth of 12%. New customer growth is an area that we believe is being impacted by the macro environment, which results in a sales environment that is more conducive to expanding existing customer relationships.

本季度我們總共增加了 350 個新客戶，使我們的客戶群總數超過 18,400 個，增長了 12%。新客戶增長是我們認為受到宏觀環境影響的一個領域，這導致銷售環境更有利於擴大現有客戶關係。

The net customer adds also reflects increasing strength with larger organizations and public sector agencies. We continue to see strong 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 ADT, Mars and General Services Administration.

淨客戶的增加也反映出大型組織和公共部門機構的實力不斷增強。我們繼續看到大客戶在勞動力和客戶身份方面的強勁增長。我們很自豪能夠與世界上一些最重要的組織合作，例如 ADT、Mars 和總務管理局。

In Q2, we added 125 customers with $100,000 plus annual contract value or ACV. Our total base of $100,000-plus ACV customers now stands at over 4,200 and grew 19%. Similar to last quarter, our fastest-growing cohort with customers with $1 million plus ACV. In fact, we had a record number of $5 million-plus total contract value deals. And when you look at the total contract value of the top 25 deals in the quarter, the aggregate value was over $100 million.

在第二季度，我們增加了 125 名客戶，其年度合同價值或 ACV 為 100,000 美元。我們的 ACV 客戶總數超過 100,000 美元，目前已超過 4,200 名，增長了 19%。與上季度類似，我們增長最快的群體是擁有 100 萬美元以上 ACV 的客戶。事實上，我們的合同總價值超過 500 萬美元的交易數量創下了紀錄。當你查看本季度前 25 筆交易的總合同價值時，總價值超過 1 億美元。

Large organizations have incredibly complex environments that require greater flexibility. Yesterday, we announced Okta for Global 2000, which is the industry's first identity architecture that gives companies the flexibility to choose which business units, processes and technologies to run centrally and which to decentralize.

大型組織擁有極其複雜的環境，需要更大的靈活性。昨天，我們宣布推出適用於 Global 2000 的 Okta，這是業界第一個身份架構，使公司能夠靈活地選擇集中運行和分散運行的業務部門、流程和技術。

Flexibility was built into Okta's core architecture from the beginning. Okta for Global 2000 makes it even more flexible with enhanced security controls and ease of use. It's a very powerful competitive differentiator against monolithic platforms that force companies to work only with their technology stack. This solution has already been a critical component of large, new and upsell transactions.

靈活性從一開始就內置於 Okta 的核心架構中。 Okta for Global 2000 通過增強的安全控制和易用性使其更加靈活。與迫使公司僅使用其技術堆棧的單一平台相比，這是一個非常強大的競爭優勢。該解決方案已經成為大型、新的和追加銷售交易的關鍵組成部分。

A great example of this is a long-time Okta customer NTT DATA. Their hub-and-spoke deployment includes 1 central engine as the hub that powers the various Okta organizations in NTT DATA's identity ecosystem. Okta for Global 2000 provides NTT DATA with the ability it needs to manage a distributed set of users with separate domains and IT environments.

Okta 的長期客戶 NTT DATA 就是一個很好的例子。他們的中心輻射型部署包括 1 個中央引擎作為中心，為 NTT DATA 身份生態系統中的各個 Okta 組織提供支持。 Okta for Global 2000 為 NTT DATA 提供了管理具有獨立域和 IT 環境的分佈式用戶集所需的能力。

Product innovation has long been core to Okta's success, and this is a banner year for new products. We continue to be enthusiastic about the early customer reception and momentum of Okta Identity Governance. We've been pleasantly surprised at both the size of the organization's purchasing OIG as well as the range of scenarios that OIG is brought on for from replacing homegrown solutions and competitive displacements to being deployed alongside an existing identity governance vendor.

長期以來，產品創新一直是 Okta 成功的核心，今年對於新產品來說是標誌性的一年。我們繼續對 Okta Identity Governance 的早期客戶接待和勢頭充滿熱情。我們對該組織購買 OIG 的規模以及 OIG 所適用的場景範圍感到驚喜，從替換本土解決方案和競爭性替代方案到與現有身份治理供應商一起部署。

It's particularly encouraging to see that nearly half of the OIG business booked in Q2 came from customers that hadn't previously purchased Okta Lifecycle Management or workflows, which were the building blocks of OIG. And we continue to see significant spend uplift with customers buying OIG as it's typically 1/3 or more of their total Workforce Identity Cloud spend.

特別令人鼓舞的是，第二季度預訂的 OIG 業務中有近一半來自之前未購買 Okta 生命週期管理或工作流程的客戶，而這些是 OIG 的構建模塊。我們繼續看到購買 OIG 的客戶支出顯著增加，因為它通常佔其員工身份云總支出的 1/3 或更多。

Another notable OIG customer win was with Grubhub, a long-time Workforce Identity customer. They added both Okta Identity Governance and advanced server access to their product suite to reduce manual upkeep and bolster security of servers and on-premise applications.

OIG 的另一個著名客戶是 Grubhub，它是 Workforce Identity 的長期客戶。他們在其產品套件中添加了 Okta Identity Governance 和高級服務器訪問，以減少手動維護並增強服務器和本地應用程序的安全性。

We also continue to look forward to the launch of Okta Privileged Access or OPA later this year. Since our update on the Q1 earnings call, OPA has moved from beta into early access.

我們還繼續期待今年晚些時候推出 Okta Privileged Access（OPA）。自從我們在第一季度財報電話會議上更新以來，OPA 已從測試版轉為搶先體驗版。

Okta Device Access is another product in early access that we're excited about. This extends Okta's seamless authentication experience to protect the first vulnerable user touch point, the device login. According to the 2022 Verizon data breach investigation report, among security incidents associated with misplaced or stolen devices. 60% are desktop or laptop computers. These devices remain the last frontier where access to corporate resources are protected by just a password. This means that sensitive information such as locally-stored documents and logged-in applications are at risk.

Okta Device Access 是另一個讓我們興奮不已的搶先體驗產品。這擴展了 Okta 的無縫身份驗證體驗，以保護第一個易受攻擊的用戶接觸點（設備登錄）。根據 2022 年 Verizon 數據洩露調查報告，其中包括與設備丟失或被盜相關的安全事件。 60% 是台式機或筆記本電腦。這些設備仍然是僅通過密碼保護對公司資源的訪問的最後前沿。這意味著本地存儲的文檔和登錄的應用程序等敏感信息面臨風險。

Okta Device Access enables identity powered MFA immediately when a device is powered up and when attempts are made to unlock the device. This has been one of the most highly requested capabilities by our customers in the last year. This is also timely. It's just last month, the White House held an MFA modernization event. Organizations desire this technology as an added layer of security, which as an extra benefit may help reduce their insurance risk premiums.

當設備通電以及嘗試解鎖設備時，Okta Device Access 會立即啟用身份驅動的 MFA。這是去年我們的客戶要求最高的功能之一。這也是及時的。就在上個月，白宮舉行了外交部現代化活動。組織希望這項技術作為額外的安全層，作為額外的好處可能有助於降低他們的保險風險保費。

I mentioned NTT earlier as part of Okta for Global 2000, and I'm excited that they're also an early adopter of Okta Device Access as they continue to build upon their Zero Trust security strategy. We'll talk more about our products in our road map at Oktane, which we're hosting in San Francisco, the 1st week of October. At the event, we'll go into more detail about what we're working on in the biggest area of technology interest in decades, AI.

我之前提到 NTT 是 Okta for Global 2000 的一部分，我很高興他們也是 Okta Device Access 的早期採用者，因為他們繼續構建零信任安全策略。我們將在 Oktane 路線圖中詳細討論我們的產品，該路線圖將於 10 月第一周在舊金山舉辦。在這次活動中，我們將更詳細地介紹我們在數十年來最受關注的技術領域——人工智能——中所做的工作。

AI is a paradigm shift in technology that is transformative opportunities for identity, from stronger security and faster application development to better user experiences and more productive employees. Okta has been utilizing AI for years with machine learning models for spotting attack patterns and defending customers against threats, and we'll have more exciting AI news to share at Oktane.

人工智能是技術範式的轉變，它為身份帶來了變革性的機會，從更強的安全性和更快的應用程序開發到更好的用戶體驗和更高的員工生產力。 Okta 多年來一直利用人工智能和機器學習模型來發現攻擊模式並保護客戶免受威脅，我們將在 Oktane 分享更多令人興奮的人工智能新聞。

Just like how every company has to be a technology company, I believe every company must have an AI strategy. More companies will be founded on AI, more applications will be developed with AI and more identities will need to be protected with a modern identity solution like Okta. A great example of this is how Okta's Customer Identity Cloud is being utilized for the massive number of daily log-ins and authentications by OpenAI, which expanded its partnership with Okta again in Q2.

就像每家公司都必須成為科技公司一樣，我相信每家公司都必須有人工智能戰略。更多的公司將建立在人工智能的基礎上，更多的應用程序將利用人工智能開發，更多的身份將需要通過像 Okta 這樣的現代身份解決方案來保護。一個很好的例子是 OpenAI 如何利用 Okta 的客戶身份雲進行大量日常登錄和身份驗證，OpenAI 在第二季度再次擴大了與 Okta 的合作夥伴關係。

And finally, I want to share some bittersweet news. My dear friend and co-founder, Frederic Kerrest, will continue to serve as Vice Chairman of Okta's Board of Directors that will not be returning to Okta in an operational capacity. His contributions to Okta cannot be overstated. Of course, we'll remain highly connected, and I'll continue to work closely with Freddy as he provides guidance and helps formulate our strategy from his Board seat and remains committed to helping Okta achieve our long-term goals. We're all very happy for him and forever grateful for what he's done for Okta. I look forward to my continued partnership with Freddy in the years ahead.

最後，我想分享一些苦樂參半的消息。我親愛的朋友兼聯合創始人 Frederic Kerrest 將繼續擔任 Okta 董事會副主席，但不會以運營身份返回 Okta。他對 Okta 的貢獻怎麼強調都不為過。當然，我們將保持高度聯繫，我將繼續與 Freddy 密切合作，他將在董事會席位上提供指導並幫助制定我們的戰略，並繼續致力於幫助 Okta 實現我們的長期目標。我們都為他感到非常高興，並永遠感激他為 Okta 所做的一切。我期待著在未來的歲月裡繼續與弗雷迪合作。

To wrap things up, we're pleased with our overall performance in Q2 and the advancements we made in execution and efficiency. It's always a good reminder that identity is a key building block for Zero Trust security, digital transformation, cloud adoption projects and now AI. These trends will continue in any macroeconomic environment as organizations look for ways to become more efficient while strengthening their security posture.

總而言之，我們對第二季度的整體表現以及在執行和效率方面取得的進步感到滿意。這始終是一個很好的提醒，即身份是零信任安全、數字化轉型、雲採用項目以及現在的人工智能的關鍵構建塊。這些趨勢在任何宏觀經濟環境中都將持續下去，因為組織正在尋找提高效率的方法，同時加強其安全態勢。

We're still very early in what we believe is a massive addressable market, and we're positioned to expand on our success because of Okta's independence, neutrality and ability to deliver a unified platform covering customer identity, access management, governance and privileged access, all while committing to delivering profitable growth over the long term.

我們認為，我們在這個巨大的潛在市場中仍處於早期階段，並且由於Okta 的獨立性、中立性以及提供涵蓋客戶身份、訪問管理、治理和特權訪問的統一平台的能力，我們有能力擴大我們的成功，同時致力於實現長期盈利增長。

Now here's Brett to walk you through more of the Q2 financial results and our outlook.

現在布雷特將帶您了解更多第二季度的財務業績和我們的前景。

Thanks, Todd, and thank you, everyone, for joining us today. We're pleased with how quickly the actions we've taken to drive efficiency in our cost structure have taken root. As Todd noted, we're achieving these results while investing in our platform and business to fuel our future growth.

謝謝托德，也謝謝大家今天加入我們。我們對為提高成本結構效率而採取的行動如此迅速地紮根感到高興。正如托德所指出的，我們在取得這些成果的同時，還投資了我們的平台和業務，以推動我們未來的增長。

I'll review our second quarter results and our outlook for Q3 and FY '24, but first, I'll start with some commentary on the macro environment. While macro headwinds, including a minor FX headwind to revenue continue to impact our business, we believe the environment stabilized in Q2. Our view is based upon trends stabilizing or modest sequential improvements in contract duration, average deal size, the split between new business versus upsells and seat expansion within upsells and renewals.

我將回顧我們第二季度的業績以及我們對第三季度和 24 財年的展望，但首先，我將首先對宏觀環境進行一些評論。儘管宏觀不利因素（包括對收入的輕微外匯不利因素）繼續影響我們的業務，但我們認為第二季度的環境趨於穩定。我們的觀點是基於合同期限、平均交易規模、新業務與追加銷售之間的劃分以及追加銷售和續約中的席位擴展方面的趨勢穩定或適度連續改善。

Pipeline build was also healthy, but new pipeline continues to be skewed towards upsells. We also experienced further improvement in metrics related to our go-to-market team, including average tenure, ramp in the number of sales reps closing Workforce Identity and Customer Identity deals. While these are all encouraging data points, we believe it's prudent to maintain a cautious near-term outlook.

管道建​​設也很健康，但新管道繼續偏向於追加銷售。我們還經歷了與市場推廣團隊相關的指標的進一步改進，包括平均任期、完成勞動力身份和客戶身份交易的銷售代表數量的增加。儘管這些都是令人鼓舞的數據點，但我們認為保持謹慎的近期前景是謹慎的做法。

Turning to Q2 results. Total revenue growth for the second quarter was 23%, driven by a 24% increase in subscription revenue. Subscription revenue represented 97% of our total revenue. International revenue grew 18% and represented 21% of our total revenue.

轉向第二季度的結果。第二季度總收入增長 23%，訂閱收入增長 24%。訂閱收入占我們總收入的 97%。國際收入增長 18%，占我們總收入的 21%。

Looking at the ACV split between Workforce Identity and Customer Identity. Workforce ACV grew 22% and represented 61% of total ACV. Customer Identity ACV grew 29% and represented 39% of total ACV. Over the long term, we expect the mix to trend towards 50-50 with healthy growth in both.

查看勞動力身份和客戶身份之間的 ACV 劃分。勞動力 ACV 增長了 22%，佔總 ACV 的 61%。客戶身份 ACV 增長了 29%，佔總 ACV 的 39%。從長遠來看，我們預計這一比例將趨於 50-50，並且兩者都會健康增長。

RPO or subscription backlog grew 8%. The general shortening of contract term lengths signed over the past several quarters has impacted total RPO growth. However, in Q2, we are pleased to see a modest sequential increase in contract term links. Our overall average term length remains just over 2.5 years. Current RPO, which represents subscription backlog, we expect to recognize as revenue over the next 12 months, grew 18% to $1.77 billion.

RPO 或訂閱積壓增長了 8%。過去幾個季度簽署的合同期限普遍縮短，影響了 RPO 總增長。然而，在第二季度，我們很高興看到合同期限鏈接略有連續增長。我們的總體平均任期仍略高於 2.5 年。目前的 RPO（代表訂閱積壓）增長了 18%，達到 17.7 億美元，我們預計將在未來 12 個月內確認為收入。

Turning to retention. Consistent with prior quarters, gross retention rates remained strong in the mid-90% range. Our dollar-based net retention rate for the trailing 12-month period remained strong at 115% and was driven by both upsell and cross-sell activity. Similar to last quarter, the sequential downtick in the net retention rate was a result of the macro environment, where customers are not expanding seats at the rate they have in recent years. We believe this trend will persist in this environment.

轉向保留。與前幾個季度一致，總保留率仍保持在 90% 左右的強勁水平。過去 12 個月期間，我們以美元計算的淨留存率保持在 115% 的強勁水平，這主要受到追加銷售和交叉銷售活動的推動。與上季度類似，淨保留率連續下降是宏觀環境的結果，客戶沒有以近年來的速度擴大席位。我們相信這種趨勢將在這種環境下持續下去。

I'll reiterate that the net retention rate may fluctuate from quarter-to-quarter as the mix of new business, renewals and upsells fluctuates. As I've noted previously, we've experienced a macro-related shift in our business mix to more upsell and cross-sell versus new business. Before turning to expense items and profitability, I'll point out that I'll be discussing non-GAAP results unless otherwise noted.

我要重申的是，隨著新業務、續訂和追加銷售的組合的波動，淨保留率可能會逐季度波動。正如我之前指出的，我們的業務組合經歷了與宏觀相關的轉變，與新業務相比，更多的追加銷售和交叉銷售。在討論費用項目和盈利能力之前，我要指出的是，除非另有說明，否則我將討論非公認會計原則的結果。

Looking at operating expenses. Total operating expenses for the quarter were lower than expected. The better-than-expected profitability is primarily due to revenue over performance and our continued focus on spend efficiency measures. Total headcount at the end of Q2 increased slightly to approximately 5,800.

看看運營費用。該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過業績以及我們持續關注支出效率措施。第二季度末總人數略有增加，達到約 5,800 人。

Q2 free cash flow was $49 million, yielding a free cash flow margin of 9%. Free cash flow was significantly better than expected, driven by billings and strong collections. During the second quarter, we opportunistically repurchased $142 million of our 2025 convertible debt notes and $242 million of our 2026 convertible debt notes. This resulted in a $42 million GAAP-only gain.

第二季度自由現金流為 4900 萬美元，自由現金流利潤率為 9%。在賬單和強勁收款的推動下，自由現金流明顯好於預期。在第二季度，我們機會性地回購了 1.42 億美元的 2025 年可轉換債券和 2.42 億美元的 2026 年可轉換債券。僅按照 GAAP 計算，這帶來了 4200 萬美元的收益。

Over the past 2 quarters, we've repurchased $750 million of debt, resulting in a $73 million GAAP-only gain. We will continue to regularly evaluate our capital structure and capital allocation priorities. Our balance sheet remains strong, anchored by $2.11 billion in cash, cash equivalents and short-term investments.

在過去 2 個季度中，我們回購了 7.5 億美元的債務，僅按 GAAP 計算實現了 7300 萬美元的收益。我們將繼續定期評估我們的資本結構和資本配置優先事項。我們的資產負債表依然強勁，由 21.1 億美元的現金、現金等價物和短期投資支撐。

Now let's turn to our business outlook for Q3 and FY '24, which factors in the current state of 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.

現在讓我們轉向 24 年第三季度和 24 財年的業務前景，其中考慮了當前宏觀經濟環境的狀況。提醒一下，我們已經採取了多項行動來降低成本結構並提高組織效率，這將有利於今年及以後的利潤率。

With that as a backdrop, for the third quarter of fiscal year '24, we expect total revenue of $558 million to $560 million, representing growth of 16%. Current RPO of $1.780 billion to $1.785 billion, representing growth of 13%. Non-GAAP operating income of $53 million to $55 million and non-GAAP diluted net income per share of $0.29 to $0.30, assuming diluted weighted average shares outstanding of 180 million.

在此背景下，我們預計 24 財年第三季度的總收入為 5.58 億美元至 5.6 億美元，增長 16%。當前 RPO 為 17.80 億美元至 17.85 億美元，增長 13%。假設稀釋後加權平均已發行股數為 1.8 億股，則非 GAAP 營業收入為 5300 萬至 5500 萬美元，非 GAAP 攤薄每股淨利潤為 0.29 至 0.30 美元。

For FY '24, we are raising our revenue outlook by $30 million at the high end of the range. We now expect $2.207 billion to $2.215 billion, representing growth of 19%. We are raising our outlook for non-GAAP operating income by $50 million to $215 million to $220 million, which yields a non-GAAP operating margin of 10%.

對於 24 財年，我們將收入預期上調了 3000 萬美元（上限）。我們現在預計 22.07 億美元至 22.15 億美元，增長 19%。我們將非 GAAP 營業收入預期上調了 5000 萬美元，至 2.15 億美元至 2.2 億美元，這使得非 GAAP 營業利潤率為 10%。

Non-GAAP diluted net income per share is raised to $1.17 to $1.20 assuming diluted weighted average shares outstanding of 179 million. And we are raising our free cash flow margin outlook for FY '24 to 15% from 12% previously. On a dollar basis, that's a raise of approximately $70 million.

假設稀釋後加權平均流通股為 1.79 億股，則非 GAAP 攤薄每股淨利潤上調至 1.17 至 1.20 美元。我們將 24 財年的自由現金流利潤率預期從之前的 12% 上調至 15%。按美元計算，融資金額約為 7000 萬美元。

Lastly, I want to provide a few comments to help with modeling Okta. We are applying a static 26% non-GAAP effective tax rate for the fiscal year. We expect free cash flow margin in the low double digits in Q3 and to continue to grow into the mid-teens in Q4.

最後，我想提供一些評論來幫助對 Okta 進行建模。我們本財年採用 26% 的靜態非 GAAP 有效稅率。我們預計第三季度的自由現金流利潤率為低兩位數，並將在第四季度繼續增長到十幾歲左右。

To wrap things up, we're optimistic going into the second half of the fiscal year. While the pressures of the macro environment remain, we are confident that we've set the path of profitable growth for years to come. We continue to focus on initiatives to drive the top line while making significant progress to drive improvements to our operating and cash flow margins.

總而言之，我們對進入本財年下半年持樂觀態度。儘管宏觀環境的壓力仍然存在，但我們有信心為未來幾年的盈利增長奠定基礎。我們繼續專注於推動營收增長的舉措，同時在推動運營和現金流利潤率改善方面取得重大進展。

And finally, we're excited to see everyone at Oktane. In addition to all the great things we'll be talking about on the product side, we'll be hosting an executive panel session for analysts and investors with Todd, myself, and Eugenio Pace, our President of Business Operations.

最後，我們很高興見到 Oktane 的每個人。除了我們將在產品方面討論的所有精彩內容之外，我們還將為分析師和投資者舉辦一次執行小組會議，與會者包括托德、我本人以及我們的業務運營總裁尤金尼奧·佩斯( Eugenio Pace)。

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

這樣，我會將其轉回給戴夫進行問答。戴夫？

Thanks, Brett. I see that there's quite a few hands raised already, and I'll take them in order. (Operator Instructions) So first up, we'll go to Rob Owens at Piper.

謝謝，布雷特。我看到已經有不少人舉手了，我會按順序發言。 （操作員說明）首先，我們將去找 Piper 的 Rob Owens。

Great, Dave. I was hoping you could talk a little bit to unpack for us the guide and just the sequential change. When you're talking about the macro, you mentioned stability, but still having a level of conservatism. And so as we see this stability, a, can you help explain just the sequential in the guide. And b, maybe speak to some of the metrics relative to customer count, large customer metrics, when those should turn the corner, net retention rates, cRPO as well?

太棒了，戴夫。我希望你能稍微談談，為我們解開指南和順序變化。當您談論宏觀時，您提到了穩定性，但仍然有一定程度的保守主義。當我們看到這種穩定性時，您能幫忙解釋一下指南中的順序嗎？ b，也許談談與客戶數量相關的一些指標、大客戶指標、這些指標何時會出現轉機、淨保留率、cRPO？

Rob, we're really happy with the results in the quarter, particularly a couple of the things you mentioned, the large customer momentum. We had -- the top 25 deals were over $100 million of TCV in the quarter, which is super, super strong. We also -- you mentioned the customer counts, and it's definitely an area that we think is related to macro.

羅布，我們對本季度的業績感到非常滿意，特別是您提到的一些事情，即大客戶的勢頭。本季度前 25 筆交易的 TCV 超過 1 億美元，這是非常非常強勁的。我們還——你提到了客戶數量，我們認為這絕對是一個與宏觀相關的領域。

Our customer adds and -- are really influenced by the small business part of our -- the small SMB part of our business. And we looked into that, of course, and we manage that closely. And we look at the logo churn in that number. It's very consistent with the last several quarters. And I think what's happening is that smaller businesses aren't making new purchases. And I think as the economy picks up from here, we think eventually it will pick up. We're not sure when, but as it picks up, we believe that, that part of the logo count will increase.

我們的客戶補充說，並且確實受到我們業務中的小型中小企業部分的影響。當然，我們對此進行了調查，並進行了密切管理。我們看看這個數字中的徽標流失情況。這與過去幾個季度非常一致。我認為正在發生的事情是小型企業不再進行新的採購。我認為，隨著經濟從這裡開始復蘇，我們認為最終它會復蘇。我們不確定什麼時候，但隨著情況的好轉，我們相信，這部分徽標數量將會增加。

On the high-end customers, the $1 million-plus ACV cohort was one of our strongest quarter ever for that cohort, including some big new wins. We had one of the leading global companies in customer experience and support, signed a completely new customer to Okta over $1 million ACV deal and it was all around OIG. So we're seeing a lot of new business momentum in the largest companies in the world, which is pretty satisfying.

對於高端客戶，價值 100 萬美元以上的 ACV 群體是我們該群體有史以來最強勁的季度之一，其中包括一些重大的新勝利。我們擁有客戶體驗和支持方面全球領先的公司之一，與 Okta 簽署了價值超過 100 萬美元的 ACV 全新客戶合同，而這一切都是圍繞 OIG 進行的。因此，我們在世界上最大的公司中看到了許多新的業務勢頭，這非常令人滿意。

So yes, a lot of good stuff to point to in the quarter, but I think the macro environment is still -- while stabilizing, it's still not as healthy as it could be for us, and our business is reflecting that to some degree, especially the forward outlook.

所以，是的，本季度有很多好東西，但我認為宏觀環境仍然穩定，但對我們來說仍然不那麼健康，我們的業務在某種程度上反映了這一點，尤其是對未來的展望。

Yes. I would just add to that, Rob. We talked about the big deals. We actually had one of the biggest -- one of the strongest big deal quarters ever in the company's history. So we talked about some staff, but it's just in general, it was a very strong big deal quarter. But not just -- that wasn't the only highlight. There's a bunch of highlights. I mean, Todd talked about it about customer identity participation. That's up into the right. So a lot of good things we're seeing in the business. A lot of great execution by the go-to-market team that we're really proud of in spite of this macro headwind.

是的。我想補充一點，羅布。我們談論了大交易。事實上，我們經歷了公司歷史上規模最大、最強勁的大交易季度之一。所以我們談論了一些員工，但總的來說，這是一個非常強勁的大交易季度。但不僅僅是——這不是唯一的亮點。有很多亮點。我的意思是，托德談到了客戶身份參與。那是在右邊。我們在行業中看到了很多好事。儘管面臨宏觀逆風，但我們仍為市場推廣團隊的出色執行力感到自豪。

In terms of your question more specifically on the current RPO guidance itself, really, I mean that is a reflection of what we were just talking about in terms of the macro headwind. Yes, it did stabilize in the quarter, but we're being prudent with our outlook at this point, given it is still a significant headwind for the field in terms of growing the business.

就您提出的更具體的關於當前 RPO 指導本身的問題而言，我的意思是，這反映了我們剛才談論的宏觀逆風。是的，它確實在本季度穩定下來，但我們目前對前景持謹慎態度，因為就業務增長而言，這仍然是該領域的重大阻力。

Great. Next up, let's go to Ittai Kidron at Oppenheimer.

偉大的。接下來，讓我們去奧本海默的 Ittai Kidron。

Solid numbers. I guess, Todd, maybe you could give us a little bit more color on OIG and maybe kind of parse it by the customer base. First of all, just to clarify, the supply is just a workforce customers, correct me if I'm wrong, but maybe you can dig a little bit into the installed base, what percent of your base already had the first couple of modules of the platform before?

可靠的數字。我想，托德，也許你可以給我們更多關於 OIG 的信息，也許可以由客戶群來解析它。首先，需要澄清的是，供應商只是勞動力客戶，如果我錯了，請糾正我，但也許您可以深入了解一下已安裝的基礎，您的基礎中已經擁有前幾個模塊的百分比是多少之前的平台？

And how adding the latest component change the dynamics from a demand standpoint? I'm just trying to get a sense of how much of this was greenfield versus there was already a pent-up demand for it, number one.

從需求的角度來看，添加最新組件如何改變動態？我只是想了解其中有多少是未開發的，與已經被壓抑的需求相比，第一。

And number two, with the incremental new module what is the upside just to that incremental to the existing base? I know the whole platform can add a lot, but it sounds like you already have a lot of customers on this. So trying to get to the delta here of upside.

第二，增量新模塊對現有基礎的增量有什麼好處？我知道整個平台可以增加很多，但聽起來你已經在這方面擁有了很多客戶。因此，試圖達到這裡的上行三角洲。

The first thing you asked about, you said it applies to workforce. It's -- I mean, OIG, we can sell OIG to any customer. So OIG is a great upsell for customer identity customers. It's not as directly integrated to that part of the business because usually, that's managed by a separate team and kind of a separate process. But we sell OIG to customer identity customers and that's a good expansion point in terms of increasing the value of the whole customer. But the real synergy is with the access management product. It just makes a lot of sense. If you think about the system that is controlling and doing access management for which applications you can access at work, just makes sense that, that tightly integrated governance system, which actually does the approvals and the routing to your manager to prove you can get a new application or a new resource and then report to your auditors that you indeed have the right access. That's just as a tight bundle and it's like technically integrated tightly with the access management.

您問的第一件事是，您說這適用於勞動力。我的意思是，OIG，我們可以將 OIG 出售給任何客戶。因此，OIG 對於客戶身份客戶來說是一個很好的追加銷售。它沒有直接集成到業務的該部分，因為通常它是由單獨的團隊和單獨的流程管理的。但我們將 OIG 出售給客戶身份客戶，這對於增加整個客戶的價值而言是一個很好的擴展點。但真正的協同作用是與訪問管理產品。這很有意義。如果您考慮控制和執行訪問管理的系統，您可以在工作中訪問哪些應用程序，那麼緊密集成的治理系統就有意義了，它實際上進行批准並路由到您的經理，以證明您可以獲得新應用程序或新資源，然後向您的審核員報告您確實擁有正確的訪問權限。這就像一個緊密的捆綁，並且在技術上與訪問管理緊密集成。

But when we look at our go-to-market and the ability to sell OIG, we have a bunch of customers that just have Customer Identity Cloud. And in many cases, we have the potential to land the first workforce deal with OIG. So it's an upsell to that Customer Identity Cloud customer, but it could be the first entry of the Workforce suite.

但是，當我們考慮進入市場和銷售 OIG 的能力時，我們有很多客戶只擁有 Customer Identity Cloud。在許多情況下，我們有可能與 OIG 達成第一份勞動力協議。因此，這是對 Customer Identity Cloud 客戶的追加銷售，但它可能是 Workforce 套件的第一個條目。

So in terms of like the penetration and so forth. The product is off to a very strong start. It's been generally available for a few quarters now. It's exceeding our expectations and not just in terms of numbers and revenue, but also it's exceeding our expectations in terms of the companies that are deploying it alongside of legacy governance products, but also the competitive displacements.

所以就滲透力等等而言。該產品已經有了一個非常強勁的開端。現在它已經普遍可用了幾個季度。它超出了我們的預期，不僅在數量和收入方面，而且在與遺留治理產品一起部署它的公司以及競爭替代方面也超出了我們的預期。

I think the competitive displacements are something that we didn't think would happen this early to this degree, but we're seeing more of those than we expected. There was a good win, Ryder Truck Rentals, which is a Fortune 500, Global 2000 company you've all heard of. It was a -- they had a legacy product, and they looked at OIG because we're -- we have other workforce products in that account. We're helping them with those. They looked at OIG about a year ago and decided it wasn't feature-rich enough or wasn't -- couldn't do what they needed to do. But they were struggling with some of the enhancements on their legacy product and they ended up bringing in OIG this past quarter to replace their legacy products.

我認為競爭性替代是我們認為不會這麼早就發生的事情，但我們看到的這種情況比我們預期的要多。 Ryder Truck Rentals 贏得了一場胜利，這是一家你們都聽說過的財富 500 強、全球 2000 強公司。他們有一個遺留產品，他們關注 OIG，因為我們在該賬戶中還有其他勞動力產品。我們正在幫助他們解決這些問題。大約一年前，他們考察了 OIG，並認為它的功能不夠豐富，或者不能做他們需要做的事情。但他們在舊產品的一些增強方面遇到了困難，最終在上個季度引入了 OIG 來取代他們的舊產品。

So that's a pleasant surprise as well. So it's -- we feel really good about this product. And we're also really excited about the next entry in the Workforce suite, which is Privileged Access. So Okta Privileged Access, which is on schedule, it's progressed from beta to early access. It's got a couple of dozen customers using the product, having success with us. It's built out and it's on schedule for the general availability in Q4 of this year. So lots of exciting stuff in the entire product suite. And then specifically on the workforce side, those 2 examples are pretty exciting.

所以這也是一個驚喜。所以我們對這個產品感覺非常好。我們也對 Workforce 套件中的下一個條目感到非常興奮，即特權訪問。因此，Okta Privileged Access 已按計劃進行，已從測試階段過渡到早期訪問階段。有幾十個客戶使用該產品，並與我們取得了成功。它已經建成，並按計劃於今年第四季度全面上市。整個產品套件中有很多令人興奮的東西。特別是在勞動力方面，這兩個例子非常令人興奮。

And then one more thing, Ittai, I just wanted to clarify, hopefully, you heard it earlier. But in terms of spend and upsell amounts that we're getting out of this, it's really about 1/3 on average. And the customers who have it. It's about 1/3 of their total workforce spend right now. So it is a significant potential upsell in the entire 18,400-plus customer base. So we're excited about the opportunity as we move forward.

還有一件事，Ittai，我只是想澄清一下，希望你能早點聽到。但就我們從中獲得的支出和追加銷售金額而言，平均約為 1/3。以及擁有它的客戶。這大約是他們目前勞動力總支出的 1/3。因此，對於整個 18,400 多名客戶群來說，這是一個巨大的潛在追加銷售。因此，在我們前進的過程中，我們對這個機會感到興奮。

Can you tell us how penetrated are you into that 18,000? Like what percent already have this?

您能告訴我們您對這 18,000 人的滲透程度如何嗎？比如百分之多少已經擁有這個？

There's still a lot of opportunity to go.

還有很多機會可以去。

It's a new product. I mean the component it's -- as you -- the Lifecycle Management part of the product, and there's the workflows part of the product. And then there's the -- really what rounds it out is the access certifications and the access requests part of it. The penetration rates in our installed base is the highest, as you know, for single sign-on and multifactor authentication. And then the next highest but not nearly as close -- nearly as penetrated as multifactor or single sign-on is Lifecycle Management, then the next highest is Workflows. And then there's only a few -- just the companies that have governance, the SKU governance actually have the certifications and the access requests. So there's a lot of room to run here and we're really excited about it.

這是一個新產品。我的意思是，對於您來說，該組件是產品的生命週期管理部分，還有產品的工作流程部分。然後，真正完善的是訪問認證和訪問請求部分。如您所知，我們的安裝基礎中單點登錄和多因素身份驗證的滲透率是最高的。其次是生命週期管理，但不是那麼接近——幾乎與多因素或單點登錄一樣滲透，然後是工作流程。然後只有少數公司——只有具有治理能力的公司，SKU 治理實際上擁有認證和訪問請求。所以這裡有很大的運行空間，我們對此感到非常興奮。

Let's go to Joe Gallo at Jefferies.

讓我們去找傑富瑞的喬·加洛。

Nice quarter. SIEM held in really well with ACV growing 29% year-over-year on tough comps. How should we think about the durability of that business? Is the sales force more at ease selling it now? And then you noted broad macro stabilization, does that have an outsized impact on SIEM?

不錯的季度。 SIEM 表現非常出色，ACV 在艱難的競爭中同比增長了 29%。我們應該如何考慮該業務的持久性？銷售人員現在銷售起來是否更放心？然後您提到了廣泛的宏觀穩定，這對 SIEM 是否產生了巨大影響？

The data that we have for this quarter and the data we look at pretty closely in terms of your question about the sales force's comfort with it with Customer Identity is that there's more reps doing Customer Identity deals. So that is at a healthy level, just the participation, which conveys a lot of things. It conveys the reps familiarity with it, their ability to execute the opportunities, et cetera, et cetera. So that we're comfortable with that.

我們本季度掌握的數據以及我們針對您關於銷售人員對客戶身份的滿意度的問題密切關注的數據是，有更多的銷售代表進行客戶身份交易。所以這是一個健康的水平，只是參與，它傳達了很多東西。它傳達了代表對此的熟悉程度、他們執行機會的能力等等。所以我們對此感到滿意。

Overall, I think that the opportunity for customer identity is it can be as -- ultimately, it can be as much contribution to the revenue as Workforce. We strive for a 50-50 split over the long term, and we think they both should be growing, but both markets are big and they both should be growing quickly. So we think it has a lot of durability. It is different in that it's more -- as we've talked about before, it's more of a build versus buy. The competitive dynamic is different. It's not really -- it's really -- the developers are choosing to buy something versus open source or build something themselves versus the Workforce Identity side has more established players, legacy players. There's companies that are more used to buying a solution there.

總的來說，我認為客戶身份的機會是——最終，它可以像勞動力一樣對收入做出同樣多的貢獻。從長遠來看，我們力爭實現 50-50 的比例，我們認為它們都應該增長，但兩個市場都很大，而且都應該快速增長。所以我們認為它具有很強的耐用性。它的不同之處在於，正如我們之前討論過的，它更多的是構建而不是購買。競爭動力不同。這並不是真的——而是真的——開發人員選擇購買一些東西而不是開源的，或者選擇自己構建一些東西，而不是勞動力身份方面有更多成熟的參與者，傳統的參與者。有些公司更習慣在那裡購買解決方案。

And there's a different dynamic with the big platforms offering Workforce Identity along with their apps and services and trying to get customers locked into their whole stack. So there's different dynamics, but we think both are big and both are -- have a lot of room to run.

提供勞動力身份及其應用程序和服務的大型平台存在不同的動態，並試圖讓客戶鎖定在他們的整個堆棧中。因此，存在不同的動力，但我們認為兩者都很大，而且都有很大的運行空間。

And if you look at our strategy, our strategy is we are the leader in identity, and we're the only at-scale independent and neutral player in identity. And so our strategy is to double down on that by, first of all, covering all the identity use cases. So it's really important that we cover a customer, all the parts of workforce and go to the market and say, "Listen, identity is a key part of your technological infrastructure. It's a key business driver for you, and you should really bring up the level of your identity partner to some of the biggest clouds you spend money on." And we do that by offering the full suite of products and plus, and very importantly, we're independent neutral. So we're not going to foreclose choices of cloud infrastructure or security tools or collaboration tools because we have a horse in the race in terms of what we favor from our identity. We're going to give customers choice.

如果你看看我們的戰略，我們的戰略是我們是身份方面的領導者，並且我們是身份方面唯一的大規模獨立和中立的參與者。因此，我們的策略是加倍努力，首先覆蓋所有身份用例。因此，我們覆蓋客戶、所有勞動力並進入市場並說：“聽著，身份是您技術基礎設施的關鍵部分。它是您的關鍵業務驅動力，您應該真正提出這一點，這一點非常重要”您的身份合作夥伴的級別到您花錢購買的一些最大的雲。”我們通過提供全套產品來做到這一點，而且非常重要的是，我們是獨立中立的。因此，我們不會排除雲基礎設施、安全工具或協作工具的選擇，因為就我們的身份而言，我們在競爭中擁有一匹馬。我們將為客戶提供選擇。

And that's resonating, and that's -- especially with the larger companies, which have very complex technological environments and a lot of people and a lot of -- a lot to gain by getting identity, right? And I think that's what you're seeing behind some of the results.

這引起了共鳴，特別是對於那些擁有非常複雜的技術環境和大量人員的大公司來說，通過獲得身份可以獲得很多好處，對嗎？我認為這就是您在一些結果背後看到的。

Adam Tindle at Ray J.

Ray J. 的 Adam Tindle

Todd, thanks for confirming the Privileged Access product for GA in Q4. Wondering kind of a 2-part question. One, if you could give us maybe any feedback that you've gotten in that early access and if you could compare it to the OIG product, just to put it in context for us, that would be helpful.

Todd，感謝您在第四季度確認 GA 的特權訪問產品。想知道一個由兩部分組成的問題。第一，如果您可以向我們提供您在早期訪問中獲得的任何反饋，並且可以將其與 OIG 產品進行比較，以便將其放在背景中，這將會有所幫助。

And then secondly, if we kind of zoom out to a bigger picture, you've often talked about a unified platform of identity. And if I fast forward, you're going to have workforce, customer, OIG and the PAM product sort of a holistic platform. Wondering what that enables, if you consider new go-to-market like bundling. And any update on the head of go-to-market alongside that would be helpful. Sorry, so many questions in there, but hopefully, I get them all.

其次，如果我們放眼全局，您經常談論統一的身份平台。如果我快進的話，您將擁有員工、客戶、OIG 和 PAM 產品這樣的整體平台。如果您考慮像捆綁這樣的新進入市場，想知道這會帶來什麼。任何關於上市的最新消息都會有所幫助。抱歉，裡面有很多問題，但希望我能全部解答。

Yes. If I can remember them all, I'm going to be very proud of myself. First question was comparing Governance and Privileged Access, they're very similar in terms of the reception of the beta now with Privileged Access to move into Early Access. So the similarities are the -- really, the value of the big value driver of the solutions is how natural it is to be integrated to access management.

是的。如果我能記住它們，我將為自己感到非常自豪。第一個問題是比較治理和特權訪問，它們在測試版的接受度方面非常相似，現在特權訪問進入早期訪問。因此，相似之處在於——實際上，解決方案的重要價值驅動因素的價值在於集成到訪問管理中的自然程度。

So for example, with Privileged Access, you're going -- you're using Privileged Access to manage access to these resources like servers and containers and root accounts on servers. And the fact that, that's integrated with the system for these companies that does all of their access management, for all their employees, for all their apps, and very importantly, the fact that it's tied into the Governance system, so you can actually do a workflow approval on who should get access to a container or a server, the same way you do a workflow approval on who should get access to a finance app or a collaboration app and more -- and probably more importantly, your auditors can see a single report that attest to the fact that the following people have the right access to all the resources, whether they're servers, containers, collaboration applications or finance applications, that's really appealing. It's really appealing.

例如，通過特權訪問，您將使用特權訪問來管理對服務器和容器以及服務器上的根帳戶等資源的訪問。事實上，它與這些公司的系統集成，為所有員工、所有應用程序進行所有訪問管理，非常重要的是，它與治理系統綁定在一起，所以你實際上可以做關於誰應該訪問容器或服務器的工作流批准，與您對誰應該訪問財務應用程序或協作應用程序等進行工作流批准的方式相同- 可能更重要的是，您的審計員可以看到一份報告證明以下人員有權訪問所有資源，無論是服務器、容器、協作應用程序還是財務應用程序，這確實很有吸引力。這真的很吸引人。

So I think we talked about last call that it's a little bit unfair to compare the OIG Early Access to the Privileged Access because Privileged Access is coming second, and it's benefited from the fact that the OIG features are integrated on top of it. So that's really positive.

因此，我認為我們在上次通話中談到，將 OIG 早期訪問與特權訪問進行比較有點不公平，因為特權訪問排在第二位，並且它受益於 OIG 功能集成在其之上的事實。所以這確實是積極的。

I think that the Privileged Access is a little bit different in that I do think traditionally, that a big decision maker for privileged resources and what -- who controls them and who accesses them was the infrastructure team, which is a new audience for us. The infrastructure team in the past has done a little bit with Okta, but it's a little bit of a new audience. So that's why we're really relying on our appeal to the -- or our resonance with the Chief Security Officer and the CIO, which in more organizations a security -- the security risks get more prominent and people and Boards of Directors and CEOs are really trying to lock this down.

我認為特權訪問有點不同，因為我確實認為傳統上，特權資源的主要決策者以及誰控制它們以及誰訪問它們是基礎設施團隊，這是我們的新受眾。基礎設施團隊過去曾在 Okta 上做過一些工作，但它的受眾有點新。因此，這就是為什麼我們真正依賴於我們對首席安全官和首席信息官的呼籲，或者我們與首席安全官和首席信息官的共鳴，在更多的組織中，安全風險變得更加突出，人們、董事會和首席執行官真的很想鎖定這個。

We believe that the strategy of appealing to the Chief Security Officer to really have an umbrella approach across all of the company security, their infrastructure all the way to their employee systems will resonate. So it's pretty exciting, and we're off to a good start there, I think.

我們相信，呼籲首席安全官真正對整個公司的安全、基礎設施一直到員工系統採取統一的方法的策略將會引起共鳴。所以這非常令人興奮，我認為我們已經有了一個良好的開端。

Your question about the broad platform, we talked about Workforce, and we actually -- our parlance as we put Governance and Privileged under Workforce, it's under the same umbrella. And then Customer Identity, of course, is our second major cloud. You talked about what does it mean for go-to-market. I think our go-to-market structure is set up to take advantage of it. So we have 1 sales team that's the tenure of our sales reps and their participation in deals in terms of both clouds is -- are at levels that we're happy with and comfortable with, which is a great sign.

你關於廣泛平台的問題，我們討論了勞動力，實際上，當我們將治理和特權置於勞動力下時，我們的說法是，它們處於同一保護傘下。當然，客戶身份是我們的第二個主要雲。您談到了這對於進入市場意味著什麼。我認為我們的市場進入結構就是為了利用這一點而建立的。因此，我們有一個銷售團隊，這是我們銷售代表的任期，他們對兩種雲的交易的參與程度都處於我們滿意和舒適的水平，這是一個很好的跡象。

The tenure, the ramp and the experience of the ability to do broad deals across the suite is healthy, and which means that as the economy starts to improve and our message starts to resonate more, that's going to be -- really help us in the future, get back to really high levels of scale and growth that we think are possible in this big market.

在整個套件中進行廣泛交易的能力的任期、提升和經驗都是健康的，這意味著隨著經濟開始改善，我們的信息開始引起更多共鳴，這將真正幫助我們未來，我們認為這個大市場可能會恢復到真正高水平的規模和增長。

How to go to market?

怎樣去市場？

I knew I forgot one, sorry. The search for go-to-market President is progressing. It's -- we're meeting a ton of people. It's a really important search to get, right? The next really 3 to 5 years of what we're trying to do. it's important that we find the right person in that role. So we're meeting a bunch of candidates. We're not ready to announce anything yet, but it's a super important thing for us to focus on and get right. And I can't wait to give you an update as soon as the events warrant it.

我知道我忘記了，抱歉。尋找上市總裁的工作正在取得進展。我們正在見很多人。這是一個非常重要的搜索，對吧？未來 3 到 5 年我們將努力做的事情。重要的是我們找到合適的人選來擔任這個角色。所以我們正在會見一群候選人。我們還沒有準備好宣布任何事情，但這對我們來說是一件非常重要的事情，需要專注並做好。一旦事件發生，我就迫不及待地想向您提供最新消息。

Great. Next up, let's go to Anushtha Mittal at RBC.

偉大的。接下來，我們請來 RBC 的 Anushtha Mittal。

I'm Anushtha on for Matt Hedberg. I wanted to ask a question on the legacy replacement opportunity for Access Management. It feels like there are some large legacy replacement deals starting to come up for grabs. So how do you think about this opportunity? And what are some catalysts that can help shift customers away from these legacy vendors to beyond the platform?

我是馬特·赫德伯格的阿努什塔。我想問一個有關訪問管理的舊版替換機會的問題。感覺好像有一些大型的舊版替換交易開始出現。那麼您如何看待這個機會呢？有哪些催化劑可以幫助客戶從這些傳統供應商轉移到平台之外？

I think it's a really insightful question. I think it's -- if you look at the growth drivers and the potential -- the market potential in the TAM being realized for Okta, it's a really big factor. The fact that it's traditionally been -- the way you do identity is you have a big on-premise installation, and you control it yourself and you -- it's in your data center, it's legacy software. It's really tightly coupled with the stack, whether it's Oracle or IBM. And that's on the workforce side.

我認為這是一個非常有洞察力的問題。我認為，如果你看看增長動力和潛力，Okta 正在實現的 TAM 市場潛力，這是一個非常重要的因素。事實上，傳統上，您進行身份識別的方式是您有一個大型的本地安裝，您自己控制它，您自己 - 它位於您的數據中心，它是遺留軟件。它與堆棧確實緊密耦合，無論是 Oracle 還是 IBM。這是在勞動力方面。

And then on the Customer Identity side, it's really build it yourself. Maybe it's open source, maybe it's just build your own password, checking and registration form and roll your own. And so those 2 together are really, as we think about catalysts in the business and long-term drivers, those are really important. When we talk about secular trends, cloud and digital transformation, we're really talking about these kind of things, like the people have a bunch of on-premise technology, and they want to use on-premise technology to manage it. And the more they move to the cloud, the more likely they are to choose a cloud, modern next-generation solution like Okta.

然後在客戶身份方面，它實際上是您自己構建的。也許它是開源的，也許它只是構建您自己的密碼、檢查和註冊表單並推出您自己的。因此，當我們考慮業務催化劑和長期驅動因素時，這兩者確實非常重要。當我們談論長期趨勢、雲和數字化轉型時，我們實際上是在談論這類事情，比如人們擁有一堆本地技術，並且他們希望使用本地技術來管理它。他們越多地遷移到雲端，就​​越有可能選擇像 Okta 這樣的現代下一代云解決方案。

So I think there's 2 dimensions that you asked for catalysts. I think there's really -- one dimension is what we talked about the time. It's like more cloud technology more. I was talking to a big customer earlier this week that the real catalyst for them to look at their workforce -- reevaluating their Workforce Identity platform was really that finally, they're getting to public cloud. They're taking tons of workloads onto their own data center and moving into public cloud. And that just changed a bunch of stuff where it didn't make sense anymore given that they were going to some SaaS applications and they were building some new applications and the way the network was going to work and the way their security perimeter was going to work. It just didn't make any sense anymore to have the legacy solution.

所以我認為你要求催化劑有兩個維度。我認為確實有一個維度是我們當時談論的內容。這更像是雲技術。本週早些時候，我與一位大客戶交談時，他們重新審視自己的員工隊伍，重新評估他們的員工身份平台，真正的催化劑是他們終於進入了公共雲。他們將大量工作負載轉移到自己的數據中心並遷移到公共雲中。這只是改變了一些不再有意義的東西，因為他們將使用一些 SaaS 應用程序，他們正在構建一些新的應用程序以及網絡的工作方式和安全邊界的方式工作。擁有遺留解決方案已經沒有任何意義了。

So that's a catalyst. The second catalyst is the products are getting better. So it's the fact that we have Privileged -- the fact that Privileged Access come in GA in Q4. The fact that we have Okta Identity Governance starting to roll out, the fact that this is a big one. Okta is the only identity management provider. This is a workforce feature or a workforce capability that can do phishing resistant authentication across every client device, across all applications in a comprehensive universal way. That's a huge differentiator.

所以這是一個催化劑。第二個催化劑是產品變得更好。所以事實上我們擁有特權——特權訪問在第四季度正式發布。事實上，我們已經開始推出 Okta 身份治理，這是一件大事。 Okta 是唯一的身份管理提供商。這是一種勞動力功能或勞動力能力，可以以全面通用的方式跨每個客戶端設備、跨所有應用程序進行網絡釣魚身份驗證。這是一個巨大的差異化因素。

So when you look at some of these big deals starting to move, it's not enough to do it just on Windows and just on some applications, Okta can do phishing resistance everywhere. And a lot of the security breaches are just phishing. And it's like phishing multifactor authentication methods that aren't phishing resistant, like SMS, SIM swapping, you've heard of that or it's they do a phishing of a onetime password number, there's all kinds of creative things. We have the only solution that's phishing resistant, it's across all platforms.

因此，當您看到其中一些大交易開始進行時，您會發現僅在 Windows 上進行還不夠，僅在某些應用程序上進行，Okta 可以在任何地方進行網絡釣魚防禦。許多安全漏洞只是網絡釣魚。這就像網絡釣魚多因素身份驗證方法，但不具備抗網絡釣魚能力，例如短信、SIM 卡交換，您聽說過，或者他們對一次性密碼進行網絡釣魚，有各種各樣的創意。我們擁有唯一的防網絡釣魚解決方案，它適用於所有平台。

And so the product is getting better, too. So I think those 2 things are going to help us continue to take advantage of this big opportunity we have over time.

因此產品也變得越來越好。所以我認為這兩件事將幫助我們繼續利用我們隨著時間的推移所擁有的這個巨大機會。

Next up, we have Eric Heath at KeyBanc.

接下來請來 KeyBanc 的 Eric Heath。

Todd, I guess just for you on the execution side. Just curious where you think we are in terms of what I think on the execution side and maybe what's left to go. That's just the first part.

托德，我想只是為了你的執行方面。只是好奇你認為我們在執行方面的想法以及可能還剩下什麼。這只是第一部分。

And the second one, I just wanted to follow up on OIG. How much of the sales force at this point has kind of enabled to sell OIG? And are you starting to feel the confidence yet to kind of get more aggressive in kind of rolling this into the playbook and start to do more displacements and go to the enterprise installed base?

第二個，我只是想跟進監察辦。目前有多少銷售人員能夠銷售 OIG？您是否開始有信心更加積極地將其納入行動手冊並開始進行更多替換並進入企業安裝基礎？

I'm assuming on the first question, what inning we're in for execution? I'm assuming you meant kind of like customer identity cloud integration, rep attrition, some of the stuff we talked about in the previous quarters. I think that is behind us. And I think when we look at the clarity of the message of our 2 clouds, the participation rate of reps in the Customer Identity cloud deals, I feel comfortable with those things.

我假設第一個問題是我們在哪一局執行？我假設您的意思是客戶身份雲集成、銷售代表流失以及我們在前幾個季度討論過的一些內容。我認為這已經在我們身後了。我認為，當我們查看 2 個雲的消息的清晰度、客戶身份雲交易中代表的參與率時，我對這些事情感到滿意。

The overhang or the question there is what is the macro impact and how long will it last? Because the -- because our overall -- we think our go-to-market and our sales team can be more productive. We think it's -- first of all, you can always get better. There's all those things we're doing to increase productivity and get better and striving to be better tomorrow than we are today. But I think the macro is a question mark there. We have our thoughts and our assumptions in the forecast and in the models, but I think that the degree to which our productivity is trading off between macro and what the potential is, I think that's -- we'll have to see how that unfolds.

懸而未決的問題或問題是宏觀影響是什麼以及它會持續多久？因為——因為我們的整體——我們認為我們的市場推廣和銷售團隊可以更加高效。我們認為——首先，你總是可以變得更好。我們正在做的所有事情都是為了提高生產力、變得更好，並努力讓明天比今天更好。但我認為宏觀是一個問號。我們在預測和模型中都有我們的想法和假設，但我認為我們的生產力在宏觀和潛力之間進行權衡的程度，我認為我們必須看看它是如何展開的。

And I think frankly, we're taking a pretty conservative approach there, assuming that the macro is going to be kind of is what it is for a while. And we don't think it's going to get any worse, but we don't think it's going to get better tomorrow either. So we're being pretty conservative on that.

坦率地說，我認為，我們採取了相當保守的方法，假設宏觀經濟將在一段時間內保持這種狀態。我們認為情況不會變得更糟，但我們也不認為明天會變得更好。所以我們對此相當保守。

I would just add on that. I think one of the highlights there, Eric, is the cross-selling tailwind that we've been receiving. So that really highlights the team is executing and be able to deliver the value prop and deliver the value to the customers. And I think that's a really good indicator of why things are working so well because we have been doing some great cross-selling over the last few quarters. Thanks in part to what Todd has been talking about around releasing governance, obviously, device access came out this last quarter and is adding to that as well. But it's -- I think it's just a combination of the products continuing to roll off the assembly line, if you will.

我想補充一下。埃里克，我認為其中的亮點之一是我們一直受到的交叉銷售推動。因此，這真正凸顯了團隊正在執行並能夠交付價值支柱並向客戶交付價值。我認為這是一個很好的指標，說明了為什麼事情進展順利，因為我們在過去幾個季度一直在進行一些出色的交叉銷售。顯然，部分歸功於托德一直在談論的關於發布治理的內容，設備訪問在上個季度出現，並且也在增加。但如果你願意的話，我認為這只是繼續從裝配線上下線的產品的組合。

And also the improvements we're making on the product plus the execution from the field, just really improving, thanks to those tenure statistics that Todd was mentioning as well as the ramp percentage now really at a very high level. So we're pleased with that. The team has really been executing. We're pleased with it.

而且我們對產品所做的改進加上現場的執行，確實有所改善，這要歸功於托德提到的那些任期統計數據以及現在確實處於非常高水平的斜坡百分比。所以我們對此感到滿意。團隊確實一直在執行。我們對此很滿意。

And you also asked about the -- how much of the sales team is ramped on governance, Okta Identity Governance. I think that it's like any new product and a product that is still early in its life cycle and go-to-market but exceeding our expectations. There's still more ramping and more education and more comfort in how the sales team is comfortable qualifying the opportunities, executing them. They're still ramping that's left to do there. And I think that will continue really at scale and continue to ramp through next year.

您還詢問了銷售團隊中有多少人致力於治理、Okta 身份治理。我認為它就像任何新產品和仍處於生命週期早期並進入市場但超出我們預期的產品一樣。銷售團隊如何輕鬆地確定機會並執行它們，仍然需要更多的努力、更多的教育和更多的安慰。他們仍在繼續推進剩下的工作。我認為這種情況將繼續大規模發展，並在明年繼續擴大。

The reality is we have a good sales team and a decent amount of sales capacity. And to get it is fully comfortable selling governance as they are with the rest of the products, is going to take several quarters. But once it does, we have a great ad scale sales team to take it broadly to market.

事實上，我們擁有一支優秀的銷售團隊和相當大的銷售能力。要獲得完全舒適的銷售治理，就像其他產品一樣，需要幾個季度的時間。但一旦實現，我們就會擁有一支強大的廣告規模銷售團隊，將其廣泛推向市場。

Next up, let's go to Eunji Song at Morgan Stanley.

接下來，讓我們請教摩根士丹利的 Eunji Song。

Just a quick one from me. Could you just remind us of how big the federal vertical is for Okta? And -- have you been seeing an uptick in momentum in this vertical in the last quarter as you achieved FedRAMP High?

我只是簡單介紹一下。您能提醒我們一下 Okta 的聯邦垂直市場有多大嗎？而且，在上個季度，當您達到 FedRAMP High 時，您是否看到該垂直領域的勢頭有所上升？

The federal vertical is really a key important part of our strategy. It's not just a big IT spend. But it's also -- they have very direct mandates to use multifactor and to invest in modern identity solutions. I was -- I spent about a week in Washington during last quarter. And one of the really interesting things I noticed about the -- I mean, it was a reminder but I've known it for a while, but they're probably all of -- a lot of most industries or most verticals, they're probably the most -- they have the most formal programs around identity. All the big agencies have a formal office or department around identity. So I think they're just mature in how they think about it, and they're modernizing like everyone else.

聯邦垂直確實是我們戰略的重要組成部分。這不僅僅是一筆巨額 IT 支出。但他們也有非常直接的授權來使用多因素並投資現代身份解決方案。上個季度我在華盛頓待了大約一周。我注意到的一個非常有趣的事情 - 我的意思是，這是一個提醒，但我已經知道它有一段時間了，但它們可能是 - 很多大多數行業或大多數垂直行業，他們'他們可能是最——他們有關於身份的最正式的計劃。所有大型機構都有一個圍繞身份的正式辦公室或部門。所以我認為他們的想法很成熟，而且他們和其他人一樣正在走向現代化。

So it's a really big opportunity for us. You mentioned the certifications. We did last quarter, actually 2 quarters ago, we received our FedRAMP High authorization, which is really exciting, and we have a bunch of marquee customers that sponsored us that for that authorization, and we're excited to move forward with that.

所以這對我們來說是一個非常大的機會。您提到了認證。我們上個季度，實際上是兩個季度前，我們收到了 FedRAMP High 授權，這真的很令人興奮，而且我們有一群大客戶贊助我們獲得該授權，我們很高興能夠繼續推進。

We also have the ability to -- on the military side, we have the ability to service IL5 workloads, which opens up more of the Department of Defense and some of the more sensitive military sides and we have great customers there. So it's a really important part of our strategy, and it's a big part of our focus.

我們還有能力——在軍事方面，我們有能力為 IL5 工作負載提供服務，這為國防部和一些更敏感的軍事方面打開了更多大門，我們在那裡擁有大量客戶。因此，這是我們戰略的一個非常重要的部分，也是我們重點關注的一個重要部分。

The other part of the business that's important is the state and local government. So between federal, state and local government, they need identity, and we're doing very well in those verticals, and it's a big area for our focus.

企業中另一個重要的部分是州和地方政府。因此，在聯邦、州和地方政府之間，他們需要身份，而我們在這些垂直領域做得很好，這是我們關注的一個重要領域。

And I would just add, it's -- we're still in the early innings. We still have a lot of opportunity there. So keep that in mind.

我想補充一點，我們仍處於早期階段。我們那裡仍然有很多機會。所以記住這一點。

Let's go to Stefan Schwarz at BTIG (sic) [Wells Fargo].

讓我們去找 BTIG（原文如此）[Wells Fargo] 的 Stefan Schwarz。

Wells Fargo, actually. I'm on for Andy Nowinski. I wanted to ask about OIG. First, could you give us an update on how many customers you have using it now? And -- just if there's any color you could give on how they've been able -- how the product has been able to surprise you in terms of competitive displacements that you mentioned you weren't expecting? And just your thoughts on how sustainable you think that is going forward?

實際上是富國銀行。我代表安迪·諾溫斯基。我想問一下 OIG 的情況。首先，您能否向我們介紹一下目前有多少客戶在使用它？而且——如果你能對他們的表現有什麼看法的話——該產品如何能夠在你提到的你沒有預料到的競爭替代方面讓你感到驚訝？您對未來的可持續發展有何看法？

Yes. The number of customers has exceeded our expectations significantly. Also the size of the deals, it's -- they're deal sizes are very positive surprise on the upside, which is great. What we're seeing is that the -- it's usually 1/3 of the increase of 30-plus percent on the workforce spend. So if you're spending the dollar on workforce, you add governance, you're paying $1.30 or more. So that's really encouraging.

是的。客戶數量大大超出了我們的預期。還有交易的規模，它們的交易規模是非常積極的驚喜，這很好。我們看到的是——這通常是勞動力支出增長 30% 以上的 1/3。因此，如果您將錢花在勞動力上，再加上治理，您就需要支付 1.30 美元或更多。這確實令人鼓舞。

And I think I mentioned the example, one of -- the other couple of surprises about -- we thought it would be mostly a greenfield thing. We think the market for Governance is very underserved because of solutions, legacy solutions haven't been that good. We think we have a better solution. It's super fast to roll out. It's very integrated with access management. It connects great, integrates great with the ecosystem like we're really well-known for on the access management side.

我想我提到了這個例子，其中一個是其他幾個令人驚訝的例子，我們認為這主要是一個全新的事情。我們認為治理市場的服務水平非常低，因為解決方案、遺留解決方案都沒有那麼好。我們認為我們有更好的解決方案。推出速度超級快。它與訪問管理非常集成。它連接得很好，與生態系統集成得很好，就像我們在訪問管理方面眾所周知的那樣。

And I think because of that, we think we can make the market bigger. But I mentioned the example of Ryder Truck Rental, that was a competitive displacement. They had a legacy provider. They looked at OIG a year ago, didn't think it was up to snuff. They got kind of frustrated with the progress on their legacy provider and they displaced it with us. And they were rolled out and haven't seen value from it very quickly. So I think stories like that are really encouraging. I think that being said, it's still pretty early, both in terms of the potential it could have and -- which makes it very exciting as the strategy comes together on the workforce side.

我認為正因為如此，我們認為我們可以讓市場變得更大。但我提到了萊德卡車租賃公司的例子，這是一個有競爭力的排量。他們有一個傳統的提供商。一年前他們考察了 OIG，認為它不合格。他們對傳統提供商的進展感到有點沮喪，並用我們取代了它。他們推出後並沒有很快看到其價值。所以我認為這樣的故事真的很鼓舞人心。話雖這麼說，我認為現在還為時過早，無論是從它可能具有的潛力來看還是——隨著該戰略在勞動力方面的整合，這都非常令人興奮。

Yes. Let's go to Shaul Eyal, TD Cowen.

是的。讓我們請教 TD Cowen 的 Shaul Eyal。

Congrats. I want to double-click on Brett's commentary on contract duration, seeing sort of stability, maybe even improvement -- is that driven by additional modules? Is that driven by pricing? And maybe, Todd, just to order about the competitive landscape, Microsoft, some other companies out there. Appreciate it.

恭喜。我想雙擊布雷特對合同期限的評論，看到某種穩定性，甚至可能有所改進——這是由附加模塊驅動的嗎？這是由定價驅動的嗎？托德，也許只是為了了解競爭格局、微軟和其他一些公司。欣賞它。

Yes, I'll take the first part and let Todd take the second part around the contract duration. Contract duration did tick up slightly in the quarter. It's really a product of those big deals, right? So you heard about all the big deals we closed in the quarter, and bigger deals typically come with bigger duration. And so the success we had in enterprise and strategic and of those large deals, that's really lending itself to have a slight uptick in that contract duration in the quarter. So we're pleased with how things trended there.

是的，我將在合同期限內承擔第一部分，並讓托德承擔第二部分。本季度合同期限確實略有增加。這確實是那些大交易的產物，對嗎？您聽說過我們在本季度完成的所有大型交易，而較大的交易通常會持續較長的時間。因此，我們在企業和戰略以及大型交易方面取得的成功，確實有助於本季度的合同期限略有延長。因此，我們對那裡的發展趨勢感到滿意。

Yes, on the competition question, something we obviously think about a lot or I think every company and enterprise market thinks about it. And we analyze a lot of data. And I'll give you the kind of the quantitative answer. The quantitative answer is that the competitive environment is very stable, has been for a few years now. And I think that the numbers we look at our win rates and so forth. We also look at the gross retention rate, which remains healthy. We look at -- you're always kind of looking around at the deals you're not in.

是的，關於競爭問題，我們顯然思考了很多，或者我認為每個公司和企業市場都會思考這個問題。我們分析了大量數據。我會給你定量的答案。定量的答案是，競爭環境非常穩定，已經持續了幾年了。我認為我們關注的數字是我們的勝率等等。我們還關注了總保留率，該率仍然保持健康。我們會關注——你總是會四處看看你沒有參與的交易。

It's hard to get a sense for the deals you're not in. But what we're seeing is that based on all the numbers we see especially in large enterprises, the pipeline is there. We're able to convert it. We're able to offer a broad solution that gives customers choice and flexibility. Those are all the numbers we look at.

很難了解你沒有參與的交易。但我們看到的是，根據我們看到的所有數字，特別是在大型企業中，管道就在那裡。我們能夠將其轉換。我們能夠提供廣泛的解決方案，為客戶提供選擇和靈活性。這些就是我們看到的所有數字。

On the qualitative side, it's really -- and this is more like when I have conversations with big customers, big government agencies, what they're trying to do, it's really 2 things are really important competitively. The one thing is that companies and organizations are seeing identity as critical. They're seeing it as the way they can get really tight on their cyber posture. They're seeing it as a way they can innovate quicker, deliver better solutions on the customer margin side, and it really matters.

從定性的角度來看，這更像是當我與大客戶、大型政府機構交談時，他們正在嘗試做的事情，實際上有兩件事在競爭中非常重要。有一件事是公司和組織認為身份至關重要。他們認為這是他們可以真正嚴格控製網絡態勢的方式。他們將其視為一種可以更快地創新、在客戶利潤方面提供更好的解決方案的方式，這確實很重要。

When you're talking about being a strategic partner with a strategy to try to have a broad platform and deliver all these use cases, the first thing that has to happen is that the customers have to really think it matters. And because of all these trends we've talked about and the value we can provide, identity really matters.

當您談論成為戰略合作夥伴並製定嘗試擁有廣泛平台並提供所有這些用例的策略時，首先要做的就是客戶必須真正認為這很重要。由於我們討論過的所有這些趨勢以及我們可以提供的價值，身份確實很重要。

The second thing is really important, which is, is the -- how integrated the identity system is to the rest of the ecosystem? Do customers perceive that as facilitating choice and flexibility? And that is -- the conversations are really positive on that. They're really starting to see that we announced earlier this week, this capability called Okta for the Global 2000 and this is a really, really important architectural advantage we have, particularly versus Microsoft. And this resonates very well with large companies, which is Microsoft built its identity technology as a part, as an integral bundled part of e-mail in collaboration.

第二件事非常重要，即身份系統與生態系統其他部分的集成程度如何？客戶是否認為這有利於選擇和靈活性？也就是說，對話對此非常積極。他們確實開始看到我們本週早些時候宣布的這項名為 Okta for the Global 2000 的功能，這是我們擁有的一個非常非常重要的架構優勢，特別是與 Microsoft 相比。這與大公司產生了很好的共鳴，微軟將其身份技術構建為協作電子郵件的一部分，作為電子郵件不可分割的捆綁部分。

And so the result of that is if you want to have the flexibility that you can do with Okta, where you can have Okta for a business unit or a company you want to buy or a company you want to divest or you want to have parts of Okta that govern rules for the whole organization and parts of it that govern rules just for a subdivision or a distributed part of the IT department, you can do that with Okta. We have flexibility in our architecture, and we have capabilities. We have at-scale customers like NTT and others doing this.

因此，如果您想擁有 Okta 那樣的靈活性，您可以將 Okta 用於您想要購買的業務部門或公司、您想要剝離的公司或您想要擁有零件的公司管理整個組織的規則的Okta 以及管理IT 部門的子部門或分佈式部分的規則的組織部分，您可以使用Okta 來做到這一點。我們的架構具有靈活性，並且我們有能力。我們有像 NTT 和其他公司這樣的大規模客戶正在這樣做。

And Okta for Global 2000, really, we've added some capabilities to make it easier to manage and do some better visibility across the different domains, and it's really powerful. With Microsoft, if you do that, you have to essentially have different e-mail systems because of the way they bundle their e-mail to their identity.

對於 Global 2000 的 Okta，我們確實添加了一些功能，使其更易於管理，並在不同的域中實現更好的可見性，而且它非常強大。對於微軟來說，如果你這樣做，你基本上必須擁有不同的電子郵件系統，因為他們將電子郵件與身份捆綁在一起的方式。

So if you want to have a distributed rules about who can do what, you basically have to have 2 e-mail domains, which -- and you have to have 2 teams domains, which doesn't make any sense. You would never want to have -- for a company you buy, you never want to have a different teams address for those users. And that's just the trade-off they made when they decided to bundle their identity with their apps, and I understand why they did it.

因此，如果您想要有一個關於誰可以做什麼的分佈式規則，您基本上必須有 2 個電子郵件域，而且您必須有 2 個團隊域，這沒有任何意義。對於您購買的公司，您永遠不會希望為這些用戶擁有不同的團隊地址。這就是他們決定將自己的身份與應用程序捆綁在一起時所做的權衡，我理解他們為什麼這樣做。

Their strategy is, hey, use the whole bundle, use Microsoft apps, use Microsoft tech, use Microsoft Security. We're all going to do it all for you. And that certainly does appeal to some companies, but it's mostly the companies that are super cost conscious, don't see the strategic value of identity, maybe are more reacting in their posture in their markets and their strategy versus being aggressive and building new things and trying to expand and grow. And we're able to provide that flexibility to give that real that business agility with our architecture.

他們的策略是，嘿，使用整個捆綁包，使用微軟應用程序，使用微軟技術，使用微軟安全。我們都會為你做這一切。這確實吸引了一些公司，但主要是那些具有超級成本意識的公司，看不到身份的戰略價值，可能更多地對他們在市場中的姿態和戰略做出反應，而不是積極進取和創造新事物並努力擴大和成長。我們能夠提供這種靈活性，通過我們的架構實現真正的業務敏捷性。

So that really resonates with particularly with big companies and the flexibility and seeing identity as a thing that matters, independence matters. And that's what -- for longer term, we're all in the -- we're all in this for the long term at Okta. We want to build this important company that's going to provide value and really be an iconic company in the future.

因此，這確實引起了特別是大公司的共鳴，靈活性和將身份視為重要的事情，獨立性很重要。這就是——從長遠來看，我們都在——在 Okta，我們都在長期關注這一點。我們希望建立這家重要的公司，它將提供價值，並在未來真正成為一家標誌性公司。

So to believe that's true. You have to believe a couple of things. One is you have to believe that identity is going to matter. And for the reasons we've talked about, it truly does. And the second thing is you have to believe that the independent neutral company is going to win. And if you look at everything we do, whether it's broad platform capabilities, different identity markets, whether it's focusing on the ecosystem integration and the flexibility, that's why what we're doing is resonating. And that's why we think it's pretty different from some of the big cloud platforms and some of the other legacy players out there as well.

所以要相信這是真的。你必須相信幾件事。一是你必須相信身份很重要。由於我們已經討論過的原因，它確實如此。第二件事是你必須相信獨立中立的公司將會獲勝。如果你看看我們所做的一切，無論是廣泛的平台功能、不同的身份市場，還是專注於生態系統集成和靈活性，這就是我們所做的事情引起共鳴的原因。這就是為什麼我們認為它與一些大型雲平台和其他一些傳統參與者有很大不同。

Next up, we have Scotiabank.

接下來是豐業銀行。

You've got Bill Vandrick on for Patrick Colville. So just looking at the cRPO guide, it calls for 13% growth next quarter. How should we think about how that will translate to fiscal '25 revenue growth?

比爾·范德里克 (Bill Vandrick) 代替帕特里克·科爾維爾 (Patrick Colville)。因此，只要看看 cRPO 指南，它就要求下季度增長 13%。我們應該如何思考這將如何轉化為 25 財年的收入增長？

Yes, it's a good question. Thank you. I would actually correlate a couple of things. Well, first and foremost, like before I get into the correlation, the way you should look at a reminder at Q3 earnings, we're going to stick with our historical precedent, and we're going to give you an early look on FY '25 revenue. It will be a prudent look, gets us 5 quarters out. So just a reminder, we'll do that.

是的，這是一個好問題。謝謝。我實際上會把一些事情聯繫起來。好吧，首先也是最重要的，就像在我討論相關性之前一樣，您應該以第三季度收益提醒的方式查看，我們將堅持我們的歷史先例，並且我們將讓您儘早了解財年'25收入。這將是一個謹慎的態度，讓我們可以節省 5 個季度的時間。所以只是提醒一下，我們會這麼做的。

But in the meantime, if you want to bridge that gap between now and then I would look at a couple of things, yes, I would look at the dollars of current RPO, right? And they will roll off into subscription revenue over the next 12 months. You can look at historical correlation and figure that out. And then I would pair that with the trend of revenue in FY '24, 23% growth that we just produced in Q2, $560 million and 16% growth in Q3 and then Q4, you can imply that based on our fiscal year guide, that's about 14% year-over-year growth.

但與此同時，如果你想彌補現在和那時之間的差距，我會考慮一些事情，是的，我會考慮當前 RPO 的美元，對嗎？它們將在未來 12 個月內轉化為訂閱收入。您可以查看歷史相關性並找出答案。然後我將其與24 財年的收入趨勢配對，我們剛剛在第二季度實現了23% 的增長，5.6 億美元，第三季度和第四季度增長了16%，你可以暗示，根據我們的財政年度指南，那就是同比增長約14%。

So I would combine that trend with the current RPO historical correlations to get you in the rough area for FY '25 but we will come out with our first look, like I said, in the Q3 earnings in about 90 days' time on FY '25.

因此，我會將這一趨勢與當前RPO 歷史相關性結合起來，讓您了解25 財年的大致情況，但正如我所說，我們將在25 財年大約90 天后的第三季度收益中進行初步觀察。 25.

Go to Ray at Guggenheim.

去古根海姆找雷。

Todd, you mentioned a couple of times that you continue to be surprised by the types of accounts that we're deploying the Governance solution. And last quarter, we talked about OIG potentially accelerating PAM adoption. So as you think about the general availability of PAM later on in 4Q, do you see the same potential with that product and potentially displacing existing solutions or penetrating larger accounts? Or do you still expect the PAM solution to kind of attack this greenfield opportunity more downmarket?

Todd，您多次提到您仍然對我們部署治理解決方案的帳戶類型感到驚訝。上個季度，我們討論了 OIG 可能會加速 PAM 的採用。因此，當您考慮第四季度 PAM 的普遍可用性時，您是否認為該產品具有相同的潛力，並且有可能取代現有解決方案或滲透更大的客戶？或者您是否仍然期望 PAM 解決方案能夠以更低端的方式攻擊這個未開發的機會？

Yes. I don't necessarily agree or -- it sounds like we're arguing, we're not arguing. I don't know if the greenfield is really a downmarket thing. I think there's big companies that it's greenfield as well. See different maturities on different -- especially parts of big companies. And so I think that one of the things -- one of the lessons that OIG is that I think that the segmentation of what we thought would be the applicability of solution was pretty awful. We thought it kind of would be mid-market and below. We've seen success in really large companies, organizations like Kyndryl, for the global company I mentioned with -- in terms of the leading -- the -- one of the leading customer experience and support solutions standardizing on OIG as a net new customer.

是的。我不一定同意，或者——聽起來我們在爭論，但我們並沒有爭論。我不知道綠地是否真的是低檔的東西。我認為也有一些大公司正在開發它。看到不同的成熟度——尤其是大公司的部分。因此，我認為監察辦的教訓之一是，我認為對我們認為的解決方案的適用性進行細分是非常糟糕的。我們認為這將是中端市場及以下市場。我們在真正的大公司、像 Kyndryl 這樣的組織中看到了成功，對於我提到的跨國公司來說，在領先的客戶體驗和支持解決方案之一上，OIG 作為淨新客戶進行了標準化。

On the privileged side, I think that -- and also on the governance side, it's like -- I always get surprised when companies take out a big piece of technology that they invested in that's working. And the secret about some of these big governance deployments is they're actually not working that well. And they kind of went into it with this broad view of all the functionality they would need and how everything they want to hook it up to and what they're seeing after several years is that they're kind of really only using part of it.

在特權方面，我認為，在治理方面，當公司拿出他們投資的一項正在發揮作用的技術時，我總是感到驚訝。其中一些大型治理部署的秘密是它們實際上運行得併不好。他們對他們需要的所有功能以及他們想要將其連接到的所有功能以及他們在幾年後看到的情況進行了廣泛的了解，他們實際上只使用了其中的一部分。

And then when you compare what we have to that, it's -- sometimes we exceed what they're actually using. So then the decision to actually swap it out is kind of beating our expectations. My guess is that it could -- the same thing could happen in privileged. I would guess that it's -- just a conservative guess would be that it's going to be where we have success, it's going to be where they don't have a solution and it's -- they want to extend the benefits they've seen with Okta Access Management and Governance into those privileged resources. And I think that probably means coexistence. But I still continue to tell this over and over to many people that we've talked before.

然後，當你將我們擁有的東西與此進行比較時，有時我們會超出他們實際使用的東西。因此，實際更換它的決定有點超出了我們的預期。我的猜測是，同樣的事情也可能發生在特權領域。我猜測，保守的猜測是，這將是我們取得成功的地方，這將是他們沒有解決方案的地方，而且他們希望擴大他們所看到的好處Okta 對這些特權資源進行訪問管理和治理。我認為這可能意味著共存。但我仍然繼續一遍又一遍地向許多人講述我們之前談過的這一點。

It's like I think that we're really in almost a different market. The company that had Oracle and Sun servers in their own data center, and they put CyberArk in there, they're not going to take that out for Okta Privileged. But I do think that, that same company may have a division that's doing more cloud development, they have containers and they want to get quickly some -- the same benefits they have for their Okta deployment on top of some of those resources and get the auditing capabilities and the workflow capabilities and the access control capabilities. But I just don't see them taking out a legacy CyberArk deployment that's kind of working and protecting their Oracle database and their own data center.

我認為我們實際上處於幾乎不同的市場。該公司在自己的數據中心擁有 Oracle 和 Sun 服務器，他們將 Cyber​​Ark 放在那裡，他們不會為 Okta Privileged 刪除它。但我確實認為，同一家公司可能有一個部門正在做更多的雲開發，他們有容器，他們希望快速獲得一些——就像他們在其中一些資源之上進行 Okta 部署一樣，並獲得審計功能、工作流程功能和訪問控制功能。但我只是不認為他們會淘汰傳統的 Cyber​​Ark 部署，以保護他們的 Oracle 數據庫和自己的數據中心。

Let's go to what I believe is [Caroline] at Goldman Sachs.

讓我們看看我認為是高盛的[卡羅琳]。

Quick one from me is just on Okta's new partner program. I think you launched that in April of this year. Just curious what the initial reception to that has been? And then also, given the differences in go-to-market and workforce and customer, kind of how does that translate to the partner strategy in each of those clouds?

我簡單介紹一下 Okta 的新合作夥伴計劃。我想你是在今年四月推出的。只是好奇最初的反應如何？此外，考慮到進入市場、勞動力和客戶方面的差異，這如何轉化為每個雲中的合作夥伴策略？

Yes, the partner revamped the purposes behind it were -- the fundamentals were super sound. We wanted to get more focused, more focused on the most valuable partners -- and it's -- we've had that launched for a couple of quarters now. It's going well. I think we're seeing good partner contribution in the pipeline, which is a good thing. Overall, it's not specific to that program -- those program changes. But overall, partners continue to be super important for Okta.

是的，合作夥伴改變了其背後的目的——基本面非常健全。我們希望更加專注，更加關注最有價值的合作夥伴 - 事實上 - 我們已經推出了幾個季度。進行得順利。我認為我們看到合作夥伴正在做出良好的貢獻，這是一件好事。總的來說，它並不是特定於該程序的——這些程序發生了變化。但總體而言，合作夥伴對於 Okta 來說仍然非常重要。

Particularly, excited about the partnership with Google Workspace for the go-to-market. The Google Workspace sellers around the world and a public sector can sell Okta, and that's a natural -- really natural alignment there with -- we're trying to give the Google customers a bunch of choice in technology and Google is trying to give the same message kind of saying you can use workspace and the Google tools to collaborate with anyone, across company boundaries, no matter what you use for the rest of your communications and collaboration infrastructure.

特別是對於與 Google Workspace 合作進入市場感到興奮。世界各地的 Google Workspace 賣家和公共部門都可以銷售 Okta，這是一種自然的——非常自然的結合——我們正在努力為 Google 客戶提供多種技術選擇，而 Google 正在努力為同樣的消息表明，您可以使用工作區和Google 工具與任何人跨公司邊界進行協作，無論您使用什麼來處理其餘的通信和協作基礎設施。

So it's a very aligned go-to-market that we're excited about that one. We're excited about the cloud service provider marketplaces. That's a new channel that's really emerging and been strong for us. We've mentioned the AWS Marketplace for a couple -- a few quarters in a row. It continues to grow very quickly. Customers want to -- that they really have big investments with Amazon, they want to retire and pay down some of their AWS credits, and they can do that on Okta through the marketplace, which is great.

因此，這是一次非常一致的市場投放，我們對此感到興奮。我們對雲服務提供商市場感到興奮。這是一個真正正在興起並且對我們來說非常強大的新渠道。我們已經連續幾個季度提到過 AWS Marketplace。它繼續快速增長。客戶希望——他們確實在 Amazon 上進行了大量投資，他們想要退休並償還一些 AWS 積分，並且他們可以通過市場在 Okta 上做到這一點，這很棒。

So partnership is really important. I think one of the biggest opportunities and something we're really focused on and trying to really mature is our motion with the Global Systems Integrators. Global Systems Integrators are, especially in large enterprise on workforce, they do a lot of business, and they're going to be really key as we start to rip and replace some of these legacy technologies, especially on the governance side.

所以夥伴關係真的很重要。我認為最大的機會之一，也是我們真正關注並努力真正成熟的事情是我們與全球系統集成商的動議。全球系統集成商，特別是在擁有勞動力的大型企業中，他們從事大量業務，當我們開始淘汰和替換其中一些遺留技術時，尤其是在治理方面，他們將變得非常關鍵。

So the relationship and the partnerships with the Global Systems Integrators is super important. We're focused on that. And very interesting on the customer identity side, it's a natural -- it's very naturally appealing to the Global Systems Integrators because they're trying to -- they want to develop solutions and do digital transformations for these companies and Customer Identity Cloud could help them do that.

因此，與全球系統集成商的關係和夥伴關係非常重要。我們專注於此。在客戶身份方面非常有趣，這是很自然的- 這對全球系統集成商來說非常自然地有吸引力，因為他們正在努力- 他們希望為這些公司開發解決方案並進行數字化轉型，而客戶身份雲可以幫助他們去做。

They can help them build some of the other differentiating capabilities and not have to recreate some of the identity parts that we already do in Customer Identity Cloud. So it's an important part of our business. We're kind of a -- we've always -- Okta is like very good at partnering just because it's been so important to us from the beginning. We had to partner with ISVs and apps and in the channel and so forth, and we're pretty proud of our ability to partner, but we're continued to double down on it because it is an important part of the ecosystem part of our business.

他們可以幫助他們構建一些其他差異化功能，而不必重新創建我們已經在 Customer Identity Cloud 中完成的一些身份部分。所以這是我們業務的重要組成部分。我們一直是——Okta 非常擅長合作，因為它從一開始就對我們如此重要。我們必須與 ISV、應用程序以及渠道等方面合作，我們對我們的合作能力感到非常自豪，但我們會繼續加倍努力，因為它是我們生態系統的重要組成部分。商業。

Okay. We've got -- we're up on time, but let's go into overtime here. We've got 5 more hands raised. Let's go to...

好的。我們已經準時了，但讓我們進入加時賽吧。我們還有 5 個人舉手。讓我們去...

Dave, we have to start scheduling these longer.

戴夫，我們必須開始安排更長的時間。

Yes. Let's go to -- I think Patrick at Wolfe.

是的。讓我們去——我想是沃爾夫的帕特里克。

It's Patrick on for Josh. Congrats on the quarter. So you mentioned that OpenAI expanded the relationship. And I think that's not the first time, maybe the second or third time that you've actually called that out. Is that kind of coming from the customer side or the workforce side? I'm just curious if you can talk a little bit more on what products they're expanding with and seeing success with. And then also, was that any meaningful contribution to growth in the quarter from OpenAI specifically?

帕特里克替補喬什。恭喜本季度。所以你提到 OpenAI 擴大了這種關係。我認為這不是第一次，也許是第二次或第三次你真正提出這一點。這是來自客戶方還是員工方？我只是好奇你能否多談談他們正在擴展哪些產品並取得了成功。另外，OpenAI 對本季度的增長有任何有意義的貢獻嗎？

Patrick, I lost you for a minute there. So if the question was for me, I needed you to repeat like the first 20 seconds.

帕特里克，我在那兒失去了你一分鐘。所以如果這個問題是問我的，我需要你重複一下前 20 秒。

Yes. I lost you as well.

是的。我也失去了你。

Okay. Can you hear me?

好的。你能聽到我嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

Yes, you came back about half way through.

是的，你半路回來了。

Sorry about that. So I was asking about OpenAI. I think this is like the second or third time that you've called out. significant expansion with them in a quarter in a relatively short time. Is that kind of coming on the customer side, the workforce side, what products are they using and seeing success with? And then was there any meaningful contribution to growth from them in the quarter with that expansion?

對於那個很抱歉。所以我問的是 OpenAI。我想這已經是你第二次或第三次打電話了。在相對較短的時間內，他們在一個季度內實現了大幅擴張。客戶方面、員工方面是否有這種情況，他們使用什麼產品並取得了成功？那麼，他們的擴張對本季度的增長有任何有意義的貢獻嗎？

Yes. So OpenAI is super interesting. So they're -- OpenAI as a Customer Identity Cloud customer, which so when you log in, in ChatGPT, you log in through Okta. And it's interesting because a developer inside of OpenAI 3 years ago picked our Customer Identity Cloud because it had a great developer experience and from the website and started using it. And this Chat -- and at the time, it was the log-in for their APIs and then ChatGPT took off. And now, as you mentioned, we've had really pretty sizable transactions with them over the last couple of quarters. And so it's a great testament to our strategy on Customer Identity, having something that appeals to developers.

是的。所以 OpenAI 非常有趣。所以他們是 OpenAI 作為 Customer Identity Cloud 客戶，因此當您在 ChatGPT 中登錄時，您可以通過 Okta 登錄。有趣的是，三年前 OpenAI 內部的一位開發人員選擇了我們的 Customer Identity Cloud，因為它擁有出色的開發人員體驗，並且從網站上開始使用它。這個 Chat——當時是他們 API 的登錄，然後 ChatGPT 開始流行。現在，正如您所提到的，在過去的幾個季度中，我們與他們進行了相當大的交易。因此，這很好地證明了我們的客戶身份戰略，擁有對開發人員有吸引力的東西。

And you saw they did something pretty interesting -- and so this is really a B2C app, right, of ChatGPT but they -- now they recently launched their enterprise offering, and they want to connect ChatGPT to enterprises. So this is -- Okta is really good at this, too, because our customer identity cloud connects our customers to consumers, but also connects our customers to workforces. So then you have to start supporting things like Single Sign-On and SAML and Open ID and authorization. And so it's just open API continues to get the benefits of being able to focus on what they want to focus on, which is obviously their models in the LLMs and the capabilities, and we can focus on the identity plumbing that wires it together.

你看到他們做了一些非常有趣的事情 - 所以這確實是 ChatGPT 的 B2C 應用程序，對吧，但是他們 - 現在他們最近推出了他們的企業產品，他們希望將 ChatGPT 連接到企業。所以，Okta 也非常擅長這一點，因為我們的客戶身份雲將我們的客戶與消費者連接起來，同時也將我們的客戶與員工連接起來。因此，您必須開始支持單點登錄、SAML 以及 Open ID 和授權等功能。因此，開放 API 繼續獲得能夠專注於他們想要關注的內容的好處，這顯然是他們在 LLM 中的模型和功能，我們可以專注於將其連接在一起的身份管道。

So the transaction was -- it was one of the top -- I mentioned the top 25 transactions. The total TCV of all this transaction was -- this quarter was $100 million. It was one of those top 25 transactions, but I don't -- I haven't done the math on the TCV for how much of the $100 million it was. But it was one of our -- it was on the larger side this quarter.

所以這筆交易是——它是最重要的交易之一——我提到了前 25 筆交易。本季度所有交易的總 TCV 為 1 億美元。這是前 25 筆交易之一，但我沒有——我沒有計算過 TCV 中的 1 億美元交易金額。但這是我們的一個——本季度規模更大。

Great. Let's go to Shrenik at Baird.

偉大的。我們去貝爾德的史萊尼克吧。

Thanks for prolonging the Q&A. I think it's a good idea. So Todd, Brett, great to hear the cross-sell momentum to speak about OIG and PAM, of course, the early traction as well as the device access. On the commentary, on Okta for Global 2000, I think that, Todd, you expanded upon it. It's like an architecture differentiator and then a competitive advantage. And I guess on impressing you mentioned that the solution has already become a critical component of your sort of large new upsell transaction. So just curious, like, is that becoming or potentially will become a driver. Is it still just like an add-on to the bundle at this point? So just curious in terms of its contribution in terms of the upsell and the uplift momentum? And how are you and Brett as well kind of factoring it and going forward. Really be helpful.

感謝您延長問答時間。我認為這是個好主意。 Todd、Brett 很高興聽到交叉銷售勢頭談論 OIG 和 PAM，當然還有早期的吸引力以及設備訪問。關於《Okta for Global 2000》的評論，我認為 Todd，您對此進行了擴展。它就像一個架構差異化因素，然後是一個競爭優勢。我想在給您留下深刻印象時提到，該解決方案已經成為您的大型新追加銷售交易的關鍵組成部分。所以只是好奇，比如，成為或可能成為一名司機。此時它仍然像捆綁包中的附加組件嗎？那麼只是好奇它對追加銷售和提升勢頭的貢獻嗎？你和布雷特是如何考慮這個因素並繼續前進的。真正樂於助人。

The Okta for Global 2000, it's -- you mentioned the competitive differentiation, which is true. What I explained about that is relevant. It's also -- there's also something more important about it, which is if you think about what Okta is trying to do, we are -- we're the leader in identity. We want to make sure everyone in the world knows how important identity is. And traditionally identity has been sold at a -- as part of other platforms, you kind of got it when you bought the Windows network, you got it when you bought Oracle and some junior person in IT made the decision. But it's so important now with all the things it can do for companies.

全球 2000 強的 Okta，您提到了競爭差異化，這是事實。我對此的解釋是相關的。還有一些更重要的事情，如果你想想 Okta 正在嘗試做的事情，我們就是——我們是身份方面的領導者。我們希望確保世界上的每個人都知道身份的重要性。傳統上，身份是在一個平台上出售的——作為其他平台的一部分，當你購買Windows 網絡時，你就得到了它，當你購買Oracle 時，你就得到了它，IT 領域的一些初級人員做出了決定。但現在它非常重要，因為它可以為公司做很多事情。

And one of the most important parts about Okta for Global 2000 is what we're saying to the world is identity can actually impact your business strategy. As a CEO, I know this. As a CEO, I think about all the time, like what things I want to do centrally, like do I want to do function centrally, do I want to have the HR team be central or do I want to decentralize it? Do you want to buy this company? Do I want to take part of a group that is centralized and decentralized it? And those are strategic decisions and CEOs and Boards care about those. And you can't make one of those decisions today unless you're also making the technology decision because when you decentralize that HR department or you buy that company, you're making a decision about how the technology is going to work, what -- how the apps are going to work, how the security is going to work on that.

Okta for Global 2000 最重要的部分之一就是我們向世界傳達的信息：身份實際上可以影響您的業務戰略。作為首席執行官，我知道這一點。作為首席執行官，我一直在思考，比如我想集中做哪些事情，比如我想集中做職能，我想讓人力資源團隊集中還是分散？你想收購這家公司嗎？我想加入一個既集中又分散的團體嗎？這些都是戰略決策，首席執行官和董事會關心這些決策。除非你同時做出技術決策，否則你今天無法做出其中之一，因為當你分散人力資源部門或購買那家公司時，你正在做出關於技術如何運作的決定，什麼 - - 應用程序將如何工作，安全性將如何工作。

And to do that effectively, you have to have an identity system that's flexible and lets you roll out things quickly across the whole company, make policies across the whole company when you really want to lock down security, free up parts of the organization, do their own things. They can use their own HR system. They can use their own rules, and they can use their own platforms to be effective. Those are identity decisions.

為了有效地做到這一點，您必須擁有一個靈活的身份系統，讓您可以在整個公司快速部署，當您真正想要鎖定安全性、釋放組織的某些部分時，可以在整個公司製定策略，他們自己的事情。他們可以使用自己的人力資源系統。他們可以使用自己的規則，也可以使用自己的平台來發揮作用。這些都是身份決定。

So I would say that is more important on the message. And when we say we have Okta for the Global 2000, we want to make sure that message gets across. You actually what you buy, you actually buy Okta's products. So you buy Okta's products. They're licensed in a way that's convenient and works for all of these capabilities working together.

所以我想說這對消息來說更重要。當我們說我們有 Okta 進入全球 2000 強時，我們希望確保這一信息得到傳達。您實際上購買的是 Okta 的產品。所以你購買了Okta的產品。它們以一種方便的方式獲得許可，並且適用於所有這些功能的協同工作。

But the way I would think about the business driver is Okta Identity is more relevant. People know about the relevance of it. We can differentiate it effectively and the overall workforce and customer product suite will be sold more effectively at scale to the biggest companies in the world.

但我認為業務驅動因素是 Okta Identity 更相關。人們知道它的相關性。我們可以有效地實現差異化，並將整體勞動力和客戶產品套件更有效地大規模銷售給世界上最大的公司。

Okay. Let's go to Peter Weed at Bernstein.

好的。讓我們去找伯恩斯坦的彼得·威德。

Appreciate you going in overtime here. I'd love to go back to kind of -- you started the conversation, emphasizing the strength with some of your largest customers, obviously frustrating that maybe the SMB side hasn't been as strong and that sits some of the logo and hopefully, that comes back. But I'd love to dig in on those larger customers a little bit more and understand where the growth is coming from. Are we hearing about seat reacceleration there? Or is this mostly about the kind of excitement of the Broader Okta platform and selling through more functionality? And we may even get a bigger boost from seat reexpansion in the future.

感謝您在這裡加班。我很想回到——你開始了談話，強調了一些最大客戶的實力，顯然令人沮喪的是，也許中小型企業方面沒有那麼強大，並且有一些標誌，希望，那回來了。但我很想更多地挖掘那些大客戶，並了解增長的來源。我們聽說過座椅重新加速嗎？或者這主要是關於更廣泛的 Okta 平台和通過更多功能進行銷售的興奮？未來我們甚至可能從座位重新擴展中獲得更大的推動力。

And then kind of like when you look out at the pipeline, obviously, the sales team is kind of stacking up stuff coming into the future like how unusual is this quarter? Is this -- was this like a big bubble in the pipeline? Are you seeing similar type of setup in the next couple of quarters where we could see really good expansion on kind of similar types of execution?

然後，就像當你觀察管道時，顯然，銷售團隊正在堆積未來的東西，就像這個季度有多不尋常？這是——這就像管道中的一個大泡沫嗎？您是否會在接下來的幾個季度中看到類似類型的設置，我們可以看到類似類型執行的真正良好擴展？

On the seat expansion question, I think seat expansion definitely is muted with the macro. So I think the success in large enterprise is more products. And I mentioned the OIG new business land at the global customer experience company. We have -- another example I can think of and it was a big transaction in a well-known online real estate company, that was an addition of Customer Identity Cloud.

關於座位擴展問題，我認為座位擴展肯定受到宏觀影響。所以我認為大企業的成功在於更多的產品。我還提到了 OIG 在全球客戶體驗公司的新業務領域。我能想到的另一個例子是一家知名在線房地產公司的一筆大交易，那就是增加了客戶身份雲。

So selling the Customer Identity Cloud to what was already a workforce customer. And then there's examples in the customers and large customers of selling expansions of products, whether it's upsells to advance multifactor authentication on the workforce side. So I would say it's more use case expansion versus seat expansion.

因此，將客戶身份雲出售給已經是勞動力客戶的客戶。然後是在客戶和大客戶中銷售擴展產品的例子，無論是追加銷售以推進勞動力方面的多因素身份驗證。所以我想說，更多的是用例擴展而不是座位擴展。

The pipeline is interesting. The pipeline for the current quarter we're in, in the fourth quarter are very strong. And I think the thing we have to really think about is in this macro environment, how that's going to translate? We've seen in the past few quarters that the typical conversion rates and the close rates, not the competitive rates but the close rates of how much the pipeline goes into actual closed deals has changed since the economic times of a few years ago. So that's the part we have to be prudent about.

管道很有趣。我們當前季度第四季度的渠道非常強勁。我認為我們必須真正考慮的是在這個宏觀環境下，這將如何轉化？在過去的幾個季度中，我們看到，自幾年前的經濟時期以來，典型的轉化率和成交率（不是競爭率，而是管道進入實際成交交易的成交率）發生了變化。所以這是我們必須謹慎的部分。

There's stabilization in the macro. We've talked about the numbers. But I think we're taking a little bit of a wait-and-see approach before we assume that those pipeline numbers are going to fall down into the closed business category at the rates that were -- maybe you saw a year or so ago?

宏觀經濟趨於穩定。我們已經討論過數字了。但我認為，在我們假設這些管道數量將以大約一年前的速度落入封閉業務類別之前，我們採取了一點觀望的態度？

Well, that's exciting. Hopefully, signals of no churn and salespeople and these types of things means people think they can hit their quota numbers, which will turn into some results for us.

嗯，這很令人興奮。希望沒有流失的信號和銷售人員以及此類事情意味著人們認為他們可以達到配額數量，這將為我們帶來一些結果。

Yes. No, I agree with you there.

是的。不，我同意你的觀點。

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

偉大的。讓我們去找美國銀行的馬德琳·布魯克斯。

Can you guys hear me?

你們能聽到我說話嗎？

We can loud and clear, Madeline.

我們可以大聲而清晰地說話，瑪德琳。

Sorry, I would start my video, but we're moving floors in our office. I don't have a camera currently, so no video. But I just would like to go back to -- and I'm not going to ask for any forward-looking guidance, but I'm just trying to think about floor as we go into next year, what would need to change for cRPO growth could be maybe high single digit. Is that win rate tough to really drastically be cut? Is that more of a factor of macro?

抱歉，我想開始視頻，但我們正在搬動辦公室的地板。我目前沒有相機，所以沒有視頻。但我只是想回到——我不會要求任何前瞻性指導，但我只是想在進入明年時考慮下限，cRPO 需要改變什麼增長可能會達到高個位數。勝率真的很難大幅削減嗎？這更多是宏觀因素嗎？

Yes. I mean we're definitely not going to give guidance today for next year for current RPO. So thank you for saying that, but...

是的。我的意思是，我們今天絕對不會為明年當前的 RPO 提供指導。所以謝謝你這麼說，但是...

Qualitative is fine, yes.

質量很好，是的。

But ultimately, when we're thinking about next year, really, we're focused on the second half of this year. If you think about current RPO, even more important to revenue is really the second half of fiscal year '24, given our subscription model. So we're obviously excited and optimistic about the second half, but we need to execute inside this macro headwind.

但最終，當我們考慮明年時，我們實際上關注的是今年下半年。如果您考慮當前的 RPO，考慮到我們的訂閱模式，對收入來說更重要的是 24 財年的下半年。因此，我們顯然對下半年感到興奮和樂觀，但我們需要在宏觀逆風中執行。

I think the biggest factor in this next half or even if you stretch it out even to next year is really what does the macro do? Because we do believe that the broader go-to-market team and the total company is really executing well, both on the top line and on the bottom line. So really pleased with how everyone is performing at this point through Q2 and as we enter into the second half of the year.

我認為下半年或者即使你把它延長到明年最大的因素實際上是宏觀的作用是什麼？因為我們確實相信，更廣泛的市場進入團隊和整個公司確實執行得很好，無論是在營收還是利潤上。我們對第二季度以及進入下半年時每個人的表現感到非常滿意。

So just a quick follow-up to that, if I may. So if I think about -- just over -- just thinking into next year, the growth though and for the fourth quarter as well, just in terms of translating to historical, maybe like seasonal norms of budget flush. What are the thoughts feel that this year maybe budget flush is going to be stabilized. And if I think to like taking down cRPO guidance 5% from this quarter to next quarter versus your comments on stability. How do we kind of marry those 2?

如果可以的話，請快速跟進一下。因此，如果我考慮一下——剛剛結束——只是考慮明年的增長，以及第四季度的增長，就轉化為歷史而言，也許就像預算充裕的季節性標準一樣。有什麼想法認為今年預算充裕可能會穩定下來。如果我認為與您對穩定性的評論相比，我願意將 cRPO 指導從本季度到下季度降低 5%。我們怎樣才能讓這兩個人結婚呢？

Yes. It's purely -- even though the macro is stabilizing, it is still a significant headwind. And so we're factoring that into Q3. And in terms of the budget flush in Q4, obviously, we'll update you guys with our Q4 guidance on the next earnings call and now, obviously, how the results go at the end of Q4. But we are expecting the macro to still be a considerable headwind to the second half. And so we are adjusting our expectations or giving you expectations accordingly.

是的。這純粹是——儘管宏觀經濟正在企穩，但它仍然是一個重大的阻力。因此，我們將其納入第三季度。就第四季度的預算充裕而言，顯然，我們將在下一次財報電話會議上向大家提供第四季度的指導，以及第四季度末的結果。但我們預計宏觀經濟仍將是下半年的一大阻力。因此，我們正在調整我們的期望或相應地給予您期望。

And last but not the least, we've got Brian Essex at JPMorgan.

最後但並非最不重要的一點是，摩根大通的布萊恩·埃塞克斯 (Brian Essex)。

All right. Great. Maybe, Brett, on that last comment. Can you maybe just clarify because I might have missed it during the prepared remarks. But are you thinking about the macro deteriorating in the second half of the year? Is it staying the same? And then I just have a quick follow-up for Todd.

好的。偉大的。也許，布雷特，關於最後的評論。您能否澄清一下，因為我可能在準備好的發言中錯過了這一點。但您是否考慮到下半年宏觀經濟會惡化？是否保持不變？然後我對托德進行了快速跟進。

Yes, we view it as stabilizing. So in other words, what we saw in Q2, we believe it stays that way in Q3 and Q4.

是的，我們認為它正在企穩。換句話說，我們在第二季度看到的情況，我們相信在第三季度和第四季度仍然如此。

Got it. And then maybe, Todd, just I think last quarter you noted and it was just noted a couple of questions ago that just better sales retention. Is this the fourth quarter of better sales force retention? And what are the plans for hiring productivity and any kind of executive changes on the sales force front through the rest of the year? Just trying to get a sense of what the overall kind of like cultural environment is like there from a sales perspective.

知道了。托德，我認為上個季度您注意到了，而且在幾個問題之前也注意到了，只是更好的銷售保留。這是銷售人員保留率提高的第四季度嗎？今年剩餘時間裡，招聘生產力和銷售隊伍方面的高管人員變動有何計劃？只是想從銷售的角度了解那裡的整體文化環境是什麼樣的。

Yes, it's a great question. The attrition has been a healthy level for a couple of quarters now. And then obviously, if attrition is a healthy level, you get ramps. People start to ramp. And the data we see that one of the points we look to is the participation in Customer Identity Cloud deals, and that's at a healthy level as well. But the productivity can still be better and we think the productivity is really macro related.

是的，這是一個很好的問題。幾個季度以來，人員流失一直處於健康水平。顯然，如果人員流失處於健康水平，你就會得到提升。人們開始加速。從我們看到的數據來看，我們關注的點之一是參與客戶身份雲交易，這也處於健康的水平。但生產力仍然可以更好，我們認為生產力確實與宏觀相關。

And so I think the last thing that could improve is productivity, but we have to see what the macro does. But it's -- we are working very hard to get better. It's not like we're just waiting around waiting for the macro to get better. We're -- as we always do, we're enabling, we're making sure that people -- the processes and the handoffs and the marketing funnel is running well. And so we're doing a lot of stuff.

所以我認為最後可以提高的是生產力，但我們必須看看宏觀的作用。但我們正在非常努力地工作以變得更好。我們並不是只是在等待宏觀形勢好轉。我們一如既往，我們正在賦能，我們正在確保人員、流程、交接和營銷渠道運行良好。所以我們正在做很多事情。

And it's really a testament to, I think, the leadership we have on the sales side. We have Jon Addison who is running the sales team globally on an interim basis. We have a search out for a new President Go-to-Market, and we're going to get the right -- it's very important. We put the right person in that job because that's going to be the person that takes us over the next 3 to 5 years to new heights, and we're going to get the right person there.

我認為這確實證明了我們在銷售方面的領導力。喬恩·艾迪生 (Jon Addison) 負責臨時管理全球銷售團隊。我們正在尋找一位新的市場營銷總裁，我們將找到合適的人選——這非常重要。我們將合適的人選擔任該職位，因為他將在未來 3 到 5 年內帶領我們達到新的高度，我們將在那裡找到合適的人選。

So I think overall, the vibe is positive in the -- ultimately, I think the attrition is kind of a good metric for that. But even beyond that, I think just anecdotally when you talk to people and see how people are feeling and seeing success and how they're seeing success. It's a positive vibe. So that portends well for the second half of the year and beyond.

所以我認為總體而言，氛圍是積極的——最終，我認為人員流失是一個很好的指標。但除此之外，我認為，當你與人們交談並了解人們如何感受、如何看待成功以及他們如何看待成功時，我認為這只是軼事。這是一種積極的氛圍。因此，這預示著今年下半年及以後的良好發展。

Brian, it might be an easier take than my boss. But I would have had 4 quarters in a row, but he's saying 2. So yes, I think we've definitely strong a bunch of quarters together, really healthy attrition. And I think what Todd was saying, it comes through in the results.

布萊恩，這可能比我的老闆更容易接受。但我本來可以連續打四個季度，但他說是兩個。所以，是的，我認為我們肯定在一起打了很多個季度，真正健康的消耗。我認為托德所說的，在結果中得到了體現。

All right. Thanks, everybody. Before we go, I just want to let you know that we'll be attending several conferences this quarter as well as bus tours. We'll be at the Goldman Sachs Conference in San Francisco on September 5, the Wolfe TMT Conference in San Francisco on September 6, also at the Citi Conference in New York on September 6 and the Piper Sandler Growth Conference in Nashville on September 13.

好的。謝謝大家。在我們離開之前，我只想告訴您，我們本季度將參加幾次會議以及巴士旅行。我們將參加9 月5 日在舊金山舉行的高盛會議、9 月6 日在舊金山舉行的Wolfe TMT 會議、9 月6 日在紐約舉行的花旗會議以及9 月13 日在納什維爾舉行的Piper Sandler 增長會議。

And of course, we hope to see you in San Francisco for Oktane and our Executive Panel Summit on October 4. So that's it for today's meeting. If you have any follow-up questions, you can reach us at investor@okta.com. Thanks, everybody.

當然，我們希望在 10 月 4 日在舊金山舉行 Oktane 和我們的執行小組峰會上見到您。今天的會議就到此為止。如果您有任何後續問題，可以通過investor@okta.com 聯繫我們。謝謝大家。