Okta Inc (OKTA) 2025 Q1 法說會逐字稿

Hi, everyone. Welcome to Okta's First Quarter Fiscal Year 2025 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 2025 財年第一季財報網路廣播。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執行長兼聯合創始人 Todd McKinnon；以及我們的財務長 Brett Tighe。

At around the same time that the earnings press release hit the wire, we posted supplemental commentary to our IR website. This posted commentary contains a large portion of what would historically be the opening commentary including customer commentary, product-related news and a review of our financial results. This new format allows listeners to review that information before this call.

大約在財報新聞稿發布的同時，我們在 IR 網站上發布了補充評論。這篇發表的評論包含了歷史上開場評論的大部分內容，包括客戶評論、產品相關新聞和對我們財務表現的回顧。這種新格式允許聽眾在通話之前查看該資訊。

Today's meeting will include forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our financial outlook and market positioning. Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Forward-looking statements represent our management's beliefs and assumptions only as of the date made. Information on factors that could affect our financial results is included in our filings with the SEC from time to time including the section titled Risk Factors in our previously filed Form 10-K.

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、績效或成就與前瞻性陳述明示或暗示的結果、績效或成就有重大差異。前瞻性陳述僅代表我們管理階層截至做出之日的信念和假設。有關可能影響我們財務表現的因素的資訊包含在我們不時向 SEC 提交的文件中，包括我們先前提交的 10-K 表中標題為「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.

此外，在今天的會議上，我們將討論非公認會計準則財務指標。儘管我們可能不會在會議期間明確說明，但所有提及獲利能力的內容都是非公認會計準則。這些非公認會計原則財務指標是根據公認會計原則編制的財務績效指標的補充，而不是替代或優於這些指標。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。

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. 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.

您還可以在我們的補充財務資料中找到更多詳細信息，其中包括趨勢財務報表和我們投資者關係網站上發布的關鍵指標。在今天的會議上，我們在討論我們的財務表現時將引用一些數字或成長變化；除非另有說明，否則每個此類參考均代表逐年比較。

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. Q1 was a solid start to FY '25, highlighted by continued strength of large customers in the public sector and record profitability and cash flow. The operating efficiency actions that we started almost 2 years ago have delivered outstanding leverage to our model. While it's difficult to quantify the impact on our business from the October security incident, our analysis continues to suggest minimal impact on our financial results.

謝謝戴夫，也謝謝大家今天下午加入我們。第一季是 25 財年的良好開端，突顯出在公共部門大客戶的持續強勁以及創紀錄的獲利能力和現金流。我們大約兩年前開始的營運效率行動為我們的模型帶來了卓越的影響力。雖然很難量化 10 月安全事件對我們業務的影響，但我們的分析仍顯示對我們財務表現的影響微乎其微。

Today, I'll cover the progress we've made with the Okta Secure Identity commitment and then review some of the highlights from our showcase event earlier this month. As a reminder, we launched the Okta Secure Identity Commitment earlier this year. This is our long-term plan to lead the industry in the fight against identity attacks. It's aimed at hardening our ancillary and corporate systems and further strengthening our products and services as well as championing customer best practices that help enable our customers to be highly protected. We want our customers to benefit from our depth of experience, so we are further enhancing our customer policies to help ensure our products are deployed with Okta's best security practices.

今天，我將介紹我們在 Okta 安全身分承諾方面所取得的進展，然後回顧本月初我們展示活動的一些亮點。謹此提醒，我們在今年稍早推出了 Okta 安全身分承諾。這是我們引領業界對抗身分攻擊的長期計畫。其目的是強化我們的輔助和企業系統，進一步加強我們的產品和服務，並倡導客戶最佳實踐，幫助我們的客戶得到高度保護。我們希望我們的客戶能夠從我們豐富的經驗中受益，因此我們正在進一步增強我們的客戶政策，以幫助確保我們的產品按照 Okta 的最佳安全實踐進行部署。

In only a few short months, we've made meaningful progress. Identity plays a critical role in the technology stack, so it's not surprising that identity-based attacks have become a top method for threat actors. Over 80% of data breaches in the industry involve some kind of compromised identity.

在短短幾個月內，我們取得了有意義的進展。身分在技術堆疊中發揮關鍵作用，因此基於身分的攻擊成為威脅行為者的首選方法也就不足為奇了。行業中超過 80% 的資料外洩涉及某種身分洩露。

Identity is security. As part of our vision to free everyone to safely use any technology, Okta is modernizing identity and effectively modernizing security. We are protecting our customers by blocking over 2 billion security attacks a month, and it's likely that number will only grow.

身份就是安全。作為我們讓每個人都能安全使用任何技術的願景的一部分，Okta 正在實現身份現代化並有效地實現安全現代化。我們透過每月阻止超過 20 億次安全攻擊來保護我們的客戶，而且這個數字很可能只會增加。

During the week of the RSA conference, we hosted hundreds of customers at our hybrid showcase event. In addition to the keynotes, we hosted a large group of CISOs from various industries to discuss today's threat environment and how Okta helps protect them. It was an energetic forum, and we walked away with even more confidence that we're on the right track of delivering industry-leading identity security solutions.

在 RSA 會議期間，我們在混合展示活動中接待了數百位客戶。除了主題演講之外，我們還邀請了來自各個行業的大量 CISO，討論當今的威脅環境以及 Okta 如何幫助保護它們。這是一個充滿活力的論壇，我們離開時更加自信，因為我們正走在提供業界領先的身份安全解決方案的正確軌道上。

Our products are the foundation of Okta. We already have the broadest array of identity products in the world. Building on that, our current rate and pace of innovation is really impressive. We've historically put a lot of focus on delivering secure products to our customers, and we are now on the journey to make Okta one of the most secure companies in the world from every aspect, from our internal technologies to people to processes.

我們的產品是 Okta 的基礎。我們已經擁有世界上最廣泛的識別產品。在此基礎上，我們目前的創新速度和步伐確實令人印象深刻。我們歷來非常注重為客戶提供安全的產品，現在我們正致力於讓 Okta 從各個方面（從內部技術到人員再到流程）成為世界上最安全的公司之一。

At Showcase, we featured the latest product innovations starting with a new product, identity, security, posture management. Stemming from our recent acquisition of Spera, this technology is a fantastic addition to our portfolio as it proactively identifies vulnerabilities and security gaps before they can be exploited. It works for both Okta and other identity providers like AWS and Azure AD, bringing a multilayered defense strategy on top of the already strong security capabilities in the Workforce Identity Cloud.

在 Showcase 上，我們展示了最新的產品創新，從新產品、身分、安全、姿勢管理開始。這項技術源自於我們最近收購的 Spera，它是我們產品組合的絕佳補充，因為它可以在漏洞和安全漏洞被利用之前主動識別它們。它適用於 Okta 以及 AWS 和 Azure AD 等其他身分提供者，在 Workforce Identity Cloud 中本已強大的安全功能之上引入多層防禦策略。

Earlier this month, we began rolling out Identity Security Posture Management to select customers in North America. We're also excited about the launch of Identity Threat Protection with Okta AI, which includes powerful features like Universal Logout, which makes it possible to automatically log users out of all of their critical apps when there is a security issue. Think of this as identity threat detection and response for Okta. We expect Identity Threat Protection to become generally available this summer.

本月早些時候，我們開始向北美的部分客戶推出身分安全態勢管理。我們也對 Okta AI 推出身份威脅防護感到興奮，其中包括通用註銷等強大功能，可以在出現安全問題時自動將用戶從所有關鍵應用程式中登出。將此視為 Okta 的身份威脅偵測和回應。我們預計身分威脅防護將在今年夏天全面推出。

There are so many more new products, features, enhancements that we spoke about at Showcase, so I encourage you to check out the summary in our posted commentary.

我們在 Showcase 中談到了更多的新產品、功能和增強功能，因此我鼓勵您查看我們發布的評論中的摘要。

We're really excited about all the great innovation that is taking place at Okta, which will help drive future growth. I also want to remind you of our 3 top priorities for FY '25 because they are fundamental to our success. It shouldn't be surprising to anyone that security is our top priority from our company culture to our security architecture to our products and services. The second is reigniting our growth, and this is where all the great product innovation will contribute. And the third top priority is scaling Okta in order to set us up for success to become a $5 billion and then $10 billion-plus company.

我們對 Okta 正在發生的所有偉大創新感到非常興奮，這將有助於推動未來的成長。我也想提醒您 25 財年的 3 個首要任務，因為它們是我們成功的基礎。從我們的公司文化到我們的安全架構再到我們的產品和服務，安全是我們的首要任務，這對任何人來說都不應該感到驚訝。第二是重燃我們的成長，這是所有偉大的產品創新將做出貢獻的地方。第三個首要任務是擴大 Okta 規模，以便我們成功成為一家價值 50 億美元、然後超過 100 億美元的公司。

To wrap things up, we are pleased with the start to FY '25. We're expanding on our robust and modern identity platform, and we have a strong pipeline of products and functionality powered by Okta AI. Identity is security, and Okta is playing a critical role in helping companies protect themselves from identity-based attacks. As always, I want to thank the entire Okta team for their tireless efforts and our awesome customers and partners around the world who put their trust in us every day.

總而言之，我們對 25 財年的開局感到滿意。我們正在擴展強大而現代的身份平台，並擁有由 Okta AI 提供支援的強大產品和功能管道。身份就是安全，Okta 在幫助公司保護自己免受基於身份的攻擊方面發揮關鍵作用。一如既往，我要感謝整個 Okta 團隊的不懈努力，以及每天對我們信任的世界各地出色的客戶和合作夥伴。

Now here's Brett to cover the financial commentary and talk about how we're positioned for long-term profitable growth.

現在布雷特將報告財務評論並談論我們如何定位以實現長期盈利增長。

Thanks, Todd, and thank you, everyone, for joining us today. Just a quick reminder that most of my typical commentary on the quarterly financials was published on Okta's Investor Relations website at the same time as the press release. I'll cover a few of the financial highlights, but we'll focus my commentary on broader topics before getting into our business outlook.

謝謝托德，也謝謝大家今天加入我們。快速提醒一下，我對季度財務數據的大部分典型評論均與新聞稿同時發佈在 Okta 的投資者關係網站上。我將介紹一些財務亮點，但在討論我們的業務前景之前，我們將專注於更廣泛的主題。

Our solid Q1 financial performance continues to suggest minimal impact on our financial results stemming from last year's security incident. Consistent with last quarter, as we analyzed our key metrics, we couldn't attribute a quantifiable impact from the security incident on our Q1 results. And while not quantifiable, the event likely had some level of impact. We'll continue to monitor this as we move through the rest of FY '25.

我們第一季穩健的財務表現顯示去年的安全事件對我們的財務表現影響微乎其微。與上季一致，當我們分析關鍵指標時，我們無法歸因於安全事件對第一季業績的可量化影響。雖然無法量化，但該事件可能產生了一定程度的影響。我們將在 25 財年剩下的時間裡繼續關注這一情況。

The macro environment during Q1 was relatively consistent with what we experienced over the past few quarters. In short, it's stable but still challenging and most notably having an impact on our mix of new business versus upsells with existing customers.

第一季的宏觀環境與我們過去幾季的經驗相對一致。簡而言之，它是穩定的，但仍然具有挑戰性，最顯著的是對我們的新業務與現有客戶的追加銷售的組合產生影響。

Moving on to some financial highlights. Over the past several quarters, we've put significant effort into positioning the company for profitable growth for years to come. The actions we've taken to drive efficiencies in our cost structure have yielded impressive results. Our Q1 financial performance was highlighted by record operating profitability as well as record free cash flow, resulting in a free cash flow margin of 35%. The cash flow performance is even more impressive when considering it includes a [$22 million] impact related to the headcount reduction action at the start of Q1.

接下來是一些財務亮點。在過去的幾個季度中，我們投入了大量精力，使公司在未來幾年內實現盈利成長。我們為提高成本結構效率所採取的行動取得了令人印象深刻的成果。我們第一季的財務表現以創紀錄的營業利潤和創紀錄的自由現金流為亮點，自由現金流利潤率為 35%。考慮到第一季初裁員行動帶來的[2,200萬美元]影響，現金流表現更加令人印象深刻。

Another highlight in the quarter was Q1 subscription gross margin of 83.5%, which represents an increase of 420 basis points when compared to 2 years ago. The improvement reflects the cost-saving initiatives we've taken that have resulted in lower platform costs. We expect subscription gross margin to remain in the 83% range and flex down slightly for the rest of the fiscal year as we invest in the business across key areas such as security, public sector and customer support.

該季度的另一個亮點是第一季訂閱毛利率為 83.5%，與兩年前相比增長了 420 個基點。這項改進反映了我們採取的成本節約舉措，從而降低了平台成本。我們預計訂閱毛利率將保持在 83% 的範圍內，並在本財年剩餘時間內略有下降，因為我們對安全、公共部門和客戶支援等關鍵領域的業務進行了投資。

We were encouraged by Q1's strong top line metrics and pipeline growth. Public sector was a particular area of strength, led by our largest ever public sector deal. In fact, 5 of our top 6 deals in Q1 were with public sector organizations. And despite the strong quarter for public sector deals, which are typically 1-year deals, weighted average contract term length for contracts signed in the quarter increased year-over-year.

第一季強勁的營收指標和通路成長令我們感到鼓舞。公共部門是一個特殊的優勢領域，以我們有史以來最大的公共部門交易為主導。事實上，第一季的 6 筆前 6 筆交易中有 5 筆是與公共部門組織進行的。儘管公共部門交易（通常為一年期交易）季度表現強勁，但該季度簽署的合約的加權平均合約期限同比有所增加。

We added 150 net new customers in the quarter. This primarily reflects the ongoing business trends of the current macro environment, resulting in increased weighting of upsell versus new business and continued strength with large enterprise customers. Once again, our fastest-growing cohort was large customers with $1 million-plus ACV.

本季我們淨增加了 150 個新客戶。這主要反映了當前宏觀環境的持續業務趨勢，導致追加銷售相對於新業務的權重增加，以及大型企業客戶的持續強勢。我們成長最快的群體再次是 ACV 超過 100 萬美元的大客戶。

Now let's turn to our business outlook for Q2 and FY '25. As always, we take a prudent approach to forward guidance. We are factoring in a stable but still challenging macro environment consistent with what we've experienced over the past few quarters. We also continue to incorporate some conservatism into our outlook as we continue to monitor potential impacts related to last year's security incident.

現在讓我們來看看第二季和 25 財年的業務展望。一如既往，我們對前瞻性指引採取審慎態度。我們正在考慮一個穩定但仍然充滿挑戰的宏觀環境，這與我們過去幾季所經歷的情況一致。當我們繼續監控去年安全事件的潛在影響時，我們也將繼續將一些保守主義納入我們的前景中。

Again, you can view the more granular guidance details in our press release or posted commentary.

同樣，您可以在我們的新聞稿或發布的評論中查看更詳細的指導細節。

For the second quarter of FY '25, we expect total revenue growth of 13% to 14%; current RPO growth of 10% to 11%; non-GAAP operating margin of 19% to 20%; and free cash flow margin of approximately 5%. Keep in mind that cash flow in Q1 was a record and that Q2 is seasonally the lowest quarter of the year.

對於 25 財年第二季度，我們預計總營收將成長 13% 至 14%；當前RPO成長10%至11%；非公認會計準則營業利益率為 19% 至 20%；自由現金流利潤率約5%。請記住，第一季的現金流創歷史新高，而第二季是全年季節性最低的季度。

We are raising our outlook across the board for full year FY '25. We now expect total revenue growth of 12%, non-GAAP operating margin of 19% to 20% and a free cash flow margin of approximately 22%.

我們全面上調 25 財年全年的展望。我們目前預期總營收成長 12%，非 GAAP 營業利潤率為 19% 至 20%，自由現金流利潤率約為 22%。

To wrap things up, we remain confident that we've set the path of profitable growth for years to come. Our balance sheet is strong with a net cash position of approximately $1.2 billion, and we continue to focus on initiatives to drive the top line while driving operational efficiencies.

總而言之，我們仍然有信心，我們已經為未來幾年設定了獲利成長的道路。我們的資產負債表強勁，淨現金部位約 12 億美元，我們將繼續專注於推動營收、同時提高營運效率的措施。

With that, I'll turn it back 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 there are quite a few hands raised already, and I'll take them in order. And in the interest of time, please limit yourself to one question so that we can get to everyone. And then you're welcome to queue back up with additional questions.

謝謝，布雷特。我看到已經有不少人舉手了，我會按順序發言。為了節省時間，請只回答一個問題，以便我們可以回答所有人。然後歡迎您排隊提出其他問題。

So with that, let's go to our first question from Gabriela Borges at Goldman.

那麼，讓我們來回答高盛的加布里埃拉·博爾赫斯提出的第一個問題。

For Todd and Brett, I'm hoping you can provide some qualitative commentary on sales productivity. There are factors outside of your control with the macro, but maybe talk about the factors that are within your control and specifically, how you think about training and enablement around cross-sell and where you think NRR can go over the medium term with some of the new products that you've released.

對於托德和布雷特，我希望你們能夠提供一些關於銷售效率的定性評論。有些因素是您無法控制的宏觀因素，但也許可以談談您可以控制的因素，具體來說，您如何看待交叉銷售的培訓和支持，以及您認為 NRR 在中期可以走向哪些方向？產品。

It's something we're really focused on. I've talked about it on previous calls. One of the leading indicators of productivity is tenure, and the level of tenure in the sales team has been ramping over the past few quarters. And it's at a comfortable level now for us, so we're happy with where it is. And we're waiting to see throughout the year for the ramp in productivity that will come from that.

這是我們真正關注的事情。我在之前的電話中已經談到過這個問題。生產力的領先指標之一是任期，銷售團隊的任期水準在過去幾季一直在上升。現在對我們來說處於一個舒適的水平，所以我們對它的現狀感到滿意。我們全年都在等待由此帶來的生產力提升。

And I think in Q1, it was good, but it can get better in previous quarters, mostly because just the sales for the year ramp through the subsequent quarters of the year, and also, we assume that the productivity will be higher, too, there. So Q1 is solid, but it's only a small part of the year, and we have -- we're really optimistic about the further increases in productivity through the rest of the quarters of the year.

我認為第一季的情況很好，但前幾季的情況可能會更好，主要是因為今年的銷售額在隨後的幾個季度中不斷增長，而且我們假設生產力也會更高，在那裡。因此，第一季是穩定的，但這只是今年的一小部分，我們對今年剩餘季度生產力的進一步提高非常樂觀。

In terms of cross-sell, we had a very strong quarter in terms of cross-sell. We're happy with the way the team is positioning both clouds with -- starting with Workforce and then moving to customer, or even in the public sector deal we mentioned, there's actually a significant cross-sell the other way. It started with customer identity and then the big upsell was with workforce identity, which is a healthy thing to see in the business. So that is a key metric. And I would say, we're off to a solid start, and we're really optimistic about what could happen the rest of the year in terms of acceleration.

在交叉銷售方面，我們的季度交叉銷售非常強勁。我們對團隊定位這兩種雲端的方式感到滿意——從勞動力開始，然後轉向客戶，甚至在我們提到的公共部門交易中，實際上也存在大量的交叉銷售。首先是客戶身份，然後是員工身份，這在業務中是一件健康的事情。所以這是一個關鍵指標。我想說，我們有了一個良好的開端，我們對今年剩餘時間在加速方面可能發生的事情非常樂觀。

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

接下來，我們將拜訪花旗銀行的法蒂瑪·博拉尼 (Fatima Boolani)。

Todd, just to piggyback off that last point, so the public sector performance has actually been very consistently strong over the arc of the last several quarters. So I was hoping if you could drill into this with a little bit more detail as it relates to what sort of catalysts are you tapping very effectively within the public sector. And frankly, the public sector strength is outside of the normal confines of what we typically see from a timing standpoint, typically back half of the year, coinciding with the U.S. Federal fiscal year-end. But any specific details around what mandates you're tapping and why public sector has actually been so strong and consistently strong, whereas kind of other parts have been maybe a little bit more challenged?

托德，只是藉用最後一點，所以公共部門的表現實際上在過去幾個季度中一直非常強勁。因此，我希望您能更詳細地探討這一點，因為它涉及您在公共部門內非常有效地利用哪種催化劑。坦白說，公共部門的實力超出了我們通常從時間角度看到的正常範圍，通常是在今年下半年，恰逢美國聯邦財政年度結束。但是，關於您正在利用的任務的任何具體細節以及為什麼公共部門實際上如此強大且持續強大，而其他部分可能面臨更大的挑戰？

Yes. I think there's a bunch of factors there. I'll try to call out some of them to hopefully be helpful for your understanding of the dynamics of the business. I would say the first one is that usually public sector deals are bigger and which means that the organizations we're selling to are bigger, which means they haven't been impacted like some of the SMB parts of our business having this -- the macro environment the last few quarters.

是的。我認為這裡面有很多因素。我將嘗試列出其中的一些內容，希望對您了解業務動態有所幫助。我想說的第一個問題是，通常公共部門的交易規模更大，這意味著我們銷售的組織規模更大，這意味著他們沒有像我們業務中的一些中小型企業部分那樣受到影響——過去幾季的宏觀環境。

So I think, like we're seeing in the rest of the business, the biggest, fastest growing cohort of customers is the $1 million-plus customers. You see the $100,000-plus customers growing faster than the overall customer count, 12% versus 6%. So we're seeing a migration up of the business, which we think is a good healthy thing for long-term growth. So public sectors within that is they're bigger deals. They're bigger organizations.

所以我認為，就像我們在其他行業中看到的那樣，規模最大、成長最快的客戶群是價值 100 萬美元以上的客戶。您會發現 100,000 美元以上的客戶成長速度快於整體客戶數量，分別為 12% 和 6%。因此，我們看到業務正在向上遷移，我們認為這對於長期成長來說是一件好事。因此，公共部門的交易規模更大。他們是更大的組織。

Now once you do click into even that, you're seeing a lot of the -- first of all, the public sector business is -- has -- it's state and local. It's civilian, federal, and it's Department of Defense Federal in the U.S. There is -- and the majority of our public sector business is in the U.S.

現在，一旦你點擊進入，你會看到很多——首先，公共部門的業務——有——它是州和地方的。它是民用的、聯邦的，它是美國聯邦國防部。

And so when you look at that, the big public sector win we talked about this quarter, which we're very happy about, is actually a -- which is relatively a newer part of the public sector vertical for us, which is the Department of Defense. A big agency in the Department of Defense selected Okta to standardize across the board for access management, which is very exciting. And that's a result of many things, it's a result of persistent sales campaigns and proof points at smaller parts of the department and smaller parts of the federal government. But it's also a testament to better certification, so IL4 certification and then also the ability to serve some IL5 workloads, which is a very important. FedRAMP High, or a couple of certifications we've gotten over the last year or so, which is really driving momentum.

因此，當你看到這一點時，我們在本季度談到的公共部門的重大勝利，我們對此感到非常高興，實際上是——對我們來說，這是公共部門垂直領域相對較新的部分，即國務院國防。國防部的一個大機構選擇 Okta 來全面標準化存取管理，這非常令人興奮。這是多種因素共同作用的結果，是該部門較小部門和聯邦政府較小部門持續進行的銷售活動和證據的結果。但這也是更好認證的證明，因此 IL4 認證以及服務某些 IL5 工作負載的能力，這是非常重要的。 FedRAMP High 或我們在過去一年左右獲得的一些認證，這確實推動了發展勢頭。

And then the last bucket there is kind of like it's the trends that are impacting every organization, which is they have -- they're making bigger investments in technology. They understand that identity can give them choice and flexibility and help them, which is particularly in the big public sector deal is -- a particular example of this, they can actually consolidate around many, many identity providers. So we talk about consolidation broadly, but there's a lot of sprawl in these big organizations around multiple identity technologies.

最後一個桶子有點像是正在影響每個組織的趨勢，他們正在對技術進行更大的投資。他們明白身份可以給他們選擇和靈活性並幫助他們，這尤其是在大型公共部門交易中 - 一個特殊的例子，他們實際上可以圍繞許多身份提供者進行整合。因此，我們廣泛地談論整合，但這些大型組織圍繞著多種身分認同技術存在大量蔓延。

This Department of Defense agency had over 75 identity tools, which is -- sounds crazy; but when you think about the size and scope of this deal, it's maybe not that crazy. So they're trying to do more efficiency with their dollars. They're trying to consolidate around the right pain points. We think identity is one of those. And then they're also making sure that they're robust and defended against cyberattacks. And like every other part of the world, they understand that identity is a key to getting that posture right, and they're looking to shore up that part of their cyber defense with the solid identity platform. So those are some of the dynamics. Hopefully, that's helpful.

這個國防部機構擁有超過 75 個身分工具，這聽起來很瘋狂；但當你考慮到這筆交易的規模和範圍時，它可能並沒有那麼瘋狂。因此，他們正在努力提高資金效率。他們正試圖圍繞正確的痛點進行整合。我們認為身分就是其中之一。然後他們還要確保自己的功能強大並且能夠抵禦網路攻擊。與世界其他地區一樣，他們明白身份是採取正確姿態的關鍵，他們希望透過可靠的身份平台來支撐網路防禦的這一部分。這些是一些動態。希望有幫助。

I would just add to that actually, 2 things. One, if you remember a couple of years ago, we -- 1 of our 3 strategic initiatives was around federal, right? And so that was back in FY '23. We spent a lot of time and a lot of focus, and you can see the fruits of our labor, if you will, over the last couple of years, and seeing the focus for us really pay off. And then the other one is, one thing to keep in mind is we're still in the early innings of this opportunity. We look at the public sector is a massive opportunity, and we still have a lot of room to run there.

實際上我只想補充兩件事。第一，如果你還記得幾年前，我們的 3 個策略舉措中有 1 個是圍繞聯邦政府的，對嗎？那是在 23 財年。我們花費了大量的時間和精力，如果您願意的話，您可以看到我們在過去幾年中的勞動成果，並且看到我們的關注真正得到了回報。另一個是，要記住的一件事是我們仍處於這個機會的早期階段。我們認為公共部門是一個巨大的機會，我們在那裡還有很大的發展空間。

Great. Let's go to Brad Zelnick at Deutsche Bank.

偉大的。讓我們來看看德意志銀行的布拉德·澤爾尼克。

Congrats on a good result, especially relative to some crazy stuff happening in software. Brett, my question is for you. I'm just trying to reconcile the 2Q cRPO guide for further deceleration with what otherwise looks strong when I look at Q2 revenue and the full year revenue guide. What dynamics should we consider? Does some of those public sector deals maybe not fully make their way into cRPO? Or are there any other factors that we should keep in mind when thinking about your cRPO guide for Q2?

恭喜你取得了好的結果，特別是相對於軟體中發生的一些瘋狂的事情。布雷特，我的問題是問你的。我只是試圖將第二季 cRPO 指南進一步減速與我查看第二季營收和全年營收指南時看起來強勁的內容進行協調。我們應該考慮哪些動態？其中一些公共部門交易是否可能未完全納入 cRPO？或者，在考慮第二季的 cRPO 指南時，我們還應該牢記任何其他因素嗎？

Yes. No other factors specific to the public sector. I mean they -- obviously, they're in the current RPO numbers of Q1 with 15% year-over-year growth, which we feel were solid results. But ultimately, when you look at the guidance not just for Q2 current RPO but also any of the guidance that we gave here today, we're factoring into 2 main things, right? Macroeconomic headwinds are still out there. It's really affecting us in 2 different ways. One is on new logo acquisition. The other one is on the upsell side of the house around seat upsells, monthly active user upsells on the customer identity side. There's still a headwind out there to growth, both the net retention number and the current RPO number and any guidance that we really give here.

是的。沒有其他特定於公共部門的因素。我的意思是，顯然，目前第一季的 RPO 數據年增 15%，我們認為這是可靠的結果。但最終，當您不僅查看第二季度當前 RPO 的指導，還查看我們今天在這裡提供的任何指導時，我們會考慮兩個主要因素，對嗎？宏觀經濟逆風依然存在。它確實以兩種不同的方式影響著我們。一是新標誌的獲取。另一個是圍繞席位追加銷售、客戶身份方面的每月活躍用戶追加銷售。無論是淨留存人數、目前的 RPO 數字，還是我們在此給出的任何指導，成長仍然存在阻力。

And then the second main factor is the security incident. Although we didn't -- we saw really only minimal impact to our financials in Q1 and in Q4, like you remember from 90 days ago, we're still being thoughtful about that and just baking all that into the guidance that we've given you guys here today.

第二個主要因素是安全事件。儘管我們沒有——我們看到第一季和第四季的財務狀況受到的影響確實很小，就像您90 天前記得的那樣，但我們仍在考慮這一點，並將所有這些納入我們已經制定的指導方針中。

Next, we have Eric Heath at KeyBanc.

接下來請來 KeyBanc 的 Eric Heath。

I guess I wanted to drill in on some of the PAM commentary from the prepared remarks. A couple of nice customer wins in the G2K. I thought that was quite interesting. So could you elaborate more on those customer wins? Just, firstly, were they displacements and if they were on-prem or cloud workloads? And then third, just as it relates to the telecom customer specifically, you mentioned it needed to meet federal compliance requirements. So is PAM already FedRAMP certified at this point because that seems pretty impressive to me if it is?

我想我想從準備好的發言中深入了解 PAM 的一些評論。 G2K 中贏得了一些不錯的客戶。我覺得這很有趣。那麼您能詳細說明一下這些客戶的勝利嗎？首先，它們是位移嗎？第三，正如它與電信客戶特別相關一樣，您提到它需要滿足聯邦合規性要求。那麼 PAM 目前是否已獲得 FedRAMP 認證？

The early -- so PAM is -- we're very happy with the progress there. It is early in terms of its life cycle only having been available starting in Q4 of last year. So it's encouraging early traction there. I think that the -- kind of like what we expected is playing out in terms of it's not necessarily replacing other technologies or the other privileged access management technologies. It's more because of the product is easy to use, and it's really purpose built for modern cloud environments. You're spinning up a bunch of virtual hosts. You're using containers, modern DevOps-type environment. It's really good at those kind of environments. And in many places where we go into, those environments don't have a privileged solution, and we fit really nicely in there. And that's what we're seeing in some of the early traction.

早期——PAM 就是這樣——我們對那裡的進展非常滿意。從去年第四季開始，它的生命週期還處於早期階段。因此，這鼓勵了那裡的早期牽引力。我認為，就像我們所期望的那樣，它不一定會取代其他技術或其他特權存取管理技術。更多的是因為該產品易於使用，而且它確實是專為現代雲端環境而建造的。您正在啟動一堆虛擬主機。您正在使用容器、現代 DevOps 類型的環境。它非常適合這種環境。在我們進入的許多地方，這些環境沒有特權解決方案，而我們非常適合那裡。這就是我們在一些早期的吸引力中看到的。

The other very -- maybe also it's good to see our thesis confirmed, is that it's often bought as part of the whole suite. So they'll buy governance and PAM and add that to the -- to our access management tools on the workforce side. And that's -- our whole theory has been that those 3 things should be more integrated, should be -- should come from the same vendor, and we're building the identity suite for workforce in the sense that those 3 things work really well together. And we're seeing that play out in some of the early wins.

另一個非常 - 也許也很高興看到我們的論文得到證實，那就是它經常作為整個套件的一部分購買。因此，他們將購買治理和 PAM，並將其添加到我們勞動力方面的存取管理工具中。我們的整個理論是，這三件事應該更加集成，應該來自同一供應商，並且我們正在為員工建立身份套件，因為這三件事可以很好地協同工作。我們在一些早期的勝利中看到了這一點。

The -- and we're seeing on the -- when we sell a governance, it's -- of the total -- after governance is installed or sold, governance can be 1/3 of the entire ARR after governance gets installed there. And we're seeing a similar -- it's early, but we're seeing a similar uplift for PAM as well.

我們看到，當我們出售治理時，在安裝或出售治理後，治理可以佔整個 ARR 的 1/3。我們也看到了類似的情況——現在還為時過早，但我們也看到 PAM 也出現了類似的提升。

So all these signs are very encouraging. The product is not yet FedRAMP certified, so that will come later, to answer your specific question there. But it's exciting, some early proof and validation points for our approach in that market.

所以所有這些跡像都非常令人鼓舞。該產品尚未經過 FedRAMP 認證，因此稍後會進行認證，以回答您的特定問題。但這是令人興奮的，我們在該市場的方法的一些早期證據和驗證點。

Let's go to Adam Tindle at Raymond James.

讓我們去找雷蒙德詹姆斯的亞當廷德爾。

Todd, I just want to first acknowledge the impressive profitability here. On the flip side, if I looked at Brett's guidance, it looks like Okta is likely tracking to a single-digit growth business within the next couple of quarters. I noticed in your prepared remarks, you used the term reignite growth. So I just wondered if you can maybe just double click on the top opportunities that you see to reaccelerate growth from here. Which areas would those be?

托德，我只想先承認這裡令人印象深刻的獲利能力。另一方面，如果我看看布雷特的指導，看起來 Okta 很可能在接下來的幾季內實現個位數的業務成長。我注意到您在準備好的發言中使用了“重燃增長”一詞。所以我只是想知道您是否可以雙擊您看到的最佳機會，以從這裡重新加速增長。那些地區會是哪些？

And then secondly, from a capital allocation perspective, Brett noted that you have $1.2 billion of net cash. Is there something that you might consider more transformational that would help accelerate that time line to reignite growth?

其次，從資本配置的角度來看，布雷特指出，你擁有 12 億美元的淨現金。您認為是否有一些更具變革性的事情可以幫助加快重振成長的時間？

The -- reigniting growth is 1 of our top 3 priorities. Of course, the first is secure -- securing Okta and securing our -- making sure our products do the same things for all of our customers and with our secure identity commitment. That's our #1 priority.

重振成長是我們的三大優先事項之一。當然，第一個是安全性——保護 Okta 和我們的安全——確保我們的產品為我們所有的客戶做同樣的事情，並履行我們的安全身分承諾。這是我們的第一要務。

Second is reigniting growth. So it's very important to us. And I think there's 3 important things I'll call out there in terms of how we're thinking about driving up that growth rate and doing everything we can to meet and then exceed our guidance we've put forward. That first one is we want to make sure that we're -- we have trained, enabled, tenured productive salespeople. And as I mentioned previously for a couple of questions ago, we think we're off to a solid start on that dimension.

其次是重振成長。所以這對我們來說非常重要。我認為，我將在此提出三件重要的事情，即我們如何考慮提高成長率，並盡一切努力滿足並超越我們提出的指導方針。第一個是我們要確保我們擁有訓練有素、有能力、終身任職的高效銷售人員。正如我之前在幾個問題中提到的，我們認為我們在這個維度上有了一個堅實的開始。

The second one is new product innovation, where we're just starting to hit the ramping phase of -- in terms of the next few quarters of material impact of governance product. PAM is a few quarters behind that, but it has a potential to get there being built and sold and positioned as a suite, which I think we're seeing really early signs of compelling value there. We have a customer identity business that's, by far, the leader in the industry, that has a ton of innovation coming in that part of the business as well with highly regulated identities and all the other announcements we've made there. And so the products are a really important part of what we're doing.

第二個是新產品創新，就治理產品未來幾季的實質影響而言，我們才剛開始進入加速階段。 PAM 落後了幾個季度，但它有潛力以套件的形式進行建造、銷售和定位，我認為我們已經看到了令人信服的價值的早期跡象。到目前為止，我們的客戶身份業務是行業中的領導者，該業務部分有大量創新，並且身份受到嚴格監管，並且我們在那裡發布了所有其他公告。因此，產品是我們所做工作的一個非常重要的部分。

And then the third thing is just, broadly speaking, how we fit into the partner ecosystem and particularly in the large enterprise, working more effectively and being strategic partners with the global SIs and having them fit us into their -- or build practices around us, so we can fit seamlessly into what they're trying to do strategically with their businesses and all the way up and down the partner channel. We've made a bunch of changes there over the last year; and hopefully, as you all talk to the folks in the partner community, you're seeing positive feedback about what we're doing and how we can work with the partner community effectively and to serve everyone's mutual interest.

第三件事是，從廣義上講，我們如何融入合作夥伴生態系統，特別是在大型企業中，更有效地工作，成為全球系統整合商的策略合作夥伴，並讓他們讓我們融入他們的生態系統，或圍繞我們建立實踐，這樣我們就可以無縫地融入他們的業務策略以及合作夥伴管道的各個方面。去年我們在那裡做了很多改變；希望當你們與合作夥伴社區的人們交談時，您會看到關於我們正在做的事情以及我們如何與合作夥伴社區有效合作並服務於每個人的共同利益的積極反饋。

So those are some of the highlights. It is very important. We think we have a very big long-term market opportunity. And we're not here to be a slow growth company. We're here to be accelerating growth and reaching that market opportunity over the long term.

這些是一些亮點。這是非常重要的。我們認為我們有一個非常大的長期市場機會。我們並不是一家成長緩慢的公司。我們來這裡是為了加速成長並獲得長期的市場機會。

No, no, I'd add 1 or 2 things to that, Adam. One is around hunter-farmer model. I know you guys heard about that from us 90 days ago, a couple of months ago or 3 months ago. we obviously want to accelerate logo acquisition and obviously penetrate the customer base. I mean we've got 19,100 plus customers, and you heard us talk in prior calls about governance customers of only -- it's measured in the hundreds.

不，不，我要加一兩件事，亞當。一是圍繞著狩獵農民模式。我知道你們在 90 天前、幾個月前或 3 個月前就從我們這裡聽說過這件事。我們顯然希望加速徽標獲取並明顯滲透客戶群。我的意思是，我們有 19,100 多個客戶，您在之前的電話中聽到我們談到治理客戶——數量達到數百個。

So there's a lot of opportunity inside the customer base. I'm just using governance as an example, but you could apply what I just said to everything Todd just said in terms of additional products. And hopefully, everyone had a chance to look through all the exciting product announcements that we made at Showcase or listed out in the posted commentary.

因此，客戶群內部有很多機會。我只是以治理為例，但是您可以將我剛才所說的應用於托德剛才所說的附加產品方面的所有內容。希望每個人都有機會瀏覽我們在 Showcase 上發布的或在發布的評論中列出的所有令人興奮的產品公告。

And then in terms of your question around capital allocation and capital structure right now, we're going to continue to do what we've done in the past, right, be opportunistic with the debt and leave the balance of the money there for operating the business and looking at tech tuck-ins, things to accelerate the road map like you saw with Spera, which then turned into posture management, which is an exciting product that just came out a few weeks ago. It is only available to some customers in North America. So it's still very early, but it's just another example of us taking small tuck-ins and frankly, accelerating some new exciting features for our customers.

然後，就你現在關於資本配置和資本結構的問題而言，我們將繼續做我們過去所做的事情，對吧，對債務保持機會主義，並將餘額留在那裡用於運營業務並著眼於技術整合，加速路線圖的事情就像你在Spera 看到的那樣，然後變成了姿勢管理，這是幾週前剛推出的一個令人興奮的產品。僅適用於北美的部分客戶。所以現在還為時過早，但這只是我們採取小規模投入並坦率地加速為客戶提供一些令人興奮的新功能的另一個例子。

Let's go to Hamza Fodderwala at Morgan Stanley.

讓我們來看看摩根士丹利的哈姆扎·福德瓦拉 (Hamza Fodderwala)。

I'll echo my congrats on the results in a tough environment. Todd, just going back to your comment, you talked about accelerating growth, $5 billion, $10 billion revenue company. Just from a hiring perspective, when you think about sort of the slower headcount that you've had over the last couple of years, is there -- are you seeing signals in the demand environment or in your opportunity to maybe pick that up a bit? And how should we kind of think about that growth margin equation going forward?

我將對在艱難的環境中所取得的結果表示祝賀。托德，回到你的評論，你談到了加速成長、50 億美元、100 億美元收入的公司。僅從招募的角度來看，當你想到過去幾年員工人數減少的情況時，你是否在需求環境中看到了訊號，或者在你的機會中看到了一些訊號？我們該如何思考未來的成長利潤方程式？

I think in the enterprise segment, we do. We see signals there. I think in SMB, it's still more of a wait and see. I think we'll have to see some more quarters of stability or improving dynamics there before we'll be more comfortable ramping that up. Brett mentioned one of the changes we made, which is doing this hunter-farmer approach in the SMB segment, which we're very optimistic about. It's going to take a few quarters to have the impact we think it can have. But as that settles out and as the -- some of the economic choppiness maybe stabilizes further or picks up a little bit, we'd be more confident adding headcount there.

我認為在企業領域，我們是這樣做的。我們在那裡看到信號。我認為在中小企業，更多的是觀望。我認為我們必須看到更多季度的穩定性或動態的改善，然後我們才會更放心地提高這一點。布雷特提到了我們所做的改變之一，就是在中小型企業領域採用這種狩獵農民的方法，我們對此非常樂觀。需要幾個季度才能產生我們認為可以產生的影響。但隨著這種情況的解決，以及一些經濟波動可能會進一步穩定或加劇，我們更有信心在那裡增加員工人數。

I think the enterprise, public sector, strategic, international segments are -- that's where we've seen a lot of the growth, and that's where our customers have the biggest need in terms of lots of complexity, lots of -- technical choice really matters. Like not being locked into one platform is really valuable. They have a lot of risk, a lot of cyber risk, a lot of risk of not getting the technology adopted and driving their business forward. So I think that's a really long-term place to invest, and we're looking at making sure we do that in a measured way. We don't want to -- we want to balance growth and profitability, but we're not going to leave opportunity on the field where we see we can take it.

我認為企業、公共部門、策略、國際領域是我們看到大量成長的領域，也是我們的客戶在複雜性、技術選擇方面需求最大的領域。就像不被鎖定在一個平台上一樣，這確實很有價值。他們面臨很多風險，很多網路風險，很多無法採用技術並推動業務發展的風險。所以我認為這是一個真正的長期投資領域，我們正在考慮確保以謹慎的方式做到這一點。我們不想——我們想平衡成長和獲利能力，但我們不會把機會留在我們認為可以抓住的領域。

Let's go to Madeline Brooks at BofA.

讓我們去找美國銀行的馬德琳布魯克斯。

I guess I just want to go back to the guidance, pick it up a little bit. So it feels like the second half guide is very conservative. And I just look at 1 quarter results and also assuming that the second quarter comes in line, the model shows a pretty significant slowdown from 1 half to second half. So can you just go a little bit deeper into the specifics of the conservatism? For example, if I think about churn, it takes roughly 3 to 4 quarters to churn off of identity platform. So is that an increased risk that you're looking at for the back half compared to, say, signing new businesses?

我想我只是想回到指南，稍微了解一下。所以感覺後半段指導很保守。我只看第一季的業績，並假設第二季符合預期，模型顯示從上半年到下半年的成長相當顯著。那麼您能更深入了解保守主義的具體情況嗎？例如，如果我考慮流失情況，大約需要 3 到 4 個季度才能流失身分平台。那麼，與簽署新業務相比，您認為下半年的風險是否會增加？

Yes. I think it's a little bit of a mix of both new business and on the renewal side of being prudent about both the things I talked about earlier around macroeconomic uncertainty and also the security incident, right? I mean, we've talked about it before with maybe the impact associated with the security incident, like you said about renewals, may take a little bit longer. So we're just baking those items in to make sure that we're just being prudent at this point. And based on what we see in the business, and from a pipeline perspective, the mix, new business versus upsell, all that good stuff, we're just taking that all into account, into the guidance here today.

是的。我認為這是新業務和更新方面的結合，對我之前談到的有關宏觀經濟不確定性和安全事件的事情保持謹慎，對吧？我的意思是，我們之前已經討論過，可能與安全事件相關的影響，就像您所說的續訂，可能需要更長的時間。因此，我們只是將這些項目放入其中，以確保我們在這一點上保持謹慎。根據我們在業務中看到的情況，從管道的角度來看，組合、新業務與追加銷售，所有這些好東西，我們只是將所有這些都考慮到今天的指導中。

And maybe just pushing a little bit further. This is going to sound very cliche, so apologies in advance. But if you can't weigh them 50-50, what keeps you up more at night? Is it potential churn? Or is it difficulty signing new customers, for the back half of the year in that conservatism?

也許只是更進一步。這聽起來很陳腔濫調，所以先道歉。但如果您無法稱出 50-50 的體重，是什麼讓您晚上更難入眠呢？這是潛在的流失嗎？或者說，在這種保守態度下，今年下半年很難簽下新客戶嗎？

I would say, signing new customers.

我想說的是，簽下新客戶。

I was going to -- I would agree with that 100%.

我打算——我百分之百同意這一點。

Yes, as you just tested, we're aligned.

是的，正如您剛剛測試的那樣，我們是一致的。

Yes.

是的。

Perfect. Love to see that.

完美的。喜歡看到這一點。

Well, I think the other thing also, Madeline, is gross retention has remained very stable for years. And so it's been one of those very stable metrics, and so that's something we don't tend to worry about. That's why we focus and talk to you guys about reigniting growth. We talk about hunter-farmer. We talk about partners. We talk about all these things about new logo acquisition and penetrating the base further because that's our main focus and concern.

嗯，我認為另一件事，瑪德琳，多年來總保留率一直保持非常穩定。因此，它是非常穩定的指標之一，因此我們通常不會擔心這一點。這就是為什麼我們關注並與你們討論重燃成長的問題。我們談論狩獵農民。我們談論合作夥伴。我們談論有關新徽標獲取和進一步滲透基礎的所有這些事情，因為這是我們的主要重點和關注點。

Next up, we have Patrick Colville at Scotiabank.

接下來請來豐業銀行的派崔克‧科爾維爾。

I mean, for me, the story of Okta over the last 12 months has been some incredible kind of product innovation with governance, PAM and the new models you called out on this call, Identity Security Posture Management and the Identity Threat Protection. I guess how are they going to flow through the financial model in terms of kind of net retention and qualitatively to cRPO? I mean because this is major launches. So when are we going to be able to see that in numbers?

我的意思是，對我來說，Okta 在過去12 個月的故事是一些令人難以置信的產品創新，涉及治理、PAM 以及您在本次電話會議中提出的新模型、身分安全態勢管理和身份威脅防護。我想他們將如何在淨保留率和 cRPO 品質方面流過財務模型？我的意思是因為這是重大發布。那我們什麼時候才能看到數字呢？

I think it really depends on the maturity of the product. I think, obviously, governance is a lot further along, right? And we've talked about hundreds of customers. We still have thousands of customers to go, clearly, based on the math, just total customers minus those hundreds of customers. So that would be the first one to -- you'd start to see in cRPO and also into net retention, but the other ones will trail behind them.

我認為這實際上取決於產品的成熟度。我認為，顯然，治理已經走得更遠了，對嗎？我們已經討論了數百名客戶。顯然，我們還有數千名客戶需要去，根據數學計算，只需總客戶減去這數百名客戶。因此，這將是第一個——您將開始在 cRPO 和淨保留率中看到這一點，但其他的將落後於它們。

I wouldn't expect for these newer things that are coming out like posture management or threat protection, I wouldn't expect it in FY '25 at all. I probably wouldn't even think it would impact it in FY '26 because we're talking about a $2.5 billion business at this point. It takes a lot of money in any of these products to make a material difference to the overall numbers. So we're setting these up for the long term, not just to harness it for a couple of quarters here or there. So it's really the long-term play that you should expect.

我不希望出現諸如態勢管理或威脅保護之類的新事物，我根本不希望在 25 財年出現。我甚至可能認為這不會對 26 財年產生影響，因為我們此時談論的是 25 億美元的業務。這些產品中的任何一個都需要投入大量資金才能對整體數字產生重大影響。因此，我們正在為長期目標而製定這些計劃，而不僅僅是在這裡或那裡利用幾個季度。所以這確實是你應該期待的長期遊戲。

Yes. How we're thinking about this internally is that the -- I think it will mirror the order of broad enablement. So we're broadly enabling people in the following order: governance is first, followed by a combination of posture management and identity threat protection, followed by privileged access. So we think that Identity Threat Protection with Okta AI and Identity Security Posture Management, that bundle could pretty quickly have as much of an impact as governance.

是的。我們內部對此的思考方式是——我認為這將反映廣泛支持的順序。因此，我們按照以下順序廣泛為人們提供支援：首先是治理，然後是態勢管理和身分威脅保護的組合，最後是特權存取。因此，我們認為，使用 Okta AI 和身分安全態勢管理進行身分威脅防護，該捆綁包很快就會產生與治理一樣大的影響。

And then we think the next sequential enablement in the next order of impact will probably be Privileged Access. So that's how we're thinking about it internally. And I think that maps out to what you'll see in terms of the flowing through in the financials over time.

然後我們認為下一個影響順序中的下一個順序啟用可能是特權存取。這就是我們內在的思考方式。我認為這反映了隨著時間的推移，你會看到財務狀況的變化。

Let's go to Joe Gallo at Jefferies.

讓我們去找傑富瑞的喬·加洛。

Nice job in a really tough environment. I wanted to follow up on some of the things you said earlier, Todd. You noted large deal strength. And while large deals are growing, new customer adds over $100,000 was down meaningfully year-over-year. So can you just talk through the gross retention rate of that business? And then is there just anything notable to call out between enterprise spend versus SMB or mid-market spend?

在非常艱難的環境中乾得不錯。托德，我想跟進你之前所說的一些事情。您注意到了巨大的交易實力。儘管大型交易不斷增長，但超過 10 萬美元的新客戶數量比去年同期大幅下降。那麼您能談談該業務的毛保留率嗎？那麼，企業支出與中小企業或中端市場支出之間有什麼值得注意的地方嗎？

The -- your first question, you said that -- is it gross retention or growth retention? What did you say?

你說的第一個問題是毛保留率還是成長保留率？你說什麼？

So I was -- so for large deals, $100,000 and larger, year-over-year adds were down year-over-year. So I was just asking on the gross retention.

所以我是 - 所以對於大型交易，100,000 美元和更大的交易，同比增加量同比下降。所以我只是問總保留率。

Gross retention.

總保留率。

Yes. I think the -- if you look at the logo numbers, there's no -- it's the softness is in the adds. It's not in the elevated churn rates. So the net is a result of fewer adds, not a result of higher logo churn. So that's, as Brett mentioned -- and that matches up with the dollar gross retention, which has been stable and healthy for many years.

是的。我認為——如果你看一下標誌數字，就沒有——它的柔軟度在於附加部分。這並不在於客戶流失率的提升。因此，網路是添加量減少的結果，而不是徽標流失率增加的結果。正如布雷特所提到的，這與美元總保留率相匹配，多年來一直保持穩定和健康。

The -- I do think that just there's a lot of opportunity in -- we talk about these $100,000 deals and that number being up 12%. There's a lot of room to expand even in those, especially when you layer on the breadth of the product portfolio now, the customer identity add to the workforce suite, the workforce to customer. And then even within the workforce suite, you're getting a lot of capabilities to upsell governance, workflows, identity threat protection, identity security posture management, privileged access and it's a lot of potential there. So it's one of the reasons why we've seen success in that part of the business, and we're also focused on it for the future to make sure we capture the opportunity there as well.

我確實認為，我們談論的這些 100,000 美元的交易中有很多機會，而且這個數字增長了 12%。即使在這些方面，也有很大的擴展空間，特別是當您現在對產品組合的廣度進行分層時，客戶身份將添加到勞動力套件中，勞動力將添加到客戶中。然後，即使在勞動力套件中，您也可以獲得很多功能來追加銷售治理、工作流程、身份威脅保護、身份安全態勢管理、特權訪問，並且那裡有很大的潛力。因此，這也是我們在這部分業務取得成功的原因之一，我們也將專注於未來，以確保我們也能抓住那裡的機會。

Joe, just to add to that, another dynamic that has happened now 2 quarters in a row is the majority -- vast majority of the ACV that was added in the quarter actually came from customers that are greater than $100,000 already. So it's not like you'd see an add into that cohort because they're already in the cohort. And so we saw that in Q4, if you remember, I said that last quarter. It happened again. So it's -- when Todd is talking about the strength in large businesses, it really is in the cohort that's already in there.

Joe，補充一點，現在連續兩個季度發生的另一個動態是大多數 - 本季度添加的絕大多數 ACV 實際上來自已經超過 100,000 美元的客戶。因此，您不會看到添加到該隊列中的內容，因為他們已經在該隊列中了。所以我們在第四季度看到了這一點，如果你還記得的話，我在上個季度說過。又發生了。所以，當托德談論大企業的實力時，它確實是在已經存在的群體中。

You also see the $1 million cohort continue to be the fastest-growing cohort amongst all the cohorts. So it's really that upper end that we tend to be doing well right now. And we believe that's directly related back to what we've been talking about with macro. These bigger businesses have, one, bigger balance sheets, but also what Todd's talking about, they have more complexity to solve and that's really where we shine from a product set perspective.

您還可以看到 100 萬美元群體仍然是所有群體中成長最快的群體。所以我們現在確實在高端領域做得很好。我們相信這與我們一直在談論的宏觀因素直接相關。這些較大的企業擁有更大的資產負債表，但正如托德所說，它們需要解決更複雜的問題，而這正是我們從產品組角度來看的亮點。

Next, we go to Rudy Kessinger at D.A. Davidson.

接下來，我們去找 D.A. 的 Rudy Kessinger。戴維森。

I guess kind of trying to triangulate on some of the other questions here, the cRPO growth deceleration, the implied growth deceleration, this high single-digit range in the second half and the caution around the new customers. I guess when you look at your top-of-funnel sales activity and pipeline generation just over the last 90 days versus the prior quarter or maybe before the breach, I know you're saying no quantifiable impact to the Q1 numbers from the breach. But how has that breach impacted, I guess, your top-of-funnel sales activity and pipeline generation?

我想嘗試對這裡的其他一些問題進行三角測量，例如 cRPO 成長減速、隱含的成長減速、下半年的高個位數範圍以及對新客戶的謹慎態度。我想，當您查看過去 90 天內與上一季或違規之前的漏斗頂部銷售活動和管道生成時，我知道您是在說違規對第一季度的數字沒有可量化的影響。但我想，這種違規行為對您的漏斗頂部銷售活動和管道生成有何影響？

Yes. I mean from a pipeline perspective in Q1, that created -- that we had, created pipeline in the quarter was healthy, and we were happy with it. So that's one of the reasons why we're saying here that we're struggling to find quantifiable evidence that there has been an impact related to the security incident. Now granted, there's always the potential that there are deals we're not seeing, but we never really see it in the numbers and the way we track things. So we're limited by what we can see.

是的。我的意思是，從第一季的管道角度來看，我們在本季創建的管道是健康的，我們對此感到滿意。這就是我們在這裡說的原因之一，我們正在努力尋找可量化的證據來證明安全事件造成了影響。現在承認，總是有可能存在我們沒有看到的交易，但我們從未真正從數位和追蹤方式中看到它。因此，我們所看到的東西是有限的。

Next, let's go to Gray Powell at BTIG.

接下來，讓我們來看看 BTIG 的 Gray Powell。

Okay. Great. So yes, it was good to see the net retention rate stabilize this quarter. I just want to make sure that I'm sort of thinking about the components of your growth profile correctly between the installed base and new customers. So maybe just like what does the recurring revenue look like on the new customers that you've signed up the last 6 to 12 months? And how does that compare to the installed base? Like are you signing up -- are the new customers that are coming onboard, are they bigger customers, same, smaller? And then just how should we think about that going forward?

好的。偉大的。所以，是的，很高興看到本季淨保留率穩定。我只是想確保我在現有客戶和新客戶之間正確地考慮了成長概況的組成部分。那麼也許就像過去 6 到 12 個月內您註冊的新客戶的經常性收入是什麼樣的？與安裝基礎相比如何？就像你在註冊時一樣－即將加入的新客戶是大客戶、相同的還是小客戶？那我們該如何思考未來呢？

We haven't seen a significant departure from the past. I mean they might be slightly bigger just because enterprise is doing a little bit better. But I mean, it's -- because there's such a deep customer set and such a large amount of ACV, it's hard to sway the metrics with 1 or 2 quarters. It just -- law of large numbers. I don't know, Todd, if you would add anything else to that, but that's how I've been seeing the math, at least from my perspective.

我們沒有看到與過去的重大背離。我的意思是，它們可能會稍微大一些，只是因為企業做得更好一點。但我的意思是，因為有如此深厚的客戶群和如此大量的 ACV，很難在一兩個季度內改變指標。它只是──大數定律。托德，我不知道你是否願意補充任何其他內容，但這就是我對數學的看法，至少從我的角度來看是這樣。

I think I don't have the quantitative analysis that would answer this question directly. But I can tell you some of my experiences and conversations. I think that we still have an opportunity to do a better job having the first deal have a broader set of our products. Often I'm in conversations where I was just in a big deal review for a Q2 deal this morning, where it was still for budget reasons and other reasons that the land set of products was still pretty traditional, single sign-on, advanced multifactor, a little bit LCM.

我認為我沒有可以直接回答這個問題的定量分析。但我可以告訴你我的一些經歷和對話。我認為我們仍然有機會做得更好，讓第一筆交易擁有更廣泛的產品。我經常在談話中，今天早上我剛剛對第二季度的交易進行了一次大交易審查，但出於預算原因和其他原因，土地產品集仍然非常傳統，單點登錄，先進的多因素，一點點LCM。

And I think one thing we can improve on is making that broader, which would mean that, theoretically, there would be less upsell potential, but it will also mean that the customer starts with a broader set of our products upfront. And it would be more expensive and more strategic, and so it's an area to improve. But that's -- those are some thoughts there that might be helpful.

我認為我們可以改進的一件事是擴大範圍，這意味著從理論上講，追加銷售的潛力會減少，但這也意味著客戶首先會從我們更廣泛的產品開始。而且它會更昂貴，也更具戰略意義，因此這是一個需要改進的領域。但這是——這些是一些可能有幫助的想法。

Next up, John DiFucci at Guggenheim.

接下來是古根漢的約翰·迪福奇。

I -- first, I want to thank Brad for asking the cRPO question, so I don't have to ask Brett that question this time. But listen, I think it's -- one of you mentioned the SMB portion of your customer base and the risk associated with that portion of the market as it pertains to the macro backdrop. But can you comment on the mid-market, like sort of between the enterprise and the SMB? And any changes in demand for that portion of the market and how the identity platform message or the triumphant of like access PAM and IGA is resonating there. I know it's early, but it seems to me that there's just a whole lot of white space to cross sell into that type of customer.

我——首先，我要感謝 Brad 提出 cRPO 問題，所以這次我不用問 Brett 這個問題。但是聽著，我認為——你們中的一位提到了您的客戶群中的中小型企業部分以及與該市場部分相關的風險，因為它與宏觀背景有關。但您能否評論一下中端市場，例如企業和中小企業之間的市場？該部分市場需求的任何變化以及身份平台資訊或類似訪問 PAM 和 IGA 的勝利如何在當地引起共鳴。我知道現在還為時過早，但在我看來，還有很多空白空間可以向這類客戶進行交叉銷售。

Yes. I think it's something we're really focused on, and it's kind of back to my previous answer. I think it's still -- the platform, the governance, access and privileged and posture management, still early. I think a lot of that segment still thinks about it in the traditional categories and they're trying to solve the access management problem. They're trying to solve the multifactor authentication problem.

是的。我認為這是我們真正關注的事情，這有點回到我之前的答案。我認為平台、治理、存取、特權和態勢管理仍處於早期階段。我認為很多人仍然在傳統類別中思考它，他們正在嘗試解決存取管理問題。他們正在嘗試解決多因素身份驗證問題。

And the industry is evolving, and we're helping push it that way. We can make sure we -- everyone knows that they can solve all these problems at once, and there's a better way to do it and simpler and it will increase our security posture. The good news is that, I think, there's a lot of -- I think, more than a couple of years ago, there's a lot more awareness of the security challenge and the security risks there, which I think is every breach and every month and every quarter, the entire world gets more aware of it, but particularly in that segment is something I've noticed as well.

這個行業正在不斷發展，我們正在幫助推動它的發展。我們可以確保我們——每個人都知道他們可以立即解決所有這些問題，並且有更好、更簡單的方法來做到這一點，這將增強我們的安全態勢。好消息是，我認為，我認為，幾年前，人們對安全挑戰和安全風險有了更多的認識，我認為這是每個月的每一次違規行為每個季度，全世界都會更加意識到這一點，尤其是在這一領域，我也注意到了這一點。

Is my assessment, Todd, of that market accurate? Like I think of PAM and IGA as traditionally large enterprise markets or products. But it seems to me like -- I mean, you're there too, but your sweet spot -- I know you're in the large enterprise. But you compete also in the sort of mid-level smaller enterprise, and that just seems like they don't have those products because they're...

托德，我對那個市場的評估準確嗎？就像我認為 PAM 和 IGA 是傳統的大型企業市場或產品。但在我看來——我的意思是，你也在那兒，但你的最佳位置——我知道你在一家大企業。但你也在中型小型企業中競爭，而他們似乎沒有這些產品，因為他們...

Yes, it's very true. So the -- and if you go back 10 years ago, there was no real mid-market access management product either. It was Active Directory if you had Windows clients and Windows servers and Windows printers. An Active Directory was your identity management system. And Okta changed that. Okta was the first real mid-market identity product and access management product.

是的，這是真的。所以，如果你回到 10 年前，也沒有真正的中階市場存取管理產品。如果您有 Windows 用戶端、Windows 伺服器和 Windows 印表機，那麼它就是 Active Directory。 Active Directory 是您的身分識別管理系統。 Okta 改變了這一點。 Okta 是第一個真正的中階市場識別產品和存取管理產品。

And so now you're seeing the same thing happen in the other markets with privilege and governance, where SailPoint has been more large enterprise; CyberArk, the same thing. And we're really the first really viable mid-market solution for that thing, for that set of capabilities. And at the same time, like in a lot of these markets, the disruptor is moving up.

所以現在你會看到同樣的事情發生在其他擁有特權和治理的市場，其中 SailPoint 是更大的企業； Cyber​​Ark，同樣的事情。我們確實是第一個真正可行的中階市場解決方案，具有這組功能。同時，就像許多這類市場一樣，顛覆者正在崛起。

So now these large enterprises are -- this is -- we're talking about a -- it's just -- it's -- if you step back, and we're so -- in Okta, we're so hard on ourselves and so hard driving. We want to have success in everything. But if you take a step back, you got to realize that, I mean, a major Department of Defense agency just standardized on Okta. And this is like, this is -- we've changed the world. I mean we've brought cloud access management to this part of the government, and this really customer that has high standards and really check things over. And we're going to do the same thing for governance in the enterprise as we -- and we're going to do it for the governance and privilege in the mid-market and customer identity. It's a pretty exciting progress.

所以現在這些大型企業——這是——我們正在談論——如果你退後一步，我們是如此——在Okta，我們對自己如此嚴格，這麼辛苦的駕駛。我們希望在每件事上都取得成功。但如果你退後一步，你就會意識到，我的意思是，國防部的一個主要機構剛剛對 Okta 進行了標準化。這就像，這就是──我們改變了世界。我的意思是，我們已經將雲端存取管理引入了政府的這一部分，並且這個真正的客戶具有高標準並真正檢查了事情。我們將為企業的治理做同樣的事情——我們將為中階市場和客戶身分的治理和特權做同樣的事情。這是一個非常令人興奮的進步。

The numbers this quarter speak for themselves.

本季的數字不言而喻。

Great. Let's go to Andy Nowinski at Wells Fargo.

偉大的。讓我們去找富國銀行的安迪諾溫斯基。

So it seems like identity security is the cornerstone of Zero Trust and meaning that you can't have Zero Trust without having a strong identity solution in place. And none of the SASE providers out there have identity security. And then we see Okta winning, as you just mentioned, the DoD deal, which they're currently deploying SASE as part of that Thunderdome contract. So I'm wondering, are you seeing Okta getting pulled into more deals as part of Zero Trust or SASE projects? And then more specifically, on the DoD deal, do you think that could be a beachhead win for Okta in the federal market, which could lead to other agencies following their lead in consolidating Okta?

因此，身分安全似乎是零信任的基石，這意味著如果沒有強大的身份解決方案，就無法實現零信任。而且沒有一個 SASE 提供者俱有身分安全性。然後我們看到 Okta 贏得了國防部交易，正如您剛才提到的，他們目前正在部署 SASE 作為 Thunderdome 合約的一部分。所以我想知道，您是否看到 Okta 作為零信任或 SASE 專案的一部分參與更多交易？更具體地說，就國防部協議而言，您是否認為這可能是 Okta 在聯邦市場上的搶灘勝利，這可能會導致其他機構效仿他們的做法，鞏固 Okta？

Yes. As exciting as this deal is, it's not the entire DoD deal. It's one agency in the DoD. So it's a significant deal for us. It's a 7-figure ARR deal, but it's not the entire DoD. That would be like a mega deal. But it does have the potential to do what you're saying, which is in the defense community and then the broader federal government and then the trickle down to state and local. The reason we're -- one of the reasons we're excited about it is because it could have that -- really set that precedent and drive the market forward there, which is exciting.

是的。儘管這筆交易令人興奮，但它並不是國防部的全部交易。它是國防部的一個機構。所以這對我們來說是一筆意義重大的交易。這是一筆 7 位數的 ARR 交易，但不是整個國防部。這就像一筆巨額交易。但它確實有潛力實現你所說的那樣，即在國防界，然後是更廣泛的聯邦政府，然後滲透到州和地方。我們對此感到興奮的原因之一是因為它可以做到這一點，真正開創了先例並推動市場向前發展，這是令人興奮的。

The interesting -- it is -- the comments about Zero Trust are interesting. You have to have a good identity story. And I think what I've seen is that, many times, people, when they say Zero Trust, they mean their approach is like they do something on the end point. They do something on the network, and they do something in identity. And many times, they'll take a -- initially, they take a good enough identity approach. They'll use legacy identity. Maybe they'll use Microsoft identity. And what they learn is that the benefits of the strong network and strong end point aren't really realized without the identity because the threats are moving toward identity, 8 out of 10 data breaches involve some kind of compromised identity.

有趣的是，關於零信任的評論很有趣。你必須有一個好的身份故事。我認為我所看到的是，很多時候，當人們說零信任時，他們的意思是他們的方法就像他們在終點做了一些事情。他們在網路上做一些事情，並以身份做一些事情。很多時候，他們會採取──最初，他們會採取足夠好的身分識別方法。他們將使用舊身份。也許他們會使用微軟的身份。他們了解到，如果沒有身份，強大網路和強大端點的好處就無法真正實現，因為威脅正在轉向身份，十分之八的資料外洩涉及某種受損的身份。

So as customers get the basics, end point and network in place, the threat actors have already moved on. And they're going after the accounts, and this good enough identity or this legacy identity is just not enough. And I think you're seeing customers start to realize that more and more. And unfortunately, some of the breaches out there are making that very apparent. So we have a lot of opportunity, a lot of work to do to help the industry be better defended, better -- get to a complete Zero Trust solution, which is what we're very focused on.

因此，當客戶掌握了基礎知識、端點和網路後，威脅行為者就已經開始行動了。他們正在追查帳戶，而這個夠好的身分或這個遺留身分還不夠。我認為您會看到客戶開始越來越意識到這一點。不幸的是，一些違規行為使這一點變得非常明顯。因此，我們有很多機會，有很多工作要做，可以幫助該行業得到更好的保護，更好地實現完整的零信任解決方案，這正是我們非常關注的。

Next up, Josh Tilton at Wolfe Research.

接下來是沃爾夫研究中心的喬許‧蒂爾頓。

Maybe just a two-parter for me. I guess the first one is you guys keep talking a relative strength and growth from your million-plus cohort. And I'm just trying to understand, is the faster growth that you're seeing upmarket a function of these customers actually improving their spending behavior? Or is it just more of a relative game and the smaller customers are being impacted more by the macro dynamics that you guys are calling out?

也許對我來說只是兩個人。我想第一個是你們一直在談論你們超過一百萬的群體的相對實力和成長。我只是想了解，您所看到的高端市場的快速成長是否是這些客戶實際上改善了他們的消費行為的結果？或者這只是一場相對的遊戲，較小的客戶受到你們所呼籲的宏觀動態的影響更大？

Yes. I mean from a growth perspective -- and when we talk about the fastest-growing cohort, we look at both ACV percentage growth and also customer logo count in that cohort. So it doesn't really have a compare versus the other smaller customers. It's just a compare against itself. So we continue to make inroads into that -- into those larger enterprise and strategic customers we talked about, and Todd just talked about one of them earlier. They are already a 7-figure customer, became a larger 7-figure customer. And yes, it doesn't account for the customer account but accounts for the ACV, the annualized contract value. So we look at it both ways to be able to make sure we're not coming away with the wrong conclusion of how we're doing in that specific segment.

是的。我的意思是從成長的角度來看，當我們談論成長最快的群體時，我們會關注該群體中的 ACV 百分比成長以及客戶徽標數量。因此，它與其他較小的客戶沒有真正的比較。這只是與自身的比較。因此，我們繼續進軍這一領域——進軍我們談到的那些更大的企業和戰略客戶，托德之前剛剛談到了其中之一。他們已經是一個7位數的客戶，成為一個更大的7位數客戶。是的，它不考慮客戶帳戶，但考慮 ACV，即年化合約價值。因此，我們從兩個方面來看待它，以確保我們不會對我們在該特定領域的表現得出錯誤的結論。

Yes. I was going to -- I was thinking about your question. I was going to say kind of the cop-out answer, which is both. I think you are seeing definite changes in behavior. You're seeing people thinking about standardizing overly complex, brittle, nonintegrated identity deployments. I mentioned the example of a customer that has 70 identity tools, and they wanted to get that down.

是的。我本來打算——我正在考慮你的問題。我想說的是一種逃避的答案，兩者都是。我認為您正在看到行為上的明顯變化。您會看到人們正在考慮標準化過於複雜、脆弱、非整合的身份部署。我提到一個擁有 70 個身分工具的客戶的例子，他們想把它記下來。

You're seeing a better -- I think, a faster acceleration of the ability or the desire for a large enterprise to want to use a cloud identity security piece of infrastructure like Okta. That's -- a lot of times, these big enterprises, they have hundreds and hundreds -- teams of hundreds and hundreds of people that have owned the legacy identity stack. And sometimes that's -- those folks are reticent to change. And so you're starting to see more of that behavior change.

我認為，您會看到更好的情況，即大型企業希望使用 Okta 等雲端身分安全基礎設施的能力或願望的更快加速。很多時候，這些大企業擁有數百人的團隊，擁有遺留身分堆疊。有時，這些人不願改變。所以你開始看到更多的行為改變。

And then -- but also, I think it is true that in our business, where people -- I think our business mix is more toward mid-enterprise than people expect. So I think as we grow and mature in the large enterprise and have continued portion of our business there, we're going to surprise some people in terms of the impact that segment will have on our overall numbers and our overall growth rate and market presence and all of the financial metrics that will follow that.

然後，我認為在我們的業務中，人們確實比人們預期的更傾向於中型企業。因此，我認為，隨著我們在大型企業中的成長和成熟，並繼續在那裡開展我們的業務，我們會讓一些人感到驚訝的是，該細分市場將對我們的整體數據、整體成長率和市場佔有率產生影響以及隨後的所有財務指標。

That makes sense. And maybe just a super quick follow-up. A lot of my peers congratulating you on a good print and a tough [take]. There's been a lot of underwhelming results in software, like even in security. I know you mentioned the macro was consistent with what you've seen in previous quarters. But what I want to try to understand is like how did the macro compare to what your expectations were heading into the print. Did things kind of play out the way you were expecting? Was it better or was it worse?

這就說得通了。也許只是一個超級快速的跟進。我的許多同事都祝賀你出色的印刷和艱難的[拍攝]。軟體領域有很多令人印象深刻的結果，甚至在安全領域也是如此。我知道您提到宏觀經濟與您在前幾個季度看到的情況一致。但我想嘗試了解的是，該巨集與您列印的期望相比如何。事情的發展有沒有像你預想的？是更好了還是更糟了？

And maybe given the conservatism in the back half that you've been called out on a few times this quarter, like help us explain what's baked in there from a macro perspective, and maybe just help us understand -- you talked to this conservatism in there from the breach impact but you keep telling us that it's not quantifiable today. So like how does the magnitude of what's baked into the guidance related to the breach compared to what is an unquantifiable amount?

也許考慮到本季度你多次被點名的後半部分的保守主義，比如幫助我們從宏觀角度解釋其中的內容，也許只是幫助我們理解——你在存在違規影響，但您一直告訴我們，目前無法量化。那麼，與無法量化的金額相比，指南中涉及的違規行為的嚴重程度如何？

Yes, yes. That's a -- let me try to take a shot at that. So in terms of the Q1, the -- I think we were -- I think we had really high hopes that the macro is going to be different, and it ended up being the same. So I mean I think -- yes, that's how I would answer that. If you just look at all the inputs coming into the quarter, there's a chance that it could really be a different environment in terms of macro and it kind of ended up being consistent.

是的是的。那是——讓我嘗試一下。因此，就第一季而言，我認為我們對宏觀經濟會有所不同抱有很高的希望，但最終卻是一樣的。所以我的意思是我認為——是的，這就是我的回答。如果你只看本季的所有投入，就宏觀而言，有可能確實是一個不同的環境，但最終卻是一致的。

So I think in terms of your question about guidance and how we're thinking about the future and what's baked in and what's not, I think we've talked about macro, and I think we're going to have to see a quarter where we get excited about the macro being different, and it is different. That would give us more comfortable to think -- give us more comfort that it's going to be different going forward.

因此，我認為，就您有關指導的問題以及我們如何思考未來以及已實施和未實施的問題而言，我認為我們已經討論了宏觀經濟，而且我認為我們將不得不看到一個季度我們對宏觀的不同感到興奮，而且它是不同的。這會讓我們更安心地思考——讓我們更放心，未來的情況將會有所不同。

And then the security is -- I think it's just time. I think we've really done a lot of great work making Okta more secure, having conversations with customers, helping them understand how our products and our -- what we're doing as a company can help them be more secure and learn from us. And the conversations are positive and the conversations are reassuring that we're doing the right thing, and it's resonating, et cetera, et cetera. But I just think maybe more time in terms of putting the security issue in the rearview mirror is going to give us more confidence in terms of taking that factor out of the guidance.

然後是安全——我認為這只是時間。我認為我們確實做了很多出色的工作，使 Okta 更加安全，與客戶進行對話，幫助他們了解我們的產品以及我們作為一家公司正在做的事情如何幫助他們更加安全並向我們學習。這些對話是正面的，這些對話讓我們放心，我們正在做正確的事情，並且會引起共鳴，等等。但我只是認為，也許更多的時間將安全問題置於後視鏡中，這將使我們更有信心將這一因素從指導中剔除。

Yes. I would just add, Josh, thank you for that seven-part question as well. And the...

是的。我想補充一點，喬什，也謝謝你提出的由七個部分組成的問題。還有...

I want to make you smile.

我想讓你微笑。

You beat Eric on his three-parter. The only thing I would add is, look, one of the things just from like a -- we don't see all the deals, Todd and I, but one of the things we get exposed to is some of the larger deals and is really -- you're still seeing budgetary thought out there by a lot of customers. Like it's still on top of a lot of people's minds, and they're really rationalizing software spend. I mean we're doing the same thing to our vendors. So we were hoping to not see that, right? That's probably the biggest thing.

你在埃里克的三人組中擊敗了他。我唯一要補充的是，看，其中一件事就像——我們沒有看到所有的交易，托德和我，但我們接觸到的事情之一是一些較大的交易，並且是真的— —你還是會看到很多客戶在考慮預算。就像它仍然是許多人最關心的問題一樣，他們確實正在合理化軟體支出。我的意思是我們正在對我們的供應商做同樣的事情。所以我們希望不要看到這種情況，對嗎？這可能是最重要的事。

If you're just -- there's no plot that we can point -- I mean, there is a little bit. We do track that to some extent. But like you just hear about it from our sales team of just there's still people out there being very -- they're scrutinizing their spend a lot still. So love to see that to stop happening. And then I think Todd talked about the security incident and the potential impacts. Like we've done a lot like Todd was saying, but I also would say there's more for us to do, right?

如果你只是——沒有我們可以指出的情節——我的意思是，有一點。我們確實在某種程度上對此進行了跟踪。但是，就像您剛剛從我們的銷售團隊那裡聽到的那樣，仍然有人非常——他們仍在仔細審查他們的支出。所以很高興看到這種情況停止發生。然後我認為托德談到了安全事件及其潛在影響。就像托德所說的那樣，我們已經做了很多事情，但我也想說我們還有更多要做，對吧？

We've got the Secure Identity Commitment out there. We've made some -- we've made a lot of progress, but there's still a lot of investment and a lot of things that we need to do. And I think we've done a lot of great work. I'm really proud of the team. We should also thank the team. They've done an amazing job, but we still need a lot of work to do there. And so we need to make sure that we're being thoughtful about that in the guidance as we move forward. Like Todd's saying, time will help, but we're going to just be thoughtful at this point given we're only a couple of quarters out.

我們已經做出了安全身分承諾。我們已經取得了一些——我們已經取得了很多進展，但仍然有很多投資和我們需要做的很多事情。我認為我們已經做了很多出色的工作。我真的為這個團隊感到自豪。我們也應該感謝團隊。他們做得非常出色，但我們仍然需要做很多工作。因此，我們需要確保在前進的過程中在指南中考慮這一點。就像托德說的，時間會有所幫助，但考慮到我們只剩下幾個季度的時間，我們現在要深思熟慮。

Let's go to Rob Owens and his one-part question.

讓我們來看看羅布·歐文斯和他的單部分問題。

One-part and I'll keep it easy here. You guys for a while had talked about channel transition that you've been seeing away from the traditional reseller channel. Just looking for an update relative to what you're seeing on that front.

一篇，我會在這裡保持簡單。你們有一段時間談論了傳統經銷商通路之外的通路轉型。只是尋找與您在這方面看到的內容相關的更新。

Yes, the transition or the maturation, I would say, of our partner program is ongoing. It's having good success. In general, there's 2 things that have happened. One is that we -- and this is going back a year or so, so this isn't a new thing. This is an ongoing evolution.

是的，我想說，我們的合作夥伴計劃的過渡或成熟正在進行中。它取得了很好的成功。總的來說，發生了兩件事。一個是我們——這可以追溯到一年左右，所以這不是什麼新鮮事。這是一個持續的演變。

We really focused on fewer partners and poured more researchers and fewer partners, and it's expected more from them in terms of the activities they were doing that were sourcing deals and maturing deals and closing deals or renewing deals instead of just having a super broad program that just was more focused around fulfilling orders and processing paper, which makes sense because identity is complex and the more we can get an ecosystem enabled and help customers understand the technologies and how they can implement it, et cetera, et cetera. And then at the same time, really emphasizing on working with the largest SIs in the world to help some of these big strategic customers make these decisions around identity and hopefully have Okta products and technology included in some of those decisions.

我們確實專注於更少的合作夥伴，並投入了更多的研究人員和更少的合作夥伴，並且對他們正在進行的活動的期望更高，這些活動是尋找交易、成熟交易、完成交易或續訂交易，而不是僅僅制定一個超級廣泛的計劃只是更專注於履行訂單和處理紙張，這是有道理的，因為身份很複雜，我們越能啟用生態系統並幫助客戶了解技術以及他們如何實施它，等等。同時，真正強調與世界上最大的 SI 合作，幫助其中一些大型策略客戶圍繞身份做出這些決策，並希望將 Okta 產品和技術納入其中一些決策中。

Yes, and it's going really well and -- but I think, particularly in the largest enterprises, the fruits are just starting to really, really bear out for us. And we're optimistic about how that can really move the needle in the next couple of years.

是的，進展非常順利，但我認為，特別是在最大的企業中，成果才剛開始為我們帶來真正的成果。我們對這如何在未來幾年內真正取得進展持樂觀態度。

Great. Let's go to Alex Henderson at Needham.

偉大的。讓我們去找尼達姆的亞歷克斯·亨德森。

Great. Can you hear me?

偉大的。你聽得到我嗎？

Loud and clear.

響亮清晰。

Perfect. So first off, congratulations on a nice quarter, and thanks so much for the conservative guidance. And I will say, we've gotten a lot of very positive feedback from the channel about your steps of the channel, particularly with the VARs.

完美的。首先，恭喜一個美好的季度，並非常感謝保守的指導。我想說的是，我們從渠道收到了很多關於您在渠道中的步驟的非常積極的反饋，尤其是 VAR。

That's good to hear.

聽起來還不錯。

What I have been hearing, though, is that there is a shift in the marketplace among the C-suite from fear about the economy to, gee, I need to focus on how I'm going to implement AI. And in that context, there's uncertainty around the mechanics of what they need to do to secure AI within their organizations.

不過，我聽到的是，高階主管層中的市場發生了轉變，從對經濟的恐懼轉變為，天哪，我需要專注於如何實施人工智慧。在這種情況下，他們需要採取哪些措施來確保組織內的人工智慧安全，這方面的機制存在不確定性。

And I guess my question to you is we're hearing the pipelines of the VAR channels, particularly in security, are extremely robust into the back half of the year. But the uncertainty around AI decision is keeping people from implementing it. So how robust is the pipeline that you're looking at? And are you, in fact, hearing that from your C-suite customers when you talk to them?

我想我想問你的問題是，我們聽說 VAR 頻道的管道，特別是在安全方面，在今年下半年非常強勁。但人工智慧決策的不確定性阻礙了人們實施它。那麼您正在尋找的管道有多強大？事實上，當您與您的高階主管客戶交談時，您是否從他們那裡聽過這樣的說法？

Yes. What I've heard is everyone is figuring out how they can deploy this new wave of technology to their products and services and business and how they can use it for security and how they can use it for innovation. But they're not at the stage where it's broadly impacting other plans. It's more of like a -- their planning exercise at this point. I think that might change in the future.

是的。我聽說每個人都在研究如何將這一新技術浪潮部署到他們的產品、服務和業務中，以及如何將其用於安全性以及如何將其用於創新。但他們還沒有到對其他計劃產生廣泛影響的階段。這更像是他們此時的計畫練習。我認為未來情況可能會改變。

And my bet is that they're going to be building new apps. They're going to be deploying more technology from vendors that are building apps with AI built in, which is going to -- all of that's going to lead to more identity. They're going to have to log people into their new apps they build. They're going to have to secure the privileged accounts that are running the infrastructure behind the new apps. They're going to have to make sure that people in their workforce can get to the apps that are the latest, greatest AI-driven experiences for support or for other parts of the business. So I think that identity is one of these foundational things that's going to be required whether it's the AI wave, which is going to be really real and impactful and -- or whether it's whatever comes after that.

我打賭他們將開發新的應用程式。他們將部署更多來自建立內建人工智慧應用程式的供應商的技術，所有這些都將帶來更多的身份。他們將不得不讓人們登入他們建立的新應用程式。他們將必須保護運行新應用程式背後的基礎設施的特權帳戶。他們必須確保員工能夠使用最新、最好的人工智慧驅動體驗的應用程式來獲得支援或業務的其他部分。因此，我認為身份是所需要的基本事物之一，無論是真正真實且有影響力的人工智慧浪潮，還是之後發生的任何事情。

So not impacting spending today but might impact to help it in the future.

因此，不會影響今天的支出，但可能會影響未來的支出。

Yes, yes. That's how I see it.

是的是的。我就是這麼看的。

Next up, Peter Levine at Evercore.

接下來是 Evercore 的 Peter Levine。

Maybe just 2 for you, Brett. One, any color you can share just in terms of customer SIEM versus workforce this quarter? I know you don't give it every quarter, but just directionally how that's looking, assumptions for the year. And second is net retention at 111%. I mean are you assuming that this is the trough that we shouldn't see this tick any lower throughout the year as these tenured reps ramp. Like we'll see that accelerate. But just curious if that 111% is in your assumption that -- based on your guidance.

也許只給你兩個，布雷特。第一，您可以分享本季客戶 SIEM 與勞動力方面的任何顏色嗎？我知道你不會每個季度都給出它，但只是定向地給出全年的假設。其次是淨留存率，為 111%。我的意思是，您是否認為這是一個低谷，隨著這些終身代表的增加，我們在一年中不應該看到這個價格有任何下降。就像我們會看到這種加速一樣。但只是好奇這 111% 是否符合您的假設——根據您的指導。

Yes. So from -- I'll answer them backwards. So I'll take the net retention one first. In terms of net retention, right now, we're at 111%, flat with last quarter, 111%. Based on our model right now and based on our assumptions around new business versus upsell mix based on the pipeline that we see and the pipe create, we think we can -- we'll fluctuate plus or minus a couple of points from here.

是的。所以從——我會倒著回答他們。所以我先考慮淨保留率。就淨留存率而言，目前我們為 111%，與上季的 111% 持平。根據我們目前的模型，以及基於我們看到的管道和創建的管道，我們對新業務與追加銷售組合的假設，我們認為我們可以——我們將從這裡上下波動幾個點。

If you remember last quarter, I said basically the same thing. It's really down to new business mix versus upsell mix. So if we get a little bit more new business, maybe a little bit of a headwind in net retention. If we get a little more upsell, a little bit of a tailwind to the net retention rate.

如果你還記得上個季度，我基本上說了同樣的話。這實際上取決於新的業務組合與追加銷售組合。因此，如果我們獲得更多的新業務，淨保留率可能會遇到一些阻力。如果我們獲得更多的追加銷售，就會對淨保留率產生一點推動作用。

So in terms of your question around SIEM versus workforce, we had a solid Q1. One quarter won't make the difference in how the mix of the business changes, so we'll update you guys likely next quarter on how the trends are going there in terms of the total -- last quarter, for everybody's memory, it was 60% workforce growing 17% year-over-year and 40% customer identity growing 21% year-over-year.

因此，就您關於 SIEM 與勞動力的問題而言，我們在第一季表現出色。一個季度不會對業務組合的變化產生影響，因此我們可能會在下個季度向大家通報總體趨勢的最新情況——上個季度，每個人都記得， 60% 的員工同比增長17%，40% 的客戶身分較去年同期成長21%。

Yes. And that's ARR.

是的。這就是 ARR。

Yes.

是的。

All right. Next up, Jonathan Ho at William Blair.

好的。接下來是威廉布萊爾的喬納森何 (Jonathan Ho)。

Just with your Identity Security Commitment, I know there was some talk about pausing the product development as part of that process. Can you talk a little bit about the impact on your products from the identity commitment and maybe what some of that feedback has been from your customers?

就您的身分安全承諾而言，我知道有人談論暫停產品開發作為流程的一部分。您能否談談身分承諾對您的產品的影響，以及您的客戶的一些回饋？

The -- we -- in the fourth quarter of last year, we had a 90-day pause on everything that was in security, and the impact for customers was very interesting. So the product teams did product work during that pause. And the product work was all focused on very simple priority, which is attackers know that Okta products are the standard in all these customers. So they're assuming that these products will be there. And if the setups aren't secured by default, they're going to exploit that. So the product teams were tasked with going and making them secure by default.

去年第四季度，我們對所有安全方面的事情進行了 90 天的暫停，這對客戶的影響非常有趣。因此，產品團隊在這段暫停期間進行了產品工作。產品工作都集中在非常簡單的優先事項上，即攻擊者知道 Okta 產品是所有這些客戶的標準。所以他們假設這些產品將會在那裡。如果預設設定不安全，他們就會利用這一點。因此，產品團隊的任務是確保它們在預設情況下是安全的。

So customers receiving, after that 90 days, the features they have received, whether it's MFA required, whether it's step-up strong authentication required for sensitive actions, whether that's using our governance product govern the requesting and the granting of elevated roles inside of Okta, all this stuff was product benefit that the customers received. So it wasn't the same kind of product benefit. It wasn't like a new capability in their product. It was making the product they already owned have a better security posture. So that was a very positive thing that they received.

因此，客戶會在 90 天後收到他們收到的功能，是否需要 MFA，是否需要敏感操作所需的增強強身份驗證，是否使用我們的治理產品來管理 Okta 內部提升角色的請求和授予，所有這些東西都是顧客收到的產品利益。所以這不是同一種產品的好處。這不像是他們產品中的新功能。這使得他們已經擁有的產品具有更好的安全狀況。所以這是他們收到的非常正面的事情。

The -- it did delay some of the announcements. Like it did delay Identity Threat Protection for about a quarter, but now that's released in early access. So the delays were part of the reality, but I think some of the innovation has already been shipped and you'll see that start to really ramp up now that the product teams aren't at that 100% focused. They still have a different mindset now. They're still building all this secured by default and these capabilities and this value into the products, but they're able to go back to some of the regularly scheduled road map items at this point.

它確實推遲了一些公告的發布。就像它確實將身份威脅防護推遲了大約四分之一，但現在已在早期訪問中發布。所以延遲是現實的一部分，但我認為一些創新已經交付，你會看到現在產品團隊並沒有 100% 專注，所以它開始真正加速。他們現在仍然有不同的心態。他們仍在將預設情況下的所有這些安全功能以及這些功能和價值建置到產品中，但此時他們可以返回一些定期安排的路線圖專案。

Okay. Let's see how many more we can cover in the next 5 minutes till about 10 after. So let's go to Matt Hedberg at RBC.

好的。讓我們看看在接下來的 5 分鐘到 10 點之後我們還能講多少內容。讓我們來聽聽加拿大皇家銀行 (RBC) 的 Matt Hedberg 的演講。

Great. Quick one for me, Todd. Congrats on the pending GA of Identity Threat Protection. I guess for those new modules, and I guess Okta AI in general, how are you thinking about just pricing and monetization just sort of longer term? I mean how do we think about that impacting deal sizes over the long term?

偉大的。對我來說快一點，托德。祝賀即將舉行的身份威脅防護大會。我想對於這些新模組，我想 Okta AI 一般而言，您如何考慮長期的定價和貨幣化？我的意思是，我們如何看待這對長期交易規模的影響？

Yes. I think that the -- it's -- Okta AI will be monetized through 2 ways. one will be new products like Identity Threat Protection with Okta AI; and the other way, it will be -- it will just make products better. For example, the Identity Security Posture Management, it has a new capability that's going to be added to that product that's just going to make it smarter about how it detects service accounts. That Identity Security Posture Management scans a customer's entire SaaS estate, and says, here are all the things you should look at. You should take -- this account needs MFA. This other account is -- probably has overly permissive permissions.

是的。我認為 Okta AI 將透過兩種方式貨幣化。其中之一是使用 Okta AI 進行身份威脅防護等新產品；反之，它只會讓產品變得更好。例如，身分安全態勢管理，它有一項新功能將被添加到該產品中，這將使其更聰明地偵測服務帳戶。身分安全態勢管理會掃描客戶的整個 SaaS 資產，並表示，以下是您應該查看的所有內容。您應該採取 -- 此帳戶需要 MFA。這個其他帳戶可能具有過於寬鬆的權限。

The challenge there is how does the customer know which of those accounts are service accounts, so they can't have human biometrics. And we added -- we used some AI capability to add that to the scan. So that's an example of just the product gets better versus Identity Threat Protection is like it's a whole new product enabled by that. So that's -- you'll see that consistent across all of our products, those 2 patterns.

面臨的挑戰是客戶如何知道哪些帳戶是服務帳戶，因此他們無法擁有人類生物辨識資訊。我們補充說，我們使用了一些人工智慧功能將其添加到掃描中。因此，這是一個產品變得更好的例子，而身分威脅防護就像是一個由此啟用的全新產品。所以，您會發現我們所有產品中這兩種模式都是一致的。

Yes. Let's go to Roger Boyd at UBS.

是的。讓我們去找瑞銀集團的羅傑‧博伊德。

I wanted to come back to net retention and upsell in particular. Some others in the software space are clearly seeing the impact from seat count reductions or less seat count expansions getting worse in the first quarter, as they renewed some multiyear deals. It seems like the message from Okta is that net retention is starting to stabilize. So I'm wondering if you have a specific view on the seat count headwind. Is that stable, getting better, et cetera?

我特別想回到淨留存率和追加銷售。軟體領域的其他一些人清楚地看到，第一季席位數量減少或席位數量擴張減少的影響變得更糟，因為他們續簽了一些多年期協議。 Okta 傳達的訊息似乎是淨留存率開始穩定。所以我想知道您對座位數逆風是否有具體的看法。是否穩定、變得更好等等？

It's definitely a headwind to growth. Just forget net retention. It's a headwind to growth. It's also a headwind to net retention. We don't see it getting worse, but it's still not nearly what it was a few years ago. And so it's -- yes, we'd love to see it get better. I mean it's definitely holding back the growth of the...

這絕對是成長的阻力。只是忘記淨留存率。這是增長的逆風。這也是淨保留率的一個阻力。我們沒有看到情況變得更糟，但仍然與幾年前相比有所不同。所以，是的，我們很樂意看到它變得更好。我的意思是，這肯定會阻礙...的成長。

Yes. What we'll see is we'll see a customer will add a couple of new products but the seat count will go down, so the dollar value of the deal will stay the same or maybe go up a little bit. And 2 years ago, it would have gone up 25% because they would add new products and the seat count would have gone up too. So that's how you get some of those dynamics in the business.

是的。我們將看到的是，客戶將添加一些新產品，但座位數量會減少，因此交易的美元價值將保持不變，或者可能會略有上升。兩年前，它會增加 25%，因為他們會增加新產品，座位數也會增加。這就是您在業務中獲得一些動態的方式。

And to be clear, it's not just seats, like employees. It's also monthly active users on the customer identity side. It's happening in both environments, so it's really macro-driven.

需要明確的是，這不僅僅是座位，還有員工。它也是客戶身份的每月活躍用戶。它在兩種環境中都會發生，所以它確實是宏觀驅動的。

Peter Weed at Bernstein.

伯恩斯坦的彼得·威德。

You emphasized that kind of the growth acceleration is a key priority this year, which is amazing. Obviously, we'll have to see that but at the same time, that you're emphasizing that there's a trade-off between kind of upsell and new customer growth, which kind of, at least to me, implies that you're bottlenecked at sales capacity. Like how do you see kind of unhooking that trade-off, so each of them can be growing on their own and you can make kind of strategic investments to really get both flying?

您強調這種成長加速是今年的重點，這令人驚訝。顯然，我們必須看到這一點，但與此同時，您強調追加銷售和新客戶成長之間存在權衡，至少對我來說，這意味著您遇到了瓶頸在銷售能力上。就像你如何看待擺脫這種權衡，讓他們每個人都可以自己成長，你可以進行某種戰略投資來真正讓兩者都飛起來？

I think there's -- one of the reasons why we're doing the hunter-farmer model in the SMB segment is to unlock that bottleneck. So what we found is that sales productivity and sales resources was going to the upsells because we were having more products to sell. There was -- the economy was changing, so on the margin, it was easier to sell to existing customers. So we have that structural shift in the SMB particularly because that's been the hardest, most impact economically to unblock that bottleneck.

我認為，我們在中小型企業領域採用狩獵農民模式的原因之一就是要解決這一瓶頸。所以我們發現，銷售生產力和銷售資源都用於追加銷售，因為我們有更多的產品可供銷售。經濟正在發生變化，因此在邊際上，向現有客戶銷售產品變得更容易。因此，我們在中小型企業中進行了結構性轉變，特別是因為這是解除這一瓶頸最困難、對經濟影響最大的。

I think enterprise is a different story. I think, as I mentioned a few questions back, we are adding capacity there. We have a big opportunity there to run. And it's -- so I don't feel like we're -- I don't feel like we have to make that trade-off in that segment.

我認為企業是一個不同的故事。我認為，正如我剛才提到的幾個問題，我們正在增加那裡的容量。我們在那裡有很大的機會去跑步。所以我不覺得我們必須在這個領域做出這種權衡。

Let's go to Adam Borg at Stifel.

讓我們去找 Stifel 的 Adam Borg。

Maybe for Todd, a few minutes ago, you talked about the opportunity with service accounts. So maybe just more broadly on the nonhuman identity side. Just how do you think about nonhuman identity? Obviously, one of your competitors is getting deeper into the machine identity space.

也許對托德來說，幾分鐘前，您談到了服務帳戶的機會。所以也許只是更廣泛地在非人類身分方面。您如何看待非人類身分？顯然，您的競爭對手之一正在深入機器身份領域。

I think it's interesting. I think there's a lot lumped in there, everything from some of these companies were -- 10 years ago, they were peak AI companies. And the industry -- identity got popular, and then everyone wanted to be an identity company. So now they're machine identity companies.

我認為這很有趣。我認為其中有很多內容，其中一些公司的所有內容都是 - 10 年前，他們是人工智慧的巔峰公司。這個行業——身份認證變得流行，然後每個人都想成為一家身份認證公司。所以現在他們是機器身分公司。

I tend to look at the problem through the lens of customer challenges and how they think about the problems. And customers think about things very pragmatically. They have all these accounts. They want visibility into all of them. They want to have them not be vulnerable to phishing. So for human accounts, they want phishing-resistant factors like MFA or biometric MFA.

我傾向於從客戶面臨的挑戰以及他們如何看待問題的角度來看待問題。客戶的想法非常務實。他們擁有所有這些帳戶。他們希望了解所有這些。他們希望自己不易受到網路釣魚的攻擊。因此，對於人類帳戶，他們需要 MFA 或生物識別 MFA 等防網路釣魚因素。

For machine accounts, they want session binding and they want vaulting of the tokens, et cetera, et cetera. And that's what we're trying to solve whether it's through the Identity Security Posture Management, whether that's other enhancements to the portfolio that will solve that customer problem. So that's -- I think, in that sense, it is a real opportunity. It is a real need for customers, and that's what we're focused on.

對於機器帳戶，他們需要會話綁定，並且需要令牌的保管，等等。這就是我們試圖解決的問題，無論是透過身分安全態勢管理，或是對產品組合進行其他增強來解決客戶問題。所以我認為，從這個意義上來說，這是一個真正的機會。這是客戶的真實需求，也是我們所關注的。

Okay. Let's do one final one with [Brian]. And Ittai, Taz and Joel, my apologies, we'll catch you on the after call. Brian , go ahead.

好的。讓我們和[布萊恩]一起做最後一件事。 Ittai、Taz 和 Joel，很抱歉，我們稍後會接到您的電話。布萊恩，繼續。

Sorry, got on mute. Maybe, Todd, I want to go way back to the acquisition of Auth0, and I think they had a couple of thousand enterprise customers. What's the overlap between SIEM and workforce at this point? And given the overall trends in the market to consolidate onto platforms and limitations for logo expansion, what opportunity do you have to, I guess, cross sell between SIEM and workforce? And what might the barriers be that you're seeing or the friction be in that market?

抱歉，靜音了。托德，也許我想回到收購 Auth0 的時候，我認為他們有數千名企業客戶。目前 SIEM 和勞動力之間有哪些重疊？考慮到市場整合到平台上的整體趨勢以及徽標擴展的限制，我想您有什麼機會在 SIEM 和員工之間進行交叉銷售？您在該市場中看到的障礙或摩擦可能是什麼？

Yes. I think there's a ton of opportunity. I think the biggest dynamic in that market is that the customer identity market is -- it's really a couple of different markets. One market is the market that the company is not a tech company. They're nontechnology, so that means the CIO probably owns the customer-facing website and the app a customer may have versus a tech company where the customer identity is owned by the product, Head of Product or the CTO and it's -- so to consolidate, we do really well when the CIO is the buyer of customer identity because the buyer of workforce identity and the buyer of customer identity is the same thing.

是的。我認為有很多機會。我認為該市場最大的動態是客戶身份市場——它實際上是幾個不同的市場。一個市場是該公司不是科技公司的市場。它們是非技術性的，因此這意味著首席資訊長可能擁有面向客戶的網站和客戶可能擁有的應用程序，而在科技公司中，客戶身份由產品、產品主管或首席技術官擁有，所以整合起來，當CIO 是客戶身分的購買者時，我們做得非常好，因為員工身分的購買者和客戶身分的購買者是同一件事。

I think it's less consolidation when the buyer is VP of Product or Head of Marketing. So that's why Auth0 was so compelling because that platform gave us a chance to reach that buyer and really appeal to multiple buyers within the enterprise. The downside of that is that, on the margin, sometimes it's harder to make that sale. But when you do make it, you're in a much more strategic position at the customer because you're serving multiple departments and multiple C-level executives in that organization.

我認為當買家是產品副總裁或行銷主管時，整合就會減少。這就是為什麼 Auth0 如此引人注目的原因，因為該平台讓我們有機會接觸到該買家，並真正吸引企業內的多個買家。這樣做的缺點是，有時銷售起來會比較困難。但當您成功時，您在客戶中處於更具策略性的位置，因為您為該組織中的多個部門和多個 C 級管理人員提供服務。

So any sense of what incremental overlap or that you can take advantage of at this point? Or are you pretty much saturated there just as far as you can tell?

那麼，您知道目前可以利用哪些增量重疊或優勢嗎？或者，據您所知，您在那裡已經幾乎飽和了？

No, no, no, I think there's -- I mean, all this talk -- this call about the potential upsells and the expansion on the workforce side, the biggest expansion opportunity we have is selling customer identity to the workforce customer base. If you just look at the Venn diagrams, that's the most greenfield there.

不，不，不，我認為——我的意思是，所有這些討論——關於潛在的追加銷售和勞動力方面的擴張的電話，我們擁有的最大的擴張機會是將客戶身份出售給勞動力客戶群。如果你只看維恩圖，那是最未開發的領域。

And within that, I think it's easier when it's a company that the CIO, our traditional buyer, also owns the customer identity. It's more challenging when they don't. But when they don't own it, it's probably coming through an engineering team or an app dev team, and we have the best developer platform, customer identity solution out there. So that gives us a leg up even if the buyer may be different.

在這之中，我認為當公司的資訊長（我們的傳統買家）也擁有客戶身分時，會更容易。當他們不這樣做時，這就更具挑戰性。但當他們不擁有它時，它可能是透過工程團隊或應用程式開發團隊來實現的，而我們擁有最好的開發人員平台、客戶身份解決方案。因此，即使買家可能不同，這也為我們帶來了優勢。

Great. Thanks, everybody, for staying late. Before you go, I just want to let you know that in addition to hosting several on-site and virtual bus tours this quarter, we'll be attending the NASDAQ Investor Conference in London on June 11, and we hope to see you at one of those events. Thanks, everyone.

偉大的。謝謝大家，你們熬夜了。在您出發之前，我只想讓您知道，除了本季度舉辦幾次現場和虛擬巴士之旅外，我們還將參加6 月11 日在倫敦舉行的納斯達克投資者會議，我們希望在其中一次見到您這些事件。感謝大家。