Okta Inc (OKTA) 2020 Q2 法說會逐字稿

Good day, and welcome to the Okta Second Quarter Fiscal '20 Earnings Call. Today's conference is being recorded.

美好的一天，歡迎參加 Okta 20 財年第二季財報電話會議。今天的會議正在錄製中。

At this time, I would like to turn the conference over to Dave Gennarelli. Please go ahead.

這次，我想把會議交給 Dave Gennarelli。請繼續。

Good afternoon, and thank you for joining us for today's conference call to discuss the financial results of Okta's second quarter of fiscal 2020. With me on today's call are Todd McKinnon, Okta's Co-Founder and Chief Executive Officer; Bill Losch, the company's Chief Financial Officer; and Frederic Kerrest, the company's Co-Founder and Chief Operating Officer.

下午好，感謝您參加今天的電話會議，討論 Okta 2020 財年第二季度的財務業績。參加今天電話會議的有 Okta 聯合創始人兼首席執行官 Todd McKinnon； Bill Losch，公司財務長；以及該公司聯合創始人兼首席營運長 Frederic Kerrest。

Today's call 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 position. 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 financial 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.

今天的電話會議將包括根據 1995 年《私人證券訴訟改革法案》安全港條款做出的前瞻性聲明，包括但不限於有關我們的財務前景和市場地位的聲明。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、績效或成就與前瞻性陳述明示或暗示的結果、績效或成就有重大差異。前瞻性陳述僅代表我們管理階層截至做出之日的信念和假設。有關可能影響公司財務表現的因素的資訊包含在其不時向 SEC 提交的文件中，包括先前提交的 10-Q 表中標題為「風險因素」的部分。

In addition, during today's call, 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. Reconciliation between GAAP and non-GAAP financial measures and discussions 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. On today's call, 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.

此外，在今天的電話會議中，我們將討論非公認會計準則財務指標。這些非公認會計原則財務指標是根據公認會計原則編制的財務績效指標的補充，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資料中找到更多詳細信息，其中包括趨勢財務報表和我們投資者關係網站上發布的關鍵指標。在今天的電話會議上，我們在討論我們的財務表現時將引用一些數字或成長變化。除非另有說明，否則每個此類參考均代表同比比較。

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

現在我想把電話轉給托德·麥金農。托德？

Thanks, Dave, and thanks, everyone, for joining us today. Our results mark another exceptional quarter of execution and financial performance. Total revenue grew 49%. Subscription revenue grew 51%. Calculated billings grew 42%. And remaining performance obligations, or RPO, grew 68%. We added 450 new customers in the quarter, bringing our total customer count to 7,000. Once again, we made broad additions across our enterprise customer base with 46% growth in customers with annual contract value greater than $100,000. And once again, over half of these additions were from new customers. We now have over 1,200 of these $100,000-plus customers, which demonstrates our enterprise momentum and the increasingly strategic role that Okta plays in our customers' environments.

謝謝戴夫，也謝謝大家今天加入我們。我們的業績標誌著另一個季度的執行和財務業績表現出色。總收入成長 49%。訂閱收入成長 51%。計算出的帳單增加了 42%。剩餘履約義務 (RPO) 增加了 68%。本季我們增加了 450 名新客戶，使我們的客戶總數達到 7,000 名。我們再次廣泛增加了企業客戶群，年度合約價值超過 10 萬美元的客戶成長了 46%。再次強調，超過一半的新增客戶來自新客戶。現在，我們擁有超過 1,200 個價值超過 100,000 美元的客戶，這表明了我們的企業發展勢頭以及 Okta 在客戶環境中發揮的日益重要的策略作用。

Our momentum is powered by the massive and inevitable shifts that are enveloping companies today. The rapid growth of cloud and hybrid IT, digital transformation and security. Identity plays a critical role in each of these megatrends, and organizations are turning to Okta because we are uniquely able to address the broadest set of use cases across even the most complex technology environment.

我們的動力來自於當今企業所面臨的巨大且不可避免的轉變。雲端和混合 IT、數位轉型和安全的快速成長。身份在每個大趨勢中都發揮關鍵作用，組織正在轉向 Okta，因為我們具有獨特的能力，即使在最複雜的技術環境中也能解決最廣泛的用例。

Now I'll share a few customer wins from the quarter. The first is a Fortune 50 company that wanted to replace its existing identity system with a cloud-based identity solution that would support its hybrid environment while also deploying a Zero Trust security strategy. It was 1 of our largest contracts ever and covers Okta workforce products for over 400,000 global employees and contractors with secure access to hundreds of cloud and on-prem applications as well as Okta customer identity to improve access to its partner portal. Deploying Okta will also provide visibility of application usage and reduce IT friction by automating the provisioning of cloud applications.

現在我將分享本季取得的一些客戶成果。第一家是財富 50 強公司，希望用基於雲端的身份解決方案取代其現有的身份系統，該解決方案將支援其混合環境，同時部署零信任安全策略。這是我們有史以來最大的合約之一，涵蓋了為超過400,000 名全球員工和承包商提供的Okta 勞動力產品，可安全存取數百個雲端和本地應用程式以及Okta 客戶身份，以改善對其合作夥伴門戶的存取。部署 Okta 還將提供應用程式使用情況的可見性，並透過自動配置雲端應用程式來減少 IT 摩擦。

Next, American Century Investments, a leading global asset manager, was a new customer identity win. The company chose Okta to replace its legacy customer identity system with a cloud-based identity platform that will provide both authentication and step-up authentication for its retail website and mobile application. The company selected Okta's customer identity products to provide a seamless and secure registration and login experience for its over 600,000 customers.

接下來，全球領先的資產管理公司 American Century Investments 贏得了新的客戶身分。該公司選擇 Okta 以基於雲端的身份平台取代其舊的客戶身份系統，該平台將為其零售網站和行動應用程式提供身份驗證和升級身份驗證。該公司選擇 Okta 的客戶身份產品來為其超過 60 萬名客戶提供無縫、安全的註冊和登入體驗。

A great upsell was with the French company, ENGIE, a Global 500 multinational electric utility. This upsell is a fantastic illustration of how customers are expanding their relationship with Okta to help solve both their workforce identity and customer identity needs. ENGIE first adopted Okta's workforce identity products to support its cloud-first strategy and quickly deliver a scalable, reliable infrastructure that facilitated collaboration among its employees. This quarter, ENGIE purchased an array of Okta's customer identity products to accelerate its digital transformation for the users of its large B2B customers. Going forward, Okta will be the identity standard across all ENGIE business units.

法國公司 ENGIE 的追加銷售量很大，這是一家全球 500 大跨國電力公司。這次追加銷售很好地說明了客戶如何擴大與 Okta 的關係，以幫助解決他們的員工身份和客戶身份需求。 ENGIE 首先採用 Okta 的員工身分產品來支援其雲端優先策略，並快速交付可擴展、可靠的基礎設施，以促進員工之間的協作。本季度，ENGIE 購買了一系列 Okta 的客戶身分產品，以加速其大型 B2B 客戶用戶的數位轉型。展望未來，Okta 將成為所有 ENGIE 業務部門的身份標準。

And finally, while we just launched Advanced Server Access a few short months ago, we've already had some notable wins, including an upsell with Discovery, a Fortune 500 entertainment company with a global portfolio that includes Discovery Channel, HGTV, Food Network, TLC, Eurosport and GOLFTV. It's a great example of how our new products help expand our use cases with existing customers. Discovery first adopted Okta to serve its diverse mobile workforce and support its cloud-first initiatives. This quarter, Discovery purchased Advanced Server Access to help protect its infrastructure and extend the seamless authentication workflows to Linux and Windows machines.

最後，雖然我們在幾個月前剛推出Advanced Server Access，但我們已經取得了一些顯著的勝利，包括與Discovery 的追加銷售，Discovery 是一家財富500 強娛樂公司，其全球產品組合包括Discovery Channel、 HGTV、Food Network、 TLC、歐洲體育頻道和 GOLFTV。這是我們的新產品如何幫助現有客戶擴展我們的用例的一個很好的例子。 Discovery 首先採用 Okta 來為其多樣化的行動員工提供服務並支援其雲端優先計畫。本季度，Discovery 購買了 Advanced Server Access，以協助保護其基礎架構並將無縫身分驗證工作流程擴展到 Linux 和 Windows 電腦。

We believe that great customer wins like these are just the tip of the iceberg, and that's why we are making a concerted effort to focus our energy on winning the world's largest organizations. Companies are recognizing that their success depends on their ability to quickly and securely adopt the best technologies for their workforces and customers. Every company needs to become a technology company, and we've built the Okta Identity Cloud to enable that transition with the speed, scale, security and flexibility that our customers require.

我們相信，像這樣的偉大客戶勝利只是冰山一角，這就是為什麼我們齊心協力，專注於贏得世界上最大的組織。公司意識到，他們的成功取決於他們為員工和客戶快速、安全地採用最佳技術的能力。每家公司都需要成為一家科技公司，我們建構了 Okta Identity Cloud，以客戶所需的速度、規模、安全性和靈活性來實現這一轉變。

A good indicator of our progress with winning the world's largest organizations is the overall strength and 68% growth in total RPO. This is evidence that our deal sizes are getting larger and the contract term lengths are getting longer. In fact, when looking at the top 25 contracts booked in Q2 by total contract value, the average contract size doubled when compared to Q2 last year. While that's great progress, we still have a significant opportunity to further expand our business with these large organizations.

整體實力和 RPO 總額 68% 的成長是我們贏得全球最大組織的進展的一個良好指標。這證明我們的交易規模越來越大，合約期限越來越長。事實上，從第二季合約總價值計算的前 25 份合約來看，平均合約規模比去年第二季翻了一番。雖然這是巨大的進步，但我們仍然有很大的機會進一步擴大與這些大型組織的業務。

Winning the world's largest organizations continues to be an important part of our overall strategy, and we remain focused on expanding our platform to better serve them. To refresh what I've talked about before, we are focused on building products and features that can leverage more integrations. Doing so unlocks more use cases, attracts more customers and generates more data insights that can be harnessed to build better products that make our customers more successful. It's a virtuous cycle where more customer success translates to more customer wins, which translates into more customer success and so on.

贏得全球最大的組織仍然是我們整體策略的重要組成部分，我們仍然專注於擴展我們的平台以更好地為他們服務。為了刷新我之前討論過的內容，我們專注於建立可以利用更多整合的產品和功能。這樣做可以解鎖更多用例，吸引更多客戶並產生更多數據見解，可以利用這些見解來建立更好的產品，使我們的客戶更加成功。這是一個良性循環，更多的客戶成功轉化為更多的客戶勝利，而更多的客戶勝利轉化為更多的客戶成功，依此類推。

So we're winning more customers. Now let's talk about the products that are increasing the use cases with our customers. Last quarter, I talked about a number of new products and features that we introduced at Oktane. We are transitioning our offering from products to a componentized platform, and the investments that we have made in this area are really starting to bear fruit. We've opened up the platform into customizable blocks that enable unlimited use cases with the Okta Identity Engine. We've introduced new functionality to our customer base like extensibility with Okta Hooks. We've also added new products like Okta Advanced Server Access to secure access to critical infrastructure and Okta Access Gateway to extend the Okta Identity Cloud to on-prem apps. These are all great examples of how we are creating the preeminent platform to help customers successfully adopt any technology. We are still in early days with each of these, but we're very encouraged by the level of interest we're seeing in these new enhancements and products, especially with our large enterprise customers like Discovery that I mentioned earlier.

所以我們贏得了更多客戶。現在讓我們來談談正在與客戶一起增加用例的產品。上個季度，我談到了我們在 Oktane 推出的一些新產品和功能。我們正在將我們的產品從產品轉向組件化平台，我們在這一領域的投資確實開始取得成果。我們已將平台開放為可自訂的區塊，可透過 Okta 身份引擎實現無限的用例。我們為客戶群引入了新功能，例如 Okta Hooks 的可擴展性。我們還新增了新產品，例如用於安全存取關鍵基礎架構的 Okta Advanced Server Access 和用於將 Okta Identity Cloud 擴展到本機應用程式的 Okta Access Gateway。這些都是我們如何創建卓越平台來幫助客戶成功採用任何技術的絕佳範例。我們仍處於早期階段，但我們對這些新的增強功能和產品的興趣程度感到非常鼓舞，特別是像我之前提到的 Discovery 這樣的大型企業客戶。

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 a new customer event called Okta [Showcase] on October 10 in San Francisco. Please stay tuned for more details on that event.

我們期待在 10 月 10 日於舊金山舉行的名為 Okta [展示] 的新客戶活動中分享更多這一新產品的發展勢頭以及我們對 Okta 平台所做的一些額外增強。請繼續關注該活動的更多詳情。

The last thing I'd like to say before I hand it over to Bill is that we're very pleased to be recognized as a leader by the analyst community for our vision, strategy and ability to execute. Earlier this month, Okta was once again named the leader in Gartner's Magic Quadrant for Access Management. Okta defined this category, and we've been the leader since this quadrant was created. You really have to see the graphic where we're placed in this year's Magic Quadrant because it's absolutely striking and serves as validation that we're pulling further ahead from the competition.

在將其交給比爾之前，我想說的最後一件事是，我們很高興被分析師界認可為我們的願景、策略和執行能力的領導者。本月早些時候，Okta 再次被 Gartner 訪問管理魔力像限評為領導者。 Okta 定義了這個類別，自從這個象限創建以來我們一直處於領先地位。你真的必須看看我們在今年魔力像限中的位置，因為它絕對引人注目，並且可以證明我們在競爭中進一步領先。

This recognition of our sustained leadership comes on the heels of Forrester Research recognizing Okta as a leader in their Identity as a Service for Enterprise Support. We value this recognition by the industry analysts because what it really means is that our customers are having great success with Okta and have the confidence to reference us with the analysts. With that, I'll summarize by saying it was a very strong quarter for us driven by continued execution and market momentum. We are seeing great traction on all fronts and remain focused on capturing the massive opportunity in front of us. Thanks again for your time.

繼 Forrester Research 認可 Okta 為企業支持身分即服務領域的領導者之後，我們持續領先地位得到了認可。我們非常重視產業分析師的認可，因為這真正意味著我們的客戶在 Okta 的幫助下取得了巨大成功，並且有信心向我們推薦分析師。說到這裡，我總結說，在持續執行和市場動力的推動下，對我們來說這是一個非常強勁的季度。我們在各個方面都看到了巨大的吸引力，並將繼續專注於抓住我們面前的巨大機會。感謝你的寶貴時間。

And now I'd like to turn the call over to Bill to walk through our financial results. Bill?

現在我想把電話轉給比爾，讓他詳細介紹我們的財務表現。帳單？

Thanks, Todd, and thanks again to everyone for joining us. I'll go through our results for the second quarter and then discuss our business outlook for Q3 and the full year. As Todd mentioned, we maintained the strong momentum we had exiting Q1 and experienced strength across the board with better-than-expected growth in many areas, including revenue, calculated billings and RPO.

謝謝托德，再次感謝大家加入我們。我將回顧第二季的業績，然後討論第三季和全年的業務前景。正如托德所提到的，我們保持了第一季的強勁勢頭，並在許多領域（包括收入、計算的賬單和 RPO）實現了全面增長，好於預期。

Total revenue was $140 million, an increase of 49%, driven by 51% growth in subscription revenue. Subscription revenue now represents 94% of our total revenue, up from 93% in Q2 last year. Revenue from outside of the U.S. grew 45% and represented 16% of revenue, which is consistent with Q2 last year. We continue to view our international business as a long-term opportunity and are investing strategically to expand our international footprint.

總營收為 1.4 億美元，成長 49%，其中訂閱收入成長 51%。訂閱收入目前占我們總營收的 94%，高於去年第二季的 93%。來自美國以外地區的收入成長了 45%，佔總收入的 16%，與去年第二季一致。我們繼續將我們的國際業務視為長期機遇，並進行策略性投資以擴大我們的國際業務。

Total calculated billings grew 42%, and current calculated billings increased 44%. The strength in billings continues to be driven by both new and existing customers across enterprise and commercial. Billings also benefited from stronger-than-expected bookings within the quarter.

總計算帳單增加了 42%，目前計算帳單增加了 44%。企業和商業領域的新客戶和現有客戶繼續推動帳單的成長。比林斯也受惠於本季強於預期的預訂量。

Total RPO or backlog, which for us is contracted subscription revenue both billed and unbilled that has not yet been recognized was $914 million, representing a growth of 68%. As Todd mentioned, the exceptional growth in total RPO reflects the success we've been experiencing with large enterprise customers where the contracts tend to be much larger in total contract value and longer in length, up to 5 years in some cases. As we continue to see success with winning the world's largest organizations, we expect the average contract size and term length to trend upwards over time.

RPO 或積壓訂單總額（對我們來說是尚未確認的已計費和未計費的合約訂閱收入）為 9.14 億美元，成長了 68%。正如托德所提到的，RPO 總額的顯著增長反映了我們在大型企業客戶中所取得的成功，這些客戶的合約往往合約總價值更大、期限更長，在某些情況下長達5年。隨著我們繼續成功贏得世界上最大的組織，我們預計平均合約規模和期限長度將隨著時間的推移呈上升趨勢。

Current RPO, which represents subscription revenue we expect to recognize over the next 12 months, also experienced strong growth of 52% to $461 million. As I mentioned last quarter, RPO should be viewed as an additional metric to gauge our performance in the quarter. Year-over-year growth in current RPO is the more meaningful metric when viewed along with subscription revenue and billings growth. Billings can sustain variability caused by changes in invoice duration and invoice timing, while RPO can reduce some of the variability seen in billings because it eliminates variances in these invoice dynamics. However, RPO can be influenced by factors such as contract duration and renewal cycles.

目前的 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 52% 的強勁成長，達到 4.61 億美元。正如我上季度提到的，RPO 應被視為衡量我們本季績效的附加指標。與訂閱收入和帳單成長一起來看，目前 RPO 的同比成長是更有意義的指標。帳單可以維持由發票期限和發票時間變化引起的變化，而 RPO 可以減少帳單中出現的一些變化，因為它消除了這些發票動態的變化。但是，RPO 可能會受到合約期限和續約週期等因素的影響。

Turning to retention. Our dollar-based net retention rate for the trailing 12-month period remained strong at 118% and represents a 1 point sequential decrease. The slight decrease is as expected and is impacted by the large initial deal sizes we're achieving with large enterprise customers. As I mentioned last quarter, the net retention rate may fluctuate a bit from quarter-to-quarter. We expect it to remain very healthy as we continue to experience growth in initial deal sizes.

轉向保留。我們過去 12 個月期間以美元計算的淨保留率仍然保持在 118% 的強勁水平，比上一季下降了 1 個百分點。略有下降符合預期，並且受到我們與大型企業客戶實現的大規模初始交易規模的影響。正如我上個季度提到的，淨保留率可能會在每季略有波動。隨著我們初始交易規模的持續成長，我們預計它將保持非常健康的狀態。

Before turning to expense items and profitability, I would like to point out that I will be discussing non-GAAP results going forward. Turning to gross margin. Subscription gross margin was 82.6%, up 230 basis points; and total gross margin was 77.2%, up 390 basis points. Gross profit grew 56%.

在討論費用項目和獲利能力之前，我想指出，我將討論未來的非公認會計準則績效。轉向毛利率。認購毛利率為82.6%，上升230個基點；總毛利率為77.2%，上升390個基點。毛利成長56%。

Now looking at operating expenses. Total operating expenses for Q2 grew 34%. Consistent with prior quarters, the increase is primarily driven by sales and marketing investments as we look to capture more of our large addressable market with more of the world's largest organizations and expand geographically. The overall expense growth aligns with the commitment we've made to invest in our strategic priorities, which include driving business with the world's largest organizations, strengthening the network effects of our platform, expanding our presence with customer identity and investing in security with the Okta Identity Cloud.

現在來看看營運費用。第二季總營運支出成長 34%。與前幾季一致，這一成長主要是由銷售和行銷投資推動的，因為我們希望透過更多的全球最大組織來佔領更多的大型潛在市場並進行地理擴張。整體費用成長與我們對策略重點投資的承諾一致，其中包括推動與世界上最大的組織的業務發展、加強我們平台的網路效應、透過客戶身分擴大我們的影響力以及透過 Okta 投資安全性身分雲。

As usual, the biggest component to the spend increase is related to scaling headcount to support these strategic initiatives. We've been successful in attracting and retaining great talent, and total headcount grew 40%. We continue to invest in our business as we scale [durable] growth. Operating loss in the second quarter narrowed to $10 million or a margin of negative 7% compared to negative 20% in the same period last year. This is better than expected and primarily driven by our revenue outperformance. The timing of Oktane, which was held in Q1 this year versus Q2 of last year, also benefited the year-over-year compare and operating margin this Q2. Net loss per share was $0.05 with 115 million basic shares outstanding as compared to a net loss per share of $0.15 with 107 million basic shares outstanding in Q2 last year.

與往常一樣，支出增加的最大組成部分與擴大員工人數以支持這些策略措施有關。我們成功地吸引和留住了優秀人才，員工總數增加了 40%。隨著我們擴大[持久]成長，我們將繼續投資於我們的業務。第二季營運虧損收窄至 1,000 萬美元，利潤率為負 7%，去年同期為負 20%。這好於預期，主要是由於我們的收入表現出色。 Oktane 的舉辦時間與去年第二季相比，今年第一季舉行，這也有利於本季的年比比較和營業利潤率。每股淨虧損為 0.05 美元，已發行基本股為 1.15 億股，去年第二季每股淨虧損為 0.15 美元，已發行基本股為 1.07 億股。

Turning to cash flow. Operating cash flow was negative as expected due to typical seasonality. Operating cash flow was negative $1.1 million or a margin of negative 1% compared to negative 6% in Q2 last year. Free cash flow was negative $4.3 million. Free cash flow margin improved to negative 3% compared to negative 12% for Q2 last year. We continue to expect to end the year with positive free cash flow and also expect to see continued variability in cash flow margins due to ongoing fluctuations in working capital, the growth in enterprise business and seasonal factors. We ended the second quarter with $557 million in cash, cash equivalents and short-term investments.

轉向現金流。由於典型的季節性因素，營運現金流量如預期為負值。營運現金流為負 110 萬美元，利潤率為負 1%，而去年第二季為負 6%。自由現金流為負 430 萬美元。自由現金流利潤率從去年第二季的負 12% 改善至負 3%。我們繼續預計年底將實現正的自由現金流，並且由於營運資本的持續波動、企業業務的成長和季節性因素，現金流量預計將持續波動。截至第二季末，我們的現金、現金等價物和短期投資為 5.57 億美元。

Moving on to our business outlook. We remain optimistic about the current demand environment; and based on our strong second quarter results, we are raising our full year outlook. Consistent with our approach throughout this year, we're using this opportunity to reinvest the upside we're experiencing in investments to innovate our platform, fuel growth and further enhance our competitive positioning. As a result, while we increased our profitability outlook for the full year, we've adjusted our Q3 outlook to invest some of our better-than-expected Q2 profitability.

繼續我們的業務前景。我們對當前的需求環境保持樂觀；基於我們強勁的第二季業績，我們正在上調全年預期。與我們今年全年的做法一致，我們將利用這個機會將我們正在經歷的投資優勢進行再投資，以創新我們的平台、推動成長並進一步增強我們的競爭地位。因此，雖然我們提高了全年的獲利前景，但我們調整了第三季的前景，以投資部分優於預期的第二季獲利能力。

For the third quarter, we expect total revenue of $143 million to $144 million, representing a growth rate of 35% to 36%; non-GAAP operating loss of $17.5 million to $16.5 million; non-GAAP net loss per share of $0.13 to $0.12 assuming shares outstanding of approximately 117 million.

第三季度，我們預計總營收為1.43億美元至1.44億美元，成長率為35%至36%；非公認會計準則營業虧損為 1,750 萬美元至 1,650 萬美元；假設已發行股數約為 1.17 億股，則非 GAAP 每股淨虧損為 0.13 至 0.12 美元。

For the full year fiscal '20, we are raising our guidance and now expect total revenue of $560 million to $563 million, representing a growth rate of 40% to 41%; non-GAAP operating loss of $64 million to $62 million; non-GAAP net loss per share of $0.44 to $0.42 assuming shares outstanding of approximately 116 million.

對於 20 財年全年，我們正在提高指導，目前預計總收入為 5.6 億至 5.63 億美元，成長率為 40% 至 41%；非 GAAP 營運虧損為 6,400 萬至 6,200 萬美元；假設已發行股數約為 1.16 億股，則非 GAAP 每股淨虧損為 0.44 至 0.42 美元。

In summary, we had another strong quarter and we are looking forward to building on this momentum in the second half of the year. We are uniquely positioned to capitalize on the tailwinds and extend our leadership in the market. We've achieved great progress over the past several years, and we believe we're just getting started. The investments we're making today will help propel our future growth and solidify Okta's position as the standard for both workforce and customer identity. We are encouraged by the progress we've achieved and look forward to capitalizing on the tremendous market opportunity in front of us.

總而言之，我們又經歷了一個強勁的季度，我們期待在下半年繼續保持這一勢頭。我們處於獨特的地位，可以利用順風車並擴大我們在市場上的領導地位。過去幾年我們取得了巨大進步，我們相信我們才剛開始。我們今天的投資將有助於推動我們未來的成長，並鞏固 Okta 作為勞動力和客戶身分標準的地位。我們對所取得的進步感到鼓舞，並期待著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. Operator?

接下來，托德、弗雷德里克和我將回答你們的問題。操作員？

(Operator Instructions) And we will go first to Heather Bellini with Goldman Sachs.

（操作員指示）我們將首先前往高盛 (Goldman Sachs) 的希瑟貝利尼 (Heather Bellini)。

I wanted to ask if you could talk about -- a little bit about just the competitive environment and maybe share a little bit given the cloud native heritage of Okta, if you could share a little bit about how customers are starting to react to your product that also can be deployed on premise and kind of how you see that, how you see that playing out and how you see -- if that changes any of the competitive dynamics further out there today. And then I have a follow-up.

我想問您是否可以談談競爭環境，也許可以分享一下 Okta 的雲原生傳統，您是否可以分享一下客戶對您的產品的反應這也可以在前提下部署，以及你如何看待它、你如何看待它的發揮以及你如何看待——如果這會進一步改變當今的任何競爭動態。然後我有一個後續行動。

The -- cool. Yes. This is a good question. It's really important part of how we think about the world. The major competitive dynamic really for the last several years has been is the company moving to the cloud or are they not. And when a company's moving to the cloud, we do very, very well. And the good news for us is that every organization, every industry is moving to the cloud. And we're very differentiated between -- we're very, very, very differentiated between most solutions because they weren't built in the cloud. They weren't preintegrated to thousands of services. They can't be upgraded. They can't be continuously connected to everything in the company's environment. So that's something we've benefited tremendously from.

清涼。是的。這是一個很好的問題。這是我們如何看待世界的非常重要的一部分。過去幾年真正的主要競爭動態是公司是否遷移到雲端。當一家公司遷移到雲端時，我們做得非常非常好。對我們來說，好消息是每個組織、每個產業都在往雲端遷移。我們在大多數解決方案之間非常、非常、非常有區別，因為它們不是在雲端中建構的。它們沒有預先整合到數千種服務中。它們無法升級。他們無法持續連接到公司環境中的所有內容。所以這是我們受益匪淺的事。

We added the product that you're referring to, I think, Heather called Okta Access Gateway. We announced that at our conference back at Oktane. And really, what that does is it's a bridge to help those customers move a little bit faster over to the cloud. So it connects Okta back into their on-premise environment, gets more of their on-premise environment connected to Okta more easily and really accelerates that journey into the cloud. And it's still early for that product, but it's off to a very strong start. And we're seeing early success with it, and we're expecting big things over the next months and years.

我們添加了您所指的產品，我認為 Heather 稱為 Okta Access Gateway。我們在 Oktane 的會議上宣布了這一點。實際上，它的作用是幫助這些客戶更快地遷移到雲端。因此，它將 Okta 連接回其本地環境，使更多本地環境更輕鬆地連接到 Okta，並真正加速了雲端之旅。該產品現在還為時過早，但已經有了一個非常強勁的開端。我們看到了它的早期成功，並且我們期待在接下來的幾個月和幾年裡取得重大成果。

Great. And then just a follow-up for Bill. Bill, if you would share with us, I mean you had very strong RPO growth this quarter. Just wondering, from a demand perspective, there's been some concern of late just of a slowdown in the overall macro environment, and obviously, you guys are still in hyper growth mode. But have you guys noticed any change in sales cycles or anything that might make you think that the environment's a little bit more challenging than it was, say, 3 months ago?

偉大的。然後是比爾的後續行動。比爾，如果您願意與我們分享，我的意思是您本季的 RPO 成長非常強勁。只是想知道，從需求的角度來看，最近有人擔心整體宏觀環境放緩，而且顯然，你們仍處於高速成長模式。但你們有沒有註意到銷售週期的任何變化，或者任何可能讓你們認為環境比三個月前更具挑戰性的事情？

Yes. Heather, we're not seeing any of those type of things. We're seeing very strong macro demand for our product. We're feeling like because these tailwinds that we have been enjoying for a while now moving to the cloud, companies digitally transforming themselves, focusing on security, these tailwinds we will -- we think are going to continue to remain C-level priorities. And as a result of that, we're feeling that, from a demand standpoint, demand is very strong for us.

是的。希瑟，我們沒有看到任何此類事情。我們看到對我們產品的宏觀需求非常強勁。我們感覺，因為我們已經享受了一段時間的這些順風，現在正在轉向雲，公司進行數位轉型，專注於安全，我們認為這些順風將繼續保持 C 級優先事項。因此，我們覺得，從需求的角度來看，我們的需求非常強勁。

Yes. One thing about the quarter too -- I'd just add to that, Heather, one thing about the quarter too is it's very balanced in terms of like success across the board. Whether it was geographically or segments of our business or the federal business, it was very balanced. So there wasn't underperformance in one area that was covered by another area. Overperformance was very balanced across the board success.

是的。關於本季的一件事還有——我想補充一點，希瑟，關於本季的一件事也是如此，就全面成功而言，它非常平衡。無論是地理上、我們業務的各個部分還是聯邦業務，都非常平衡。因此，不存在某個領域表現不佳而被另一領域所涵蓋的情況。超額表現是非常平衡的全面成功。

We'll go next to Jonathan Ho with William Blair.

接下來我們將與威廉布萊爾一起前往喬納森何 (Jonathan Ho)。

Congrats on the strong results. I just wanted to start out with maybe getting a little bit more color. When you talked about some of the outperformance on the larger deals, can you give us a sense of what that's being driven by? Is this mainly cross-sell or upsell, further penetration, multiproduct deals? I just think it'd be a little bit helpful to just understand a little bit what maybe some of the stronger drivers were.

祝賀取得強勁的成果。我只是想從多一點顏色開始。當您談到大型交易的一些出色表現時，您能否讓我們了解一下其背後的推動因素是什麼？這主要是交叉銷售還是追加銷售、進一步滲透、多產品交易？我只是認為稍微了解一些更強的車手可能會有所幫助。

This is Frederic. Thanks for the kind words. As you mentioned, we're very excited about the traction that we're seeing with the world's largest organization, and that overall strength in the RPO indicates our progress there. The deal sizes are getting larger, and those contract lengths are getting longer. In fact, if you looked at the -- a piece of data, the top 25 contracts booked in Q2 by TCV, as Todd mentioned, compared to last year and that average size of contracts have doubled. And so what you're really starting to see is more and more large organizations that are either adopting the cloud and thinking about how they're going to do that internally for workforce or for their customer identity management. Good example is that Fortune 50 new customer of ours. That was entirely a workforce deployment. They're thinking about Zero Trust and how they put that strategy in.

這是弗雷德里克.感謝您的客氣話。正如您所提到的，我們對全球最大組織的吸引力感到非常興奮，RPO 的整體實力表明了我們在這方面取得的進展。交易規模越來越大，合約期限也越來越長。事實上，如果你看一下數據，正如托德提到的，與去年相比，TCV 在第二季度預訂的前 25 份合同，平均合約規模翻了一番。因此，您真正開始看到的是越來越多的大型組織正在採用雲端，並考慮如何在內部為員工或客戶身分管理做到這一點。我們的財富 50 強新客戶就是一個很好的例子。這完全是勞動力部署。他們正在考慮零信任以及如何實施策略。

You see a lot of upsell, so the example that we talked about with ENGIE, where they've been a strong workforce customer for a long time and are now seeing opportunity to use customer identity and access management. But what has really happened over the last couple of years is with so much innovation not only in the platform but in the different products and introduction of new products, you're also seeing that we can continue to land in new places across these large organizations. So for example, our new Fortune 500 win for the quarter was with Pacific Life, brand-new customer for us and that started in customer identity management, where they wanted to do some new portals for a new type of customer. So that was a new place where they're looking for innovation in a certain way and with the breadth and depth of the Okta Integration Network and the Identity Cloud, we can really address a lot of those complex use cases now.

您會看到大量的追加銷售，例如我們與 ENGIE 討論的例子，他們長期以來一直是強大的勞動力客戶，現在看到了使用客戶身分和存取管理的機會。但過去幾年真正發生的事情是，不僅在平台方面，而且在不同的產品和新產品的推出方面都有如此多的創新，您還會看到我們可以繼續在這些大型組織中登陸新的地方。例如，我們本季新贏得的《財富 500 強》是太平洋人壽 (Pacific Life)，它是我們的全新客戶，從客戶身分管理開始，他們希望為新型客戶提供一些新的入口網站。因此，這是一個新的地方，他們正在以某種方式尋求創新，並且憑藉 Okta 整合網路和身份雲的廣度和深度，我們現在可以真正解決許多複雜的用例。

Yes. And I'll just add to that. The largest organizations have -- first of all, they have a lot of things we can help them with. There's a lot of complex technology. It's a very -- there's a lot of friction in adopting technology there, and we can help through that and speed their time to value across the board. But not only are the initial deals large, but there's a lot of white space too over time because they have so much need. So we're not only just excited about the size of the deals initially, but we're excited about the potential to grow in these accounts over time.

是的。我將對此進行補充。最大的組織—首先，他們有很多我們可以幫助他們的事情。有很多複雜的技術。在那裡採用科技存在著許多摩擦，我們可以幫助他們解決這個問題，並加快他們全面實現價值的時間。但不僅最初的交易規模很大，而且隨著時間的推移，也會出現大量的空白，因為它們有如此多的需求。因此，我們不僅對最初的交易規模感到興奮，而且對這些帳戶隨著時間的推移而增長的潛力感到興奮。

Got it. And then just as a quick follow-up, you guys have talked a little bit about the server access product. I'm just wondering, particularly as it pertains to the public cloud, have some of the recent breaches maybe lead to more inbound interest. Or is there any potential to benefit from some of the concerns out there?

知道了。然後，作為快速跟進，你們已經討論了一些關於伺服器存取產品的問題。我只是想知道，特別是當它涉及公有雲時，最近的一些違規行為是否可能會導致更多的入站興趣。或者是否有可能從現有的一些擔憂中受益？

There's a lot of interest in the products, and it's particularly strong in more modern development shops where they're doing dev ops, processes, and they're being really agile in how they iterate and get code out. And that's where you've seen some of these breaches happen. And people are moving so fast and trying to innovate that sometimes they don't lock down the servers or lock down the S3 buckets like they should. So Advanced Server Access is a great fit for that. It fits into these modern software development processes, and it can help close down some of these security risks. Whether it's shared administration credentials, servers using weak passwords, user accounts not created to maintain on the servers, we can help sure that up, and it's a great fit in this modern software development world.

人們對這些產品很感興趣，尤其是在更現代的開發商店中，他們正在進行開發操作、流程，並且他們在迭代和獲取程式碼方面非常敏捷。這就是您所看到的一些違規行為發生的地方。人們的行動如此之快並試圖創新，以至於有時他們沒有像他們應該的那樣鎖定伺服器或鎖定 S3 儲存桶。因此，高級伺服器存取非常適合這一點。它適合這些現代軟體開發流程，並且可以幫助消除其中一些安全風險。無論是共享管理憑證、使用弱密碼的伺服器、不是為了在伺服器上維護而創建的使​​用者帳戶，我們都可以幫助確保這一點，並且它非常適合這個現代軟體開發世界。

And we'll go next to Alex Henderson with Needham.

接下來我們將和尼達姆一起去亞歷克斯·亨德森。

Just one quick question on the deal length. So when you sign a 5-year deal, I assume that you're not providing any incentives for longer-term deals that you're in fact basically just extending it at their desire as opposed to incenting that. Is that correct?

只是一個關於交易期限的簡單問題。因此，當你簽署一份為期 5 年的協議時，我認為你沒有為長期協議提供任何激勵，事實上你基本上只是按照他們的意願延長協議，而不是激勵他們這樣做。那是對的嗎？

Yes, that is correct. I mean what we're finding is the larger enterprises, because they're looking to Okta to really be the secure and scalable identity standard for them across their complex hybrid environments, are really looking for that long-term partnership with us, where we can address use cases now, we can address use cases as they evolve for them. So they're really the ones driving the length of the contracts from the standpoint that really for them is a deep partnership over time.

對，那是正確的。我的意思是，我們發現的是較大的企業，因為他們希望 Okta 真正成為他們在複雜的混合環境中的安全和可擴展的身份標準，並且真正尋求與我們的長期合作夥伴關係，我們在其中現在可以解決用例，我們可以隨著用例的發展而解決它們。因此，從對他們來說真正是長期深入的合作關係的角度來看，他們確實是推動合約期限的人。

Great. I just want to make sure that was accurate. The primary question I wanted to ask is around the Oktane pipeline. I continue to be incredibly impressed by how many people show up for that conference, and my sense is that it's delivered a substantial pipeline of leads that you are now running down. Could you give us some sense of what your lead book looks like at this point and how long it takes to close the leads that were generated from that trade show?

偉大的。我只是想確保這是準確的。我想問的主要問題是關於 Oktane 管道的。參加這次會議的人數仍然給我留下了令人難以置信的印象，我的感覺是，它提供了大量的潛在客戶，而您現在正在尋找這些潛在客戶。您能否讓我們了解一下您的潛在客戶目前的情況以及完成該貿易展產生的潛在客戶需要多長時間？

I don't have those numbers. I do know that Oktane is tremendously influential both for existing customers that are learning about the breadth of the platform. One of the big things we try to do and keep in mind at Oktane is that our product and our platform are very broad. And we really need to make sure we spend a lot of effort there telling our customers about the breadth of it, so they know the value we can provide. So that's an important part of it. And then there's a lot of new prospects there too that are just learning about the story for the first time and we try to -- we make sure that we convey the message of the value that the core product can provide in addition to explaining the breadth of the product. The -- we do see every year, we see a lot of impact on the marketing funnel and on the sales results from Oktane, which is one of the reasons why we continue to grow and invest in that event. It is a very strategic event for us. So we're happy with how it went this year, and we're happy with the -- we're confident that it's going to have a positive impact again.

我沒有這些數字。我確實知道 Oktane 對於正在了解該平台廣度的現有客戶來說具有巨大的影響力。我們在 Oktane 嘗試做並牢記的一件大事是我們的產品和平台非常廣泛。我們確實需要確保我們花費大量精力告訴客戶它的廣度，以便他們知道我們可以提供的價值。所以這是它的重要組成部分。然後還有很多新的潛在客戶剛剛第一次了解這個故事，我們嘗試 - 除了解釋廣度之外，我們確保傳達核心產品可以提供的價值的信息產品的。我們每年都會看到，Oktane 對行銷管道和銷售結果產生了很大的影響，這也是我們繼續發展和投資活動的原因之一。這對我們來說是一個非常具有戰略意義的事件。因此，我們對今年的進展感到滿意，我們對此感到滿意 - 我們相信它將再次產生積極影響。

One last quick question if I could. The Ping filing, they're obviously setting to go public. How often do you run into Ping? How do you see them competing? Can you give us any color around what they might say or how you might position against them?

最後一個快速問題，如果可以的話。根據 Ping 的文件，他們顯然準備上市。您多久會遇到一次 Ping？您如何看待他們的競爭？您能否告訴我們他們可能會說什麼或您將如何反對他們？

It's -- so I talked earlier about the world is really separated into legacy and the cloud future, and the best thing that's happened to us over the last 5 or so years is that everyone in the world now they know they want to -- they're either in the cloud or they want to get to the cloud. That's the future strategic direction. And I think that the competitors we see are mostly in the legacy bucket. They're software companies. They're part of a major suite of products like the IBM identity products or the computer associates, or maybe they're a stand-alone niche vendor like Ping, but they're all legacy on-premise software. And I think the market has basically decided that cloud is the future, and that's why you see our results twice the size growing twice as fast as someone like Ping.

所以我之前談到世界實際上分為傳統和雲端未來，過去五年左右發生在我們身上的最好的事情是世界上的每個人現在都知道他們想要 - 他們他們要么在雲端，要么想要進入雲端。這就是未來的策略方向。我認為我們看到的競爭對手大多屬於傳統領域。他們是軟體公司。它們是 IBM 身份產品或電腦關聯產品等主要產品套件的一部分，或者可能是 Ping 等獨立的利基供應商，但它們都是傳統的本地軟體。我認為市場基本上已經決定雲端是未來，這就是為什麼你會看到我們的業績規模是 Ping 等公司規模的兩倍，成長速度是 Ping 等公司的兩倍。

We'll go next to Sterling Auty with JPMorgan.

接下來我們將與摩根大通一起討論 Sterling Auty。

So Todd, you mentioned kind of the change to the packaging and -- of products and the componentized nature of it. What does that do to pricing and how the procurement process actually works relative to how you had it structured previously?

托德，您提到了產品包裝和組件化性質的變化。相對於您先前的結構，這對定價以及採購流程的實際運作方式有何影響？

The -- turning the products into a componentizable platform is really about addressing more use cases, so it's giving the customers the flexibility to use Okta very seamlessly for use cases that may have been difficult before or maybe not possible before. And so I really -- it's not like a repricing. It's making sure that the platform and the products can be used for every use case the customer has, whether it's maybe they just want to use a very small part of our multi-factor authentication infrastructure to get started, right? Or maybe they want to do a scenario where we do the authentication but they rely on a third party to do the address and identity verification and proofing, right? It's all of those use cases that are addressed by what we call the identity engine that make it really powerful. So it's basically more flexibility, more power to address more use cases, which means more users and more products sold.

將產品轉變為可組件化平台實際上是為了解決更多用例，因此它使客戶可以靈活地非常無縫地使用 Okta 來處理以前可能很困難或以前不可能的用例。所以我真的——這不像是重新定價。它確保平台和產品可以用於客戶的每個用例，無論他們是否只想使用我們多因素身份驗證基礎設施的一小部分來開始，對吧？或者也許他們想做一個我們進行身份驗證但他們依賴第三方進行地址和身份驗證和證明的場景，對吧？正是我們所說的身份引擎解決了所有這些用例，才使其真正強大。因此，它基本上具有更大的靈活性，更強大的能力來解決更多的用例，這意味著更多的用戶和更多的產品銷售。

All right. Excellent. And then one follow-up. I missed if you said it on the competitive landscape. But that server access solution, what do you see in terms of head-to-head competition if there is an RFP? Or what is the other alternative that customers are considering before they actually purchase your solution?

好的。出色的。然後是一個後續行動。我想念你在競爭格局中說過的話。但是對於伺服器存取解決方案，如果有 RFP，您認為正面競爭會怎麼樣？或者客戶在實際購買您的解決方案之前正在考慮的其他選擇是什麼？

Yes. It's a great question. Really it's -- we're competing with bad security. So we go into an environment and if they have shared admin credentials, they're not -- they're using one admin account across all their operators or all their engineers. We can go in there and put a fine-grain access control, very easy, very flexible, works in all of the dev ops workflows that that company has. So it's really that evolving modern development and dev ops environment is really greenfield. It's not -- we don't -- we're not competing with people like CyberArk or some of the other PAM products. Those are more for the traditional IT PAM workloads, and we partner on those. We're really focused on more of a modern development dev ops type workflows.

是的。這是一個很好的問題。確實如此——我們正在與糟糕的安全性競爭。因此，我們進入一個環境，​​如果他們具有共享的管理員憑證，則他們不會 - 他們在所有操作員或所有工程師中使用一個管理員帳戶。我們可以進入那裡並進行細粒度的存取控制，非常簡單，非常靈活，適用於該公司擁有的所有開發營運工作流程。因此，不斷發展的現代開發和開發營運環境確實是一個全新領域。我們不會與 Cyber​​Ark 或其他一些 PAM 產品競爭。這些更適用於傳統的 IT PAM 工作負載，我們在這些方面進行合作。我們確實更關注現代開發開發操作類型的工作流程。

And we'll go next to Melissa Franchi with Morgan Stanley.

接下來我們將與摩根士丹利一起討論梅麗莎·弗蘭奇 (Melissa Franchi)。

This is Hamza Fodderwala in for Melissa Franchi. I wanted to follow up on the macro question. Obviously, that's top of mind for companies and investors. I know it's still early days outside the U.S. but did notice that the international revenue growth decelerated quite a bit versus 60% year-on-year in Q1. Anything to read into there whether it's currency or underinvestment? Yes. Then I have a follow-up.

這是哈姆扎·福德瓦拉 (Hamza Fodderwala) 飾演梅麗莎·弗蘭基 (Melissa Franchi)。我想跟進宏觀問題。顯然，這是公司和投資人最關心的問題。我知道美國以外的市場還處於早期階段，但我確實注意到，國際收入成長較第一季同比 60% 大幅放緩。無論是貨幣還是投資不足，有什麼值得解讀的事嗎？是的。然後我有一個後續行動。

Yes. I mean the international growth remains strong. One of the things you have to think about is the outperformance of the U.S. So as a percentage of the business, it remained consistent. So it is still very strong. I think the comments I made earlier on the macro environment, that's worldwide as far as demand for us. We still believe that given the key things that we're benefiting from, these key tailwinds that we're having of companies moving to cloud, transforming themselves digitally and focused on security is true both here in the U.S. and outside the U.S., and they're going to be, we believe, high C-level priorities. In addition to that, when we talk about the success we're having in the world's largest organizations, we are talking about world's largest organizations. So we are seeing success outside of the U.S. Todd mentioned one of those companies being ENGIE in Europe, so we're seeing very strong demand across the board.

是的。我的意思是國際成長仍然強勁。你必須考慮的事情之一是美國的表現出色，因此作為業務的百分比，它保持一致。所以說還是很強的。我認為我之前對宏觀環境的評論是全球範圍內對我們的需求。我們仍然相信，考慮到我們正在從中受益的關鍵因素，我們所擁有的公司遷移到雲端、進行數位轉型和專注於安全的這些關鍵推動因素在美國境內和美國境外都是真實的，而且它們我們相信，這將成為高階主管的首要任務。除此之外，當我們談論我們在世界上最大的組織中取得的成功時，我們談論的是世界上最大的組織。因此，我們看到了美國以外的成功。Todd 提到其中一家公司是歐洲的 ENGIE，因此我們看到了全面強勁的需求。

Got it. And just to follow up, the -- could you help us square maybe -- billings growth came in around 42%, current RPO and subscription were above 50% year-on-year. Is that just duration? I know that there was some early renewals in Q1 as well if you could help us sort of understand the puts and takes there.

知道了。跟進一下，您能幫我們調整一下嗎？帳單成長約 42%，目前 RPO 和訂閱年比超過 50%。這只是持續時間嗎？我知道第一季也有一些早期的更新，如果你能幫助我們理解那裡的看跌期權和拿貨的話。

Yes, sure. So we do think that -- and we said this in the last couple quarters that current RPO is a very meaningful metric when you view it with billings growth. Our current RPO did grow 52%, and the reason we think it's a meaningful metric in conjunction with looking at billings is for really the reasons you just said, which is RPO, current RPO really eliminates some of that timing that you'll see with invoices, invoice timing and invoice direction and actually is a good metric to look in conjunction with billings because it eliminates that type of timing that we did see over the Q1, Q2 period.

是的，當然。因此，我們確實認為 - 我們在過去幾個季度說過，當您將當前的 RPO 與帳單成長結合時，它是一個非常有意義的指標。我們目前的RPO 確實增長了52%，我們認為與查看賬單結合起來是一個有意義的指標的原因實際上是您剛才所說的原因，即RPO，當前的RPO 確實消除了您將看到的一些時間安排發票、發票時間和發票方向，實際上是與帳單結合使用的一個很好的指標，因為它消除了我們在第一季、第二季期間看到的那種時間類型。

We'll go next to Francois Yoshida-Are with Berenberg Capital Markets.

接下來我們將採訪 Berenberg Capital Markets 的 Francois Yoshida-Are。

I'm on for Josh, Joshua Tilton. I believe until now the large enterprise businesses have mostly been direct. Can you just comment on what contribution from partners and specifically system integrators was driving enterprise business this quarter?

我代表喬什，約書亞·蒂爾頓。我相信到目前為止，大型企業的業務大多是直接的。您能否評論一下合作夥伴（特別是系統整合商）在本季推動企業業務的貢獻？

Yes, happy to do that. So I mean we're seeing that the investments we were making in the partner channel continue to pay off. We're investing in those both domestically and internationally especially as we find more global reach and scale. It's going to be an important part of our strategy. You talked specifically about the system integrators like Deloitte, Accenture and PwC as examples, continue to be very strong partners of ours. The reality is when you talk about the world's largest organizations, they always have relationships with at least one if not, all of those in different parts of the organization.

是的，很高興這樣做。所以我的意思是，我們看到我們在合作夥伴管道上的投資繼續得到回報。我們正在國內和國際上投資，特別是當我們發現更大的全球影響力和規模時。這將成為我們策略的重要組成部分。您特別提到了德勤、埃森哲和普華永道等系統整合商作為例子，它們仍然是我們非常強大的合作夥伴。現實情況是，當你談論世界上最大的組織時，他們總是與至少一個（如果沒有的話）與組織不同部門的所有組織都有關係。

All of those large system integrators are thinking about how they can both enhance their identity practices and enhance the security posture of their customers, but they're also thinking about how they can help them build digital transformation practices too. That's what Accenture, Deloitte, PwC think about. Conveniently, the Okta Identity Cloud becomes so strategic that we can help them with both of those things, both helping their customers become more secure, adopt the cloud more easily but also as they think about enhancing their relationships with customers and partners and vendors. So those partnerships are going very well. We've had strong continuous support from them at the conferences and events that we go to as well as the number of employees of theirs that are getting trained and certified on the Okta service continues to grow very fast. We're very excited about those partnerships, and I think there are very bright days ahead.

所有這些大型系統整合商都在考慮如何增強身分實踐並增強客戶的安全狀況，但他們也在考慮如何幫助他們建立數位轉型實踐。這就是埃森哲、德勤、普華永道的想法。方便的是，Okta Identity Cloud 變得如此具有戰略意義，我們可以幫助他們完成這兩件事，既幫助他們的客戶變得更加安全，更輕鬆地採用雲，又幫助他們考慮加強與客戶、合作夥伴和供應商的關係。因此，這些合作夥伴關係進展順利。我們在參加的會議和活動中得到了他們的持續大力支持，並且接受 Okta 服務培訓和認證的員工數量持續快速增長。我們對這些合作關係感到非常興奮，我認為未來的日子非常光明。

And just one more follow-up. As you move into the enterprise, how do we think about the competitive positioning of the product suite with single sign-on and multi-factor authentication? We think that it's going to be highly disruptive. But in regards to life cycle management, what is the demand like there? And do enterprises view that product as enough from a functionality perspective?

還有一個後續行動。當您進入企業時，我們如何考慮具有單一登入和多因素身份驗證的產品套件的競爭定位？我們認為這將具有很大的破壞性。但是對於生命週期管理，那裡的需求是怎麼樣的呢？從功能角度來看，企業是否認為該產品夠了？

The competitive position in the world's largest organizations is very solid. I mean if you see -- if you take a look at the new Gartner Magic Quadrant, we're very happy with how that comes out. And that feedback in our positioning there is largely influenced by Gartner talking to the world's largest organizations, some of which with our customers already. So they're having success. They're willing to talk with our partner, and it's a really good testament to the value we're delivering.

在全球最大的組織中的競爭地位非常穩固。我的意思是，如果您看看新的 Gartner 魔力像限，我們會對結果感到非常滿意。我們在那裡的定位回饋在很大程度上受到 Gartner 與世界上最大的組織（其中一些組織已經與我們的客戶進行的對話）的影響。所以他們正在取得成功。他們願意與我們的合作夥伴交談，這很好地證明了我們正在提供的價值。

Specific -- on specific use cases, large organizations have -- they have many, many use cases. It makes sense, right? And they have single sign-on use cases, multifactor use cases, life cycle management use cases, and we're working across the board to make the products, continue to enhance the products and make sure that they're more flexible, more ability to address every use case, and that goes across the board to all the products whether it's single sign-on, multifactor, life cycle management. And I talked earlier about the Okta Access Gateway, which really is a way to -- it's a gateway to help these large organizations move from on-premise to where they all want to go, which is the cloud. It's like their bridge to the cloud, and it's a way for them to connect Okta back into that legacy infrastructure and keep it integrated as they move it. So we're focused on making the product. Even though they are by far the leaders in the industry, we're focused on making them even better because there's a lot of value we can deliver across the board.

具體——在特定的用例上，大型組織有——他們有很多很多的用例。這是有道理的，對吧？他們有單一登入用例、多因素用例、生命週期管理用例，我們正在全面努力製造產品，繼續增強產品並確保它們更靈活、更有能力解決每個用例，並且全面適用於所有產品，無論是單點登入、多因素還是生命週期管理。我之前談到了 Okta Access Gateway，它確實是一種方法 - 它是幫助這些大型組織從本地遷移到他們都想要去的地方（即雲端）的網關。這就像他們通往雲端的橋樑，這是他們將 Okta 連接回舊基礎設施並在移動時保持整合的一種方式。所以我們專注於製造產品。儘管他們是迄今為止該行業的領導者，但我們仍致力於讓他們變得更好，因為我們可以全面提供大量價值。

Two things I would add to that are, the first, as we mentioned in the prepared remarks, that Fortune 50 new customer of ours. And one of the big things they were looking for specifically was around reducing IT friction by automating the provisioning of applications so that speaks specifically to their life cycle management interest. And then in addition to that, as we discussed, our new workflows capabilities are going to continue to strengthen the end-to-end use case we can provide for large organizations for automating multi-application, multi-step workflows, HR as a master, employee onboarding and offboarding. There's just a lot of opportunity there, and we're very excited to provide that value for large organizations.

我要補充的兩件事是，第一，正如我們在準備好的演講中提到的，我們的財富 50 強新客戶。他們特別尋求的重要事情之一是透過自動配置應用程式來減少 IT 摩擦，從而特別符合他們的生命週期管理興趣。除此之外，正如我們所討論的，我們的新工作流程功能將繼續加強我們可以為大型組織提供的端到端用例，以實現多應用程式、多步驟工作流程的自動化，人力資源作為主控，員工入職和離職。那裡有很多機會，我們非常高興能為大型組織提供這種價值。

We'll go next to Andrew Nowinski with Piper Jaffray.

接下來我們將與派珀·賈弗雷 (Piper Jaffray) 一起前往安德魯·諾溫斯基 (Andrew Nowinski)。

Congrats on a great quarter. You talked about getting into more large enterprise deals, which contributed to your RPO growth. Can you just give us any color on the large enterprise customers and how they're using the product relative to internal workforce versus external customers? Really just wondering if that mix is different in those large deals versus your historical customer base.

恭喜您度過了一個出色的季度。您談到了參與更多大型企業交易，這有助於您的 RPO 成長。您能否向我們介紹大型企業客戶的情況，以及他們相對於內部員工和外部客戶如何使用產品？真的只是想知道那些大型交易中的這種組合與您的歷史客戶群是否有所不同。

Thanks, Andrew, for the comments. Yes, absolutely. Happy to talk about that. I think what you're seeing is that there are more and more opportunities for us to help large organizations. Think about again these 3 macro trends they're addressing. So whether it's trying to reduce cost and accelerate with the cloud, whether it's enhancing security, whether it's trying to accelerate their revenue streams and think about growing their business using customer identity and access management, you're really seeing them use more and more components of the platform in both of those use cases, both the workflow -- or sorry, workforce and customer identity management. So there's nothing significantly different than what's happened in the past.

謝謝安德魯的評論。是的，一點沒錯。很高興談論這個。我認為您看到的是我們有越來越多的機會幫助大型組織。再次考慮他們正在解決的這 3 個宏觀趨勢。因此，無論是試圖降低成本並透過雲端加速，無論是增強安全性，還是試圖加速收入流並考慮使用客戶身份和存取管理來發展業務，您確實會看到他們使用越來越多的組件在這兩個用例中，平台的工作流程——或者抱歉，是勞動力和客戶身分管理。因此，與過去發生的情況沒有什麼顯著不同。

We have had large organizations as customers for some time. I think what is exciting as all the new ways that they are able to find value quickly with specific parts of the organization and the application suite and then grow from there. A good example is we put out a commentary today about Cengage, large customer of ours, one of the largest providers of learning, digital learning for university students. They have been a customer of ours just for a couple of quarters, and within 6 months they were able to deploy customer identity and access management to tens of millions of students for the new fall quarters and fall semesters in college that are just starting right now. So I think that time to value and that speed to market is something that is very attractive. And the fact that we can help them get started quickly, find success, find value and then grow with us I think portends well for the times ahead.

一段時間以來，我們一直有大型組織作為客戶。我認為令人興奮的是他們能夠透過組織的特定部分和應用程式套件快速找到價值的所有新方法，然後從中成長。一個很好的例子是，我們今天發表了一篇關於 Cengage 的評論，Cengage 是我們的大客戶，也是最大的大學生數位學習學習提供者之一。他們成為我們的客戶才幾個季度，在 6 個月內，他們就能夠在剛開始的新秋季學期和大學秋季學期向數千萬學生部署客戶身分和存取管理。因此，我認為實現價值的時間和上市的速度非常有吸引力。事實上，我們可以幫助他們快速起步、找到成功、發現價值，然後與我們一起成長，我認為這對未來的時代來說是個好兆頭。

That's great. And then maybe just one follow-up. Your new customer add, the 450 were very strong again, but it is surprisingly consistent over the last 5 quarters regardless of the seasonality of the quarter. I'm just wondering as you -- why is your new customer growth perhaps not increasing or accelerating considering you're getting into these more -- more of these large enterprise customers and a relatively new segment now.

那太棒了。然後也許只是一個後續行動。您的新客戶補充說，450 再次表現強勁，但無論該季度的季節性如何，過去 5 個季度的表現都令人驚訝地保持一致。我只是想知道，考慮到您現在正在進入更多的大型企業客戶和相對較新的細分市場，為什麼您的新客戶成長可能沒有增加或加速。

Yes. I mean you're right. The 450 customers, it is a fairly consistent growth we have every quarter between 400 and 500, and it has remained in line with that historical trend. What I'd point to is really the larger enterprise, the significant growth that we continue to have in the large enterprise. We grew 46% year-over-year in the greater than 100,000. But even more than that is the fact that we're -- with these new customers is -- the larger enterprise customers, we're doing bigger deals and we're doing longer term lengths. That's reflected in the 68% growth rate on the RPO that we talked about. It's also reflected in the metric we've been talking about where the 25 largest contracts we booked this quarter were double what we booked last quarter. And so as we think about the business, obviously what we're focused on is adding new customers, but we're also focusing on adding those large enterprise customers as we've talked about winning the world's largest organizations. And we're seeing a lot of success with that with larger deal sizes, longer contract lengths and overall value.

是的。我的意思是你是對的。 450 名客戶是我們每季在 400 到 500 名之間相當穩定的成長，並且與歷史趨勢保持一致。我想說的是更大的企業，我們在大企業中繼續取得的顯著成長。我們的數量超過 10 萬人，年增 46%。但更重要的是，我們與這些新客戶一起是規模較大的企業客戶，我們正在做更大的交易，我們正在做更長的期限。這反映在我們談到的 RPO 68% 的成長率。這也反映在我們一直在討論的指標中，我們本季預訂的 25 份最大合約是上季預訂的兩倍。因此，當我們考慮業務時，顯然我們關注的是增加新客戶，但我們也專注於增加那些大型企業客戶，因為我們已經談到了贏得世界上最大的組織。我們看到在更大的交易規模、更長的合約期限和整體價值方面取得了許多成功。

We'll go next to Gray Powell with Deutsche Bank.

接下來我們將與德意志銀行聯繫葛雷鮑威爾。

Just a couple. So I know there are a lot of metrics that focus on -- and maybe I'm oversimplifying things. But if I look at the absolute dollar growth in subscription revenue in Q2, it almost doubled off the pace of Q1. So can you talk about the main driver there? And how much of that's just normal seasonality versus improved sales productivity and execution in the quarter?

只是一對。所以我知道有很多指標關注——也許我把事情過於簡單化了。但如果我看看第二季訂閱收入的絕對美元成長，它幾乎是第一季的兩倍。那麼您能談談那裡的主要驅動力嗎？其中有多少只是正常的季節性因素與本季銷售生產力和執行力的提升？

Yes. I mean I think that what we're seeing really is all being -- not all being but primarily being driven by, again, the business that we continue to -- the traction we continue to see with the large enterprise. And the fact that when you see the metrics that we've been talking about specific to RPO, where the long-term RPO, the total RPO, that's -- from a growth, that actually accelerated. The growth of the current RPO accelerated quarter-over-quarter. All of those things because were larger contract lengths or longer contract lengths, much larger value is really what's driving what you're seeing.

是的。我的意思是，我認為我們所看到的確實是一切——不是全部，但主要是由我們繼續開展的業務所驅動的——我們繼續看到大型企業的吸引力。事實上，當你看到我們一直在討論的特定於 RPO 的指標時，其中長期 RPO、總 RPO，實際上是在加速成長。目前 RPO 的成長環比加速。所有這些都是因為合約期限較長或合約期限較長，更大的價值是推動您所看到的真正原因。

Got it. That's helpful. And then just on the product side really quickly, how should we think about the opportunity with the Advanced Server Access products? I know it's early. But for the customers that have signed up so far, what kind of uplift are you seeing on the overall build of Okta?

知道了。這很有幫助。然後，在產品方面，我們應該如何快速考慮高級伺服器存取產品的機會？我知道現在還早但對於迄今為止已註冊的客戶來說，您認為 Okta 的整體構建有哪些提升？

It's -- the -- great. It's a good area to drill into and understand. It's something we think about a lot. We -- the product was made generally available just a few months ago at Oktane, and the early success is very positive. It's both selling it to new customers, so a new way to land and also expansion in existing customers. It's -- we've had a lot of success with -- as I mentioned before to a previous -- I answered a previous question to companies that are really doing modern agile development and most often, with using Infrastructure as a Service is where they deploy the software. And I think long term what we get very excited about is that is the future of software development. And the early indications are strong, but over time, we're hooked onto another major macro trend there. And as we've seen in our other businesses, building a product that is in the right place at the right time on a big macro trend like cloud or digital transformation or security is a powerful place to be. So we're very excited about that one.

這真是太棒了。這是一個值得深入研究和理解的好領域。這是我們經常思考的事情。我們——該產品幾個月前在 Oktane 全面上市，早期的成功非常積極。它既把它賣給新客戶，又是一種新的登陸方式，也是擴大現有客戶的方式。正如我之前提到的，我們已經取得了很大的成功，我回答了之前的一個問題，問的是那些真正進行現代敏捷開發的公司，最常見的是，他們使用基礎設施即服務。部署軟體。我認為從長遠來看，我們非常興奮的是軟體開發的未來。早期跡像很明顯，但隨著時間的推移，我們開始關注另一個主要的宏觀趨勢。正如我們在其他業務中所看到的那樣，在雲端、數位轉型或安全等宏觀趨勢下，在正確的時間、正確的地點建立產品是一個強大的領域。所以我們對此感到非常興奮。

And we'll go next to Gregg Moskowitz with Mizuho.

接下來我們將與瑞穗一起前往格雷格·莫斯科維茨 (Gregg Moskowitz)。

Congratulations on a good quarter. Most of my questions have been asked. But Bill, I was wondering if it were possible to provide a little more color on how much your average contract duration changed this quarter on a year-over-year basis as well as what your expectations are around duration over the next 2 quarters or so.

恭喜您度過了一個美好的季度。我的大部分問題都被問到了。但是比爾，我想知道是否可以提供更多信息，說明本季度您的平均合約期限同比變化了多少，以及您對未來 2 個季度左右的合約期限的預期。

Yes. Gregg, so we've -- our average contract duration has been in the 2- to 3-year range. Because of what I said earlier, as far as these large enterprise customers and what was driving the RPO with longer contract lengths, that is ticking up within that range. I think we believe that as long as we continue, which we do believe we will continue to win more and more world's largest organizations that that average contract length will tick up over time.

是的。格雷格，我們的平均合約期限在 2 到 3 年範圍內。正如我之前所說，就這些大型企業客戶而言，以及是什麼推動了較長合約期限的恢復點目標 (RPO)，這一數字正在該範圍內上升。我認為我們相信，只要我們繼續下去，我們確實相信我們將繼續贏得越來越多的世界上最大的組織，平均合約期限將隨著時間的推移而增加。

Okay. That's helpful. And then just as a follow-up, if you look at headcount, it again grew about 40% year-over-year. Do you continue to expect the hiring growth rate to accelerate in the back half?

好的。這很有幫助。接下來，如果你看一下員工人數，你會發現它再次同比增長了 40% 左右。您是否繼續預計下半年招募成長率會加快？

Yes, so when you -- as we talked about or as I said in my prepared remarks, we saw upside in Q2 primarily driven by revenue upside. We're going to make -- take that upside and invest it later in the second half of the year primarily in Q3. Those additional investments will primarily be in customer facing headcount and innovation and headcount-related innovation, so our expectation is the growth in headcount will accelerate in the second half of the year.

是的，所以當你——正如我們談到的或正如我在準備好的發言中所說的那樣，我們看到第二季度的成長主要是由收入成長所推動的。我們將利用這一優勢，在今年下半年稍後（主要是第三季）進行投資。這些額外投資將主要用於面向客戶的員工數量和創新以及與員工數量相關的創新，因此我們預計員工數量的成長將在今年下半年加速。

We'll go next to Keith Bachman with Bank of Montréal.

接下來我們將介紹蒙特婁銀行的基斯‧巴赫曼 (Keith Bachman)。

I was wondering if I could ask about the market segments. In particular, if you think about employee versus customer, could you give us any dimensions on growth rates between the 2 segments, how you really see this unfolding over the next couple of years in terms of what's being a larger TAM in terms of incremental opportunities and then how you see the pricing variances between the employee and the customer segment?

我想知道是否可以詢問一下細分市場。特別是，如果您考慮員工與客戶，您能否向我們提供有關這兩個細分市場之間增長率的任何維度，以及您如何看待未來幾年在增量機會方面成為更大的TAM 的具體情況那麼您如何看待員工和客戶群之間的定價差異？

So the workforce market or what we call the workforce identity is still and continues to be our largest piece of our business and continues to be very strong. The customer identity also contributes to incremental upside growth and is also growing well. We think that the addressable market on both those markets is very big, which is what's exciting for us in many ways because we're 1 platform which services those 2 markets, and so there's a lot of synergies between those 2 that allows us to do a lot of upsell and cross-sell with our existing customers and with potentially new customers when it comes to workforce moving them then to customer identity and vice versa. So we feel really, really positive about that. I think from the standpoint of pricing, just from an overall pricing structure, workforce is based on a named user pricing structure and customer identity is based on an active user pricing structure just because of the different nature of the users. But like I said, we think that they're both big opportunities for us and feel good about our ability to grab those opportunities.

因此，勞動力市場或我們所說的勞動力身分仍然是我們業務的最大組成部分，並且仍然非常強勁。客戶身分也有助於增量成長，並且成長良好。我們認為這兩個市場的潛在市場非常大，這在許多方面都讓我們感到興奮，因為我們是一個為這兩個市場提供服務的平台，因此這兩個市場之間存在著許多協同效應，使我們能夠做到當涉及到勞動力時，與我們現有客戶和潛在新客戶進行大量追加銷售和交叉銷售，然後將他們轉移到客戶身份，反之亦然。所以我們對此感到非常非常積極。我認為從定價的角度來看，僅從整體定價結構來看，勞動力是基於命名用戶的定價結構，而客戶身分是基於活躍用戶的定價結構，只是因為用戶性質不同。但就像我說的，我們認為它們對我們來說都是巨大的機會，並且對我們抓住這些機會的能力感到滿意。

Okay. One thing that's missed -- I was just going to say real quickly, one thing that's missed in the competitive conversation a lot of times is that we're the only company that has scale in both of those businesses. So we're very differentiated if you -- like going back to the Gartner report, one of the things they found is that customers really value a vendor that can provide both of those. So we're very excited about both, and really we're excited about the ability to offer both because it means we can land in a more variety of ways, we have more upsell avenues, which is an important part of our strategy.

好的。錯過了一件事——我只想快速地說，在競爭對話中很多次錯過的一件事是，我們是唯一一家在這兩項業務上都具有規模的公司。因此，如果您回顧 Gartner 報告，他們發現的一件事是，客戶真正重視能夠同時提供這兩種服務的供應商，那麼我們就非常與眾不同。因此，我們對兩者都感到非常興奮，而且我們真的對能夠提供這兩種服務感到興奮，因為這意味著我們可以以更多樣化的方式落地，我們有更多的追加銷售途徑，這是我們策略的重要組成部分。

Okay. Well, that actually was my follow-up in terms of the competitive dynamics because Ping in the registration statement talks about a fairly meaningful size of revenues from a customer side and I just wanted to tease out a little bit. I think you answered the question. Do you see any different competitive landscape between the employee and the customer side that sounds like you don't really see a difference from your competitive landscape even if you looked at ForgeRock or Ping or yourselves or some of the legacy players?

好的。嗯，這實際上是我在競爭動態方面的後續行動，因為 Ping 在註冊聲明中談到了來自客戶方面的相當有意義的收入規模，我只是想稍微梳理一下。我想你回答了這個問題。您是否認為員工和客戶之間存在任何不同的競爭格局，即使您查看 ForgeRock 或 Ping 或您自己或一些傳統參與者，聽起來您也沒有真正看到與您的競爭格局有什麼不同？

I do think that there's like -- you see ForgeRock more on the customer side, so there is a slight difference in the competitive -- set of competitors you see. The bigger difference I think are customer identity. It's more of a build versus buy. We're educating people on the fact that there is a scalable proven solution that can solve this problem for them. They don't have to build it themselves. On the workforce side, no one builds it themselves. It's -- there's leading vendors like Okta that can do it for them. That's pretty well understood.

我確實認為，您更多地在客戶方面看到 ForgeRock，因此您看到的競爭對手群組略有不同。我認為更大的區別是客戶身份。這更多的是構建而不是購買。我們正在教育人們這樣一個事實：有一個經過驗證的可擴展解決方案可以為他們解決這個問題。他們不必自己建造它。在勞動力方面，沒有人自己建造它。有像 Okta 這樣的領先供應商可以為他們做到這一點。這很好理解。

We'll go next to Rishi Jaluria with D.A. Davidson.

我們將和 D.A. 一起去 Rishi Jaluria 旁邊。戴維森。

This is Hannah on for Rishi. First, just following up on an earlier question. I was wondering if you could talk about how long it takes to ramp new hires to full productivity and if you're facing any challenges with the tightening labor market.

這是漢娜為里希代言的節目。首先，只是跟進之前的問題。我想知道您是否可以談談讓新員工充分發揮生產力需要多長時間，以及您是否面臨勞動力市場緊縮的任何挑戰。

Yes. Happy to talk about that. In terms of ramping new customer facing employees, we continue to see very strong learning and development internally in the organization. Obviously, with the success that we're having in the market, customer facing or account executives talk to each other, and so we're getting better and better quality of talent every day. So that's the first thing is just when you think about who's coming to Okta and their interest level, we're certainly attracting the quality of salesperson that we were not able to do 24 months ago.

是的。很高興談論這個。在增加面向客戶的新員工方面，我們持續看到組織內部非常強大的學習和發展。顯然，隨著我們在市場上取得的成功，面向客戶或客戶主管相互交談，因此我們的人才品質每天都在提高。因此，第一件事是，當您考慮誰會來到 Okta 以及他們的興趣程度時，我們肯定會吸引 24 個月前我們無法做到的高品質銷售人員。

Secondly, in terms of the tightening labor market, when you think about what we're trying to do, we're trying to hire the best people across the entire organization whether it's customer facing, R&D, engineering or otherwise. Those people are always well employed. And so we are always looking for the best folks. We haven't seen any significant change in our approach or in the results. You see the very strong 40% headcount growth in the first half, and we expect that to continue strong throughout the rest of the year. And we're very excited about that.

其次，就緊縮的勞動力市場而言，當你考慮我們正在努力做什麼時，我們正在努力聘請整個組織中最優秀的人才，無論是面向客戶、研發、工程還是其他方面。這些人總是有很好的工作。因此，我們一直在尋找最優秀的人才。我們沒有看到我們的方法或結果有任何重大變化。您將看到上半年員工人數成長了 40%，我們預計今年剩餘時間將持續強勁成長。我們對此感到非常興奮。

Great. That's helpful. And then a second question. I know there's a slight decel in the dollar-based net retention rate and that was impacted by larger initial deal sizes. I was wondering if you could talk about how we should think about that going forward, especially as you continue to land larger and larger customers.

偉大的。這很有幫助。然後是第二個問題。我知道以美元為基礎的淨保留率略有下降，這是受到初始交易規模較大的影響。我想知道您是否可以談談我們應該如何考慮未來的發展，特別是當您繼續吸引越來越多的客戶時。

Yes. I mean I think as we have talked about, you're right, this was impacted by larger initial deal sizes. I think as we talked with RPO growing 68% and we're landing not only longer-term deals but bigger deals, referring back to the metric we talked about earlier where the top 25 contracts we booked in Q2, that the average contract size doubled when compared to Q2 of last year. A significant portion of those contracts were net new business, and therefore, net new business meaning large initial land. So those larger initial deals are going to have an impact. And we think that the net retention rate will continue to remain healthy like it did this past quarter at 118%, but it may fluctuate a bit further remaining at this very healthy level fluctuating in the range of up or down a few points.

是的。我的意思是，我認為正如我們所討論的，你是對的，這是受到較大初始交易規模的影響。我認為，當我們談論RPO 增長68% 時，我們不僅達成了長期交易，而且達成了更大的交易，參考我們之前討論過的指標，即我們在第二季度預訂的前25 份合同，平均合同規模翻了一番與去年第二季相比。這些合約的很大一部分是淨新業務，因此，淨新業務意味著大量的初始土地。因此，那些規模較大的初始交易將會產生影響。我們認為，淨保留率將繼續保持健康，就像上個季度的 118% 一樣，但它可能會進一步波動，保持在這個非常健康的水平，在上下幾個百分點的範圍內波動。

And we will take our last question from Shaul Eyal with Oppenheimer.

我們將回答 Shaul Eyal 和 Oppenheimer 提出的最後一個問題。

Congrats on the quarter. This is Yi in for Shaul. Just 2 quick questions. One -- the first one is in terms of the larger-sized deals, what is the duration in terms of the sales cycle between the large ones as compared to the small SMB ones?

恭喜本季。這是易（Yi）代表沙烏爾（Shaul）。只是兩個簡單的問題。一－第一個是大型交易，與小型中小企業相比，大型交易的銷售週期持續時間是多少？

Yes. That's a good question. As we've talked about the overall strength that we're seeing with large organizations, those deal sizes obviously getting larger and the contract lengths are getting longer. If you think about how strategic identity is becoming in large organizations, when they make these kinds of decisions, they're obviously making it for 3 to 5 years. And so that's what we're starting to see. And when it comes to small and medium business, it is still very important decisions. We see -- we do at least annual contracts build upfront but we see more and more multiyear contracts across all the different segments of the business.

是的。這是個好問題。正如我們所討論的大型組織的整體實力，這些交易規模顯然越來越大，合約期限也越來越長。如果你考慮大型組織中策略身分的演變，當他們做出這類決策時，他們顯然會花 3 到 5 年的時間。這就是我們開始看到的情況。而對於中小型企業來說，這仍然是非常重要的決定。我們看到——我們至少預先簽訂了年度合同，但我們看到越來越多的多年期合約橫跨業務的所有不同部門。

In terms of like sales cycle, do you have an estimate of like the duration how long it takes the sales team to close the SMB deal versus a, I guess a larger enterprise deal? I guess...

就銷售週期而言，您是否估計過銷售團隊完成中小企業交易與（我猜是較大的企業交易）需要多長時間？我猜...

Yes. I mean, obviously, larger enterprise deals do take longer. Typically, there are more folks involved. It's more strategic. You have to touch more parts of the organization. Whereas in smaller organizations, frankly, there's just less folks that are involved in that decision. So it's pretty typical what you'd see in enterprise Software as a Service companies like ours.

是的。我的意思是，顯然，較大的企業交易確實需要更長的時間。通常，有更多的人參與其中。這更具戰略意義。你必須接觸組織的更多部分。坦白說，在較小的組織中，參與決策的人較少。因此，這是您在像我們這樣的企業軟體即服務公司中看到的非常典型的情況。

Okay. Fair enough. And the last question is you mentioned about the displacement opportunity on legacy on-premise vendors like IBM as well as CA. Do you have an estimate of how many customers this opportunity can be and the magnitude of it that I guess Okta could take advantage of?

好的。很公平。最後一個問題是您提到了 IBM 和 CA 等傳統本地供應商的替代機會。您是否估計過這個機會可能有多少客戶，以及我認為 Okta 可以利用的機會有多大？

I think of -- when I think about our opportunity, I think of every company. And the problem with some of that legacy technology is it wasn't sold very broadly. It was only some of the largest organizations in the world that could spend tens of millions of dollars on an identity implementation. So wouldn't -- I think our opportunity is much, much broader than just the largest organizations in the world. Those are strategically important for us, but it's much broader than that. And I think that in terms of the desire to move away from that legacy technology in the world's largest organization, the desire is really high, and now it's up for -- it's up to us to keep executing and keep delivering a robust industry leading platform that can help those customers get there. And that's what we're focused on doing.

當我想到我們的機會時，我想到了每家公司。一些遺留技術的問題是它的銷售範圍並不廣。只有世界上一些最大的組織才能在身分實施上花費數千萬美元。所以不會——我認為我們的機會比世界上最大的組織要廣泛得多。這些對我們來說具有戰略意義，但範圍遠不止於此。我認為，就世界上最大的組織中擺脫傳統技術的願望而言，這種願望確實很高，現在就需要我們繼續執行並繼續提供強大的行業領先平台這可以幫助這些客戶到達那裡。這就是我們專注於做的事情。

At this time, I would like to hand the call back over to Dave Gennarelli for any additional or closing remarks.

此時，我想將電話轉回戴夫·根納雷利 (Dave Gennarelli)，以便他發表補充或結束語。

Thanks, operator. As Todd mentioned in his opening commentary, we're going to be hosting a customer event called Showcase at our headquarters in San Francisco on October 10, and you can look for more information on that next week. We'll also be hosting a number of bus tours, and we'll be marketing in Boston, New York and Los Angeles this quarter as well as attending the Berenberg U.S. Stockpicker Conference in New York on October 3, so we hope to see in one of those events. Thanks.

謝謝，接線生。正如托德在開場評論中提到的，我們將於 10 月 10 日在舊金山總部舉辦名為 Showcase 的客戶活動，您可以在下週找到更多相關資訊。我們還將舉辦一些巴士之旅，本季我們將在波士頓、紐約和洛杉磯進行行銷，並參加 10 月 3 日在紐約舉行的貝倫伯格美國選股會議，因此我們希望看到這些事件之一。謝謝。

That does conclude today's conference. We thank you for your participation.

今天的會議到此結束。我們感謝您的參與。