Okta Inc (OKTA) 2025 Q2 法說會逐字稿

Hi, everyone. Welcome to Okta's second quarter fiscal 2025 earnings webcast. I'm Dave Gennarelli, Okta's Senior Vice President of Investor Relations. With me on today's meeting, we have Todd McKinnon, our Chief Executive Officer and Co-Founder; and Brett Tighe, our Chief Financial Officer.

大家好。歡迎收聽 Okta 2025 財年第二季財報網路廣播。我是 Okta 投資者關係資深副總裁 Dave Gennarelli。和我一起參加今天會議的還有我們的執行長兼聯合創辦人 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 comment on our IR website. This posted commentary contains much of what would historically be the opening commentary, including the customer commentary, product-related news and a review of our financial results. This format allows listeners to review that information before this call.

在收益新聞稿發布的同時，我們在 IR 網站上發布了補充評論。這次發布的評論包含了許多歷史上的開場評論內容，包括客戶評論、產品相關新聞和我們的財務結果回顧。這種格式允許聽眾在通話之前查看這些資訊。

Today's meeting will include forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause our actual results or performance to materially differ from those statements.

今天的會議將包括前瞻性陳述。前瞻性陳述受風險和不確定性的影響，這些風險和不確定性可能導致我們的實際結果或績效與這些陳述有重大差異。

These statements represent our management's beliefs and assumptions to date and except as required by law, we assume no obligation to update them in light of future events or new information. Information on factors that could affect our financial results is included in our SEC filings, including the Risk Factors section and our last Form 10-Q.

這些聲明代表了我們管理層迄今為止的信念和假設，除非法律要求，否則我們不承擔根據未來事件或新資訊更新這些聲明的義務。有關可能影響我們財務結果的因素的資訊包含在我們的美國證券交易委員會 (SEC) 文件中，包括「風險因素」部分和我們最新的 10-Q 表。

During today's meeting, we will discuss GAAP and 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.

在今天的會議上，我們將討論 GAAP 和非 GAAP 財務指標。儘管我們可能不會在會議期間明確說明，但所有對盈利能力的提及都是非 GAAP。這些非 GAAP 財務指標是根據 GAAP 編制的財務績效指標的補充，而非替代或優於後者。

A reconciliation of our GAAP and non-GAAP financial measures is available on our earnings press release. You can also find more detailed information in our supplemental financial materials, which include trended financial statements and key metrics, posted on our Investor Relations website.

我們的 GAAP 和非 GAAP 財務指標的對帳表可在我們的收益新聞稿中查閱。您還可以在我們的補充財務資料中找到更詳細的信息，其中包括發佈在我們的投資者關係網站上的趨勢財務報表和關鍵指標。

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

在今天的會議上，我們將在討論財務績效時引用一些數字或成長變化，除非另有說明，否則每個引用都代表同比比較。現在，我想將電話轉給托德·麥金農。托德？

Thanks, Dave, and thank you, everyone, for joining us this afternoon. Our solid Q2 results were highlighted by strength with large customers and continued spend efficiencies, leading to record profitability and strong cash flow, all of this while facing a challenging macro backdrop.

謝謝，戴夫，也謝謝大家今天下午加入我們。我們第二季的穩健業績得益於大客戶的強勁發展和持續的支出效率，從而帶來了創紀錄的盈利能力和強勁的現金流，儘管這一切都是在面臨充滿挑戰的宏觀背景下實現的。

Identity is security and has become a critical component of an organization's overall technology strategy and defense against today's cyber threat environment. Poor customer experience and technology fragmentation stand in the way of organizations meeting their business imperatives of growing revenues while cutting costs in a secure and compliant manner.

身份是安全，並且已成為組織整體技術戰略和防禦當今網路威脅環境的關鍵組成部分。糟糕的客戶體驗和技術分散阻礙了企業以安全合規的方式滿足增加收入同時削減成本的業務需求。

Identity is the technology that solves this challenge, and Okta has the most comprehensive identity platform in the market today. Okta's vision is to free everyone to safely use any technology. We're advancing that vision through incredible product innovation and extending our unmatched portfolio of identity solutions for workforce and customer identity.

身份是解決這項挑戰的技術，而 Okta 擁有當今市場上最全面的身份平台。Okta 的願景是讓每個人都能安全地使用任何技術。我們正在透過令人難以置信的產品創新來推進這一願景，並擴展我們無與倫比的員工和客戶身份解決方案組合。

Just this past quarter, we launched the general availability of three highly anticipated additions. The first is Identity Threat Protection with Okta AI for workforce customers, which is powered by insights from across an organization's security stack.

就在上個季度，我們推出了三款備受期待的新增產品的全面上市。第一個是針對勞動力客戶的身份威脅保護與 Okta AI，它由來自整個組織安全堆疊的洞察提供支援。

Identity Threat Protection continuously detects and responds to identity threats both during and post authentication, amplify security signal sharing and orchestrates remediation actions to support identity threat detection and response strategies. Also for workforce customers, we launched Identity Security Posture Management.

身分威脅防護在身分驗證期間和之後持續偵測並回應身分威脅，擴大安全訊號共享並協調補救措施以支援身分威脅偵測和回應策略。此外，針對勞動力客戶，我們推出了身分安全態勢管理。

This solution empowers customers to take control of their identity sprawl and harden their security posture through identity-focused risk analysis and prioritized insights that help drive remediation. For the customer identity market, we released Highly Regulated Identity.

該解決方案透過以身分為中心的風險分析和有助於推動補救的優先洞察，使客戶能夠控制其身分擴張並加強其安全態勢。針對客戶身分市場，我們發布了高度監管的身份。

This solution delivers financial-grade identity with elevated security, privacy and UX controls for sensitive customer operations beyond log-in. That's tremendous innovation we're delivering to our customers.

此解決方案提供金融級身分識別，具有更高的安全性、隱私性和使用者體驗控制，可用於登入以外的敏感客戶操作。這是我們向客戶提供的巨大創新。

We have a strong pipeline of new products and features that we'll talk more about at Oktane, which takes place October 15 to 17. Come join us in Las Vegas for the biggest identity event of the year. You'll hear from Okta's leadership team along with fellow industry experts to discuss the future of identity and why it's not just the first line of defense, but the backbone of a company's holistic security strategy.

我們擁有大量新產品和新功能，我們將在 10 月 15 日至 17 日舉行的 Oktane 大會上進一步討論。歡迎來到拉斯維加斯參加本年度最大的身份認證活動。您將聽取 Okta 領導團隊和業內專家的討論，探討身份的未來，以及為什麼它不僅是第一道防線，而且是公司整體安全策略的支柱。

We'll also be hosting a Q&A session for analysts and investors at the event, featuring myself; Brett; Eugenio Pace, our President of Business Operations; and Jon Addison, our CRO. As we head into the second half of FY25, the priorities we started the year with remain our top priorities today: security, growth and scale.

我們也將在活動上為分析師和投資人舉辦問答環節，由我本人擔任嘉賓；布雷特；我們的業務營運總裁 Eugenio Pace；以及我們的 CRO Jon Addison。隨著我們進入25財年下半年，我們年初確定的優先事項仍然是我們今天的首要任務：安全、成長和規模。

I'll take a moment to touch on the first two priorities. On the security front, in addition to delivering world-class identity solutions, Okta is driving change with the Okta Secure Identity Commitment, which is our long-term pledge to lead the industry in the fight against identity attacks.

我將花一點時間來談談前兩個優先事項。在安全方面，除了提供世界級的身份解決方案外，Okta 還透過 Okta 安全身份承諾推動變革，這是我們引領行業打擊身份攻擊的長期承諾。

Since announcing this commitment, we've made significant progress in implementing new security measures and solutions. These investments are raising the bar for identity security and further establishing us as a trusted partner.

自從宣布這項承諾以來，我們在實施新的安全措施和解決方案方面取得了重大進展。這些投資提高了身分安全的標準，並進一步確立了我們作為值得信賴的合作夥伴的地位。

On the product security front, we released enhanced Bot Detection features across Customer Identity Cloud. We've reduced credential stuffing attempts and malicious bot traffic by more than 90% for some of our largest customers.

在產品安全方面，我們在客戶身分雲中發布了增強的機器人偵測功能。對於我們的一些最大客戶，我們已經將憑證填充嘗試和惡意機器人流量減少了 90% 以上。

Our unwavering focus on security helps elevate the entire industry in the fight against identity-based attacks. Check out our updated Okta Secure Identity Commitment white paper that was just published on our website today for more details.

我們對安全的堅定關注有助於提升整個產業抵禦基於身分的攻擊的能力。請查看我們今天剛在我們的網站上發布的更新的 Okta 安全身份承諾白皮書以了解更多詳細資訊。

What's really interesting is how Okta's Secure Identity Commitment has triggered a new type of conversation with customers and prospects. As we improve ourselves, we help elevate the industry. Organizations are now reaching out to Okta to better understand the enhancements we've made to our own security posture so that they can take these best practices and implement them in their own environments.

真正有趣的是 Okta 的安全身分承諾如何引發與客戶和潛在客戶的新型對話。在我們不斷提升自己的同時，我們也幫助提升了產業。各組織現在正在與 Okta 聯繫，以便更好地了解我們對自身安全態勢所做的改進，以便他們可以採用這些最佳實踐並在自己的環境中實施。

These best practices, combined with Okta's products, are helping our customers be more secure and do it faster. These types of conversations are incredible for building long-term partnerships of trust with our customers. Our second priority, reigniting growth, includes several prongs.

這些最佳實踐與 Okta 的產品相結合，正在幫助我們的客戶更安全、更快地完成任務。這些類型的對話對於與我們的客戶建立長期信任的合作關係非常有用。我們的第二個優先事項是重振成長，其中包括幾個方面。

The primary initiative is growth through our new and existing product offerings. Okta offers customers a platform of identity solutions for a holistic approach, including passwordless access management, governance, privileged access, threat protection, posture management and customer identity.

我們的主要舉措是透過提供新的​​和現有的產品來實現成長。Okta 為客戶提供全方位的身分識別解決方案平台，包括無密碼存取管理、治理、特權存取、威脅防護、態勢管理和客戶身分。

A great success story for our new products is the rapid uptake and contribution of Okta Identity Governance. In less than two years, OIG already has over 1,000 customers. Another key growth initiative is deepening our relationships with key channel partners, especially global systems integrators, and leveraging them to enhance our global expansion.

我們的新產品的一大成功案例是 Okta Identity Governance 的快速普及和貢獻。在不到兩年的時間裡，OIG 已擁有超過 1,000 名客戶。另一個關鍵的成長舉措是深化與主要通路合作夥伴（特別是全球系統整合商）的關係，並利用它們來增強我們的全球擴張。

In Q2, the average size of deals conducted through partners was over three times larger than our average direct deal. Furthermore, eight of our top 10 global deals had partner contribution. Today, more than 40% of our revenue mix is generated through indirect channel partners, and we believe we can drive that number meaningfully higher.

在第二季度，透過合作夥伴進行的交易的平均規模是我們平均直接交易的三倍以上。此外，我們全球十大交易中有八筆都有合作夥伴的貢獻。今天，我們 40% 以上的收入來自間接通路合作夥伴，我們相信我們可以將這一數字進一步提高。

To wrap things up, we're really excited about expanding our modern identity platform with new products and features. Identity is security, and Okta has an unmatched array of identity products that are helping to solve critical security needs, drive customer experience and optimize technology infrastructure for our customers.

總而言之，我們非常高興能夠透過新產品和新功能擴展我們的現代身分平台。身份是安全，Okta 擁有無與倫比的身份產品，可協助解決關鍵的安全需求、提升客戶體驗並為我們的客戶優化技術基礎設施。

We're taking the right steps to advance our position as a leader in the identity market while remaining focused on investing for growth while driving spend efficiencies and cash flow. I look forward to seeing many of you at Oktane in Las Vegas in about six weeks.

我們正在採取正確的措施來提升我們在身分識別市場中的領先地位，同時繼續專注於投資成長，並提高支出效率和現金流。我期待大約六週後在拉斯維加斯的 Oktane 見到你們。

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

現在請布雷特來做財務評論並談談我們如何實現長期盈利增長。

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，也謝謝大家今天的參與。需要快速提醒一下，我對季度財務狀況的大部分典型評論都是與新聞稿同時發佈在 Okta 投資者關係網站上的。我將介紹一些財務亮點，但在討論業務展望之前，我們的評論將重點放在更廣泛的主題上。

The challenging macro environment continues to show up in our business in a couple of notable ways. First, it's impacting our mix of new business versus upsells, which remains weighted more towards upsells. And second, organizations are scrutinizing budgets and rationalizing their software spend, resulting in lower MAU assumptions in our Customer Identity business and fewer seats within our Workforce Identity business.

充滿挑戰的宏觀環境繼續以幾種顯著的方式影響我們的業務。首先，它影響了我們的新業務與追加銷售的組合，而追加銷售仍然占主導地位。其次，各組織正在嚴格審查預算並合理化其軟體支出，從而導致我們的客戶身分業務中的 MAU 假設降低，而我們的員工身分業務中的席位減少。

These actions are relatable, because Okta has been going through the same exercise of rationalizing our own software spend over the past two years. We expect this trend to continue in the current economy.

這些行動是可以理解的，因為 Okta 在過去兩年中一直在進行同樣的活動來合理化我們自己的軟體支出。我們預計這一趨勢在當前經濟情勢下也將持續下去。

On the positive side, our platform strategy is working. We're selling more products to our new and existing customers, including new products like Okta Identity Governance and Okta Privileged Access, and our data tells us that customers that adopt more products have the highest retention rates.

從積極的一面來看，我們的平台策略正在發揮作用。我們正在向新舊客戶銷售更多產品，包括 Okta Identity Governance 和 Okta Privileged Access 等新產品，我們的數據告訴我們，採用更多產品的客戶擁有最高的保留率。

Before getting into the Q2 financial review, I'll note that similar to the prior two quarters, as we have analyzed our key metrics, we could not attribute a quantifiable impact from the security incident on our Q2 results. And while not quantifiable, the event likely had some level of impact. We will continue to monitor this as we move through the rest of FY25.

在進入第二季財務回顧之前，我要指出的是，與前兩個季度類似，由於我們已經分析了關鍵指標，因此我們無法將安全事件對第二季業績的量化影響歸因於我們。雖然無法量化，但該事件可能會產生一定程度的影響。在 25 財年剩餘時間內，我們將繼續監控這種情況。

Moving on to some financial highlights. We continue to build on the efficiency initiatives that we've been implementing over the past two years. Our Q2 financial performance was highlighted by record operating profitability, including achieving GAAP profitability for the first time.

接下來介紹一些財務亮點。我們將繼續鞏固過去兩年來一直在實施的效率措施。我們第二季的財務業績亮點是創紀錄的營業獲利能力，包括首次實現 GAAP 獲利。

Cash flow was strong as well. Once again, the primary area of strength was with large customers. Our fastest-growing cohort was $1 million-plus ACV customers. Global 2000 companies typically have the most challenging identity needs because of the complexity of their infrastructure. This is where Okta shines and is another great proof point of our success with large organizations.

現金流也很強勁。再次，我們的主要優勢領域是大客戶。我們成長最快的群體是價值 100 萬美元以上的 ACV 客戶。全球 2000 強企業由於其基礎設施的複雜性，通常具有最具挑戰性的識別需求。這就是 Okta 閃耀的地方，也是我們與大型組織合作成功的另一個重要證明點。

We now count over 40% of the Global 2000 as Okta customers. That's great progress, but it also represents a lot of runway to increase our overall penetration of this group as well as a tremendous opportunity to expand our footprint within these accounts.

目前，全球 2000 大企業中超過 40% 都是 Okta 的客戶。這是巨大的進步，但它也代表我們有很大空間來提高對這群人的整體滲透力，同時也為我們擴大在這些帳戶中的影響力提供了巨大的機會。

We're also seeing continued positive trends around weighted average contract term length for contracts signed in the quarter, which increased year-over-year, particularly with new customers. That's a great sign of customer confidence with Okta.

我們也看到本季簽訂的合約的加權平均合約期限持續呈現正面趨勢，年成長，尤其是對於新客戶而言。這是客戶對 Okta 充滿信心的良好指標。

Now let's turn to our business outlook for Q3 and FY25. As always, we take a prudent approach to forward guidance, and we have not made any changes in our approach. We are factoring in a challenging macro environment consistent with what we've experienced in Q2. We also continue to incorporate some conservatism into our outlook for the remainder of this fiscal year related to potential impacts from last year's security incident.

現在讓我們來談談第三季和 25 財年的業務展望。像往常一樣，我們對前瞻性指引採取審慎態度，並且我們的方法沒有做出任何改變。我們正在考慮與我們在第二季度經歷的一致的充滿挑戰的宏觀環境。我們也將繼續在本財年剩餘時間的展望中融入一些保守主義，以應對去年安全事件可能帶來的影響。

For the third quarter of FY25, we expect total revenue growth of 11%, current RPO growth of 9% non-GAAP operating margin of 18% and free cash flow margin of approximately 20%. We are raising our outlook across the board for the full year FY25. We now expect total revenue growth of 13%, non-GAAP operating margin of 21% and a free cash flow margin of approximately 23%.

對於 25 財年第三季度，我們預期總營收成長 11%，目前 RPO 成長 9%，非 GAAP 營業利潤率為 18%，自由現金流利潤率約為 20%。我們全面上調了 25 財年全年業績預期。我們現在預計總收入成長 13%，非 GAAP 營業利潤率成長 21%，自由現金流利潤率約為 23%。

To wrap things up, we're pleased with the progress we've made to drive operational efficiencies. We've demonstrated exceptional leverage in our model over the past two years, and we remain focused on delivering profitable growth for years to come.

總而言之，我們對提高營運效率所取得的進展感到非常高興。過去兩年來，我們已在我們的模型中展現出卓越的槓桿作用，並且我們仍專注於在未來幾年實現盈利增長。

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

說完這些，我會把話題轉回給戴夫進行問答。戴夫？

(Operator Instructions) John DiFucci, Guggenheim.

（操作指示）約翰·迪富奇，古根漢。

Thanks, everybody. So listen, I don't normally say this, but like the results look good. I don't say nice job, guys, like on a quarter. But it is -- like you guys are doing a good job, especially given what happened a year ago and how you've done things with the company, focused on things.

謝謝大家。聽著，我通常不會這麼說，但結果看起來不錯。我不是說你們幹得好，只是說四分之一而已。但事實是——你們做得很好，特別是考慮到一年前發生的事情，以及你們如何為公司做事，如何專注於事情。

Like we all -- we hear it in the field, we see it in the results. But I want to come back to something that's going to make Brett laugh a little bit. I hope it makes him laugh and not cry.

就像我們所有人一樣——我們在現場聽到它，我們在結果中看到它。但我想回過頭來談談一些會讓布雷特笑的事情。我希望這會讓他笑而不是哭。

I don't -- the one thing that people don't like about your results is your guidance for CRPO. I know Dave is not going to pick me first ever again. But -- and there's so many things that affect that. You're only one of four companies out of 30 that actually tell people to look at that.

我不知道——人們不喜歡你的結果的一件事就是你對 CRPO 的指導。我知道戴夫不會再先選擇我了。但是 — — 有很多因素都會影響這一點。在 30 家公司中，只有你們一家真正建議人們注意這一點。

So you're pretty much saying, hey, listen, we're going to go down to single digits over the next year in growth in revenue. And I don't believe that. You don't either. And I -- but I think people look at that and like, oh, well, the CRPO is the leading indicator of what the growth is going to be in revenue going forward.

所以你基本上是在說，嘿，聽著，明年我們的收入成長將下降到個位數。但我不相信這一點。你也不知道。而且我 — — 但我認為人們看到這一點會覺得，哦，好吧，CRPO 是未來收入成長的領先指標。

I just wish you guys would reconsider that. You're only one of four companies that do it; and two out of those other three, they get on the calls every quarter, and they explain why it doesn't work.

我只是希望你們能重新考慮這一點。你們是僅有的四家這樣做的公司之一；而另外三人中的兩個人每個季度都會接到電話，解釋為什麼它不起作用。

So I don't want to sound like a downer here, because I think you did a really good job. I really do. And I think everybody does. But the one thing that makes -- it's a little bit of a numbers game, and I know you don't want to do that, you don't run your business that way. You shouldn't run it that way.

所以我不想在這裡聽起來像個令人沮喪的人，因為我認為你做得很好。我確實如此。我想每個人都是這樣的。但有一點是——這有點像數字遊戲，我知道你不想這樣做，你不會以那樣的方式經營你的生意。你不應該那麼做。

No, it's really good feedback, John. I really appreciate the feedback. I think when we look at the business, there are lots of really good things going on. There's the success with large enterprises, fastest-growing cohort. There's the new products.

不，這確實是個很好的回饋，約翰。我非常感謝您的回饋。我認為，當我們審視這項業務時，會發現有很多非常好的事情正在發生。大型企業取得了成功，成為成長最快的群體。有新產品。

I think we look out and think about guidance and where the opportunity is going in the long term, we're super bullish, and lots of things going right. I think in the medium term or the next quarter or two where -- we have some prudence in there to really lap the security incident.

我認為，我們專注並思考指導方針以及長期機會的發展方向，我們非常樂觀，很多事情都進展順利。我認為在中期或未來一兩個季度，我們會採取一些謹慎的態度來真正應對安全事件。

We've done a lot of work with customers, and we've done a lot of work internally to shore up security and make sure that we take that from a negative to a positive in terms of being proactive about that. But I think when you look at our outlook, we're going to be conservative there in terms of lapping that in terms of guidance.

我們與客戶一起做了很多工作，並且在內部也做了很多工作來加強安全性，並確保我們在積極主動地將消極轉化為積極。但我認為，當你看看我們的前景時，我們會在指導方面採取保守的態度。

I think that's just the prudent thing to do. And then the second thing is that the economy is still, consistent with what we've seen in the past few quarters, is still -- there's headwinds and there's challenges. So we want to see that stabilize before we're more confident with raising that guide.

我認為這是明智之舉。第二件事是，與我們過去幾季看到的情況一致，經濟仍然面臨阻力和挑戰。因此，我們希望看到這種情況穩定下來，然後我們才更有信心提高該指導價格。

Okay. And I think -- no issues at all with the revenue guide, because you set a precedent. It's that CRPO. But anyway, I'll get --

好的。我認為收入指南沒有任何問題，因為你開創了先例。就是那個 CRPO。但無論如何，我會得到--

No, I understand. I do appreciate the feedback.

不，我明白。我非常感謝您的回饋。

I appreciate the feedback, John. I look forward to our continued debate.

我很感謝您的回饋，約翰。我期待我們繼續辯論。

Shrenik Kothari, Baird.

什雷尼克·科塔里，貝爾德。

Good to see when you guys called out the indirect channel partners contributing more than 40%. And just in light of your commentary on the macro, right, because this is stable but still challenging, which is impacting the new business and the upsells. Just curious what specific, like, say, initiatives are in place to deepen the relationship with the GSIs, right?

很高興看到你們指出間接通路夥伴的貢獻率超過 40%。僅從您對宏觀的評論來看，因為這是穩定的，但仍然具有挑戰性，這會影響新業務和追加銷售。只是好奇，有什麼具體舉措可以加深與 GSI 的關係，對嗎？

You did mention about it, Todd. And can you just share like how the GSI motion is taking place in terms of how you guys are engaging the number of deals, deal sizes? Any insight into cycle lens around those deals and those metrics? That would be great.

你確實提到過這件事，托德。您能否分享一下 GSI 動議的進展情況，即您如何參與交易數量和交易規模？對這些交易和指標的周期鏡頭有何見解？那太棒了。

Partners overall are really important to us. We've talked about it in the last few calls about the investments and the focus we've had on the partner program. We have our Elevate Partner Program we launched a few quarters ago, which is all about making sure we focus our channel partners in terms of which ones we're prioritizing and making sure that they can -- they're equipped to do end-to-end servicing, presales, post sales, and on and on.

整體而言，合作夥伴對我們來說確實非常重要。我們在最近的幾次電話會議中討論了投資以及我們對合作夥伴計劃的關注點。我們在幾個季度前啟動了提升合作夥伴計劃，該計劃旨在確保我們優先關注我們的通路合作夥伴，並確保他們有能力提供端到端的服務、售前、售後等等。

So the stats on the partner overall are really good. We have about 40% of our business is -- goes through partners in terms of billing on their paper, which is good. We think we can do better than that. We think our involvement in the ecosystem warrants that, and we're pushing hard to make that happen.

因此，合作夥伴的整體統計數據非常好。我們的業務中大約有 40% 是透過合作夥伴進行紙本結算的，這是件好事。我們認為我們可以做得更好。我們認為我們對生態系統的參與值得這樣做，並且我們正在努力實現這一點。

You called out -- there's other parts of the partner program, particularly these ISVs, ISV partnerships, where one of our security ISVs, particularly, goes in. One of our most important workforce deals this quarter was a Fortune 500 transportation company, and that deal was sourced through a security ISV partner.

您曾提到—合作夥伴計畫還有其他部分，特別是這些 ISV、ISV 合作夥伴關係，我們的一個安全 ISV 尤其會加入其中。本季我們最重要的勞動力交易之一是一家財富 500 強運輸公司，該交易是透過安全 ISV 合作夥伴達成的。

So they're in that deal saying, we're -- this customer wants to go zero trust, wants to have a broad security suite plus a broad identity suite, that ISV brings us in. That's a great partnership there. We have MSPs we can talk about.

所以他們在這筆交易中說，我們——這個客戶想要零信任，想要擁有一個廣泛的安全套件和一個廣泛的身份套件，ISV 把我們帶進來。這是一個非常棒的合作關係。我們有可以討論的 MSP。

But the thing you highlight that I'm most excited about is the GSIs. So it's really -- we're really starting to get strong momentum with global systems integrators, and I think they're seeing the customers' demand help modernizing identity and pivoting their technical infrastructures to have a better identity story.

但您強調的讓我最興奮的是 GSI。所以，我們確實開始與全球系統整合商一起獲得強勁發展勢頭，我認為他們看到了客戶的需求，有助於實現身份現代化，並轉變他們的技術基礎設施，以獲得更好的身份故事。

And then when those GSIs look around the market, what they see is they see two visions on the market. They see platform companies like Microsoft that want you to buy everything from them and you're really locking the customer into their stack, and then you see independent neutral identity platforms.

然後，當這些 GSI 環顧市場時，他們看到的是市場上的兩個場景。他們看到像微軟這樣的平台公司希望你從他們那裡購買一切，並且你實際上將客戶鎖定在他們的堆疊中，然後你會看到獨立的中立身份平台。

And in that world, you see really legacy software companies that are -- have their own challenges, and then you see Okta, and it's a pretty stark contrast. And I think that's why those GSIs are leaning in. It's something I've personally been working on and we have a high priority on, and I'm excited to make progress and share more actually quantitative progress over the next several quarters.

在那個世界裡，你會看到真正的傳統軟體公司——面臨自己的挑戰，然後你會看到 Okta，這是一個非常鮮明的對比。我認為這就是 GSI 傾向的原因。這是我個人一直在努力的事情，我們對此高度重視，我很高興能夠在接下來的幾個季度取得進展並分享更多實際的量化進展。

Yes. I would just add that not just Todd working on it, it's the entire management team. A good example would be one of those GSIs coming to our executive leadership offsite actually a couple of weeks ago to go spend time with us, be able to align better, be able to say, hey, this is where we -- how we can partner better.

是的。我想補充一點，不只是托德在致力於此事，整個管理團隊都在致力於此事。一個很好的例子就是幾週前，一位 GSI 來到我們執行領導層外部與我們共度時光，以便更好地協調一致，能夠說，嘿，這就是我們如何更好地合作的地方。

We obviously have teams dedicated to each one of these partners. And so it's really us diving in deep and trying to go through the tactical of, okay, you're going to do this, we're going to do that, how can we help each other, both make each other a bunch of money?

顯然，我們為每個合作夥伴都配備了專門的團隊。因此，我們實際上在深入研究並嘗試採用以下策略：好吧，你要做這個，我們要做那個，我們如何才能互相幫助，讓雙方都賺很多錢？

And so that's -- I mean, we're giving the example for GSIs, but that exists in a lot of the areas that Todd was just talking about across the business. And so we're just -- we're diving deeper and investing the time and energy and showing the partner community that we're really serious about partnering together and driving this opportunity forward together.

這就是 — — 我的意思是，我們給出的是 GSI 的例子，但這在 Todd 剛才談到的整個業務的許多領域中都存在。因此，我們只是——我們正在深入研究並投入時間和精力，向合作夥伴社群表明，我們確實認真地進行合作並共同推動這一機會向前發展。

Yes. And hopefully -- I know a lot of the folks on the call on the notes I've read are picking up with a better partner sentiment about Okta just in terms of our ability to effectively work with Okta and partner effectively with the community, and that's something very good to hear. And we continue to focus on that to make that even better and make the ecosystem an even stronger supporter of Okta.

是的。並且希望——我知道許多參加電話會議的人從我讀過的筆記中了解到，我們能夠有效地與 Okta 合作並與社區有效地合作，這是非常好的聽到的消息。我們將繼續專注於此，使其變得更好，並使生態系統成為 Okta 更強大的支持者。

Next up, we have Annick Baumann from Jefferies.

接下來，我們有來自 Jefferies 的 Annick Baumann。

I'm on for Joe Gallo today. I just wanted to ask, where are you in your sales enablement journey as it relates to SIEM, specifically? Any key milestones to call out? And how did that impact performance this quarter?

今天我為喬·加洛效力。我只是想問一下，您在銷售支援歷程中與 SIEM 相關的具體情況是什麼？有什麼重要里程碑需要指出嗎？這對本季的業績有何影響？

I think it's -- we're still working hard on that. It's very important. I think it's getting better, but it's still not where it needs to be, which basically means we could still do better in sales productivity. And that's really -- it's overall -- it's really, when I say sales productivity, that's the end result of the full go-to-market from marketing to conversion to sales prosecution.

我認為——我們仍在為此努力。這非常重要。我認為情況正在好轉，但還沒有達到應有的水平，這基本上意味著我們的銷售效率可以做得更好。總體而言，當我說銷售效率時，這實際上是從行銷到轉化為銷售起訴的整個市場進入過程的最終結果。

So I think we can still get better in terms of productivity there. And we're seeing -- like it's turning in the right direction, but we're still not at the levels I think we can get to in terms of particularly driving growth and also driving efficiency in the overall business.

因此我認為我們的生產力還可以進一步提高。我們看到它正在朝著正確的方向發展，但我認為我們還沒有達到能夠達到的水平，特別是推動成長和提高整體業務效率。

Yes. The one metric that we have tracked for a long time on that is participation by the field. In SIEM deals, both from a closed won deals and also a pipeline, the participation in the pipeline, we obviously track it by workforce as well. So we track it by product to see how we're trending.

是的。我們長期追蹤的一個指標就是現場參與度。在 SIEM 交易中，無論是從已完成的交易還是管道，以及管道中的參與，我們顯然也會透過勞動力進行追蹤。因此，我們透過產品進行跟踪，以了解其趨勢。

It's something we've talked about for several quarters. That number continues to go up into the right. But just like Todd said, it's not exactly where we want it to be. We feel like we can execute better in this market.

這是我們幾個季度以來一直在討論的事情。這個數字繼續向右上升。但就像托德所說的，它並不完全是我們想要的。我們覺得我們能夠在這個市場上表現得更好。

It's a massive market, and we're very optimistic in the long term, that these changes that we've been implementing, whether it be more enablement, the way we're organized from an hunter-farmer perspective or specialization, you could -- we feel like that's going to help us in the long run, despite the macro headwinds that we've been facing here in the short term.

這是一個巨大的市場，從長遠來看，我們非常樂觀，我們一直在實施的這些變化，無論是更多的支持，還是從獵人-農民角度的組織方式或專業化，你都可以——我們覺得這將對我們長期有幫助，儘管我們在短期內面臨著宏觀阻力。

Great. Madeline Brooks, BofA.

偉大的。美國銀行的瑪德琳·布魯克斯（Madeline Brooks）。

Great. Two quick ones for me. The first, Brett, was more on your rationalization commentary. I guess I understand the SIEM side, but on the workforce side, we've been hearing about a lot of breaches in the news, and pretty big notable ones like Snowflake, AT&T use them, not just from PAM security but just basic identity security, not having MFA-enabled, right?

偉大的。對我來說有兩個簡單的問題。第一個，布雷特，更多是關於你的合理化評論。我想我理解 SIEM 方面，但在勞動力方面，我們在新聞中聽到了很多違規行為，像 Snowflake、AT&T 這樣的大公司都在使用它們，不僅僅是來自 PAM 安全，而且只是基本的身份安全，沒有啟用 MFA，對嗎？

So I guess I'm struggling a little bit to see why companies would rationalize something like workforce identity spend. So if you could just give us a little bit more color in terms of maybe where they're rationalizing or also, too, if the market maybe just more mature and saturated. And then I have one more follow-up question after that.

所以，我有點不明白為什麼公司要合理化諸如勞動身分支出之類的事情。因此，如果您可以給我們更多細節，例如他們可能在哪些方面進行合理化，或者市場是否可能更加成熟和飽和。然後我還有一個後續問題。

Brett, if I could jump in real quick. First of all, one thing that's interesting is that if you look at overall breaches, 85% of them involve some compromised identity, which really is staggering when you think about it.

布雷特，如果我可以很快插話的話。首先，有趣的是，如果從整體來看，其中 85％ 都涉及某種身份洩露，如果你仔細想想，這個數字確實是令人震驚的。

So if a company or organization can shore up their identity security, they're going to go a very long way toward potentially solving almost all of their breaches, which is pretty interesting. I think one of the things in the past that's been a challenge is that modernizing identity has been a forklift upgrade.

因此，如果一家公司或組織能夠加強其身分安全，他們將在很大程度上解決幾乎所有的漏洞，這是非常有趣的。我認為過去面臨的一個挑戰是身分現代化就像是一次堆高機式升級。

You had to modernize the whole thing. And that was certainly true with legacy identity technologies. And I think Okta, over the years, has made that adding on something like multifactor authentication is easier, but it's still too much of a heavy lift to -- for organizations to go through.

你必須使整個事物現代化。對於傳統的身份識別技術來說，情況確實如此。我認為，多年來，Okta 已經讓添加多因素身份驗證之類的功能變得更加容易，但對於組織來說，這仍然是一項繁重的工作。

And so one of the things with these new products we have, like Identity Governance or Identity Security Posture Management or Privileged Access is you -- basically, it's a shorter time to that concrete security ROI. Security ROI is always a little bit tricky because the -- if you have no breach, is there ROI?

因此，我們擁有的這些新產品（例如身分治理或身分安全態勢管理或特權存取）的特點之一是，基本上可以縮短您獲得特定安全投資回報的時間。安全投資報酬率 (ROI) 總是有點棘手，因為——如果沒有漏洞，還有投資報酬率嗎？

It's like the return is sometimes nothing happens, which is a little bit challenging to justify sometimes, to make a risk-based decision. But these new products like, for example, Identity Security Posture Management.

這就像有時什麼都沒發生一樣，有時這有點難以證明，難以做出基於風險的決定。但是這些新產品，例如身分安全態勢管理。

Right when you install this product, it tells you your security vulnerabilities and your identity stack across multiple systems and identity providers. So that's a very quick time to -- from buying the product to seeing risk reduction even in the demonstration cycle.

當您安裝此產品時，它會告訴您您的安全漏洞以及跨多個系統和身分提供者的身份堆疊。所以，從購買產品到看到風險降低，甚至在演示週期內，這是一個非常快的過程。

And I think that's one of the things about our product portfolio that will drive growth, even though in the past we've seen security breaches happening more and more, and identity-based security breaches happening more and more, yet it hasn't really changed the speed and the urgency, which companies are upgrading their entire identity stacks like you would expect they would.

我認為這是我們產品組合中能夠推動成長的因素之一，儘管過去我們看到安全漏洞越來越多，基於身分的安全漏洞越來越多，但這並沒有真正改變公司升級整個身分堆疊的速度和緊迫性，正如你所期望的那樣。

And just more on the rationalization point. What I'm talking about really is around if you're going to go do an upsell, and originally, let's say, two, three years ago, this company had aspirations of hiring another 15% of people, right?

更多關於合理化點的內容。我實際上談論的是，如果你想進行追加銷售，最初，比如說，兩、三年前，這家公司曾希望再僱用 15％ 的員工，對嗎？

They go and buy 15% more licenses, and you'd see that reflected in net retention, current RPO, revenue, all that good stuff. Right now, people's expectations around hiring is not 15% higher, right? So we're not getting that upsell like we used to.

他們去購買多 15% 的許可證，您會看到這反映在淨保留率、當前 RPO、收入等所有這些好東西上。目前，人們對招募的期望不會高出 15% 對嗎？因此，我們不再像以前那樣獲得追加銷售額。

So yes, they're not declining, but they're just not buying as much as they have historically done mid-contract or at renewal, and so that's really what we're saying when I say rationalizing the licenses on the workforce side and also on the monthly active user side on the customer identity side as well.

所以是的，他們並沒有減少，只是他們購買的量沒有像歷史上合約中期或續約時那麼多，所以當我說在勞動力方面以及在客戶身份方面的月活躍用戶方面合理化許可證時，我們真正想說的就是這個。

So it just feels very macro-oriented that people are a little bit more cautious at this point about their contractual agreements and not getting too much out over their skis given the uncertainty out there with the economy.

因此，從宏觀角度來看，考慮到經濟的不確定性，人們現在對合約協議更加謹慎，不要對滑雪過度擔心。

Yes, and a couple of years ago, we think this customer data project is going to grow 15%, we'll buy 30% more amounts. Now it's -- we think it might grow 10%, so we'll buy 5% more and see if it grows 10%, and see if we really need those. It's a little bit of a different world.

是的，幾年前，我們認為這個客戶資料專案將成長 15%，我們將購買 30% 以上的資料。現在是——我們認為它可能會成長 10%，所以我們會再購買 5%，看看它是否成長 10%，看看我們是否真的需要它們。這是一個稍微不同的世界。

Got it. And then maybe just one more quick one to, changing gears, federal. And I agree with John's comments, right, we all hear really positive things in the channel, so I guess I'm just trying to pair the CRPO guide and outlook for next year versus what happened this quarter.

知道了。然後也許只需再快速換個話題，聯邦。我同意約翰的評論，對的，我們都在頻道中聽到非常積極的事情，所以我想我只是想將 CRPO 指南和明年的展望與本季度發生的情況結合起來。

Was this more of an outsized federal quarter? Is that what those numbers are pointing to? Or which federal business more normalized what we've seen previously?

這是否更像是一個超大的聯邦區？這些數字是否顯示了這一點？或者哪些聯邦業務使我們之前看到的更正常化？

Federal is definitely more normalized from what we've seen. It's not like an outsized impact, thus impacting current RPO. I think the one thing to keep in mind with us, I think with some other companies, current RPO, average duration inside current RPO, can fluctuate pretty heavily.

從我們所看到的情況來看，聯邦肯定更加規範化了。它不像是過大的影響，因此不會影響目前的 RPO。我認為我們要記住的一件事是，我認為對於其他一些公司來說，目前的 RPO，即當前 RPO 內的平均持續時間，可能會波動很大。

Ours does -- it can a little bit, but not very much. And I think that's some of the weakness that others talk about. But ultimately, when we think about the guidance, there's really two factors, like Todd was talking about earlier, which is the macro, which is what we just talked about with upsells just not being there like they used to be on the license count, MAU count, new logos being more challenging.

我們確實有——可能會有一點，但不是很多。我認為這就是其他人談論的一些弱點。但最終，當我們考慮指導時，實際上有兩個因素，就像 Todd 之前提到的那樣，即宏觀因素，也就是我們剛才談到的追加銷售不再像以前那樣在許可證數量、MAU 數量、新標誌方面更具挑戰性。

Although we did have a better net new customers in the quarter, it's still not as high as we would like it to be, and we do believe it's pressured by the macro. And then the second component is the security incident.

儘管本季我們的淨新增客戶數量確實有所增加，但仍未達到我們的預期，而且我們確實認為這受到了宏觀因素的壓力。第二個組成部分是安全事件。

Despite the fact that we haven't found any quantifiable evidence that our financials have been impacted or performance has been impacted by the security incident, we're still being prudent about that as we go through the back half of the year.

儘管我們沒有發現任何可量化的證據表明我們的財務狀況或業績受到了安全事件的影響，但在下半年我們仍然對此保持謹慎。

One thing to keep in mind, as Todd was talking about earlier, right? Security remains a top priority for us from an investment perspective. We've made a ton of progress towards becoming one of the -- our goal of becoming one of the world's largest -- world's most secure companies.

正如托德之前所說的，有一件事要記住，對吧？從投資角度來看，安全仍然是我們的首要任務。我們已取得巨大進步，朝著我們的目標邁進了一步，那就是成為世界上最大、最安全的公司之一。

But hopefully, today, you saw we updated the Okta Secure Identity Commitment, talked about what we've done over the last 90 days and then what we're going to do out into the future. We're putting a lot of resource into that because we view that as a very high importance strategic initiative.

但希望今天您看到我們更新了 Okta 安全身份承諾，討論了我們在過去 90 天所做的事情以及我們未來要做的事情。我們為此投入了大量資源，因為我們認為這是一項非常重要的策略性舉措。

To drive growth?

推動成長？

Absolutely. Drive growth, absolutely just be one of the most secure companies out there. That's -- we're obviously an identity company that -- and security is really important, obviously, as an offshoot of identity. So we clearly want to be one of the most -- one of the world's most secure companies there.

絕對地。推動成長，絕對成為最安全的公司之一。那是 — — 我們顯然是一家身分識別公司 — — 作為身分識別的一個分支，安全性顯然非常重要。因此，我們明確地希望成為世界上最安全的公司之一。

Okay. Charlotte Bedick, JPMorgan.

好的。摩根大通的夏洛特貝迪克。

I'm on for Brian Essex. Quick questions. I know you spoke about strength towards enterprise. Can you speak about, I guess, how -- what you're seeing at SMB in the market as (inaudible) prior quarters expectations going forward?

我支持 Brian Essex。快速提問。我知道您談到了企業實力。您能否談談您對市場上中小企業的看法，以及（聽不清楚）對前幾季的預期？

I can take that one. SMB continues to be impacted by the macro. If you look at net retention, for example, the enterprise net retention rate is higher than the overall rate, and SMB is below, and we have seen that trend over the last several quarters.

我可以拿走那個。中小企業繼續受到宏觀經濟的影響。例如，如果你看淨留存率，企業淨留存率高於整體留存率，而中小企業淨留存率則低於總體留存率，我們在過去幾個季度已經看到了這種趨勢。

As you've heard us talk about, our enterprise is stronger, SMB has been weaker, and we believe that's directly related to the macro embedded in the guidance here today. We continue to believe the macro -- well, it's been stable for several quarters now.

正如您所聽到的，我們的企業更加強大，而中小企業變得更弱，我們相信這與今天的指導中蘊含的宏觀因素直接相關。我們仍然相信宏觀經濟——嗯，現在已經穩定了幾個季度了。

We believe it stays in this environment, the macro stays the same over the back half, and that's what is embedded in the guidance, all of our commentary, here today.

我們相信它將保持在這種環境中，宏觀經濟在下半年保持不變，這就是今天我們的指導和所有評論中所包含的內容。

And with that, do you expect like net dollar retention to stay pretty much the level at where it is?

那麼，您是否預計淨美元留存率將基本保持在目前的水平？

Right now -- well, first, let's start with where the most important factor is on net retention, which is gross retention. That remains healthy. And then in Q2, really Q2, the decline, 111% down to 110%. That's on the back of the seat upsells that are not there, like we've talked about a couple of times on this call.

現在 - 嗯，首先，讓我們從淨留存率最重要的因素開始，也就是總留存率。這仍然很健康。然後在第二季度，實際上是第二季度，下降了 111%，降至 110%。這就是座椅後面的追加銷售，並不在那裡，就像我們在這次電話會議中討論過幾次的那樣。

We do expect that trend to continue into the back half, and we do see a little pressure on the net retention. We see it ticking down for those reasons, the macro reasons we talked about and also SMB putting some pressure on the net retention rate in total.

我們確實預計這種趨勢將持續到下半年，我們確實看到淨留存率面臨一些壓力。我們看到，由於這些原因，淨留存率正在下降，我們談到的宏觀原因以及中小企業對整體淨留存率施加了一些壓力。

Joe Vandrick, Scotiabank.

加拿大豐業銀行的喬‧範德里克 (Joe Vandrick)。

All right. This is Joe on for Patrick Colville. So congrats on reaching GAAP profitability. Should we expect that to be the new normal going forward in fiscal '25 and fiscal '26? And then it looks like sales and marketing declined in the quarter. Is that going to be a continued source of leverage this year?

好的。這是喬，代替派崔克·科爾維爾。恭喜您達到 GAAP 獲利水準。我們是否應該預期這將成為25財年和26財年的新常態？看起來本季的銷售和行銷有所下滑。這是否會成為今年的持續槓桿來源？

So the first question around GAAP profitability, and we don't guide GAAP profitability, but we're very pleased with the overall results of becoming GAAP profitable. Frankly, it's a result of all the work we've been doing over the last several years around rationalizing software spend, rationalizing costs, real estate, moving people into lower cost regions to be able to allow us to invest back into other areas like security.

因此，第一個問題涉及 GAAP 獲利能力，我們不會指導 GAAP 獲利能力，但我們對實現 GAAP 獲利的整體結果感到非常滿意。坦白說，這是我們過去幾年來在合理化軟體支出、合理化成本、房地產、將人員遷移到成本較低地區等方面所做的所有工作的結果，以便我們能夠重新投資到安全等其他領域。

You've heard us talk about security a lot. We've been able to improve these margins while also putting a lot of money into security to become one of those great security companies, one of the world's most secured companies out there.

您可能已經聽過我們多次談論安全問題。我們在提高利潤率的同時，也向安全領域投入了大量資金，從而成為一家偉大的安全公司，一家世界上最安全的公司。

And so as we continue to go forward, I don't have any expectations one way or the other in terms of GAAP in terms of guidance, but we are continuing to improve margins. As you can see by the guidance today, we increased our expectations for FY25.

因此，隨著我們繼續前進，我對 GAAP 指導不抱有任何期望，但我們將繼續提高利潤率。正如您從今天的指引中看到的，我們提高了對 FY25 的預期。

In terms of sales and marketing as a percentage of revenue, yes, that has definitely created some leverage for us as part of getting to GAAP profitability and as part of the margin improvements we've seen. Right now, the way we look at it is we want to be able to invest correctly to be able to drive growth, but doing also in a responsible way.

就銷售和行銷佔收入的百分比而言，是的，這確實為我們創造了一些槓桿作用，有助於我們實現 GAAP 盈利能力，也有助於我們看到利潤率的提高。現在，我們的看法是，我們希望能夠以正確的方式投資以推動成長，但同時也要以負責任的方式進行投資。

So driving that profitable growth as best we can. So pleased with the progress we've made on both margins and also sales and marketing as a percentage of revenue, and we'll execute against our targets for the balance of the year.

因此我們會盡力推動獲利成長。我們對利潤率以及銷售和行銷佔收入的百分比所取得的進展感到非常高興，我們將按照今年剩餘時間的目標進行執行。

Yes. I'll just add, the way we think about it at a high level is we want to plan the company and target in terms of our planning and investment assumptions, Rule of 40. And then within that, it's -- we prioritize growth. One of our top priorities is reigniting growth.

是的。我只想補充一點，我們從高層次思考這個問題的方式是，我們希望根據我們的規劃和投資假設來規劃公司和目標，即 40 法則。然後在其中，我們優先考慮成長。我們的首要任務之一是恢復成長。

So we think about how we can invest in that framework to reaccelerate growth. That's important. And then we're always thinking about stock-based compensation and shareholder dilution, and that's a big driver of the difference between GAAP and non-GAAP in our business. So while we don't -- the GAAP profitability is the end result. It's not the primary thing. We're planning our framework over time.

因此，我們思考如何投資該框架來重新加速成長。這很重要。然後，我們總是考慮股票薪酬和股東稀釋，這是我們業務中 GAAP 和非 GAAP 之間差異的一個重要驅動因素。因此，儘管我們沒有——但 GAAP 盈利能力是最終結果。這不是最重要的事。我們正在逐步規​​劃我們的框架。

Okay. Manraj Bevli, Bernstein.

好的。曼拉吉貝夫利、伯恩斯坦。

This is Manraj on for Peter Weed from Bernstein. Firstly, congrats on a great quarter. But a quick question here. Wanted to be try and impute the average land ARR per new customer, right? And it seems that, that's growing, and it's growing pretty quick despite challenging macro. So firstly, I just wanted to understand, is the tip of the spear or the land product changing? What is causing that land ARR to expand, number one? And I have a follow-up question, sir.

這是伯恩斯坦的彼得·威德 (Peter Weed) 的曼拉吉 (Manraj)。首先，恭喜您本季取得如此出色的成績。這裡有一個簡單的問題。想要嘗試估算每位新客戶的平均土地 ARR，對嗎？看起來，這一數字正在成長，儘管宏觀環境充滿挑戰，但成長速度相當快。所以首先，我只是想了解一下，矛尖或土地產品是否改變了？首先，是什麼原因導致土地 ARR 擴大？先生，我還有一個後續問題。

Yes. In terms of the dynamics, I'm not sure the math of what you're doing, but the way we run the company here is really land and expand. So we're not as worried about the first land. We're really focused on getting customers in, making them successful and driving value for them, and then ultimately, they add licenses, they add products over time. That's why we've had such strong NRR over the years. And really, that's really the way we operate the company. So I can't comment one way or the other on your -- the math you're doing. But ultimately, our goal is to get as many customers, drive success for them, and ultimately, they will become long-term customers for us.

是的。就動態而言，我不確定你所做的事情的數學原理，但我們在這裡經營公司的方式實際上是土地和擴張。所以我們不太擔心第一塊土地。我們真正專注於吸引客戶、幫助他們成功並為他們創造價值，最終讓他們增加許可證、隨著時間的推移增加產品。這就是我們多年來擁有如此強大的 NRR 的原因。事實上，這正是我們經營公司的方式。所以我無法對你所做的數學運算做出任何評論。但最終，我們的目標是獲得盡可能多的客戶，為他們帶來成功，最終他們將成為我們的長期客戶。

Just to give you some -- just to give you more insight on how we think about things internally. The large enterprise is -- the success there is very encouraging. It's a big part of our future. 40% of the Global 2000 now has some Okta purchase somewhere in the organization. And those may have been bigger than other SMB ones just because they're big organizations with big IT budgets, but the terms of the potential of what they could be, it's just scratching the surface. So I mentioned the win we had in the quarter of 80,000 employees at a Fortune 500 transportation company. That deal could get materially bigger with selling them customer identity and selling them other capabilities within the product. So I would say that two things can be true: deals can be getting bigger on land as we sell to large enterprise, and we could have even much more upsell opportunity because the overall potential in those big accounts is so big.

只是為了給你一些——只是為了讓你更了解我們內部是如何思考事物的。這家大型企業—在那裡取得的成功非常令人鼓舞。這是我們未來的重要組成部分。目前，全球 2000 強企業中有 40% 的企業在組織內的某個地方購買了 Okta 產品。這些企業可能比其他中小企業更大，只是因為它們是擁有龐大 IT 預算的大型組織，但就其潛力而言，這只是觸及表面。因此我提到了我們在財富 500 強運輸公司 80,000 名員工的季度中取得的勝利。透過向他們出售客戶身份以及產品內的其他功能，這筆交易可能會變得更大。因此，我想說有兩件事是真的：隨著我們向大型企業出售土地，交易規模可能會越來越大，而且我們可能會有更多的追加銷售機會，因為這些大帳戶的整體潛力非常大。

Got it. And a quick one. Probably people asked about this before, but we saw acceleration in RPO recently, right, yet to see that trough in CRPO. When can we see acceleration of CRPO as well?

知道了。而且很快。可能之前有人問過這個問題，但我們最近看到 RPO 正在加速，對吧，但還沒有看到 CRPO 的低谷。我們什麼時候也能看到 CRPO 的加速？

We're excited about the total RPO acceleration, right? I mean we've seen it go from below the growth of current RPO to above the growth of current RPO, and that's really on the back of what Todd has been talking about, which is longer contract duration, primarily because we're doing deals with the enterprise and strategic and large organizations. And typically, they buy for longer term longer term than the SMBs, which they're usually a little shorter. And so do you see the overall effect in the total RPO numbers. You can see it in the numbers we talked about earlier, about the Global 2K. We're now greater than 40% of the Global 2K. That's up from 33% a of the Global 2K less than two years ago. And like Todd was saying, a lot of those are starter deals in that Global 2K. There's a lot of room to run. As we solve more and more identity use cases inside those accounts, let alone all the other 60% that we don't have right now, there's a lot of opportunity. And so we're pleased with the outcomes in terms of the contract duration. This is the third quarter in a row we've seen a good trend of contract duration getting a little bit longer, and you see it in the results here from a total RPO perspective.

我們對整體 RPO 加速感到興奮，對嗎？我的意思是，我們已經看到它從低於當前 RPO 的成長速度變為高於當前 RPO 的成長速度，而這實際上是 Todd 所談論的，即更長的合約期限，主要是因為我們正在與企業、策略和大型組織進行交易。而且一般來說，他們的購買期限比中小企業更長，中小企業的購買期限通常要短一些。那麼，您是否看到了 RPO 總數字的整體影響？您可以從我們之前討論過的有關 Global 2K 的數字中看到這一點。我們目前佔據全球 2K 市場份額的 40% 以上。這一數字比不到兩年前的全球 2K 的 33% 有所上升。正如托德所說，其中許多都是 Global 2K 中的入門交易。還有很大的運行空間。隨著我們解決這些帳戶中越來越多的身份使用案例，更不用說我們現在還沒有的其他 60%，還有很多機會。因此，我們對合約期限的結果感到滿意。這是我們連續第三個季度看到合約期限略有延長的良好趨勢，您可以從整體 RPO 角度的結果中看到這一點。

So the total average contract duration is inching up.

因此，總平均合約期限正在緩慢增加。

Mark Cash, Raymond James.

馬克卡許、雷蒙詹姆斯。

This is Mark on for Adam. Yes. So Todd, you've been talking about the platform consolidation opportunity across workforce, customer, IGA for a while now.

這是馬克代替亞當。是的。托德，你一直在談論跨勞動力、客戶、IGA 的平台整合機會。

Now considering potential concerns some organizations may have with consolidating opportunity across IT (inaudible), do you think this concern plays into the identity space? Or do you view Okta's consolidation opportunity still fully intact?

現在考慮到一些組織對整合 IT 機會可能存在的潛在擔憂（聽不清楚），您認為這種擔憂是否與身分識別領域有關？或者您認為 Okta 的整合機會仍然完好無損？

Yes. I think I think it's a really good question, because when I talk to customers, they're thinking about -- they know that they have thousands and thousands of vendors. I mean even a small, medium-sized company has a thousand vendors across their entire technology stack.

是的。我認為這是一個非常好的問題，因為當我與客戶交談時，他們會想到——他們知道他們有成千上萬的供應商。我的意思是，即使是一家中小型公司，其整個技術堆疊中也有一千家供應商。

So they know they want to standardize in some areas on some dimension. And -- but they also know that they can't go too far down into too few vendors, because that would leave to lock-in and lack of choice, et cetera, et cetera.

所以他們知道他們想要在某些領域、某些維度上實現標準化。而且——但他們也知道，他們不能選擇太少的供應商，因為這會導致鎖定和缺乏選擇等等。

So the case we're making is that one of the right dimensions is identity, and that gives you good integration across your identity stack. It improves security outcomes. It decreases costs, it increases revenue, et cetera, et cetera.

因此，我們認為正確的維度之一是身份，這可以為您提供跨身份堆疊的良好整合。它提高了安全結果。它降低了成本，增加了收入，等等。

I think the reliability thing and the risk associated with a single vendor is a factor that people think about, and I think it comes down to how the products are architected, how the backup plans are and what are the fallbacks and the demonstrated record of reliability and how you put that together over the years.

我認為可靠性和與單一供應商相關的風險是人們考慮的一個因素，我認為這取決於產品的結構如何、備份計劃如何、後備方案是什麼、可靠性的記錄如何以及多年來如何將它們結合起來。

And Okta scores well on that, scores well on our history there. I think if you asked 20 CIOs and CSOs to rate Okta on security and on reliability, we want the answer to that to be industry-defining on both.

Okta 在這方面表現優異，在我們的歷史上也表現出色。我認為，如果您要求 20 位 CIO 和 CSO 對 Okta 的安全性和可靠性進行評級，我們希望答案在這兩個方面都具有行業代表性。

And that's why we're focused on maintaining our reliability and our robustness and our trust on that regard and making sure we put all these investments and making sure that we can confidently say that we're truly industry-leading and world class on all things security.

這就是為什麼我們專注於維護我們的可靠性、穩健性和這方面的信任，並確保我們投入所有這些投資，確保我們可以自信地說我們在所有安全方面真正處於行業領先地位和世界一流水平。

Trevor Rambo, BTIG.

特雷弗·蘭博（Trevor Rambo），BTIG。

This is Trevor on for Gray Powell of BTIG. So maybe switching back to products. What have you guys been doing to help train up the sales reps on the PAM product? Because I know you often target the different buying center than your core identity access management.

我是 BTIG 的 Gray Powell 的 Trevor。因此也許可以切換回產品。你們做了什麼來幫助訓練銷售代表了解 PAM 產品？因為我知道您通常針對的購買中心與您的核心身分存取管理不同。

I'm just trying to parse out your thinking about the potential ramp in PAM versus OIG. I know you guys said OIG is now at 1,000 customers, which is great. So maybe some more color on how PAM is going and maybe also some -- some more color on how initial demand for ITDR is going as well would be helpful.

我只是想分析一下你對 PAM 與 OIG 之間潛在成長的看法。我知道你們說 OIG 現在有 1,000 名客戶，這很好。因此，也許對 PAM 的進展提供更多的說明，也許對 ITDR 的初始需求的進展提供更多的說明，會有所幫助。

On PAM, it seems to be playing out similar to how -- OIG is a little different. So I don't think it's playing out exactly like OIG in terms of how the enablement and how the sales team is taking it up. OIG was very adjacent and a very natural thing for the salespeople to take up and take to market.

在 PAM 上，其表現似乎與 OIG 類似，但略有不同。因此，我認為，就支援方式和銷售團隊如何接受而言，它的表現並不完全像 OIG。OIG 與銷售人員密切相關，是銷售人員接受並推向市場非常自然的事情。

I think PAM reminds me more of many years ago when we first introduced multi-factor authentication. Multi-factor authentication, some of you -- it's been a long time ago, so you might not remember. We didn't have it at first, then we started selling it as part of Okta.

我認為 PAM 讓我想起了很多年前我們首次引入多因素身份驗證的時候。你們中的一些人，多因素身份驗證——這已經是很久以前的事了，所以你們可能不記得了。我們一開始沒有它，後來我們開始將其作為 Okta 的一部分銷售。

And it was really our first true security offering. And the way that the sales team started selling it, which would make sense, is they sold it as really a bundle or a full capability, identity plus multifactor. They didn't go out there and try to sell it like it was an independent multi-factor security solution.

這確實是我們第一個真正的安全產品。銷售團隊開始銷售它的方式是，這是有道理的，他們實際上將其作為一個捆綁包或完整功能、身份加多因素進行銷售。他們並沒有試圖將其像獨立的多因素安全解決方案那樣出售。

It was like we're going to sell you the whole thing. We're going to sell the directory. We're going to say the user management, and we're going to sell the multi-factor authentication. So I see PAM playing out the same way.

就好像我們要把整個東西賣給你一樣。我們要出售該目錄。我們將談論用戶管理，我們將出售多因素身份驗證。因此我認為 PAM 也會以同樣的方式發揮作用。

If you look at this quarter, I mentioned this deal with this Global 2000 -- or Fortune 500 transportation company. This was a deal that had PAM in it. So it was a new customer, it was from an ISV and a lot of exciting things about it.

如果你看看本季度，我提到了與這家全球 2000 強或財富 500 強運輸公司的交易。這是一項涉及 PAM 的交易。所以這是一個新客戶，來自一個 ISV，並且有很多令人興奮的事情。

It was a new customer sourced through an ISV, and it was -- it included both OIG and PAM and the workforce core single sign-on and FastPass multi-factor authentication. So that's pretty compelling, because that rep and that sales team sold it as part of the complete solution, which is where we're differentiated, because it's harder for us as a newer entrant in PAM to say, we're going to go down the list of Gartner things about a PAM solution.

它是透過 ISV 獲得的新客戶，它包括 OIG 和 PAM 以及員工核心單一登入和 FastPass 多因素身份驗證。所以這非常引人注目，因為該代表和銷售團隊將其作為完整解決方案的一部分進行銷售，這就是我們的差異化所在，因為作為 PAM 領域的新進入者，我們很難說我們將按照 Gartner 列出的關於 PAM 解決方案的內容來做決定。

It's much -- we have a much better right to win when we say, hey, here's why it's so much better, that it's integrated with governance, it's integrated with your core access management, the platform you know and love, et cetera.

當我們說，嘿，這就是為什麼它更好，它與治理相結合，它與您的核心訪問管理相結合，當您熟悉和喜愛的平台等等時，我們就有更大的權利獲勝。

So I see it playing out the same way. We're very optimistic about it. It's -- both from just a pure size of the market and ARR, but also as a compelling differentiation -- making the whole workforce suite even more compellingly differentiated.

因此我認為事情會以同樣的方式發生。我們對此非常樂觀。這不僅從純粹的市場規模和 ARR 來看，而且作為一種引人注目的差異化，使得整個勞動力套件具有更引人注目的差異化。

Awesome. Anything else on the ITDR?

驚人的。ITDR 上還有其他資訊嗎？

Yes. I think ITDR, Identity Threat Detection and Response is the industry term for it. Our product in there is -- we're very excited about. It's Identity Threat Protection. We call it ITP. And it's -- this product is -- think of it as -- it's like advanced multi-factor authentication, but times 10.

是的。我認為 ITDR（身分威脅偵測和回應）是它的行業術語。我們對我們的產品感到非常興奮。這是身分威脅保護。我們稱之為 ITP。而且 — — 這款產品 — — 可以把它想像成 — — 它就像是先進的多因素身份驗證，但是乘以 10。

It has integrations, deep integrations, with the entire security ecosystem from CrowdStrike, to Zscaler to Netskope to Palo Alto Networks. And it doesn't just work at log-in. It continuously detects threats after log-in.

它與從 CrowdStrike 到 Zscaler 到 Netskope 到 Palo Alto Networks 的整個安全生態系統進行了深度整合。而且它不僅僅在登入時起作用。登入後它會持續偵測威脅。

So you log-in and you're on your way, working on your apps, and if Palo Alto or CrowdStrike detect an issue, you get malware, that actually -- our product detects that signal and logs you out of all your apps. Even if you -- even -- you weren't about to log-in, you'd already logged in.

因此，您登入後就可以開始使用您的應用程式了，如果 Palo Alto 或 CrowdStrike 偵測到問題，您就會受到惡意軟體的感染，實際上 - 我們的產品會偵測到該訊號並將您的所有應用程式登出。即使您——甚至——您不打算登錄，您也已經登入了。

So like during the session, it kills a session, which is very powerful. And so this is, I would say, very -- it's a very natural adjacency to advanced multifactor authentication, and it's like the next upsell from there. Now I think the reality of the world is that too many companies are just getting to multifactor authentication and phishing-resistant biometric authenticator.

就像在會話期間一樣，它會終止一個會話，這非常強大。所以，我想說，這是非常——這是對高級多因素身份驗證的自然鄰接，就像是下一個追加銷售。現在我認為世界的現實是，太多的公司才剛開始採用多因素身份驗證和防網路釣魚的生物識別身份驗證器。

So I think if there's going to be something that impedes the ramp of that, it would be just the maturity of organizations. But one of the most exciting things in Q2 is that some of the wins for that product, Identity Threat Protection, were well-known security companies.

因此我認為，如果有什麼因素阻礙了這個進程，那就是組織的成熟度。但第二季最令人興奮的事情之一是，該產品「身份威脅防護」的一些獲勝者是知名的安全公司。

So I mean, well-known security companies, like they are going to be the most advanced at security, and they were buying that product because they were so excited about the enhanced production it provides.

所以我的意思是，知名的安全公司，例如他們將成為安全領域最先進的公司，他們購買該產品是因為他們對它提供的增強生產力感到非常興奮。

Brian Wilcox, Cleveland.

布萊恩·威爾科克斯，克利夫蘭。

Thanks. Brian on for Ben Bollin today. Brett, you had mentioned the new logos, maybe not exactly where you would like them to be and largely attributable to the macro. What gives you confidence that it's the macro and it's not the security incident from last year that's pressuring new logos?

謝謝。今天布萊恩 (Brian) 代替 Ben Bollin 上場。布雷特，你提到了新的標誌，也許並不完全符合你的期望，而且很大程度上是由於宏觀因素。您怎麼知道是宏觀因素而不是去年的安全事件對新標誌造成了壓力？

Thank you for the question, Brian. Look, we look at all the key indicators, and we can't see anything associated with -- a quantifiable note in the math associated with the security incident. We've said that for the last three quarters.

謝謝你的提問，布萊恩。看，我們查看了所有關鍵指標，但我們看不到與安全事件相關的任何可量化的數學資訊。過去三個季度我們一直這麼說。

And so for us, we look at all the math, look at all the quant, and it does point to macro. I mean there's a bunch of -- there's a few indicators that show that. We've talked about upsells. We look at win rates, we look at [pipe create], we look at a lot of different things.

因此對我們來說，我們研究所有的數學，研究所有的量化，它確實指向宏觀。我的意思是，有很多——有幾個指標可以表明這一點。我們已經討論過追加銷售。我們關注勝率，我們關注[管道創建]，我們關注很多不同的東西。

And frankly, it all points to macro rather than the security incident. Now with that said, we're obviously keeping a very close eye on it. And if there's something that does pop up, we will definitely inform you guys. But in three quarters, we can't seem to find it from a new logo perspective.

坦白說，這一切都指向宏觀問題，而不是安全事件。話雖如此，我們顯然會密切關注此事。如果確實有問題，我們一定會通知你們。但在後三季度，我們似乎無法從新標誌的角度找到它。

And yes, we do want to do better than 200 net new in the quarter. I mean, yes, it's an improvement, but we believe we can grow much faster than this. And that's why we've talked to all of you about these three main areas of growth initiatives, whether it be the partner side that we talked about already, the new products that we talked about already here today, specialization in the field with the hunter-farmer model that we've run for now two quarters.

是的，我們確實希望本季的淨新增量超過 200 個。我的意思是，是的，這是一種進步，但我們相信我們可以比這成長得更快。這就是為什麼我們與大家討論了這三個主要增長計劃領域，無論是我們已經討論過的合作夥伴方面，還是我們今天已經討論過的新產品，還是我們已經運行了兩個季度的獵人 - 農民模式的專業化。

We believe those are all long-term growth accretive. Obviously, we're facing a challenging macro environment, and it's been that way for several quarters now.

我們相信這些都是有利於長期成長的。顯然，我們正面臨著充滿挑戰的宏觀環境，而這種情況已經持續了好幾季了。

Great. One follow-up, if I could. Just on the -- if you back out the headwinds from seats not expanding, not as many -- as much hiring or adding as many customers, like -- can you comment on what the pricing environment looks like with renewals and the ability to take price? Are customers pushing back on price increases?

偉大的。如果可以的話，我還想再跟進一次。只是，如果您排除座位數未擴大、招募人數或增加客戶數未增加等不利因素，您能否評論一下續約和定價能力方面的定價環境如何？顧客是否在抵制漲價？

The pricing environment really hasn't changed on either side, so the real headwind is from the license counts that we've been talking about on both workforce and customer identity side.

雙方的定價環境實際上都沒有改變，因此真正的阻力來自於我們一直在談論的勞動力和客戶身份方面的許可證數量。

We have one more question from Michael Richards at RBC.

我們還有來自 RBC 的 Michael Richards 的問題。

On for Matt Hedberg. Maybe going back to the hunter-farmer model. Just curious on how that's trended relative to your expectations, and is there any expectation that this will move to other parts of the business in terms of different customer segments other than the SMB?

替補上場的是馬特·赫德伯格。也許可以回到獵人-農民模式。我只是好奇這相對於您的預期有何趨勢，是否有預期這會轉移到 SMB 以外的不同客戶群的其他業務部分？

Yes. I mean, right now, it's a little too early to tell. I mean we're only two quarters in. And as you guys know, the first quarter's -- there's a lot of change in the first quarter, with new territories and everybody getting new teams and patches and all that stuff.

是的。我的意思是，現在說這個還為時過早。我的意思是我們才剛剛進入兩個季度。正如你們所知，第一季發生了很多變化，出現了新的領土，每個人都獲得了新的團隊和補丁等等。

So it's only really been a couple of quarters and probably even a little less than that really functionally how the hunter-farmer has been modeling -- has been operating. But we are optimistic about it in the long term. We believe specialization is something that will help us.

因此，從獵人-農民模式的實際運作方式來看，這實際上只持續了幾個季度，甚至可能比這還要短一點。但從長遠來看，我們對此持樂觀態度。我們相信專業化將對我們有所幫助。

I mean you just heard Todd talk about over the length of this call how many new products we have. right? Also, how big our customer base is, 19,300. We realize that specialization is important, and we believe it's one of those drivers of long-term growth.

我的意思是，您剛剛聽到 Todd 在整個通話過程中談論了我們有多少新產品。正確的？另外，我們的客戶群有多大，有 19,300 個。我們意識到專業化的重要性，我們相信它是長期成長的驅動力之一。

And yes, we'll have more information as we get through the year on how successful it's been, but we think it's going to take another couple of quarters at this point.

是的，隨著今年的到來，我們將獲得更多關於它有多成功的信息，但我們認為目前還需要幾個季度的時間。

Great. Well, I don't see any more hands raised. So with that, 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 Citi Conference in New York on September 5; the Goldman Sachs Conference in San Francisco on September 10; the Piper Conference in Nashville, also on September 10; the JPMorgan Software Forum in Napa on October 8; and of course, as Todd mentioned, we've got the Oktane Conference in Las Vegas, October 15 to 17.

偉大的。嗯，我沒有看到有人舉手。因此，在您離開之前，我只想讓您知道，除了本季舉辦幾次現場和虛擬巴士之旅外，我們還將於 9 月 5 日參加在紐約舉行的花旗會議； 9 月 10 日在舊金山舉行的高盛會議；同樣於 9 月 10 日在納許維爾舉行的派博會議； 10 月 8 日在納帕舉行的摩根大通軟體論壇；當然，正如 Todd 所提到的，我們將於 10 月 15 日至 17 日在拉斯維加斯舉辦 Oktane 會議。

So we hope to see you at one of those events. Thanks, everyone.

我們希望在這些活動中見到您。謝謝大家。

Thanks, everyone.

謝謝大家。