Okta Inc (OKTA) 2025 Q3 法說會逐字稿

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Hi, everyone, welcome to Okta's third quarter of fiscal year 2025 earnings webcast, I'm Dave Gennarelli, Senior VP of Investor Relations in October. With me today is maybe we have Todd McKinnon, Our Chief Executive Officer and Co-Founder, and Brett Tighe, Chief Financial Officer.

大家好，歡迎收看 Okta 2025 財年第三季財報網路直播，我是十月份投資人關係高級副總裁 Dave Gennarelli。今天和我在一起的可能是我們的執行長兼聯合創始人 Todd McKinnon 和財務長 Brett Tighe。

Around the same time that the earnings press release hit the wire, we posted supplemental commentary to the IR website. This positive 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 format allows listeners to review the information before this call.

大約在財報新聞稿發布的同時，我們在投資者關係網站上發布了補充評論。這篇正面評論包含了歷史上開場評論的很大一部分，包括客戶評論、產品相關新聞以及對我們財務表現的回顧。這種格式允許聽眾在通話之前查看訊息。

Today's meeting will include forward-looking statements pursuant to the Safe Harbor provisions of the (inaudible) including but not limited to statements regarding our financial and market positioning. Forward-looking statement of known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be mature, clearly 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.

今天的會議將包括根據安全港條款（聽不清楚）的前瞻性聲明，包括但不限於有關我們的財務和市場定位的聲明。前瞻性陳述涉及已知和未知的風險和不確定性，這些風險和不確定性可能導致我們的實際結果、績效或成就成熟，與前瞻性陳述中明示或暗示的內容明顯不同。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。

Information on factors that could affect our financial results is included in our filings with the SEC from time to time, including the section titled Risk Factors in our previously filed Form 10-Q. And addition, in today's meeting, we will discuss non-GAAP financial measures that we may not state explicitly during the meeting and 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.

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-Q 表格中標題為「風險因素」的部分。此外，在今天的會議上，我們將討論我們在會議期間可能未明確說明的非公認會計準則財務指標，並且所有提及獲利能力的內容均為非公認會計準則。這些非公認會計原則財務指標是根據公認會計原則制定的財務績效指標的補充，而不是替代或優於這些指標。

A reconciliation between GAAP and non-GAAP financial measures and a discussion of the limitations of using non-GAAP versus their closest GAAP equivalents are available in our earnings release. You can also find more detailed information in our supplemental financial materials, which include trended financial statements and key metrics posted on our Investor Relations website. 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 rate and year-over-year comparison.

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 與最接近的 GAAP 同等指標的局限性的討論。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，我們將在討論我們的財務表現時引用一些數字或成長變化，除非另有說明，否則每個參考率和同比比較都會引用。

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

現在我想把會議交給湯姆·麥金農。

Todd?

托德？

Thanks, Dave, and thank you, everyone, for joining us this afternoon. Our solid Q3 results were once again highlighted by strength and strong profitability and cash continued to spend efficiencies. While the macro environment remains consistent, we're encouraged by some positive data points in Q3. I'll touch on some of those and then get into other highlights from the quarte before turning over to Brett.

謝謝戴夫，也謝謝大家今天下午加入我們。我們穩健的第三季業績再次凸顯了實力和強勁的獲利能力以及現金持續支出效率。儘管宏觀環境保持一致，但我們對第三季的一些正面數據點感到鼓舞。在轉向布雷特之前，我將討論其中的一些內容，然後介紹第四部分中的其他亮點。

I've mentioned previously that deepening our relationship with our partner ecosystem is one of our main priorities. We are already seeing good progress as all of our top 10 deals in the third quarter involve partners. These 10 deals were all over $1 million in annual contract value and in aggregate represented approximately $20 million in ACV.

我之前提到過，深化與合作夥伴生態系統的關係是我們的主要優先事項之一。我們已經看到了良好的進展，因為第三季所有前 10 筆交易都涉及合作夥伴。這 10 筆交易的年度合約價值均超過 100 萬美元，ACV 總額約為 2,000 萬美元。

This underscores the value of investing in our partner ecosystem. The public sector also continues to be an area of strength. In fact, half of the top 10 deals that I just mentioned, we're in the US federal vertical. We've made great progress with our presence in the public sector and believe we have a tremendous amount of runway ahead of us.

這強調了投資我們的合作夥伴生態系統的價值。公共部門也仍然是優勢領域。事實上，我剛才提到的十大交易中有一半是在美國聯邦垂直領域。我們在公共部門的業務已經取得了巨大的進步，並且相信我們還有很長的路要走。

Our largest customers remain in area of strength. The cohort of $1 million-plus ACV customers continues to be our fastest-growing cohort. In total, this cohort now reps events approximately $1 billion ACV. We were also pleased with the upsell and cross-sell activity in Q3. Specifically, we experienced strong growth of work tumors, buying more workforce products as well as workforce customers buying customer identity.

我們最大的客戶仍然處於優勢領域。價值超過 100 萬美元的 ACV 客戶群仍然是我們成長最快的群體。總的來說，該群體現在代表的活動價值約為 10 億美元 ACV。我們對第三季的追加銷售和交叉銷售活動也感到滿意。具體來說，我們經歷了工作腫瘤的強勁成長，購買了更多的勞動力產品以及勞動力客戶購買客戶身分。

Okta's expanded product portfolio is allowing as to equip our customers with more industry-leading that any solutions to support them in their goal to operate more efficiently and securely. The threat environment has never been more hostile. Organizations are constantly under attack in a day has become a primary attack vector.

Okta 擴展的產品組合使我們能夠為我們的客戶提供更多領先業界的解決方案，以支持他們實現更有效率、更安全營運的目標。威脅環境從未如此惡劣。每天不斷受到攻擊的組織已成為主要的攻擊媒介。

We're advancing our vision to free everyone to safely use any technology with the expansion of our unmatched portfolio of identity solutions through great product innovation. We're also accelerating our investments in the Okta secure identity commitment, which is a native with prospects and customers, our biggest customer and partner event of the year.

我們正在推進我們的願景，透過偉大的產品創新擴展我們無與倫比的身份解決方案組合，讓每個人都能安全地使用任何技術。我們也加快了對 Okta 安全身分承諾的投資，這是我們今年最大的客戶和合作夥伴活動。

The energy event terrific as in-person attendance was up over 25% versus last year and represented hundreds of millions of dollars of pipeline. Attendees heard about the future of identity security and how Okta is responding to the evolving threat landscape. We highlighted at more than 30 products, features, capability across our workforce and customer journey clouds that will deepen our customers' security and help them create exceptional customer experiences while enabling us to reignite our growth with a focused approach.

這次能源盛會非常精彩，現場出席人數比去年增加了 25% 以上，並代表了數億美元的資金。與會者了解了身分安全的未來以及 Okta 如何應對不斷變化的威脅情況。我們重點介紹了我們員工隊伍和客戶旅程雲中的30 多種產品、功能和功能，這些產品、功能和功能將加深客戶的安全並幫助他們創造卓越的客戶體驗，同時使我們能夠透過專注的方法重新點燃我們的成長。

It's also great to receive validation on our strategy and vision from third parties. Okta was recently recognized as a leader in the 2024 Gartner Magic Quadrant for Access Management for the eighth consecutive year. Okta achieves the highest and furthest overall position for its ability to execute and completeness of vision in this research. We have a lot of optimism about the direction of the business.

得到第三方對我們的策略和願景的驗證也很高興。 Okta 最近連續第八年被評為 2024 年 Gartner 訪問管理魔力像限的領導者。 Okta 在這項研究中因其執行能力和願景的完整性而獲得了最高和最遠的總體排名。我們對業務方向非常樂觀。

One of the things we're excited about is go to market specialization. In Q1 this year, we introduced a layer of specialization in the go to market team with a hunter farmer model for the Americas SMB market. As we plan for FY26, we are planning for further specialization in our global go to market strategy to better align with the distinct identity buying centers of IT security and developers.

我們感到興奮的事情之一是市場專業化。今年第一季度，我們在進入市場團隊中引入了專業化層，針對美洲中小型企業市場採用狩獵農民模式。在我們對 2026 財年的規劃中，我們計劃進一步專業化我們的全球市場策略，以更好地與 IT 安全和開發人員的獨特身份購買中心保持一致。

Doing so will allow us to meet evolving market demands help reignite growth and create a win-win scenario that benefits both our customers and Okta, ultimately driving better business outcomes. To wrap things up, we remain hyper focused on our top priorities of security, growth, and scale. Identity is security, and we're taking the right steps to advance our position as a leader in the identity market, while remaining focused on investing for growth and driving spend efficiencies and cash flow.

這樣做將使我們能夠滿足不斷變化的市場需求，有助於重振成長並創造雙贏的局面，使我們的客戶和 Okta 受益，最終推動更好的業務成果。總而言之，我們仍然高度關注安全、成長和規模等首要任務。身分認同就是安全，我們正在採取正確的步驟來提升我們作為身分市場領導者的地位，同時繼續專注於成長投資並提高支出效率和現金流。

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. We continue to build on the efficiency initiatives that we've been implementing over the past two years. Our Q3 financial performance was highlighted by continued strong cash flow and operating profitability, including GAAP profitability. I'll note that similar to the prior three quarters, as we have analyzed our key metrics, we could not attribute a quantifiable impact from the October 2023 security incident on our Q3 results. And while not quantifiable, the event likely had some level of impact.

謝謝托德，也謝謝大家今天加入我們。我們將繼續以過去兩年實施的效率措施為基礎。我們第三季的財務業績以持續強勁的現金流和營運獲利能力（包括 GAAP 獲利能力）為亮點。我要指出的是，與前三個季度類似，當我們分析關鍵指標時，我們無法歸因於 2023 年 10 月安全事件對我們第三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。

Our view on the macro environment is that it remains consistent with what we've experienced for the past few quarters. Organizations are scrutinizing budgets and rationalizing their software spend, resulting in lower assumptions for seats in our workforce identity business and MAUs in our customer identity business.

我們對宏觀環境的看法是，它與我們過去幾季的經驗保持一致。組織正在審查預算並合理化其軟體支出，從而降低了對員工身分業務中的席位和客戶身份業務中的每月活躍用戶數的假設。

These lower seat and MAU assumptions have put our net retention rate under pressure over the past few quarters, while gross retention has remained strong. Helping to partially offset the seat in MAU headwind is the success we've been having in selling more products to both our new and existing customers. Our relentless focus on innovation has been resonating with our customers as approximately 15% of bookings were from new products.

這些較低的席位和每月活躍用戶假設使我們的淨保留率在過去幾季面臨壓力，而總保留率仍然強​​勁。我們在向新舊客戶銷售更多產品方面所取得的成功，有助於部分抵消每月活躍用戶的逆風。我們對創新的不懈關注引起了客戶的共鳴，大約 15% 的預訂來自新產品。

Okta Identity governance continues to represent approximately one-third of the contract value when sold in a workforce deal. In addition to OIG, we're also selling new products like Okta Privileged Access, device access, fine grain authorization, identity threat protection and identity security posture management. Our data tells us that customers that adopt more products have the highest retention rates, so we're excited about the trends here in the long-term contributions to the business. Now let's turn to our business outlook for Q4 and FY25.

在勞動力交易中出售時，Okta 身分治理仍佔合約價值的約三分之一。除了 OIG 之外，我們還銷售 Okta 特權存取、設備存取、細粒度授權、身分威脅防護和身分安全態勢管理等新產品。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，因此我們對業務長期貢獻的趨勢感到興奮。現在讓我們轉向第四季和 2025 財年的業務展望。

As always, we take a prudent approach to forward guidance. We are factoring in a macro environment consistent with what we experienced in Q3. We are no longer incorporating additional conservatism into our outlook related to the potential impacts from last year's security incident. For the Q4 of FY25, we expect total revenue growth of 10% to 11%, current RPO growth of 9%, non-GAAP operating margin of 23% and free cash flow margin of approximately 32%. We are raising our outlook across the board for the full year FY25.

一如既往，我們對前瞻性指引採取審慎態度。我們考慮的宏觀環境與第三季的經驗一致。我們不再將額外的保守主義納入我們對去年安全事件潛在影響的展望中。對於 25 財年第四季，我們預期總營收成長 10% 至 11%，目前 RPO 成長 9%，非 GAAP 營業利潤率為 23%，自由現金流利潤率約為 32%。我們全面上調 2025 財年全年的展望。

We now expect total revenue growth of 15%, non-GAAP operating margin of 22% and a free cash flow margin of approximately 25%. While we are still in the early phases of financial planning, we would like to provide a preliminary view of FY26. We're providing this preliminary outlook ahead of closing our biggest quarter of the year. We will provide formal FY26 guidance on our next earnings call, which will factor in our actual Q4 performance. We remain focused on profitable growth and continue to prudently factor in a macro environment that is consistent with what we've experienced over the past few quarters.

我們目前預期總營收成長 15%，非 GAAP 營運利潤率達到 22%，自由現金流利潤率約為 25%。雖然我們仍處於財務規劃的早期階段，但我們希望提供 2026 財年的初步看法。我們在今年最大季度結束之前提供初步展望。我們將在下一次財報電話會議上提供正式的 2026 財年指引，這將考慮到我們第四季的實際業績。我們仍然專注於獲利成長，並繼續審慎地考慮與我們過去幾季所經歷的情況一致的宏觀環境。

As such, we're expecting a non-GAAP operating margin of at least 22%. We're targeting a free cash flow margin of at least 24%. From a revenue perspective, we estimate total revenue to be $2.77 billion to $2.78 billion representing growth of approximately 7%. We believe these numbers are achievable while maintaining an appropriate measure of conservatism. To wrap things up, we're pleased with the progress we've made to drive operational efficiencies.

因此，我們預計非 GAAP 營業利潤率至少為 22%。我們的目標是至少 24% 的自由現金流利潤率。從營收角度來看，我們預計總收入為 27.7 億美元至 27.8 億美元，成長約 7%。我們相信，在維持適當保守主義的情況下，這些數字是可以實現的。總而言之，我們對在提高營運效率方面取得的進展感到滿意。

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

過去兩年，我們的模型展示了卓越的槓桿作用，我們將繼續專注於在未來幾年實現獲利成長。這樣，我會將其轉回給戴夫進行問答。

Dave?

戴夫？

We have several hands raised up already. We will take them in the order that they are in follow-on questions you can try to back into queue. So try to limit yourself to one question.

我們已經有好幾位舉手了。我們將按照您可以嘗試返回佇列的後續問題的順序進行處理。因此，請嘗試將自己限制在一個問題上。

John DiFucci, Guggenheim.

約翰‧迪福奇，古根漢。

hanks, Abe. My question, I think, has to do with something Brett just said. Brett, you said you're no longer incorporating additional conservatism in the guidance due to the incident from last October, and that makes sense, by the way, now. But your guidance for next year, I just want to sort of understand its financial guidance for next year. What is should we think about it listen, I think you guys do a pretty good job when you guide, but at the same time, I'm just trying to think about it like last year, you had a lot going on.

漢克斯，阿部。我想我的問題與布雷特剛才說的話有關。布雷特，你說由於去年十月的事件，你不再在指導中納入額外的保守主義，順便說一句，現在這是有道理的。但是你對明年的指導，我只是想了解它明年的財務指導。我們應該考慮什麼，聽著，我認為你們在指導時做得很好，但同時，我只是想像去年一樣思考，你們發生了很多事情。

But the last two years before that, should we think about should we go back to those years and kind of think about your approach that would be similar to those years? Just trying to get my head around it.

但在此之前的最後兩年，我們是否應該考慮是否應該回到那些年並考慮與那些年類似的方法？只是想弄清楚這一點。

Hey, John. Hey, before you jump in, Brett, I want to just set the context at a high level. The Q3 was a solid quarter. And as we go into Q4 and think about next year, Brett can talk about the specifics on guidance, but we are, I think being pretty balanced between optimistic about the future and all this new product momentum and all this large customer momentum but also want to make sure we have the right level of prudence in our guidance, so it's always a balancing act, but I don't want the guidance question to kind of overshadow the momentum we see in the business and the optimism we see there.

嘿，約翰。嘿，布雷特，在你介入之前，我想先簡單介紹一下背景。第三季是一個穩定的季度。當我們進入第四季度並考慮明年時，布雷特可以談論指導的具體細節，但我認為我們在對未來的樂觀態度和所有這些新產品動力以及所有這些大客戶動力之間保持著相當平衡，但也希望確保我們在指導中保持適當的謹慎程度，因此這始終是一種平衡行為，但我不希望指導問題掩蓋了我們在業務中看到的勢頭和我們在那裡看到的樂觀情緒。

Yeah. And Brett, I or Todd, I apologize. I very rarely say this at the beginning, but it was a really solid quarter. It really was more than solid. It was really good.

是的。布雷特，我或託德，我道歉。我一開始很少這麼說，但這是一個非常穩定的季度。它確實非常堅固。真的很好。

Then your whole team should feel really good about it.

那麼你的整個團隊都會對此感覺非常好。

It's one step. It's one step. We have a lot of work to do, but thanks for saying that.

這是一步。這是一步。我們還有很多工作要做，但感謝您這麼說。

Yes. In terms of your question, John, about the guidance, I would say, if you look back let's go back a year ago, right? And a year ago, we had the security incident. We're right on the heels of it. And we guided 10% at that point, right, from a revenue growth perspective for FY 2025.

是的。約翰，關於你的問題，關於指導，我想說，如果你回顧過去，讓我們回到一年前，對吧？一年前，我們發生了安全事件。我們緊跟在後。從 2025 財年營收成長的角度來看，我們當時的指導值為 10%。

We now think FY 2025 is going to be 15%. You can figure out the delta, 15 minutes 10%. I would not expect that level of delta in the future, just because we're taking out the security incident, right? There was a pretty large unknown at that point and a pretty large unknown until really this quarter where we haven't seen any impact, quantitatively from the security incident. So that's how I would think about it, John.

我們現在認為 2025 財年將達到 15%。你可以算出增量，15 分鐘 10%。我不會期望未來會出現這種程度的增量，只是因為我們正在消除安全事件，對嗎？當時存在相當大的未知數，直到本季為止，我們還沒有看到安全事件產生任何定量影響。這就是我的想法，約翰。

Okay. And when I go back the five the two years before that, that they are you exceeded your original guidance by, like, over 5 percentage points. That's why I sort of I get it, though, less than last year, though.

好的。當我回顧兩年前的五個時，我發現它們超出了最初的指導，大約超過 5 個百分點。這就是為什麼我有點明白這一點，不過，比去年少了。

Yes. And I think the other thing is, like, if you go back a couple of years, we're a much smaller company growing at a faster clip. So I think just the natural maturation of the business, I wouldn't go back that far as kind

是的。我認為另一件事是，如果你回到幾年前，我們是一家規模小得多的公司，但成長速度更快。所以我認為這只是業務的自然成熟，我不會回到那麼善良的地步

Yes. The other thing about it too is that Q4 and with slower growth in these years versus five years ago, Q4 matters a lot more. So giving this guidance at the end of on the Q3 call, we have more Q4 matters more in terms of seeing where we'll be. So that's why the Q1 look is so illustrative.

是的。另一件事是，第四季的成長速度較五年前有所放緩，因此第四季的重要性要大得多。因此，在第三季電話會議結束時給出這一指導，我們有更多第四季度的信息，更重要的是我們將處於什麼位置。這就是為什麼 Q1 的外觀如此具有說明性。

Thanks, Dave, and congrats on the quarter, Todd. Todd, we've been hearing from some of your GSI partners more about, RFPs for consolidated identity platform offering. So I'm curious if that's something you guys are seeing or measuring, maybe measuring in your pipeline or Todd even coming up more in customer conversations, because it does seem to be resonating in the field with some of your partners.

謝謝，戴夫，並祝賀本季度，托德。 Todd，我們從一些 GSI 合作夥伴那裡聽到了更多關於整合身分識別平台產品的 RFP 的資訊。所以我很好奇，這是否是你們正在看到或測量的東西，也許是在你們的管道中測量，或者托德甚至在客戶對話中更多地出現，因為它似乎確實在該領域與您的一些合作夥伴產生了共鳴。

Well, I do know on the GSI topic, we've really, really made a lot of progress with GSIs in the last year. I'm really, really excited about this because these and identity, as the folks on this call know Okta really well, it is sometimes quite complex to do a comprehensive change out of identity. In fact, it's always complex, way more complex than other types of technology, especially in the cyber ecosystem. So that has positives and negatives. The negatives are sometimes it takes longer to get a deal done, sometimes it takes longer to do upsells.

嗯，我確實知道 GSI 主題，去年我們在 GSI 方面確實取得了很大進展。我對此真的非常非常興奮，因為這些和身份，因為這次電話會議的人們非常了解 Okta，有時對身份進行全面的改變是相當複雜的。事實上，它總是很複雜，比其他類型的技術複雜得多，尤其是在網路生態系統中。所以這有正面的一面和負面的一面。負面影響是有時需要更長的時間才能完成交易，有時需要更長的時間進行追加銷售。

That's the good news or that's the bad news. The good news is that once you get a committed cohort of customers and a committed cohort of systems integrators to help a customer on that journey, it's very valuable to the customer and very valuable to the partner for a very long time. So you know, the plus side is that we're going to be providing value in these relationships and everyone's going to be benefiting for years and years.

這是好消息還是壞消息。好消息是，一旦您獲得了一群忠誠的客戶和一群忠誠的系統整合商來幫助客戶完成這趟旅程，那麼在很長一段時間內，這對客戶和合作夥伴都非常有價值。所以你知道，有利的一面是我們將在這些關係中提供價值，每個人都將受益多年。

We had a really solid win of one of the largest technology companies in North America in Q3 that was nearly a $5 million ARR deal and for that company, it's just the first phase of a multi part multi-phase deal to replace their identity across their whole company. This specific initiative in Q3 was driven by zero trust transformation.

第三季度，我們真正贏得了北美最大的科技公司之一，這筆交易金額近 500 萬美元，對於該公司來說，這只是多部分多階段交易的第一階段，旨在取代他們的身份整個公司。第三季這項具體的舉措是由零信任轉型所推動的。

So even some of the biggest technology companies are relatively early in their zero trust journey and we worked with one of the largest SIs to scope that deal and bring that deal over and then even more exciting about it is the deals that are queued up to follow that as we get this initial deal deployed, in some level of success and then move on to the subsequent phases. So that's exciting scenario there and that's true on a number of deals in the quarter.

因此，即使是一些最大的科技公司在零信任之旅中也相對較早，我們與最大的系統整合商之一合作，確定了該交易的範圍並完成了該交易，然後更令人興奮的是排隊等待的交易當我們部署初始交易時，取得一定程度的成功，然後進入後續階段。因此，這是令人興奮的情況，本季的許多交易都是如此。

I mentioned in my prepared comments that of the top 10 deals in a quarter that was really strong for big deals, all of them had partner participation. So we're doing a good job building that ecosystem, working with the partners, building trust in those partners, and all the especially this is true of the global size. They're seeing not a lot of choices out there in terms of in terms of scaled identity players.

我在準備好的評論中提到，在一個季度中對大交易而言真正強勁的前 10 筆交易中，所有交易都有合作夥伴參與。因此，我們在建立生態系統方面做得很好，與合作夥伴合作，在這些合作夥伴中建立了信任，尤其是在全球範圍內。在規模化的身份參與者方面，他們沒有看到太多的選擇。

Particularly, when we talk about a scaled identity player that's independent neutral and doesn't wrap that customer into one stack, we're unmatched. So they're seeing that and they're seeing they're seeing the landscape and our unique value there and they're aligning themselves with us, which I think is going to benefit everyone.

特別是，當我們談論一個獨立中立且不會將客戶包裝成一堆的規模化身分播放器時，我們是無與倫比的。所以他們看到了這一點，他們看到了那裡的風景和我們獨特的價值，他們正在與我們結盟，我認為這將使每個人受益。

I think also that the interesting part about the top 10 deals that Todd was just talking about having all partners, The great part of it was it was multiple different types of partners. You've heard us talk about GSIs as being very important, but it was GSIs, it was ISVs, it was marketplaces, it was the traditional VARs. I mean, it was a mix of them all. So that's why we continue to want to invest in each one of these areas because we're seeing success like this in Q3.

我還認為，托德剛才談到的十大交易中有趣的部分是擁有所有合作夥伴，其中最重要的部分是它有多個不同類型的合作夥伴。您聽說過我們談論 GSI 非常重要，但它是 GSI，它是 ISV，它是市場，它是傳統的 VAR。我的意思是，這是它們的混合體。這就是為什麼我們繼續希望在這些領域進行投資，因為我們在第三季看到了這樣的成功。

Gray Powell, BTIG.

格雷·鮑威爾，BTIG。

All right, great. Thank you very much. Before I ask my question, I just got to say, I really appreciate the 10 minutes of prepared remarks. And in fact, Brett, I think your section was probably shorter than DiFucci's question. So again, congrats on keeping it tight.

好吧，太好了。非常感謝。在提問之前，我想說，我真的很感謝您花 10 分鐘準備好的發言。事實上，布雷特，我認為你的部分可能比迪福奇的問題短。再次恭喜您保持緊張。

We do what we can.

我們盡力而為。

Thank you. So for my question, it's been a pretty choppy earning season so far across our security coverage. And it's just I guess it's just nice to see your numbers inflect higher. So is there any way you can kind of talk about, what stood out most this quarter versus Q2, just like what changed the most? And then how do you feel about the sustainability of that performance and just the forward execution?

謝謝。因此，對於我的問題，到目前為止，我們的安全覆蓋範圍是一個相當不穩定的收入季節。我只是覺得很高興看到你的數字變化得更高。那麼，您是否可以透過任何方式來談論本季與第二季相比最突出的方面，就像變化最大的方面一樣？那麼您對該業績的可持續性以及未來的執行有何看法？

It was pretty different than Q2 in terms of our, just our execution in the quarter bringing deals across the line. We did Q2 was okay, Q3 was very solid. And I think that is maybe I think what is lining up to be to look like the reality is that the year is looking more back end loaded than what we may have thought in the first quarter or the second quarter, which I think is not with, in the history of the company, that's not -- it's not it's fairly common for that to be the case.

就我們而言，這與第二季度有很大不同，只是我們在本季的執行帶來了交易。我們在第二季做得還不錯，第三季非常紮實。我認為，也許我認為現實情況是，今年的後端負載比我們在第一季度或第二季度想像的要多，我認為這與我們想像的不一樣。並不常見。

But I think this year, it's turning out to be a little more than maybe we anticipated, which means Q4 is a big quarter, and, the pipeline is there and it's up to us and the team to execute on that and we're really aligned and motivated and understand how important it is as a team that we need to do that and we're all set to make that a reality. There's a lot of stuff to build on. We mentioned we've mentioned a couple of already a couple of the examples already, the large deals, the new products.

但我認為今年的情況可能比我們預期的要多一點，這意味著第四季度是一個重要的季度，而且管道已經存在，這取決於我們和團隊的執行情況，我們真的團結一致、積極主動，並了解作為一個團隊我們需要做到這一點是多麼重要，並且我們都準備好將其變為現實。有很多東西可以建造。我們提到我們已經提到了一些例子，大宗交易，新產品。

So 15% of bookings in the quarter were from these new products, which, you know, we wish we wish it was a higher percentage, but there's a lot of new products that are starting to blossom and have the potential to be significant contributors on their own. The governance now is a third of the value of deals it's included in, which is significant or 30% of the value, a little less than a third.

因此，本季 15% 的預訂來自這些新產品，您知道，我們希望這個比例更高，但有很多新產品開始蓬勃發展，並有可能成為重要的貢獻者他們自己的。現在的治理是其所包含的交易價值的三分之一，這很重要，佔價值的 30%，略低於三分之一。

Okta Privilege Access is starting to get momentum. We had a nice win there for a US Department of an Asian bank, which bought the whole suite, access management, governance, and privilege access, which we think is going to be a common buying pattern. And the driver there, I mentioned the large technology company before, the driver in that example was zero trust.

Okta 特權訪問開始勢頭強勁。我們在那裡為一家亞洲銀行的美國部門贏得了一場勝利，該銀行購買了整個套件、訪問管理、治理和特權訪問，我們認為這將成為一種常見的購買模式。那裡的驅動程序，我之前提到過大型科技公司，那個例子中的驅動程式是零信任。

They're trying to go to a 0-trust architecture and identity is important. For this US division of this Asian bank, it's all about compliance. So they needed to have regulatory compliance for the auditors around not only applications and financial applications, but servers, which privileged access gave them that access to. So we're seeing new products, big deals. We see good partner involvement.

他們正在嘗試採用 0 個信任架構，而身分認同很重要。對於這家亞洲銀行的美國分部來說，合規至關重要。因此，他們不僅需要使審計員遵守法規，不僅要遵守應用程式和財務應用程式的規定，還要遵守伺服器的規定，因為他們可以透過特權存取來存取這些伺服器。所以我們看到了新產品、大交易。我們看到合作夥伴的良好參與。

But we're still, we still think we can grow faster. We talked about the guide for next year and how we're thinking about that, but we continue as we always have, think this is a massive opportunity and it's one of our second highest priority after security and our secure identity commitment is growth and reaccelerating growth.

但我們仍然認為我們可以成長得更快。我們討論了明年的指南以及我們的想法，但我們一如既往，認為這是一個巨大的機會，這是我們僅次於安全的第二要務之一，我們的安全身份承諾是增長和重新加速生長。

So we're pleased, but we're not satisfied. We have a lot of work to do and this team is fired up to make it happen and we're going to go out there and do

所以我們很高興，但我們並不滿足。我們還有很多工作要做，這個團隊充滿熱情地去實現它，我們將出去做

Thank you. I'd add a couple of things, Gray, that actually may not have changed but are positives for us in general. One is, contract duration continues to be healthy for us. You can see that in the total RPO growth, right?

謝謝。格雷，我想補充幾件事，這些實際上可能沒有改變，但總體來說對我們來說是積極的。一是，合約期限對我們來說仍然是健康的。您可以在 RPO 總增長中看到這一點，對嗎？

That's now 6 points higher than current RPO growth. The other thing I would add is, US Federal end of their fiscal year, we had a really solid close to that. So that was, you know, like you heard earlier, is a good portion of those top 10 deals.

現在這比目前的 RPO 成長高出 6 個百分點。我要補充的另一件事是，美國聯邦財政年度結束時，我們已經非常接近這個目標了。所以，正如您之前聽到的那樣，這是十大交易中的很大一部分。

And I think that's just a continuation of our success in public sector. Think of public sector as actually one of our first forays into specialization, right? We've really focused on it. We've put a lot of effort on it. We've done a lot of stuff from an R&D perspective. And so, that continues to also be successful for us in Q3 and is helping the results we see here today for us in Q3 and is helping the results we see here today.

我認為這只是我們在公共部門取得成功的延續。將公共部門視為我們首次涉足專業化領域，對吧？我們真的很關注它。我們為此付出了很多努力。我們從研發的角度做了很多事。因此，這對我們在第三季度繼續取得成功，並有助於我們今天在第三季度看到的結果，也有助於我們今天在這裡看到的結果。

Understood. Thank you.

明白了。謝謝。

Gabriela Borges, Goldman.

加布里埃拉·博爾赫斯，高盛。

Hey, good afternoon. Thanks for taking the question and congrats on a solid quarter.

嘿，下午好。感謝您提出問題，並祝賀本季表現穩定。

Todd and congrats on a solid quarter. Todd and Brent, I wanted to pick up where you just left off on the 15% of bookings that are coming from emerging products. Remind us how that number compares to history. And, Brent, you mentioned with the net retention rates, there are two dynamics impacting that. You've got the pressure on MAUs and seat count, and then you've got the tailwind from cross sell.

托德，恭喜本季業績穩定。托德和布倫特，我想接著你們剛剛停下來的話題繼續討論 15% 的預訂來自新興產品。提醒我們這個數字與歷史相比如何。而且，布倫特，您提到淨保留率，有兩個動態會影響它。你會面臨每月活躍用戶數和座位數的壓力，然後你會從交叉銷售中獲得順風。

Talk to us a little bit about when you think emerging can offset the headwind in MAUs and seat count? And it's a long way of asking when you think net retention might trough.

請與我們談談您認為新興市場何時可以抵消月活躍用戶數和席位數方面的不利因素？要問你認為淨保留率何時可能會觸底，這是一個很長的問題。

On the new product mix, I don't know the exact numbers, but if without going back and looking at the data, my sense being pretty close to the sales process, especially on the new products, this is higher than it has been in the past, and it's kind of led by governance, identity governance, and it's for second place where it's like a -- it's a pretty close competition between privileged access, identity threat protection, which is for the most security conscious customers, it's a really big addition to their suite.

關於新產品組合，我不知道確切的數字，但如果不回頭查看數據，我的感覺是非常接近銷售流程，特別是在新產品上，這個數字比以前要高過去，它是由治理、身份治理主導的，它排在第二位，就像特權訪問、身份威脅保護之間非常激烈的競爭，對於最具安全意識的客戶來說，這確實是一場競爭他們的套房的一大補充。

Identity threat protection, it's the way to think about it is it's kind of like the advanced version of advanced multifactor. And the big thing it does is it monitors security risks throughout the session. So multifactor and advanced multifactor do phishing resistance right when you log in.

身分威脅保護，這是一種思考方式，它有點像是高級多因素的高級版本。它所做的最重要的事情是在整個會話期間監控安全風險。因此，多因素和高級多因素可以在您登入時抵禦網路釣魚。

Identity threat protections continuously monitors, risk signals, change of IP addresses, CrowdStrike, Sentinel 1, detecting any kind of issue and shutting down the session, so it's proactive monitoring. So that's a big contributor. And then we have on the customer identity side, we have fine grain authorization that had a decent quarter and we also have highly regulated identity. So you're seeing all these kind of seeds that are starting to grow, which are frankly more exciting than the 15% because you see this 15% contributed by multiple seeds that are growing into potentially contributors. It's pretty exciting for the future.

身分威脅保護持續監控風險訊號、IP 位址的變化、CrowdStrike、Sentinel 1，偵測任何類型的問題並關閉會話，因此它是主動監控。所以這是一個很大的貢獻者。然後，在客戶身分方面，我們擁有細粒度的授權，季度業績不錯，而且我們還擁有嚴格監管的身份。所以你會看到所有這些類型的種子開始生長，坦白說，這比15% 更令人興奮，因為你看到這15% 是由多個種子貢獻的，這些種子正在成長為潛在的貢獻者。對於未來來說這是非常令人興奮的。

Yeah, Gabriela, I would actually just add the percentage is up year over year because basically last year it was just governance. And Todd just listed out like six products that are doing really well right out of the gate. So it's pretty easy to see that the percentage is going up into the right, which is really exciting for us for all the reasons that Todd has said just in his last answer and what he said earlier on the prepared remarks. In terms of the NRR and what are the effects on it, it's the same effects we've talked about in the past, right? License counts and MAUs are being scrutinized like we've talked about in the past.

是的，加布里埃拉，我實際上只是補充說這個百分比逐年上升，因為基本上去年只是治理。托德剛剛列出了六種一開始就表現良好的產品。因此，很容易看出右翼的比例正在上升，這對我們來說真的很令人興奮，因為托德在他的最後一個回答中以及他之前在準備好的發言中所說的所有原因都是如此。就NRR而言以及對其有何影響，這與我們過去討論過的效果相同，對吧？就像我們過去討論過的那樣，許可證數量和每月活躍用戶數正在接受審查。

It's macro-oriented just in general. And then there's also cohorts in the past, that are feeling pressure older customer cohorts that are feeling pressure from the COVID era. In terms of what we expected to do for the next quarter, that's because that's the only forecast I have right now. I don't have it all the way through FY26. But for Q4, we think it ticks down a little bit in Q4 based on those factors.

一般而言，它是宏觀導向的。此外，過去也有一些族群感受到了來自新冠病毒時代的壓力，而老客戶群也感受到了壓力。就我們下一季的預期而言，這是因為這是我目前唯一的預測。到 2026 財年我都沒有它。但對於第四季度，我們認為基於這些因素，它在第四季度略有下降。

It's on top of healthy gross retention, but those factors remain the same in terms of what we've said in the past. And so that's what we're seeing for now. In terms of what we expect into FY26, let us get through Q4 first and then see how that actualizes, and we got to finalize our fiscal year '26 plan and we'll go from there and be able to give you a little bit more insights on what NRR will do throughout FY26.

這是在健康的總保留率之上的，但這些因素與我們過去所說的保持不變。這就是我們現在所看到的。就我們對 26 財年的期望而言，讓我們先完成第四季度，然後看看如何實現，我們必須最終確定 26 財年計劃，我們將從那裡開始，能夠為您提供更多信息關於NRR 將在2026 財年做什麼的見解。

That all sounds good. Thanks for the color.

這一切聽起來都不錯。謝謝你的顏色。

Hamzah Fodderwala, Morgan Stanley.

哈姆札‧福德瓦拉 (Hamzah Fodderwala)，摩根士丹利。

All right. Good evening. Thank you for taking my question. Todd, I wanted to ask you about, FTC recently launched an investigation or is reportedly looking to launch an investigation on Microsoft and how they're bundling some of their security services. I'm curious if you have any (inaudible) what you tell customers about some of the risks around vendor lock in. Thanks

好的。晚安.感謝您回答我的問題。托德，我想問你的是，聯邦貿易委員會最近發起了一項調查，或者據報道正在尋​​求對微軟以及他們如何捆綁一些安全服務進行調查。我很好奇您是否有任何（聽不清楚）告訴客戶有關供應商鎖定的一些風險的資訊。

Yeah. It's a really important question. I can't -- I'm not close enough to know the legal arguments or the regulatory arguments, but they do bundle and the pitch is, hey, buy it all from us and it'll be cheaper. And I think what I tell customers is, first of all, you're foreclosing your option to choose different things and what's obvious what's not always obvious to customers is how important identity is as in that gatekeeper role.

是的。這是一個非常重要的問題。我不能——我還不夠了解法律論點或監管論點，但它們確實捆綁在一起，而且宣傳語是，嘿，從我們這裡全部購買，會更便宜。我認為我告訴客戶的是，首先，你排除了選擇不同事物的選擇權，而對客戶來說顯而易見但並不總是顯而易見的是身份在看門人角色中的重要性。

There's a reason strategically that and it's Microsoft now, but I think every big technology company that's trying to sell multiple layers in a platform, whether that's collaboration or business applications or infrastructure, is going to be tempted to take because they all have to build identity. Everything needs a login for itself. They're going to be tempted to take that identity service and use that for general identity and general login because it has a very powerful lock in effect.

從策略上講，這是有原因的，現在是微軟，但我認為每家試圖在平台中銷售多層的大型科技公司，無論是協作、業務應用程式還是基礎設施，都會受到誘惑，因為他們都必須建立身分。一切都需要自己登入。他們會很想採用該身份服務並將其用於一般身份和一般登錄，因為它具有非常強大的鎖定效果。

If you can get someone to use your identity, they're going to be more likely to use more things from you. So it's in that sense, it's it can be a loss leader and our argument is, first of all, to tell people that. We say, hey, you don't make the long-term choice that's going to lock you in and remove choice and flexibility. We all know that when you remove choice and flexibility, it's not just that you pay more in the end, you actually get worse outcomes because you can't pick the right technology.

如果您可以讓某人使用您的身份，他們將更有可能使用您的更多資訊。因此，從這個意義上說，它可能會成為虧損領導者，而我們的論點首先是告訴人們這一點。我們說，嘿，你不要做出長期選擇，這會將你鎖定並消除選擇和靈活性。我們都知道，當你失去選擇和靈活性時，你最終不僅會付出更多的代價，而且實際上會得到更糟糕的結果，因為你無法選擇正確的技術。

And this is particularly important. And the attackers are coming from many different directions and 8 out of 10 times these security breaches are caused by compromised identity. So if you are locked into one stack from a security tools perspective and from an identity perspective, you're not going to have as good of security outcomes. So this is the pitch I make to customers and it's resonating. They understand, I mean, for some customers, it doesn't work. Some prospects, it doesn't work.

而這一點尤為重要。攻擊者來自許多不同的方向，這些安全漏洞十分之八是由身分外洩造成的。因此，如果從安全工具的角度和身分的角度來看，您被鎖定在一個堆疊中，那麼您將不會獲得良好的安全結果。這就是我向客戶所做的宣傳，並引起了共鳴。我的意思是，他們明白，對某些客戶來說，這是行不通的。有些前景，這是行不通的。

They're just, they don't view technology that strategically or they don't, it's just cut costs, you know, no matter what and they go for the bundle. But more and more customers, you know, I mentioned the one of the largest tech companies in North America, they realize that identity really matters and having an independent neutral identity platform really matters and, you know, a dollar they spend with Okta is going to pay back 5 or 10 fold in terms of the security outcomes they get and the flexibility and the ability to onboard different technology.

他們只是，他們沒有從戰略角度看待技術，或者他們沒有，這只是削減成本，你知道，無論如何，他們都會選擇捆綁。但越來越多的客戶，你知道，我提到了北美最大的科技公司之一，他們意識到身份確實很重要，擁有一個獨立的中立身份平台確實很重要，你知道，他們在Okta 上花的每一美元都會花在就獲得的安全成果以及採用不同技術的靈活性和能力而言，回報 5 或 10 倍。

So it's starting to resonate and it's, we're doing something, the team knows this, we're doing something that's never been done before. We're building a scaled-out identity platform across multiple use cases, customer and workforce and privilege and governance and we're the only one that has this foundation to build from and we're independent neutral. We're not trying to sell anything else. We think our identity suite works better together but that's where it ends. We're not trying to sell other parts of the security stack. We're not trying to sell other applications. We leave that up to the customers to choose the best outcome for them.

所以它開始引起共鳴，我們正在做一些事情，團隊知道這一點，我們正在做一些以前從未做過的事情。我們正在建立一個跨多個用例、客戶和員工、特權和治理的橫向擴展身份平台，我們是唯一擁有此基礎的平台，並且我們保持獨立中立。我們不想出售其他任何東西。我們認為我們的身份套件協同工作效果更好，但僅此而已。我們並不想出售安全堆疊的其他部分。我們並不是想出售其他應用程式。我們讓客戶自行選擇最適合他們的結果。

Matt Hedberg, RBC.

馬特‧赫德伯格，加拿大皇家銀行。

Great. Thanks, Dave. Todd, I wanted to circle back on the governance side of it. It was interesting statistic you gave. And I guess, when you look at the success you've had attaching governance to workforce deals, can you talk about the competitive landscape?

偉大的。謝謝，戴夫。托德，我想回到治理方面。你提供的統計數據很有趣。我想，當您看到將治理與勞動力交易連結起來所取得的成功時，您能談談競爭格局嗎？

And are there key elements of success this year that you think could correlate to next year? Maybe it's increased partner influence, maybe it's some additional sales incentives to drive even further new product attached next year?

您認為今年成功的關鍵要素是否可以與明年相關？也許是合作夥伴影響力的增加，也許是一些額外的銷售激勵措施來推動明年推出更多新產品？

Yeah. I think the dynamic is in many of these governance scenarios, there is no solution, particularly -- I mean, I'm talking about the customer doesn't have a solution. Particularly, in areas that are not traditional on premise, ERP legacy technology. So a lot of times, if there is a governance solution, it's implemented around that legacy on prem, you know, just big SAP, for example, or big Oracle, for example. And we'll come in and they'll use us for an app that's not that. It's maybe their SaaS applications and they do governance for that.

是的。我認為動態是在許多這些治理場景中，沒有解決方案，特別是 - 我的意思是，我說的是客戶沒有解決方案。特別是在非傳統本地部署領域，ERP 遺留技術。所以很多時候，如果有一個治理解決方案，它是圍繞著本地遺留系統實施的，例如大型 SAP 或大型 Oracle。當我們進來時，他們會用我們來開發一個不是那樣的應用程式。這可能是他們的 SaaS 應用程序，他們為此進行治理。

And they realize that these, these SaaS applications are becoming more important for compliance and more important for just general security and making sure the access is controlled from a security perspective, and we do a really good job of that.

他們意識到，這些 SaaS 應用程式對於合規性變得越來越重要，對於一般安全性和確保從安全角度控制存取也變得越來越重要，而我們在這方面做得非常好。

It's pretty rare for someone to take Okta governance and replace a deployed, in production legacy governance solution around an on-premise application, and I think that will be -- I think that will continue to be rare just because it works. It's like it's checking all the compliance boxes. It's probably not worth changing, and there is an opportunity to just do the use cases around that.

很少有人採用 Okta 治理並替換圍繞本地應用程式部署的生產遺留治理解決方案，而且我認為這種情況將繼續罕見，因為它有效。就像它正在檢查所有合規性框一樣。它可能不值得改變，並且有機會圍繞它進行用例。

One thing that is interesting is there's a lot of -- and I've learned in the governance market in the last few years, is there's a lot of software. And so it's probably not and it's probably not a market where you have to have, 25 years of features to win because there's a lot of shelfware in the market. I remember this is going back a long time now, but when I was working at Salesforce, when I first got to Salesforce and I looked at the product capabilities, it was incredibly simple and especially compared to Siebel.

一件有趣的事情是，過去幾年我在治理市場中了解到，有很多軟體。所以它可能不是，也可能不是一個你必須擁有 25 年的功能才能獲勝的市場，因為市場上有很多貨架軟體。我記得這已經是很久以前的事情了，但是當我在 Salesforce 工作時，當我第一次接觸 Salesforce 並查看產品功能時，它非常簡單，尤其是與 Siebel 相比。

It was probably it probably had 1 out of 10 of the features, but it just ran the table because no one used all those features in Siebel. And I think the governance market is like that. There's a lot of software, a lot of stuff is not implemented, and our product, which is very strongly integrated to access management, our access management, it's very quick to implement.

它可能具有十分之一的功能，但它只是運行該表，因為沒有人使用 Siebel 中的所有這些功能。我認為治理市場就是這樣。有很多軟體，很多東西沒有實現，而我們的產品與存取管理整合得非常緊密，我們的存取管理，實現起來非常快。

People get tremendous value out of it fast. It's well integrated to many SaaS applications and more and more, it's integrated to even on-prem applications as we innovate there. And it's fast time to value. And I think that, in this case, is the winning formula, and we're seeing it play out in the market.

人們很快就能從中獲得巨大的價值。它可以很好地整合到許多 SaaS 應用程式中，並且隨著我們的創新，它甚至可以整合到越來越多的本地應用程式中。現在是快速實現價值的時刻。我認為，在這種情況下，這就是勝利法則，我們正在看到它在市場上發揮作用。

Thanks, Todd.

謝謝，托德。

Josh Tilton, Wolfe.

喬許·蒂爾頓，沃爾夫。

Thank you, Dave. Brett, maybe one for you. The ongoing seat and MAU pressures that you guys are seeing this year, how does that, if at all, change your visibility into next year? And how are you kind of accounting for that in the guide that you gave today?

謝謝你，戴夫。布雷特，也許有一個適合你。你們今年所看到的持續席位和每月活躍用戶壓力，如果有的話，會如何改變你們明年的知名度？您在今天提供的指南中如何解釋這一點？

Yes, that's all accounted for in the guide today. It's a good question, Josh. In terms of the there's two different factors that we're talking about, right? There's the macro just overall companies are just not buying as many licenses. They're scrutinizing licenses. When I say licenses, I mean licenses or MAUs. It just depends on which side of the business. And then there's the older customer cohorts. That older customer cohort, we think materially is done by the end of the first half of fiscal year 26. But so that's all by the way, that's all captured in the guide. So hopefully that helps there, Josh.

是的，今天的指南中已經說明了所有這些。這是個好問題，喬許。就我們正在討論的兩個不同因素而言，對吧？從宏觀來看，整個公司只是沒有購買那麼多許可證。他們正在審查許可證。當我說許可證時，我指的是許可證或每月活躍用戶數。這僅取決於業務的哪一方面。然後是老客戶群。我們認為，老年客戶群在第 26 財年上半年末之前已基本完成。所以希望這能有所幫助，喬希。

Jonathan Ho, William Blair.

喬納森·何，威廉·布萊爾。

Just wondering if you could give us some additional detail on the go to market specialization opportunity that you referenced and maybe help us understand why you see the need to do this now or what's maybe the impetus driving that?

只是想知道您是否可以向我們提供一些有關您提到的進入市場專業化機會的更多詳細信息，也許可以幫助我們理解為什麼您認為現在有必要這樣做，或者推動這一點的動力是什麼？

Yeah, I've talked to a lot of people and working with Okta and go to market models the last five or six years, there's basically two spectrums of go to market. There's one end of the or sorry -- two ends of the same spectrum. One end of the spectrum is everything's general and every rep sells everything. There's no overlays. There's no specialists. The just general rep model. And on the other end of the spectrum is everything specialized.

是的，我和很多人談過，並與 Okta 合作，在過去的五、六年推出了上市模式，基本上有兩種上市模式。抱歉，有一端──同一範圍的兩端。一方面是一切都是通用的，每個銷售代表都賣一切。沒有疊加。沒有專家。只是一般代表模型。另一方面，一切都是專業化的。

Every product has its own rep and every -- there's just total specialization and the tradeoffs are roughly, you know, you get more, probably productivity and sales performance out of the completely specialized model, but you also get a lot more costs. So the exercise is how do you as the organization grows and the product portfolio grows and the market evolves and the competitive dynamic evolves, how do you put your organization in the right spot on that spectrum to maximize growth and profitability?

每種產品都有自己的代表，而且每種產品都有自己的代表——只有完全的專業化，而權衡大致是，你知道，你會從完全專業化的模型中獲得更多，可能是生產力和銷售業績，但你也會獲得更多的成本。因此，練習是，隨著組織的發展、產品組合的成長、市場的發展和競爭動態的發展，您如何將您的組織置於正確的位置，以最大限度地提高成長和獲利能力？

And so the simple answer to your question is, we think that there's an opportunity for more growth here than we're seeing now. So part of the initiative to sell to accelerate growth is we want to do more specialization. And I think there's some there's some, potential for, at least in the short term, some increased costs, but we think it's going to be far outweighed by the increase in growth, and by the way, we're very committed and very focused on profitability as well.

因此，對你的問題的簡單回答是，我們認為這裡有比我們現在看到的更多成長的機會。因此，為了加速成長而進行銷售的部分舉措是我們希望更加專業化。我認為至少在短期內，成本可能會增加一些，但我們認為成長的增加將遠遠抵消成本的增加，順便說一句，我們非常堅定，非常專注於獲利能力也是如此。

But I think, we have enough room in the business and based on all our efficiency, work, and some of the effectiveness, investments we've made where we can make the specialization investment and still run at the profitability levels we've outlined and are comfortable with and still accelerating growth. So that's high level. More specifically, I think it's important to understand kind of more specifically what we're saying here.

但我認為，我們在業務中有足夠的空間，並且基於我們所有的效率、工作和一些有效性、我們所做的投資，我們可以進行專業化投資，並且仍然以我們概述的盈利水平運行，對成長感到滿意並仍在加速成長。所以這是高水準的。更具體地說，我認為更具體地說，我們在這裡所說的內容很重要。

So what this means is that we're going to have, instead of sales reps at Okta selling every product, they're going to be more specialized to products. Specifically, there's going to be dedicated off zero reps and then dedicated Okta reps. And the Okta reps are going to be we need them because the product is getting quite broad. It's very, very challenging to sell governance and privilege access and access management and customer identity and they're going to be specialized to sell the suite of access management, privileged access governance, ITP, that suite. And then, Auth0 reps are going to be focused on Auth0.

因此，這意味著我們將不再讓 Okta 的銷售代表銷售所有產品，而是讓他們更專注於產品。具體來說，將有專門的非零代表，然後是專門的 Okta 代表。我們需要 Okta 代表，因為產品變得越來越廣泛。銷售治理和特權存取、存取管理和客戶身分是非常非常具有挑戰性的，他們將專門銷售存取管理套件、特權存取治理、ITP 等套件。然後，Auth0 代表將專注於 Auth0。

So it's developers. It's making sure that every self-service customer that starts to upgrade gets upgraded into full enterprise deployment because a lot of these small companies turn out to be some of our biggest customers. You all know about our presence in the AI world and how we have very significant customers there that started off as self-service trials. So products are getting more capable. It's very tough for one salesperson to cover them all.

所以是開發商。它確保每個開始升級的自助服務客戶都能升級到完整的企業部署，因為許多小型公司最終成為我們最大的客戶。你們都知道我們在人工智慧領域的存在，以及我們如何擁有非常重要的客戶，這些客戶是從自助服務試驗開始的。因此，產品的功能越來越強大。對於一名銷售人員來說，要涵蓋所有這些內容是非常困難的。

We see a growth opportunity, and we're going to make sure we take it.

我們看到了成長機會，我們將確保抓住它。

Yes, I would just add to that. If you think about it, Jonathan, it's really about productivity, right? If we just boil it down to a simple metric, it's AU productivity and we've seen nice gains this year in AU productivity. We think we can make those gains go even further by making this change in a portion of the organization, which goes back to Todd's point is we've built all these, efficiencies into the organization. So you can balance with trying to go for more growth while also being, healthily profitable as we are and expect to be in FY25 and FY26.

是的，我只想補充一點。喬納森，如果你仔細想想，這確實與生產力有關，對吧？如果我們將其歸結為一個簡單的指標，那就是非盟生產力，今年我們已經看到非盟生產力取得了巨大的進步。我們認為，透過對組織的一部分進行這種改變，我們可以進一步取得這些成果，這可以追溯到托德的觀點，即我們已經在組織中建立了所有這些效率。因此，您可以在努力實現更多成長的同時，保持健康的獲利，正如我們預計在 2025 財年和 2026 財年實現的那樣。

Great. Thank you.

偉大的。謝謝。

Joe Gallo, Jefferies.

喬·加洛，杰弗里斯。

Hey, guys. Thanks for the question. Can you just talk through customer identity, its performance this quarter and how you're thinking about that market growth rate? And then just given all the conversations around specialization, how should we think about the maturity of the channel and its ability to sell that product?

嘿，夥計們。謝謝你的提問。您能否談談客戶身分、本季的表現以及您如何看待市場成長率？然後考慮到所有圍繞專業化的討論，我們應該如何考慮通路的成熟度及其銷售該產品的能力？

Yeah. Customer identity had a solid quarter. I think we're very excited. It's over $1 billion business now. So we have the workforce business, which is, well over $1 billion obviously, and then the customer identity business, which is over $1 billion as well.

是的。客戶身分有一個穩定的季度。我想我們非常興奮。現在它的業務價值超過10億美元。因此，我們有勞動力業務，顯然遠遠超過 10 億美元，然後是客戶身分業務，也超過 10 億美元。

I think that driver the drivers in that market are somewhat security, but they're a little bit different on the workforce side. It's less of driven by security and in many, many times just driven by customer experience. Because, there's a large European online retailer that signed up for customer identity quarter in q3, customer identity in Q3 and you think, it must have been, you know, some security or some, something driving the purchase but it was just convenience that their web experience and mobile app had multiple logins and multiple ids and they're trying to consolidate that.

我認為該市場的司機在某種程度上是安全的，但在勞動力方面卻有些不同。它不是由安全性驅動，很多時候只是由客戶體驗驅動。因為，有一家大型歐洲線上零售商在第三季度簽署了客戶識別季度，您認為，這一定是，您知道，某種安全性或某種推動購買的因素，但這只是他們的便利性網絡體驗和行動應用程式有多個登入名稱和多個ID，他們正在嘗試整合這一點。

So it's an important part of our business. It's growing strong. And as I just mentioned, we think we can grow even faster with more focus on this developer persona, which we've seen in the past that it's very -- the opportunities are huge when the developer when the use cases start, bottoms up, something new is built, starts to grow, comes into the self-service funnel, upgrades to enterprise, can be quite significant.

所以這是我們業務的重要組成部分。它正在變得越來越強大。正如我剛才提到的，我們認為，透過更專注於開發人員角色，我們可以成長得更快，我們過去已經看到，當開發人員在用例開始時，自下而上時，機會是巨大的，新事物的建立、開始成長、進入自助服務管道、升級到企業，可能非常重要。

We want to make sure that we take advantage of that opportunity.

我們希望確保我們能夠利用這個機會。

Thank you.

謝謝。

Mike Sicos, Needham.

麥克·西科斯，李約瑟。

Great. Thanks, Dave. Thanks for taking the questions, guys. Just wanted to tap into the specialization comment too. Can you either point to public sector where you guys have arguably driven some of the specialization or Americas SMB?

偉大的。謝謝，戴夫。謝謝你們提出問題，夥伴們。我也只是想利用專業化評論。您能否指出你們推動了一些專業化的公共部門或美洲中小企業？

I'm sure you guys have your own internal data points you're watching, but what would you point us to help us get greater confidence that this specialization is the right approach? Because obviously, that's informing your decision, but it would be helpful to get it for us outsiders here. Thank you.

我確信你們有自己正在關注的內部數據點，但是你們會向我們指出什麼來幫助我們更有信心這種專業化是正確的方法呢？因為顯然，這會告知您的決定，但對於我們這些外人來說，這會很有幫助。謝謝。

Yeah, it's -- there's a bunch of data points. You mentioned a couple of them. The hunter farmer in the Americas SMB is there's positive data points out of that. I would say that that's relatively small part of the business. I think the public sector and the focus there and the really speaking the same language as that buyer is a bigger data set and sample size, longer term sample size that we're confident on.

是的，有很多數據點。你提到了其中幾個。美洲中小企業的狩獵農民有正面的數據點。我想說這只是業務中相對較小的一部分。我認為公共部門和那裡的重點以及真正與買家說同一語言的是更大的數據集和樣本量，我們對長期樣本量充滿信心。

And then part of it too is just watching the sales cycles, and sitting through the conversations, and seeing the potential on this developer facing market, and seeing how much additional growth we just instinctually think we can see by focus and by dedicated resources on that. And then thinking about what's the, like I said before, there's always a tradeoff, right? The tradeoff is transition costs. Like, what is the cost to make the changes required to get to that model? And then what is the -- how is the ramp in growth going to, you know, measure against the increased of costs of sales coverage.

然後，其中一部分就是觀察銷售週期，坐下來進行對話，看看這個開發商面臨的市場的潛力，看看我們本能地認為透過專注和專門的資源可以看到多少額外的成長。然後想想是什麼，就像我之前說的，總是有一個權衡，對吧？權衡是過渡成本。例如，為達到該模型而進行所需變更的成本是多少？然後，成長的成長將如何衡量銷售覆蓋成本的增加。

And we think that in this case, based on all our modeling and all our past experience, that the growth benefits are going to outweigh the costs.

我們認為，在這種情況下，根據我們所有的模型和過去的經驗，成長收益將超過成本。

Madeleine Brooks, BofA.

馬德琳布魯克斯，美國銀行。

Good. That's perfect. So, I think overall we can all agree that this is a really strong quarter for you guys. So, I think when I take a step back and look at the market, I really want to kind of home in on this 7% guide for next year. And if I just kind of extrapolate what new bookings was for this quarter, we can kind of get to an assumption that maybe the core workforce in SIAM markets are growing roughly 5%.

好的。那很完美。所以，我認為總的來說，我們都同意，這對你們來說是一個非常強勁的季度。因此，我認為當我退後一步審視市場時，我真的很想關註明年 7% 的指導。如果我推測本季的新預訂量，我們可以得出這樣的假設：SIAM​​ 市場的核心勞動力可能成長了約 5%。

So I first want to clarify that 7%, does that include any upside from new bookings or new bookings from new -- sorry, from new products or our new products already baked into that guide? And then just one follow-up question after that.

所以我首先想澄清一下，7%，這是否包括新預訂或新預訂的任何好處——抱歉，新產品或我們已經納入該指南的新產品？此後只有一個後續問題。

Yes, all the products we have today are already baked in there, if that's what you're asking. I think the one that's the most material by far is governance like we've talked about before. We are hopeful that some of those products that we've been describing here today continue to ramp like they have been in the last quarter or two and become more material. But frankly, the biggest new product in there would be governance. Hopefully that helps there, Madeline.

是的，如果您問的是的話，我們今天擁有的所有產品都已經在那裡烘烤了。我認為迄今為止最重要的是治理，就像我們之前討論過的那樣。我們希望我們今天在這裡描述的一些產品能夠像過去一兩個季度一樣繼續成長，並變得更加物質化。但坦白說，其中最大的新產品將是治理。希望這對你有幫助，瑪德琳。

Yes. And then so for my follow-up, I guess, if I look at the identity market, both workforce and SIEM, both growing faster than that 5%. I mean, if we analyze performance here, is there anything that Okta can do better to try and just reinvigorate the growth in those core markets where the market is growing faster and that 5% growth rate would suggest, just some share loss there? And that's it. Thank you.

是的。對於我的後續行動，我想，如果我看看身分市場，包括勞動力和 SIEM，兩者的成長速度都超過了 5%。我的意思是，如果我們分析這裡的業績，Okta 是否可以做更好的事情來嘗試重振那些核心市場的成長，這些市場成長更快，5% 的成長率表明，只是損失了一些份額？就是這樣。謝謝。

It's an important question we think about a lot because as I said, our number two priority is growth. And I'll refer to the number one priority, which is security. And I think having not having any security issues is going to be a big deal. And we've invested aggressively both in terms of money and in terms of just execution on making sure we have really, perform well on our secure identity commitment, which has four pillars and we can talk about all four, but a big part of it is hardening our own corporate infrastructure. And we've -- like I said, we've invested a ton.

這是我們經常思考的重要問題，因為正如我所說，我們的第二要務是成長。我將提到第一要務，那就是安全。我認為沒有任何安全問題將是一件大事。我們在資金和執行方面都進行了積極投資，以確保我們真正履行了我們的安全身份承諾，該承諾有四個支柱，我們可以談論所有四個支柱，但其中很大一部分正在強化我們自己的企業基礎設施。正如我所說，我們已經投入了大量資金。

We've made a ton of progress there. And as I talk to the tech companies and CISOs and other CEOs, we -- our posture, our internal security posture has made a ton of progress. And I think when we talk about the accomplishments of this quarter, I think one of the most things I'm proud of this year at Okta is our improvement there. We still have more work to do. It's a never ending investment level to make sure we are one of the most secure companies in the world, but that's something we're very committed to and making sure we continue to execute on.

我們在那裡取得了很大的進展。當我與科技公司、首席資訊安全長和其他執行長交談時，我們的態度、我們的內部安全狀況已經取得了很大的進步。我認為，當我們談論本季的成就時，我認為今年我在 Okta 感到最自豪的事情之一就是我們在那裡的進步。我們還有更多工作要做。這是一個永無止境的投資水平，以確保我們成為世界上最安全的公司之一，但這是我們非常致力於並確保我們繼續執行的事情。

And I think one of the this -- you know, I'll get back to your question about the growth rates and the market growth, but I think what we're seeing now is that that work, that internal work is really starting to translate out into prospect and customer momentum. Because they're seeing a company that's kind of been through the fire and used and learned a lot and is sharing that with the market now and helping the whole industry defend against identity based attacks.

我認為其中之一 - 你知道，我會回到你關於成長率和市場成長的問題，但我認為我們現在看到的是這項工作，內部工作真的開始轉化為潛在客戶和客戶動力。因為他們看到的是一家經歷過考驗、使用並學到了很多東西的公司，現在正在與市場分享，並幫助整個行業抵禦基於身份的攻擊。

And our own products are very relevant from I mentioned ITP earlier, not to mention, privileged access and governance, and we use those as we lock down our own infrastructure and customers can learn from that. And so that's, I think having a strong security performance in terms of breaches and issues, that's one part of it that can help us gain share in the market, and beat these estimates we've put out there potentially. That's one thing.

我們自己的產品與我之前提到的 ITP 非常相關，更不用說特權存取和治理，我們在鎖定自己的基礎設施時使用這些產品，客戶可以從中學習。因此，我認為在漏洞和問題方面擁有強大的安全性能，這是可以幫助我們獲得市場份額的一部分，並超越我們可能提出的這些估計。這是一回事。

Second thing is the -- I think if we do all that and continue to execute well and we have -- our we talked about specialization and talked about some things we're doing to accelerate growth in the go to market side and we if we don't grow faster than the market, I would say that the market forecast turned out to be wrong. Because if we do all those things, we're not going to lose share.

第二件事是——我認為如果我們做到了這一切並繼續執行得很好，我們就——我們談到了專業化，並談到了我們正在做的一些事情，以加速進入市場方面的成長，如果我們如果成長速度不快於市場，我會說市場預測結果是錯的。因為如果我們做所有這些事情，我們就不會失去市場份額。

We're not going to grow slower than the market and, we're going to be just fine. Because if you just talk to customers and you think about if you ask them about their problems and how relevant identity is and if they have solved all their identity challenges, there's still a lot of work to do out there and there's still a lot of problems to solve and still a lot of value to be delivered to customers. And we're going to make sure we're there to deliver that for them.

我們的成長不會慢於市場，而且我們會過得很好。因為如果你只是與客戶交談，並考慮是否詢問他們的問題以及身份的相關性如何，以及他們是否已經解決了所有身份挑戰，那麼仍然有很多工作要做，而且仍然存在很多問題解決並仍然為客戶提供很多價值。我們將確保我們能夠為他們提供這些服務。

Yeah, great. Thanks for taking my question and congrats on the solid execution. So the federal vertical you guys mentioned remains, of course, a key growth driver. Half of your top ten deals were in the sector, which aligns with the year end. First, your certifications and partnerships in the DC-based teams that's translating to competitive advantage.

是的，太棒了。感謝您提出我的問題，並祝賀您的出色執行。因此，你們提到的聯邦垂直領域當然仍然是關鍵的成長動力。十大交易中有一半屬於該行業，這與年底一致。首先，您在華盛頓團隊中的認證和合作夥伴關係將轉化為競爭優勢。

My question is, how are you viewing the structural shifts, perhaps in terms of budgets and reallocations that you foresee post elections starting next year? How do you plan to navigate these? Again, it's still hypothetical, but just any potential disruptions that you might be foreseeing and tied to adversarial changes and, yeah?

我的問題是，您如何看待結構性轉變，也許是在您預計明年選舉後開始的預算和重新分配方面？您打算如何應對這些？再說一次，這仍然是假設的，但只是你可能預見到的任何潛在的干擾，並且與對抗性變化有關，是嗎？

Yeah. I think one of the wins, we mentioned the top 10 deals and 5 of them were in the US Federal vertical. One of them was a very exciting win at the DoD and we mentioned a few quarters ago we had our first big DoD win.

是的。我認為其中一項勝利是，我們提到了前 10 項交易，其中 5 項屬於美國聯邦垂直領域。其中之一是國防部的非常令人興奮的勝利，我們在幾個季度前提到我們在國防部取得了第一個重大勝利。

We followed that up with another significant one this quarter, which is really it's really a good positive sign of things to come in addition to results for the quarter. We also closed the deal, a significant deal in the top 10 at the largest health care provider for the federal government.

我們在本季又發布了另一個重要的消息，這確實是除了本季業績之外的一個正面的正面跡象。我們還完成了這筆交易，這是聯邦政府最大的醫療保健提供者的前 10 名交易中的一項重要交易。

So there's is a lot of momentum there. I think it's identity and security and modernizing some of the identity and the focus that the federal government has had on cyber is apolitical. As much as anything can be apolitical, but it is really -- everyone wants to be more secure and everyone knows that nation states have an interest in attacking the federal government and identity can help defend against that and they have to modernize this stuff.

所以那裡有很大的動力。我認為這是身份和安全以及一些身份的現代化以及聯邦政府對網路的關注是非政治性的。任何事情都可以是非政治性的，但它確實是——每個人都希望更加安全，每個人都知道民族國家有興趣攻擊聯邦政府，而身份可以幫助抵禦這種情況，他們必須使這些東西現代化。

A lot of the stuff they're running is quite old, quite legacy and I think one of the reasons we're seeing a lot of momentum is that it's like the two-part formula of focus on cyber and, in many cases, a long overdue initiative to modernize some of the tech.

他們正在運行的很多東西都是相當古老的，非常遺留的，我認為我們看到很大動力的原因之一是，它就像專注於網絡的兩部分公式，並且在許多情況下，早就該採取的一些技術現代化措施。

Rudy Kessinger, D A Davidson.

魯迪·凱辛格，D·A·戴維森。

Hey, great. Thanks for taking my question. I want to go back to John's first question on the call, Brett, just about removing this additional conservatism in the guidance for the breach. I guess, if we look at some of the magnitude of beats and some figures last couple of quarters, CRPOs in particular, you've been beating 3 to 4 points every quarter.

嘿，太棒了。感謝您提出我的問題。我想回到約翰在電話會議上提出的第一個問題，布雷特，關於刪除違規指南中這種額外的保守主義。我想，如果我們看看過去幾季的一些擊敗幅度和一些數據，特別是 CRPO，你會發現每季都擊敗了 3 到 4 點。

I guess, can you quantify where you had was there 1 to 2 points of conservatism for the breach on your CRPO guide the last few quarters? Or how should we think about that Q4 CRPO guide in particular going forward, the level of conservatism in it versus past quarters?

我想，您能否量化過去幾季在 CRPO 指南中存在 1 到 2 點違規行為？或者我們應該如何看待第四季度 CRPO 指南，特別是未來的情況，與過去幾季相比，它的保守程度如何？

I would say the level of conservatism is both current RPO and the revenue, just so we're on the same page, as well as op margin. It's all flows together, right? And when I say op margin, I mean both op margin and free cash flow. I don't have an exact quantification for you, Rudy, but, like I said earlier, I just don't it's not going to be 10% to 15% like we did that that example I gave earlier, which was 10% at this time of the year. Now it's 15% for revenue growth in FY'25.

我想說的保守程度既包括目前的 RPO 也包括收入，這樣我們就可以達成一致，還有營運利潤率。一切都在一起流動，對吧？當我說營運利潤時，我指的是營運利潤和自由現金流。 Rudy，我沒有給你一個準確的量化數據，但是，正如我之前所說，我只是不認為它不會像我之前給出的例子那樣是 10% 到 15%，即 10%每年的這個時候。現在 25 財年的營收成長為 15%。

I just don't I don't imagine us seeing that given what we can see today. And keep in mind, this is also just the natural maturation of the company. We're just getting bigger. Growth is slowing down a little bit. So it's also security incident, but also just the sheer size of our company at this point.

我只是不認為，鑑於我們今天所看到的情況，我不認為我們會看到這種情況。請記住，這也是公司的自然成熟過程。我們只是變得更大。成長速度略有放緩。所以這也是安全事件，也只是我們公司目前的規模。

Sekhah Kalia, Barclays.

Sekhah Kalia，巴克萊銀行。

Okay, great. Hey, guys, thanks for taking my question here. Good to be on the call. Brett, maybe for you. Can we just talk a little bit about new logo business in the quarter? I mean, I think we were all prepared for what was going to happen to net revenue retention. But it seems like the new logo part of the business stabilized this quarter. Can you just talk about what drove that and whether that trend is something that can continue going into next year?

好的，太好了。嘿，夥計們，謝謝你在這裡提出我的問題。很高興能接聽電話。布雷特，也許適合你。我們能簡單談談本季的新標誌業務嗎？我的意思是，我認為我們都已經為淨收入保留將發生的情況做好了準備。但本季業務的新標誌部分似乎趨於穩定。您能談談是什麼推動了這一趨勢，以及這種趨勢是否會持續到明年嗎？

Yeah. I mean, frankly, we'd like the new logo numbers to be higher. I mean, it was 150 quarter over quarter. One of the things that we've been obviously working on is the Hunter Farmer model to try to improve that. That's one piece of the formula, right?

是的。坦白說，我的意思是，我們希望新標誌的數字更高。我的意思是，季度環比為 150。我們顯然一直在努力的事情之一是獵人農民模型，試圖改進這一點。這是公式的一部分，對嗎？

Hunter Farmer has both new logos and also upsells as well. But yeah, we think we can do better than where we are. And frankly, the good news is, is look at how solid results we can produce when really mainly selling cross sells, right?

Hunter Farmer 不僅有新徽標，而且還進行了追加銷售。但是，是的，我們認為我們可以做得比現在更好。坦白說，好消息是，看看當我們真正主要銷售交叉銷售時，我們能產生多紮實的成果，對吧？

If you look at the current RPO growth of 13%, total RPO growth of 19%, there's a lot of opportunity inside the customer base at this point. I mean, Todd talked about earlier with 15% of the bookings coming from these newer products, but ultimately, that's just scratching the surface. We have a ton of opportunity inside the customer base.

如果您看看目前的 RPO 成長率為 13%，總 RPO 成長率為 19%，那麼此時客戶群中存在著許多機會。我的意思是，托德之前談到 15% 的預訂來自這些較新的產品，但最終，這只是表面現象。我們在客戶群中擁有大量機會。

But to be clear, we want to be able to grow the logo count faster than this. Like I said, the good news is it's we've done a lot with the larger customers and also created $100,000 the $1,000,000 cohort. So we definitely have helped ourselves. But we look forward to producing frankly better than this.

但需要明確的是，我們希望能夠比這更快地增加商標數量。就像我說的，好消息是我們已經與大客戶做了很多工作，並且還為 1,000,000 美元的群體創造了 100,000 美元的收入。所以我們確實幫助了自己。但坦白說，我們期待製作出比這更好的作品。

All right. Thank you so much for taking my question. I guess, Brett and Todd, I mean, if I look back at this year, 2024, to me, the standout success has been Okta's rapidly improving profitability. Time last year, you set the initial guide for margins in fiscal '25 at 17%. In the press release, it's now up to 22%, so I guess a 5-point beat.

好的。非常感謝您回答我的問題。我想，布雷特和托德，我的意思是，如果我回顧今年，2024 年，對我來說，最突出的成功是 Okta 迅速提高的盈利能力。去年，您將 25 財年的利潤率初始指引值設定為 17%。在新聞稿中，現在已經達到 22%，所以我猜是領先了 5 個百分點。

How should we think about Okta's ability to outperform your initial guide of 22% next year? And then also just, I guess, give us some color on how you're thinking about hiring because it looks like hiring's picked up the last couple of quarters. All right. Thank you.

我們應該如何看待 Okta 明年超越您最初指導的 22% 的能力？然後，我想，請告訴我們您如何考慮招聘，因為看起來招聘在過去幾個季度有所回升。好的。謝謝。

Yeah. From a profitability perspective, one of the things that we've talked about a little bit on this call is we really want to lean more into growth. If you think about the rule of 40, right, it's the lens we manage the company through for years now. We want to lean more into the growth side of the equation. (technical difficulty) you know, a bunch of upside. I mean, we've definitely set the guidance where we think it's achievable.

是的。從獲利能力的角度來看，我們在這次電話會議上討論的一件事是我們確實希望更多地致力於成長。如果你想想 40 歲規則，對吧，這是我們多年來管理公司的視角。我們希望更多地關注等式的成長方面。 （技術難度）你知道，有很多好處。我的意思是，我們確實已經在我們認為可以實現的地方制定了指導方針。

But we do want to invest into the opportunity because we do see it out there. You've heard Todd's comments throughout this entire call of optimism of how we can go and get more of the market. And so we don't want to sit here and say, hey, the profitability is going to be way higher than what we've already guided you because we want to go after that huge market opportunity.

但我們確實想投資這個機會，因為我們確實看到了它。在整個電話會議中，您都聽到了托德對我們如何獲得更多市場的樂觀評論。因此，我們不想坐在這裡說，嘿，盈利能力將遠遠高於我們已經指導您的水平，因為我們想要抓住這個巨大的市場機會。

And we're making obviously all these changes in these investments. Think about security Todd talked about earlier. The product innovation coming off the line has been really good, and we think we can expect more of that. You know, the specialization topics we've talked about today, investing more in partners. These are all growth drivers.

顯然，我們正在對這些投資進行所有這些改變。想想托德之前提到的安全性。下線的產品創新非常好，我們認為我們可以期待更多。你知道，我們今天討論的專業化主題，對合作夥伴進行更多投資。這些都是成長動力。

We really want to get after growth. And we're comfortable with the guidance we've given you here today, both top and bottom line.

我們確實希望獲得成長。我們對今天在這裡向您提供的指導（無論是頂線還是底線）感到滿意。

Great. Thanks, Dave and good afternoon. Todd, I want to build on some of the comments that you made earlier and appreciate the overview of where we are in terms of identity. And I think Brett said (technical difficulty) where is the market just in terms of being dynamic around customers wanting to switch at this point. We continue to hear identity is broken. It's the reason that most of these breaches occur in the first place.

偉大的。謝謝，戴夫，下午好。托德，我想以您之前發表的一些評論為基礎，並欣賞我們在身份方面的概述。我認為布雷特說（技術難度）市場在哪裡，就目前想要轉換的客戶而言，市場是動態的。我們不斷聽到身份被打破的消息。這就是大多數違規行為首先發生的原因。

So why isn't that more dynamic? And you've put this hunter farmer model in nine months ago, and I realize these things take time, but I would expect that 150 kind of quarter over quarter number to start to improve here. So where's the governing factor in that, especially relative to, I think your broader comments of where identity is right now? Thanks.

那為什麼不更有活力呢？你在 9 個月前就已經把這個狩獵農民模型引入了，我意識到這些事情需要時間，但我預計 150 個季度的數字會在這裡開始改善。那麼，其中的主導因素在哪裡，特別是相對於我認為您對身份現在所處位置的更廣泛的評論而言？謝謝。

Yeah. I think what I think the customer count number is a little bit, it shows more about the SMB market because that obviously is the logos are -- more logos down there versus if you look at the customer side, the customer count growing in 100,000-plus, it's you know, it's up 8% versus a smaller number below 100,000.

是的。我認為客戶數量是一點點，它更多地展示了中小企業市場，因為這顯然是徽標——那裡有更多的徽標，而如果你看客戶方面，客戶數量以 100,000 的速度增長——另外，你知道，與低於100,000 的較小數字相比，這一數字增長了8%。

So that's one quantitative thing, but I think I think one interesting thing about your question is just, I was at a dinner last week. I was in Australia traveling, visiting a bunch of customers and prospects down there, and I was at dinner, a bunch of partners, a bunch of systems integrators of ours and talking to them about how things are going.

所以這是一件定量的事情，但我認為我認為關於你的問題的一件有趣的事情是，我上週參加了一次晚宴。我在澳洲旅行，拜訪了那裡的一群客戶和潛在客戶，我和一群合作夥伴、我們的系統整合商一起吃晚飯，並與他們談論事情的進展。

And I was asking them about identity compared to other parts of cyber and what's the dynamic and they said also the same thing, which is these are people in the trenches doing these deals with customers, rolling out products, they when they look around and they see what's the easiest to change, it's other things are easier to change sometimes.

我問他們與網路其他部分相比的身份以及動態是什麼，他們也說了同樣的事情，即這些人在戰壕中與客戶進行這些交易，推出產品，當他們環顧四周時，他們看看什麼是最容易改變的，有時其他事情更容易改變。

It's easier to put something on the endpoint. It's easier to change out your firewall. Identity is harder to change, but the upside of changing it is quite important, especially when you consider 8 out of 10 breaches are caused by identity. So I think in some cases, it's going to be slower, but we just have to be patient. Because we have by far the best products we have. We're in this very unique position where in terms of scale and modern technology and product suite and independence and neutrality, there's no one else out there.

在端點上放置一些東西會更容易。更改防火牆更容易。身份很難改變，但改變身份的好處非常重要，特別是當您考慮到十分之八的違規行為是由身份引起的時。所以我認為在某些情況下，它會變慢，但我們必須要有耐心。因為我們擁有迄今為止最好的產品。我們處於一個非常獨特的位置，就規模、現代技術、產品套件以及獨立性和中立性而言，沒有其他人。

And so we've got to just keep executing and keep working hard, keep innovating, keep meeting customers where they are, and we'll be just fine with the plans and the strategies and the efficiencies we're demonstrating.

因此，我們必須繼續執行，繼續努力，繼續創新，繼續滿足客戶的需求，我們的計劃、策略和我們所展示的效率就會很好。

Peter Lavigne, Evercore.

彼得·拉維尼，Evercore。

Thanks, guys for fitting me in. Yeah, maybe Tom, we haven't talked about AI, but we are starting to see somewhat of an explosion of like non identities, non-employee identities, like machine identities, bots. Can you talk to us about what you're seeing across your customers in terms of a, like the usage around AI and those identities that are coming out of their network? And then b, from your perspective, like how do you monetize that, right?

謝謝你們讓我融入進來。您能否與我們談談您在客戶中看到的情況，例如人工智慧的使用以及來自其網路的身份？然後，從您的角度來看，您如何將其貨幣化，對嗎？

If there's more identities to protect non-employee identities, like, what are your plans over the next, call it, 12, 18 months in terms of monetizing some of the adoption or the initial adoption of AI?

如果有更多的身份來保護非員工身份，例如，您接下來的計劃是什麼，即 12 個月、18 個月，將人工智慧的部分採用或初步採用貨幣化？

Yeah. It's I would say there's four things. And two of them, you've probably heard me talk about and two of them you probably haven't. The first two are -- the most obvious thing is there's a whole new generation of apps and SaaS apps and innovations that people need to log into.

是的。我想說有四件事。其中兩個，您可能聽過我談論過，而另外兩個您可能還沒聽過。前兩者是 - 最明顯的事情是人們需要登入的全新一代應用程式和 SaaS 應用程式以及創新。

And we're the identity layer from a customer identity perspective and some of the biggest in the world and a lot of smaller ones that you haven't heard of yet, but you will hear of. And this which is why, by the way, the developer focus is so important because that whole new generation of tech is being built.

從客戶身份的角度來看，我們是身份層，是世界上最大的公司，以及許多您尚未聽說過但您會聽說過的較小的公司。順便說一句，這就是為什麼開發人員的關注如此重要，因為全新一代的技術正在建構中。

Second thing is that we have Okta AI, which, you know, we talked a lot about a couple years ago and we continue to work on that and it's really starting to help these new products like identity threat protection with Okta AI.

第二件事是我們有 Okta AI，你知道，幾年前我們談了很多，我們繼續致力於此，它確實開始幫助這些新產品，例如使用 Okta AI 進行身份威脅保護。

The model inside of identity threat protection and how that works is AI is a big part of their product functionality. So those two you probably heard me talk about before. Some really interesting new areas are we have something we talked about at Oktane called Auth for Gen AI, which is basically authentication platform for agents. Everyone's very excited about agents as they should be. I mean, we used to call them bots, right? You know, four or five years ago, they're called bots. Now they're called agents.

身分威脅保護的內部模型及其工作原理是人工智慧，是其產品功能的重要組成部分。所以你以前可能聽過我談過這兩個。一些非常有趣的新領域是我們在 Oktane 討論過的東西，稱為 Gen AI 的 Auth，它基本上是代理的身份驗證平台。每個人都對特工感到非常興奮，這是理所當然的。我的意思是，我們過去稱它們為機器人，對吧？你知道，四、五年前，它們被稱為機器人。現在他們被稱為代理人。

Like, what's the big deal? How different is it? Well, you can interact with them natural languages and they can do a lot more with these models. So now it's like bots are real in real time. But the problem is all of these bots and all of these platforms to build bots. They have the equivalent of the monitor sticky notes with passwords on them. They have the equivalent of that inside the bot.

比如說，有什麼大不了的？有什麼不同？好吧，你可以用自然語言與它們交互，它們可以用這些模型做更多的事情。所以現在機器人就像是即時的一樣。但問題是所有這些機器人和所有這些建構機器人的平台。他們有相當於監視器的便利貼，上面有密碼。他們在機器人內部擁有相當於該功能的東西。

So there's no protocol for single sign on for bots. They have stored passwords in the bot. And if that bot gets hacked, guess what? You signed up for that bot and it has access to your calendar. It has access to your travel booking, it has access to your company email and your company data. That's gone, because the hacker is going to get all those passengers out there.

因此，沒有針對機器人的單一登入協議。他們在機器人中儲存了密碼。如果該機器人被駭客攻擊，你猜怎麼著？您註冊了該機器人，它可以存取您的日曆。它可以存取您的旅行預訂、您的公司電子郵件和公司資料。那已經消失了，因為駭客會把所有乘客都帶出去。

So auth for Gen AI automates that and make sure you can have a secure protocol to build a bot around. And so that's a really interesting area. It's very new. We just announced it and all these agent frameworks and so forth are new.

因此，Gen AI 的身份驗證可以自動化這一過程，並確保您可以擁有一個安全的協定來建立機器人。所以這是一個非常有趣的領域。這是很新的。我們剛剛宣布了這一點，所有這些代理框架等等都是新的。

But, I think it goes back to this idea where there's a lot of profound innovation and new applications and services in the revolution, but a lot of it is just a magnification of the same problems, whether it's, whether it's more apps we need to secure, better customer experiences, more integrated we need to build, not having passwords on our monitors, having single sign on in the case of people and in the case of bots, we're relevant in all those things.

但是，我認為這可以追溯到這個想法，革命中有很多深刻的創新和新的應用程式和服務，但其中許多只是相同問題的放大，無論是，是否是我們需要更多的應用程式安全、更好的客戶體驗、我們需要構建的更加整合、在我們的顯示器上沒有密碼、在人和機器人的情況下進行單點登錄，我們在所有這些事情上都是相關的。

And it's, you know, it's pretty exciting to watch it happen and see, you know, frankly, it's a lot of potential right now in terms of our business, but the potential is large.

你知道，看到它發生是非常令人興奮的，坦白說，就我們的業務而言，目前潛力很大，而且潛力很大。

You need to share just the monetization. How do you plan on charging for that? And if you are, are you charging today, but just really like (multiple speakers)

您只需分享獲利即可。您打算如何收費？如果是的話，你今天充電了嗎，但真的很喜歡（多個揚聲器）

There's different, like, obviously -- yeah, monetization. There's obviously, like, identity threat protection is a product, so we sell that as an upsell. Off for Gen AI, it's basically like a, think of about it as per machine authentication. So every time we have this feature called machine to machine, which does a similar thing today (technical difficulty)

顯然，有不同的——是的，貨幣化。顯然，身分威脅保護是一種產品，所以我們將其作為追加銷售進行銷售。對於 Gen AI 來說，它基本上就像是，將其視為機器身份驗證。所以每次我們都有這個稱為機器對機器的功能，今天它會做類似的事情（技術難度）

Thank you.

謝謝。

Trevor, JMP.

特雷弗，JMP。

Great. Thanks, Dave. Thanks for taking the question. Todd, maybe for you just a clarification and then a question. You made some comments earlier around in the context of OIG and it sounded like maybe for the privileged access product to around as the competitive landscape.

偉大的。謝謝，戴夫。感謝您提出問題。托德，也許對你來說只是一個澄清，然後是一個問題。您之前在 OIG 的背景下發表了一些評論，聽起來可能是特權存取產品成為競爭格局。

And then you weren't necessarily running into maybe what I would have expected as the standard set of competitors or suspects there. So curious if that's because you're just not necessarily going after those displacements as aggressively in the field, because we know your products have been you've set yourself 1.0 and not looking to necessarily do that.

然後你不一定會遇到我所期望的標準競爭對手或嫌疑犯。很好奇，如果這是因為您不一定會在該領域積極追求這些位移，因為我們知道您的產品已經將自己設置為 1.0 並且不希望這樣做。

And if that's the case, as you move into next year and beyond, and that's going to be a stimulant for growth, what do you have to will you just start flipping the switch and going after them more aggressively vis a vis competitors? Or does there need to be --

如果是這樣的話，當你進入明年及以後，這將成為增長的刺激劑，你必須做什麼才能開始翻轉開關並更積極地追隨他們而不是競爭對手？或是否需要——

I don't think we don't have to replace SailPoint on prem for SAP to have a large business. So maybe it's just a little bit of the details there, but I don't think that for us to win, we have to, you know, take out SailPoint on premise. It's just not practical. People, when they get when they get a system installed and integrated and they spend three years, these things are hard to get installed and integrated. And when they spend three years doing it, they're not going to take it out.

我認為 SAP 不需要更換 SailPoint on Prem 就能擁有龐大的事業。所以也許這只是其中的一點細節，但我不認為為了讓我們獲勝，我們必須，你知道，在前提下消滅 SailPoint。這只是不切實際。人們，當他們安裝和整合一個系統時，花了三年時間，這些東西很難安裝和整合。當他們花了三年時間做這件事時，他們不會把它取消。

It's like I would -- if you just want to invest in SailPoint as a long term, it's not going to be a big growth story, but it's going to be a good business for a long time just because they have a good installed base and we're not going to take that out. But it's also not a very big company.

就像我想的那樣——如果你只是想長期投資SailPoint，它不會是一個大的成長故事，但在很長一段時間內它將是一個很好的業務，因為他們擁有良好的安裝基礎，而且我們不會把它去掉。但它也不是一家很大的公司。

And we think that the market for governance as the more and more of it moves to cloud and there's better products like ours that are easier to use and more integrated, I think the market market's, you know, eventually 5 or 10 times bigger than what it is now. We're going to have a big share of that. So that's what I'm trying to say.

我們認為，治理市場隨著越來越多的內容轉移到雲端，並且出現了像我們這樣更好的產品，更易於使用且更集成，我認為市場最終會比現有的市場大5 到10 倍。我們將在其中佔有很大份額。這就是我想說的話。

I think it's a little bit nuanced. It'd be easier to think about it if it was like, you know, Okta takes out all SailPoint's business, but it's just not realistic. And by the way, we don't have to. We can cover these new use cases, which are going to be, which by the way is the story of Okta. Like when we started Okta, people said you should --you can't start an access management company in the cloud.

我認為這有點微妙。如果像 Okta 拿走 SailPoint 的所有業務那樣，會更容易思考，但這並不現實。順便說一句，我們不必這樣做。我們可以涵蓋這些新的用例，順便說一下，這就是 Okta 的故事。就像我們創辦 Okta 時一樣，人們說你應該——你不能在雲端創辦一家訪問管理公司。

There's not enough in the cloud. You have to do on prem and you have to like take maybe some software and host it. And we said, no, we're going to build a modern thing that's pre integrated and very flexible and fast to get value from, and that's where the world's headed and that's where we're going to be. So we've taken the same tact with both privilege and in governance. And I think if you think about the competitive landscape and the strategy of it (technical difficulty)

雲端中的資源還不夠。你必須在本地進行，並且你必須喜歡使用一些軟體並託管它。我們說，不，我們將建構一個預先整合的、非常靈活且能夠快速獲得價值的現代產品，這就是世界的發展方向，也是我們將要達到的方向。因此，我們在特權和治理方面都採取了同樣的策略。我認為如果你考慮一下競爭格局及其策略（技術難度）

-- starting from governance and starting from privilege on premise and going out to try to build a full suite? Or would you start from our almost 20,000 customers and building some of these new capabilities around that? I would argue we're in a better position, but I'm sure those other vendors probably have their own opinions and we'll see who wins.

——從治理開始，從內部特權開始，然後嘗試建立一套完整的套件？或者您會從我們近 20,000 名客戶開始，圍繞這些客戶建立一些新功能嗎？我認為我們處於更好的位置，但我確信其他供應商可能有自己的意見，我們將看看誰會獲勝。

Brian Essex, JPMorgan.

布萊恩‧艾塞克斯，摩根大通。

Good afternoon. Thanks for taking the question. Yeah, I want to dig into the new products. It's great to see the traction there, 15% of the bookings is a great result. I want to see if we could peel back another layer.

午安.感謝您提出問題。是的，我想深入研究新產品。很高興看到這裡的吸引力，15% 的預訂量是一個很好的結果。我想看看我們是否可以再剝一層。

What percentage came from new versus existing? And how do you think about expanding with new products into existing customers versus larger lands with new products into new logos? Where's the bigger opportunity? And how do we think about the momentum there?

新的與現有的百分比是多少？您如何看待透過新產品擴展到現有客戶，而不是透過新產品到新商標來擴大市場？更大的機會在哪裡？我們如何看待那裡的勢頭？

Yeah, I think I don't know the exact numbers, but I would based on my work with the field and working in deals, I would estimate that it was majority of it was upsells. But there were some significant new logos. I mentioned the large technology company that had a nearly $5 million ARR deal. That was all a new customer. That was multiple products in the suite.

是的，我想我不知道確切的數字，但根據我在該領域的工作和交易工作，我估計其中大部分是追加銷售。但有一些重要的新標誌。我提到了一家大型科技公司，其 ARR 交易金額接近 500 萬美元。那都是新客戶。這是套件中的多種產品。

So there are some, especially in the larger deals, there's bigger companies. And I think what and it's like a microcosm or, example, a good example of a lot of things we've been talking about, which is larger companies are have their budget set, they're they have their initiatives, they have their projects, even if they're maybe longer term, they're executing on them.

所以有一些，特別是在較大的交易中，有更大的公司。我認為這就像一個縮影，或者，例如，我們一直在談論的很多事情的一個很好的例子，即大公司有他們的預算，他們有他們的舉措，他們有他們的項目，即使它們可能是長期的，他們也會執行它們。

They're more likely to do a strategic thing like identity that might have a longer term payback than a quicker, maybe another initiative that might be quicker payback or not take as much work to get it going. And they're also the suite we're offering where you can get access and governance and privilege from a single vendor is appealing because they realize that they can -- they probably have a bunch of different little vendors doing niche things, and they can have more cost savings of consolidating.

他們更有可能做一些策略性的事情，例如身分識別，這可能會帶來更長期的回報，而不是更快的、可能是另一種可能更快回報或不需要太多工作就能實現的舉措。它們也是我們提供的套件，您可以從單一供應商那裡獲得訪問、治理和特權，這很有吸引力，因為他們意識到他們可以——他們可能有一群不同的小供應商在做利基的事情，他們可以節省更多的整合成本。

And then the other thing too is that they understand the value of neutrality and how not being locked in can be a big advantage. So I think that's why you're seeing the business naturally gravitate toward bigger companies. And, you know, we the $1 million-plus cohort now for Okta is $1 billion of revenue, which is great. But I also think we have a ton of opportunity there because a lot of these deals are -- I mentioned the big technology company, it's like, it's a $5 million deal and that's really like a third of their state. We have a lot of opportunity just in that account. So it's exciting.

另一件事是，他們了解中立的價值，以及不被鎖定可以成為一個很大的優勢。所以我認為這就是為什麼你會看到企業自然而然地被大公司吸引。而且，您知道，我們現在 Okta 的收入超過 100 萬美元的群體是 10 億美元的收入，這很棒。但我也認為我們在那裡有很多機會，因為很多交易都是 - 我提到了大型科技公司，就像是一筆 500 萬美元的交易，這實際上相當於他們州的三分之一。我們在這個帳戶上就有很多機會。所以這很令人興奮。

So it sounds still like more of a hunt -- farmer versus hunter opportunity, but hunter getting some traction.

所以這聽起來更像是一場狩獵——農民與獵人的機會，但獵人得到了一些支持。

Yeah. I think that's probably right. Yeah.

是的。我想這可能是對的。是的。

I would agree with that, Brian. I would say that, yeah, the math does suggest it's more upsell than the new business. But I think what's interesting is as the products mature, then you're going to be able to land new more new customers with them. So it's basically what we've done in every other product category that we've entered. So we started out with something that's, I want to say basic, but like, you know --

我同意這一點，布萊恩。我想說，是的，數學確實表明它比新業務有更多的追加銷售。但我認為有趣的是，隨著產品的成熟，你將能夠透過它們吸引更多的新客戶。所以這基本上就是我們在我們進入的所有其他產品類別中所做的事情。所以我們從一些東西開始，我想說的是基本的，但是，你知道——

(technical difficulty) called it 1.0 earlier.

（技術難度）之前稱為1.0。

There you go. Okay. That's good. And then it got better over time and then you started landing with it. We've done it with multiple products now.

就這樣吧。好的。那挺好的。然後隨著時間的推移，情況變得更好，然後你開始著陸。我們現在已經用多種產品做到了這一點。

We're going to continue to do that with these newer products and we're excited about it going forward.

我們將繼續在這些新產品上做到這一點，我們對此感到興奮。

Great. That makes sense. Thank you.

偉大的。這是有道理的。謝謝。

[Janae Tadiki, Truist]

[Janae Tadiki，真理論者]

Great. Thank you for taking my question. You mentioned the governance solution representing around a third of the contract value when sold in a workforce deal. How should we think about pricing uplift with some of your newer solutions like Privileged Access (technical difficulty)

偉大的。感謝您回答我的問題。您提到治理解決方案在勞動力交易中約佔合約價值的三分之一。我們應該如何考慮一些較新的解決方案（例如特權存取）的價格上漲（技術難度）

I think the on Privileged Access, we're it's earlier. We don't have as many customers. Governance has it's close to 1,000 customers. So it's we have much more data on that. But privileged access looks like it's going to be in the same zone, in terms of it could be a -- if there's no governance or privilege in a deal and you add privilege, it could be a third of 30% of the value.

我認為在特權訪問方面，我們是更早的。我們沒有那麼多客戶。 Governance 擁有近 1,000 名客戶。所以我們有更多這方面的數據。但特權訪問看起來會在同一個區域，因為它可能是——如果交易中沒有治理或特權，而你添加了特權，那麼它可能是價值 30% 的三分之一。

And then identity threat protection is probably the furthest along after that. And it's a similar type of uplift to Advanced Multifactor. So it's a significant type of uplift on the deal.

然後身分威脅保護可能是此後最深入的。它與高階多因素的提升類似。因此，這是對這筆交易的重大提升。

Adam Borg, Stifel.

亞當·博格，斯蒂菲爾。

Awesome. Thanks for fitting me in. Maybe for Todd, just on the emerging product front, it's great to see the green shoots and the upcoming specialization that we talked about on the call. As we think about fiscal '26, how do we think about the packaging and pricing side? Any changes there given these newer solutions to coincide with the new specializations that you're talking about? Thanks so much.

驚人的。感謝您讓我參與其中。當我們考慮 26 財年時，我們如何考慮包裝和定價方面？考慮到這些新的解決方案與您正在談論的新專業相一致，有什麼變化嗎？非常感謝。

We have a bunch of things we're modeling out and experiments we're doing. I think the main idea is, our pricing right now is pretty a la carte, and we're looking at more additions or simplified pricing. We're seeing good patterns of how people buy good, better, best, and we're looking at some ideas on how to make that easier for customers to consumer, not so much pick every option and every specific product one by one.

我們正在建模和做很多實驗。我認為主要的想法是，我們現在的定價相當按單點菜，我們正在考慮更多的添加或簡化的定價。我們看到了人們如何購買好、更好、最好的產品的良好模式，並且我們正在研究一些如何讓客戶更容易消費的想法，而不是一一挑選每個選項和每個特定產品。

Todd, I wanted to ask you about the international business. Look, the North American business has gotten a lot of TLC with respect to some of the changes you've made from a go to market perspective, i.e., the 100-pharma bifurcation that you talked about earlier in the year. But if you can give us a sense and adjust the position of why the international business slowed down, I think I have some ideas. But if you can comment on what you're seeing in terms of business and demand dynamics.

托德，我想問你有關國際業務的問題。聽著，對於您從進入市場的角度所做的一些改變，即您今年早些時候談到的 100 家製藥公司的分叉，北美業務已經得到了很多 TLC。但如果你能讓我們了解並調整國際業務為何放緩的立場，我想我有一些想法。但如果您能就業務和需求動態方面所看到的情況發表評論。

And then, Brett, anything you can share on some of the metrics that we see across the business? Are they better or worse from an operational perspective when just looking at the international lens? Thank you.

然後，布雷特，您可以分享我們在整個企業中看到的一些指標嗎？僅從國際角度來看，從營運角度來看，它們是更好還是更差？謝謝。

It's important part of our business that I'm spending personally time international. I mentioned I was in Australia and Asia just last week. I think I'm very happy with the teams there. We've had a new leader in Europe now for coming up on this will be the third quarter, I believe. And Europe, I think, is has a little bit of a tougher economic situation than North America.

我把個人時間花在國際上，這是我們業務的重要組成部分。我上週提到我在澳洲和亞洲。我想我對那裡的團隊非常滿意。我相信，我們在歐洲現在有了一位新的領導者，他將在第三季上任。我認為，歐洲的經濟狀況比北美更為嚴峻。

So some of that you know, the macro is -- the last three or four quarters, macro, Europe has been consistently tougher, than North America. And so and then I -- but in terms of, like, the opportunity and the push for security and the way the solutions resonate, it's pretty universal. So I think maybe the in terms of like team performance and product portfolio and capabilities and focus, I think we have a significant growth opportunity in international and we're set up to execute on it.

所以你知道，宏觀方面，過去三、四個季度，歐洲一直比北美更艱難。然後我——但就機會和安全推動以及解決方案產生共鳴的方式而言，這是相當普遍的。因此，我認為也許就團隊績效、產品組合、能力和重點而言，我認為我們在國際上擁有重大的成長機會，並且我們已準備好執行它。

Yeah, I would just add that it's an area that we're really also focused on from a partner perspective, right? You've heard about the MSPs, you've heard about GSIs, all these different, and even the traditional VARs. I mean, there's a lot of opportunity in international that we need to tap into through those partnership channels. In terms of the metrics, if they look any different, they're not wildly different enough to talk about other than what Todd just said, which is from a macro perspective, it does seem to be (technical difficulty) But that's as much as I've got.

是的，我想補充一點，從合作夥伴的角度來看，這也是我們真正關注的一個領域，對吧？您聽說過 MSP、GSI，所有這些都不同，甚至還有傳統的 VAR。我的意思是，國際上有很多機會我們需要透過這些合作夥伴管道來利用。就指標而言，如果它們看起來有任何不同，那麼除了托德剛才所說的之外，它們並沒有太大的不同，從宏觀角度來看，它似乎確實是（技術難度）但這也僅此而已我有。

Thank you.

謝謝。

Peter Weed, Bernstein.

彼得威德，伯恩斯坦。

Hey, thank you so much. I appreciate you going over time and actually all the questions you've taken. I think one of the exciting things that you've highlighted is you see the light at the end of the tunnel for the peak of the backlog and people downgrading in these types of things kind of in mid-year '26. Obviously, that's not like a cliff where it like just like turns off all at once, but rather will be a gradual thing over time. As we're thinking about our own models, I mean, is this something where we should think about the occurs over 12 to 18 months where that slowly degrades?

嘿，非常感謝你。我感謝您花時間回答問題以及回答所有問題。我認為您強調的令人興奮的事情之一是，您看到積壓高峰期的隧道盡頭的曙光，以及人們在 26 年年中對此類事情的降級。顯然，這並不像懸崖一樣突然消失，而是隨著時間的推移逐漸消失。當我們考慮我們自己的模型時，我的意思是，我們是否應該考慮在 12 到 18 個月內緩慢退化的情況？

And, you know, obviously, we shouldn't be taking as the basis, you know, the greater than 120% NRR that that was out there before is, you know, maybe where it could get back to. But, you know, is the degree of headwind that ends up going away is that 300, 500 basis points of headwind, over that 12 to 18 months. Help us dimensionalize some of that so that we think about the timing and where that that should have impact.

而且，你知道，顯然，我們不應該以之前存在的大於 120% NRR 為基礎，你知道，也許它可以回到原來的水平。但是，你知道，在 12 到 18 個月內，最終消失的逆風程度是 300、500 個基點。幫助我們將其中的一些維度化，以便我們思考應該產生影響的時間和地點。

Yes. I would say that's a good point about it's not a cliff. It just gets lessened. So thank you for saying that, Peter. So hopefully everybody heard that.

是的。我想說這是一個很好的觀點，因為它不是懸崖。它只是減少了。謝謝你這麼說，彼得。所以希望每個人都聽到了。

But in terms of the NRR expectations throughout FY26, let us get through Q4, biggest quarter of the year for us, and then let us finish our financial plan, and then I'll be able to tell you more about NRR for FY26 because we'll just have a whole lot more information than we do right now. We're excited for it. Thank you.

但就整個26 財年的NRR 預期而言，讓我們度過第四季度，這是我們一年中最大的季度，然後讓我們完成我們的財務計劃，然後我將能夠告訴您更多有關2026 財年的NRR 的信息，因為我們將獲得比現在更多的信息。我們對此感到興奮。謝謝。

Thank you. Great. Well, thanks everybody for sticking with us for the call. And before you go, I just want to let you know that in addition to hosting several on-site and virtual bus tours through December January, we'll be attending the Scotiabank Global Tech Conference in San Francisco on December 10.

謝謝。偉大的。好吧，感謝大家堅持與我們通話。在您出發之前，我想讓您知道，除了在 12 月 1 月舉辦幾次現場和虛擬巴士之旅外，我們還將參加 12 月 10 日在舊金山舉行的豐業銀行全球技術會議。