Okta Inc (OKTA) 2021 Q2 法說會逐字稿

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（介紹）

Hi, everybody, and welcome to Okta's first Zoom video earnings call. I'm Dave Gennarelli, Vice President of Investor Relations at Okta, and we're here today to discuss our second quarter of fiscal 2021 financial results. With me in today's meeting, we have Todd McKinnon, our Chief Executive Officer and Co-Founder; Bill Losch, our Chief Financial Officer; and Frederic Kerrest, our Executive Vice Chairman, COO and Co-Founder.

大家好，歡迎參加 Okta 的第一次 Zoom 視頻收益電話會議。我是 Okta 投資者關係副總裁 Dave Gennarelli，我們今天在這裡討論我們 2021 財年第二季度的財務業績。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； Bill Losch，我們的首席財務官；以及我們的執行副主席、首席運營官兼聯合創始人 Frederic Kerrest。

Today's meeting will include forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our financial outlook and market positioning. Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Forward-looking statements represent our management's beliefs and assumptions only as of the date made. Information on factors that could affect the company's results is included in its filings with the SEC from time to time, including the section titled Risk Factors in its previously filed 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。前瞻性陳述僅代表我們管理層截至作出之日的信念和假設。有關可能影響公司業績的因素的信息不時包含在其向 SEC 提交的文件中，包括其先前提交的 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 in our earnings release. You can also find more detailed information in our supplemental financial materials, which include trended financial statements and key metrics posted on our Investor Relations website.

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。我們的收益發布中提供了 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 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-on-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同比比較。

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 thanks, everyone, for joining us. I hope you like this new video format, which I think personalizes these earnings calls a little more. I also hope that you and your families have remained safe and healthy since the last time we spoke.

謝謝戴夫，也謝謝大家加入我們。我希望你喜歡這種新的視頻格式，我認為它可以使這些收益電話更加個性化。我也希望你和你的家人自我們上次談話以來一直保持安全和健康。

With the ongoing pandemic, Okta, like so many organizations around the world, remains fully remote. Last quarter, I discussed how Okta had already been moving down the path of creating a workplace of the future or what we call dynamic work. The pandemic has accelerated our move to dynamic work, which is our initiative to build a more agile, flexible work style into our culture to ensure that all our employees have great work environments, experiences, benefits and flexibility regardless of their location. We're fortunate that the nature of our business allows us to operate successfully in this dynamic work environment, and I couldn't be more proud of the team at Okta and what we've accomplished.

隨著持續的大流行，Okta 與世界各地的許多組織一樣，仍然完全偏遠。上個季度，我討論了 Okta 是如何走上創建未來工作場所或我們所說的動態工作的道路的。大流行加速了我們向動態工作的轉變，這是我們在我們的文化中建立一種更加敏捷、靈活的工作方式的舉措，以確保我們所有的員工無論身在何處都能擁有良好的工作環境、經驗、福利和靈活性。我們很幸運，我們的業務性質使我們能夠在這種動態的工作環境中成功運營，我為 Okta 的團隊和我們所取得的成就感到無比自豪。

It's this agility and the recognition by more and more companies of identity's importance that has enabled Okta to continue to execute at a very high level, and I'm pleased to report that we delivered another quarter of strong financial results. Second quarter total revenue grew 43% and the subscription revenue grew 44%. We also saw continued strength with total remaining performance obligations, or RPO, growing 56%. Okta is helping organizations around the world accelerate their adoption and deployment of cloud applications in remote access and reimagine their digital customer experiences.

正是這種敏捷性和越來越多的公司對身份重要性的認可使 Okta 能夠繼續以非常高的水平執行，我很高興地報告說，我們又實現了四分之一的強勁財務業績。第二季度總收入增長 43%，訂閱收入增長 44%。我們還看到剩餘履約義務總額（RPO）持續增長 56%。 Okta 正在幫助世界各地的組織加速他們在遠程訪問中採用和部署雲應用程序，並重新構想他們的數字客戶體驗。

While emergency implementations during the first phase of the pandemic, like the one we did for FedEx last quarter, are largely behind us, companies are reevaluating their road map to modernize their identity systems. And Okta's platform is the linchpin of the new cloud technology stack. We believe that the world will not return to the pre-COVID work environment. In fact, the 3 mega-trends that have been driving our business for the past several years, the adoption of cloud and hybrid IT, digital transformation and zero trust security, are being accelerated by the COVID environment as organizations are rapidly evolving their digital strategy to survive the pandemic while their remote work environments continue to grow.

雖然大流行第一階段的緊急實施，就像我們上個季度為聯邦快遞所做的那樣，在很大程度上已經落後於我們，但公司正在重新評估他們的路線圖，以實現其身份系統的現代化。 Okta 的平台是新雲技術堆棧的關鍵。我們相信，世界不會回到 COVID 之前的工作環境。事實上，過去幾年推動我們業務發展的三大趨勢，即云和混合 IT 的採用、數字化轉型和零信任安全，正因 COVID 環境而加速，因為組織正在迅速發展其數字化戰略在他們的遠程工作環境繼續增長的同時度過大流行。

During this crisis, our customers are using Okta's platform more than ever. From March through July, there was a 1-day record of over 145 million logins, and the number of unique app logins increased almost 70% to nearly 16 billion. Total MFA usage increased nearly 3x over the same period last year. These numbers reflect the massive number of new remote workers around the world and our strong growth in total customers, especially large enterprise companies.

在這場危機中，我們的客戶比以往任何時候都更多地使用 Okta 的平台。從 3 月到 7 月，有超過 1.45 億次登錄的 1 天記錄，獨立應用登錄次數增加了近 70%，達到近 160 億次。與去年同期相比，MFA 的總使用量增加了近 3 倍。這些數字反映了全球大量新的遠程工作者以及我們在總客戶（尤其是大型企業公司）方面的強勁增長。

Our ongoing focus to grow our base of large enterprise customers continues to yield results and is reflected in the addition of 105 customers with an annual contract value greater than $100,000 in the second quarter. Once again, over half of these additions were from new customers. The total number of $100,000-plus customers is now nearing 1,700. We also crossed a significant milestone in Q2 and now have over 100 customers with an annual contract value greater than $1 million.

我們對擴大大型企業客戶群的持續關注繼續產生成果，並反映在第二季度增加了 105 家年度合同價值超過 100,000 美元的客戶。再一次，超過一半的新增客戶來自新客戶。 100,000 美元以上的客戶總數現在接近 1,700 名。我們在第二季度也跨越了一個重要的里程碑，現在有 100 多家客戶，年合同價值超過 100 萬美元。

Here are just a few notable examples of large enterprise wins and upsells, which come from a wide range of industries. The LVMH group, the world leader in luxury, was a new workforce identity win. They chose Okta as the standard for their internal identity and access management requirements for both the group and its brands. Standardizing in Okta will allow LVMH to consolidate a complex multi-organization and multi-vendor identity environment into one that will also lead to improved security, greater agility and faster integration of the LVMH brands within a consistent framework.

以下是來自各行各業的大型企業獲勝和追加銷售的幾個值得注意的例子。世界奢侈品行業的領導者 LVMH 集團是一個新的員工身份的勝利。他們選擇 Okta 作為集團及其品牌內部身份和訪問管理要求的標準。 Okta 的標準化將使 LVMH 能夠將復雜的多組織和多供應商身份環境整合到一個環境中，這也將提高 LVMH 品牌在一致框架內的安全性、更大的敏捷性和更快的集成。

Equifax, a Global 2000 information solutions company, was a great customer identity upsell this quarter. The company originally selected Okta in Q1 this year as its identity standard to secure more than 11,000 employees globally. As Equifax continues to strengthen its position as a security and technology leader, the organization looked for a customer identity platform to both enhance and unify capabilities to support over 100 million external users with speed and ease. Equifax will use Okta customer identity products to protect and power seamless user experiences for Equifax' customers, business partners and workforce.

Equifax 是一家全球 2000 強信息解決方案公司，本季度是一個很好的客戶身份追加銷售產品。該公司最初在今年第一季度選擇 Okta 作為其身份標準，以確保全球 11,000 多名員工的安全。隨著 Equifax 繼續鞏固其作為安全和技術領導者的地位，該組織正在尋找一個客戶身份平台來增強和統一能力，以快速輕鬆地支持超過 1 億外部用戶。 Equifax 將使用 Okta 客戶身份產品來保護和支持 Equifax 的客戶、業務合作夥伴和員工的無縫用戶體驗。

A Fortune 100 technology company was a notable upsell in the quarter. The company had initial success with Okta across multiple business units over the past couple of years. The ease of deployment, superior user experience and breadth of identity use cases led to the company's decision to standardize on Okta for its entire workforce of 100,000 employees and contractors. Additionally, to support the company's transformation to a subscription software business, it will deploy Okta's customer identity for millions of customers across all of its sites and products. Okta will help the organization quickly and securely integrate acquisitions and launch new products to serve its commercial customers, including those requiring FedRAMP compliance.

一家財富 100 強科技公司在本季度的銷售業績顯著增加。在過去的幾年裡，該公司在多個業務部門與 Okta 取得了初步成功。易於部署、卓越的用戶體驗和廣泛的身份使用案例導致該公司決定為其 100,000 名員工和承包商的整個員工隊伍標準化 Okta。此外，為了支持公司向訂閱軟件業務的轉型，它將在其所有站點和產品中為數百萬客戶部署 Okta 的客戶身份。 Okta 將幫助該組織快速、安全地整合收購併推出新產品以服務於其商業客戶，包括那些需要 FedRAMP 合規性的客戶。

In order to win and expand within these large organizations, we are focused on expanding our platform to better serve them. By developing more products and features that can leverage more integrations, we can unlock more use cases, attract more customers and generate more data insights that can be harnessed to build better products that make our customers more successful. All of these create powerful network effects. Network effects have been a powerful driver for Okta, as is our commitment to providing our customers with the best technology.

為了在這些大型組織中獲勝和擴展，我們專注於擴展我們的平台以更好地為他們服務。通過開發更多可以利用更多集成的產品和功能，我們可以解鎖更多用例，吸引更多客戶並生成更多數據洞察力，這些洞察力可以用來構建更好的產品，使我們的客戶更加成功。所有這些都產生了強大的網絡效應。網絡效應一直是 Okta 的強大驅動力，我們承諾為客戶提供最好的技術也是如此。

One of our foundational values at Okta is love our customers. As part of that, we've invested heavily in our systems and infrastructure to help ensure our customer success. For example, we recently announced a major milestone in cloud reliability and uptime, offering 99.99% uptime to all customers in every region of the world. This lays the foundation for a new standard of reliability across the cloud industry, not only for the betterment of our customers but any organization pursuing digital transformation.

Okta 的基本價值觀之一是愛我們的客戶。作為其中的一部分，我們在系統和基礎設施上進行了大量投資，以幫助確保我們的客戶取得成功。例如，我們最近宣布了雲可靠性和正常運行時間的一個重要里程碑，為全球每個地區的所有客戶提供 99.99% 的正常運行時間。這為整個雲行業建立新的可靠性標準奠定了基礎，不僅有利於我們的客戶，也有利於任何追求數字化轉型的組織。

Loving our customers is also reflected in the technology partnerships we established. In Q2, we announced that Okta, CrowdStrike, Netskope and Proofpoint joined forces in a coordinated effort to help organizations implement an integrated zero trust security strategy required to protect today's dynamic and remote working environments. Coordinated efforts like this allow us to better serve our customers together.

愛我們的客戶也體現在我們建立的技術合作夥伴關係中。在第二季度，我們宣布 Okta、CrowdStrike、Netskope 和 Proofpoint 攜手合作，幫助組織實施保護當今動態和遠程工作環境所需的集成零信任安全策略。像這樣的協調努力使我們能夠更好地共同為客戶服務。

Last quarter, I talked about a number of new products and features that we introduced at Oktane. These new products advanced our transition from offering a portfolio of products to a componentized platform. We look forward to sharing more of this new product momentum as well as some additional enhancements we're making to the Okta platform at our second annual Okta Showcase event on October 7.

上個季度，我談到了我們在 Oktane 推出的一些新產品和新功能。這些新產品推動了我們從提供產品組合到組件化平台的轉變。我們期待在 10 月 7 日舉行的第二屆年度 Okta 展示活動中分享更多這種新產品的動力以及我們對 Okta 平台所做的一些額外改進。

Today, every organization is rethinking how they engage with their customers as consumer spending and sentiment turns digital. Forward-thinking execs are viewing this as an opportunity to accelerate their digital transformation initiatives while also seriously questioning any further on-premises investments in core identity infrastructure. But digitally reimagining the business is a massive undertaking because nearly every part of an organization is affected by a digital transformation. For Okta, this accelerates the trends we've been experiencing in the $25 billion customer identity or CIAM market.

如今，隨著消費者支出和情緒數字化，每個組織都在重新思考如何與客戶互動。有遠見的高管將此視為加速其數字化轉型計劃的機會，同時也嚴重質疑對核心身份基礎設施的任何進一步本地投資。但是，以數字方式重新構想業務是一項艱鉅的任務，因為組織的幾乎每個部分都受到數字化轉型的影響。對於 Okta 而言，這加速了我們在價值 250 億美元的客戶身份或 CIAM 市場中所經歷的趨勢。

At this year's showcase, we will share enhancements we're making to our CIAM solutions and how we're more tightly integrated into every customer system at every layer of the technology stack. Our CIAM business now represents 24% of our total annual contract value and grew 72% in Q2. That's tremendous progress in just a few short years.

在今年的展示會上，我們將分享我們對 CIAM 解決方案所做的改進，以及我們如何在技術堆棧的每一層更緊密地集成到每個客戶系統中。我們的 CIAM 業務現在占我們年度合同總價值的 24%，並在第二季度增長了 72%。這是短短幾年內取得的巨大進步。

The CIAM market is predominantly composed of homegrown systems, and we've built a platform and a set of products that make it an easy decision for an organization to implement Okta as the identity solution for their customers. We've had particular success with government agencies and financial institutions including second quarter CIAM wins with the state of Montana and Union Bank & Trust. Please stay tuned for more details on this virtual showcase event.

CIAM 市場主要由本土系統組成，我們構建了一個平台和一組產品，使組織可以輕鬆地決定實施 Okta 作為其客戶的身份解決方案。我們在政府機構和金融機構方面取得了特別成功，包括第二季度 CIAM 贏得了蒙大拿州和聯合銀行與信託基金。請繼續關注有關此虛擬展示活動的更多詳細信息。

It's clear that identity is central to a robust security posture for both workforce and customer identity. The continued adoption of cloud software will inevitably lead to more apps, more devices, more digital transformation and heightened requirements for usability and security. And again, these trends are only being accelerated by the COVID environment. We've established Okta as the market and technology leader, and we're confident in our strategy to attain our goals.

很明顯，身份對於員工和客戶身份的強大安全態勢至關重要。雲軟件的持續採用將不可避免地導致更多的應用程序、更多的設備、更多的數字化轉型以及對可用性和安全性的更高要求。再一次，這些趨勢只會被 COVID 環境加速。我們已將 Okta 確立為市場和技術領導者，我們對實現目標的戰略充滿信心。

While we're hyper-focused on executing in today's environment, I thought it would be helpful to share some of my thoughts around the long-term vision for Okta. So if you look out a little further on the time horizon, as cloud adoption continues to proliferate, 5-plus years from now, we see a world where there are just a few first-class clouds that really matter inside a company. These clouds might be for collaboration, CRM, infrastructure and ERP, for example. Our long-term vision is for identity to be one of these first-class clouds. We believe identity is key because it facilitates choice and flexibility while enhancing security and reducing risk in all other technologies.

雖然我們非常專注於在當今環境中執行，但我認為分享我對 Okta 長期願景的一些想法會有所幫助。因此，如果你再往前看一點，隨著雲採用率繼續激增，從現在起 5 年多，我們會看到一個世界，只有少數一流的雲在公司內部真正重要。例如，這些雲可能用於協作、CRM、基礎設施和 ERP。我們的長期願景是讓身份成為這些一流的雲之一。我們相信身份是關鍵，因為它促進了選擇和靈活性，同時增強了所有其他技術的安全性並降低了風險。

In our long-term vision, we see Okta establishing itself as a standard for digital identity. In order to achieve this, we will continue to grow aggressively by adding more users, more customers, particularly large enterprise customers, expanding internationally, adding more strategic partners and increasing the use cases that come from building out our platform and accelerating the network effects that I mentioned earlier.

在我們的長期願景中，我們認為 Okta 將自己確立為數字身份的標準。為了實現這一目標，我們將通過增加更多用戶、更多客戶，尤其是大型企業客戶、國際擴張、增加更多戰略合作夥伴以及增加來自構建我們的平台和加速網絡效應的用例來繼續積極增長我前面提到過。

I hope that gives you a little better understanding of how we're thinking about building Okta into the next iconic cloud company. We couldn't be more enthusiastic about our near-term and long-term opportunities. Having said that, we continue to be mindful that many organizations are going through incredibly difficult times, and we're doing what we can to lend our support to the business community and to the local communities in which we operate. This includes our contributions through our social impact initiative, Okta for Good, to help local organizations serving the most vulnerable and to support positive social change.

我希望這能讓您更好地了解我們如何考慮將 Okta 打造成下一個標誌性的雲公司。我們對近期和長期的機會充滿熱情。話雖如此，我們仍然注意到許多組織正在經歷難以置信的困難時期，我們正在盡我們所能為商業界和我們經營所在的當地社區提供支持。這包括我們通過我們的社會影響倡議 Okta for Good 做出的貢獻，以幫助當地組織為最弱勢群體服務並支持積極的社會變革。

Thanks again for your time. And now I'd like to turn the call over to Bill to walk through more details about our second quarter financial results as well as our financial outlook. Bill?

感謝你的寶貴時間。現在我想將電話轉給比爾，以詳細了解我們第二季度的財務業績以及我們的財務前景。賬單？

Thanks, Todd, and thank you to everyone for joining us. As a reminder, we have posted an earnings presentation that contains our detailed financial results on our Investor Relations website. I think you'll find it to be a useful summary, and as such, I will only cover a few of the notable highlights in my commentary this afternoon.

謝謝，托德，也感謝大家加入我們。提醒一下，我們已經在我們的投資者關係網站上發布了一份包含我們詳細財務業績的收益報告。我想你會發現它是一個有用的總結，因此，我將在今天下午的評論中只介紹一些值得注意的亮點。

We had a strong second quarter, with particular strength in revenue, RPO, profitability, cash flow and net retention rate. I'll now touch on some of the second quarter highlights and then go into our outlook for Q3 and the full year.

我們的第二季度表現強勁，在收入、RPO、盈利能力、現金流和淨保留率方面尤為強勁。我現在將談談第二季度的一些亮點，然後介紹我們對第三季度和全年的展望。

Turning to our Q2 results. Total revenue increased 43%, driven by a 44% increase in subscription revenue. Subscription revenue represented 95% of our total revenue. RPO or backlog, which for us is contracted subscription revenue, both billed and unbilled but has not yet been recognized, grew 56% to $1.43 billion. Current RPO, which represents subscription revenue we expect to recognize over the next 12 months, also experienced strong growth of 48%. Year-over-year growth in current RPO is the more meaningful metric when viewed along with subscription revenue and billings growth.

轉向我們的第二季度業績。在訂閱收入增長 44% 的推動下，總收入增長了 43%。訂閱收入占我們總收入的 95%。 RPO 或積壓，對我們來說是合同訂閱收入，包括計費和未計費但尚未確認，增長 56% 至 14.3 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 48% 的強勁增長。與訂閱收入和賬單增長一起查看時，當前 RPO 的同比增長是更有意義的指標。

Total and current calculated billings grew 27%. There were a few things that impacted Q2 billings, so I'll walk through the notable items. As expected, we experienced some mild pandemic-related business headwinds. And as I mentioned on last quarter's call, we experienced some beneficial invoice timing in Q1 that created a modest headwind for Q2 billings growth. Q2 billings was also negatively impacted by our strong upsell activity.

總和當前計算的賬單增長了 27%。有幾件事影響了第二季度的賬單，所以我將介紹值得注意的項目。正如預期的那樣，我們經歷了一些與大流行相關的輕微業務逆風。正如我在上個季度的電話會議中提到的那樣，我們在第一季度經歷了一些有利的發票時機，這為第二季度的賬單增長創造了適度的逆風。第二季度的賬單也受到我們強勁的追加銷售活動的負面影響。

That may sound counterintuitive so let me explain. When large enterprise customers expand their purchases with us, they often want to align new contract start dates with existing contracts, and thus, we only bill them for the stub period before the new large contract starts. This delay of the new contract billing creates a headwind on that quarter's billings duration, but the new contract ultimately becomes a tailwind to future quarters because of the increased contract size. As we've said before, our current RPO is an important metric because it eliminates these type of variances, which have no impact on revenues.

這聽起來可能違反直覺，所以讓我解釋一下。當大型企業客戶通過我們擴大採購時，他們通常希望將新合同的開始日期與現有合同保持一致，因此，我們僅在新的大型合同開始之前的存根期間向他們收費。新合同計費的延遲對該季度的計費期限造成不利影響，但由於合同規模增加，新合同最終成為未來季度的順風。正如我們之前所說，我們當前的 RPO 是一個重要指標，因為它消除了這些對收入沒有影響的差異。

Turning to retention. Our dollar-based net retention rate for the trailing 12-month period was 121%, consistent with last quarter. We have not experienced any degradation in gross renewal rates during the pandemic and continue to experience strength with customer upsells, particularly with our enterprise customers. As I've mentioned in the past, the retention rate may fluctuate from quarter-to-quarter. In the current environment, it's possible that fluctuations from retention rates may be more pronounced.

轉向保留。在過去 12 個月期間，我們基於美元的淨保留率為 121%，與上一季度一致。在大流行期間，我們的總續訂率沒有任何下降，並且繼續在客戶追加銷售方面表現強勁，尤其是在我們的企業客戶方面。正如我過去提到的，保留率可能會隨著季度的變化而波動。在當前環境下，留存率的波動可能會更加明顯。

Before turning to expense items and profitability, I would like to point out that I will be discussing non-GAAP results going forward. Now looking at operating expenses. Total operating expenses grew 28%, which was lower than expected, primarily due to continued reductions in travel and office-related expenses. We also saw lower employee-related costs as the pace of hiring has moderated due to the current environment. Headcount increased 28% to almost 2,500, with the increase primarily in our customer-facing teams as we continued to spend to support our strategic initiatives.

在轉向費用項目和盈利能力之前，我想指出我將討論未來的非公認會計原則結果。現在看運營費用。總運營費用增長 28%，低於預期，主要是由於差旅和辦公相關費用持續減少。由於當前環境導致招聘步伐放緩，我們還看到與員工相關的成本有所下降。員工人數增加了 28%，達到近 2,500 人，主要是在我們面向客戶的團隊中增加，因為我們繼續支出以支持我們的戰略計劃。

We are pleased to achieve profitability in the second quarter, which was driven by our strong revenue performance and the lower-than-expected expenses I just mentioned. We do not expect to maintain consistent profitability in the near term, particularly when the business environment begins to normalize and the employees resume traveling again. We also look to increase our investments in fueling our business globally, which includes increasing headcount within sales and marketing as well as R&D.

我們很高興在第二季度實現盈利，這得益於我們強勁的收入表現和我剛才提到的低於預期的費用。我們預計短期內不會保持持續的盈利能力，特別是當商業環境開始正常化並且員工再次恢復旅行時。我們還希望增加對推動全球業務的投資，其中包括增加銷售和營銷以及研發部門的員工人數。

We generated cash flow from operations and free cash flow of $11 million and $7 million, respectively, which yielded a 3.4% free cash flow margin. Free cash flow saw a typical seasonality, offset by lower cash outlays due to a reduction in expenses related to the pandemic. We ended the second quarter with a strong balance sheet, anchored by $2.5 billion in cash, cash equivalents and short-term investments. The sequential increase was driven primarily by the issuance of $1.15 billion of convertible senior notes.

我們分別產生了 1100 萬美元和 700 萬美元的運營現金流和自由現金流，產生了 3.4% 的自由現金流利潤率。自由現金流呈現典型的季節性，但因與大流行相關的費用減少而被現金支出減少所抵消。我們以強勁的資產負債表結束了第二季度，其中以 25 億美元的現金、現金等價物和短期投資為基礎。環比增長主要是由於發行了 11.5 億美元的可轉換優先票據。

Moving on to our business outlook. We remain optimistic about the demand for our products and are raising our full year 2021 outlook. Our revenue guidance is predicated on our strong second quarter results but also on our expectation that pandemic-related headwinds that we saw in the second quarter will persist through the second half of the year.

繼續我們的業務前景。我們對我們產品的需求保持樂觀，並正在提高我們對 2021 年全年的展望。我們的收入指導基於我們強勁的第二季度業績，但也基於我們預期我們在第二季度看到的與大流行相關的逆風將持續到下半年。

For the third quarter of fiscal 2021, we expect total revenue of $202 million to $203 million, representing a growth rate of 32% to 33% year-over-year; non-GAAP operating loss of $3 million to $2 million; and non-GAAP net loss per share of $0.02 to $0.01, assuming weighted shares outstanding of approximately 129 million. For the full year fiscal 2021, we now expect total revenue of $800 million to $803 million, representing a growth rate of 37% year-over-year; non-GAAP operating loss of $13 million to $11 million; and non-GAAP net loss per share of $0.03 to $0.01, assuming weighted shares outstanding of approximately 127 million.

對於 2021 財年第三季度，我們預計總收入為 2.02 億美元至 2.03 億美元，同比增長 32% 至 33%；非公認會計原則運營虧損 300 萬至 200 萬美元；假設加權流通股約為 1.29 億股，非 GAAP 每股淨虧損為 0.02 美元至 0.01 美元。對於 2021 財年全年，我們現在預計總收入為 8 億美元至 8.03 億美元，同比增長 37%；非美國通用會計準則營業虧損 1300 萬至 1100 萬美元；假設加權流通股約為 1.27 億股，非公認會計準則每股淨虧損為 0.03 美元至 0.01 美元。

In summary, we had a strong second quarter and performed well given the current environment. We believe it's prudent to continue to expect some near-term economic uncertainty as the business impacts stemming from the pandemic further unfold. That being said, our continued execution and the accelerated tailwinds of cloud, digital transformation and security position us well to achieve our long-term financial targets. Okta has developed a solid foundation and market leadership position, and we plan to further capitalize on the tremendous market opportunity in front of us.

總而言之，我們第二季度表現強勁，在當前環境下表現良好。我們認為，隨著疫情對商業的影響進一步顯現，繼續預期近期經濟存在一些不確定性是審慎的做法。話雖如此，我們的持續執行以及雲計算、數字化轉型和安全的加速順風使我們能夠很好地實現我們的長期財務目標。 Okta 已經建立了堅實的基礎和市場領導地位，我們計劃進一步利用擺在我們面前的巨大市場機會。

With that, Todd, Frederic and I will take your questions. Dave?

有了這個，托德、弗雷德里克和我會回答你的問題。戴夫？

Great. Thanks, Bill. (Operator Instructions)

偉大的。謝謝，比爾。 （操作員說明）

So with that, your first question is going to come from Sterling Auty at JPMorgan.

因此，您的第一個問題將來自摩根大通的 Sterling Auty。

All right, great. Can you hear me okay?

好的，太好了。你能聽到我的聲音嗎？

Sounds great, Sterling. Nice to see you.

聽起來不錯，斯特林。很高興見到你。

Well, it's good to see you as well. Thanks for doing it this way. I think that it's certainly a step-up. So I wanted to ask about the partnership with CrowdStrike, Proofpoint and Netskope. And in particular, what does this tell us about what is happening in the competitive landscape vis-à-vis Microsoft?

好吧，很高興見到你。謝謝你這樣做。我認為這肯定是一個進步。所以我想問一下與 CrowdStrike、Proofpoint 和 Netskope 的合作關係。特別是，這告訴我們在與微軟的競爭格局中發生了什麼？

The -- so yes, we're really excited about -- we're -- I mean, as you know, those -- especially like you, Sterling, and other folks that have followed us for a while, we're really -- our culture is really about being integrated with the ecosystem. We have -- our claim to fame is the most integrations and the deepest integrations, something we've maintained and extended over the course of our history. And so particularly around security these days and this concept of zero trust security, it's -- everyone's excited about it, but customers aren't quite sure, in many cases, the specifics of what it means.

- 所以是的，我們真的很興奮 - 我們 - 我的意思是，如你所知，那些 - 特別是像你，Sterling，以及其他關注我們一段時間的人，我們真的——我們的文化實際上是與生態系統相結合。我們擁有——我們聲名鵲起的是最多的整合和最深入的整合，這是我們在歷史進程中保持和擴展的東西。因此，尤其是在當今的安全性和零信任安全性概念方面，每個人都對此感到興奮，但在許多情況下，客戶並不確定它的具體含義。

So I think the most exciting thing about this partnership is that you have these vendors coming together with an integrated solution both on the product side but also on the go-to-market side with a consistent message about what it means to be zero trust secure and how you get there. And so that's -- I think it's going to simplify things for customers.

因此，我認為這種合作關係最令人興奮的是，這些供應商在產品方面和上市方面都提供了一個集成解決方案，並一致地傳達了零信任安全意味著什麼以及如何到達那裡。所以這就是 - 我認為它將為客戶簡化事情。

And I think that to your question about Microsoft, the zero trust security is about securing access to all of your applications. And I just think it's unrealistic to think you can get that from one company, one platform. And that's why it's important that the vendors like Proofpoint and Netskope and Carbon Black are coming together -- or CrowdStrike are coming together to define this architecture and clarify it for customers. And I think ultimately, customers are going to benefit, which is going to benefit all of our businesses.

我認為，對於你關於微軟的問題，零信任安全是關於保護對你所有應用程序的訪問。我只是認為認為你可以從一家公司、一個平台獲得這些是不現實的。這就是為什麼像 Proofpoint、Netskope 和 Carbon Black 這樣的供應商聚集在一起很重要——或者 CrowdStrike 聚集在一起來定義這個架構並為客戶澄清它。我認為最終，客戶將受益，這將使我們所有的業務受益。

Great. Your next question is going to come from Hamza Fodderwala at Morgan Stanley.

偉大的。您的下一個問題將來自摩根士丹利的 Hamza Fodderwala。

(technical difficulty)

（技術難度）

Okay. Why don't we go to the next question from Rob Owens at Piper Sandler.

好的。我們為什麼不回答 Piper Sandler 的 Rob Owens 的下一個問題。

So thanks for the color around the customer identity piece. And I was hoping you could go into a little bit more detail just in terms of what you're seeing here. Is this typically going into the installed base? Or is it somewhat the tip of the spear, where there's competitive differentiation in this market? And lastly, for Bill, could you remind us of any TAM analysis you guys have done of the customer side versus the enterprise side? And I'll take those 3 as my 1 question.

所以感謝客戶識別件周圍的顏色。我希望你能就你在這裡看到的內容進行更詳細的介紹。這通常會進入已安裝的基礎嗎？或者它在某種程度上是矛頭，在這個市場上存在競爭差異？最後，對於比爾，您能否提醒我們您對客戶方面與企業方面所做的任何 TAM 分析？我會把這 3 個作為我的第 1 個問題。

Very efficient, Rob. Nicely done. Customer identity is a really important market for us. And I think that it's a little bit different than the workforce market in that the dynamic is -- it's a build versus buy. And the marketing and the positioning of customer identity is all about making sure the market understands that there's a better way. They don't have to build login and customer synchronization and registration and 2-factor. They don't have to build that themselves. They can get back to focusing on their -- the features that are going to differentiate their company and their app. And we can take care of the stuff we're good at, the identity and security.

非常有效率，羅布。做得很好。客戶身份對我們來說是一個非常重要的市場。而且我認為它與勞動力市場有點不同，因為它的動態是 - 這是一個構建與購買。客戶身份的營銷和定位都是為了確保市場了解有更好的方法。他們不必建立登錄和客戶同步和註冊以及 2 因素。他們不必自己建造。他們可以重新專注於他們的 - 將使他們的公司和他們的應用程序與眾不同的功能。我們可以處理我們擅長的事情，身份和安全。

So there's always multiple systems involved and there's some legacy, but largely, it's build versus buy. And I think that when you are catalyzing a market like this, and we clearly are, if you look at the numbers, the 72% growth, the 24% of our revenue, when you're catalyzing a market, it helps to be a vendor that has proven that we can make customers successful with our broad workforce customer success. So I think we're in full position here and we're working hard to extend that lead.

所以總是涉及多個系統，並且有一些遺留問題，但在很大程度上，它是構建與購買。而且我認為，當你在催化這樣一個市場時，我們顯然是，如果你看一下數字，72% 的增長，我們收入的 24%，當你在催化一個市場時，它有助於成為一個已經證明我們可以通過我們廣泛的勞動力客戶成功使客戶成功的供應商。所以我認為我們在這里處於充分的位置，我們正在努力擴大領先優勢。

Yes. And Rob, to your question about the TAM, as we talked about this at Investor Day back in April, and at that time, we've evaluated that our TAM for workforce is $30 billion and the TAM for customer identity is $25 billion. So very large TAMs on both sides. And for the reasons that we've talked about before, we think there's huge opportunities for us to grab a lot of that TAM in the future.

是的。 Rob，關於你關於 TAM 的問題，正如我們在 4 月份的投資者日上談到的那樣，當時，我們評估了我們的勞動力 TAM 為 300 億美元，而客戶身份的 TAM 為 250 億美元。所以兩邊都有非常大的 TAM。由於我們之前討論過的原因，我們認為我們未來有很大的機會來抓住很多 TAM。

And then also, just one more thought on that. It is an important question. If you -- the concept I was speaking about of Okta being one of the first-class clouds or the primary clouds in the enterprise in the future, the degree to which we can broaden and support multiple use case, both workforce and customer, it gives us a much better chance to establish that position as one of these first-class clouds. Enterprises are going to trust clouds that can do more things for them. And the more use cases we can support and handle in those critical paths that lead to the customer success, the better our success at establishing that first-class cloud is going to be.

然後，再想一想。這是一個重要的問題。如果你——我所說的 Okta 是未來企業中一流雲或主要雲之一的概念，我們可以在多大程度上擴展和支持多個用例，包括員工和客戶，它讓我們有更好的機會將這一地位確立為這些一流的雲之一。企業將信任可以為他們做更多事情的雲。而且，我們可以在導致客戶成功的關鍵路徑中支持和處理的用例越多，我們在建立一流雲方面的成功就越大。

Okay. We're going to try Hamza again from Morgan Stanley.

好的。我們將再次嘗試摩根士丹利的 Hamza。

What do you think Hamza would ask if he was going to ask a question?

如果哈姆扎要問一個問題，你認為他會問什麼？

Here he comes. Hamza, unmute your line.

他來了。 Hamza，取消靜音。

Can you guys hear me?

你們能聽到我嗎？

Yes.

是的。

Okay. Success. Sorry about that. Todd, this question's for you. I wanted to ask a little bit about the momentum you're seeing in the customer identity space. Particularly the deal with Equifax, which I found to be quite notable, just given the size of the user base and obviously, the sensitivity around that data. So can you speak a little bit more about what you're seeing in customer identity, particularly in this more sort of heightened threat environment?

好的。成功。對於那個很抱歉。托德，這個問題是給你的。我想問一下您在客戶身份領域看到的勢頭。尤其是與 Equifax 的交易，我發現這是非常值得注意的，只是考慮到用戶群的規模，顯然還有圍繞該數據的敏感性。那麼，您能否多談談您在客戶身份中看到的情況，尤其是在這種威脅更加嚴重的環境中？

Yes. The dynamic in customer identity, as I mentioned, it's companies -- so what's really been clarified for companies over the last 3 months with COVID is it's very -- it's clarified the priority of digital transformation in getting these direct result -- these direct relationships with consumers, with the website and the mobile app. And it's clarified what they have to do. Everyone needs a website. Everyone needs a mobile app. So there's not a lot of confusion about that anymore.

是的。正如我所提到的，客戶身份的動態是公司——所以在過去 3 個月中，COVID 對公司來說真正得到澄清的是——它明確了數字化轉型在獲得這些直接結果方面的優先級——這些直接關係與消費者，與網站和移動應用程序。它澄清了他們必須做什麼。每個人都需要一個網站。每個人都需要一個移動應用程序。因此，不再有太多的困惑。

So -- and what happens with -- when you have that realization, it becomes very clear that identity is a primary part of that because everyone knows when you have a great web experience or a great mobile experience, it leads with that application knowing about what you're trying to do, your preferences, your history with that company. So identity feeds right into that. So that's becoming clear, which is great for our business and great for this -- really, this broad second flank of our business, which is customer identity.

所以——以及會發生什麼——當你意識到這一點時，很明顯，身份是其中的主要部分，因為每個人都知道，當你擁有出色的網絡體驗或出色的移動體驗時，它會導致該應用程序了解你想做什麼，你的喜好，你在那家公司的歷史。因此，身份直接融入其中。因此，這一點變得越來越清楚，這對我們的業務非常有用，也非常適合我們業務的第二個方面，即客戶身份。

Excellent. Your next question is going to come from Matt Hedberg at RBC.

出色的。您的下一個問題將來自 RBC 的 Matt Hedberg。

(technical difficulty)

（技術難度）

All right. We're going to try Walter Pritchard at Citi.

好的。我們將在花旗嘗試 Walter Pritchard。

All right. Can you hear me?

好的。你能聽到我嗎？

Yes. That's great.

是的。那太棒了。

All right. Good deal. So a question for you just, Bill, I think, for you on seasonality of billings. How should we be thinking about things? I think we've seen other companies go through this process where more of the business gets pushed into the renewal and with co-term deals. Could you just help us understand how we should think about that and maybe any sort of magnitude commentary around what that means for the seasonality?

好的。很好的交易。我想，比爾，我想問你一個關於賬單季節性的問題。我們應該如何思考問題？我認為我們已經看到其他公司經歷了這個過程，其中更多的業務被推入更新和共同期限交易中。您能否幫助我們了解我們應該如何考慮這一點，以及關於這對季節性意味著什麼的任何形式的評論？

Yes. Sure, Walter. So as we've said before, the timing dynamics in billings really does exemplify where we think current RPO is an important metric as it eliminates those kind of variances, and those variances really have no impact on revenues. Specific to the timing question, as I talked about in my commentary, we did have certain timing elements with billings this quarter as far as some of the invoicing that was in Q1 got pulling out of Q2, which had an impact on Q2, the coterminous billings that you talked about, which is the sub billings when we sell into larger enterprise.

是的。當然，沃爾特。因此，正如我們之前所說，賬單中的時間動態確實體現了我們認為當前 RPO 是一個重要指標的地方，因為它消除了這些差異，而這些差異確實對收入沒有影響。具體到時間問題，正如我在評論中談到的那樣，我們確實在本季度的賬單中有某些時間因素，因為第一季度的一些發票退出了第二季度，這對第二季度產生了影響，您所說的帳單，這是我們向大型企業銷售時的子帳單。

And the way we think about that is that, that billings really does -- is going to balance out. The timing is really going to balance out during the course of the year. So one of the ways to think about it, to give you some measure of it, so to speak, is that in the second half, we expect that our subscription revenue growth and billings growth to narrow to about a 5% to 6% delta from the 11% delta that was in the first half of the year.

我們考慮的方式是，比林斯確實 - 將會平衡。在這一年中，時間真的會平衡。因此，一種思考方式，給你一些衡量標準，可以這麼說，是在下半年，我們預計我們的訂閱收入增長和賬單增長將縮小到大約 5% 到 6% 的增量從今年上半年的 11% 的增量。

Okay. Our next question is going to come from Jonathan Ho at William Blair.

好的。我們的下一個問題將來自 William Blair 的 Jonathan Ho。

This is Jonathan Ho. Great. So just wanted to get a sense from you, just regarding what you're hearing from customers and maybe their willingness to spend. Are you seeing any situations where they're perhaps downsizing deals or delaying deals? And when you're renewing customers in impacted industries that have lower headcount, are you seeing any impact from that?

這是喬納森·何。偉大的。所以只是想從你那裡得到一個感覺，只是關於你從客戶那裡聽到的內容，以及他們的消費意願。您是否看到他們可能縮小交易規模或延遲交易的任何情況？當您在員工人數較少的受影響行業中更新客戶時，您是否看到了任何影響？

Jonathan, it's Frederic. Thanks a lot for the question. We are not seeing any impacts, as you mentioned. Our ongoing focus on enterprise customers continues to yield, I think, very good results. We now have over 100 customers with ACV greater than $1 million. We've got 105 net new adds in Q2 of customers paying us $100,000 or more. And I think about half of those were net new logos to Okta.

喬納森，是弗雷德里克。非常感謝這個問題。正如你所提到的，我們沒有看到任何影響。我認為，我們對企業客戶的持續關注繼續產生非常好的結果。我們現在有超過 100 名客戶的 ACV 超過 100 萬美元。在第二季度，我們有 105 位淨新增加的客戶向我們支付了 100,000 美元或更多。而且我認為其中大約一半是 Okta 的全新徽標。

So we're not seeing any slowdown in terms of customers either coming in with smaller purchases or interest than we thought they might and/or renewing. In particular, we've seen no renewals on the workforce side in the enterprise that are lower than what they were originally doing. And if you think about it, right, as everyone's moving remote and as everyone's trying to integrate more in this world with not only their employees but also their customers and partners and vendors, they need to actually increase the way they're doing this digital enablement and communication, and we're starting to see a lot of that in the business.

因此，我們沒有看到客戶的購買量或興趣比我們想像的要少和/或續訂的情況出現任何放緩。特別是，我們沒有看到企業勞動力方面的更新低於他們最初的水平。而且，如果您考慮一下，對，隨著每個人都在遠程辦公，並且每個人都試圖在這個世界上與他們的員工以及他們的客戶、合作夥伴和供應商進行更多的整合，他們實際上需要增加他們進行這種數字化的方式支持和溝通，我們開始在業務中看到很多。

Great. Next question is going to come from Andy Nowinski at D.A. Davidson.

偉大的。下一個問題將來自 D.A. 的 Andy Nowinski。戴維森。

Great. So a lot of people seem to be worried about a potential deceleration revenue growth at Okta. Yet there was no change in your CRPO, your RPO or your net retention rate. And I know you talked a lot about facing some mild headwinds from the pandemic this quarter, but it doesn't look like it's showing up in your results. So if you are seeing some headwinds from COVID, I guess, has your product portfolio improved or your competitive position improved that enables you to sort of offset those headwinds from COVID and maintain these growth rates?

偉大的。因此，很多人似乎擔心 Okta 的潛在收入增長放緩。然而，您的 CRPO、RPO 或淨保留率沒有變化。而且我知道您談了很多關於本季度面臨來自大流行的一些溫和逆風的問題，但看起來它並沒有出現在您的結果中。因此，如果您看到 COVID 帶來的一些不利因素，我猜，您的產品組合是否有所改進或您的競爭地位是否有所提高，從而使您能夠抵消 COVID 帶來的不利因素並保持這些增長率？

Yes. Andy, what I would say is you're right that our current RPO, our total RPO both saw strong growth. And our net retention rate was 121%. So very strong. So we're obviously pleased with the results of the quarter and the strength in the quarter. We did see those mild pandemic headwinds. Frankly, they were not as strong as we thought they would be. And so I think what the -- the movement of companies to decentralizing how they're working with the fact that companies are seeing with their customers, they're transitioning to more of an online relationship with those customers are both just big impacts for us, big tailwinds for us that are just accelerating some of the overall mega tailwinds we've talked about before, and that's really what's happening.

是的。安迪，我想說的是，您是對的，我們當前的 RPO 和總 RPO 都出現了強勁增長。我們的淨保留率為 121%。所以非常強大。因此，我們顯然對本季度的結果和本季度的實力感到滿意。我們確實看到了那些溫和的大流行逆風。坦率地說，他們並沒有我們想像的那麼強大。因此，我認為，公司將如何分散他們的工作方式，以及公司正在與客戶建立更多的在線關係這一事實對我們來說都是巨大的影響。 ，對我們來說，大順風正在加速我們之前談到的一些整體大順風，這就是正在發生的事情。

Yes. And Andy, just to add to that, if you think about the market tailwinds and what's really driving our business and has been for many quarters and will for many years to come, it's about these big changes, right, around the adoption of cloud and hybrid IT, this digital transformation and everyone now needs to prioritize security more and more. And these are not short-lived. These are not recent and these are not going away. So as the world continues to figure out how to work in COVID and then as the world starts to come out of that in a post-COVID world, this work environment of everyone working more remotely, doing more digital interaction, the importance of customer interactions on mobile apps, online, this is only going to continue to grow.

是的。 Andy，補充一點，如果您考慮一下市場順風以及真正推動我們業務的因素，並且已經持續了很多個季度並將在未來很多年，那就是關於這些重大變化，對，圍繞雲的採用和混合 IT、這種數字化轉型以及每個人現在都需要越來越重視安全性。而這些都不是曇花一現。這些都不是最近的，也不會消失。因此，隨著世界繼續弄清楚如何在 COVID 中工作，然後隨著世界開始在後 COVID 世界中擺脫這種狀態，每個人都在遠程工作、進行更多數字交互的工作環境，以及客戶交互的重要性在移動應用程序上，在線上，這只會繼續增長。

And so if you think about the TAMs that we're in, I'm very pleased with the results. And as an entrepreneur, if you look at what we've done over the last 11, 12 years, we're very proud of the progress we've made. But these markets are tens of billions of dollars and they're continuing to grow very fast. So I think there's a huge opportunity ahead, and I think that we're fortunate that we can help a lot of customers be successful in these challenging times.

因此，如果您考慮一下我們所在的 TAM，我對結果感到非常滿意。作為一名企業家，如果你看看我們在過去 11 年、12 年中所做的事情，我們會為我們取得的進步感到非常自豪。但這些市場價值數百億美元，而且還在繼續快速增長。所以我認為前面有一個巨大的機會，我認為我們很幸運，我們可以幫助很多客戶在這個充滿挑戰的時代取得成功。

All right. Great. All right. We're going to try Matt Hedberg at RBC again.

好的。偉大的。好的。我們將再次在 RBC 嘗試 Matt Hedberg。

I guess for Todd or Frederic, I wanted to ask about Advanced Server Access, which is an exciting TAM expansion opportunity. Obviously, started with server access but logically could grow into databases and container access. A little bit more there. And then, Bill, could you talk about linearity and perhaps how August is trending thus far?

我想對於 Todd 或 Frederic，我想問一下 Advanced Server Access，這是一個令人興奮的 TAM 擴展機會。顯然，從服務器訪問開始，但邏輯上可以發展為數據庫和容器訪問。那裡多一點。然後，比爾，你能談談線性度嗎？也許八月到目前為止的趨勢如何？

Advanced Server Access is -- it's a newer product but the potential is massive. I mean when we think about identity for infrastructure, the broad category that Advanced Server Access plays in is one day down the line, it could be as important to our business as customer identity or workforce identity. It's smaller and much more nascent but it's that exciting. And the exciting thing about it is there's a big fundamental change going on in how not only does every organization have to build new apps and new websites but there's a fundamental shift in how they're built. They're built much more dynamically. They're -- they use cloud servers and cloud infrastructure to burst capacity and rapidly iterate.

Advanced Server Access 是——它是一種較新的產品，但潛力巨大。我的意思是當我們考慮基礎設施的身份時，高級服務器訪問所扮演的廣泛類別有一天會發生，它對我們的業務可能與客戶身份或員工身份一樣重要。它更小，更新生，但它是如此令人興奮。令人興奮的是，不僅每個組織都必須構建新的應用程序和新網站，而且它們的構建方式也發生了根本性的變化。它們的構建更加動態。他們是——他們使用雲服務器和雲基礎設施來突增容量并快速迭代。

And we think Advanced Server Access, and more broadly speaking, infrastructure identity is the modern way to help manage and secure that environment, which if you about -- if you look at what's most important to companies, it's building these customer-facing digital transformation solutions and be able to do that at scale and build them securely in an agile way. You need good tooling and good infrastructure and good security to do that. So we think it's a very exciting future product area for us.

而且我們認為高級服務器訪問，更廣泛地說，基礎設施身份是幫助管理和保護該環境的現代方式，如果你關注 - 如果你看看對公司最重要的是什麼，它正在構建這些面向客戶的數字化轉型解決方案，並能夠大規模地做到這一點，並以敏捷的方式安全地構建它們。您需要良好的工具、良好的基礎設施和良好的安全性來做到這一點。所以我們認為這對我們來說是一個非常令人興奮的未來產品領域。

And the Advanced Server Access product specifically is doing well. It's -- we're seeing -- it's doing well in terms of its bookings plan, but also as important, it's doing well in terms of adoption. So we're seeing that companies that are really doubling down on digital transformation during COVID are using it to help make them more effective in securing customer success. Anytime you're building a new product area, you have to have that customer success, that adoption, that robust usage. And that's what we're seeing, which is as exciting as anything else there.

而 Advanced Server Access 產品尤其表現良好。這是 - 我們看到 - 它在預訂計劃方面做得很好，但同樣重要的是，它在採用方面做得很好。因此，我們看到在 COVID 期間真正加倍投入數字化轉型的公司正在使用它來幫助他們更有效地確保客戶成功。每當您構建一個新產品領域時，您都必須獲得客戶成功、採用率和強大的使用率。這就是我們所看到的，這與那裡的其他任何事情一樣令人興奮。

Matt, I would say with linearity, we're really not seeing any difference. It's been -- it's still very consistent with what we see -- what we did see prior to the pandemic. So that stayed pretty constant. As far as August, what we're seeing in August is what we incorporated into the guidance we gave for Q3.

馬特，我會說線性，我們真的沒有看到任何差異。它一直——它仍然與我們所看到的非常一致——我們在大流行之前所看到的。所以這保持不變。就 8 月而言，我們在 8 月看到的是我們將其納入我們為第三季度提供的指導中。

All right. Next question up, we have Gregg Moskowitz from Mizuho.

好的。下一個問題，我們有來自瑞穗的 Gregg Moskowitz。

Good to see everybody. Congrats on a good quarter. So Todd, I recall you mentioning a couple of months back that hosting Oktane as a virtual event resulted in more than 5,000 sales leads versus, I think, a few hundred last year. So presumably, your pipeline is far larger than it had been. But can you talk about your expectations for net new logo growth going forward? Also, do you expect to see any average -- any change in average sales cycles?

很高興見到大家。祝賀一個好季度。所以托德，我記得你在幾個月前提到過，將 Oktane 作為虛擬活動舉辦帶來了 5,000 多個銷售線索，而我認為去年只有幾百個。因此，據推測，您的管道比以前大得多。但是你能談談你對未來淨新標識增長的期望嗎？此外，您是否期望看到任何平均值——平均銷售週期的任何變化？

Pipeline is strong. It started with -- we're investing a lot in pipeline just because the business is growing and we got to keep that pipeline growing. And Oktane20 Live was a great step there, as you mentioned. I think that it's -- there's one thing about generating pipeline. And there's actually been a lot of questions about if people were sheltered in place, would it impact positively pipeline because they had more time to take meetings and so forth, but would it actually translate into deals closed? And we're getting a little bit in Q2, but into Q3, we're really starting to see it will really be good proof points about how those deals are closing, and we're optimistic about that as well. So it's pretty positive in terms of the outlook for the business.

管道很強大。它開始於 - 我們在管道上進行了大量投資，只是因為業務正在增長，我們必須保持該管道的增長。正如您所提到的，Oktane20 Live 在這方面邁出了重要的一步。我認為這是 - 生成管道是一回事。實際上有很多問題，如果人們被安置在適當的地方，它是否會對管道產生積極的影響，因為他們有更多的時間參加會議等等，但它真的會轉化為交易嗎？我們在第二季度有所收穫，但到第三季度，我們真的開始看到這將成為這些交易如何完成的很好的證明點，我們也對此持樂觀態度。因此，就業務前景而言，這是非常積極的。

That being said, it is -- we are being measured in terms of -- there are unknowns like we've talked about in terms of like macroeconomic headwinds and other uncertainties in the world. So as optimistic as we are, we're also being prudent about planning the future as well.

話雖這麼說，但我們正在被衡量 - 有一些未知數，就像我們在宏觀經濟逆風和世界其他不確定性方面談到的那樣。因此，儘管我們很樂觀，但我們也對規劃未來持謹慎態度。

Was there a second part of the question? I forgot.

問題有第二部分嗎？我忘了。

We moved him back to the attendee list here, but we can come back to that. Next up, we have Dan Church from Goldman.

我們將他移回此處的與會者列表，但我們可以回到那個位置。接下來，我們有來自高盛的 Dan Church。

This is Dan Church on for Heather Bellini. I just have a couple of quick ones for you. You obviously -- you touched on the billings headwinds in the quarter. Any additional commentary you can provide regarding duration in the quarter and what we should expect for the back half of the year? And then are you seeing any change or noticeable change in the environment in terms of pricing or discounting request from customers, particularly in the impacted verticals?

這是希瑟·貝里尼的丹·丘奇。我只有幾個快速的給你。你顯然 - 你在本季度觸及了比林斯的逆風。您可以就本季度的持續時間以及我們對下半年的預期提供任何其他評論嗎？然後，在客戶的定價或折扣請求方面，您是否看到環境有任何變化或明顯變化，尤其是在受影響的垂直領域？

Yes. Dan, I would say on the billings, as we discussed, the -- we did see those timing differences that really did impact billings duration, specifically in certain circumstances where we purposely did short-duration invoicing to help some customers that are in impacted industries. And then as we discussed, with the large amount of upsell that we have in the large enterprise customers, we did see an impactful on billings, doing sub billings, which is beneficial in the long term because obviously, we're adding to the contract over time. And as I said, we believe that most of these timing variances or these timing impacts that were negative headwinds in Q2 will balance out during the course of the year.

是的。丹，我會在賬單上說，正如我們所討論的，我們確實看到了確實影響賬單持續時間的那些時間差異，特別是在某些情況下，我們故意進行短期發票以幫助受影響行業的一些客戶.然後正如我們所討論的，隨著我們在大型企業客戶中的大量追加銷售，我們確實看到了對帳單的影響，進行子帳單，這從長遠來看是有益的，因為顯然，我們正在增加合同隨著時間的推移。正如我所說，我們相信大多數時間差異或這些在第二季度構成負面逆風的時間影響將在一年中平衡。

And as I said, I think that the way to think about that is when you think about subscription revenue and the delta of that growth to billings, we think it will be about 5% to 6% in the second half of the year. And that's a smaller delta than the first half of the year, which is 11%. So as you can see, it kind of time -- those impacts will balance out during the course of the year.

正如我所說，我認為考慮這一點的方式是當你考慮訂閱收入和增長對賬單的增量時，我們認為今年下半年將達到 5% 到 6% 左右。這比今年上半年的 11% 更小。因此，正如您所看到的，是時候了——這些影響將在一年中得到平衡。

All right. Next up, Gray Powell from BTIG.

好的。接下來，來自 BTIG 的 Gray Powell。

Okay. Great. Can you guys hear me okay?

好的。偉大的。你們能聽到我的聲音嗎？

Yes.

是的。

Okay. So I mean I know there's still a lot of uncertainty in the macro environment and you guys have called that out. But it does seem like things are turning pretty well. You had a good current RPO number. So I'm just curious, like how do you feel about the visibility that you have on demand today versus the March and April time frame?

好的。所以我的意思是我知道宏觀環境中仍然存在很多不確定性，你們已經指出了這一點。但事情似乎進展得很順利。您有一個很好的當前 RPO 編號。所以我很好奇，你對今天的按需可見性與 3 月和 4 月的時間框架有何看法？

Yes. I mean I think that as we said in the second quarter, we didn't see the impact from the pandemic, the headwind impact that we had anticipated. But we did see an impact. And so we're -- as we think about the guidance we gave for the full year, we did incorporate that we think those impacts will continue through the balance of the year. And we're being prudent about that from the standpoint that we're still in the midst of this economic uncertainty. And I think that even though we're feeling very good about the business from the performance of the quarter, from the strong pipeline, from the fact that the engagement we're seeing with customers, but we did want to be prudent about the fact that there still is not complete visibility as we go through the rest of the year. So we did factor that into the guidance that we gave today.

是的。我的意思是，我認為正如我們在第二季度所說，我們沒有看到大流行的影響，即我們預期的逆風影響。但我們確實看到了影響。所以我們 - 當我們考慮我們為全年提供的指導時，我們確實考慮到我們認為這些影響將持續到今年的剩餘時間。從我們仍處於這種經濟不確定性之中的角度來看，我們對此持謹慎態度。而且我認為，儘管我們從本季度的表現、強大的管道以及我們與客戶的互動這一事實對業務感覺非常好，但我們確實希望對這一事實保持謹慎在今年剩下的時間裡，仍然沒有完全的可見性。因此，我們確實將這一點納入了我們今天提供的指導。

That being said, Gray, I would just add on that when we talk to -- when you talk to the field and you think in particular about enterprise and the name groups, they're seeing a lot of very good activity not only with existing customers. You see that in the dollar-based net retention that continues to remain very, very strong. And then obviously, a focus on customer's success will drive that because they're comfortable with us. They know how we work. They understand the products and platform. It's easy to buy more from an existing vendor that you're comfortable with.

話雖如此，格雷，我想在我們交談時補充一點——當您與該領域交談並且您特別考慮企業和名稱組時，他們看到了很多非常好的活動，而不僅僅是現有的顧客。您會看到，以美元為基礎的淨留存率繼續保持非常非常強勁。然後很明顯，關注客戶的成功將推動這一點，因為他們對我們感到滿意。他們知道我們的工作方式。他們了解產品和平台。從您喜歡的現有供應商處購買更多產品很容易。

But also net new logos. And these conversations are more and more at various senior levels inside these companies. We're now talking to the largest companies in the world. And I think the opportunity is going to be very exciting in the times ahead. Some of that certainly will come in the second half of the year, but we're also preparing for what's going to happen into next year and beyond. And I think the future portends very well from that side.

但也有淨新標誌。這些對話越來越多地出現在這些公司內部的各個高層。我們現在正在與世界上最大的公司交談。而且我認為在未來的時代，這個機會將非常令人興奮。其中一些肯定會在今年下半年出現，但我們也在為明年及以後發生的事情做準備。而且我認為從這方面來看，未來非常好。

Dave, Gregg Moskowitz chatted the second part of his question. He was saying that he was wondering about average sales cycle. Do we see -- do we expect any changes in average sales cycles going forward?

戴夫，格雷格莫斯科維茨聊了他問題的第二部分。他說他想知道平均銷售週期。我們是否看到 - 我們是否預計未來平均銷售週期會發生任何變化？

And I just wanted to say, we don't really model that in, in terms of our expectation. We see those being pretty consistent in the history, and we see that being consistent going forward as well. So hopefully, that answers your question there, Gregg.

我只是想說，就我們的期望而言，我們並沒有真正將其建模。我們看到這些在歷史上是相當一致的，我們也看到在未來也是一致的。所以希望這能回答你的問題，格雷格。

All right. Next question is going to come from Alex Henderson at Needham.

好的。下一個問題將來自 Needham 的 Alex Henderson。

I was hoping you could talk a little bit about the machine-to-machine identity market and to what extent the server access is able to do domain-domain communication between applications and to what extent you're tying into identity as, which is obviously the key to security in Kubernetes deployments.

我希望你能談談機器對機器身份市場以及服務器訪問在多大程度上能夠在應用程序之間進行域域通信以及你在多大程度上與身份相關聯，這顯然是Kubernetes 部署中的安全關鍵。

Yes. It's -- I would say that most of our product suite and our orientation is definitely around person identity. But there's 2 parts of our product that are starting to do more with machine identity. And one of them is our product called API Access. And what that does is it basically -- it serves up an identity protocol called OAuth as a service and helps people bind their identities in Okta to anything they want to program to. So that's -- you see some use cases in that product around machine to machine.

是的。這是——我想說我們的大部分產品套件和我們的定位絕對是圍繞個人身份。但是我們產品的兩個部分開始在機器識別方面做得更多。其中之一就是我們的產品 API Access。它的作用基本上是——它提供了一個稱為 OAuth 的身份協議作為服務，並幫助人們將他們在 Okta 中的身份綁定到他們想要編程的任何東西上。這就是-您在該產品中看到一些機器對機器的用例。

And then as you mentioned, Advanced Server Access is -- it's all about -- it's all -- it kind of depends on when you buy machine to machine. But usually with Advanced Server Access, there's a person involved as well. The one -- the biggest investment we're making in machine identity is our platform service, which we unveiled at Oktane, called Okta Devices. And what this -- what Okta Devices does is it basically embeds Okta inside of the client operating system and serves up key data points about that machine to the Okta policy engine so that customers can make easier, simpler policies for users and make them more secure.

然後正如您所提到的，高級服務器訪問是——它就是——它就是——它有點取決於你何時購買機器對機器。但通常使用高級服務器訪問，也有一個人參與其中。我們在機器身份方面的最大投資是我們在 Oktane 上推出的平台服務，稱為 Okta Devices。而這——Okta Devices 所做的基本上是將 Okta 嵌入到客戶端操作系統中，並將有關該機器的關鍵數據點提供給 Okta 策略引擎，以便客戶可以為用戶制定更簡單、更簡單的策略，並使他們更安全.

The killer use case there is the capability called Okta FastPass where you can log in just with -- by identifying your biometric to the machine, whether it's Touch ID or Face ID, and you're in all your apps. And that combines that machine identity because the Okta Identity Cloud can verify that, that machine on the client is who -- it's your machine proven to be your machine, and it can just get you in without any other checks that you, as a user, have to do manually. Of course, it's checking under the scenes that machine identity, but it's a powerful capability. So we're pushing forward on all those fronts, and I think it's really paying off to the benefit of customers.

殺手級用例是名為 Okta FastPass 的功能，您可以在其中登錄——通過識別機器的生物特徵，無論是 Touch ID 還是 Face ID，然後您就可以使用所有應用程序。這結合了該機器身份，因為 Okta Identity Cloud 可以驗證客戶端上的那台機器是誰——它是你的機器被證明是你的機器，它可以讓你進入，而不需要你作為用戶的任何其他檢查，必須手動完成。當然，它是在幕後檢查機器身份，但它是一種強大的能力。所以我們在所有這些方面都在推進，我認為這確實為客戶的利益帶來了回報。

All right. Next up, we have Taz from Guggenheim.

好的。接下來，我們有來自古根海姆的 Taz。

Can you guys hear me okay?

你們能聽到我的聲音嗎？

Taz, you're faint. But we can make it out, I think.

塔茲，你暈倒了。但我想我們可以做到的。

A quick question on the new customer momentum. You had a strong retention rate and strong new customer momentum. Any more color on the new customer dynamics this quarter in terms of deal sizes, type of customers, type of products customers are buying? Any change from what you saw pre-COVID in the new customer momentum?

關於新客戶勢頭的快速問題。您擁有強大的保留率和強大的新客戶動力。本季度新客戶動態在交易規模、客戶類型、客戶購買的產品類型方面是否有更多色彩？與您在新客戶勢頭中看到的 COVID 之前的情況相比有何變化？

Yes, absolutely. Happy to talk about that. We added 550 customers this quarter, which is on par with what we've been doing in the past quarters. So a lot of similarity there, a lot of continuation of the good work we're doing, a lot of interest in the Okta Identity Cloud, obviously. And as we get into more and more use cases, we're going to be able to help these customers with more and more things. I think what's particularly exciting is the traction that we're getting in the enterprise, which we mentioned a little bit already on this call. But we're very happy with the 100 customers paying us over $1 million, and half of the 105 net new customers of $100,000 are net new logos to us.

是的，一點沒錯。很高興談論這個。本季度我們增加了 550 名客戶，這與我們在過去幾個季度所做的工作相當。所以那裡有很多相似之處，很多我們正在做的好工作的延續，很明顯對 Okta Identity Cloud 很感興趣。隨著我們進入越來越多的用例，我們將能夠為這些客戶提供越來越多的幫助。我認為特別令人興奮的是我們在企業中獲得的牽引力，我們在這次電話會議上已經提到了一點。但是我們很高興有 100 位客戶向我們支付了超過 100 萬美元，而 105 位淨新客戶中的 100,000 美元中有一半是我們的淨新徽標。

And that's just great. That shows the continued opportunity and momentum in the enterprise, which I expect will continue for a long time. And while these results are very good and we're very proud of the hard work the team has done, I think when you look at the opportunity in the enterprise and help these customers not only with the specific challenges and opportunities they have today, but as they think about, going forward, how their businesses are going to change and some of the dislocation that they're going to face, I think this is huge opportunities for us. And we're really excited to try and take advantage of that and help these folks be successful.

那太好了。這顯示了企業的持續機會和動力，我預計這將持續很長時間。雖然這些結果非常好，我們為團隊所做的辛勤工作感到非常自豪，但我認為，當您看到企業中的機會並幫助這些客戶不僅應對他們今天面臨的具體挑戰和機遇時，而且當他們思考，未來，他們的業務將如何變化以及他們將面臨的一些混亂時，我認為這對我們來說是巨大的機會。我們真的很高興嘗試並利用這一點並幫助這些人取得成功。

Yes. I'll just throw in there quickly, too, that the usage of the service is very high. We mentioned in the stats in the prepared remarks about app logins and multifactor. But that's true across the board at all products. So that means customers are having success. They're adopted. They're benefiting from the service, which in all these -- all the craziness going on in the world right now, that makes us feel very good.

是的。我也將很快投入其中，該服務的使用率非常高。我們在關於應用登錄和多因素的準備好的評論中提到了統計數據。但在所有產品中都是如此。所以這意味著客戶正在取得成功。他們被收養了。他們從服務中受益，在所有這些——現在世界上發生的所有瘋狂事件中，這讓我們感覺非常好。

All right. Next up, we have Shaul Eyal from Oppenheimer.

好的。接下來，我們有來自奧本海默的 Shaul Eyal。

Congrats on the quarter first. Congrats on the virtual call, thumbs up, without a doubt. Todd or Freddy, what has been the initial reaction to the Workflow product over the course of the past few months? And also maybe just a word about the education vertical this quarter.

首先恭喜本季度。毫無疑問，祝賀虛擬通話，豎起大拇指。 Todd 或 Freddy，在過去的幾個月裡，對 Workflow 產品的最初反應是什麼？也可能只是關於本季度垂直教育的一句話。

Yes, absolutely. The Workflow product is doing very well. As you mentioned, that was something that we GA-ed at the beginning of the year. It's progressing very, very well. Customers are finding a lot of great use cases with it. Right now, it's primarily focused on how we can integrate a lot of the HR systems and make sure that the integrations are flowing properly downstream to all the other applications. The typical use case there would be on the workforce side around the employee JML, the joiner, mover, leaver problem that people always have when you're onboarding a lot of folks, when they're changing roles or when they're leaving the company. So there's a lot of great progress there.

是的，一點沒錯。工作流產品做得很好。正如你所提到的，這是我們在年初 GA 編輯的內容。進展非常非常好。客戶正在使用它找到很多很棒的用例。目前，它主要關注我們如何集成大量 HR 系統，並確保集成正確地向下游流向所有其他應用程序。典型的用例是在員工 JML 周圍的勞動力方面，當你讓很多人入職時，當他們改變角色或離開時，人們總是遇到的加入者、搬家者、離職者問題。公司。所以那裡有很多很大的進步。

And then on the customer side, obviously, now you can not only register and provision folks but also entitle them to the right products. So there's a lot of great usage there, and there's a huge opportunity for us in the times ahead as we broaden out the use cases around Workflow. So product is doing very well, and I think that there's a very bright future for that product as we dig into it.

然後在客戶方面，顯然，現在您不僅可以註冊和提供人員，還可以授權他們使用正確的產品。所以那裡有很多很好的用途，隨著我們圍繞工作流擴展用例，我們在未來的時代有一個巨大的機會。所以產品做得很好，我認為當我們深入研究它時，該產品有一個非常光明的未來。

And then on the second side, from the EDU side, we are continuing to see a lot of strength in the business, obviously. As a lot of these, both, I would say, high school but also secondary universities are going online, they're having to figure out how they're going to interact not only with all the students but all the professors and everyone that's associated with that. I think we've given some examples in the past. I think Seton Hall was a good one that we talked about last quarter. And we've got more and more of these coming. So yes, that is certainly something that is going well for us. And I think it's something very important as we help the education system figure out how it's going to work in this increasingly digital and modern world.

然後在第二方面，從 EDU 方面，我們顯然繼續在業務中看到很多實力。由於其中很多，我想說，高中和中學都在上網，他們必須弄清楚他們將如何不僅與所有學生互動，而且與所有教授和所有相關人員互動接著就，隨即。我想我們過去已經給出了一些例子。我認為 Seton Hall 是我們上個季度談到的一個很好的地方。我們有越來越多的這些來了。所以是的，這對我們來說肯定是一件好事。我認為這是非常重要的事情，因為我們幫助教育系統弄清楚它在這個日益數字化和現代的世界中將如何運作。

All right. Next up, Pat Walravens from JMP.

好的。接下來是 JMP 的 Pat Walravens。

Great. All right. Todd, so how do you make Okta the best place to work when everyone is working remotely?

偉大的。好的。托德，那麼當每個人都在遠程工作時，如何讓 Okta 成為最佳工作場所？

It's something we've worked on a lot. We actually -- when we have our strategy for each year, our strategic plan. And it has -- it depends on the year but it has 5 or 6 high-level priorities. And when COVID-19 hit, we actually shifted around the strategy and made the #1 method, we call it a method, it's basically the strategic focus for the year, be -- it's called something called Thriving at Okta. So making sure that the employees were taken care of, were motivated, were happy, were able to work effectively. And culturally, we maintain that cohesive group. So it's something we've thought about a lot.

這是我們已經做了很多工作的事情。我們實際上 - 當我們制定每年的戰略時，我們的戰略計劃。它有 - 它取決於年份，但它有 5 或 6 個高級優先事項。當 COVID-19 出現時，我們實際上改變了策略並製定了 #1 方法，我們稱之為方法，它基本上是今年的戰略重點，是 - 它被稱為在 Okta 蓬勃發展的東西。因此，要確保員工得到照顧，受到激勵，感到快樂，能夠有效地工作。在文化上，我們保持著這個有凝聚力的群體。所以這是我們想了很多的事情。

And it's -- the strategy and approach is quite -- it's quite thorough and something that I've personally worked on a lot. And I would say that if I were to summarize it, the one thing is like the leadership team needs to be really present and open and transparent and over-communicate and -- because it's hard to make all the perfect decisions when it's such a dynamic environment. But we can make sure that we're very communicative and transparent and reasoning. And it makes all the employees feel very bought-in as a builder and owner of the company. And I think it's benefited us. And it's a big part of the reason why we've been able to execute over the last 6 months or so.

而且它 - 策略和方法非常 - 它非常徹底，而且我個人已經做了很多工作。我想說，如果我要總結一下，一件事是領導團隊需要真正在場、開放、透明和過度溝通——因為當它如此動態時，很難做出所有完美的決定環境。但我們可以確保我們非常善於溝通、透明和推理。作為公司的建設者和所有者，這讓所有員工都感到非常認同。我認為這使我們受益。這也是我們在過去 6 個月左右能夠執行的重要原因。

But we've also -- it's not something that you can like turn on like a switch during a crisis like COVID-19. It's something we've built up over many, many years, the openness and the leading by example and so forth. So lucky to have that foundation that we could capitalize on as we've gone through this year and we've been going through so far.

但我們也 - 在像 COVID-19 這樣的危機期間，您不能像開關一樣打開它。這是我們多年來建立起來的東西，開放性和以身作則等等。很幸運擁有這個基礎，我們可以利用這一基礎，因為我們已經經歷了今年並且我們一直在經歷。

Okay. Next question is coming from Mandeep Singh from Bloomberg.

好的。下一個問題來自彭博社的 Mandeep Singh。

Excellent. So I was curious if you can talk about how much adoption you have seen from increased VPN use with something like Citrix. And also maybe characterize your win rates against Ping Identity.

出色的。因此，我很好奇您是否可以談談您通過 Citrix 之類的 VPN 使用增加看到了多少採用率。並且還可以描述您對 Ping Identity 的勝率。

Yes. Thanks, Mandeep. Certainly, the Okta service is one that can help with all sorts of existing infrastructure that you have. We integrate very well into a lot of the on-prem infrastructure. Our Okta Access Gateway product that allows people to take advantage of that has done very, very well, and it's helped us a lot in the large enterprise over the past quarters. And that's continued to accelerate. Frankly, we integrate well with VPNs, and if you have a VPN that you're happy with, we most likely got it pre-integrated into the Okta service.

是的。謝謝，曼迪普。當然，Okta 服務可以幫助您處理現有的各種基礎設施。我們很好地集成到許多本地基礎設施中。我們的 Okta Access Gateway 產品允許人們利用這一點，它做得非常非常好，在過去幾個季度裡，它在大型企業中幫助了我們很多。而且這種情況還在繼續加速。坦率地說，我們與 VPN 集成得很好，如果您有滿意的 VPN，我們很可能會將其預先集成到 Okta 服務中。

That being said, I think people are also taking advantage of this opportunity to leapfrog technology and think about how they're going to deprecate their VPNs because VPNs are really good when you're thinking about accessing on-premises infrastructure, servers, software, hardware or other things. But as people are moving more and more to the cloud, as they're moving a lot of these contact services to the public cloud and allowing a lot of authentication happening in the cloud, doesn't make that much sense to draw all the traffic back to your network just to push it back out to the public cloud.

話雖如此，我認為人們也在利用這個機會來跨越技術並考慮他們將如何棄用他們的 VPN，因為當你考慮訪問本地基礎設施、服務器、軟件時，VPN 真的很棒，硬件或其他東西。但是隨著人們越來越多地遷移到雲中，因為他們將大量這些聯繫服務遷移到公共雲並允許在雲中進行大量身份驗證，吸引所有流量並沒有多大意義回到您的網絡只是為了將其推回公共雲。

And in fact, we have a number of customers, including some large financial institutions, where they ultimately had to move from 10,000 or 20,000 employees working remotely on a VPN to instantly having 100,000 employees over a weekend going home and VPNs are just not standing up. So while we work fine with the existing VPN technologies, frankly, I think it's something that you're going to see more and more transitions off of as the Okta Identity Cloud really continues to help customers.

事實上，我們有很多客戶，包括一些大型金融機構，他們最終不得不從 10,000 或 20,000 名員工在 VPN 上遠程工作，轉變為在一個週末立即擁有 100,000 名員工回家，而 VPN 只是無法正常工作.因此，坦率地說，雖然我們可以很好地使用現有的 VPN 技術，但我認為隨著 Okta Identity Cloud 真正繼續幫助客戶，你會看到越來越多的過渡。

On your second question regarding Ping Identity, look, there's a set of legacy software providers out there that have been providing services for a number of years. Frankly, Ping Identity is 1/3 of our size, growing half as fast. It's not something we really focus on. We do see them from time to time but a lot of times, it's a situation where people say, "Look, I have Ping running. Can you integrate to it? But over time, I'm going to replace it as I want to go modern." And as you see all the shift happening to -- both on the workforce and customer side to modern identity solutions, I think it's going to be a very clear differentiation in the times ahead.

關於您關於 Ping Identity 的第二個問題，請看，有一組傳統軟件提供商已經提供了多年的服務。坦率地說，Ping Identity 是我們的 1/3，增長速度是我們的一半。這不是我們真正關注的事情。我們不時會看到它們，但很多時候，人們會說，“看，我有 Ping 運行。你能融入它嗎？但隨著時間的推移，我會隨心所欲地更換它走向現代。”正如你看到的所有轉變——無論是在勞動力和客戶方面都發生在現代身份解決方案上，我認為在未來的時代這將是一個非常明顯的差異化。

All right. Our final question comes from Joshua Tilton at Berenberg.

好的。我們的最後一個問題來自貝倫貝格的 Joshua Tilton。

Yes. I just wanted to touch on the competitive landscape a little bit. So if you think about Idaptive, they have numerous overlapping asset management products. They have single sign-on, MFA and life cycle management, and they're now under the CyberArk umbrella. So how does this change your competitive dynamic with the large enterprise access management market?

是的。我只是想稍微談談競爭格局。因此，如果您考慮 Idaptive，他們有許多重疊的資產管理產品。它們具有單點登錄、MFA 和生命週期管理，現在屬於 CyberArk 的保護傘。那麼，這將如何改變您與大型企業訪問管理市場的競爭動態呢？

Yes, absolutely. I think what you're seeing is the importance of enterprise identity as a public cloud offering. And I think that what you're going to see is more and more folks are looking to the core of identity as being very central to what they're trying to do across their enterprises, right, again, on the workforce or customer side. I think that's a very good example of a legacy software provider with an on-premises solution trying to find a way into the modern version of enterprise identity and an enterprise identity cloud.

是的，一點沒錯。我認為您所看到的是企業身份作為公共雲產品的重要性。而且我認為您將看到越來越多的人將身份的核心視為他們在整個企業中嘗試做的事情的核心，對，再次，在勞動力或客戶方面。我認為這是一個很好的例子，傳統軟件提供商通過本地解決方案試圖找到進入現代版企業身份和企業身份雲的方法。

We don't really see them much in the market. We know the Idaptive product suite has been around for some time, and I don't think it had that much traction. So we pay attention to all competitors, of course, but we're really focused on customer success. And customers are looking for, one, broad, integrated, modern identity solution that helps them not only with the problems they have today but the ones that are going to come in the future. And we think that we're very well positioned to help customers not only with core identity but a lot of the adjacencies that you might see coming down the path.

我們在市場上並沒有真正看到它們。我們知道 Idaptive 產品套件已經存在了一段時間，我認為它沒有那麼大的吸引力。因此，我們當然會關注所有競爭對手，但我們真正關注的是客戶成功。客戶正在尋找一種廣泛的、集成的、現代的身份解決方案，不僅可以幫助他們解決當前的問題，還可以幫助他們解決未來的問題。而且我們認為我們已經做好了充分的準備，不僅可以幫助客戶獲得核心身份，還可以幫助您獲得許多您可能會看到的鄰接關係。

And we don't think about it in terms of -- there's a privileged access management market. We think about it in terms of what are the customer problems. We can help them with products like Advanced Server Access. They're well integrated into the Okta service, which is something that people know and are comfortable with, and then we kind of move on to make them successful.

我們不會從以下方面考慮它——有一個特權訪問管理市場。我們從客戶問題的角度來考慮它。我們可以幫助他們使用 Advanced Server Access 等產品。它們很好地集成到 Okta 服務中，這是人們知道並感到滿意的東西，然後我們會繼續讓它們成功。

All right. Thanks, everyone. I hope you enjoyed the new format. And before you go, just a couple of quick announcements. We'll be attending the virtual Citi Tech Conference on September 9. And as we mentioned earlier, the Okta Showcase virtual event will be held on October 7, and you will receive more information on that in a few weeks. And so that's it for today. If you have any follow-up questions, you can e-mail us at investor@okta.com. Thanks.

好的。感謝大家。我希望你喜歡新的格式。在你走之前，只有幾個簡短的公告。我們將參加 9 月 9 日的虛擬花旗科技大會。正如我們之前提到的，Okta Showcase 虛擬活動將於 10 月 7 日舉行，您將在幾週內收到更多信息。這就是今天的內容。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。

Thank you.

謝謝你。