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.

大家好，歡迎收聽 Okta 2025 財年第三季財報網路廣播，我是十月份投資人關係高級副總裁 Dave Gennarelli。

With me today is maybe we have Todd McKinnon, Our Chief Executive Officer and Co-Founder, and Brett Tighe, Chief Financial Officer.

今天與我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.

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。

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.

這一正面的評論包含了歷史上開場評論的大部分內容，包括客戶評論、產品相關新聞和對我們的財務表現的回顧。

This format allows listeners to review the information before this call.

這種格式可以讓聽眾在通話前回顧一下訊息。

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.

今天的會議將根據（聽不清楚）安全港規定包括前瞻性聲明，包括但不限於有關我們的財務和市場定位的聲明。

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.

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、績效或成就與前瞻性陳述所表達或暗示的結果、績效或成就明顯不同。

Forward-looking statements represent our management's beliefs and assumptions only as of the date made.

前瞻性陳述僅代表我們管理階層截至作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.

有關可能影響我們財務結果的因素的資訊包含在我們不時向美國證券交易委員會提交的文件中，包括我們先前提交的 10-Q 表中標題為「風險因素」的部分。

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.

此外，在今天的會議上，我們將討論非公認會計準則財務指標，這些指標我們可能不會在會議期間明確說明，並且所有對盈利能力的提及都是非公認會計準則。

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.

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 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.

我們的收益報告中提供了 GAAP 和非 GAAP 財務指標之間的對帳表，以及使用非 GAAP 與最接近的 GAAP 指標的限制的討論。

You can also find more detailed information in our supplemental financial materials, which include trended financial statements and key metrics posted on our Investor Relations website.

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 rate and year-over-year comparison.

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，否則每個此類參考率和同比比較。

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

現在我想將會議交給湯姆·麥金農。

Todd?

托德？

Thanks, Dave, and thank you, everyone, for joining us this afternoon.

謝謝，戴夫，也謝謝大家今天下午加入我們。

Our solid Q3 results were once again highlighted by strength and strong profitability and cash continued to spend efficiencies.

我們穩健的第三季業績再次彰顯了強勁的獲利能力和現金持續支出的效率。

While the macro environment remains consistent, we're encouraged by some positive data points in Q3.

雖然宏觀環境保持一致，但第三季的一些正面數據點令我們感到鼓舞。

I'll touch on some of those and then get into other highlights from the quarte before turning over to Brett.

我將談及其中的一些，然後介紹本季的其他亮點，然後再交給 Brett。

I've mentioned previously that deepening our relationship with our partner ecosystem is one of our main priorities.

我之前提到過，深化與合作生態系統的關係是我們的首要任務之一。

We are already seeing good progress as all of our top 10 deals in the third quarter involve partners.

我們已經看到了良好的進展，因為我們第三季的十大交易都涉及合作夥伴。

These 10 deals were all over $1 million in annual contract value and in aggregate represented approximately $20 million in ACV.

這 10 筆交易的年度合約價值均超過 100 萬美元，總計約 2,000 萬美元的 ACV。

This underscores the value of investing in our partner ecosystem.

這強調了投資我們的合作夥伴生態系統的價值。

The public sector also continues to be an area of strength.

公共部門也繼續成為其優勢領域。

In fact, half of the top 10 deals that I just mentioned, we're in the US federal vertical.

事實上，我剛才提到的十大交易中有一半都屬於美國聯邦垂直領域。

We've made great progress with our presence in the public sector and believe we have a tremendous amount of runway ahead of us.

我們在公共部門的業務已經取得了長足的進步，並且相信我們前途無量。

Our largest customers remain in area of strength.

我們最大的客戶仍然在我們實力雄厚的領域。

The cohort of $1 million-plus ACV customers continues to be our fastest-growing cohort.

價值 100 萬美元以上的 ACV 客戶群繼續成為我們成長最快的群體。

In total, this cohort now reps events approximately $1 billion ACV.

總體而言，該群體目前代表的活動平均交易額約為 10 億美元。

We were also pleased with the upsell and cross-sell activity in Q3.

我們對第三季的追加銷售和交叉銷售活動也感到滿意。

Specifically, we experienced strong growth of work tumors, buying more workforce products as well as workforce customers buying customer identity.

具體來說，我們經歷了工作腫瘤的強勁成長、購買更多勞動力產品以及勞動力客戶購買客戶身份。

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.

Okta 擴展的產品組合使我們能夠為我們的客戶提供比任何解決方案都更業界領先的解決方案，以支持他們實現更有效率、更安全地營運的目標。

The threat environment has never been more hostile.

威脅環境從未如此惡劣。

Organizations are constantly under attack in a day has become a primary attack vector.

組織每天都會不斷遭受攻擊，這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.

我們正在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，從而實現我們的願景，讓每個人都能安全地使用任何技術。

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.

我們也正在加快對 Okta 安全身分承諾的投資，這是一個面向潛在客戶和客戶的原生活動，也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.

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，而且涉及價值數億美元的項目。

Attendees heard about the future of identity security and how Okta is responding to the evolving threat landscape.

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。

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.

我們重點介紹了 30 多種產品、功能和整個員工隊伍以及客戶旅程雲的能力，這些將加深客戶的安全性並幫助他們創造卓越的客戶體驗，同時使我們能夠以專注的方式重燃增長。

It's also great to receive validation on our strategy and vision from third parties.

我們也很高興收到第三方對我們的策略和願景的認可。

Okta was recently recognized as a leader in the 2024 Gartner Magic Quadrant for Access Management for the eighth consecutive year.

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 achieves the highest and furthest overall position for its ability to execute and completeness of vision in this research.

Okta 憑藉其執行能力和前瞻性在本次研究中取得了最高和最遠的總體排名。

We have a lot of optimism about the direction of the business.

我們對業務的發展方向非常樂觀。

One of the things we're excited about is go to market specialization.

令我們興奮的事情之一是進入市場的專業化。

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.

今年第一季度，我們在行銷團隊中引入了專業化層面，並針對美洲中小企業市場推出了獵人農場模式。

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.

在我們規劃 26 財年時，我們計劃進一步專業化我們的全球市場策略，以更好地適應 IT 安全和開發人員不同的身分購買中心。

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.

這樣做將使我們能夠滿足不斷變化的市場需求，幫助重新激發成長並創造一個使我們的客戶和 Okta 都受益的雙贏局面，最終推動更好的業務成果。

To wrap things up, we remain hyper focused on our top priorities of security, growth, and scale.

總而言之，我們仍然高度關注安全、成長和規模等首要任務。

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.

身份就是安全，我們正在採取正確的步驟來提升我們在身分市場中的領先地位，同時繼續專注於投資成長並推動支出效率和現金流。

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.

謝謝，托德，也謝謝大家今天的參與。

We continue to build on the efficiency initiatives that we've been implementing over the past two years.

我們將繼續鞏固過去兩年來一直在實施的效率措施。

Our Q3 financial performance was highlighted by continued strong cash flow and operating profitability, including GAAP profitability.

我們第三季的財務業績亮點是持續強勁的現金流和經營獲利能力，包括 GAAP 獲利能力。

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.

我要指出的是，與前三個季度類似，由於我們已經分析了關鍵指標，因此我們無法將 2023 年 10 月的安全事件對第三季業績的量化影響歸因於我們。

And while not quantifiable, the event likely had some level of impact.

雖然無法量化，但該事件可能會產生一定程度的影響。

Our view on the macro environment is that it remains consistent with what we've experienced for the past few quarters.

我們對宏觀環境的看法是，它與過去幾季的經驗保持一致。

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.

各組織正在嚴格審查預算並合理化其軟體支出，從而降低了我們對員工身分業務的席位和客戶身份業務的 MAU 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.

過去幾個季度，這些較低的席位和每月活躍用戶假設導致我們的淨留存率面臨壓力，而總留存率仍然保持強勁。

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.

我們成功向新舊客戶銷售了更多產品，這有助於部分抵消 MAU 逆風的影響。

Our relentless focus on innovation has been resonating with our customers as approximately 15% of bookings were from new products.

我們對創新的不懈關注得到了客戶的共鳴，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.

在勞動力交易中，Okta Identity 治理仍佔合約價值的約三分之一。

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.

除了 OIG，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。

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.

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，因此我們對長期業務貢獻的趨勢感到非常興奮。

Now let's turn to our business outlook for Q4 and FY25.

現在讓我們來談談第四季和25財年的業務展望。

As always, we take a prudent approach to forward guidance.

與往常一樣，我們對前瞻性指引採取審慎態度。

We are factoring in a macro environment consistent with what we experienced in Q3.

我們正在考慮與第三季經歷的一致的宏觀環境。

We are no longer incorporating additional conservatism into our outlook related to the potential impacts from last year's security incident.

我們不再將與去年安全事件的潛在影響相關的額外保守主義納入我們的展望中。

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%.

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%。

We are raising our outlook across the board for the full year FY25.

我們全面上調了 25 財年全年業績預期。

We now expect total revenue growth of 15%, non-GAAP operating margin of 22% and a free cash flow margin of approximately 25%.

我們現在預計總收入成長 15%，非 GAAP 營業利潤率成長 22%，自由現金流利潤率約為 25%。

While we are still in the early phases of financial planning, we would like to provide a preliminary view of FY26.

雖然我們仍處於財務規劃的早期階段，但我們想對 26 財年提供初步的看法。

We're providing this preliminary outlook ahead of closing our biggest quarter of the year.

在我們今年最大的季度結束之前，我們給出了初步的展望。

We will provide formal FY26 guidance on our next earnings call, which will factor in our actual Q4 performance.

我們將在下次收益電話會議上提供正式的 FY26 指導，這將考慮到我們實際的第四季業績。

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.

我們將繼續專注於獲利成長，並繼續審慎考慮與過去幾季所經歷的一致的宏觀環境。

As such, we're expecting a non-GAAP operating margin of at least 22%.

因此，我們預計非 GAAP 營業利潤率至少為 22%。

We're targeting a free cash flow margin of at least 24%.

我們的目標是自由現金流利潤率至少達到 24%。

From a revenue perspective, we estimate total revenue to be $2.77 billion to $2.78 billion representing growth of approximately 7%.

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%。

We believe these numbers are achievable while maintaining an appropriate measure of conservatism.

我們相信，在保持適當保守的前提下，這些數字是可以實現的。

To wrap things up, we're pleased with the progress we've made to drive operational efficiencies.

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。

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.

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.

說完這些，我會把話題轉回給戴夫進行問答。

Dave?

戴夫？

We have several hands raised up already.

已經有好幾隻手舉起來了。

We will take them in the order that they are in follow-on questions you can try to back into queue.

我們將按照後續問題的順序進行回答，您可以嘗試將其放回隊列中。

So try to limit yourself to one question.

因此，請盡量將自己限制在一個問題上。

John DiFucci, Guggenheim.

古根漢的約翰·迪富奇。

hanks, Abe.

漢克斯，阿貝。

My question, I think, has to do with something Brett just said.

我認為我的問題與布雷特剛才說的話有關。

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.

布雷特，您說過，由於去年 10 月發生的事件，您不再在指導中納入額外的保守主義，順便說一句，現在這很有道理。

But your guidance for next year, I just want to sort of understand its financial guidance for next year.

但是您對明年的指導，我只是想了解明年的財務指導。

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.

我們應該怎麼想呢，聽著，我認為你們在指導的時候做得很好，但同時，我只是試著想想，就像去年一樣，你們有很多事情要做。

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?

但在此之前的兩年，我們是否應該思考是否應該回到那些年，並思考您採取的方法是否與那些年類似？

Just trying to get my head around it.

我只是想弄清楚這一點。

Hey, John.

嘿，約翰。

Hey, before you jump in, Brett, I want to just set the context at a high level.

嘿，布雷特，在你開始之前，我想先從高層次介紹一下背景。

The Q3 was a solid quarter.

第三季表現穩健。

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.

當我們進入第四季度並考慮明年時，Brett 可以談談指引的具體內容，但我認為，我們對未來、所有這些新產品的發展勢頭和所有這些大客戶的發展勢頭保持著相當樂觀的態度，但也希望以確保我們的指導具有適當的審慎程度，因此這始終是一種平衡行為，但我不希望指導問題掩蓋我們在業務中看到的勢頭和我們看到的樂觀情緒。

Yeah.

是的。

And Brett, I or Todd, I apologize.

布雷特、我或陶德，我深感抱歉。

I very rarely say this at the beginning, but it was a really solid quarter.

我很少在一開始就這麼說，但這確實是一個穩健的季度。

It really was more than solid.

它確實非常堅固。

It was really good.

真的非常好。

Then your whole team should feel really good about it.

那麼你的整個團隊都會對此感到非常高興。

It's one step.

這是一步。

It's one step.

這是一步。

We have a lot of work to do, but thanks for saying that.

我們還有很多工作要做，但還是感謝您這麼說。

Yes.

是的。

In terms of your question, John, about the guidance, I would say, if you look back let's go back a year ago, right?

約翰，關於你的問題，關於指導，我想說，如果你回顧一下，讓我們回到一年前，對嗎？

And a year ago, we had the security incident.

一年前，我們發生了安全事件。

We're right on the heels of it.

我們正緊跟其後。

And we guided 10% at that point, right, from a revenue growth perspective for FY 2025.

從 2025 財年的營收成長角度來看，我們預期成長率為 10%。

We now think FY 2025 is going to be 15%.

我們現在認為 2025 財年的成長率將達到 15%。

You can figure out the delta, 15 minutes 10%.

你可以算出增量，15分鐘10%。

I would not expect that level of delta in the future, just because we're taking out the security incident, right?

我不會因為我們正在解決安全事故而預期未來會出現這種程度的差異，對嗎？

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.

當時存在著很大的未知數，直到本季度我們才真正看到了該安全事件造成的任何量化影響。

So that's how I would think about it, John.

這就是我的想法，約翰。

Okay.

好的。

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.

當我回顧前兩年的情況時，我發現你們的表現超出了最初的預期 5 個百分點。

That's why I sort of I get it, though, less than last year, though.

這就是為什麼我有點明白，儘管比去年少了。

Yes.

是的。

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.

我認為另一件事是，如果回顧幾年前，我們是一家規模小得多但成長速度更快的公司。

So I think just the natural maturation of the business, I wouldn't go back that far as kind

所以我認為，這只是業務的自然成熟，我不會回到那麼遠

Yes.

是的。

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.

另一件事是，由於這幾年的成長速度與五年前相比有所放緩，因此第四季的重要性更為重要。

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.

因此，在第三季電話會議結束時給予這項指引後，我們將在第四季有更多事項要考慮，以了解我們的狀況。

So that's why the Q1 look is so illustrative.

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.

謝謝，戴夫，恭喜托德本季取得佳績。

Todd, we've been hearing from some of your GSI partners more about, RFPs for consolidated identity platform offering.

托德，我們從您的一些 GSI 合作夥伴那裡聽說了有關整合身份平台產品的 RFP 的更多資訊。

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.

所以我很好奇這是不是你們看到或衡量的東西，也許是在你們的頻道中進行衡量，或者Todd 甚至在客戶對話中更多地出現，因為它似乎確實在與你們的一些合作夥伴產生共鳴。

Well, I do know on the GSI topic, we've really, really made a lot of progress with GSIs in the last year.

嗯，我確實知道在 GSI 主題方面，我們在去年確實在 GSI 方面取得了巨大進展。

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.

我對此感到非常非常興奮，因為這些和身份，正如參加這次電話會議的人非常了解 Okta 一樣，全面改變身份有時相當複雜。

In fact, it's always complex, way more complex than other types of technology, especially in the cyber ecosystem.

事實上，它總是很複雜，比其他類型的技術複雜得多，特別是在網路生態系統中。

So that has positives and negatives.

這有正面的一面，也有負面的一面。

The negatives are sometimes it takes longer to get a deal done, sometimes it takes longer to do upsells.

缺點是，有時需要更長的時間才能達成交易，有時需要更長的時間才能進行追加銷售。

That's the good news or that's the bad news.

這是好消息還是壞消息。

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.

好消息是，一旦你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，那麼這對客戶和合作夥伴來說都是非常有價值且具有長期價值的。

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.

所以你知道，好的一面是我們將在這些關係中提供價值，每個人都會在未來的許多年裡受益。

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.

我們在第三季度贏得了北美最大的科技公司之一的穩固勝利，這筆交易價值接近500 萬美元，對於該公司來說，這只是一項多階段交易的第一階段，旨在取代其在整個公司。

This specific initiative in Q3 was driven by zero trust transformation.

第三季的這項具體措施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.

因此，即使是一些最大的科技公司，在零信任之旅中也處於相對較早的階段，我們與最大的SI 之一合作，確定了這筆交易的範圍並促成了這筆交易，更令人興奮的是，接下來還有許多交易等著我們當我們部署這項初步協議並取得一定成功後，我們便會進入後續階段。

So that's exciting scenario there and that's true on a number of deals in the quarter.

這是一個令人興奮的情況，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.

我在準備好的評論中提到，在一個季度中，十大交易都非常強勁，所有交易都有合作夥伴的參與。

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.

因此，我們在建立生態系統、與合作夥伴合作、建立對合作夥伴的信任方面做得很好，尤其是在全球規模下。

They're seeing not a lot of choices out there in terms of in terms of scaled identity players.

他們認為，在規模身分參與者方面，選擇並不多。

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.

特別是，當我們談論獨立中立且不會將客戶包裹在一個堆疊中的擴展身份參與者時，我們是無與倫比的。

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.

所以他們看到了這一點，看到了當地的風景和我們獨特的價值，所以他們與我們結盟，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.

我還認為，托德剛才談到的十大交易中最有趣的部分是所有合作夥伴都有，其中最棒的部分是它有多種不同類型的合作夥伴。

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.

您已經聽過我們談論 GSI 非常重要，但它是 GSI、是 ISV、是市場、是傳統的 VAR。

I mean, it was a mix of them all.

我的意思是，它們是所有這些的混合體。

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.

所以這就是為什麼我們繼續想要在這些領域中的每一個領域進行投資，因為我們在第三季看到了這樣的成功。

Gray Powell, BTIG.

格雷·鮑威爾（Gray Powell），BTIG。

All right, great.

好的，太好了。

Thank you very much.

非常感謝。

Before I ask my question, I just got to say, I really appreciate the 10 minutes of prepared remarks.

在我提出問題之前，我只想說，我非常感謝您十分鐘的準備好的發言。

And in fact, Brett, I think your section was probably shorter than DiFucci's question.

事實上，布雷特，我認為你的部分可能比 DiFucci 的問題更短。

So again, congrats on keeping it tight.

所以，再次恭喜你保持了緊密的勢頭。

We do what we can.

我們盡力而為。

Thank you.

謝謝。

So for my question, it's been a pretty choppy earning season so far across our security coverage.

所以對於我的問題是，到目前為止，在我們涵蓋的證券領域中，這是一個相當不穩定的獲利季節。

And it's just I guess it's just nice to see your numbers inflect higher.

我認為看到您的數字不斷上升是件好事。

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?

那麼您能否談談，與第二季相比，本季最突出的是什麼，變化最大的是什麼？

And then how do you feel about the sustainability of that performance and just the forward execution?

那麼您對於該表現的可持續性以及未來的執行力有什麼看法？

It was pretty different than Q2 in terms of our, just our execution in the quarter bringing deals across the line.

就我們本季的執行情況而言，這與第二季有很大不同，我們在本季的執行情況促成了交易。

We did Q2 was okay, Q3 was very solid.

我們Q2的表現還不錯，Q3的表現也很紮實。

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.

我認為，也許我認為現實情況是，今年的後端負荷比我們在第一季或第二季想像的要大，我認為這與在公司的歷史上，這種情況並不常見。

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.

但我認為今年的結果可能比我們預期的要多一些，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，我們真的團結一致、積極進取，理解作為一個團隊做到這一點有多重要，我們已經準備好將其變為現實。

There's a lot of stuff to build on.

有很多東西可以藉鏡。

We mentioned we've mentioned a couple of already a couple of the examples already, the large deals, the new products.

我們提到過，我們已經提到過幾個例子，大交易，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.

因此，本季 15% 的預訂來自這些新產品，你知道，我們希望這個比例更高，但有很多新產品開始蓬勃發展，並有可能成為他們自己的。

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.

現在治理費用佔其所涉及交易價值的三分之一，這是相當可觀的，或者說佔價值的 30%，略低於三分之一。

Okta Privilege Access is starting to get momentum.

Okta 特權訪問開始獲得發展動力。

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.

我們為一家亞洲銀行的美國部門贏得了良好的合同，該銀行購買了整套產品，包括訪問管理、治理和特權訪問，我們認為這將成為一種常見的購買模式。

And the driver there, I mentioned the large technology company before, the driver in that example was zero trust.

至於驅動因素，我之前提到過大型科技公司，那個例子中的驅動因素就是零信任。

They're trying to go to a 0-trust architecture and identity is important.

他們正在嘗試實現零信任架構，身份非常重要。

For this US division of this Asian bank, it's all about compliance.

對這家亞洲銀行的美國分部來說，合規是最重要的。

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.

因此，他們需要讓審計員不僅遵守有關應用程式和財務應用程式的法規，而且還遵守伺服器的法規，特權存取權限使他們能夠存取這些應用程式和財務應用程式。

So we're seeing new products, big deals.

所以我們看到了新產品和大交易。

We see good partner involvement.

我們看到了良好的合作夥伴參與。

But we're still, we still think we can grow faster.

但我們仍然認為我們可以發展得更快。

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.

我們討論了明年的指南以及我們對此的想法，但我們一如既往地認為這是一個巨大的機會，也是我們繼安全之後的第二大優先事項之一，我們對安全身份的承諾是增長和重新加速生長。

So we're pleased, but we're not satisfied.

所以我們很高興，但並不滿足。

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

我們有很多工作要做，這個團隊已經做好了準備，我們會全力以赴

Thank you.

謝謝。

I'd add a couple of things, Gray, that actually may not have changed but are positives for us in general.

格雷，我想補充幾點，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事情。

One is, contract duration continues to be healthy for us.

一是，合約期限對我們來說仍然很健康。

You can see that in the total RPO growth, right?

您可以在整體 RPO 成長中看到這一點，對嗎？

That's now 6 points higher than current RPO growth.

這比目前的 RPO 成長高出 6 個百分點。

The other thing I would add is, US Federal end of their fiscal year, we had a really solid close to that.

我想補充的另一件事是，美國聯邦政府在其財政年度結束時，我們有一個非常堅實的結局。

So that was, you know, like you heard earlier, is a good portion of those top 10 deals.

所以，正如您之前所聽到的，這佔了十大交易的很大一部分。

And I think that's just a continuation of our success in public sector.

我認為這只是我們在公共領域成功的延續。

Think of public sector as actually one of our first forays into specialization, right?

想想看，公共部門實際上是我們首次嘗試專業化的領域之一，對嗎？

We've really focused on it.

我們確實專注於此。

We've put a lot of effort on it.

我們為此付出了很多努力。

We've done a lot of stuff from an R&D perspective.

我們從研發角度做了很多工作。

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.

因此，這對我們第三季來說繼續是成功的，並有助於我們今天在第三季看到的結果，並有助於我們今天在第三季看到的結果。

Understood.

明白了。

Thank you.

謝謝。

Gabriela Borges, Goldman.

加布里埃拉·博爾赫斯 (Gabriela Borges)，高盛。

Hey, good afternoon.

嘿，下午好。

Thanks for taking the question and congrats on a solid quarter.

感謝您回答這個問題，並祝賀您本季業績表現強勁。

Todd and congrats on a solid quarter.

托德，恭喜你本季業績穩健。

Todd and Brent, I wanted to pick up where you just left off on the 15% of bookings that are coming from emerging products.

托德和布倫特，我想接著你們剛才討論的 15% 的預訂量來自新興產品的問題。

Remind us how that number compares to history.

提醒我們這個數字與歷史相比如何。

And, Brent, you mentioned with the net retention rates, there are two dynamics impacting that.

布倫特，您提到淨保留率，有兩個動態因素影響它。

You've got the pressure on MAUs and seat count, and then you've got the tailwind from cross sell.

您面臨著 MAU 和席位數量的壓力，同時您也面臨著交叉銷售帶來的順風。

Talk to us a little bit about when you think emerging can offset the headwind in MAUs and seat count?

請與我們簡單談談，您認為新興市場何時能夠抵銷 MAU 和座位數方面的不利影響？

And it's a long way of asking when you think net retention might trough.

當您認為淨保留率何時會達到低谷時，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，但如果不回頭看數據，我的感覺是相當接近銷售過程，特別是新產品，這個數字比過去任何時候都要高。身份治理主導的，而現在它排在第二位，特權訪問和身份威脅保護之間的競爭相當激烈，對於最注重安全的客戶來說，這真的是一個他們的套件中又增加了一個大組件。

Identity threat protection, it's the way to think about it is it's kind of like the advanced version of advanced multifactor.

身份威脅防護，可以這樣思考，它有點像是高級多因素的高級版本。

And the big thing it does is it monitors security risks throughout the session.

它的最大作用是監控整個會話期間的安全風險。

So multifactor and advanced multifactor do phishing resistance right when you log in.

因此，多因素和高級多因素可以在您登入時立即起到抵禦網路釣魚的作用。

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.

身分威脅防護會持續監控風險訊號、IP 位址變更、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。

So that's a big contributor.

所以這是一個很大的貢獻者。

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.

然後，在客戶身分方面，我們擁有細粒度的授權，該季度表現不錯，而且我們也有嚴格監管的身份。

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.

因此，您會看到所有這些種子都開始生長，坦白說，這比 15% 更令人興奮，因為您會看到這 15% 由多個種子貢獻，這些種子正在成長為潛在的貢獻者。

It's pretty exciting for the future.

這對於未來來說相當令人興奮。

Yeah, Gabriela, I would actually just add the percentage is up year over year because basically last year it was just governance.

是的，加布里埃拉，我實際上想補充一點，這一比例同比有所上升，因為去年基本上只是治理。

And Todd just listed out like six products that are doing really well right out of the gate.

托德剛剛列出了六種一開始就表現非常好的產品。

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.

因此，很容易看出百分比正在向右上升，這對我們來說真的令人興奮，因為Todd 剛才在上次回答中已經說過所有原因，而且他之前在準備好的發言中也說過。

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?

就 NRR 而言，它的影響是什麼，這和我們過去談論的影響是一樣的，對嗎？

License counts and MAUs are being scrutinized like we've talked about in the past.

正如我們過去所談論的，許可證數量和 MAU 正在受到嚴格審查。

It's macro-oriented just in general.

整體來說，它是宏觀導向的。

And then there's also cohorts in the past, that are feeling pressure older customer cohorts that are feeling pressure from the COVID era.

此外，過去的族群也感受到了壓力，老客戶群則感受到了來自 COVID 時代的壓力。

In terms of what we expected to do for the next quarter, that's because that's the only forecast I have right now.

關於我們對下一季的預期，因為這是我目前唯一的預測。

I don't have it all the way through FY26.

我還沒有完成 FY26 的全部工作。

But for Q4, we think it ticks down a little bit in Q4 based on those factors.

但對於第四季度，我們認為基於這些因素，第四季的漲幅會略有下降。

It's on top of healthy gross retention, but those factors remain the same in terms of what we've said in the past.

這是基於健康的總留存率，但就我們過去所說的而言，這些因素保持不變。

And so that's what we're seeing for now.

這就是我們現在所看到的。

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.

就我們對 2026 財年的預期而言，我們首先要完成第四季度，然後看看具體情況如何，最後要確定 2026 財年的計劃，然後才能為您提供更多信息關於NRR 在整個FY26 將會做什麼的見解。

That all sounds good.

聽起來不錯。

Thanks for the color.

謝謝你的顏色。

Hamzah Fodderwala, Morgan Stanley.

摩根士丹利的 Hamzah Fodderwala。

All right.

好的。

Good evening.

晚安.

Thank you for taking my question.

感謝您回答我的問題。

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.

托德，我想問你一下，聯邦貿易委員會最近啟動了一項調查，或者據報道正在考慮對微軟以及他們如何捆綁他們的一些安全服務進行調查。

I'm curious if you have any (inaudible) what you tell customers about some of the risks around vendor lock in.

我很好奇您是否（聽不清楚）告訴客戶有關供應商鎖定的一些風險。

Thanks

謝謝

Yeah.

是的。

It's a really important question.

這是一個非常重要的問題。

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.

我不能——我不太了解法律論點或監管論點，但他們確實進行捆綁銷售，而且宣傳是，嘿，從我們這裡全部購買，會更便宜。

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.

我認為我要告訴顧客的是，首先，你失去了選擇不同事物的機會，而對於顧客來說，身份作為守門人的角色是多麼重要，這一點顯而易見但並不總是顯而易見。

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.

從策略上講，這是有原因的，現在微軟就是這樣，但我認為，每一家試圖在平台上銷售多層產品的大型科技公司，無論是協作、商業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。

Everything needs a login for itself.

所有東西都需要登入。

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.

他們將會傾向於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.

如果您可以讓某人使用您的身份，他們就更有可能使用您的更多東西。

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.

所以從這個意義上來說，它可能是虧本銷售的商品，而我們的論點首先就是告訴人們這一點。

We say, hey, you don't make the long-term choice that's going to lock you in and remove choice and flexibility.

我們說，嘿，你不要做出會將你束縛住並剝奪你選擇和靈活性的長期選擇。

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.

我們都知道，當你失去選擇和靈活性時，你最終付出的不僅僅是更多，而且實際上你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.

這一點尤為重要。

And the attackers are coming from many different directions and 8 out of 10 times these security breaches are caused by compromised identity.

攻擊者來自不同的方向，其中 80% 的安全漏洞都是由身分外洩引起的。

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.

因此，如果從安全工具角度和身分角度來看您都被鎖定在一個堆疊中，那麼您將不會獲得那麼好的安全結果。

So this is the pitch I make to customers and it's resonating.

這是我向顧客推銷的產品，而且引起了共鳴。

They understand, I mean, for some customers, it doesn't work.

他們明白，我的意思是，對某些顧客來說，這是行不通的。

Some prospects, it doesn't work.

對於某些前景來說，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.

他們只是不從策略角度看待技術，或者他們不這麼做，他們只是想削減成本，你知道，不管怎樣，他們都會選擇捆綁銷售。

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.

但越來越多的客戶，你知道，我提到北美最大的科技公司之一，他們意識到身份真的很重要，擁有一個獨立的中立身份平台真的很重要，你知道，他們在Okta 上花費的每一美元都就他們所獲得的安全結果以及靈活性和採用不同技術的能力而言，他們將獲得5倍或10倍的回報。

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.

所以它開始產生共鳴，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。

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.

我們正在建立一個跨多個用例、客戶、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公司，我們是獨立中立的。

We're not trying to sell anything else.

我們沒試圖出售任何其他東西。

We think our identity suite works better together but that's where it ends.

我們認為我們的識別套件可以協同工作得更好，但這也僅此而已。

We're not trying to sell other parts of the security stack.

我們並未試圖出售安全堆疊的其他部分。

We're not trying to sell other applications.

我們並未試圖銷售其他應用程式。

We leave that up to the customers to choose the best outcome for them.

我們讓客戶自行選擇對他們而言最好的結果。

Matt Hedberg, RBC.

馬特·赫德伯格（Matt Hedberg），RBC。

Great.

偉大的。

Thanks, Dave.

謝謝，戴夫。

Todd, I wanted to circle back on the governance side of it.

托德，我想重新討論一下治理方面的問題。

It was interesting statistic you gave.

您給出的統計數據很有趣。

And I guess, when you look at the success you've had attaching governance to workforce deals, can you talk about the competitive landscape?

我想，當您回顧將治理與勞動力交易結合所取得的成功時，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?

您認為今年的成功關鍵因素是否與明年的成功有關？

Maybe it's increased partner influence, maybe it's some additional sales incentives to drive even further new product attached next year?

也許是增加了合作夥伴的影響力，也許是一些額外的銷售激勵措施，以推動明年新產品的進一步發展？

Yeah.

是的。

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.

我認為，在許多此類治理場景中，情況都是沒有解決方案的，特別是——我的意思是，我說的是客戶沒有解決方案。

Particularly, in areas that are not traditional on premise, ERP legacy technology.

特別是在非傳統內部部署 ERP 遺留技術的領域。

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.

因此，很多時候，如果有一個治理解決方案，它就是圍繞遺留的本地部署實施的，例如大型 SAP 或大型 Oracle。

And we'll come in and they'll use us for an app that's not that.

然後我們加入進來，他們就會使用我們開發一款並非如此的應用程式。

It's maybe their SaaS applications and they do governance for that.

這可能是他們的 SaaS 應用程序，他們對此進行治理。

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和一般安全性變得越來越重要，並確保從安全角度控制訪問，我們在這方面做得很好。

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.

採用 Okta 治理並取代已部署的、圍繞內部應用程式的生產遺留治理解決方案的情況非常罕見，而且我認為這種情況將繼續很少見，因為它有效。

It's like it's checking all the compliance boxes.

這就像是檢查所有的合規框框一樣。

It's probably not worth changing, and there is an opportunity to just do the use cases around that.

它可能不值得改變，並且有機會圍繞這一點開展用例。

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.

有趣的是，過去幾年我在治理市場上了解到，有很多軟體。

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.

因此，這可能不是一個需要擁有 25 年特性才能獲勝的市場，因為市場上有許多現成的產品。

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.

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 並看到其產品功能時，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.

它可能具備 10 個功能中的 1 個，但它只是運行了表，因為沒有人使用 Siebel 中的所有這些功能。

And I think the governance market is like that.

我認為治理市場就是這樣的。

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.

有很多軟體，很多東西尚未實現，而我們的產品與存取管理緊密結合，我們的存取管理可以非常快地實現。

People get tremendous value out of it fast.

人們很快就從中獲得巨大的價值。

It's well integrated to many SaaS applications and more and more, it's integrated to even on-prem applications as we innovate there.

它與許多 SaaS 應用程式很好地整合在一起，而且隨著我們在本地應用程式中進行創新，它越來越多地整合到這些應用程式中。

And it's fast time to value.

並且可以快速實現價值。

And I think that, in this case, is the winning formula, and we're seeing it play out in the market.

我認為，在這種情況下，這就是成功的秘訣，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.

謝謝你，戴夫。

Brett, maybe one for you.

布雷特，也許有一個適合你。

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?

你們今年看到的持續席位和 MAU 壓力，是否會改變你們對明年的預期？

And how are you kind of accounting for that in the guide that you gave today?

您在今天提供的指南中是如何解釋這一點的？

Yes, that's all accounted for in the guide today.

是的，今天的指南已經講完了。

It's a good question, Josh.

這是個好問題，喬希。

In terms of the there's two different factors that we're talking about, right?

就我們討論的兩個不同因素而言，對嗎？

There's the macro just overall companies are just not buying as many licenses.

從宏觀角度來看，整體而言，公司購買的許可證數量並不多。

They're scrutinizing licenses.

他們正在仔細檢查許可證。

When I say licenses, I mean licenses or MAUs.

當我說許可證時，我指的是許可證或 MAU。

It just depends on which side of the business.

這只是取決於業務的哪一方。

And then there's the older customer cohorts.

然後還有年齡較大的客戶群。

That older customer cohort, we think materially is done by the end of the first half of fiscal year 26.

我們認為，老客戶群的流失將在 26 財年上半年末基本結束。

But so that's all by the way, that's all captured in the guide.

順便說一下，這些都已在指南中記錄下來。

So hopefully that helps there, Josh.

所以希望這對你有幫助，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為我們提供一些關於您提到的進入市場專業化機會的更多細節，也許可以幫助我們理解為什麼您認為現在需要這樣做，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.

是的，在過去五、六年裡，我與很多人交談過，並且與 Okta 合作過行銷模式，基本上有兩種行銷模式。

There's one end of the or sorry -- two ends of the same spectrum.

這是一個極端，或者說，同一個光譜有兩個極端。

One end of the spectrum is everything's general and every rep sells everything.

其中一個極端是所有產品都是通用的，每個銷售代表都銷售所有產品。

There's no overlays.

沒有覆蓋。

There's no specialists.

沒有專家。

The just general rep model.

這只是一般的代表模型。

And on the other end of the spectrum is everything specialized.

而另一方面，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.

每種產品都有自己的代表，每種產品都有完全的專業化，而權衡大致是，你知道，從完全專業的模型中你可以獲得更多的生產力和銷售業績，但你也會付出更多的成本。

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?

因此，問題是，隨著組織的發展、產品組合的成長、市場的發展和競爭態勢的發展，您如何將您的組織置於正確的位置，以實現成長和獲利能力的最大化？

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.

所以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的成長機會。

So part of the initiative to sell to accelerate growth is we want to do more specialization.

因此，我們採取銷售措施加速成長的部分原因是我們希望實現更加專業化。

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.

我認為至少在短期內，成本可能會增加，但我們認為這將遠遠超過經濟成長帶來的成本增加，順便說一句，我們非常投入，非常專注對獲利能力也有影響。

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.

但我認為，我們在業務上有足夠的空間，並且基於我們所有的效率、工作和一些有效性，我們已經進行了投資，我們可以進行專業化投資，同時仍然保持我們已經概述的盈利水平，感到滿意並且仍在加速成長。

So that's high level.

這是高水準的。

More specifically, I think it's important to understand kind of more specifically what we're saying here.

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.

所以這意味著，Okta 的銷售代表將不再銷售每種產品，而是更專注於產品。

Specifically, there's going to be dedicated off zero reps and then dedicated Okta reps.

具體來說，將會有專門的零代表，然後是專門的 Okta 代表。

And the Okta reps are going to be we need them because the product is getting quite broad.

我們需要 Okta 代表，因為產品範圍越來越廣泛。

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.

銷售治理、特權存取、存取管理和客戶身分非常非常具有挑戰性，他們將專門銷售存取管理套件、特權存取治理 (ITP) 等套件。

And then, Auth0 reps are going to be focused on Auth0.

然後，Auth0 代表將專注於 Auth0。

So it's developers.

所以是開發人員。

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.

確保每個開始升級的自助服務客戶都升級到完整的企業部署，因為許多小型公司最終會成為我們最大的客戶。

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.

大家都知道我們在人工智慧領域的存在，以及我們在那裡擁有非常重要的客戶，這些客戶都是從自助服務試驗開始的。

So products are getting more capable.

因此產品的功能越來越強大。

It's very tough for one salesperson to cover them all.

對於一個銷售人員來說，要涵蓋所有業務是非常困難的。

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

我們看到了成長機會，我們一定會抓住它。

Yes, I would just add to that.

是的，我只是想補充一點。

If you think about it, Jonathan, it's really about productivity, right?

喬納森，如果你仔細想想，這真的與生產力有關，對嗎？

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.

如果我們將其歸結為一個簡單的指標，那就是 AU 生產力，今年我們看到 AU 生產力取得了良好的成長。

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.

我們認為，透過對組織的一部分進行這種改變，我們可以使這些收益進一步擴大，這又回到了托德的觀點，即我們已經將所有這些效率融入了組織中。

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.

因此，您可以在努力實現更大成長的同時保持平衡，實現健康的盈利，預計 2025 財年和 2026 財年也將如此。

Great.

偉大的。

Thank you.

謝謝。

Joe Gallo, Jefferies.

喬·加洛（Joe Gallo），傑富瑞（Jefferies）。

Hey, guys.

嘿，大家好。

Thanks for the question.

謝謝你的提問。

Can you just talk through customer identity, its performance this quarter and how you're thinking about that market growth rate?

您能否談談客戶身分、本季的表現以及您對市場成長率的看法？

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?

那麼，考慮到有關專業化的所有討論，我們應該如何看待通路的成熟度及其銷售該產品的能力？

Yeah.

是的。

Customer identity had a solid quarter.

客戶身分在本季表現穩健。

I think we're very excited.

我覺得我們非常興奮。

It's over $1 billion business now.

現在該業務規模已超過 10 億美元。

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.

因此，我們有勞動力業務，其價值顯然遠超過 10 億美元，還有客戶身分業務，價值也超過 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.

我認為該市場中的司機在某種程度上是安全的，但在勞動力方面略有不同。

It's less of driven by security and in many, many times just driven by customer experience.

在很多時候，這並不是由安全性驅動，而只是由客戶體驗驅動。

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.

因為，有一家大型歐洲線上零售商在第三季度簽署了客戶身份季度報告，你認為，這肯定是一些安全性或一些推動購買的東西，但這只是他們的便利網路體驗和行動應用程式具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.

所以這是我們業務的重要組成部分。

It's growing strong.

它正在變得越來越強大。

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.

正如我剛才提到的，我們認為，如果我們更加關注開發人員的角色，我們可以實現更快的成長，我們過去已經看到，當開發人員開始使用用例時，機會是巨大的，自下而上，一些新事物的誕生、開始成長、進入自助服務管道、升級為企業，都具有十分重大的意義。

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

我們希望確保能夠利用這個機會。

Thank you.

謝謝。

Mike Sicos, Needham.

麥克·西科斯，尼德姆。

Great.

偉大的。

Thanks, Dave.

謝謝，戴夫。

Thanks for taking the questions, guys.

謝謝大家回答這些問題。

Just wanted to tap into the specialization comment too.

只是想利用專業化評論。

Can you either point to public sector where you guys have arguably driven some of the specialization or Americas SMB?

您能否指出你們在公共部門或美國中小企業中推動了一些專業化發展？

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?

我相信你們都有自己正在關注的內部數據點，但你們會指出什麼來幫助我們更加確信這種專業化是正確的方法？

Because obviously, that's informing your decision, but it would be helpful to get it for us outsiders here.

因為很明顯，這會影響你的決定，但對於我們這些局外人來說，了解這一點也會很有幫助。

Thank you.

謝謝。

Yeah, it's -- there's a bunch of data points.

是的，它——有很多數據點。

You mentioned a couple of them.

您提到了其中幾個。

The hunter farmer in the Americas SMB is there's positive data points out of that.

美洲 SMB 的獵人農場有積極的數據表明這一點。

I would say that that's relatively small part of the business.

我想說這只是業務中相對較小的一部分。

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.

我認為公共部門的重點以及與買家真正使用相同語言的是一個更大的數據集和樣本量，以及我們有信心的長期樣本量。

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.

然後，其中一部分就是觀察銷售週期，參與對話，了解這個面向開發者的市場的潛力，看看我們本能地認為透過專注和投入資源，我們能看到多少額外的成長。

And then thinking about what's the, like I said before, there's always a tradeoff, right?

然後想想是什麼，就像我之前說的，總是有權衡的，對吧？

The tradeoff is transition costs.

權衡之下，需要付出轉型成本。

Like, what is the cost to make the changes required to get to that model?

例如，為了達到這個模型需要做哪些改變，需要花多少錢？

And then what is the -- how is the ramp in growth going to, you know, measure against the increased of costs of sales coverage.

那麼，您知道，成長的坡度如何與銷售覆蓋成本的增加相衡量呢？

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，基於我們所有的模型和過去的經驗，成長效益將超過成本。

Madeleine Brooks, BofA.

美國銀行的瑪德琳·布魯克斯（Madeleine Brooks）。

Good.

好的。

That's perfect.

那很完美。

So, I think overall we can all agree that this is a really strong quarter for you guys.

因此，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。

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.

因此，我認為當我退一步審視市場時，我真的希望能夠鎖定明年 7% 的指導方針。

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%.

如果我只是推斷本季的新預訂量，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?

因此，我首先想澄清一下，7% 是否包括新預訂或新產品或已納入指南的新產品帶來的新預訂成長？

And then just one follow-up question after that.

接下來只剩一個後續問題。

Yes, all the products we have today are already baked in there, if that's what you're asking.

是的，如果您問的是這個的話，我們今天所有的產品都已經在那裡烘烤了。

I think the one that's the most material by far is governance like we've talked about before.

我認為迄今為止最重要的問題就是我們之前談到的治理。

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.

我們希望，我們今天在這裡描述的一些產品能夠繼續像過去一兩個季度那樣成長，並變得更加實質。

But frankly, the biggest new product in there would be governance.

但坦白說，其中最大的新產品是治理。

Hopefully that helps there, Madeline.

希望這對你有幫助，瑪德琳。

Yes.

是的。

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%.

那麼，對於我的後續問題，我想，如果我看一下身分市場，無論是勞動力還是 SIEM，成長速度都超過了 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?

我的意思是，如果我們在這裡分析表現，Okta 是否可以做得更好，以嘗試重振那些核心市場的成長，這些市場成長更快，而5% 的成長率意味著那裡只是有一些份額損失？

And that's it.

就是這樣。

Thank you.

謝謝。

It's an important question we think about a lot because as I said, our number two priority is growth.

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。

And I'll refer to the number one priority, which is security.

我要提到的首要任務就是安全。

And I think having not having any security issues is going to be a big deal.

我認為不存在任何安全問題將是一件大事。

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.

我們在資金和執行方面都投入了巨額資金，以確保我們真正履行了安全身分承諾，這有四大支柱，我們可以談論所有這四個支柱，但其中很大一部分正在加強我們自己的企業基礎設施。

And we've -- like I said, we've invested a ton.

而且正如我所說，我們已經投入了大量資金。

We've made a ton of progress there.

我們在那裡取得了巨大的進步。

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.

當我與科技公司、首席資訊安全長和其他執行長交談時，我們發現，我們的內部安全態勢已經取得了巨大進展。

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.

我認為，當我們談論本季的成就時，我認為今年 Okta 最讓我自豪的事情之一就是我們的進步。

We still have more work to do.

我們還有許多工作要做。

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.

為了確保我們是世界上最安全的公司之一，我們會持續進行投資，但我們對此非常重視，並確保繼續執行。

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.

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上，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前景和客戶的動力。

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.

因為他們看到一家經歷過磨難的公司，它運用並學習了很多知識，現在正在與市場分享這些知識，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.

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它們，客戶可以從中學習。

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.

所以，我認為，在違規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並可能超越我們提出的估計值的一部分。

That's one thing.

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.

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——我們談到了專業化，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，如果我們不要比市場成長得更快，我想說市場預測是錯的。

Because if we do all those things, we're not going to lose share.

因為如果我們做到了這些，我們就不會失去份額。

We're not going to grow slower than the market and, we're going to be just fine.

我們的成長速度不會慢於市場，而且我們會表現得很好。

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.

因為如果你只是和客戶交談，想想如果你問他們有關他們的問題，以及身份的相關性，以及他們是否已經解決了所有身份挑戰，那麼還有很多工作要做，還有很多問題解決問題，而且仍有許多價值可以交付給客戶。

And we're going to make sure we're there to deliver that for them.

我們將確保能為他們實現這一目標。

Yeah, great.

是的，很棒。

Thanks for taking my question and congrats on the solid execution.

感謝您回答我的問題，並祝賀您的出色執行。

So the federal vertical you guys mentioned remains, of course, a key growth driver.

因此，你們提到的聯邦垂直產業當然仍然是一個關鍵的成長動力。

Half of your top ten deals were in the sector, which aligns with the year end.

您的十大交易中有一半涉及該行業，這與年底的情況一致。

First, your certifications and partnerships in the DC-based teams that's translating to competitive advantage.

首先，您在 DC 團隊中的認證和合作關係可以轉化為競爭優勢。

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?

我的問題是，您如何看待結構性變化，例如您預見到明年選舉後預算和重新分配方面的變化？

How do you plan to navigate these?

您打算如何解決這些問題？

Again, it's still hypothetical, but just any potential disruptions that you might be foreseeing and tied to adversarial changes and, yeah?

再說一次，這仍然是假設，但只是您可能預見並與對抗性變化相關的任何潛在中斷，對嗎？

Yeah.

是的。

I think one of the wins, we mentioned the top 10 deals and 5 of them were in the US Federal vertical.

我認為其中一個勝利是我們提到的十大交易，其中 5 筆是在美國聯邦垂直領域。

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.

其中之一是國防部取得的非常令人興奮的勝利，我們在幾個季度前提到過，我們首次在國防部取得了重大勝利。

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.

本季我們又取得了另一個重要進展，除了本季的業績之外，這確實是未來發展的正面訊號。

We also closed the deal, a significant deal in the top 10 at the largest health care provider for the federal government.

我們也完成了這筆交易，這是聯邦政府最大的醫療保健提供者十大交易中的一項重要交易。

So there's is a lot of momentum there.

因此那裡有很大的發展勢頭。

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.

我認為這與身分和安全以及某些身分的現代化有關，而聯邦政府對網路的關注是非政治性的。

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.

儘管任何事情都可以與政治無關，但事實上——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攻擊，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.

他們運行的很多東西都很老舊，而且我認為我們看到如此強勁勢頭的原因之一是，它就像一個由兩部分組成的公式，一方面關注網絡，另一方面，在許多情況下，早就應該採取措施來使一些技術現代化。

Rudy Kessinger, D A Davidson.

魯迪凱辛格、D A 戴維森。

Hey, great.

嘿，太棒了。

Thanks for taking my question.

感謝您回答我的問題。

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.

布雷特，我想回到約翰在電話會議上提出的第一個問題，即關於在違規指導中刪除這種額外的保守主義。

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.

我想，如果我們看一下過去幾季的業績幅度和一些數據，尤其是 CRPO，就會發現每季的業績都會超出預期 3 到 4 個百分點。

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?

我想，您能否量化一下過去幾個季度中，您在違反 CRPO 指南時，存在 1 到 2 個保守點嗎？

Or how should we think about that Q4 CRPO guide in particular going forward, the level of conservatism in it versus past quarters?

或者我們應該如何看待第四季的 CRPO 指南，尤其是與過去幾季相比其保守程度如何？

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.

我想說保守程度既包括目前的RPO，也包括收入，這樣我們就達成共識，以及營運利潤率。

It's all flows together, right?

一切都流動在一起，對嗎？

And when I say op margin, I mean both op margin and free cash flow.

當我說營業利潤率時，我指的是營業利潤率和自由現金流。

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.

魯迪，我沒有確切的量化數字，但就像我之前說的，我只是不認為它會像我們之前舉的那個例子那樣，是 10% 到 15%，也就是 10%每年的這個時候。

Now it's 15% for revenue growth in FY'25.

目前25財年的營收成長率為15%。

I just don't I don't imagine us seeing that given what we can see today.

從我們今天所看到的情況來看，我只是無法想像我們會看到這種情況。

And keep in mind, this is also just the natural maturation of the company.

請記住，這也只是公司的自然成熟過程。

We're just getting bigger.

我們正在變得越來越大。

Growth is slowing down a little bit.

增長正在略微放緩。

So it's also security incident, but also just the sheer size of our company at this point.

所以這也是一起安全事件，但目前這也與我們公司的規模有關。

Sekhah Kalia, Barclays.

巴克萊銀行。

Okay, great.

好的，太好了。

Hey, guys, thanks for taking my question here.

嘿，夥計們，謝謝你們在這裡回答我的問題。

Good to be on the call.

很高興接聽電話。

Brett, maybe for you.

布雷特，也許對你來說是這樣。

Can we just talk a little bit about new logo business in the quarter?

我們能稍微談談本季的新標誌業務嗎？

I mean, I think we were all prepared for what was going to happen to net revenue retention.

我的意思是，我認為我們都已經為淨收入保留即將發生的變化做好了準備。

But it seems like the new logo part of the business stabilized this quarter.

但看起來本季新標誌部分的業務已經趨於穩定。

Can you just talk about what drove that and whether that trend is something that can continue going into next year?

您能否談一談推動了這一趨勢的原因以及這種趨勢是否會持續到明年？

Yeah.

是的。

I mean, frankly, we'd like the new logo numbers to be higher.

我的意思是，坦白說，我們希望新標誌的數字更高。

I mean, it was 150 quarter over quarter.

我的意思是，季度環比增長了 150。

One of the things that we've been obviously working on is the Hunter Farmer model to try to improve that.

我們顯然一直在努力研究的一件事是 Hunter Farmer 模型，以嘗試改進這一點。

That's one piece of the formula, right?

這是公式的一部分，對嗎？

Hunter Farmer has both new logos and also upsells as well.

Hunter Farmer 不僅擁有新標識，還推出了追加銷售產品。

But yeah, we think we can do better than where we are.

但是是的，我們認為我們可以做得更好。

And frankly, the good news is, is look at how solid results we can produce when really mainly selling cross sells, right?

坦白說，好消息是，看看當我們主要進行交叉銷售時，我們能夠產生多麼可靠的結果，對嗎？

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.

如果您查看當前 RPO 成長率為 13%，整體 RPO 成長率為 19%，那麼此時客戶群中存在著大量機會。

I mean, Todd talked about earlier with 15% of the bookings coming from these newer products, but ultimately, that's just scratching the surface.

我的意思是，Todd 之前談到過，15% 的預訂量來自這些新產品，但最終，這只是表面現象。

We have a ton of opportunity inside the customer base.

我們在客戶群中擁有大量的機會。

But to be clear, we want to be able to grow the logo count faster than this.

但要明確的是，我們希望能夠以比這更快的速度增加標誌的數量。

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.

正如我所說的，好消息是我們已經為大客戶做了很多事情，並且還創造了 100,000 美元的 1,000,000 美元群體。

So we definitely have helped ourselves.

所以我們確實是幫助了自己。

But we look forward to producing frankly better than this.

但坦白說，我們期待製作出比這更好的產品。

All right.

好的。

Thank you so much for taking my question.

非常感謝您回答我的問題。

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.

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 的盈利能力迅速提高。

Time last year, you set the initial guide for margins in fiscal '25 at 17%.

去年，您將 25 財年的利潤率初始指導價設定為 17%。

In the press release, it's now up to 22%, so I guess a 5-point beat.

在新聞稿中，它現在已經上漲至 22%，所以我猜會超過 5 個百分點。

How should we think about Okta's ability to outperform your initial guide of 22% next year?

我們應該如何看待 Okta 明年能否超越您最初預測的 22% 的漲幅？

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.

然後我想，請您告訴我們您對招募的看法，因為看起來最近幾季的招募有所回升。

All right.

好的。

Thank you.

謝謝。

Yeah.

是的。

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.

從獲利能力的角度來看，我們在這次電話會議上討論的事情之一是我們確實希望更多地傾向於成長。

If you think about the rule of 40, right, it's the lens we manage the company through for years now.

如果你考慮一下 40 法則，那麼這就是我們多年來管理公司的觀點。

We want to lean more into the growth side of the equation. (technical difficulty) you know, a bunch of upside.

我們希望更多地傾向於方程式的成長方面。 (技術難度)你知道，有很多好處。

I mean, we've definitely set the guidance where we think it's achievable.

我的意思是，我們確實設定了我們認為可以實現的指導方針。

But we do want to invest into the opportunity because we do see it out there.

但我們確實想投資這個機會，因為我們確實看到了它的存在。

You've heard Todd's comments throughout this entire call of optimism of how we can go and get more of the market.

在整個通話過程中，您一定聽到了托德的評論，他對我們如何才能獲得更多的市場持樂觀態度。

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.

因此，我們不想坐在這裡說，嘿，獲利能力將遠高於我們已經指導的水平，因為我們想要追逐巨大的市場機會。

And we're making obviously all these changes in these investments.

我們顯然正在對這些投資做出所有這些改變。

Think about security Todd talked about earlier.

思考一下托德之前談到的安全性。

The product innovation coming off the line has been really good, and we think we can expect more of that.

推出的產品創新確實很好，我們認為可以期待更多。

You know, the specialization topics we've talked about today, investing more in partners.

你知道，我們今天談論的專業化主題是加大對合作夥伴的投資。

These are all growth drivers.

這些都是成長動力。

We really want to get after growth.

我們確實想要實現成長。

And we're comfortable with the guidance we've given you here today, both top and bottom line.

我們對今天在這裡給予你們的指導感到滿意，包括最高和最低的指導。

Great.

偉大的。

Thanks, Dave and good afternoon.

謝謝，戴夫，下午好。

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.

托德，我想基於你之前所做的一些評論，並欣賞你對我們在身份認同方面的現狀的概述。

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.

我認為布雷特所說的（技術難題）是，就目前客戶想要轉換的動態而言，市場在哪裡。

We continue to hear identity is broken.

我們不斷聽到身分認同被打破的消息。

It's the reason that most of these breaches occur in the first place.

這正是大多數違規行為發生的原因。

So why isn't that more dynamic?

那麼為什麼它不是更具活力的呢？

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.

你在九個月前就引入了這個獵人農場模式，我知道這些事情需要時間，但我預計 150 這個季度的數字會開始改善。

So where's the governing factor in that, especially relative to, I think your broader comments of where identity is right now?

那麼，其中起決定作用的因素在哪裡呢，特別是相對於你對目前身份的更廣泛的評論而言？

Thanks.

謝謝。

Yeah.

是的。

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.

我認為客戶數量有點，它更多地反映了中小企業市場，因為很明顯，那裡有更多標識，而如果你看客戶方面，客戶數量以 100,000 的速度增長。較小數字相比，它增長了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.

這是一件定量的事情，但我認為你的問題有趣的一點是，我上週參加了一次晚宴。

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.

我當時正在澳洲旅行，拜訪了那裡的一群客戶和潛在客戶，也和一群合作夥伴、一群系統整合商共進晚餐，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.

我問他們識別與網路其他部分相比有何不同，以及動態是什麼，他們也說了同樣的話，那就是這些人都是在前線與客戶打交道，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，有時其他的事情也更容易改變。

It's easier to put something on the endpoint.

在端點放置某些東西會更容易。

It's easier to change out your firewall.

更換防火牆更加容易。

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.

身分很難改變，但改變身分的好處卻相當重要，尤其是當你考慮到 10 次違規行為中有 8 次都是由身分導致的。

So I think in some cases, it's going to be slower, but we just have to be patient.

因此我認為在某些情況下，它會變得更慢，但我們必須要有耐心。

Because we have by far the best products we have.

因為我們擁有迄今為止最好的產品。

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.

我們處於非常獨特的地位，就規模、現代技術、產品套件、獨立性和中立性而言，沒有其他人可以與我們匹敵。

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、繼續在客戶所在的地方與他們會面，這樣我們就能很好地完成我們所展示的計劃、策略和效率。

Peter Lavigne, Evercore.

彼得·拉維尼（Peter Lavigne），Evercore。

Thanks, guys for fitting me in.

謝謝你們讓我加入。

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.

是的，也許湯姆，我們還沒有談論人工智慧，但我們開始看到非身分、非員工、機器身分、機器人等的爆炸性成長。

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?

您能否與我們談談您對客戶的觀察，例如人工智慧的使用情況以及來自其網路的身份資訊？

And then b, from your perspective, like how do you monetize that, right?

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，那麼在接下來的 12 到 18 個月內，您在將部分採用或初步採用 AI 技術方面有何計劃？

Yeah.

是的。

It's I would say there's four things.

我想說有四件事。

And two of them, you've probably heard me talk about and two of them you probably haven't.

其中兩個您可能已經聽我談論過，另外兩個您可能還沒聽我談論過。

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.

前兩者是——最明顯的是，出現了全新一代的應用程式和 SaaS 應用程式以及人們需要登入的創新。

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.

從客戶身份角度來看，我們是一個身份層，也是世界上最大的身份層之一，還有許多您還沒有聽說過但將會聽說的較小的身份層。

And this which is why, by the way, the developer focus is so important because that whole new generation of tech is being built.

順便說一句，這就是為什麼開發人員的關注如此重要，因為全新一代技術正在被建構。

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，幾年前我們討論過很多次，我們將繼續致力於此，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.

身分威脅防護內部的模型及其工作原理是人工智慧，這是其產品功能的重要組成部分。

So those two you probably heard me talk about before.

您可能之前就聽我談論過這兩個問題。

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.

我們在 Oktane 上討論過一些非常有趣的新領域，稱為 Auth for Gen AI，它基本上是一個代理的身份驗證平台。

Everyone's very excited about agents as they should be.

每個人都對經紀人感到非常興奮，這也是理所當然的。

I mean, we used to call them bots, right?

我的意思是，我們以前稱它們為機器人，對嗎？

You know, four or five years ago, they're called bots.

你知道，四、五年前，它們被稱為機器人。

Now they're called agents.

現在他們被稱為代理人。

Like, what's the big deal?

就像，這有什麼大不了的？

How different is it?

有什麼不同？

Well, you can interact with them natural languages and they can do a lot more with these models.

嗯，你可以用自然語言與它們進行交互，它們可以用這些模型做更多的事情。

So now it's like bots are real in real time.

所以現在就像機器人即時真實存在一樣。

But the problem is all of these bots and all of these platforms to build bots.

但問題在於所有這些機器人和所有這些建構機器人的平台。

They have the equivalent of the monitor sticky notes with passwords on them.

它們有相當於顯示器便籤的東西，上面寫著密碼。

They have the equivalent of that inside the bot.

他們在機器人內部有類似的東西。

So there's no protocol for single sign on for bots.

因此，沒有針對機器人單一登入的協議。

They have stored passwords in the bot.

他們在機器人中儲存了密碼。

And if that bot gets hacked, guess what?

如果該機器人被駭客入侵，猜猜會發生什麼事？

You signed up for that bot and it has access to your calendar.

您已註冊該機器人，它可以存取您的日曆。

It has access to your travel booking, it has access to your company email and your company data.

它可以存取您的旅行預訂、可以存取您的公司電子郵件和公司資料。

That's gone, because the hacker is going to get all those passengers out there.

一切都消失了，因為駭客將把所有乘客都救出來。

So auth for Gen AI automates that and make sure you can have a secure protocol to build a bot around.

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。

And so that's a really interesting area.

這是一個非常有趣的領域。

It's very new.

它很新。

We just announced it and all these agent frameworks and so forth are new.

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.

但我認為這又回到了這個想法，革命中有很多深刻的創新和新的應用和服務，但很多只是對同樣問題的放大，無論是我們需要更多的應用程式安全、更好的客戶體驗、我們需要建立更加整合化，我們的顯示器上沒有密碼，無論是人工還是機器人都可以進行單點登錄，我們在所有這些事情上都具有相關性。

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.

看到這一切發生並看到這一切真的非常令人興奮，坦白說，就我們的業務而言，它現在具有很大的潛力，而且潛力巨大。

You need to share just the monetization.

您只需分享貨幣化。

How do you plan on charging for that?

您打算如何收費？

And if you are, are you charging today, but just really like

如果你是，你今天要充電嗎？

(multiple speakers)

（多位發言者）

There's different, like, obviously -- yeah, monetization.

顯然，這是有區別的——是的，貨幣化。

There's obviously, like, identity threat protection is a product, so we sell that as an upsell.

顯然，身分威脅防護是一種產品，因此我們將其作為追加銷售。

Off for Gen AI, it's basically like a, think of about it as per machine authentication.

對於 Gen AI 來說，它基本上就像一個，按照機器身份驗證來思考它。

So every time we have this feature called machine to machine, which does a similar thing today

每次我們都會有這種稱為機器對機器的功能，而今天它的功能也類似。

(technical difficulty)

（技術難度）

Thank you.

謝謝。

Trevor, JMP.

特雷弗，JMP。

Great.

偉大的。

Thanks, Dave.

謝謝，戴夫。

Thanks for taking the question.

感謝您回答這個問題。

Todd, maybe for you just a clarification and then a question.

托德，也許你只需要澄清一下，然後提出一個問題。

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.

您之前在 OIG 的背景下發表了一些評論，聽起來可能針對特權存取產品的競爭格局。

And then you weren't necessarily running into maybe what I would have expected as the standard set of competitors or suspects there.

然後，您就不一定能碰到我所預料的標準競爭對手或嫌疑犯。

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.

所以我很好奇，這是不是因為你們不一定要在這個領域積極地追求這些位移，因為我們知道你們的產品已經為你們設定了 1.0，而你們不一定非要這麼做。

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?

如果情況確實如此，那麼進入明年及以後，這將成為成長的刺激因素，您需要做什麼才能開始轉變並更積極地追趕競爭對手？

Or does there need to be

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.

我認為我們不必替換本地的 SailPoint 以使 SAP 擁有更大的業務。

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.

所以也許這只是一些細節問題，但我不認為我們要想獲勝，就必須在現場擊敗 SailPoint。

It's just not practical.

這不切實際。

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.

人們在安裝和整合一個系統時要花三年的時間，這些東西很難安裝和整合。

And when they spend three years doing it, they're not going to take it out.

即使他們花了三年時間做這件事，他們也不會把它拿出來。

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.

就像我想的那樣——如果你只是想長期投資 SailPoint，它不會有巨大的成長空間，但它將是一個長期的好生意，因為他們有良好的安裝基礎，我們不會把它拿出來。

But it's also not a very big company.

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.

我們認為，隨著治理市場越來越多地轉向雲端，並且出現像我們這樣更易於使用、整合度更高的更好產品，治理市場最終將比現在大 5 到 10 倍。

We're going to have a big share of that.

我們將佔據其中很大一部分份額。

So that's what I'm trying to say.

這就是我想說的話。

I think it's a little bit nuanced.

我認為這有點微妙。

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.

如果 Okta 接管了 SailPoint 的所有業務，那麼這個想法會更容易實現，但這並不現實。

And by the way, we don't have to.

順便說一句，我們沒必要這麼做。

We can cover these new use cases, which are going to be, which by the way is the story of Okta.

我們可以介紹這些新的用例，順便說一下，這就是 Okta 的故事。

Like when we started Okta, people said you should --you can't start an access management company in the cloud.

就像我們創辦 Okta 時，人們說你應該——你不能在雲端創辦一家存取管理公司。

There's not enough in the cloud.

雲端的內容不夠。

You have to do on prem and you have to like take maybe some software and host it.

您必須在本地進行操作，並且可能需要一些軟體並託管它。

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.

而我們說，不，我們要建構一個預先整合的、非常靈活、能夠快速獲得價值的現代化東西，這就是世界的發展方向，也是我們要去的地方。

So we've taken the same tact with both privilege and in governance.

因此，我們在特權和治理方面採取了同樣的策略。

And I think if you think about the competitive landscape and the strategy of it

我認為如果你考慮一下競爭格局和策略

(technical difficulty)

（技術難度）

-- starting from governance and starting from privilege on premise and going out to try to build a full suite?

——從治理開始，從內部特權開始，然後嘗試建構全套套件？

Or would you start from our almost 20,000 customers and building some of these new capabilities around that?

或者您會從我們近 20,000 名客戶開始，並圍繞此建立一些新功能？

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.

我認為我們處於更有利的地位，但我確信其他供應商可能有自己的看法，我們將看看誰會獲勝。

Brian Essex, JPMorgan.

摩根大通的布萊恩‧艾塞克斯 (Brian Essex)。

Good afternoon.

午安.

Thanks for taking the question.

感謝您回答這個問題。

Yeah, I want to dig into the new products.

是的，我想深入了解新產品。

It's great to see the traction there, 15% of the bookings is a great result.

很高興看到那裡的吸引力，15％的預訂量是一個很好的結果。

I want to see if we could peel back another layer.

我想看看我們是否可以再剝開一層。

What percentage came from new versus existing?

來自新建資產和現有資產的百分比是多少？

And how do you think about expanding with new products into existing customers versus larger lands with new products into new logos?

您如何看待將新產品拓展到現有客戶群，還是將新產品拓展到更大的市場、推出新標誌？

Where's the bigger opportunity?

更大的機會在哪裡？

And how do we think about the momentum there?

我們如何看待那裡的發展動能？

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.

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經驗，我估計其中大部分是追加銷售。

But there were some significant new logos.

但也有一些重要的新標誌。

I mentioned the large technology company that had a nearly $5 million ARR deal.

我提到了一家擁有近 500 萬美元 ARR 交易的大型科技公司。

That was all a new customer.

那都是新顧客。

That was multiple products in the suite.

該套件中有多種產品。

So there are some, especially in the larger deals, there's bigger companies.

因此，特別是在較大的交易中，有一些更大的公司。

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.

我認為這就像一個縮影，或者說，我們一直在談論的很多事情的一個很好的例子，即大公司都有自己的預算，他們有自己的計劃，有自己的項目，即使這些計劃可能為期較長，他們也會積極執行。

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.

他們更有可能採取身份識別等策略性舉措，因為這些舉措可能會帶來長期回報，而不是更快的回報，也許另一項舉措可能會帶來更快的回報或不需要花費太多工作就可以實現。

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.

而且他們也是我們提供的套件，您可以從單一供應商獲得訪問、管理和特權，這是有吸引力的，因為他們意識到他們可以——他們可能有很多不同的小供應商在做小眾的事情，他們可以節省更多合併成本。

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.

另一件事是，他們了解中立的價值，以及不被束縛如何帶來巨大優勢。

So I think that's why you're seeing the business naturally gravitate toward bigger companies.

所以我認為這就是為什麼你會看到業務自然而然地向大公司靠攏。

And, you know, we the $1 million-plus cohort now for Okta is $1 billion of revenue, which is great.

而且您知道，我們現在為 Okta 帶來了 100 多萬美元的收入，這是非常好的。

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.

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，這是一筆 500 萬美元的交易，這實際上佔他們州的三分之一。

We have a lot of opportunity just in that account.

光是這個我們就有很多機會。

So it's exciting.

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.

因此，這聽起來仍然更像是一場狩獵——農民與獵人之間的較量，但獵人獲得了一些牽引力。

Yeah.

是的。

I think that's probably right.

我認為那可能是對的。

Yeah.

是的。

I would agree with that, Brian.

我同意這個觀點，布萊恩。

I would say that, yeah, the math does suggest it's more upsell than the new business.

我想說，是的，數學計算確實表明它的追加銷售額比新業務更高。

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.

但我認為有趣的是，隨著產品的成熟，你將能夠吸引更多的新客戶。

So it's basically what we've done in every other product category that we've entered.

因此，這基本上就是我們在進入的所有其他產品類別中所做的。

So we started out with something that's, I want to say basic, but like, you know

所以我們開始做一些我想說是基本的事情，但是，你知道

--

--

(technical difficulty) called it 1.0 earlier.

（技術難度）早些時候稱之為1.0。

There you go.

就這樣。

Okay.

好的。

That's good.

那挺好的。

And then it got better over time and then you started landing with it.

隨著時間的推移，情況變得越來越好，然後你就開始用它著陸。

We've done it with multiple products now.

現在我們已經對多種產品實現了這一目標。

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

我們將繼續對這些新產品實行這種做法，並且我們對此感到十分興奮。

Great.

偉大的。

That makes sense.

這很有道理。

Thank you.

謝謝。

[Janae Tadiki, Truist]

[Janae Tadiki，Truist]

Great.

偉大的。

Thank you for taking my question.

感謝您回答我的問題。

You mentioned the governance solution representing around a third of the contract value when sold in a workforce deal.

您提到，在勞動力交易中出售的治理解決方案約佔合約價值的三分之一。

How should we think about pricing uplift with some of your newer solutions like Privileged Access

我們應該如何看待你們一些較新的解決方案（如特權訪問）的價格上漲

(technical difficulty)

（技術難度）

I think the on Privileged Access, we're it's earlier.

我認為，關於特權訪問，我們的時間更早。

We don't have as many customers.

我們的顧客不多。

Governance has it's close to 1,000 customers.

Governance 擁有近 1,000 名客戶。

So it's we have much more data on that.

因此我們對此有更多數據。

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.

但特權存取看起來將會在同一個區域，就其可能而言——如果交易中沒有治理或特權並且你添加特權，它可能是價值的三分之一或 30％。

And then identity threat protection is probably the furthest along after that.

身分威脅防護可能是此後最前線的領域。

And it's a similar type of uplift to Advanced Multifactor.

這與 Advanced Multifactor 的提升類型類似。

So it's a significant type of uplift on the deal.

因此，這對交易來說是一個重大的提升。

Adam Borg, Stifel.

亞當·博格（Adam Borg），斯蒂費爾（Stifel）。

Awesome.

驚人的。

Thanks for fitting me in.

謝謝你給我安排。

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.

也許對於 Todd 來說，僅在新興產品方面，很高興看到我們在電話中談到的綠芽和即將到來的專業化。

As we think about fiscal '26, how do we think about the packaging and pricing side?

當我們思考26財年時，我們如何看待包裝和定價方面？

Any changes there given these newer solutions to coincide with the new specializations that you're talking about?

這些較新的解決方案是否發生了任何變化，以適應您所談論的新專業？

Thanks so much.

非常感謝。

We have a bunch of things we're modeling out and experiments we're doing.

我們正在建模並進行大量實驗。

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.

我認為主要的想法是，我們現在的定價相當單一，我們正在考慮增加更多內容或簡化定價。

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.

我們看到了人們購買「好」、「更好」、「最好」產品的良好模式，我們也在研究一些想法，讓顧客更容易消費，而不是逐一挑選每一個選項和每一個特定的產品。

Todd, I wanted to ask you about the international business.

托德，我想問你關於國際業務的問題。

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.

你看，從市場進入的角度來看，北美業務在您所做的某些改變方面得到了很多 TLC，例如您在今年早些時候談到的 100 家製藥公司的分叉。

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.

但如果您能給我們一個解釋，並調整一下國際業務放緩的原因，我想我有一些想法。

But if you can comment on what you're seeing in terms of business and demand dynamics.

但如果您可以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?

然後，布雷特，您可以分享我們在整個業務中看到的一些指標嗎？

Are they better or worse from an operational perspective when just looking at the international lens?

如果僅從國際視角來看，從營運角度來看它們是更好還是更差？

Thank you.

謝謝。

It's important part of our business that I'm spending personally time international.

我花費個人時間在國際上是我們業務的重要部分。

I mentioned I was in Australia and Asia just last week.

我提到我上週剛去過澳洲和亞洲。

I think I'm very happy with the teams there.

我對那裡的球隊非常滿意。

We've had a new leader in Europe now for coming up on this will be the third quarter, I believe.

現在，我們在歐洲有了一位新的領導人，我相信，這將在第三季出現。

And Europe, I think, is has a little bit of a tougher economic situation than North America.

我認為歐洲的經濟狀況比北美稍微嚴峻一些。

So some of that you know, the macro is -- the last three or four quarters, macro, Europe has been consistently tougher, than North America.

因此，您知道，宏觀方面—過去三、四個季度，歐洲的宏觀情況一直比北美更為嚴峻。

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.

所以然後我 — — 但就機會和對安全的推動以及解決方案產生共鳴的方式而言，它是相當普遍的。

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.

因此，我認為也許就團隊表現、產品組合、能力和重點而言，我們在國際上擁有巨大的成長機會，而且我們已準備好去把握它。

Yeah, I would just add that it's an area that we're really also focused on from a partner perspective, right?

是的，我只想補充一點，從合作夥伴的角度來看，這也是我們真正關注的領域，對嗎？

You've heard about the MSPs, you've heard about GSIs, all these different, and even the traditional VARs.

您聽說過 MSP、GSI，以及所有這些不同的，甚至是傳統的 VAR。

I mean, there's a lot of opportunity in international that we need to tap into through those partnership channels.

我的意思是，我們需要透過這些合作管道來挖掘國際上的大量機會。

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.

就指標而言，如果它們看起來有什麼不同，那麼除了 Todd 剛才所說的，它們並沒有太大的不同，從宏觀角度來看，似乎確實存在（技術難度），但這就是我得到了。

Thank you.

謝謝。

Peter Weed, Bernstein.

彼得威德、伯恩斯坦。

Hey, thank you so much.

嘿，非常感謝。

I appreciate you going over time and actually all the questions you've taken.

我很感謝您抽出時間並回答了您提出的所有問題。

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.

我認為，您強調的令人興奮的事情之一是，您看到了隧道盡頭的曙光，積壓訂單達到頂峰，而人們在 26 年中期對這類事情降級。

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.

顯然，這並不像懸崖一樣一下子消失，而是隨著時間的推移逐漸消失。

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?

當我們思考我們自己的模型時，我的意思是，我們是否應該考慮在 12 到 18 個月內發生這種情況並慢慢惡化？

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.

而且，您知道，顯然我們不應該以此為基礎，您知道，之前存在的超過 120% 的 NRR 也許可以回到原來的水平。

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.

但是，您知道，最終會消失的逆風程度是，在 12 到 18 個月內逆風會減少 300 到 500 個基點。

Help us dimensionalize some of that so that we think about the timing and where that that should have impact.

幫助我們將其中的一些內容具體化，這樣我們就可以思考時間和地點會產生什麼影響。

Yes.

是的。

I would say that's a good point about it's not a cliff.

我想說，關於這不是懸崖的觀點很正確。

It just gets lessened.

它只是逐漸減少了。

So thank you for saying that, Peter.

謝謝你這麼說，彼得。

So hopefully everybody heard that.

希望大家都能聽到這句話。

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.

但就整個2026 財年的NRR 預期而言，讓我們度過第四季度，這是我們今年最大的一個季度，然後讓我們完成我們的財務計劃，然後我就可以告訴你更多關於2026 財年的NRR 的信息，因為我們'將會獲得比現在更多的信息。

We're excited for it.

我們對此感到很興奮。

Thank you.

謝謝。

Thank you.

謝謝。

Great.

偉大的。

Well, thanks everybody for sticking with us for the call.

好吧，感謝大家堅持收聽我們的電話。

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.

在您離開之前，我只想告訴您，除了 12 月至 1 月舉辦幾次現場和虛擬巴士之旅之外，我們還將於 12 月 10 日參加在舊金山舉行的豐業銀行全球科技大會。