Okta Inc (OKTA) 2022 Q3 法說會逐字稿

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Hey, everybody. Welcome to Okta's Third Quarter of Fiscal Year 2022 Earnings Webcast. I'm Dave Gennarelli, Vice President of Investor Relations at Okta. With me in today's meeting, we have Todd McKinnon, our Chief Executive Officer and Co-Founder; Brett Tighe, our Interim Chief Financial Officer; and Frederic Kerrest, our Executive Vice Chairman, Chief Operating Officer and Co-Founder.

大家好。歡迎來到 Okta 的 2022 財年第三季度收益網絡廣播。我是 Okta 投資者關係副總裁 Dave Gennarelli。今天和我一起參加會議的還有我們的首席執行官兼聯合創始人 Todd McKinnon； Brett Tighe，我們的臨時首席財務官；和 Frederic Kerrest，我們的執行副主席、首席運營官和聯合創始人。

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

今天的會議將包括根據 1995 年《私人證券訴訟改革法案》的安全港條款的前瞻性陳述，包括但不限於關於我們的財務前景和市場定位的陳述。前瞻性陳述涉及已知和未知的風險和不確定性，可能導致我們的實際結果、業績或成就與前瞻性陳述中明示或暗示的存在重大差異。前瞻性陳述僅代表管理層截至作出之日的信念和假設。有關可能影響公司財務業績的因素的信息包含在我們不時向 SEC 提交的文件中，包括我們之前的 10-Q 表格中標題為風險因素的部分。

In addition, during today's meeting, we will discuss non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. A reconciliation between GAAP and non-GAAP financial measures and a discussion of the limitations of using non-GAAP measures versus their closest GAAP equivalents is available on our earnings release. You can also find more detailed information in our supplemental financial materials, which include trended financial statements and key metrics posted on our Investor Relations website.

此外，在今天的會議上，我們將討論非 GAAP 財務指標。這些非公認會計原則財務指標是對根據公認會計原則編制的財務業績指標的補充，而不是替代或優於這些指標。我們的收益報告中提供了 GAAP 和非 GAAP 財務指標之間的對賬，以及使用非 GAAP 指標與其最接近的 GAAP 等值指標的局限性的討論。您還可以在我們的補充財務材料中找到更多詳細信息，其中包括我們投資者關係網站上發布的趨勢財務報表和關鍵指標。

In today's meeting, we will quote a number of numeric or growth changes as we discuss our financial performance. And unless otherwise noted, each such reference represents a year-over-year comparison.

在今天的會議上，我們將在討論我們的財務業績時引用一些數字或增長變化。除非另有說明，否則每個此類參考都代表了逐年比較。

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

現在我想把會議交給 Todd McKinnon。托德?

Thanks, Dave, and thank you, everyone, for joining us this afternoon. Our strong third quarter results were driven by continued performance across Okta's stand-alone business as well as from Auth0. The importance of identity continues to accelerate as global economies endeavor to recover. Okta and Auth0 are playing a pivotal role in helping organizations secure access to technology from anywhere.

謝謝戴夫，謝謝大家今天下午加入我們。我們強勁的第三季度業績是由 Okta 的獨立業務以及 Auth0 的持續表現推動的。隨著全球經濟努力復甦，身份的重要性不斷提高。 Okta 和 Auth0 在幫助組織安全地從任何地方訪問技術方面發揮著關鍵作用。

The 3 mega trends that have driven Okta's business over the past few years continue to drive our growth: the deployment of cloud and hybrid IT, digital transformation projects and the adoption of Zero Trust security environments. I'll start with a quick recap of our combined Q3 financial results and then get into some of our other notable highlights from the quarter.

過去幾年推動 Okta 業務發展的三大趨勢繼續推動我們的增長：雲和混合 IT 的部署、數字化轉型項目以及零信任安全環境的採用。我將首先快速回顧一下我們第三季度的合併財務業績，然後介紹我們本季度的其他一些值得注意的亮點。

In Q3, RPO grew 49%. Current RPO grew 57%. Total revenue grew 61%. Subscription revenue grew 63%, and we generated $33 million in free cash flow for a 10% free cash flow margin. We added 950 customers in Q3 with over 700 additions to the Okta platform and over 200 new Auth0 customers. Our overall customer base now stands at 14,000. We added over 200 customers with $100,000-plus annual contract value, or ACV, and about half of them were new customers. Our total base of $100,000-plus ACV customers now stands at over 2,800. We also continued to have strong momentum with even larger contracts. The growth rate for a customer cohort with an ACV of $250,000 or greater all grew 50% or higher.

第三季度，RPO 增長了 49%。當前的 RPO 增長了 57%。總收入增長 61%。訂閱收入增長了 63%，我們產生了 3300 萬美元的自由現金流，自由現金流利潤率為 10%。我們在第三季度增加了 950 名客戶，其中超過 700 名添加到 Okta 平台和 200 多名新的 Auth0 客戶。我們的整體客戶群現在為 14,000。我們增加了 200 多家年合同價值超過 100,000 美元或 ACV 的客戶，其中大約一半是新客戶。我們的 ACV 客戶總數超過 100,000 美元，現在超過 2,800 名。我們還繼續保持強勁勢頭，簽訂了更大的合同。 ACV 為 250,000 美元或更高的客戶群的增長率均增長了 50% 或更高。

Here are just a few notable examples of large enterprise wins in Q3, which come from a wide range of industries. A global investment management firm with hundreds of billions of dollars under management was an exciting new workforce and customer identity win this quarter. The Okta Identity Engine was key to the firm selecting Okta to improve its security posture by modernizing its IT ecosystem and reducing its dependency on legacy on-prem infrastructure. Okta will enable the firm to provide a better user experience to its employees and institutional clients while meeting the finance industry's high standard for security.

這只是第三季度大型企業獲勝的幾個值得注意的例子，它們來自廣泛的行業。一家管理著數千億美元資產的全球投資管理公司在本季度贏得了令人興奮的新員工隊伍和客戶身份。 Okta 身份引擎是該公司選擇 Okta 通過現代化 IT 生態系統和減少對傳統本地基礎設施的依賴來改善其安全狀況的關鍵。 Okta 將使該公司能夠為其員工和機構客戶提供更好的用戶體驗，同時滿足金融行業的高安全標準。

Under Armour, one of the world's largest athletic performance brands, was a great new Okta customer identity win. As the pandemic created a significant shift in purchase behavior towards digital, they needed to quickly identify a solution capable of unifying legacy direct-to-consumer applications to modernize the way it was connecting with its consumers. Okta's low-code, easy-to-integrate and scalable solution is helping Under Armour create a seamless, more consistent experience across millions of monthly consumer interactions.

Under Armour 是世界上最大的運動性能品牌之一，是 Okta 新客戶身份的一次偉大勝利。隨著大流行導致購買行為向數字化的重大轉變，他們需要快速確定一種能夠統一傳統的直接面向消費者的應用程序的解決方案，以使其與消費者的聯繫方式現代化。 Okta 的低代碼、易於集成和可擴展的解決方案正在幫助 Under Armour 在每月數百萬的消費者互動中創建無縫、更一致的體驗。

A Fortune 100 financial services company was a great new Auth0 win in Q3. They are deploying Auth0 as the identity layer for their B2B applications, allowing the company to focus their development resources on their core products. It's a great first step, and we see a lot of opportunity to further partner with this global company in the future.

一家財富 100 強的金融服務公司在第三季度獲得了 Auth0 的巨大勝利。他們正在部署 Auth0 作為其 B2B 應用程序的身份層，從而使公司能夠將開發資源集中在其核心產品上。這是偉大的第一步，我們看到未來有很多機會與這家全球公司進一步合作。

Combining forces with Auth0 accelerates our penetration into the massive SIEM market. One area that we are particularly excited about is the opportunity to cross-sell into each other's customer base. While we've only been a combined company for 2 quarters, we're already seeing some great cross-sell activity. Auth0 customers that became new Okta workforce customers include NASCAR; SigTech; [Johanna]; and Toppan Printing, a Global 1000 company.

與 Auth0 的結合加速了我們對龐大的 SIEM 市場的滲透。我們特別興奮的一個領域是有機會向彼此的客戶群進行交叉銷售。雖然我們合併後的公司只有兩個季度，但我們已經看到了一些很棒的交叉銷售活動。成為新 Okta 勞動力客戶的 Auth0 客戶包括 NASCAR；信號技術； [約翰娜];和凸版印刷，一家全球 1000 強公司。

We also had a large financial services customer of Okta sign on as a new Auth0 customer. This company has millions of customers and billions of dollars in funded loans. They've been a great Okta customer since 2017, using Okta workforce products to secure their infrastructure, scale rapidly and improve its security posture. As the company grew, it was looking for a trusted partner to replace a legacy home-built system and free up its engineering resources. Okta and Auth0 collaborated to identify which solution would be the best fit and aligned on Auth0 due to its ease of use, extensibility and scalability. With millions of logins per month, the company looks to improve the member experience as well as enhance its security posture.

我們還有一個 Okta 的大型金融服務客戶作為新的 Auth0 客戶登錄。這家公司擁有數百萬客戶和數十億美元的融資貸款。自 2017 年以來，他們一直是 Okta 的優秀客戶，使用 Okta 勞動力產品來保護其基礎設施、快速擴展並改善其安全狀況。隨著公司的發展，它正在尋找一個值得信賴的合作夥伴來替換傳統的自製系統並釋放其工程資源。 Okta 和 Auth0 合作確定哪種解決方案最適合併與 Auth0 保持一致，因為它易於使用、可擴展性和可擴展性。該公司每月有數百萬次登錄，希望改善會員體驗並增強其安全狀況。

We also continued to build on our public sector customer base and momentum, including a federal government win in the quarter with the Department of Transportation Office of the Inspector General. Additionally, Okta was recently included in the first-ever StateRAMP Authorized Vendor List. This inclusion demonstrates Okta's commitment to helping state and local governments drive transformation across their platforms. StateRAMP authorization gives government and procurement officials confidence in the service providers' data security capabilities and provides a central location for sourcing StateRAMP-verified SaaS solutions.

我們還繼續鞏固我們的公共部門客戶群和勢頭，包括聯邦政府在本季度與交通部監察長辦公室取得的勝利。此外，Okta 最近被列入第一個 StateRAMP 授權供應商名單。這種包含表明 Okta 致力於幫助州和地方政府推動跨平台轉型。 StateRAMP 授權使政府和採購官員對服務提供商的數據安全能力充滿信心，並為採購經過 StateRAMP 驗證的 SaaS 解決方案提供了一個中心位置。

We've already seen great success with state agencies, including Kansas, Illinois, Iowa and Montana. We're also experiencing success with local government agencies, including the cities of Los Angeles and Las Vegas and Larimer County. It's still early innings for Okta within the public sector, and we're excited to build on this opportunity.

我們已經看到堪薩斯州、伊利諾伊州、愛荷華州和蒙大拿州等州機構取得了巨大成功。我們在當地政府機構方面也取得了成功，包括洛杉磯、拉斯維加斯和拉里默縣等城市。在公共部門，Okta 仍處於早期階段，我們很高興能夠利用這個機會。

Over the past 13-plus years, Okta has established itself as the leader in identity and access management. We're a trusted partner with our customers, and we've built that trust with great products and great service. At our virtual Showcase event in October, we highlighted new features and innovations from Okta's customer identity such as device authorization grant, branding and customer admin roles. We also announced the availability of the Auth0 platform on Azure. The addition of Azure as an Auth0 private cloud platform option unlocks a secure cloud deployment option for organizations seeking strategic fit with their technology stack.

在過去的 13 多年中，Okta 已成為身份和訪問管理領域的領導者。我們是客戶值得信賴的合作夥伴，我們以優質的產品和優質的服務建立了這種信任。在 10 月份的虛擬展示活動中，我們重點介紹了 Okta 客戶身份的新功能和創新，例如設備授權授予、品牌和客戶管理員角色。我們還宣佈在 Azure 上提供 Auth0 平台。將 Azure 添加為 Auth0 私有云平台選項為尋求與其技術堆棧進行戰略匹配的組織解鎖了安全的雲部署選項。

Other exciting news from Showcase was that we've decoupled workflows from advanced life cycle management to better capture the value that customers are getting with new tiered pricing for paid users. Okta Workflows automates complex identity-centric business processes for many of the world's leading brands, including Sonos, Slack, Intercom and Moody's.

Showcase 的其他令人振奮的消息是，我們已將工作流與高級生命週期管理分離，以更好地捕捉客戶通過付費用戶的新分層定價獲得的價值。 Okta Workflows 為許多世界領先品牌（包括 Sonos、Slack、Intercom 和 Moody's）自動化複雜的以身份為中心的業務流程。

Now any customer can leverage the power of Okta Workflows to solve any identity use case, from provisioning and security to customer privacy and more. Workflows will be a key offering within our IGA portfolio. On that front, we continue to make great progress on the development side for both our IGA and PAM initiatives. In fact, we had an overwhelming response to invitations to our IGA beta, including marquee logos. It's clear to us that customers are hungry for cloud-first alternatives to their IGA and PAM initiatives, and Okta has become a trusted partner for their identity solutions.

現在，任何客戶都可以利用 Okta Workflows 的強大功能來解決任何身份用例，從供應和安全到客戶隱私等等。工作流程將是我們 IGA 產品組合中的一個關鍵產品。在這方面，我們繼續在 IGA 和 PAM 計劃的開發方面取得重大進展。事實上，我們對 IGA 測試版的邀請（包括字幕徽標）反應熱烈。我們很清楚，客戶渴望在 IGA 和 PAM 計劃之外採用雲優先替代方案，Okta 已成為其身份解決方案值得信賴的合作夥伴。

Our growing customer base and strong retention rate is great validation of our business. It's also nice to receive third-party recognition of our leadership as well. Gartner recently published their 2021 Access Management Magic Quadrant evaluation, and I'm proud to say that Okta was named a leader for the fifth consecutive year and was positioned highest on the ability to execute access of any vendor in the evaluation. Auth0 was also named a leader for the first time.

我們不斷增長的客戶群和強大的保留率是對我們業務的極大驗證。也很高興獲得第三方對我們領導力的認可。 Gartner 最近發布了他們的 2021 年訪問管理魔力像限評估，我很自豪地說，Okta 連續第五年被評為領導者，並且在評估中對任何供應商的訪問執行能力排名最高。 Auth0 也首次被命名為領導者。

I also want to take a minute to recognize the progress we've made on the ESG front. Earlier this year, we made a commitment to achieving 100% renewable electricity for our global real estate footprint by 2022. We advanced the program rapidly and recently announced we reached that goal for our global offices and employees' work-from-home consumption. We've recently published an ESG fact sheet on our website, which contains more detailed information on this, as well as all the other great work we're doing on this front.

我還想花一點時間來認識一下我們在 ESG 方面取得的進展。今年早些時候，我們承諾到 2022 年為我們的全球房地產足跡實現 100% 的可再生電力。我們迅速推進了該計劃，最近宣布我們實現了全球辦公室和員工在家工作消費的目標。我們最近在我們的網站上發布了一份 ESG 情況說明書，其中包含有關這方面的更多詳細信息，以及我們在這方面所做的所有其他出色工作。

I want to highlight that this past quarter, we celebrated the fifth anniversary of the founding of Okta for Good, our social impact arm. Our goal is to strengthen the connections between people, technology and community. And we'll continue to commit our most valuable resources, our people, products and dollars to this work.

我想強調的是，上個季度，我們慶祝了我們的社會影響機構 Okta for Good 成立五週年。我們的目標是加強人、技術和社區之間的聯繫。我們將繼續將我們最寶貴的資源、人員、產品和資金投入到這項工作中。

Before we get to the financial review, I wanted to give a quick update on the CFO search. We're being very thoughtful with the process, and it's always difficult to project time lines. In the meantime, Brett and team have been doing a fantastic job, and they've earned trust and confidence, both internally and externally.

在進行財務審查之前，我想快速了解一下 CFO 搜索的最新情況。我們對這個過程非常周到，而且總是很難規劃時間線。與此同時，布雷特和團隊一直做得非常出色，他們贏得了內部和外部的信任和信心。

I'll close by saying that we remain excited about the trends we're seeing in our business. Q4 is always our biggest quarter of the year, and it's off to a good start. It's clear that the market continues to move toward a modern cloud-first approach to identity. With our unmatched array of cloud-native identity solutions that solve a wide range of use cases, it's also clear that Okta is best positioned to capture and execute against the $80 billion total addressable market opportunity.

最後我要說的是，我們仍然對我們在業務中看到的趨勢感到興奮。第四季度一直是我們一年中最大的季度，而且開局良好。很明顯，市場繼續朝著現代云優先的身份方法發展。憑藉我們無與倫比的雲原生身份解決方案陣列，解決了廣泛的用例，很明顯，Okta 最有能力捕捉和執行 800 億美元的潛在市場機會。

I'll now turn it over to Brett to walk you through more of our Q3 financial details and how we're raising our outlook for the fiscal year.

我現在將把它交給布雷特，向您介紹我們第三季度的更多財務細節以及我們如何提高本財年的前景。

Thanks, Todd, and thank you, everyone, for joining us. As we noted last quarter, Okta and Auth0 are integrating quickly, and we'll only be breaking out Auth0's GAAP revenue and net loss for Q3 and Q4 of this fiscal year. With that, I will now highlight some of the results for the third quarter as well as provide our business outlook.

謝謝，托德，謝謝大家加入我們。正如我們上個季度所指出的，Okta 和 Auth0 正在快速整合，我們只會打破 Auth0 在本財年第三季度和第四季度的 GAAP 收入和淨虧損。有了這個，我現在將重點介紹第三季度的一些結果，並提供我們的業務前景。

Total revenue for the third quarter increased 61%, driven by a 63% increase in subscription revenue. Subscription revenue represented 96% of our total revenue. On an Okta stand-alone basis, total revenue grew 40%. Auth0 revenue, net of $4 million in recognized purchase accounting adjustments, was $46 million.

在訂閱收入增長 63% 的推動下，第三季度的總收入增長了 61%。訂閱收入占我們總收入的 96%。在 Okta 獨立的基礎上，總收入增長了 40%。 Auth0 收入，扣除 400 萬美元的已確認採購會計調整後，為 4600 萬美元。

RPO or backlog, which for us is contracted subscription revenue both billed and unbilled that has not yet been recognized, grew 49% to $2.35 billion. Current RPO, which represents subscription revenue we expect to recognize over the next 12 months, also experienced strong growth of 57% to $1.18 billion.

RPO 或積壓，對我們來說是尚未確認的已計費和未計費的合同訂閱收入，增長了 49% 至 23.5 億美元。當前的 RPO（代表我們預計在未來 12 個月內確認的訂閱收入）也經歷了 57% 的強勁增長，達到 11.8 億美元。

Demand for our products remains robust, driven by the macro trends that Todd mentioned earlier. Calculated billings growth in the third quarter was driven by strength across new and existing customers for both Okta and Auth0. Both total and current calculated billings grew 54%. Calculated billings includes the effect of billings process improvements that were enacted at the end of the first quarter of FY '22. Excluding the billings changes, calculated billings grew 53%.

在托德之前提到的宏觀趨勢的推動下，對我們產品的需求依然強勁。第三季度計算出的賬單增長是由 Okta 和 Auth0 的新老客戶的實力推動的。總和當前計算的賬單都增長了 54%。計算的帳單包括在 22 財年第一季度末制定的帳單流程改進的影響。不計帳單變化，計算出的帳單增長了 53%。

Turning to retention. Our dollar-based net retention rate for the trailing 12-month period was 122%, reflecting the strong upsell motion we are seeing with our existing customers across both Okta and Auth0 as they expand on both products and users. Consistent with prior quarters, gross retention rates remain very healthy and reflect the value of our products to our customers. The net revenue retention rate may fluctuate from quarter-to-quarter as the mix of new business, renewals and upsells fluctuate.

轉向保留。在過去的 12 個月期間，我們基於美元的淨保留率為 122%，這反映了我們在 Okta 和 Auth0 的現有客戶中看到的強勁追加銷售動議，因為他們在產品和用戶方面都進行了擴展。與前幾個季度一致，總保留率仍然非常健康，反映了我們產品對客戶的價值。隨著新業務、續訂和追加銷售的組合波動，淨收入保留率可能會隨著季度的變化而波動。

Before turning to expense items and profitability, I'll point out that I will be discussing non-GAAP results going forward.

在轉向費用項目和盈利能力之前，我會指出我將討論未來的非公認會計原則結果。

Now looking at expenses. Operating expenses grew 70% and is primarily attributable to the inclusion of Auth0. Total head count now stands at nearly 4,600 employees, up 76%.

現在看費用。運營費用增長了 70%，主要歸因於 Auth0。現在員工總數接近 4,600 人，增長了 76%。

Moving to cash flow. Free cash flow was $33 million, which yielded a 10% free cash flow margin. The strong free cash flow generation was primarily driven by beneficial working capital. We ended the third quarter with a strong balance sheet anchored by $2.48 billion in cash, cash equivalents and short-term investments.

轉向現金流。自由現金流為 3300 萬美元，產生了 10% 的自由現金流利潤率。強勁的自由現金流產生主要是由有益的營運資金推動的。第三季度結束時，我們以 24.8 億美元的現金、現金等價物和短期投資為基礎，擁有強勁的資產負債表。

Now let's get into our financial outlook for Q4 and FY '22. We had strong Q3 results and maintain conviction in the secular market tailwinds and our leadership position in the identity market. We're making great progress integrating Auth0 and continue to be prudent and thoughtful about the rate and pace of near-term integration and synergies. This is reflected in our guidance.

現在讓我們來看看我們對第四季度和 22 財年的財務展望。我們在第三季度取得了強勁的業績，並對長期市場的順風以及我們在身份市場的領導地位保持信心。我們在集成 Auth0 方面取得了巨大進展，並繼續對近期集成和協同效應的速度和速度保持謹慎和深思熟慮。這反映在我們的指導中。

With that as a backdrop, for the fourth quarter of FY '22, we expect total revenue of $358 million to $360 million, representing a growth rate of 53% year-over-year; non-GAAP operating loss of $35 million to $34 million; and non-GAAP net loss per share of $0.25 to $0.24, assuming weighted average shares outstanding of approximately 154 million.

在此背景下，我們預計 22 財年第四季度的總收入為 3.58 億美元至 3.6 億美元，同比增長 53%；非美國通用會計準則運營虧損 3500 萬至 3400 萬美元；假設加權平均流通股約為 1.54 億股，非公認會計準則每股淨虧損為 0.25 美元至 0.24 美元。

For the full year FY '22, given our strong Q3 results and expectations for a strong Q4, we are raising our revenue outlook. We now expect total revenue of $1.275 billion to $1.277 billion, representing growth of 53% year-over-year. We also now expect non-GAAP operating loss of $85 million to $84 million and non-GAAP net loss per share of $0.53 to $0.52, assuming weighted average shares outstanding of approximately 147 million.

對於 22 財年全年，鑑於我們強勁的第三季度業績和對強勁第四季度的預期，我們正在提高我們的收入前景。我們現在預計總收入為 12.75 億美元至 12.77 億美元，同比增長 53%。我們現在還預計非 GAAP 運營虧損為 8500 萬美元至 8400 萬美元，非 GAAP 每股淨虧損為 0.53 美元至 0.52 美元，假設加權平均流通股約為 1.47 億美元。

We continue to believe that current RPO is a better metric than calculated billings to measure quarterly performance as it provides a more predictable and consistent view of the business.

我們仍然認為，當前的 RPO 是衡量季度業績的比計算賬單更好的指標，因為它提供了更可預測和一致的業務視圖。

Here are a few comments to help with modeling the full year FY '22. First, we continue to expect current RPO growth to remain strong with growth similar to subscription revenue growth. Note that our subscription revenue growth expectations have been raised following our strong Q3 results. Second, we continue to expect calculated billings growth to outpace subscription revenue growth by low double digits for the year. This projects an acceleration in the billings growth rate from Q3 to Q4. And finally, we continue to expect free cash flow margin to be in the positive mid-single-digit range.

以下是一些有助於對 22 財年全年建模的評論。首先，我們繼續預計當前的 RPO 增長將保持強勁，增長與訂閱收入增長相似。請注意，在我們強勁的第三季度業績之後，我們的訂閱收入增長預期已經上調。其次，我們繼續預計今年計算出的賬單增長將超過訂閱收入增長低兩位數。這預計從第三季度到第四季度的賬單增長率將加速。最後，我們繼續預計自由現金流利潤率將處於正的中個位數範圍內。

While we are in the early phases of financial planning, we would also like to provide a preliminary view of our revenue outlook for FY '23. Identity continues to be a primary area of focus for all companies, and our market-leading position sets us up well for the next year and beyond. We currently estimate total revenue to be in the range of $1.745 billion to $1.755 billion, representing growth of 37%.

雖然我們正處於財務規劃的早期階段，但我們也想對我們 23 財年的收入前景提供初步看法。身份仍然是所有公司關注的主要領域，我們的市場領先地位為我們明年及以後的發展奠定了良好的基礎。我們目前估計總收入在 17.45 億美元至 17.55 億美元之間，增長 37%。

To wrap things up, we had a great quarter and are extremely excited about the $80 billion market opportunity in front of us. Okta is very well positioned to build on its strong foundation and market leadership position, which gives us continued confidence in our long-term outlook of $4 billion in revenue in FY '26, growing at least 35% in each year through FY '26 and 20% free cash flow margin in FY '26.

總而言之，我們度過了一個很棒的季度，並且對擺在我們面前的 800 億美元的市場機會感到非常興奮。 Okta 非常有能力建立其強大的基礎和市場領導地位，這使我們對 26 財年 40 億美元收入的長期前景充滿信心，到 26 財年每年至少增長 35%， 26 財年 20% 的自由現金流利潤率。

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

有了這個，我會把它轉回給 Dave 進行問答。戴夫？

Great. Thanks, Brett. (Operator Instructions) I see that a number of you have already done so, and I'll announce you when it's your turn to ask a question. (Operator Instructions)

偉大的。謝謝，布雷特。 （操作員說明）我看到你們中的一些人已經這樣做了，當輪到你們提問時我會宣布你們。 （操作員說明）

So with that, let's get into it. I see Rob Owens. Rob, please go ahead.

因此，讓我們開始吧。我看到羅伯·歐文斯。羅布，請繼續。

Great. I want to drill down into public sector and the opportunity in front of you both. On the federal front, you mentioned a large contract. Obviously, with the executive order, there's a focus around identity and multifactor authentication. But also, with your StateRAMP on the state and local side, just curious as you weigh these opportunities, how long till they come to fruition? And a couple of years down the road, how much of the revenue mix could the public sector be?

偉大的。我想深入研究公共部門和你們面前的機會。在聯邦方面，你提到了一份大合同。顯然，行政命令的重點是身份和多因素身份驗證。而且，您的 StateRAMP 在州和地方方面，只是好奇地權衡這些機會，多久才能實現？幾年後，公共部門的收入組合會佔多少？

Rob, thanks for the question. It's a really important segment for us, public sector in general, and it's a big part of the overall economy. And it's a big part of IT spend as a result of that. So it is -- and like every other organization that has a big reliance on technology going forward, there's a big reliance on identity in that -- within that technology. And so it's a big part of our priority. Specifically, we're seeing a ton of success in public sector, as we mentioned some of the examples. And the federal group this past quarter had one of their best quarters ever. So we're really bullish on that part of the market.

羅布，謝謝你的問題。對我們來說，這是一個非常重要的部分，整個公共部門，它是整個經濟的重要組成部分。因此，這是 IT 支出的很大一部分。所以它是 - 就像所有其他嚴重依賴技術向前發展的組織一樣，在該技術中非常依賴身份。因此，這是我們優先事項的重要組成部分。具體來說，正如我們提到的一些例子，我們在公共部門看到了大量的成功。上個季度的聯邦集團擁有有史以來最好的季度之一。所以我們真的看好這部分市場。

We're focused going into next year on furthering our certifications, which will continue to help us in federal. You mentioned the executive order. That gives some even further clarity in everyone's mind that's buying technology and buying identity in that sector how important security is and what an identity solution can do for you, what Zero Trust can do for you, what multifactor can do for you. That's really bullish for that sector.

我們明年的重點是進一步提高我們的認證，這將繼續幫助我們在聯邦。你提到了行政命令。這讓每個人的頭腦更加清晰，即在該領域購買技術和購買身份安全性有多重要，身份解決方案可以為您做什麼，零信任可以為您做什麼，多因素可以為您做什麼。這對該行業來說真的是利好。

But there are some specific requirements in certifications, FedRAMP or we mentioned StateRAMP. But the thing that's really exciting about that is it's going to -- a lot of those trends are going to be in every industry, and they are in every industry and every company that's trying to think about how they can do more technology, how they can stay secure, how they can transform digitally. And the world is, as it has for a couple of years now, really figuring out that identity is at the core of that. And if you look at surveys, the CIO surveys a lot of you folks do that are really helpful, we look at them, identity and security are at the top of all those. And that as much as anything is a great -- it portends very well for our future and for our advancement toward this $80 billion TAM we talk about.

但是認證中有一些具體的要求，FedRAMP 或者我們提到的 StateRAMP。但真正令人興奮的是它將會——很多這樣的趨勢將出現在每個行業，它們出現在每個行業和每個試圖思考如何做更多技術的公司中，他們如何可以保持安全，他們如何進行數字化轉型。就像過去幾年一樣，這個世界真正認識到身份是其中的核心。如果你看一下調查，你們中很多人所做的 CIO 調查真的很有幫助，我們看看它們，身份和安全是所有這些方面的首要任務。而且這一切都很棒——它對我們的未來以及我們向我們談論的這個 800 億美元的 TAM 的發展非常有利。

Rob, this is Brett. I just want to add one comment to what Todd was saying, which is federal did have a great quarter like Todd was saying. It actually was our fastest-growing area in the company. So it's really quite great results in Q3.

羅布，這是布雷特。我只想對托德所說的話添加一條評論，就像托德所說的那樣，聯邦確實有一個很棒的季度。它實際上是我們公司中增長最快的領域。所以第三季度的結果非常好。

Great. Next, let's go to Brian Essex at Goldman Sachs.

偉大的。接下來，讓我們去看看高盛的布賴恩·埃塞克斯。

Great. A nice set of results. I guess maybe if I could touch on NRR real quick, still a good number, 122%. And I think you spoke to really nice success cross-selling, upselling, particularly within the Auth0 customer base. But could you maybe touch on some of the other inputs into that number such as were there any pricing increases? How it's churned? Maybe give us a little more color to better understand that number, particularly on a relative basis, considering how it's been over the past few quarters.

偉大的。一組不錯的結果。我想如果我能真正快速地觸及 NRR，仍然是一個不錯的數字，122%。而且我認為您在交叉銷售、追加銷售方面取得了非常好的成功，尤其是在 Auth0 客戶群中。但是您能否談談該數字的其他一些輸入，例如是否有任何價格上漲？它是如何攪動的？考慮到過去幾個季度的情況，也許給我們更多的色彩來更好地理解這個數字，特別是在相對的基礎上。

Yes. Brian, thanks for the question and happy to talk about that. So our dollar-based net retention, as you said, was 122% this quarter, which we're very excited about. I think historically, we've said that it would be in the 115% to 120% range. It's been above that for some quarters now, as you noted, and continues to be very, very strong.

是的。布賴恩，謝謝你的問題，很高興談論這個問題。因此，正如您所說，本季度我們基於美元的淨留存率為 122%，我們對此感到非常興奮。我認為從歷史上看，我們已經說過它將在 115% 到 120% 的範圍內。正如你所指出的，現在已經有幾個季度高於這個水平，並且繼續非常非常強勁。

It's kind of a tricky one because if we get too many net new logo acquisitions, the dollar-based net retention goes down. If we cross-sell and upsell, make everyone happy on that front, it goes up. So you win, you lose either way. We're very happy with that number. I will also note that it was the highest gross retention that we've ever had in a quarter. So that continues to go very well.

這有點棘手，因為如果我們獲得太多的淨新標識收購，基於美元的淨留存率就會下降。如果我們交叉銷售和追加銷售，讓每個人都在這方面感到高興，它就會上升。所以你贏了，你就輸了。我們對這個數字非常滿意。我還要指出，這是我們一個季度以來最高的總留存率。所以這繼續進行得很好。

I think what you're really seeing is the breadth and the power of the platform. There's more and more cross-sell and upsell opportunity as well as net new logo acquisition. Okta stand-alone added 700 new customers, over 700 new customers this past quarter. Auth0 added another 200 plus, so a lot of net new customer acquisition. At the same time, you're seeing a lot of that great Auth0 cross-sell that's already happening just 2 quarters into the integration that we were really optimistic on, both Auth0 customers becoming new Okta workforce customers and the inverse where someone's been using Okta for a long time, now they're comfortable with Auth0 since they're part of a public company. So that's going very well, and I expect that to continue. So really across the board, we're very happy with that. It's a very solid number, and I think you're going to see more of that in Q4 and going into next year.

我認為你真正看到的是平台的廣度和力量。有越來越多的交叉銷售和追加銷售機會以及淨新標識收購。 Okta 單機版增加了 700 名新客戶，上個季度新增了 700 多名新客戶。 Auth0 又增加了 200 多個，因此獲得了很多淨新客戶。同時，您會看到很多很棒的 Auth0 交叉銷售，這在我們非常樂觀的集成僅兩個季度就已經發生了，Auth0 客戶都成為新的 Okta 員工客戶，而有人一直在使用 Okta很長一段時間以來，現在他們對 Auth0 感到滿意，因為他們是上市公司的一部分。所以進展非常順利，我希望這種情況會繼續下去。所以真的全面，我們對此感到非常高興。這是一個非常可靠的數字，我認為你會在第四季度和明年看到更多這樣的數字。

So it sounds like maybe more of a mix shift issue than anything else.

所以這聽起來可能更像是一個混合轉換問題而不是其他任何事情。

Yes. I mean, it's -- we don't manage it specifically. There's no specific number we're targeting. Like I said, it goes up, it goes down either way. Overall, Q3 revenue grew 61% year-over-year. RPO grew 49% year-over-year to $2.35 billion, and those are some of the top line metrics we focus on.

是的。我的意思是，它是 - 我們沒有專門管理它。我們的目標沒有具體的數字。就像我說的，它會上升，它會下降。總體而言，第三季度收入同比增長 61%。 RPO 同比增長 49% 至 23.5 億美元，這些是我們關注的一些頂級指標。

Yes. It's interesting, Brian. Freddy mentioned the gross retention. It's been super -- I was just looking at the graph earlier today. It's been super, super steady for 8 to 10 -- I mean, I was looking back 8 to 10 quarters. Even before that, it's been super steady over time.

是的。很有趣，布賴恩。 Freddy 提到了總留存率。太棒了——我今天早些時候只是在看圖表。 8 到 10 場比賽非常非常穩定——我的意思是，我回顧了 8 到 10 個季度。甚至在那之前，隨著時間的推移，它已經非常穩定了。

All right. Next question is from Adam Tindle at Raymond James. Did we lose Adam?

好的。下一個問題來自 Raymond James 的 Adam Tindle。我們失去了亞當嗎？

Adam, I don't know if we can hear you. I see you talking, but I can't hear you.

亞當，我不知道我們是否能聽到你的聲音。我看到你在說話，但我聽不見你。

There we go. All right. I got it.

我們去吧。好的。我知道了。

There you go.

你去吧。

So this is a question for you, Freddy, and maybe Todd can comment. But Brett talked about billings from Q3 to Q4 accelerating, that expectation built in. Maybe you could comment on some of the near-term drivers of that underneath it.

所以這是你的問題，弗雷迪，也許托德可以發表評論。但布雷特談到了從第三季度到第四季度的加速增長，這種預期是內在的。也許你可以評論一下它背後的一些近期驅動因素。

And coming into this year, if I remember correctly, your initial guidance was for around 30% growth. Now Brett's talking about an outlook for 37% growth next year. Most of that's organic, and you're working on bigger numbers. So it sounds like that growth acceleration is expecting to continue. Maybe just talk about some of the drivers underpinning that confidence.

進入今年，如果我沒記錯的話，你最初的指導是大約 30% 的增長。現在布雷特正在談論明年增長 37% 的前景。其中大部分是有機的，你正在處理更大的數字。因此，聽起來增長加速有望繼續。也許只是談談支持這種信心的一些驅動因素。

Yes. Absolutely. I'll talk about that at a high level, and then Brett can talk a little bit of some of the details around billings. First of all, we're very excited about that long-range plan. We continue to reiterate it. I think it's very solid, 35%-plus growth each year through FY '26, getting us to $4 billion of revenue and 20% FCF margins. That's something that we're doing very well and tracking to.

是的。絕對地。我將在高層次上討論這個問題，然後 Brett 可以談談有關比林斯的一些細節。首先，我們對這個長期計劃感到非常興奮。我們繼續重申它。我認為這是非常穩定的，到 26 財年為止每年增長 35% 以上，使我們的收入達到 40 億美元，FCF 利潤率達到 20%。這是我們做得很好並跟踪的事情。

Q4 is a really big quarter for us. We look a lot more these days, and I think you see it more and more in the industry, shifting from a focus on billings that have duration and they have timing and all sorts of other adjustments to RPO, frankly, CRPO and total RPO, both of which are doing very well. When we look at a CRPO number of 57% year-over-year growth going into Q4, I think that's very solid. Q4 historically has been our strongest quarter. It's lining up very, very well. And as we get more and more into these large enterprises with growth rates of customer cohorts with $250,000-plus ACV, $500,000-plus ACV, $1 million-plus ACV all growing 50% or higher, you're really starting to see that pipeline generated for next year as well. And when we think about total RPO and CRPO, those are the big metrics that we think are very interesting.

第四季度對我們來說是一個非常重要的季度。這些天我們看起來更多，我認為你在行業中看到它越來越多，從關注具有持續時間的計費轉移，他們有時間以及對 RPO 的各種其他調整，坦率地說，CRPO 和總 RPO，兩者都做得很好。當我們看到進入第四季度的 CRPO 數量同比增長 57% 時，我認為這是非常可靠的。從歷史上看，第四季度是我們表現最強勁的季度。排的非常非常好。隨著我們越來越多地進入這些大型企業，其客戶群體的增長率為 250,000 美元以上 ACV、500,000 美元以上 ACV、100 萬美元以上 ACV 均增長 50% 或更高，您真的開始看到管道產生明年也是。當我們考慮總 RPO 和 CRPO 時，這些是我們認為非常有趣的重要指標。

Brett, if you want to comment specifically on Q3 billings, that might be helpful.

布雷特，如果您想特別評論第三季度的賬單，那可能會有所幫助。

Yes. Absolutely. So Q3 -- well, I think Adam's question is more around Q4 billings, so I can take that and the acceleration. I'm happy to talk about Q3 as well if that helps, Adam. So Q4 billings acceleration based on what we're talking about of fiscal year '22 billings growth outpacing subscription revenue growth by low double digits, that implies an acceleration, like you were saying, from Q3 to Q4. And that's really a factor of 2 things. One, the billings process change that we implemented in Q1 had a very small effect in Q3, as you could see by the numbers, 54% with the effect growth, 53% without the effect. And when we look forward into Q4, we believe that effect will grow.

是的。絕對地。所以第三季度——嗯，我認為亞當的問題更多的是關於第四季度的賬單，所以我可以接受這個和加速。如果有幫助的話，我也很樂意談論 Q3，Adam。因此，根據我們所說的 22 財年的賬單增長超過訂閱收入增長低兩位數，第四季度的賬單加速，這意味著從第三季度到第四季度的加速，就像你所說的那樣。這實際上是兩件事的一個因素。第一，我們在第一季度實施的計費流程變更對第三季度的影響非常小，從數字可以看出，54% 有效果增長，53% 沒有效果。當我們展望第四季度時，我們相信這種影響會增長。

And then on the second point, just like what Freddy was talking about, there's a tremendous amount of momentum headed into the final quarter of the year. And as I think we've talked about for the last few years, Q4 is our seasonally strongest quarter. And we expect to have a very strong Q4. So you combine the operational impact and the outlook we have for Q4 of strength going into the final quarter of the year, and you get that acceleration and growth rate on billings.

然後在第二點，就像弗雷迪所說的那樣，進入今年最後一個季度的勢頭很大。正如我認為我們在過去幾年中談到的那樣，第四季度是我們季節性最強的季度。我們預計第四季度會非常強勁。因此，您將運營影響和我們對進入今年最後一個季度的第四季度的實力前景結合起來，您就會獲得賬單的加速和增長率。

Got it. That's helpful. Maybe just as a follow-up for Todd, I wanted to ask a question on Workflows. I know it's early. But kind of both on the tech and the pricing model, wondering what you're learning from customers on feedback around the technology. And on the economic model or pricing model, it's kind of similar to Auth0 with some pre-Workflows upfront and wondering what the feedback is on that, if you foresee perhaps adopting that economic model more broadly in other areas as well.

知道了。這很有幫助。也許只是作為 Todd 的後續行動，我想問一個關於 Workflows 的問題。我知道現在還早。但是在技術和定價模型方面，想知道你從客戶那裡學到了什麼關於技術的反饋。在經濟模型或定價模型上，它有點類似於 Auth0，有一些預先工作流程，並且想知道對此的反饋是什麼，如果您預見到可能會在其他領域更廣泛地採用該經濟模型。

Yes. Can you hear me okay?

是的。你能聽到我的聲音嗎？

Perfect.

完美的。

Good. Tried some new camera this time. Didn't work too well, but I'm back. It's going really well. We're really excited about Workflows, and I think it's -- we talked about a Showcase Workflows for any identity use case, which takes the Workflows platform service and breaks it apart from the package of advanced life cycle management so a customer can use it for any identity use case. And Workflows is very powerful. It's essentially -- you can write any program, you can automate any process in a way that's visual. You don't have to have programmers do it. You can do it in a visual flow. So it's very powerful.

好的。這次嘗試了一些新相機。效果不太好，但我回來了。進展非常順利。我們對 Workflows 感到非常興奮，我認為是——我們談到了適用於任何身份用例的 Showcase Workflows，它採用 Workflows 平台服務並將其與高級生命週期管理包分開，以便客戶可以使用它對於任何身份用例。 Workflows 非常強大。它本質上是——你可以編寫任何程序，你可以以一種可視化的方式自動化任何過程。你不必讓程序員去做。你可以在視覺流程中做到這一點。所以它非常強大。

What we've learned is as customers are using the advanced workflows as part of the advanced life cycle management product was that it was very powerful, and they could do a lot with it. And it drove big deals and big upsells. So that's why we made the decision to get it used more broadly in the customer base because we want customers doing more with our platform. We want customers connecting it to more systems and automating more identity-centric business processes with Workflow. So it's early. Showcase -- we just announced this a couple months ago at Showcase, but we're very excited about it.

我們了解到，當客戶使用高級工作流程作為高級生命週期管理產品的一部分時，它非常強大，他們可以用它做很多事情。它推動了大筆交易和大額追加銷售。這就是為什麼我們決定在客戶群中更廣泛地使用它，因為我們希望客戶在我們的平台上做更多的事情。我們希望客戶將其連接到更多系統，並通過 Workflow 自動化更多以身份為中心的業務流程。所以還早。 Showcase——我們幾個月前剛剛在 Showcase 上宣布了這一點，但我們對此感到非常興奮。

We have learned interesting things like the way you document it and train people and how the services teams and the partner community interacts with the platform service and with customers' needs to evolve because it expands the scope and the power of what you can do with our platform. And so the partner community and the services team and the customers' expectations and how they're educated are even broadened with this platform service. So I think you're going to see a lot of great things from this change.

我們學到了一些有趣的東西，比如你記錄它和培訓人員的方式，以及服務團隊和合作夥伴社區如何與平台服務交互，以及客戶的需求如何演變，因為它擴大了你可以用我們做的事情的範圍和力量。平台。因此，合作夥伴社區和服務團隊以及客戶的期望以及他們的教育方式甚至通過這個平台服務得到了擴展。所以我認為你會從這個變化中看到很多很棒的東西。

And it's part of a bigger trend, which is something we've been doing. You saw the video at the beginning of the call about the Okta Identity Engine. It's making Okta into a broader, more powerful platform because identity is at the core of all these things customers are trying to do, but it has to support every use case. It has to support every type of flow they want to do, every use case, both workforce and customer identity. And that's why we're building this broad platform to enable those use cases.

這是更大趨勢的一部分，這是我們一直在做的事情。您在電話會議開始時看到了有關 Okta 身份引擎的視頻。它使 Okta 成為一個更廣泛、更強大的平台，因為身份是客戶試圖做的所有這些事情的核心，但它必須支持每個用例。它必須支持他們想要執行的每種類型的流程、每個用例、勞動力和客戶身份。這就是為什麼我們要構建這個廣泛的平台來支持這些用例。

All right. Next, we're going to go to Jonathan Ho with William Blair. Jonathan?

好的。接下來，我們將和 William Blair 一起去 Jonathan Ho。喬納森？

I just wanted to start out with, I guess, the strength in larger deals that you talked about. Can you give us maybe a little bit more color on what's driving that, whether it's sort of multiproduct sales versus greater success with larger customers?

我想我只是想從你所說的大宗交易的實力開始。您能否就推動這一點的原因給我們更多的色彩，無論是多產品銷售還是與更大客戶的更大成功？

Yes. Happy to talk about that. So first of all, the over -- the metric that we've been tracking for some time and speaking with you all about is the over $100,000 ACV customers. That number is now at 2,825. We added 215 quarter-over-quarter. And as usual, about half of those were new customers. So in addition to those other numbers I gave you, you just see the trend continuing.

是的。很高興談論這個。因此，首先，我們已經跟踪了一段時間並與您討論的指標是超過 100,000 美元的 ACV 客戶。這個數字現在是 2,825。我們環比增加了 215 個。和往常一樣，其中大約一半是新客戶。因此，除了我給您的其他數字之外，您只會看到趨勢仍在繼續。

I think it's for a few reasons. First of all, identity is becoming -- it's coming front and center for everyone. It might have been something that really just early adopters of technology were thinking about some years ago, but it's the largest organizations in the world that are realizing the importance of identity because of these 3 big trends that we talk about. The first one, obviously, is everyone is adopting cloud and hybrid IT; digital transformation, right, the most overused term in the industry, but everyone needs a better way to interact with their customers, partners, vendors, suppliers, especially when you're in this dynamic, remote e-commerce world; and then finally, the underpinnings of Zero Trust security.

我認為有幾個原因。首先，身份正在成為——它正在成為每個人的首要和中心。這可能是幾年前技術的早期採用者真正考慮的事情，但由於我們談論的這三大趨勢，世界上最大的組織正在意識到身份的重要性。顯然，第一個是每個人都在採用雲和混合 IT；數字化轉型，對，是業內最被濫用的術語，但每個人都需要一種更好的方式與他們的客戶、合作夥伴、供應商、供應商互動，尤其是當你身處這個充滿活力的遠程電子商務世界時；最後是零信任安全的基礎。

And when we talk with large organizations, I mean, it is at the C level. And I heard multiple times in the last couple of months, "We are thinking about making a 10- or 15-year decision for a foundational, fundamental partner for identity." And frankly, for a company like us, those are very exciting conversations to be in. These are companies that have legacy technology. They own all the technology because they've been born through M&A. They're all around the world, and they're trying to think about, "Okay, as I simplify this for my employees and my customers, one key piece of the whole puzzle now really is coming to the forefront of identity. Who can help me with this and think about not just what I'm trying to do today but future proofing my environments for tomorrow?"

當我們與大型組織交談時，我的意思是，它是在 C 級別。在過去的幾個月裡，我多次聽到，“我們正在考慮為一個基礎的、基本的身份合作夥伴做出 10 年或 15 年的決定。”坦率地說，對於像我們這樣的公司來說，這些都是非常令人興奮的對話。這些公司擁有傳統技術。他們擁有所有技術，因為他們是通過併購誕生的。他們遍布世界各地，他們試圖思考，“好吧，當我為我的員工和我的客戶簡化這一點時，整個難題的一個關鍵部分現在真的來到了身份的最前沿。誰能幫我解決這個問題，不僅要考慮我今天要做什麼，還要考慮未來如何為明天的環境做準備？”

Frankly, our conversations around IGA and PAM, these new products that we've announced that are going to be coming online, are also very strong. We're getting an overwhelming response to the invitations to our IGA beta so much so that we actually had to shut down that conversation and say, "Hey, we can't take any more beta customers right now." There are marquee logos, Fortune 500 companies way before I thought they would, are saying, "I need a modern IGA solution." Customers are hungry for these cloud-first alternatives to not only core access that we've been doing for a long time but IGA and PAM and a lot of other things that we've got in our pockets for the years ahead. And I think you're really starting to see this momentum.

坦率地說，我們圍繞 IGA 和 PAM（我們宣布將要上線的這些新產品）的對話也非常激烈。我們收到了對 IGA 測試版邀請的熱烈反響，以至於我們實際上不得不關閉對話並說：“嘿，我們現在不能再接受測試版客戶了。”有一些標誌性的標誌，財富 500 強公司比我想像的要早，正在說，“我需要一個現代 IGA 解決方案。”客戶渴望這些雲優先的替代方案，不僅是我們長期以來一直在做的核心訪問，還有 IGA 和 PAM 以及我們未來幾年口袋裡的許多其他東西。我認為你真的開始看到這種勢頭。

The first question was around federal. Certainly, that's happening. But you go across industries, large financial institutions, global companies, whether it's manufacturing or services, they all realize that this is like a key moment in time as they reorganize their architecture. And identity is coming front and center. It is -- they are very exciting conversations to be in, for sure.

第一個問題是關於聯邦的。當然，這正在發生。但是你跨越行業、大型金融機構、跨國公司，無論是製造業還是服務業，他們都意識到這是他們重組架構的關鍵時刻。身份正處於首位和中心位置。這是 - 他們肯定是非常令人興奮的對話。

Great. Next, let's go to Josh Tilton at Wolfe Research.

偉大的。接下來，讓我們看看 Wolfe Research 的 Josh Tilton。

As we get kind of increasingly closer to this launch of your IGA and your PAM solutions, do you guys kind of have a sense of where customer demand is strongest across all 3 different aspects of identity and security? And how do you kind of expect this to trend throughout next year?

隨著我們越來越接近您的 IGA 和 PAM 解決方案的推出，你們是否對身份和安全的所有 3 個不同方面的客戶需求最強有某種感覺？您如何期望這種趨勢貫穿明年？

Yes. Absolutely. And when you say the 3 different trends of identity and security, are you referring to the cloud and hybrid IT, digital transformation and Zero Trust security? Or is there something else in there?

是的。絕對地。當您說身份和安全的 3 種不同趨勢時，您指的是雲和混合 IT、數字化轉型和零信任安全嗎？還是裡面有別的東西？

More IGA, PAM versus access.

更多 IGA、PAM 與訪問。

Versus access, got it. Well, certainly, our customers today are all buying access because that's what we have to offer. They are very excited about IGA and PAM because these are obviously new markets that we're getting into. But look, we're not sitting here in an ivory tower coming up with good ideas on what we're going to build next.

與訪問相比，明白了。好吧，當然，我們今天的客戶都在購買訪問權限，因為這是我們必須提供的。他們對 IGA 和 PAM 感到非常興奮，因為這些顯然是我們正在進入的新市場。但是你看，我們不是坐在像牙塔里想出關於我們下一步要建造什麼的好主意。

As you can see from the Gartner Magic Quadrant, there's a reason that we are positioned very high when it comes to the ability to execute. We spend a lot of time making these customers successful. They want best-of-breed. They want independence. They want neutrality. And as a result of spending a lot of time, dollar-based net retention, all the other metrics, but also all the subjective, you can hear it in the customer speaking, because we've spent so much time with them, they tell us what they want. And they've been asking for modern products when it comes to IGA, which is a derivative of identity.

正如您從 Gartner 魔力像限中看到的那樣，我們在執行能力方面處於非常高的位置是有原因的。我們花了很多時間讓這些客戶取得成功。他們想要最好的品種。他們想要獨立。他們想要中立。由於花費了大量時間，基於美元的淨留存率，所有其他指標，還有所有主觀的，你可以從客戶的談話中聽到，因為我們花了很多時間和他們在一起，他們告訴我們他們想要什麼。當談到 IGA 時，他們一直在尋求現代產品，這是身份的衍生品。

There's no one doing core IGA. It's access becomes identity, becomes governance. And so people say, "Look, I've already got all my identity stuff in the cloud running on Okta. I want the product right next to it. It's going to be the governance thing so I can give the reports over to my auditors." We already do all the provisioning. So it's a pretty natural next step. You've seen the workflows, adding in some reporting. It's going to be very clean.

沒有人在做核心 IGA。它的訪問變成了身份，變成了治理。所以人們說，“看，我已經在 Okta 上運行雲中的所有身份信息。我希望產品就在它旁邊。這將是治理的事情，所以我可以將報告交給我的審計師。”我們已經完成了所有配置。所以這是一個很自然的下一步。您已經看到了工作流程，並添加了一些報告。它會非常乾淨。

And again, PAM, same thing. It's not like we're starting fresh. We've got an amazing product in Advanced Server Access. It's doing very, very well. You see us continue to release new features like AD domain join, which we did recently at our Okta Showcase event, which is a very important one. And that's going to become a huge suite as well.

再一次，PAM，同樣的事情。這不像我們要重新開始。我們在 Advanced Server Access 中有一個了不起的產品。它做得非常非常好。您會看到我們繼續發布新功能，例如 AD 域加入，這是我們最近在 Okta Showcase 活動中所做的，這是一項非常重要的活動。這也將成為一個巨大的套房。

Now I would argue that in this cloud world, all access is privileged access. So it's pretty natural that when you're doing access, that's what it becomes. But look, these are huge opportunities, and there's going to be more of this. As people adopt more of these cloud-first alternatives, they're building the solution and the vision for the future. They're not going backwards. And I think that plays very well into how we're positioned today, but especially where we're going tomorrow and in the years to come.

現在我會爭辯說，在這個雲世界中，所有訪問都是特權訪問。所以很自然，當你進行訪問時，它就會變成這樣。但是看，這些都是巨大的機會，而且還會更多。隨著人們越來越多地採用這些雲優先的替代方案，他們正在構建解決方案和對未來的願景。他們不會倒退。我認為這對我們今天的定位非常重要，尤其是我們明天和未來幾年的發展方向。

Yes. I'll add one quick thing on that, too, from my perspective. I think one thing people miss about IGA and PAM is that the markets today, I think, are 1/10 of the size they could be with a cloud-first product that's tightly integrated to an identity provider like Okta. And when we look at building out these products, and Freddy mentioned the -- and I mentioned earlier about the beta for IGA and how fast that filled up and how excited people are about that product, we want to make the market 10x bigger than it is today and grow because we think a better product, easier to use, a simpler and more cloud-native product can do that. So that's our mindset as we go into those markets.

是的。從我的角度來看，我也會快速添加一件事情。我認為人們對 IGA 和 PAM 懷念的一件事是，我認為，今天的市場規模是與 Okta 等身份提供商緊密集成的雲優先產品的 1/10。當我們著眼於構建這些產品時，Freddy 提到了——我之前提到過 IGA 的測試版以及它的填充速度有多快以及人們對該產品的興奮程度，我們想讓市場比它大 10 倍是今天並且成長，因為我們認為更好的產品，更容易使用，更簡單和更雲原生的產品可以做到這一點。這就是我們進入這些市場時的心態。

And I know it's still kind of super early. But since you guys have Auth0 under your belt, any noticeable change to the percentage of new customers that are landing with both workforce and the SIEM use case right off the bat?

而且我知道現在還為時過早。但是，既然你們擁有 Auth0，那麼立即使用勞動力和 SIEM 用例登陸的新客戶的百分比有什麼明顯變化嗎？

Well, in aggregate, when you add on Auth0 in, all their business was SIEM. So the percentage goes way up, which is one of the reasons why we're so excited about the combination. Because if you zoom out for a minute, both businesses are doing very well. The -- on the Okta side, we predominantly started with workforce and then upsold our SIEM platform. Auth0, all was started with Auth0 SIEM. But when you combine the companies, now you're telling the world that -- or you're reiterating to the world that identity is critical, and Okta is the preeminent independent and neutral identity provider. And whether it's customer identity or workforce identity, whether it's IGA or privileged, you need a trusted partner in that, and Okta is that at-scale trusted partner. And that's why we're so excited about the future as we continue down this integration path and build this amazing company.

好吧，總的來說，當您添加 Auth0 時，他們所有的業務都是 SIEM。所以這個百分比上升了，這也是我們對這個組合如此興奮的原因之一。因為如果你縮小一分鐘，兩家公司都做得很好。 - 在 Okta 方面，我們主要從勞動力開始，然後向上銷售我們的 SIEM 平台。 Auth0，一切都是從 Auth0 SIEM 開始的。但是，當您合併這些公司時，您現在是在告訴全世界——或者您在向世界重申身份至關重要，而 Okta 是卓越的獨立和中立身份提供商。無論是客戶身份還是勞動力身份，無論是 IGA 還是特權身份，您都需要一個值得信賴的合作夥伴，而 Okta 就是那個大規模的值得信賴的合作夥伴。這就是為什麼我們對未來如此興奮，因為我們將繼續沿著這條整合之路走下去，建立這家了不起的公司。

Great. Let's go to Eric Heath at KeyBanc.

偉大的。讓我們去找 KeyBanc 的 Eric Heath。

Congrats on a strong quarter. Todd, you've been a leader in the identity space and connecting users to applications and resources. But how do you think about the importance of machine identity long term, securing connections between machines or the communication of resources? And is that a market you need to address to be consolidated with the identity market more broadly?

祝賀一個強勁的季度。 Todd，您一直是身份領域的領導者，並將用戶與應用程序和資源聯繫起來。但是您如何看待機器身份長期的重要性、確保機器之間的連接或資源通信的重要性？這是一個你需要解決的市場，以便更廣泛地與身份市場整合嗎？

I think people are the right place to start. And I think that you're always going to, to some degree, secure machines. If you think about -- one of the powerful things about the identity engine technology we've talked about is that it really -- in our architecture, it puts devices as a first-class citizen in the architecture. So with the identity engine, you can do this with super powerful policy that's different based on not just the user but the device they're coming from.

我認為人們是正確的起點。而且我認為你總是會在某種程度上保護機器。如果你想一想——我們討論過的身份引擎技術的強大之處之一是它真的——在我們的架構中，它將設備作為架構中的一等公民。因此，使用身份引擎，您可以使用超級強大的策略來做到這一點，該策略不僅基於用戶而且基於他們來自的設備而有所不同。

So that's an example of we started with the user, now we've made devices a first-class citizen. And we give the customers this amazing and powerful policy engine that they can tailor by device or by users. So they could say, if Todd is coming from his home device, there's a different policy than if Todd is logging in from his computer at work.

所以這是我們從用戶開始的一個例子，現在我們已經讓設備成為一等公民。我們為客戶提供了這個驚人而強大的策略引擎，他們可以根據設備或用戶進行定制。所以他們可以說，如果 Todd 來自他的家用設備，則與 Todd 在工作時從他的計算機登錄不同的策略。

So our philosophy is start with the user, work out to the machines. Even in the -- if you look at the way our Advanced Server Access product works, it is -- starts with the user. And then from there, it maps to the machine. And we think that's the best way to do that, to solve that use case, but then also as extension to PAM use case. So that's how we're approaching it, and I think that's going to be very powerful going forward.

所以我們的理念是從用戶開始，到機器。即使在 - 如果您查看我們的 Advanced Server Access 產品的工作方式，它也是 - 從用戶開始。然後從那裡映射到機器。我們認為這是解決該用例的最佳方法，但也可以作為 PAM 用例的擴展。所以這就是我們正在接近它的方式，我認為這將是非常強大的未來。

Great. And then a follow-up, if I may, for Todd or Freddy. As you look into fiscal '23, you have a lot on your plate, of course, with marrying the go-to-market efforts of Okta and Auth0 and rolling out 2 important products with IGA and PAM. So just any color on how you're thinking about making sure the sales force is well equipped to execute against that next year?

偉大的。如果可以的話，然後是托德或弗雷迪的後續行動。當您查看 23 財年時，當然，您有很多事情要做，將 Okta 和 Auth0 的上市努力結合起來，並推出 2 種具有 IGA 和 PAM 的重要產品。那麼，關於您如何考慮確保銷售人員有能力在明年執行這一任務的任何顏色？

Yes. Absolutely. We do have a lot on our plate, and that's an exciting place to be, frankly. And that's the kind of problem we like to have. We are doing very well in the integration efforts. Obviously, when it comes to the back office, that's in really great shape. When it comes to a lot of the upsell, cross-sell motion, we got that figured out very quickly, as we highlighted. And now another key piece of the puzzle, as you just mentioned, is the sales forces. They will be fully integrated come Feb 1, which is 2 short months from now when we kick off the new fiscal year. It'll all be under one umbrella. We're already doing -- as you can imagine, you don't just flip the switch when you have the size of the sales force as ours, especially how fast it's growing. We already are doing a lot of work around territory management, around education, around getting all the new folks ramped on now the broader suite of products that they're going to have to offer. But it's going very well.

是的。絕對地。我們確實有很多事情要做，坦率地說，這是一個令人興奮的地方。這就是我們喜歡遇到的問題。我們在整合方面做得很好。顯然，當談到後台辦公室時，它的狀態非常好。正如我們強調的那樣，當涉及到很多追加銷售、交叉銷售動作時，我們很快就弄清楚了。正如您剛才提到的，現在難題的另一個關鍵部分是銷售人員。它們將在 2 月 1 日完全整合，也就是我們開始新財年的短短 2 個月後。這一切都在一把傘下。我們已經在這樣做了——正如您可以想像的那樣，當您擁有像我們這樣的銷售隊伍規模時，您不會只是翻轉開關，尤其是它的增長速度有多快。我們已經在區域管理、教育、讓所有新人開始使用他們必須提供的更廣泛的產品套件方面做了大量工作。但進展非常順利。

And I think the most exciting thing frankly is that it's not as though we -- with Auth0, it's not as though we brought in a new company that was tangential or doing something pretty different than what we were doing. They were doing modern identity. We were doing modern identity. It's a very natural motion.

坦率地說，我認為最令人興奮的是，這並不是說我們 - 使用 Auth0，也不是說我們引入了一家與我們正在做的事情完全不同的新公司。他們在做現代身份。我們在做現代身份。這是一個非常自然的動作。

And then finally, the cultural -- I think the cultural symbiosis that you're seeing is really phenomenal, right? Two leading innovative companies, founder-led, that both have this opportunity to say, "Look, we could do something foundational here for the world economy, for our customers over the next 5, 10-plus years, resetting the standard for identity on the Internet." That's a pretty exciting vision. And so I think that's something that everyone's getting behind.

最後，文化——我認為你看到的文化共生真的很驚人，對吧？由創始人領導的兩家領先的創新公司都有機會說：“看，我們可以在未來 5 年、10 多年內為世界經濟、為我們的客戶做一些基礎性的事情，重新設定身份識別標準互聯網。”這是一個非常令人興奮的願景。所以我認為這是每個人都落後的事情。

So ball's within our court. As an entrepreneur, you like being behind the 8 ball. I'll take that opportunity all day long. But yes, we're doing a lot of good planning, and it's going very well. And we're extremely excited, first of all, wrapping up Q4, which is going very well, and then launching into the next fiscal year.

所以球在我們的球場內。作為一名企業家，你喜歡站在 8 號球後面。我會整天抓住這個機會。但是，是的，我們正在做很多好的計劃，而且進展非常順利。我們非常興奮，首先，結束了進展順利的第四季度，然後進入下一個財政年度。

We're in the midst of our strategic and financial planning process right now. And as you mentioned, there's all kinds of things we could do or things people want to do. One thing that's been very clear through the whole thing, the #1 priority by far is executing on the customer identity access management opportunity. So making sure that over the next 12, 18, 24 months, we do an amazing job of winning and expanding our lead in that market. And a big part of that is integrating Auth0, and we're off to a great start. And a big milestone comes, as Freddy mentioned, on Feb 1 when the sales teams are fully integrated. But it's very -- everyone at Okta knows that's the clear priority. We have to execute well on that, and we have to extend our lead in that market. And then that really bodes well for anything else after that we want to do. Winning the SIEM market is going to set the stage for that.

我們現在正處於我們的戰略和財務規劃過程之中。正如你所提到的，我們可以做各種各樣的事情或人們想做的事情。整件事中非常清楚的一件事是，到目前為止，第一要務是執行客戶身份訪問管理機會。因此，確保在接下來的 12、18、24 個月內，我們在贏得併擴大我們在該市場的領先地位方面做得非常出色。其中很大一部分是集成 Auth0，我們有了一個良好的開端。正如弗雷迪所說，一個重要的里程碑是在 2 月 1 日銷售團隊完全整合的時候。但這非常 - Okta 的每個人都知道這是明確的優先事項。我們必須在這方面做得很好，我們必須擴大我們在那個市場的領先地位。然後這對我們想做的其他事情來說真的是個好兆頭。贏得 SIEM 市場將為此奠定基礎。

Let's go to Sterling at JPMorgan.

讓我們看看摩根大通的英鎊。

So if I think about your guidance for next quarter and your expectation for Auth0, I think, to get to that $200 million in ARR, it kind of suggests a pretty significant slowdown in the stand-alone Okta. And the question is this: how much of that is just the difficulty of now carving out what's Auth0 and what's Okta, given prior to Auth0, you had a very good SIEM business as it was? And how much of that is maybe some other impact? Because I think I get a lot of questions around that stand-alone legacy business. And how much opportunity is still left in front of you?

因此，如果我考慮您對下個季度的指導以及您對 Auth0 的期望，我認為，要達到 2 億美元的 ARR，這表明獨立的 Okta 將出現相當顯著的放緩。問題是這樣的：在 Auth0 之前，現在很難確定什麼是 Auth0 和什麼是 Okta，你有一個非常好的 SIEM 業務嗎？其中有多少可能是其他影響？因為我認為我有很多關於那個獨立的傳統業務的問題。還有多少機會擺在你面前？

Well, Sterling, don't call it a legacy business.

好吧，斯特林，不要把它稱為傳統業務。

Yes. Sterling, okay. So I'll take that.

是的。英鎊，好的。所以我會接受的。

Wait. That means I've arrived as an entrepreneur. I have already...

等待。這意味著我已經成為一名企業家。我已經...

I'll take that, and I'll let Freddy or Todd pile on at the end, which is I'm not totally sure where you're getting a slowdown from because if you look at any of the math, I mean, look at Okta stand-alone, just in Q3 by itself, ticked up revenue-wise in terms of growth from 39% in Q2 to 40% in Q3, right? And that's up from 38% in Q1. So clearly, there's a lot of strength in the business. And if you look at the stuff that we've talked about before, which is around CRPO, maybe your math is on billings, I'm not sure, but CRPO growing very strongly for the overall organization. Well, both CRPO and billings are growing very strongly because if you look at what we said today is we've raised our expectations for both CRPO and billings by default because we've raised our subscription revenue growth expectations for the entire year because we raised total revenue at the midpoint of the guide by $30 million.

我會接受，最後我會讓 Freddy 或 Todd 堆積起來，這就是我不完全確定你從哪裡減速，因為如果你看任何數學，我的意思是，看在 Okta 獨立公司，僅在第三季度，就收入增長而言，從第二季度的 39% 增長到第三季度的 40%，對吧？這比第一季度的 38% 有所上升。很明顯，這個行業有很大的實力。如果你看一下我們之前討論過的關於 CRPO 的內容，也許你的數學是關於賬單的，我不確定，但 CRPO 對整個組織來說增長非常強勁。好吧，CRPO 和 billings 的增長都非常強勁，因為如果你看看我們今天所說的，我們默認情況下提高了對 CRPO 和 billings 的預期，因為我們提高了全年訂閱收入增長預期，因為我們提高了指南中點的總收入減少了 3000 萬美元。

So since those are both tied to those, we've obviously made an increase in expectations for both. So both are actually performing very well. You can look at any number of metrics, whether it be total customers, greater than $100,000 customers, the really big customers that Freddy talked about. So we're really pleased with the momentum on both sides of the house, Okta and Auth0, as we exit FY '22.

因此，由於這些都與這些相關，我們顯然對兩者都增加了期望。所以實際上兩者都表現得非常好。您可以查看任意數量的指標，無論是總客戶數、超過 100,000 美元的客戶數，還是 Freddy 談到的真正大客戶。因此，當我們退出 22 財年時，我們對 Okta 和 Auth0 雙方的勢頭感到非常滿意。

I think where it was coming from was revenue, midpoint of the range, I think, is $359 million. If -- I think Auth0 contributed 46% this quarter. I think we all expect it to contribute more next quarter to get to that $200 million of ARR. So if I back out, just hypothetically, $49 million, that would leave you with somewhere just below $310 million, which I think would be something more in the low 30s on growth for the rest of the stand-alone versus the 40% you just did. That's what I was referring to.

我認為它的來源是收入，我認為範圍的中點是 3.59 億美元。如果——我認為 Auth0 本季度貢獻了 46%。我認為我們都希望它在下個季度做出更多貢獻，以實現 2 億美元的 ARR。因此，如果我退出，只是假設，4900 萬美元，那將使你的收入略低於 3.1 億美元，我認為這將是 30 多歲的低增長，其余獨立的，而不是你剛剛的 40%做過。這就是我所指的。

Got it. Got it. That -- I mean, as you know, in the past, we're obviously being just prudent with the guidance and being thoughtful about, obviously, the rate and pace of integration with Auth0. We're being thoughtful about big deals. I mean, it's a big quarter coming ahead. Like I said, it's the seasonally strongest quarter we've got. We are expecting a lot of momentum, but we also are -- have always been very thoughtful about the quarter in front of us in the guidance.

知道了。知道了。那 - 我的意思是，如您所知，在過去，我們顯然只是謹慎對待指導，並且顯然在考慮與 Auth0 集成的速度和速度。我們正在考慮大宗交易。我的意思是，這是一個很大的季度。就像我說的，這是我們擁有的季節性最強的季度。我們期待有很大的動力，但我們也 - 在指導中一直對我們面前的季度非常深思熟慮。

Let's go to Trevor Walsh from JMP.

讓我們談談 JMP 的 Trevor Walsh。

Trevor Walsh on for Pat. You all fielded a few questions from the Showcase around the integration plans for the SIEM business or the SIEM portion for Auth0 versus Okta. And I think the answer then, which I'm assuming probably hasn't changed, was that in order to kind of grow the market for both, it was best to kind of keep those plans kind of shelved for the short term. And I think during your prepared remarks or the slides, you showed kind of a good example of kind of maybe why that strategy makes sense because you had the Under Armour example win as well as the Fortune 100, each one having the legacy SIEM product for Okta and the other for Auth0. So I was wondering if you could kind of dive into maybe those a little bit deeper as to why those customers chose one versus the other, if there was something beyond the product at play, a dynamic there that you might be able to share.

特雷弗沃爾什為帕特效力。你們都從 Showcase 中回答了一些關於 SIEM 業務的集成計劃或 Auth0 與 Okta 的 SIEM 部分的問題。而且我認為當時的答案（我假設可能沒有改變）是，為了擴大兩者的市場，最好在短期內將這些計劃擱置。我認為在你準備好的演講或幻燈片中，你展示了一個很好的例子，說明為什麼這種策略是有意義的，因為你有 Under Armour 的例子和財富 100 強，每個人都有舊的 SIEM 產品Okta 和另一個用於 Auth0。因此，我想知道您是否可以更深入地了解這些客戶為什麼選擇一個而不是另一個，如果有超出產品的東西在起作用，那麼您可能可以分享其中的動態。

It's an important thing. We've been -- even before the acquisition, we thought about it a lot. And we had this thesis that while there was some overlap in the product, they were really in 2 distinct markets. And to build the winning at-scale vendor in the SIEM space, we needed to combine the companies. And that was borne out after we got together and started looking at the data. And there's really only about a 300-customer overlap. So about 2% of the customer base overlapped in terms of using both platforms. So it really -- our thesis is really borne out in the data.

這是一件重要的事情。我們一直 - 甚至在收購之前，我們就已經考慮了很多。我們的論點是，雖然產品有一些重疊，但它們實際上是在兩個不同的市場中。為了在 SIEM 領域打造成功的大規模供應商，我們需要合併這些公司。這在我們聚在一起並開始查看數據後得到了證實。實際上只有大約 300 個客戶重疊。因此，大約 2% 的客戶群在使用這兩個平台方面存在重疊。所以它真的 - 我們的論點真的在數據中得到證實。

As we've got together, and the first priority is make sure that we invest in both platforms because they are distinct and make sure we clearly communicate to the customers in the market that both platforms are going to be maintained and invested and innovated upon. That's really a big priority, as you mentioned, that we communicated at Showcase.

當我們聚在一起時，首要任務是確保我們投資這兩個平台，因為它們是不同的，並確保我們清楚地與市場上的客戶溝通，這兩個平台都將得到維護、投資和創新。正如您所提到的，這確實是我們在 Showcase 上交流的一個重要優先事項。

And then going forward, we want to make sure that we organize -- as the sales teams come together and we integrate the sales teams, as we talked about, we want to make sure that we -- they know how to target accounts and how to best market and communicate and sell the benefits of both respective platforms. And so it's something we're -- we've made a ton of progress on, and we're getting the enablement ready to go for next year.

然後展望未來，我們希望確保我們的組織——當銷售團隊聚集在一起並整合銷售團隊時，正如我們所談到的，我們希望確保我們——他們知道如何定位客戶以及如何以最佳方式營銷、溝通和銷售各自平台的優勢。所以這是我們的事情——我們已經取得了很大的進展，我們正在為明年的啟用做好準備。

The most interesting thing about the distinction between the 2 SIEM platforms is that the Okta platform is really good if the customer wants to integrate it to existing data sources of customers. And they need a cloud directory to sit in front of that and maybe integrate a couple of those accounts to get a couple of those databases together and present a flexible data store for a new customer-facing or an extension of a customer-facing app or a website. And that makes sense, right? Because Okta grew out of this workforce use case that was all about taking business applications with their own distinct directories, whether that was on-premise active directory or an LDAP directory or like a Salesforce or a Google and presenting that as one unified cloud directory that you could build policy and security around.

兩個 SIEM 平台之間最有趣的區別在於，如果客戶想要將 Okta 平台集成到客戶的現有數據源中，它確實非常好。他們需要一個雲目錄放在它前面，並可能集成幾個這樣的帳戶以將幾個數據庫放在一起，並為新的面向客戶或面向客戶的應用程序的擴展提供靈活的數據存儲，或一個網站。這是有道理的，對吧？因為 Okta 是從這種勞動力用例中發展而來的，該用例就是將業務應用程序與自己的不同目錄一起使用，無論是本地活動目錄還是 LDAP 目錄，或者像 Salesforce 或 Google 一樣，並將其呈現為一個統一的雲目錄，你可以建立策略和安全性。

So if you -- in the Under Armour example, that's exactly the case they had. They had an existing directory and an existing e-commerce app that they wanted to add some capability to, and the Okta Universal Directory and the Okta SIEM platform help them do that.

所以如果你——在安德瑪的例子中，他們就是這樣。他們有一個現有的目錄和一個現有的電子商務應用程序，他們想要添加一些功能，而 Okta 通用目錄和 Okta SIEM 平台可以幫助他們做到這一點。

Another example is where they don't have so much of a directory requirement because maybe a lot of the users on the app or the site self-register or the new app is the directory. That's where Auth0's developer flexibility and extensibility and robust capabilities there really shine. We had the example in the comments about the large financial services customer that was really building a new use case, and Auth0 was perfect for them. So it's borne out in how the market is distinct and how the platforms are complementary together.

另一個例子是他們沒有太多的目錄要求，因為可能應用程序或網站上的許多用戶自行註冊或新應用程序就是目錄。這就是 Auth0 的開發人員靈活性和可擴展性以及強大的功能真正大放異彩的地方。我們在評論中提到了一個真正構建新用例的大型金融服務客戶的示例，而 Auth0 非常適合他們。因此，這體現在市場的不同以及平台的互補性上。

All right. Let's go to Adam Borg at Stifel.

好的。讓我們去 Stifel 的 Adam Borg。

Just maybe on the head count for Brett, really strong growth, 76% year-on-year. Just love to hear a little bit more about where you're investing and how should we think about that growth in the coming quarters.

可能只是布雷特的人數，真正強勁的增長，同比增長 76%。只是喜歡聽到更多關於你在哪裡投資以及我們應該如何考慮未來幾個季度的增長的信息。

Yes. Absolutely. We're investing across all lines of the business, frankly. When you think about the opportunity in front of us, massive opportunity, we're $80 billion opportunity. We just guided even next year $1.755 billion growing 37%, still a rounding area in that opportunity. So we're investing in every line across the business.

是的。絕對地。坦率地說，我們正在對所有業務領域進行投資。當您考慮擺在我們面前的機會時，巨大的機會，我們是 800 億美元的機會。我們剛剛指導了明年 17.55 億美元的增長 37%，仍然是那個機會的一個四捨五入的領域。因此，我們正在對整個業務的每一條線進行投資。

And I would say it is -- to your point, it is actually the highest net increase we've ever had as a company and not by like a small amount, but by a very large amount. And we expect to add a significant amount going into Q4 as we go after this massive opportunity out in front of us. And like I said, it's going to be across all lines of business because there's just a lot to do and a lot to get after.

我想說的是——就你的觀點而言，這實際上是我們作為一家公司所擁有的最高淨增長，而且不是很小，而是很大。我們預計將在第四季度增加大量資金，因為我們追求擺在我們面前的這個巨大機會。就像我說的那樣，它將涉及所有業務領域，因為有很多事情要做，還有很多事情要做。

Great. And maybe just a quick follow-up to your point about the initial guidance for next year and the strength there. So maybe just for Todd or Freddy, of course, Brett, if you'd like to take it, too, maybe just a quick update on the competitive landscape, just given really strong growth in the quarter and obviously the confidence into next year.

偉大的。也許只是對你關於明年初步指導和那裡實力的觀點的快速跟進。所以也許只是為了托德或弗雷迪，當然，布雷特，如果你也想接受的話，也許只是對競爭格局的快速更新，因為本季度的增長非常強勁，而且顯然對明年充滿信心。

Yes. Happy to talk about that. The competitive dynamics in the business remain remarkably stable. I mean, we watch them very carefully. Our win rates continue to be very, very strong. We -- obviously, there's 2 separate pieces to the business, customer identity and access management, where the competition is basically build your own, right? And our job is to help companies think about how they can just take identity off the shelf much more easily and put it inside their websites or their applications, the same way you do with Twilio for messaging or Stripe for payments, although I would argue that every application nowadays needs identity. So if we do a good job, it's going to be an even bigger opportunity than some of those others.

是的。很高興談論這個。業務中的競爭動態仍然非常穩定。我的意思是，我們非常仔細地觀察他們。我們的勝率仍然非常非常高。我們——顯然，業務有兩個獨立的部分，客戶身份和訪問管理，競爭基本上是你自己的，對吧？我們的工作是幫助公司思考如何更輕鬆地將身份從貨架上拿下來，並將其放入他們的網站或應用程序中，就像使用 Twilio 進行消息傳遞或使用 Stripe 進行支付一樣，儘管我認為現在的每個應用程序都需要身份。因此，如果我們做得好，這將是一個比其他一些更大的機會。

On the workforce side, the only competitor that we think about and pay attention to continues to be Microsoft. We continue to perform very, very well against them. Every day, the concept of independence, neutrality and best of breed is what you hear more and more. You don't talk to any CIO or CTO at a large organization who wants to get locked into either the Microsoft stack or even just the Azure platform, both for technology reasons. They want the redundancy into AWS and GCP and otherwise but also for business reasons, right? They can put pricing pressure on all of those, and they can spread out how they're going to do those workloads. That plays very well into our favor, obviously. We have this great partnership with AWS. We've got a great partnership with GCP. We're the #1 provider for Office 365 integrations at scale for the largest organizations in the world. And now at Showcase, we just announced that you can now run actually Auth0 as a private cloud platform on Azure.

在勞動力方面，我們考慮和關注的唯一競爭對手仍然是微軟。我們繼續在對抗他們時表現得非常非常好。每天，您越來越多地聽到獨立、中立和同類最佳的概念。您不會與大型組織中的任何 CIO 或 CTO 交談，他們出於技術原因想要鎖定 Microsoft 堆棧甚至只是 Azure 平台。他們希望冗餘到 AWS 和 GCP 以及其他方面，但也是出於業務原因，對吧？他們可以對所有這些施加定價壓力，並且可以分散他們將如何處理這些工作負載。顯然，這對我們非常有利。我們與 AWS 建立了良好的合作夥伴關係。我們與 GCP 建立了良好的合作夥伴關係。我們是全球最大組織大規模 Office 365 集成的第一供應商。現在在 Showcase 上，我們剛剛宣布您現在可以在 Azure 上將 Auth0 作為私有云平台實際運行。

So you really see that we're working very hard to make this the best and easiest solution for all technologies out there, and it's going very well. So yes, when it comes to the competitive landscape, we're paranoid folks. We're always paying very close attention, but I'm very happy to say that we haven't seen any changes. And the win rates continue to be very strong in the market. So...

所以你真的看到我們正在非常努力地使它成為所有技術的最佳和最簡單的解決方案，而且進展非常順利。所以是的，當談到競爭格局時，我們是偏執的人。我們一直在密切關注，但我很高興地說我們沒有看到任何變化。市場上的贏率仍然很高。所以...

Yes. Let's go to Mike Cikos at Needham.

是的。讓我們去Needham的Mike Cikos。

I think you spoke to it a couple of times on the call here with the conversation around cross-selling or the growing deal sizes. And I'm curious, can you help give us a flavor for the, I guess, number of leads or opportunities that are coming to you, looking at Okta for the first time on both a workforce and SIEM use case and like just ballparking pipeline or talk to that qualitatively?

我想你在這裡的電話會議上談了幾次關於交叉銷售或不斷增長的交易規模的談話。我很好奇，你能否幫助我們了解一下即將到來的潛在客戶或機會的數量，第一次在勞動力和 SIEM 用例上查看 Okta，就像只是球場管道還是定性地談論它？

And then the follow-up to that is, I know that the sales force have been doing well executing against this opportunity as you have these 2 speedboats, if you will. But as customers are coming and looking at you for both these use cases, is there the potential that your sales cycles extend? Or how is it you guys are combating that as these deals (inaudible)?

然後跟進的是，我知道銷售人員已經很好地利用了這個機會，因為你有這 2 艘快艇，如果你願意的話。但是，當客戶來找你看這兩個用例時，你的銷售週期是否有可能延長？或者你們是如何與這些交易作鬥爭的（聽不清）？

Yes. Happy to talk about that, Mike. I don't have the lead numbers off the top of my head, so I can't give you a month-over-month or a quarter-over-quarter compare. I could tell you that the pipeline is very strong. It continues to be very strong. It's growing, and it's growing in the places that it matters. It's growing internationally. International today is 21% of our business. It's going to continue to grow. We're going to continue to invest there. This opportunity is global. It's continuing to grow in important sectors that matter. Federal government, we talked about public sector, financial services, but really technology across the entire landscape. It's continuing to grow across geographies. And frankly, all the businesses are really performing very well right now.

是的。很高興談論這個，邁克。我的頭上沒有領先數字，所以我不能給你一個月環比或一個季度環比的比較。我可以告訴你，管道非常強大。它仍然非常強大。它在增長，並且在重要的地方增長。它在國際上不斷發展。今天的國際業務占我們業務的 21%。它會繼續增長。我們將繼續在那裡投資。這個機會是全球性的。它在重要的重要領域繼續增長。聯邦政府，我們談到了公共部門、金融服務，但實際上是整個領域的技術。它在各個地區繼續增長。坦率地說，現在所有的業務都表現得非常好。

The pipeline for Q4 is very strong. But of course, it's the smaller business, smaller mid-market that really generates and closes that pipeline within the quarter. So when you're talking about mid-market or large enterprise, anything we're closing in Q4 obviously happened a while ago. But I can tell you, looking at next fiscal year, it is very promising. We were just talking with our senior management a couple of days ago about some of the very large opportunities that are starting to come together for the first half of next fiscal year and how we're thinking about that. I mean, people are really starting to think about this as a strategic partnership for their organizations. And we're talking about Fortune 10, Fortune 50, I mean, large, large organizations. And you see we had another Fortune 50 technology company upsell for workforce just this last quarter. So I mean, it's really happening.

第四季度的管道非常強大。但當然，在本季度真正產生並關閉該管道的是較小的企業、較小的中型市場。因此，當您談論中型市場或大型企業時，我們在第四季度完成的任何事情顯然都發生在不久前。但我可以告訴你，展望下一個財政年度，這是非常有希望的。幾天前，我們剛剛與我們的高級管理層討論了下一財年上半年開始出現的一些非常大的機會，以及我們對此的看法。我的意思是，人們真的開始將其視為他們組織的戰略夥伴關係。我們談論的是財富 10 強、財富 50 強，我的意思是，大型組織。您會看到，就在上個季度，我們有另一家財富 50 強科技公司追加銷售勞動力。所以我的意思是，這真的發生了。

To how it's going to go as we have more and more to offer in the bag, well, hopefully, our reps are going to make more and more money by selling more and more software is the short answer. The longer answer is, yes, obviously, there is more. So they have to learn more. That's on the organization. It's on us frankly to do a good job with education, with training. There's more and more sales folks.

隨著我們有越來越多的東西可以提供，我們的銷售代表將通過銷售越來越多的軟件賺取越來越多的錢，這就是簡短的答案。更長的答案是，是的，顯然，還有更多。所以他們必須學習更多。那是在組織上。坦率地說，我們有責任做好教育和培訓工作。銷售人員越來越多。

But I'll tell you what. There's also -- we're starting to attract some folks who've been selling enterprise IT for decades. And what that means in large organizations is if someone's been managing the Boeing account for IBM or Oracle for the last 10 years, they really know their ways around those accounts. And they're comfortable now coming to a place like Okta and figuring out, "Wow, I can really set up the next 3, 5 years of going back into that base at Boeing across 24 divisions or across these other organizations and saying, 'I know how to sell to all those because I know where all the technology is because I helped install it over the last 10 years.'" Those are the kinds of opportunities that are exciting.

但我會告訴你什麼。還有——我們開始吸引一些幾十年來一直在銷售企業 IT 的人。這在大型組織中意味著，如果有人在過去 10 年裡一直在為 IBM 或甲骨文管理波音賬戶，那麼他們真的知道如何處理這些賬戶。他們現在很自在地來到像 Okta 這樣的地方並想通了，“哇，我真的可以在接下來的 3 到 5 年裡回到波音公司的 24 個部門或這些其他組織的基地，然後說，'我知道如何向所有人銷售，因為我知道所有技術在哪裡，因為我在過去 10 年裡幫助安裝了它。'”這些都是令人興奮的機會。

Now to your point about sales cycles, do those elongate sales cycles? Sure. If I'm trying to do an ELA at Boeing, it's going to be a little bit longer than a quarter sale cycle. But frankly, like those are the kinds of opportunities that we love to find ourselves in. So when it comes to growing the sales force, it's growing across all segments. Our existing folks are doing very well. There's great new talent that's joining us both at the sales reps, sales management and senior leadership levels. So yes, we're very excited about all that. I'll come back to you on the specific quarter-over-quarter leads number if I can pull it up in time before the end of the call.

現在談到您關於銷售週期的觀點，這些是否會延長銷售週期？當然。如果我想在波音公司做 ELA，它會比一個季度的銷售週期長一點。但坦率地說，像這樣的機會是我們喜歡找到自己的機會。因此，在增加銷售隊伍方面，它在所有領域都在增長。我們現有的人做得很好。在銷售代表、銷售管理和高級領導層都有優秀的新人才加入我們。所以，是的，我們對這一切感到非常興奮。如果我能在通話結束前及時將其拉出來，我會就具體的季度銷售線索數量回复您。

One thing that might be helpful from my perspective is, Okta has grown up from the mid-enterprise several years ago to the enterprise over the last few years. We do mega deals, but we don't do a lot -- we don't do a ton of mega deals. And we're getting to the point now where we are going to start doing mega deals. We've done a few. And as Freddy mentioned, as the -- everyone realizes how important identity is in the overall technology strategy of their organization and they realize that it has to be independent and neutral and our products are so much better than they were a few years ago, it's -- these mega deals are going to start coming more and more. And that's really exciting.

從我的角度來看，可能有幫助的一件事是，Okta 已經從幾年前的中型企業成長為過去幾年的企業。我們做大宗交易，但我們做的不多——我們不做大量的大宗交易。我們現在已經到了開始進行大型交易的地步。我們已經做了一些。正如弗雷迪所說，每個人都意識到身份在他們組織的整體技術戰略中的重要性，他們意識到它必須是獨立和中立的，我們的產品比幾年前要好得多，這是- 這些大型交易將開始越來越多。這真的很令人興奮。

Okay. We're getting a little short on time. I want to get to these last 3 questions. (Operator Instructions) Next, we'll go to Stefan Schwarz at BTIG.

好的。我們的時間有點短了。我想回答最後三個問題。 （操作員說明）接下來，我們將前往 BTIG 的 Stefan Schwarz。

I'm on for Gray. I just wanted to ask on fiscal '23 guidance. Are you factoring any material contribution from your PAM and governance products? Or should we think about anything that happens there as potential upside?

我支持格雷。我只是想問一下 '23 財政年度的指導。您是否考慮了 PAM 和治理產品的任何實質性貢獻？還是我們應該將那裡發生的任何事情視為潛在的上行空間？

Yes. I mean, those products are still in the early innings. So we do expect fast growth out of them. But in terms of the $1.755 billion growing 37%, they will be smaller in nature. And so yes, we do -- we are going to expect something on them. But I wouldn't put a huge number on it myself.

是的。我的意思是，這些產品仍處於早期階段。因此，我們確實預計它們會快速增長。但就增長 37% 的 17.55 億美元而言，它們的規模將更小。所以是的，我們這樣做了——我們會對他們有所期待。但我自己不會在上面放一個很大的數字。

And next, we'll go to Rudy Kessinger at D.A. Davidson.

接下來，我們將去找 D.A. 的 Rudy Kessinger。戴維森。

The acceleration in core Okta from 37% in Q1 to 40% this quarter, could you just maybe get more granular on what the drivers are of that? How much of that is coming maybe from the cross-sell into the Auth0 base versus other factors? Just give a bit more color there, that would be very helpful.

核心 Okta 從第一季度的 37% 加速到本季度的 40%，您能否更詳細地了解驅動因素是什麼？其中有多少可能來自對 Auth0 基礎的交叉銷售與其他因素？只需在此處添加更多顏色，這將非常有幫助。

Yes. We're very excited about that growth, especially at our scale. Now you're talking about a $300 million-plus business Okta stand-alone revenue this quarter. When you're growing at 40%, we feel really good about that. Obviously, when you're able to do the type of FCF margin that we are as well, it really puts you in a good position for what's ahead.

是的。我們對這種增長感到非常興奮，尤其是在我們的規模上。現在你說的是本季度 Okta 獨立業務收入超過 3 億美元。當你以 40% 的速度增長時，我們對此感覺非常好。顯然，當您能夠像我們一樣進行 FCF 保證金類型時，它確實使您處於對未來的有利位置。

I think it comes down to a few things. I mean, first of all, as we've said, these trends that we've been tracking on, cloud and hybrid IT, digital transformation, Zero Trust security, I mean, these are long-term trends, and we're in the early innings of it. More and more organizations realize that the future -- that in the future, identity becomes much more prevalent. The identity is going to be coming in primary cloud, and they want to do that in the cloud, not on-prem, first of all, full stop.

我認為這歸結為幾件事。我的意思是，首先，正如我們所說，我們一直在跟踪的這些趨勢，雲和混合 IT，數字化轉型，零信任安全，我的意思是，這些是長期趨勢，我們處於它的早期階段。越來越多的組織意識到未來——在未來，身份將變得更加普遍。身份將出現在主雲中，他們希望在雲中做到這一點，而不是在本地，首先，句號。

Second of all, I think you see that as the platform expands, more and more products, we're able to land and expand with so many net new situations and use cases. You can now land with just MFA for customer identity and access management if you're a private wealth management shop trying to protect your customers. You can land with just Workflows if you're doing a new SIEM website, and you want to bring in your own data for registration. You can land with just UD and SSO and core products if you're a small business getting up and running. So you're seeing a lot of that.

其次，我想你看到隨著平台的擴展，越來越多的產品，我們能夠在如此多的新情況和用例中登陸和擴展。如果您是一家試圖保護客戶的私人財富管理公司，您現在可以只使用 MFA 進行客戶身份和訪問管理。如果您正在創建一個新的 SIEM 網站，並且想要引入自己的數據進行註冊，則可以只使用 Workflows 登陸。如果您是一家起步和運營的小型企業，您可以只使用 UD 和 SSO 以及核心產品。所以你看到了很多。

When it comes to Auth0 cross-sell and upsell, I think that you certainly see some really good examples of that. But I would say, first of all, it's pretty early. It's still just 2 quarters in. So everyone is getting to know each other. And second of all, when we think about the opportunity out there, look, I'm very excited about 14,000 total customers. I'm very excited about adding 950 quarter-over-quarter. But let's be clear, the opportunity is hundreds and hundreds of thousands of accounts out there, both public sector, private sector, around the world, every industry, every size of company. And so yes, we're very happy with the results and the opportunities ahead. And you're just starting to see people start to say to themselves, "This is important. This is foundational. I need a modern partner." And it's playing right into our favor.

當談到 Auth0 交叉銷售和追加銷售時，我認為您肯定會看到一些非常好的例子。但我想說，首先，現在還為時過早。它仍然只有兩個季度。所以每個人都在互相了解。其次，當我們考慮那裡的機會時，看，我對總共 14,000 名客戶感到非常興奮。我對季度環比增加 950 感到非常興奮。但讓我們明確一點，機會是成千上萬的客戶，包括公共部門、私營部門、世界各地、每個行業、各種規模的公司。所以，是的，我們對結果和未來的機會感到非常滿意。你剛剛開始看到人們開始對自己說，“這很重要。這是基礎。我需要一個現代的合作夥伴。”它正對我們有利。

All right. And finally, we'll finish up with Taz from Guggenheim.

好的。最後，我們將結束來自古根海姆的 Taz。

I have a question on billings momentum. So you had a strong revenue growth quarter, but the billings look like it slowed down a bit versus last quarter. Anything to call out there? Was there any kind of headwind from timing, duration, mix shift towards more monthly customers? It looks like a bit of a slowdown versus last quarter given the strong revenue growth.

我有一個關於比林斯勢頭的問題。所以你有一個強勁的收入增長季度，但與上一季度相比，賬單看起來有所放緩。有什麼要叫的嗎？從時間、持續時間、混合轉向更多的月度客戶是否有任何不利因素？鑑於收入增長強勁，與上一季度相比，它看起來有點放緩。

Yes. Thanks, Taz. I'll take that. Yes, you're exactly right on that. Invoice timing, if you remember last year, we had a tailwind in Q3 of FY '21 due to invoice timing. That flips into a headwind in Q3 of FY '22. And so you're seeing that effect, unfortunately. And this is why we've been talking with you guys more and more about CRPO because it removes that invoicing timing issue. Like you just said in other situations in terms of billings duration, we didn't have any billings duration issues, to be clear. But those are the problems with billings, and it will continue to be a problem forever. And that's the reason why we like CRPO growth. You can see strong CRPO growth for the quarter, 57% year-over-year and elevated expectations for the full fiscal year '22 with that -- with the raise that we talked about earlier in the call. So thanks for the question.

是的。謝謝，塔茲。我會接受的。是的，你完全正確。發票時間，如果你記得去年，由於發票時間的原因，我們在 21 財年第三季度順風順水。這在 22 財年第三季度變成了逆風。不幸的是，你看到了這種效果。這就是為什麼我們越來越多地與你們討論 CRPO，因為它消除了開票時間問題。就像你剛才在其他情況下所說的計費持續時間一樣，我們沒有任何計費持續時間問題，要清楚。但這些都是帳單的問題，而且它將永遠是一個問題。這就是我們喜歡 CRPO 增長的原因。您可以看到本季度 CRPO 強勁增長，同比增長 57%，並且對整個 22 財年的預期也隨之提高——我們在電話會議早些時候談到了加薪。所以謝謝你的問題。

Brett, just one more if I can squeeze it in. Last quarter, I think you gave us some metrics on Auth0 ACV growth of 63%. Any more -- any color you can provide on Auth0 growth this quarter, ACV growth, rev growth or anything to get a better sense of how Auth0 performance was in the quarter?

布雷特，如果我能擠進去，就再多一個。上個季度，我想你給了我們一些關於 Auth0 ACV 增長 63% 的指標。還有更多 - 您可以在本季度的 Auth0 增長、ACV 增長、rev 增長或其他任何顏色上提供任何顏色，以更好地了解本季度 Auth0 的表現如何？

What I can say to that is Auth0 is performing very well and very well on their way for achieving a $200 million or greater than $200 million ARR goal by the end of the fiscal year. So they're doing very well, very pleased with the traction we're getting there. And it just -- every day, it gets a little better with the integration coming together. And we're very excited about the opportunity as a combined company going forward.

我可以說的是，Auth0 在本財年末實現 2 億美元或超過 2 億美元的 ARR 目標的過程中表現得非常好。所以他們做得很好，對我們所獲得的牽引力非常滿意。而且它只是 - 每天，隨著集成的進行，它會變得更好。作為一家合併後的公司，我們對未來的機會感到非常興奮。

All right. Thanks, guys. That was a great conversation. Before you go, I just want to let you know that we'll be attending the Needham Growth Conference on January 11. We'll also be participating in several bus tours in both December and January. So we hope to see you again at one of those events.

好的。多謝你們。那是一次很棒的談話。在你走之前，我只想告訴你，我們將參加 1 月 11 日的李約瑟成長會議。我們還將參加 12 月和 1 月的幾次巴士之旅。因此，我們希望在其中一項活動中再次見到您。

So that's it for today's meeting. If you have any follow-up questions, you can e-mail us at investor@okta.com. Thanks.

今天的會議就是這樣。如果您有任何後續問題，可以發送電子郵件至investor@okta.com。謝謝。

Thanks, everyone.

感謝大家。

Thank you.

謝謝你。