Okta Inc (OKTA) 2022 Q4 法說會逐字稿

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

大家好你們好。歡迎來到 Okta 的第四季度和 2022 財年收益網絡直播。我是 Okta 投資者關係副總裁 Dave Gennarelli。今天和我一起參加會議的還有我們的首席執行官兼聯合創始人 Todd McKinnon； Brett Tighe，我們的首席財務官；和 Frederic Kerrest，我們的執行副主席、首席運營官和聯合創始人。

Today's meeting will include forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our financial outlook and market positioning. Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Forward-looking statements represent management's beliefs and assumptions only as of the date made. Information on factors that could affect the company's financial results is included in our filings with the SEC from time to time, including the section titled Risk Factors in our previously 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。前瞻性陳述僅代表管理層截至作出之日的信念和假設。有關可能影響公司財務業績的因素的信息包含在我們不時提交給 SEC 的文件中，包括我們之前提交的 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. The 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-over-year comparison. Also note that the acquisition of Auth0 closed on May 3, 2021. And unless otherwise specified, each reference to Okta refers to the combined company inclusive of Auth0.

在今天的會議上，我們將在討論我們的財務業績時引用一些數字或增長變化。除非另有說明，否則每個此類參考都代表了逐年比較。另請注意，對 Auth0 的收購已於 2021 年 5 月 3 日結束。除非另有說明，否則對 Okta 的每次引用均指包括 Auth0 在內的合併公司。

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

現在我想把會議交給 Todd McKinnon。托德?

Thanks, Dave, and thank you, everyone, for joining us this afternoon. We closed out another fantastic fiscal year with strong Q4 results. Our consistent execution was fueled by our market-leading products for both workforce and customer identity, coupled with our relentless focus on customer success. We experienced strength in both core Okta and Auth0, which reflects Okta's position as the leading cloud-native, identity management platform addressing the $80 billion identity market opportunity at scale. The 3 megatrends that are driving Okta's business, the deployment of cloud and hybrid IT, digital transformation projects and the adoption of Zero Trust security in an environment of increasing incidence in breaches, are only gaining momentum. And Okta is best positioned to capture the market that is moving toward us.

謝謝戴夫，謝謝大家今天下午加入我們。我們以強勁的第四季度業績結束了又一個精彩的財政年度。我們為員工和客戶身份提供市場領先的產品，加上我們對客戶成功的不懈關注，推動了我們始終如一的執行。我們在核心 Okta 和 Auth0 方面都表現出色，這反映了 Okta 作為領先的雲原生身份管理平台的地位，能夠大規模解決 800 億美元的身份市場機會。推動 Okta 業務發展的 3 大趨勢、雲和混合 IT 的部署、數字化轉型項目以及在違規發生率不斷增加的環境中採用零信任安全，只會獲得動力。 Okta 最適合佔領正在向我們發展的市場。

And nowhere was the momentum more evident than in our results. I'll start with a quick recap of our Q4 financial results and then get into some of our other notable highlights from the quarter. In Q4, RPO grew 50% and current RPO grew 60%. Total revenue grew 63%, and subscription revenue grew 64%. Okta stand-alone total revenue grew 39%, and Auth0 revenue was $56 million.

沒有比我們的結果更明顯的勢頭了。我將首先快速回顧一下我們的第四季度財務業績，然後介紹我們本季度的其他一些值得注意的亮點。第四季度，RPO 增長了 50%，當前 RPO 增長了 60%。總收入增長 63%，訂閱收入增長 64%。 Okta 獨立總收入增長 39%，Auth0 收入為 5600 萬美元。

We're reaching more customers than ever before. We added over 1,000 new customers in Q4, which was a record. Our total customer base now stands at 15,000 and grew an impressive 50%. We continue to do very well with large enterprise customers. In Q4, we added a record 275 customers with $100,000-plus annual contract value or ACV. These new $100,000-plus ACV customers continue to be balanced between new customers and upsells. Our total base of $100,000-plus ACV customers now stands at over 3,100 and grew nearly 60% in Q4.

我們接觸到的客戶比以往任何時候都多。我們在第四季度增加了 1,000 多個新客戶，這是一個記錄。我們的總客戶群現在達到 15,000 人，增長了 50%，令人印象深刻。我們繼續在大型企業客戶方面做得很好。在第四季度，我們增加了創紀錄的 275 名客戶，年合同價值或 ACV 超過 100,000 美元。這些新的 100,000 美元以上的 ACV 客戶繼續在新客戶和追加銷售之間保持平衡。我們現在擁有超過 100,000 美元的 ACV 客戶總數超過 3,100 名，並且在第四季度增長了近 60%。

We also continue to have strong momentum with even larger contracts. We had record new adds of customers with both $500,000-plus and $1 million-plus in ACV. We now have nearly 600 customers with an ACV of $500,000-plus and nearly 200 customers with an ACV of $1 million-plus. Both of these groups grew approximately 60%. Our momentum in these large customer wins is a good proxy for our business with large enterprise and government organizations. It's clear that the focus and energy we've put into better serving these largest customers is driving results.

我們也繼續保持強勁勢頭，簽訂更大的合同。我們的新客戶增加了創紀錄的 500,000 美元和 100 萬美元以上的 ACV。我們現在有近 600 名客戶的 ACV 超過 500,000 美元，近 200 名客戶的 ACV 超過 100 萬美元。這兩個群體都增長了大約 60%。我們贏得這些大客戶的勢頭很好地代表了我們與大型企業和政府組織的業務。很明顯，我們為更好地服務這些最大客戶而投入的精力和精力正在推動成果。

Here are just a few notable examples of large enterprise wins in Q4, which come from a wide range of industries. Fifth Third Bank, a Fortune 500 financial services company, was a fantastic new business win for Okta because it included both Okta Workforce and Auth0 CIAM solutions. As Fifth Third Bank continues on its digital transformation journey, implementing a cloud-first identity solution to support its workforce and its digital banking platforms is critical to their success.

以下是第四季度大型企業獲勝的幾個值得注意的例子，它們來自各行各業。財富 500 強金融服務公司 Fifth Third Bank 為 Okta 帶來了一次奇妙的新業務勝利，因為它包含 Okta Workforce 和 Auth0 CIAM 解決方案。隨著五三銀行繼續其數字化轉型之旅，實施雲優先身份解決方案以支持其員工及其數字銀行平台對其成功至關重要。

Kyndryl, the world's largest IT infrastructure provider, was a great new customer win for both Okta Workforce and CIAM this quarter. Kyndryl has approximately 90,000 employees and was formed from the separation of IBM's managed infrastructure services business and is a great example of how Okta can help customers as they navigate the complexities of mergers, acquisitions and divestitures.

Kyndryl 是全球最大的 IT 基礎設施供應商，本季度為 Okta Workforce 和 CIAM 贏得了新客戶。 Kyndryl 擁有大約 90,000 名員工，由 IBM 的託管基礎設施服務業務分離而成，是 Okta 如何幫助客戶應對合併、收購和剝離的複雜性的一個很好的例子。

A great upsell in the quarter was with Block, the parent company of Square and Cash App. Block had been using Okta for its workforce when the company needed an identity solution that would support its M&A activity, integrate with its systems and preserve its brands. This quarter, the company expanded its investment with Okta as it integrates its recent acquisition of Afterpay. With this expansion, Okta will continue to support Block's M&A agility, allowing the company to seamlessly integrate thousands of employees, who'll have access to internal applications while also preserving the company's branding across its numerous businesses.

Square 和 Cash App 的母公司 Block 是本季度的一次大賣。當公司需要一種身份解決方案來支持其併購活動、與其係統集成並保護其品牌時，Block 一直在為其員工使用 Okta。本季度，該公司擴大了對 Okta 的投資，因為它整合了最近對 Afterpay 的收購。通過此次擴展，Okta 將繼續支持 Block 的併購敏捷性，使公司能夠無縫整合數千名員工，這些員工將可以訪問內部應用程序，同時在眾多業務中保留公司的品牌形象。

And similar to last quarter, we continue to see early success in cross-selling between Okta and Auth0 customers. A great example in Q4 was Carvana, a Fortune 500 e-commerce platform for buying and selling used cars. Carvana has been a long-time Okta Workforce customer and recognizes the critical role technology plays in providing an exceptional car-buying experience and sought to modernize access for all users. Building on this initial success, Carvana recently expanded the partnership and selected Auth0 to provide its partners and dealerships access to its marketplace platform, which provides Carvana customers with a broader selection of vehicles.

與上個季度類似，我們繼續看到 Okta 和 Auth0 客戶之間交叉銷售的早期成功。第四季度的一個很好的例子是 Carvana，這是一個用於買賣二手車的財富 500 強電子商務平台。 Carvana 一直是 Okta Workforce 的長期客戶，並認識到技術在提供卓越的購車體驗方面所發揮的關鍵作用，並致力於為所有用戶實現現代化訪問。在這一初步成功的基礎上，Carvana 最近擴大了合作夥伴關係，並選擇 Auth0 為其合作夥伴和經銷商提供對其市場平台的訪問權限，該平台為 Carvana 客戶提供更廣泛的車輛選擇。

I mentioned that we experienced strength in both core Okta and Auth0. So now let's take a look at the split between customer identity and workforce identity in terms of ACV. For this particular metric, the growth rate is inclusive of Auth0 in both comparison periods. Total CIAM ACV grew nearly 60% and now represents 37% of total ACV. Within this, Okta's stand-alone CIAM ACV grew 47%, and Auth0's ACV grew 81%. Workforce ACV grew 37% and represented 63% of total ACV. That's fantastic growth across the board. We're still less than 1 year into the combination with Auth0. And to date, we've been able to accomplish job #1, which was to maintain the momentum of both businesses.

我提到我們在核心 Okta 和 Auth0 方面都表現出色。所以現在讓我們來看看客戶身份和勞動力身份在 ACV 方面的區別。對於這個特定指標，增長率包括兩個比較期間的 Auth0。總 CIAM ACV 增長了近 60%，現在佔總 ACV 的 37%。其中，Okta 的獨立 CIAM ACV 增長了 47%，Auth0 的 ACV 增長了 81%。勞動力 ACV 增長了 37%，佔總 ACV 的 63%。這是全面的驚人增長。我們與 Auth0 的結合還不到 1 年。迄今為止，我們已經能夠完成第一項工作，即保持兩個業務的發展勢頭。

We're even more excited about the future because starting just last month, the go-to-market organization has been unified under Susan St. Ledger's leadership: one team driven by the relentless pursuit of making our customers successful, one team selling both Okta and Auth0, one team providing customers with market-leading solutions to meet their unique use cases.

我們對未來感到更加興奮，因為從上個月開始，進入市場的組織已經在 Susan St. Ledger 的領導下統一：一個團隊不斷追求讓我們的客戶成功，一個團隊同時銷售 Okta和 Auth0，一個團隊為客戶提供市場領先的解決方案，以滿足他們獨特的用例。

This all crystallized with an incredibly energetic annual sales kickoff meeting that we held in person a couple of weeks ago. There is nothing else in the market today that even comes close to Okta's capabilities, and the combination with Eugenio and the team at Auth0 is helping us realize our vision of identity as a primary cloud, deliver best-in-class experiences for our customers and win the CIAM market faster.

這一切都在我們幾週前親自舉行的充滿活力的年度銷售啟動會議上得到了體現。當今市場上沒有其他產品能與 Okta 的能力相提並論，與 Eugenio 和 Auth0 團隊的結合正在幫助我們實現身份作為主要雲的願景，為我們的客戶提供一流的體驗，並更快贏得CIAM市場。

Now let's talk about product updates. Customers are seeking a cloud-first approach to their identity governance needs. Last quarter, I mentioned the beta for our new identity governance offering. The feedback has been amazing. Diya Jolly, our Chief Product Officer, and her team have spent the past couple of months prioritizing enhancements to the product. This month, we are excited to initiate early access to a limited number of customers as we fortify our go-to-market team and partners with content for enablement. We expect Okta Identity Governance to launch in North America by midyear and globally by year-end.

現在讓我們談談產品更新。客戶正在尋求一種雲優先的方法來滿足他們的身份治理需求。上個季度，我提到了我們新的身份治理產品的測試版。反饋是驚人的。我們的首席產品官 Diya Jolly 和她的團隊在過去的幾個月裡一直在優先考慮對產品的改進。本月，我們很高興能夠提前接觸有限數量的客戶，因為我們通過支持內容來加強我們的上市團隊和合作夥伴。我們預計 Okta Identity Governance 將在年中在北美推出，並在年底前在全球推出。

Okta Identity Governance is a natural priority to bring to market at scale as the use cases of modern identity governance align well with Okta's sales strengths with existing products, like Workflows and Lifecycle Management. The opportunity for Okta Privileged Access are significant as well. We're making great progress developing new PAM functionality, and we will have more news on these developments over the course of this year.

Okta 身份治理是大規模推向市場的自然優先事項，因為現代身份治理的用例與 Okta 在現有產品（如工作流和生命週期管理）中的銷售優勢非常吻合。 Okta Privileged Access 的機會也很重要。我們在開發新的 PAM 功能方面取得了很大進展，今年我們將有更多關於這些發展的消息。

We'll talk more about both products at our Oktane22 event. After 2 years of hosting Oktane virtually, this year, we're excited to host Oktane in person in San Francisco. To do so, we've moved out the date of the conference to the second week of November, so be sure to mark your calendars. Oktane is always a fantastic event to connect with customers and partners and share our vision for identity. It's also a great event to hear from our customers as to why they turn to Okta.

我們將在 Oktane22 活動中更多地討論這兩種產品。在虛擬舉辦 Oktane 兩年後，今年我們很高興能在舊金山親自舉辦 Oktane。為此，我們已將會議日期移至 11 月的第二週，因此請務必標記您的日曆。 Oktane 始終是與客戶和合作夥伴聯繫並分享我們對身份的願景的絕佳活動。聽取客戶關於他們為何選擇 Okta 的意見也是一件好事。

Time and time again, you'll hear customers highlight Okta's independence and neutrality. Okta provides our customers the freedom to deploy best-of-breed applications and does so with deep integrations that other monolithic platforms can't provide or don't want to provide because of their competing products.

您會一次又一次地聽到客戶強調 Okta 的獨立性和中立性。 Okta 為我們的客戶提供部署同類最佳應用程序的自由，並通過深度集成來實現這一點，其他單體平台由於其競爭產品而無法提供或不想提供。

Today, identity has become a strategic component of any organization's infrastructure. In a world where cloud adoption continues to proliferate, we believe that in a few years from now, there will be just a few primary clouds that really matter inside an organization. Together with Auth0, we are establishing Okta as a primary cloud and the standard for digital identity. We're doing this by adding more users, more customers and increasing the use cases we can address, all of which accelerate network effects. Identity is the connective tissue to all of the other primary clouds as it facilitates choice and flexibility while enhancing security and reducing risk in other technologies.

如今，身份已成為任何組織基礎架構的戰略組成部分。在雲採用率持續激增的世界中，我們相信，從現在開始的幾年內，將只有少數主要雲在組織內部真正重要。與 Auth0 一起，我們將 Okta 打造為主要雲和數字身份標準。我們通過增加更多用戶、更多客戶和增加我們可以解決的用例來做到這一點，所有這些都加速了網絡效應。身份是所有其他主要雲的結締組織，因為它促進了選擇和靈活性，同時增強了安全性並降低了其他技術的風險。

In summary, the Okta and Auth0 teams accomplished a tremendous amount in FY '22. There are so many highlights to the year. For example, we surpassed the $1 billion revenue mark. We added over 5,000 customers. We now have nearly 30% of the Global 2000 as customers. We expanded our portfolio of products, including Okta Identity Engine, our next-generation identity platform, which is now generally available.

總之，Okta 和 Auth0 團隊在 22 財年取得了巨大的成就。這一年有很多亮點。例如，我們的收入超過了 10 億美元。我們增加了 5,000 多個客戶。我們現在擁有近 30% 的全球 2000 強客戶。我們擴展了產品組合，包括 Okta Identity Engine，我們的下一代身份平台，現已全面上市。

Both Okta and Auth0 were recognized as leaders in Gartner's Magic Quadrant. We continue to attract and retain incredible talent, growing our employee base by nearly 80% to just over 5,000. And we made tremendous progress on the ESG front, including our achievement of 100% renewable electricity for our global offices and remote workforce and submitting to the Carbon Disclosure Project for the first time.

Okta 和 Auth0 都被公認為 Gartner 魔力像限的領導者。我們繼續吸引和留住令人難以置信的人才，將我們的員工人數增加了近 80%，達到 5,000 多人。我們在 ESG 方面取得了巨大進步，包括為我們的全球辦事處和遠程員工實現 100% 可再生電力，並首次提交碳披露項目。

With each passing quarter, Okta is further strengthening its market leadership position. We've come quite a long way since Freddy and I founded the company 13 years ago. We're proud of the great progress we've made as a team. But as we look ahead, we know we are just scratching the surface of the $80 billion total identity market opportunity. I want to thank our employees, our customers and our partners who place their trust in us every day.

每過一個季度，Okta 都在進一步鞏固其市場領導地位。自從我和弗雷迪 13 年前創立公司以來，我們已經走過了漫長的道路。我們為團隊取得的巨大進步感到自豪。但展望未來，我們知道我們只是觸及了 800 億美元的身份市場機會的表面。我要感謝每天信任我們的員工、客戶和合作夥伴。

Before we get to the financial review, I want to congratulate Brett Tighe on his appointment as our CFO. Brett has been an incredible asset to Okta since he joined 7 years ago. He's one of the primary architects of our long-term financial model and has really excelled in both the internal- and external-facing responsibilities since stepping into the role.

在進行財務審查之前，我要祝賀 Brett Tighe 被任命為我們的首席財務官。自 7 年前加入 Okta 以來，Brett 一直是他不可多得的資產。他是我們長期財務模型的主要架構師之一，自上任以來，他在面向內部和外部的職責方面都表現出色。

Now here's Brett to walk you through more of our Q4 financial details and how we're raising our outlook for FY '23.

現在，布雷特將向您介紹我們第四季度的更多財務細節，以及我們如何提高對 23 財年的展望。

Thanks, Todd, and thank you, everyone, for joining us. I'm excited to officially take on the role of CFO. I've seen tremendous growth during my 7 years at Okta, and we are still just scratching the surface of the $80 billion identity market. I look forward to working together with the team to capture this opportunity.

謝謝，托德，謝謝大家加入我們。我很高興正式擔任首席財務官一職。在 Okta 的 7 年裡，我看到了巨大的增長，而我們仍然只是觸及 800 億美元身份市場的表面。我期待與團隊一起努力抓住這個機會。

Before I get into the results, I want to take a moment to share my top priorities as CFO. First and foremost is executing against our near-term financial targets as well as our long-term financial goals. I'll detail the near-term targets in a few minutes. Our long-term financial goals anchor on at least $4 billion of revenue in FY '26 with organic growth of at least 35% each year and 20% free cash flow margin in FY '26.

在了解結果之前，我想花點時間分享一下我作為首席財務官的首要任務。首先是執行我們的近期財務目標以及我們的長期財務目標。我將在幾分鐘內詳細說明近期目標。我們的長期財務目標以 26 財年至少 40 億美元的收入為基礎，每年有機增長至少 35%，26 財年自由現金流利潤率為 20%。

To achieve these targets, we must continue to scale the company from a people and processes standpoint, including investing in talent across all areas of the company as well as in systems to prepare us for the next phase of growth. I'm focused on ensuring that Okta will continue to make the right investments that support our growth. At the same time, we will continue to be prudent with how we allocate capital.

為了實現這些目標，我們必須從人員和流程的角度繼續擴大公司規模，包括對公司所有領域的人才以及系統進行投資，為下一階段的增長做好準備。我專注於確保 Okta 將繼續進行正確的投資以支持我們的增長。同時，我們將繼續審慎地分配資金。

My second priority is ensuring that we continue the seamless integration of Auth0 across all facets of the company. Now that the back office and go-to-market teams have been fully integrated, we will continue to refine our systems and processes to ensure that the tremendous growth opportunity we see will be realized. We are off to a great start and recognize there is still a lot of work to do.

我的第二個優先事項是確保我們繼續在公司的各個方面無縫集成 Auth0。現在後台和上市團隊已經完全整合，我們將繼續完善我們的系統和流程，以確保實現我們看到的巨大增長機會。我們有了一個良好的開端，並認識到還有很多工作要做。

With that, I will now highlight some of the results for the fourth quarter as well as provide our business outlook. Total revenue for the fourth quarter accelerated to 63%, driven by a 64% increase in subscription revenue. Subscription revenue represented 96% of our total revenue. On an Okta stand-alone basis, total revenue grew 39%. Auth0 revenue net of $2 million and recognized purchase accounting adjustments was $56 million.

有了這個，我現在將重點介紹第四季度的一些結果，並提供我們的業務前景。在訂閱收入增長 64% 的推動下，第四季度總收入增長至 63%。訂閱收入占我們總收入的 96%。在 Okta 獨立的基礎上，總收入增長了 39%。 Auth0 收入扣除 200 萬美元和確認的採購會計調整後為 5600 萬美元。

RPO or backlog, which for us is contracted subscription revenue both billed and unbilled that has not yet been recognized, grew 50% to $2.69 billion. Current RPO, which represents subscription revenue we expect to recognize over the next 12 months, also experienced strong growth of 60% to $1.35 billion. This strong growth in cRPO was driven by strength across new and existing customers for both Okta and Auth0, as demand for our products remains robust, fueled by the macro trends that have been driving us for years.

RPO 或積壓，對我們來說是尚未確認的已計費和未計費的合同訂閱收入，增長了 50% 至 26.9 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 60% 的強勁增長，達到 13.5 億美元。 cRPO 的強勁增長是由 Okta 和 Auth0 的新老客戶的實力推動的，因為多年來一直推動我們的宏觀趨勢推動了對我們產品的需求仍然強勁。

Total and current calculated billings grew 91%. Calculated billings includes the effects of billings process improvements that were implemented at the end of the first quarter of FY '22. Excluding the billings process improvements, calculated billings grew 71%.

總和當前計算的賬單增長了 91%。計算的帳單包括在 22 財年第一季度末實施的帳單流程改進的影響。排除計費流程改進，計算出的計費增長了 71%。

Turning to retention. Our dollar-based net retention rate for the trailing 12-month period increased to 124%. This was driven by the strong upsell motion we are seeing with our existing customers across both Okta and Auth0 as they expand on both products and users. Consistent with prior quarters, gross retention rates remain very healthy and reflect the value of our products to our customers. As always, the net retention rate may fluctuate from quarter to quarter as the mix of new business, renewals and upsells fluctuates.

轉向保留。在過去 12 個月期間，我們基於美元的淨保留率增加到 124%。這是由我們在 Okta 和 Auth0 的現有客戶中看到的強勁追加銷售推動的，因為他們在產品和用戶方面都進行了擴展。與前幾個季度一致，總保留率仍然非常健康，反映了我們產品對客戶的價值。與往常一樣，隨著新業務、續訂和追加銷售的組合波動，淨保留率可能會隨著季度的變化而波動。

Before turning to expense items and profitability, I'll point out that I will be discussing non-GAAP results going forward. Now looking at operating expenses. Total operating expenses grew 81%. The growth in expenses is primarily attributable to the inclusion of Auth0. Total head count now stands at just over 5,000 employees, up 79% year-over-year.

在轉向費用項目和盈利能力之前，我會指出我將討論未來的非公認會計原則結果。現在看運營費用。總運營費用增長了 81%。費用的增長主要歸因於 Auth0 的加入。現在員工總數剛剛超過 5,000 人，同比增長 79%。

Moving to cash flow. Free cash flow was $5 million, which yielded a 1.3% free cash flow margin. The sequential decline was driven by investments we are making to scale the business and were primarily related to higher head count. We ended the fourth quarter with a strong balance sheet anchored by $2.5 billion in cash, cash equivalents and short-term investments.

轉向現金流。自由現金流為 500 萬美元，產生了 1.3% 的自由現金流利潤率。連續下降是由於我們為擴大業務而進行的投資，主要與員工人數增加有關。我們以 25 億美元的現金、現金等價物和短期投資為基礎，以強勁的資產負債表結束第四季度。

Now let's get into our financial outlook. The secular market tailwinds and our leadership position in the identity market continue. We're making great progress integrating Auth0 and continue to be prudent and thoughtful about the rate and pace of near-term synergies. This is reflected in our guidance.

現在讓我們進入我們的財務前景。世俗市場的順風和我們在身份市場的領導地位仍在繼續。我們在集成 Auth0 方面取得了巨大進展，並繼續對近期協同效應的速度和速度保持謹慎和深思熟慮。這反映在我們的指導中。

With that as a backdrop, for the first quarter of FY '23, we expect total revenue of $388 million to $390 million, representing a growth rate of 55% year-over-year; non-GAAP operating loss of $51 million to $50 million; and non-GAAP net loss per share of $0.35 to $0.34, assuming weighted average shares outstanding of approximately 155 million. For the full year FY '23, we are raising our revenue outlook by $35 million from our preliminary guide provided last quarter. We now expect total revenue of $1.78 billion to $1.79 billion, representing growth of 37% to 38% year-over-year.

在此背景下，我們預計 23 財年第一季度的總收入為 3.88 億美元至 3.9 億美元，同比增長 55%；非美國通用會計準則運營虧損 5100 萬至 5000 萬美元；假設加權平均流通股約為 1.55 億股，非公認會計準則每股淨虧損為 0.35 美元至 0.34 美元。對於 23 財年全年，我們將上季度提供的初步指南中的收入預期提高了 3500 萬美元。我們現在預計總收入為 17.8 億美元至 17.9 億美元，同比增長 37% 至 38%。

Additionally, we expect non-GAAP operating loss of $185 million to $180 million and non-GAAP net loss per share of $1.27 to $1.24, assuming weighted average shares outstanding of approximately 157 million. Included in this outlook are expectations for increased sales and marketing investments to help us capture the large market opportunity in front of us. This includes further investments to build out our go-to-market operations in key areas, such as CIAM, international and public sector.

此外，假設加權平均流通股約為 1.57 億股，我們預計非 GAAP 經營虧損為 1.85 億美元至 1.8 億美元，非 GAAP 每股淨虧損為 1.27 美元至 1.24 美元。這一展望包括對增加銷售和營銷投資的預期，以幫助我們抓住擺在我們面前的巨大市場機會。這包括進一步投資，以在 CIAM、國際和公共部門等關鍵領域建立我們的上市業務。

Lastly, I want to provide a few comments to help with modeling Okta. First, for Q1, we expect current RPO to grow in the low to mid-50% range. Second, the billings process improvements that were implemented last year has led to some confusion, so I'm ongoing to provide specific billings commentary on a onetime basis for clarity. We expect Q1 FY '23 billings of approximately $385 million to $390 million. When viewed on a like-for-like basis, Q1 billings growth would be approximately 50% to 52%.

最後，我想提供一些評論來幫助對 Okta 進行建模。首先，對於第一季度，我們預計當前的 RPO 將在 50% 的中低範圍內增長。其次，去年實施的比林斯流程改進導致了一些混亂，因此為了清楚起見，我將一次性提供特定的比林斯評論。我們預計 23 財年第一季度的賬單約為 3.85 億美元至 3.9 億美元。從同類產品來看，第一季度的賬單增長率約為 50% 至 52%。

For the full year FY '23, we expect billings to be approximately $2.18 billion to $2.19 billion. The FY '23 billings growth rate experiences a headwind of approximately 9 percentage points due to the process improvements impact. When viewed on a like-for-like basis, FY '23 billings growth would be approximately 35% to 36%. Be sure to reference the supplemental slide in our earnings presentation, which outlines this modeling detail.

對於 23 財年全年，我們預計賬單將約為 21.8 億美元至 21.9 億美元。由於流程改進的影響，23 財年的比林斯增長率遇到了大約 9 個百分點的逆風。以類似的方式來看，23 財年的賬單增長將約為 35% 至 36%。請務必參考我們的收益演示文稿中的補充幻燈片，其中概述了此建模細節。

From a seasonality perspective, we anticipate billings in the second half of the year to represent roughly 60% of the full year total, which is consistent with normal seasonality. And finally, we will continue to invest in our growth in FY '23 and beyond. As such, we expect free cash flow margin to be down a few points year-over-year.

從季節性的角度來看，我們預計下半年的賬單將約佔全年總額的 60%，這與正常的季節性一致。最後，我們將繼續投資於 23 財年及以後的增長。因此，我們預計自由現金流利潤率將同比下降幾個百分點。

To wrap things up, we had a great quarter and end to the fiscal year and are extremely excited about the $80 billion market opportunity in front of us. Okta is very well positioned to build on its strong foundation and market leadership position in both workforce and CIAM, which gives us continued confidence in our near-term and long-term outlook.

總而言之，我們有一個很棒的季度和財年結束，我們對擺在我們面前的 800 億美元的市場機會感到非常興奮。 Okta 處於非常有利的地位，可以建立其在勞動力和 CIAM 方面的強大基礎和市場領導地位，這使我們對我們的近期和長期前景充滿信心。

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

有了這個，我會把它轉回給 Dave 進行問答。戴夫？

Thanks, Brett. I see that there are already quite a few hands raised, so we'll get right into them, and I'll take them in the order that they came in.

謝謝，布雷特。我看到已經有很多人舉手了，所以我們會直接進入他們，我會按照他們進來的順序來處理他們。

(Operator Instructions) So with that, we'll go to Matt Hedberg at RBC. Matt?

（操作員說明）因此，我們將去找 RBC 的 Matt Hedberg。馬特?

Todd, maybe I'll start with you. There's been -- strong results to end the year, first of all. But there's been a lot of questions on the competitive environment and just the strength of the identity market, which clearly, from your results, look strong. Can you talk about maybe the importance of identity as we emerge post-COVID? Because it strikes me that there's a lot of opportunity, not only for net new, but also large replacement deals from some legacy installments.

托德，也許我會從你開始。首先，今年年底取得了強勁的成果。但是有很多關於競爭環境和身份市場實力的問題，很明顯，從你的結果來看，這看起來很強大。您能否談談我們在後 COVID 出現時身份的重要性？因為讓我印象深刻的是，有很多機會，不僅是全新的，而且還有一些舊版分期付款的大額替換交易。

Thanks, Matt. Yes, we're really excited about it. And this is -- we talk about this a lot, which is -- resonates because it's so true. The more cloud applications customers want to buy, the more they want to build on cloud infrastructure, the more they want to build better experiences for their customers and the more they want to do it all securely. This shifts that -- this is -- these are huge secular shifts that put the market in our favor because to do all those things effectively, you have to have identity.

謝謝，馬特。是的，我們對此感到非常興奮。這是 - 我們經常談論這個，這是 - 引起共鳴，因為它是如此真實。客戶想購買的雲應用程序越多，他們就越想在雲基礎設施上構建，他們就越想為他們的客戶構建更好的體驗，他們就越想安全地完成這一切。這種轉變——這就是——這些巨大的長期轉變使市場對我們有利，因為要有效地做所有這些事情，你必須有身份。

And it's really -- it's a pretty big shift in technology. 20, 30 years ago, you did identity by getting it as part of another platform. You got it with -- you got your Windows server. It had identity in it. You got maybe some identity from Oracle or CA, the management crew -- management vendors. But it's different now.

這真的是——這是技術上的一個相當大的轉變。 20、30 年前，您通過將其作為另一個平台的一部分來實現身份。你得到了它——你得到了你的 Windows 服務器。它有身份。您可能從 Oracle 或 CA 的管理團隊——管理供應商那裡獲得了一些身份。但現在不同了。

And we're successful because identity is so prevalent in all these trends. And to be successful, to successfully get all of this cloud technology to your employees to reimagine your customer experience and do it all securely, you have to have an identity system. And that's what we're out there offering to customers of all sizes and all verticals. And that's why we're having these results.

我們之所以成功，是因為身份在所有這些趨勢中如此普遍。要成功，要成功地將所有這些雲技術提供給您的員工，以重新構想您的客戶體驗並安全地完成這一切，您必須擁有一個身份系統。這就是我們為各種規模和所有垂直領域的客戶提供的服務。這就是我們得到這些結果的原因。

The reality of it is that not everyone knows this yet. If you talk to 10 CIOs, maybe 3 of them would say, "Hey, this is the future. Identity is the central platform. Identity is one of my primary clouds. It's going to unleash all this potential for me and keep me more competitive." Only about probably 3 out of 10 know this, and I bet 2 of them are our customers. And the good news is that more and more people every day are learning this and people that are making technology decisions. And they realize that if you want to do Zero Trust, if you want to have choice in technology, you need to do it with identity, and we have the leading identity platform. And so that's what we're focused on, making sure everyone understands that.

現實情況是，並不是每個人都知道這一點。如果你與 10 位 CIO 交談，其中 3 位可能會說：“嘿，這就是未來。身份是中心平台。身份是我的主要雲之一。它將釋放我的所有潛力，讓我更有競爭力。”只有大約十分之三的人知道這一點，我敢打賭其中有 2 個是我們的客戶。好消息是，每天都有越來越多的人正在學習這一點，並且正在做出技術決策。他們意識到，如果你想做零信任，如果你想在技術上有選擇，你需要用身份來做，而我們擁有領先的身份平台。這就是我們關注的重點，確保每個人都理解這一點。

Specific to COVID and the pandemic, a lot of people ask me about how has it impacted your business? And I think it definitely had some, I think, some incremental positive impacts as people rushed to do remote work. And it had some headwinds as people -- maybe their own business was -- they're not sure how their own industry is going to be impacted or they just had other priorities they were working on, and they weren't sure about the future.

針對 COVID 和大流行，很多人問我它對您的業務有何影響？而且我認為，隨著人們急於進行遠程工作，我認為它肯定會產生一些增量的積極影響。它有一些不利因素，因為人們——也許他們自己的業務是——他們不確定自己的行業將如何受到影響，或者他們只是有其他優先事項，他們不確定未來.

We -- our own investment level was a little bit -- we weren't sure about the future, how much we should invest, what the environment is going to look like. But I think as now we end the near -- the acute phase of the pandemic and the world starts to get back to normal from a pandemic perspective, I think it probably maybe had a little bit of a headwind on us. But what's powered our growth is -- are these macro trends.

我們——我們自己的投資水平有點——我們不確定未來，我們應該投資多少，環境會是什麼樣子。但我認為，隨著我們即將結束大流行的急性階段，從大流行的角度來看，世界開始恢復正常，我認為這可能對我們造成了一點阻力。但推動我們增長的是——這些宏觀趨勢。

So when I look out in the out-years ahead, our priority is very similar to what it's always been. It's like we have to establish this vision of identity as this primary platform. And it's got to do both use cases. It's got to do customer identity and workforce identity. It's got to be -- it's got to get to scale. It's got to meet customers where they're going, and that's why I'm so excited about the CIAM business momentum. It's why I'm excited about the results.

因此，當我展望未來幾年時，我們的優先事項與以往非常相似。就像我們必須將這種身份願景確立為這個主要平台。它必須同時處理兩個用例。它必須做客戶身份和勞動力身份。它必須是——它必須達到規模。它必須滿足客戶要去的地方，這就是為什麼我對 CIAM 的業務發展勢頭如此興奮。這就是為什麼我對結果感到興奮。

And competitively, we don't -- we're not -- we're very, very, very differentiated. We have point competitors that can't -- don't have the scale or the breadth. We have the big platforms, companies like Microsoft, that they have identity, some of the things that look like us, but they're not neutral. They're, at the end of the day, trying to sell you their collaboration or their infrastructure, and they're not about giving customers choice and flexibility. So that's -- I think if you unpack the results a little bit, those are just some of the things that are driving them.

在競爭中，我們沒有——我們不是——我們非常、非常、非常差異化。我們有沒有規模或廣度的關鍵競爭對手。我們有大平台，像微軟這樣的公司，他們有身份，一些看起來像我們的東西，但它們不是中立的。歸根結底，他們試圖向您推銷他們的協作或基礎設施，而不是為客戶提供選擇和靈活性。所以這就是 - 我認為如果你稍微解開結果，這些只是推動它們的一些因素。

Super helpful. And then maybe just a quick one for Brett. First of all, Brett, congrats on the promotion. I'm wondering, from your op margin guide, how much of that is Auth0? And maybe how should we think about the timing of return to sort of more positive op margins?

超級有幫助。然後也許對布雷特來說只是一個快速的。首先，布雷特，恭喜升職。我想知道，根據您的操作保證金指南，其中有多少是 Auth0？也許我們應該如何考慮恢復到更積極的營業利潤率的時機？

Absolutely. Thanks, Matt, and thank you for the kind comments. From the operating margin guide, it's really both businesses. But I would say, as a reminder, Auth0 is an earlier-stage business than Okta stand-alone is. And so you see some of those unit economics that are a little bit less than what Okta is on a stand-alone basis.

絕對地。謝謝，馬特，謝謝你的友好評論。從營業利潤率指南來看，這確實是兩項業務。但我想說，作為一個提醒，Auth0 是一個比 Okta 獨立的更早期的業務。因此，您會看到其中一些單位經濟學比 Okta 在獨立的基礎上要少一些。

Now from a long-term perspective, you're probably asking in regards to the long-term framework that we've talked about. Look, we're going to operate the business the same way we've operated the business from day 1, which is we've always looked at the Rule of 40 and balanced revenue and growth together. When there's great growth opportunities, we're going to go get them. And obviously, when there's margin opportunities, we're going to go get those as well. So it's something over the long term we've done for years now, and we'll continue to do so in the years to come.

現在從長期的角度來看，您可能會詢問我們討論過的長期框架。看，我們將按照我們從第一天開始運營業務的方式來運營業務，即我們一直關注 40 規則，並共同平衡收入和增長。當有巨大的增長機會時，我們會去抓住它們。顯然，當有利潤機會時，我們也會去獲得這些機會。所以這是我們多年來一直在做的事情，我們將在未來幾年繼續這樣做。

All right. Let's go to Jonathan Ho at William Blair.

好的。讓我們去威廉布萊爾的 Jonathan Ho。

I just wanted to maybe start out with the integration of Auth0. And maybe can you talk a little bit about sort of that sales force integration effort and maybe where you're seeing some successes, things that have surprised you?

我只是想從 Auth0 的集成開始。也許你能談談那種銷售隊伍整合的努力，也許你在哪裡看到了一些成功，讓你感到驚訝的事情？

Yes. We are -- thanks a lot for the question, Jonathan. We are very excited about the integration of Auth0. We're very excited that it's been done in just under a year from where we are because we actually announced the acquisition a year ago tomorrow. As -- to start with, I think the most important point is the go-to-market organization, which we unified under Susan's leadership on February 1. You heard Todd talk about one team, which I think is a great position to be in. We've put together a lot of the core systems that we're using to run the business. Those are all running on one platform. So we have one pane of glass and good visibility into all that and how it's working. There's a couple more pieces we need to finish up in terms of ticking and tying some of the systems on the back end, but those are just making sure that we're working as one organization going forward.

是的。非常感謝喬納森的提問。我們對 Auth0 的集成感到非常興奮。我們很高興能在不到一年的時間裡完成這項工作，因為我們實際上在一年前的明天就宣布了收購。首先，我認為最重要的一點是上市組織，我們於 2 月 1 日在 Susan 的領導下統一了該組織。你聽說 Todd 談到了一個團隊，我認為這是一個很好的職位. 我們已經整合了很多我們用來運行業務的核心系統。這些都在一個平台上運行。因此，我們擁有一塊玻璃，可以很好地了解所有這些以及它是如何工作的。在後端的一些系統的勾选和綁定方面，我們還需要完成一些工作，但這些只是確保我們作為一個組織向前發展。

And so far, you can see the results. I mean, the results speak for themselves. This is even before we had this one go-to-market organization. We've got great opportunities in these large organizations where we're landing with Okta Workforce and Auth0. We've got these great cross-sell opportunities like Carvana, where they've been a long-time Okta Workforce customer and then became an Auth0 customer. So I think there's a lot of different synergies that we're starting to see already. As Todd mentioned, the businesses are both going very, very well. Overall, when you look at where CIAM is and how far it's come, 60% year-over-year growth, we're very excited about that. But I think we're just getting started in this big opportunity, and that's the fun and exciting part for us.

到目前為止，您可以看到結果。我的意思是，結果不言自明。這甚至在我們擁有這個進入市場的組織之前。我們在這些大型組織中獲得了巨大的機會，我們正在使用 Okta Workforce 和 Auth0 登陸。我們有這些很棒的交叉銷售機會，比如 Carvana，他們一直是 Okta Workforce 的長期客戶，然後成為 Auth0 客戶。所以我認為我們已經開始看到很多不同的協同作用。正如托德所說，兩家公司的發展都非常非常好。總體而言，當您查看 CIAM 的位置以及它取得的進展，同比增長 60% 時，我們對此感到非常興奮。但我認為我們才剛剛開始抓住這個巨大的機會，這對我們來說是有趣和令人興奮的部分。

Yes. And one -- Jonathan, one thing I'll add there to Freddy's comments, if you look at the first 3 quarters, the strategic reason for this acquisition was that identity is one of the most primary and important clouds in our customers' environments. To be that primary cloud, you have to support both use cases. You have to support workforce and customer identity.

是的。還有一個 - 喬納森，我將在 Freddy 的評論中添加一件事，如果你看看前三個季度，這次收購的戰略原因是身份是我們客戶環境中最重要和最重要的雲之一。要成為主要的雲，您必須同時支持這兩個用例。您必須支持勞動力和客戶身份。

And furthermore, the customer identity use cases were really divided between what the Okta CIAM platform does and what the Auth0 platform does. And Auth0's more developer-centric, more -- you can customize it, extend it, control every bit and byte. The Okta platform is more pre-integrated and low code. And so the idea was that there were -- these are complementary platforms.

此外，客戶身份用例實際上分為 Okta CIAM 平台的功能和 Auth0 平台的功能。而且 Auth0 更以開發人員為中心，更多——您可以自定義、擴展它，控制每一個比特和字節。 Okta 平台更加預集成和低代碼。所以這個想法是——這些是互補的平台。

And when I look at the results, you see that bear out in the results. You see 81% growth in the Auth0 platform over the last year-over-year comparison, and you see nearly 50% growth for the Okta CIAM platform. So we -- you're seeing 2 complementary platforms helping us drive toward -- be very successful in this market, which unlocks this concept of being this critical, critical primary cloud for every organization in the world.

當我查看結果時，您會在結果中看到這一點。與去年同期相比，Auth0 平台增長了 81%，Okta CIAM 平台增長了近 50%。所以我們——你看到兩個互補的平台幫助我們朝著這個方向前進——在這個市場上非常成功，這開啟了這個概念，即成為世界上每個組織的關鍵、關鍵的主要雲。

That's it. I'll stick to one question. But congrats, Brett.

就是這樣。我會堅持一個問題。但恭喜，布雷特。

Thanks, Jonathan.

謝謝，喬納森。

All right. Let's go to Ittai Kidron at Oppenheimer.

好的。我們去奧本海默的 Ittai Kidron。

And Brett, my question is for you. I want to dig into Matt's question around the operating margin loss target for fiscal '23. I have to say, I mean, great quarter, but that was certainly a number that caught me a little bit off base. And so can you give us a little bit more detail on the plans for the year as far as head count additions? And what is the run rate loss that you expect to have exiting the year?

布雷特，我的問題是給你的。我想深入探討馬特關於 23 財年營業利潤率損失目標的問題。我不得不說，我的意思是，很棒的季度，但這肯定是一個讓我有點偏離基礎的數字。那麼，您能否向我們詳細介紹一下本年度增加人數的計劃？您預計今年的運行率損失是多少？

And is fiscal '23 a peak year? I mean, are we finally from here moving into a much more accelerated path towards profitability? I think some of the comments I'm getting from investors here, this was certainly a little bit off base with regards to their core assumptions. So any more color on -- clearly, there's opportunity, but if you could be more specific on where and why and the ROI behind it. I think, hopefully, that will provide a little bit more comfort and logic behind it.

23財年是高峰年嗎？我的意思是，我們是否最終會從這裡開始走向更快的盈利之路？我認為我從這裡的投資者那裡得到的一些評論，就他們的核心假設而言，這肯定有點偏離基礎。所以更多的顏色 - 顯然，有機會，但如果你可以更具體地說明在哪裡，為什麼以及它背後的投資回報率。我認為，希望這將在其背後提供更多的安慰和邏輯。

Absolutely. I'm happy to talk about that. So if you think about SaaS business anywhere, right, you got to invest in front of the demand or invest in front of the opportunity. And we've only got a $1.79 billion guide, which, by the way, we're very excited about in terms of revenue for FY '23. But we've got an $80 billion market out there. So we feel the best opportunity is out in front of us to be able to invest into that opportunity.

絕對地。我很高興談論這個。因此，如果您在任何地方考慮 SaaS 業務，對，您必須在需求之前進行投資，或者在機會之前進行投資。而且我們只有 17.9 億美元的指南，順便說一下，我們對 23 財年的收入感到非常興奮。但我們有一個 800 億美元的市場。所以我們覺得最好的機會就在我們面前，能夠投資於那個機會。

So areas where we're spending additional money: so adding quota-carrying AEs; adding salespeople across the board, whether it be sales engineers; or areas in pipeline generation. You can see by the momentum in the business, it's clearly a huge opportunity in front of us. And that's what we're going to invest for. We're going to invest in -- and additionally, we're also going to invest in the product side of the house and supporting our customers, right. When you add this many customers, you've got to be able to support them.

所以我們要在哪些領域花費額外的錢：所以添加帶有配額的 AE；全面增加銷售人員，無論是銷售工程師；或管道生成中的區域。從業務的勢頭可以看出，這顯然是擺在我們面前的巨大機遇。這就是我們要投資的目的。我們將投資——此外，我們還將投資於產品方面並支持我們的客戶，對吧。當您添加這麼多客戶時，您必須能夠支持他們。

So really, it's going to be up and down across the P&L from an investment perspective because we're just scratching the surface. I've said earlier in the call, we've got so much upside in this market opportunity that it would be -- it wouldn't be the right decision not to invest into the opportunity because we do see a tremendous amount of momentum in the market today.

所以真的，從投資的角度來看，損益表會上下波動，因為我們只是在摸索表面。我在電話會議的早些時候說過，我們在這個市場機會中有很大的上漲空間——不投資這個機會不是正確的決定，因為我們確實看到了巨大的動力今天的市場。

Is this a peak year? Are we improving thereafter?

這是高峰年嗎？之後我們有進步嗎？

Is this a peak year? What do you mean by peak year?

這是高峰年嗎？高峰年是什麼意思？

As for operating loss.

至於經營虧損。

Well, I mean, I think if you look at our long-term goals that we've got out in front of us, right, we've got revenue of $4 billion, growing at least 35% each year between now and then and also the 20% free cash flow target. We are going to balance growth in margin just like we have in the past, and you'll see that as we move through this time period between now and FY '26.

嗯，我的意思是，我認為如果你看看我們擺在我們面前的長期目標，對，我們有 40 億美元的收入，從現在到那時每年至少增長 35%還有20%的自由現金流目標。我們將像過去一樣平衡利潤率的增長，當我們從現在到 26 財年的這段時間裡，你會看到這一點。

Okay. Let's go to Andy Nowinski at Wells Fargo.

好的。讓我們去富國銀行的安迪·諾溫斯基。

Congrats on a great quarter. Just have a few questions maybe on your upcoming IGA product launch. It sounds like it might be generally available a little bit later than previously expected. Can you just talk about whether there were any sort of significant changes coming out of that beta test phase that you want to implement before making it GA?

祝賀一個偉大的季度。只是對您即將推出的 IGA 產品有幾個問題。聽起來它可能比以前預期的要晚一點。您能否談談您希望在 GA 之前實施的 beta 測試階段是否有任何重大變化？

The IGA product is actually a little bit ahead of schedule. There might be some confusion on, when we talked about it last year, being available in the first quarter of this year. Was it -- were we talking about EA or beta or GA? But the internal schedule, which has been clear along, we're a little bit ahead of that.

IGA的產品實際上是提前了一點。當我們去年談論它時，可能會有些困惑，它在今年第一季度上市。是不是——我們是在談論 EA、beta 還是 GA？但是內部時間表，一直很明確，我們有點超前了。

And the beta, which is going on right now, is going very well. We're seeing success with a lot of different size of customers. We're seeing really a natural -- it's a natural complement to our Advanced Lifecycle Management product with significant new value for customers and new things they can do to automate their business with its access request or access certifications, which is a very, very natural extension of our core product line. So we're very bullish on that.

目前正在進行的測試版進展順利。我們看到許多不同規模的客戶都取得了成功。我們看到了一個非常自然的結果——它是我們高級生命週期管理產品的自然補充，為客戶帶來了重要的新價值，他們可以通過訪問請求或訪問認證來實現業務自動化，這是非常非常自然的擴展我們的核心產品線。所以我們非常看好這一點。

On the PAM side, I think PAM is actually a little bit behind what we originally thought. And the reason why is because as everyone knows, we're -- our product Advanced Server Access is really -- it's in the PAM market today, very focused on server admins and server -- controlling access to servers. And we've done a couple of shifts where -- and we've learned a little bit more about the requirements in the PAM market. And we've made some decisions to put some of that capability into the Advanced Server Access product and then put more -- additional capability, which is going to take a little bit longer in the PAM product. So you're going to see that. That's a little bit delayed. But still, we're expecting to make a bunch of progress on that this year. And we'll be talking more about that as the year unfolds and then also leading up to Oktane in the fall.

在 PAM 方面，我認為 PAM 實際上有點落後於我們最初的想法。原因是因為眾所周知，我們的產品 Advanced Server Access 確實是 - 它在今天的 PAM 市場上，非常專注於服務器管理員和服務器 - 控制對服務器的訪問。我們已經做了幾個轉變——我們已經了解了更多關於 PAM 市場的要求。我們已經做出了一些決定，將其中的一些功能放入 Advanced Server Access 產品中，然後放入更多——額外的功能，這將在 PAM 產品中花費更長的時間。所以你會看到的。這有點延遲。但是，我們仍然希望今年能在這方面取得一些進展。隨著時間的推移，我們將更多地談論這一點，然後在秋季進入 Oktane。

And then just a clarification. Did you include any contribution from the IGA solution in your revised annual outlook, given that it will be GA in midyear, I think you said?

然後只是一個澄清。您是否在修訂後的年度展望中包括了 IGA 解決方案的任何貢獻，因為它將在年中成為 GA，我想您說過嗎？

No. It's making a very, very conservative assumption that it won't have any contribution there.

不。它做出了一個非常非常保守的假設，即它在那裡不會有任何貢獻。

Okay. Let's go to Adam Tindle at Raymond James.

好的。讓我們去 Raymond James 的 Adam Tindle。

Todd, I just wanted to maybe take a step back on the fiscal '23 plan. You talked before about going through a strategic planning process into this. Just want to know maybe the different outcomes that you considered. I'd imagine that you had some that were involving -- showing consistently improving profitability, for example, and maybe the flip side or risks to a more profitable growth plan. And what got you comfortable deciding on more aggressive spending near term.

托德，我只是想在 23 財年計劃上退後一步。您之前談到過要通過戰略規劃過程進入這一點。只是想知道您考慮的不同結果。我想你有一些參與 - 例如，顯示出不斷提高的盈利能力，也許是更有利可圖的增長計劃的另一面或風險。是什麼讓你在短期內決定更激進的支出。

Yes. The -- I'm happy to give you color into that. It's -- I'm kind of laughing a little bit because it's actually pretty simple, the way we think about it. And we've been consistent on this over the last 5 or 6 years, which is that we look at our internal efficiency of our investment across the business, whether it's mostly -- the most direct link between investing and payback in terms of new revenues and sales and marketing. So we just look at that efficiency. And as long as we can continue to drive up efficiency, we continue to invest.

是的。 - 我很高興為您提供顏色。這是 - 我有點笑，因為它實際上很簡單，我們認為它的方式。在過去的 5 或 6 年中，我們一直在這方面保持一致，即我們關注我們在整個業務中的投資的內部效率，無論是主要 - 就新收入而言，投資與回報之間最直接的聯繫以及銷售和營銷。所以我們只看效率。只要我們能繼續提高效率，我們就會繼續投資。

We're always going to be -- we're never going to burn cash. We want to increase cash flow. Over the long term, we want to increase the free cash flow margin to that stated goal of 20% over time, but we're going to make sure we're efficient. And so we can grow, we can serve customers. We can make them successful. We can take market share, and we can do it in this -- under this efficiency framework. We're going to do it. So it's been relatively simplistic.

我們將永遠——我們永遠不會燒錢。我們想增加現金流。從長遠來看，我們希望隨著時間的推移將自由現金流量利潤率提高到 20% 的既定目標，但我們將確保我們的效率。所以我們可以成長，我們可以為客戶服務。我們可以讓他們成功。我們可以佔據市場份額，我們可以在這個效率框架下做到這一點。我們要去做。所以相對來說比較簡單。

So the main things are, how is the efficiency internally? How's the growth rate? And what's the market? How is the customer success? And that's -- what can we do to capture the opportunity?

所以主要是，內部效率如何？增長率如何？什麼是市場？客戶成功率如何？那就是——我們能做些什麼來抓住這個機會？

Yes. I would add to that a little bit. First and foremost, we've always had a bias toward growth. But we've also, to Todd's point, always looked at efficiency and always managed on the Rule of 40. And so the guidance you've seen today and the commentary earlier in the call still reflects that. We are definitely managing that Rule of 40, and we believe that's the right thing to do to go capture the opportunity upfront, because it is a massive one in front of us. So we feel that the time is right to go and grab as much market share as possible.

是的。我會補充一點。首先，我們一直對增長有偏見。但在托德看來，我們也一直關注效率，並始終按照 40 規則進行管理。所以你今天看到的指導和電話會議早些時候的評論仍然反映了這一點。我們肯定在管理 40 條規則，我們認為這是提前抓住機會的正確做法，因為它是擺在我們面前的巨大機會。所以我們覺得是時候去盡可能多地搶占市場份額了。

Makes sense. And Brett, maybe just a follow-up for you, just wanted to marry sort of the qualitative commentary versus the quantitative messaging here. Qualitatively, we're seeing a lot of acceleration in large customers. The demand environment is incredibly healthy. You're investing in public sector. In the past, you've talked about focusing on cRPO as a key metric, and it was outpacing subscription revenue growth in the past, and that was kind of an indication of acceleration. But that's starting to invert based on your guidance. And just wondering if you could double-click on why that would be the case and how cRPO should track for fiscal '23.

說得通。布雷特，也許只是你的後續，只是想在這裡結合定性評論與定量信息。定性地說，我們看到大客戶的加速增長。需求環境非常健康。你投資於公共部門。過去，您曾談到將 cRPO 作為一個關鍵指標，並且過去它的增長速度超過了訂閱收入的增長，這在某種程度上是加速的跡象。但根據您的指導，情況開始反轉。只是想知道您是否可以雙擊為什麼會出現這種情況以及 cRPO 應如何跟踪 '23 財年。

Yes. Thank you for bringing that up. I'm so happy you brought up current RPO. It's my favorite metric, which you can see clearly was a strong quarter in Q4. And the guidance we've given you today of low to 50% range for current RPO in Q1 is also quite a strong guide. And so if you think about the impact on the fiscal year '23 revenue guidance, the combination of those 2 factors is translating directly into that increase of $35 million, up to $1.79 billion, growing 38% year-over-year at the top end of the guidance.

是的。謝謝你提出來。我很高興你提出了當前的 RPO。這是我最喜歡的指標，你可以清楚地看到第四季度的強勁季度。我們今天為您提供的第一季度當前 RPO 範圍低至 50% 的指導也是一個非常有力的指導。因此，如果您考慮對 23 財年收入指導的影響，這兩個因素的結合直接轉化為 3500 萬美元的增長，高達 17.9 億美元，在高端同比增長 38%的指導。

Okay. Next, we'll go to Eric Heath at KeyBanc.

好的。接下來，我們將前往 KeyBanc 的 Eric Heath。

Great. Brett, congratulations. So Todd, Brett, I did want to ask on the quarter on Okta stand-alone. I think most of your peers showed some acceleration this quarter. It looks like Okta stand-alone decelerated maybe 1 point. So just anything you'd called out in terms of the quarter that might have been a little bit softer than you might have expected.

偉大的。布雷特，恭喜。所以托德，布雷特，我確實想問關於 Okta 獨立的季度。我認為您的大多數同行在本季度都表現出一些加速。看起來 Okta 單機減速了 1 點。因此，就本季度而言，您所說的任何可能比您預期的要軟一些。

Yes. We're very excited about that 39% Okta stand-alone revenue growth. So Eric, thanks a lot for bringing that up. When you look at the size of the business, I mean, the workforce business is already 63% of the total business. It's a billion-dollar business at this point, and it's growing significantly year-over-year. You add in what's going on, on the CIAM side of the house, and we're very pleased with that as well.

是的。我們對 Okta 39% 的獨立收入增長感到非常興奮。所以埃里克，非常感謝你提出這個問題。當您查看業務規模時，我的意思是，勞動力業務已經佔總業務的 63%。在這一點上，這是一項價值數十億美元的業務，並且每年都在顯著增長。您在房子的 CIAM 一側添加正在發生的事情，我們也對此感到非常滿意。

So we look at the business holistically at this point. Obviously, there's a big opportunity when it comes to workforce. That's going to be a very nice business for us in the years ahead. You can hire account executives who know how to sell enterprise IT, they know where to go find it. There's a lot of legacy Oracle, IBM, CA, RSA that over time, we're just going to slowly rip and replace. So obviously, our dollar-based net retention continues to be very strong. It's up 124%, up from 122% last quarter. And that's because our motion of landing and expanding inside these large organizations is going very well.

因此，我們在這一點上從整體上看待業務。顯然，在勞動力方面存在著巨大的機會。在未來幾年，這對我們來說將是一項非常好的業務。您可以聘請知道如何銷售企業 IT 的客戶經理，他們知道在哪裡可以找到它。有很多遺留的 Oracle、IBM、CA、RSA，隨著時間的推移，我們將慢慢淘汰和替換。很明顯，我們以美元為基礎的淨留存率仍然非常強勁。增長了 124%，高於上一季度的 122%。那是因為我們在這些大型組織內部登陸和擴張的行動進展順利。

And so on the workforce side, that business is going to continue to go very well. That's why you see us coming into these natural adjacencies of IGA and PAM. It's not as if we're sitting here and wondering what we should be building next, and a lot of that is customer demand. Todd talked a little bit about IGA and the early access this month to a limited number of customers. I mean, that's going to launch in North America by midyear, globally by year-end. And that's a natural priority for us, which aligns with a lot of what we're doing around workflow and life cycle management.

在勞動力方面，該業務將繼續發展良好。這就是為什麼您會看到我們進入 IGA 和 PAM 的這些自然鄰接關係。這並不是說我們坐在這裡想知道下一步我們應該建造什麼，其中很大一部分是客戶需求。 Todd 談到了 IGA 以及本月向少數客戶提供的早期訪問權。我的意思是，這將在年中在北美推出，到年底在全球推出。這對我們來說是一個自然的優先事項，這與我們圍繞工作流程和生命週期管理所做的很多事情是一致的。

And then when you think about customer identity and access management, I mean, that market has gone from 0 when we went public 5 years ago to a $30 billion TAM today, where we are the clear leaders with the only cloud-native identity management platform, whether you're looking for a developer up or you're looking for tops down. And that's why you're seeing in that business the almost 60% year-over-year growth of that.

然後當你考慮客戶身份和訪問管理時，我的意思是，這個市場已經從 5 年前我們上市時的 0 發展到今天 300 億美元的 TAM，我們是唯一擁有云原生身份管理平台的明顯領導者，無論您是在尋找開發人員還是在尋找自上而下的開發人員。這就是為什麼您在該業務中看到該業務的年增長率接近 60%。

And that -- the competitive landscape, which we haven't really talked about, it's all greenfield. I mean the opportunity is just helping customers be successful. And they have a shortage of developers. They need to focus on their core businesses. The more we can make it easy for them to just take identity off the shelf and put it inside their applications and infrastructure, the better off they're going to be. And we see that as a huge investment opportunity, back to the previous question.

那——我們還沒有真正談論過的競爭格局，都是綠地。我的意思是機會只是幫助客戶取得成功。而且他們缺乏開發人員。他們需要專注於他們的核心業務。我們越能讓他們輕鬆地將身份從貨架上拿下來並將其放入他們的應用程序和基礎設施中，他們就會變得更好。回到上一個問題，我們認為這是一個巨大的投資機會。

So we're very excited about the overall growth in the business. If you'd told me when we started that we'd have this business today of 5,000 employees, being on almost $400 million revenue quarter, growing 63% year-over-year and accelerating, I would have taken that in a heartbeat. What I would tell you, though, Eric, is we're very excited about 15,000 total customers. We're very excited about adding a record 1,000 last quarter. It should be 50,000 and 100,000, and that's the exciting opportunity for us ahead.

因此，我們對業務的整體增長感到非常興奮。如果您在我們開始時告訴我，我們今天將擁有 5,000 名員工的業務，季度收入近 4 億美元，同比增長 63% 並加速，我會心跳加速。不過，埃里克，我要告訴你的是，我們對總共 15,000 名客戶感到非常興奮。我們對上個季度增加創紀錄的 1,000 人感到非常興奮。應該是 50,000 和 100,000，這對我們來說是一個激動人心的機會。

That's great. And then just one follow-up on that point. I mean, great to see the large customer adds and the NRR kind of tick back up. So any way we should kind of think about the change to the formula for '23 in terms of large lands versus expansions, and maybe what effect it might have on the NRR rate?

那太棒了。然後只是在這一點上的一個後續行動。我的意思是，很高興看到大客戶的增加和 NRR 的回升。因此，我們應該以何種方式考慮對 23 年的公式在大土地與擴張方面的變化，以及它可能對 NRR 率產生什麼影響？

Yes. I mean what I would say is we have continued success with large enterprise. Obviously, we gave everyone -- I think in April of last year when we had an Investor Day, we gave everyone an update on $500,000 ACV customers and over $1 million ACV customers. I mean those numbers now are almost 600 and almost 200, respectively. I think that's growth of about 60% year-over-year compared with 50% year-over-year a year ago. 30% of the G2K are now customers. Todd talked a little bit about some examples early on. I mean that's great. But again, I think the opportunity ahead is the really big one.

是的。我的意思是我要說的是，我們在大型企業方面取得了持續的成功。顯然，我們給了每個人——我想去年 4 月，當我們有一個投資者日時，我們向每個人提供了有關 500,000 美元 ACV 客戶和超過 100 萬美元 ACV 客戶的最新信息。我的意思是這些數字現在分別接近 600 和接近 200。我認為與一年前的 50% 相比，同比增長約 60%。 30% 的 G2K 現在是客戶。托德早些時候談到了一些例子。我的意思是那太好了。但同樣，我認為未來的機會真的很大。

Look, when you come out with these new products, things like IGA that are critical to our organizations, it's not about the 2,000 companies maybe today that are using an on-prem IGA solution. It's about the next 25,000 and 50,000 who want that kind of functionality and are never going to implement an on-prem legacy product from yesteryear. They're looking for a modern cloud solution.

看，當你推出這些新產品時，比如對我們的組織至關重要的 IGA，這與今天可能使用本地 IGA 解決方案的 2,000 家公司無關。接下來的 25,000 和 50,000 人想要這種功能並且永遠不會實施過去的本地遺留產品。他們正在尋找現代云解決方案。

Same is true with PAM. If you look at Advanced Server Access, the beginning of that PAM product, I mean, Zoom for this very webinar that we're on right now, they use Advanced Server Access to protect all of their production infrastructure for all of their servers around the world. Those are the kinds of future opportunities that I think are going to be very exciting when we think about where we're going and how we're going to get there.

PAM 也是如此。如果您查看 Advanced Server Access，該 PAM 產品的開始，我的意思是，對於我們現在正在進行的這個網絡研討會來說，Zoom 使用 Advanced Server Access 來保護他們周圍所有服務器的所有生產基礎設施世界。當我們思考我們要去哪里以及我們將如何到達那裡時，我認為這些未來的機會將會非常令人興奮。

Absolutely, the land and expand is very good. Historically, we've talked about a 115% to 120% range. I know it's ticked up over that. I'm really sorry. I know when it gets bigger, that means that we're cross-selling and upselling too much. I know when it goes down, people are upset that we have so many new logos. So we're doing the best we can to balance it, but we're very happy about where we are. And I think it shows a very good, balanced approach to helping customers be successful with our solutions.

當然，土地和擴張非常好。從歷史上看，我們討論過 115% 到 120% 的範圍。我知道它已經打勾了。我真的很抱歉。我知道當它變得更大時，這意味著我們的交叉銷售和追加銷售太多了。我知道當它失敗時，人們會因為我們有這麼多新標誌而感到不安。所以我們正在盡我們所能來平衡它，但我們對我們所處的位置感到非常高興。我認為它展示了一種非常好的、平衡的方法來幫助客戶通過我們的解決方案取得成功。

Great. Let's go to Alex Henderson at Needham.

偉大的。讓我們去李約瑟的亞歷克斯亨德森。

I wanted to go back to the PAM commentary. My understanding is the PAM -- the only thing you gave guidance on in terms of time of launch was on the governance side. Can you give us any clarity on when you expect the PAM products to launch? And how we should be thinking about that product in terms of the timing to get to market?

我想回到 PAM 的評論。我的理解是 PAM——你在發佈時間方面給出的唯一指導是在治理方面。您能否明確說明您希望 PAM 產品何時推出？以及我們應該如何考慮該產品的上市時間？

It's an important area for us as we expand -- on the workforce side of the house to expand what the platform can do. If you look at what customers are -- more and more, customers are building software themselves, which means they have critical servers and containers and things they need to secure. And what better to do that than the leading access management platform mapped to those resources.

隨著我們的擴張，這對我們來說是一個重要的領域——在房子的勞動力方面，以擴展平台可以做的事情。如果你看看客戶是什麼——越來越多的客戶正在自己構建軟件，這意味著他們擁有關鍵的服務器和容器以及他們需要保護的東西。還有什麼比映射到這些資源的領先訪問管理平台更好的呢。

And that's what our Advanced Server Access product is. A customer like Zoom can get tons of value added as they have to manage tens and tens of thousands of servers and many, many operations people and developers accessing them in a secure way, which -- by the way, which is remote, right. Because they don't all go to the same office and access a dedicated data center. It's in cloud data centers and remote work. So an identity platform, like Okta, is really well positioned to provide value there.

這就是我們的高級服務器訪問產品。像 Zoom 這樣的客戶可以獲得大量附加值，因為他們必須管理數以萬計的服務器以及許多、許多操作人員和開發人員以安全的方式訪問它們，順便說一下，這是遠程的，對。因為他們並非都去同一個辦公室並訪問專用數據中心。它在雲數據中心和遠程工作中。因此，像 Okta 這樣的身份平台非常適合在那裡提供價值。

The -- in terms of the expectations in terms of the financial results, we're taking a very conservative assumption this year that PAM is not going to contribute revenue to this year. But it is an important area we're working on. And what we're doing as we develop the product is we're balancing out the existing product and what capabilities we add into there and then what capabilities do we put in the follow-on to that, which is the PAM module, and how we balance those out. We made the decision to put things like managing active directory-based servers. We decided to put that into ASA. So it's taking that a little longer. So the PAM is going to be -- PAM module is going to be pushed out a little bit. But yes, we'll be talking about more details in terms of when it's going to be available to customers. And -- but from an investor's perspective, there's no -- for this year, there's no dependency there.

- 就財務結果的預期而言，我們今年採取了一個非常保守的假設，即 PAM 不會為今年貢獻收入。但這是我們正在努力的一個重要領域。我們在開發產品時所做的是平衡現有產品以及我們添加到其中的功能，然後我們在後續產品中添加哪些功能，即 PAM 模塊，以及如何我們平衡了這些。我們決定放置諸如管理基於活動目錄的服務器之類的東西。我們決定將其放入 ASA。所以它需要更長的時間。所以PAM 將是-- PAM 模塊將被推出一點點。但是，是的，我們將討論更多關於何時可供客戶使用的細節。而且——但從投資者的角度來看，沒有——今年，那裡沒有依賴性。

So we don't -- you don't have a date for the launch of that product at this point. The second question I had for you is on the operating spending. I really was trying to get a handle on what rate of staffing capacity you're adding specifically to the sales capacity. Obviously, the spend is up substantially. You're more -- much more aggressive. Is the capacity adds, setting up not just for this year but for next year, coming in at close to a 50% increase in sales capacity reach?

所以我們沒有 - 你目前沒有發布該產品的日期。我問你的第二個問題是關於運營支出。我真的試圖了解您專門為銷售能力增加的人員配備率。顯然，支出大幅增加。你更 - 更具侵略性。不僅為今年而且為明年設置的產能是否增加了接近 50% 的銷售能力範圍？

Absolutely, Alex. I'll take that one. You sound like you know our business, obviously, clearly very well. Whenever we're building capacity, we're not building it just for this year. We're building it for future years, right. So we've historically built capacity in year for the following year. And so we're going to continue to do that, and that's part of the investment levels you see in FY '23. And when Todd talked a few minutes ago about our sales efficiency, that's something we always looked at when we're thinking about, "Okay, what's the right balance here to add as much as we possibly can while also balancing that efficiency level as we go after this market?"

當然，亞歷克斯。我會拿那個。顯然，您聽起來很了解我們的業務。每當我們建設能力時，我們都不會只為今年而建設。我們正在為未來幾年建造它，對吧。因此，從歷史上看，我們一直在為次年建設產能。因此，我們將繼續這樣做，這是您在 23 財年看到的投資水平的一部分。幾分鐘前，當托德談到我們的銷售效率時，我們總是在思考時會考慮這個問題，“好的，這裡的正確平衡是什麼，盡可能多地增加，同時平衡效率水平，因為我們去這個市場？”

Is that 50% number reasonable?

50%這個數字合理嗎？

I'll let you draw your own conclusions, but we're trying to grow as fast as we possibly can.

我會讓你得出你自己的結論，但我們正在努力盡可能快地發展。

All right. Let's go to Rob Owens at Piper.

好的。讓我們去 Piper 的 Rob Owens。

Curious around Auth0. Any high-level guidance as we think about next year? I know you're going to tell me we're not going to break it out for you. That being said, anything with regard to seasonality and kind of how should we think about the growth of that and CIAM overall?

對Auth0感到好奇。我們對明年有什麼高水平的指導嗎？我知道你會告訴我我們不會為你打破它。話雖如此，關於季節性的任何事情以及我們應該如何看待它和 CIAM 整體的增長？

Well, I think that we're investing a lot in making sure CIAM is successful. And the proportionate investment is -- a lot of that's going to Auth0, but we're also investing a lot in the Okta CIAM platform. So it's a big, strategic, important thing for us. And you're right, we're not going to break out the specific expectations around growth rates beyond the guidance we've already given. But if you look at the top 3 priorities for the strategic plan of the company next year, #1 is winning that market. And you can imagine, that has a lot of importance and priority based on being successful with the developer motion of Auth0, but then also broadly speaking, growing the CIAM business aggressively.

好吧，我認為我們在確保 CIAM 成功方面投入了大量資金。相應的投資是——其中很多都將用於 Auth0，但我們也在 Okta CIAM 平台上進行了大量投資。所以這對我們來說是一件重大的、戰略性的、重要的事情。你說得對，除了我們已經給出的指導，我們不會打破對增長率的具體預期。但是，如果您查看公司明年戰略計劃的三大優先事項，則排名第一的是贏得該市場。您可以想像，基於 Auth0 的開發者動議取得成功，這具有很多重要性和優先級，但從廣義上講，這也是積極發展 CIAM 業務。

It's a big -- if we want to execute on this vision of a primary cloud, like I've said before, you have to provide both. You have to have -- be the leader in workforce and the leader in SIEM. And we are the leader in workforce, and we're making sure we're going to be the leader in both. So that's the top, strategic priority we have as a company.

這是一個很大的——如果我們想要執行這個主要雲的願景，就像我之前說過的那樣，你必須同時提供兩者。你必須——成為勞動力的領導者和 SIEM 的領導者。我們是勞動力的領導者，我們確保我們將成為兩者的領導者。所以這是我們作為一家公司的首要戰略重點。

And Rob, this is Brett. Well, going forward, we're going to continue to break out workforce versus CIAM on a fairly regular basis, like we have in the past. So we'll definitely keep everyone informed on the progress in both markets because they are obviously -- both are very important to us.

羅布，這是布雷特。好吧，展望未來，我們將繼續定期將勞動力與 CIAM 分開，就像我們過去所做的那樣。因此，我們肯定會讓每個人都了解這兩個市場的進展，因為它們顯然 - 兩者對我們都非常重要。

All right. Next, let's move to Adam Borg at Stifel.

好的。接下來，讓我們轉到 Stifel 的 Adam Borg。

Maybe just on the channel business. I'd love a quick update on the overall channel strategy and how that performed in the quarter. And maybe just as a quick follow-up, I know Auth0 is more of a bottoms-up sale to developers. But I was just curious what kind of opportunities there are to get the channel more involved with Auth0.

也許只是在渠道業務上。我想快速了解一下整體渠道戰略以及該季度的表現。也許只是作為一個快速跟進，我知道 Auth0 更像是對開發人員的自下而上的銷售。但我只是好奇有什麼樣的機會讓頻道更多地參與到 Auth0 中。

Thanks, Adam. Yes, we are very excited about partnerships in general and the channel specifically. When we think about channel, there's obviously a lot of different constituents, many of who have been involved with large organizations for many years helping them, whether it's on the security side of the house or digital transformation side of the house. So for us, it's everything from the large account resellers to value-added resellers. There are regional security providers and partners out there. There's obviously the global systems integrators, and then there are the large platform players out there, which we also consider channel.

謝謝，亞當。是的，我們對總體上的合作夥伴關係和具體的渠道感到非常興奮。當我們考慮渠道時，顯然有很多不同的組成部分，其中許多人多年來一直在幫助大型組織，無論是在房子的安全方面還是在房子的數字化轉型方面。所以對我們來說，它是從大客戶經銷商到增值經銷商的一切。那裡有區域安全提供商和合作夥伴。顯然有全球系統集成商，然後有大型平台玩家，我們也考慮渠道。

I mean when you think about the large system integrators, I think Kyndryl, that Todd mentioned earlier, is a great example. I mean this is an IT infrastructure provider formed from the separation of IBM's managed infrastructure services business. These are the folks of IBM's managed services, 90,000 employees. They came from IBM. They started a new company last year, and they didn't go with IBM. They went with Okta.

我的意思是，當您想到大型系統集成商時，我認為 Todd 之前提到的 Kyndryl 就是一個很好的例子。我的意思是，這是一個 IT 基礎設施提供商，它是從 IBM 的託管基礎設施服務業務分離出來的。這些是 IBM 託管服務的人員，有 90,000 名員工。他們來自 IBM。他們去年成立了一家新公司，但沒有選擇 IBM。他們和奧克塔一起去了。

Now a part of that was they want to use Workforce. Part of that is they want to use CIAM. But also, they said, "Hey, a big part of this is we want to get used to and understand how this works because this is the platform that we want to go and integrate for our customers going forward."

現在其中一部分是他們想使用勞動力。部分原因是他們想使用 CIAM。而且，他們說，“嘿，其中很大一部分是我們想要習慣並了解它是如何工作的，因為這是我們想要為我們的客戶未來整合的平台。”

And so when you're starting to get that kind of reach and that kind of scale off -- out of the gate, that's a big deal for a company like ours. Obviously, we're very excited about the results and 5,000 employees, an amazing team, it's growing very fast. And we talked a little bit about the sales organization, organizing it as one unified team with Auth0 and Okta starting Feb 1. And that's all going very well. But when -- then, when you add in almost 100,000 employees at the #1 service provider in the world, that's a huge kind of reach, number one.

因此，當你開始獲得這種影響力和那種規模時——走出大門，這對我們這樣的公司來說是一件大事。顯然，我們對結果和 5,000 名員工感到非常興奮，這是一個了不起的團隊，它正在快速增長。我們談到了銷售組織，從 2 月 1 日開始，將其組織為一個與 Auth0 和 Okta 的統一團隊。一切進展順利。但是，當您在世界排名第一的服務提供商中增加近 100,000 名員工時，這是一個巨大的影響力，排名第一。

Number two, when we think about what's going on out there, independence, neutrality, the freedom to deploy best-of-breed technologies, that's what customers are asking for today. I mean that is what is driving our business. And so that's why things like our partnership with AWS, for example, where we're the only managed identity provider, I mean, they have 9,000 reps. Those reps get paid commission and quota credit on selling Okta.

第二，當我們考慮正在發生的事情時，獨立性、中立性、部署最佳技術的自由，這就是客戶今天所要求的。我的意思是這就是推動我們業務發展的動力。這就是為什麼我們與 AWS 的合作關係，例如，我們是唯一的託管身份提供商，我的意思是，他們有 9,000 個代表。這些代表通過銷售 Okta 獲得佣金和配額信用。

The same is true when you think about what's going on at Google or you think about the large software as a service providers, whether it's Salesforce or Workday or ServiceNow. I mean they're all giant customers of ours, and they bring us into all these deals. Because we make their solutions get deployed much more quickly and successfully. So for us, the channel is really this whole world around us of, the world is going to more independent, there's more neutrality, and there's a lot of people who have an aligned interest with us on making their customers successful with identity. So we're very excited about that.

當您考慮 Google 正在發生的事情或將大型軟件視為服務提供商時也是如此，無論是 Salesforce、Workday 還是 ServiceNow。我的意思是他們都是我們的大客戶，他們把我們帶到了所有這些交易中。因為我們使他們的解決方案得到更快、更成功的部署。所以對我們來說，渠道實際上是我們周圍的整個世界，世界將變得更加獨立，更加中立，並且有很多人與我們有共同的興趣，希望通過身份讓他們的客戶獲得成功。所以我們對此感到非常興奮。

When it comes specifically to Auth0, they have this amazing model of developer op. That was the second part of your question, I think. They have this amazing model of developer op, where they do a lot of landing. And they've got thousands -- tens of thousands of free accounts, tens of thousands of developers paying credit card monthly, and then they upsell them into the enterprise. That's something that we're just putting all together as well. I mean, we just have the go-to-market organizations as one as of a month ago. So we're just starting to understand really how all of that works.

當談到 Auth0 時，他們有這個驚人的開發者操作模型。我想這是你問題的第二部分。他們有這種驚人的開發者運營模式，他們在那裡做了很多登陸。他們有成千上萬——數以萬計的免費帳戶，數以萬計的開發人員每月支付信用卡，然後他們將它們追加銷售到企業中。這也是我們正在整合的東西。我的意思是，我們只有一個月前的上市組織。所以我們才剛剛開始真正了解所有這些是如何工作的。

But yes, I mean, that's another huge opportunity. I mean you could think of developers as a channel. They're out there talking to each other about what are you using and how are you using it. And they're recommending the best solutions. And you can just see by the tens of thousands of successful and happily deployed developer and free accounts on the Auth0 system that, clearly, that's working very well. So yes, I mean, there's a lot of opportunity. It's early days, but we're very excited about how that might work, and working with a lot of the folks who are out there making our joint prospective customers successful.

但是，是的，我的意思是，這是另一個巨大的機會。我的意思是您可以將開發人員視為一個渠道。他們在那裡互相談論你在使用什麼以及你是如何使用它的。他們正在推薦最佳解決方案。您可以從 Auth0 系統上數以萬計的成功且愉快地部署的開發人員和免費帳戶中看到，顯然，這運行得非常好。所以是的，我的意思是，有很多機會。現在還為時尚早，但我們對這可能如何運作感到非常興奮，並與許多在場的人合作，使我們的共同潛在客戶取得成功。

Yes. One more thing I'll add, too, is Auth0 before 3 -- 4 quarters ago didn't have a huge presence with the global SIs. And with -- now that they're part of Okta, we're really working on getting it in the hands of the global SIs. Because what do the global SIs do? They want to build stuff. They want to build digital transformation projects for their customers. And what do you need to do that? You need that data platform for developers. So that's a big area of boost, I think, in terms of our relationship with the global systems integrators, to have an Auth0 to work with them on.

是的。我還要補充的一件事是 Auth0 在 3 - 4 個季度之前在全球 SI 中並沒有很大的影響力。並且 - 現在他們是 Okta 的一部分，我們真的正在努力將其交到全球 SI 手中。因為全球 SI 做什麼？他們想建造東西。他們希望為客戶構建數字化轉型項目。你需要做什麼？您需要開發人員的數據平台。因此，我認為，就我們與全球系統集成商的關係而言，這是一個很大的提升領域，讓 Auth0 與他們合作。

Great. Well, I still see 9 hands raised. (Operator Instructions) And next we'll go Stefan Schwarz at BTIG.

偉大的。好吧，我仍然看到有 9 人舉手。 （操作員說明）接下來我們將前往 BTIG 的 Stefan Schwarz。

I'm on for Gray. On IGA and PAM, I know you said that they're not really baked into the guidance. But how should we think about the potential for them once they go generally available? And then how quickly should they contribute to billings once they go live?

我支持格雷。關於 IGA 和 PAM，我知道你說過它們並沒有真正融入指南。但是，一旦它們普遍可用，我們應該如何考慮它們的潛力？然後，一旦上線，他們應該以多快的速度為賬單做出貢獻？

They're -- I think about this long term. It's -- they do 2 things. One is that they allow more value prop of the platform. So you can -- it's basically upsell value. And also, it's just going to -- it's going to -- it provides a broader set of capabilities. So it just tips over the center -- the mass that it takes some of these big older companies to adopt a new identity stack. So if you're going to -- many customers adopt a new identity stack piecemeal, one-by-one. And that's how Okta traditionally has been very strong. It's very -- you can take it as a component. You can use it for one use case and then slowly expand over time.

他們是 - 我考慮這個長期。這是 - 他們做兩件事。一是他們允許平台的更多價值支撐。所以你可以 - 它基本上是追加銷售價值。而且，它會——它會——它提供更廣泛的功能。所以它只是超越了中心——這些大的老公司中的一些需要採用新的身份堆棧。因此，如果您打算——許多客戶會零碎地、一個接一個地採用新的身份堆棧。這就是 Okta 傳統上非常強大的原因。非常——你可以把它當作一個組件。您可以將它用於一個用例，然後隨著時間的推移慢慢擴展。

But as we build out on the workforce side the entire suite, the PAM, IGA and broader workforce capabilities, access management and the other things, life cycle management, what we do, the -- it's just going to become really overwhelming, the value. And it's going to lead to more, I think, big new lands as well. So the platform approach and having this suite of products is going to help both there.

但是，當我們在勞動力方面構建整個套件時，PAM、IGA 和更廣泛的勞動力能力、訪問管理和其他東西、生命週期管理、我們所做的——它只會變得非常壓倒性，價值.我認為，這也會帶來更多的新大陸。因此，平台方法和擁有這套產品將對兩者都有幫助。

In terms of the pace of bookings contribution, it's -- we haven't really modeled that out in detail. So I can't really speculate on that.

就預訂貢獻的速度而言，我們還沒有真正詳細建模。所以我真的無法推測。

All right. Let's go to Trevor Walsh at JMP.

好的。讓我們看看 JMP 的 Trevor Walsh。

Great. Todd, you mentioned at the outset around kind of some of the key drivers, one of those being Zero Trust initiatives. Can you give us a little bit more detail on how in the field that plays out around those engagements? And maybe this is a good one for Freddy to chime in on, too, just in terms of, is it a broader RFP, where there's kind of the network component, the identity component, you're all coming in at the same time? Or have they kind of made their choices and then they're bringing in Okta kind of after the fact to layer in that piece? What does it look like in those -- when a customer has that as their kind of main focus as to why they're bringing in the identity piece?

偉大的。托德，您在一開始就提到了一些關鍵驅動因素，其中之一是零信任計劃。您能否向我們詳細介紹一下圍繞這些活動在該領域的表現？也許這對 Freddy 來說也是一個很好的插話，就其而言，它是一個更廣泛的 RFP，其中有某種網絡組件，身份組件，你們都同時進來嗎？還是他們做出了自己的選擇，然後他們在事後將 Okta 帶入了那件作品？那些看起來像什麼 - 當客戶將其作為他們為什麼要引入身份識別的主要關注點時？

I think that there's -- I would divide it in 2 camps of customers. One is customers that are really trying to nail down what it means to them, what Zero Trust means and how they get there. And for those customers, you see them making more of a traditional identity management decision, where it's they think about, "Okay, we need to do maybe multifactor authentication. We need to have ease of access to apps. We want to provision some apps on the back end. It's more traditional." And then as they figure that out, we can help them and say, "Hey, here's the road map or here's the blueprint on how you get Zero Trust. And now that you've made this identity decision, here's the other pieces you need." And they can look at our integration network and the 7,000-plus pre-integrated systems, and we can help them guide them down that Zero Trust journey.

我認為有 - 我會將其分為兩個客戶陣營。一個是真正試圖確定零信任對他們意味著什麼、零信任意味著什麼以及他們如何到達那裡的客戶。對於這些客戶，您會看到他們更多地做出傳統的身份管理決策，他們會考慮，“好吧，我們可能需要進行多因素身份驗證。我們需要輕鬆訪問應用程序。我們想要配置一些應用程序在後端。它更傳統。然後當他們弄清楚這一點時，我們可以幫助他們並說，“嘿，這是路線圖，或者這是關於如何獲得零信任的藍圖。現在你已經做出了這個身份決定，這是你需要的其他部分。”他們可以查看我們的集成網絡和 7,000 多個預集成系統，我們可以幫助他們引導他們完成零信任之旅。

There's another -- I'd call them a more advanced set of customers that they know what they want for Zero Trust. And they're coming to leaders like Okta, leaders like Zscaler, leaders like CrowdStrike. And they're saying, "These 3 components are what's going to give me my Zero Trust solution. We're going to buy it together." I've been working on many big, big accounts with the teams from Zscaler and CrowdStrike, and there's other players as well. But the 3 of us seem to have been having some success together.

還有另一個——我稱他們為更高級的客戶群，他們知道他們想要什麼零信任。他們來到像 Okta 這樣的領導者，像 Zscaler 這樣的領導者，像 CrowdStrike 這樣的領導者。他們說，“這三個組件將為我提供零信任解決方案。我們將一起購買它。”我一直在與來自 Zscaler 和 CrowdStrike 的團隊合作過很多大客戶，還有其他玩家。但是我們三個似乎已經取得了一些成功。

Yes. Just adding some specific examples. I mean I think we recently saw in some surveys. I think north of 80% of the Global 2000 now have stated initiatives around Zero Trust security. Very good examples for us are FedEx, which is a very good and successful and happy customer of ours. We've been working with them for a couple of years. They started -- really wanted to deploy Okta very quickly when COVID hit 2 years ago. They had a much longer rollout plan, but they fast-forwarded it. And when we went down and met with them originally, I mean, they had on the whiteboard, this is a Zero Trust initiative. That was their initiative that Okta was baked right into the middle of. So certainly, I think you're seeing a lot more of that.

是的。只是添加一些具體的例子。我的意思是我認為我們最近在一些調查中看到了。我認為現在全球 2000 強企業中有 80% 的企業都提出了圍繞零信任安全的倡議。對我們來說非常好的例子是聯邦快遞，它是我們非常優秀、成功和快樂的客戶。我們已經與他們合作了幾年。他們開始了——當 2 年前 COVID 爆發時，他們真的很想很快部署 Okta。他們有一個更長的推出計劃，但他們快進了。當我們最初與他們會面時，我的意思是，他們在白板上寫著，這是一項零信任倡議。這是他們的倡議，Okta 被直接融入其中。所以當然，我認為你看到的更多。

And then what you're also seeing on the public side is, OMB is now recommending to all federal government agencies that they need to have a Zero Trust security. So it's really gone from a buzzword 3 years ago where people were like, "Yes, Zero Trust, but I'm not sure what to do about it," to now, we really have the architectural documents where you can present templates to customers and say, "This is what organizations like yours in your industry or of your size and scope and scale are thinking about."

然後你在公共方面也看到的是，OMB 現在向所有聯邦政府機構建議他們需要擁有零信任安全性。所以它真的從 3 年前人們喜歡的流行語“是的，零信任，但我不知道該怎麼做”到現在，我們真的有架構文檔，您可以在其中向客戶展示模板並說：“這就是您所在行業或您的規模、範圍和規模的組織正在考慮的問題。”

And I think that's provided a lot of value to customers out of the box because they feel like, "This is great. I'm not the guinea pig anymore. There are other very good examples. They're public. They're referenceable, and they're working very well." So yes, I mean, I think that, that is a big underpinning of what's also happened over the last couple of years. And I expect that to continue in the years ahead. I mean that is a long, big, durable growth vector that we see ahead, for sure.

而且我認為這為開箱即用的客戶提供了很多價值，因為他們覺得，“這很棒。我不再是豚鼠了。還有其他非常好的例子。它們是公開的。它們是可參考的，而且他們工作得很好。”所以是的，我的意思是，我認為這是過去幾年發生的事情的重要基礎。我預計這將在未來幾年繼續。我的意思是，我們可以肯定地看到，這是一個長期、巨大、持久的增長載體。

All right. Let's go to Taz at Guggenheim. Taz, you may be on mute.

好的。我們去古根海姆的塔茲吧。塔茲，你可能靜音了。

No. All right. Hamza, we're going to go to you, Morgan Stanley.

不，好吧。哈姆扎，我們要去找你，摩根士丹利。

Brett, I'll add my congrats to your official appointment. Look forward to seeing you all next week. Todd, maybe a question for you. So if I look at the bookings growth for you and some of your peers as well, it seems to be a lot more back-end loaded than it has even in prior years. I'm curious, as we return to the office or, I guess, some semblance of normality, are you seeing some of those larger like strategic digital transformation initiatives start to come back? And is that starting to contribute more to your bookings? And how would you characterize the pipeline going into '22 relative to how you were feeling going into '21?

布雷特，我會祝賀你的正式任命。期待下週與大家見面。托德，也許是你的問題。因此，如果我看看您和您的一些同行的預訂量增長情況，它的後端負載似乎比前幾年要多得多。我很好奇，當我們回到辦公室時，或者，我猜，一些表面上的常態，你是否看到一些更大的戰略數字化轉型計劃開始回歸？這是否開始為您的預訂做出更多貢獻？相對於您進入 21 年的感受，您如何描述進入 22 年的管道？

The pipeline is strong. Yes, I'm very excited about the pipeline and its quality, depth, maturity. It's really, really good. The -- I can't -- I think the back-end loaded question, it doesn't -- I don't actually have that analysis in front of me. But it didn't seem any different this past year than it had been in previous years just from a kind of a qualitatively perspective.

管道很強大。是的，我對管道及其質量、深度和成熟度感到非常興奮。真的，真的很好。 - 我不能 - 我認為後端加載的問題，它沒有 - 我實際上沒有那個分析在我面前。但僅從一種定性的角度來看，過去一年與往年似乎並沒有什麼不同。

And I think that your question about the big, digital transformation deals, I think that the broad -- if I were to paint it with a broad brush, I would say these things are -- they're -- maybe during the early parts of the pandemic, they were put on hold as more people went after really tactical remote work to get people productive. And then pretty soon after that, these started rolling again, like these big customer identity projects or these big new initiatives that weren't a specific reaction to employees working from home or business continuity. And that's been -- that probably ran through all of last year and continues into the pipeline into next year.

我認為你關於大型數字化轉型交易的問題，我認為廣泛的——如果我用粗略的畫筆來描繪它，我會說這些東西是——它們是——也許是在早期階段在大流行期間，隨著越來越多的人追求真正的戰術性遠程工作以提高人們的工作效率，他們被擱置了。不久之後，這些又開始滾動起來，比如這些大型客戶身份項目或這些大型新舉措，這些舉措並不是對在家工作或業務連續性的員工的特定反應。這一直是 - 這可能貫穿去年全年，並繼續進入明年的管道。

Okay. Let's go to Brian Essex at Goldman.

好的。讓我們去看看高盛的布賴恩·埃塞克斯。

All right. Brett, congratulations from me as well. Certainly looking forward to it. Yes, I was wondering, maybe for Todd as well, if you could speak to some of the organizational changes that have happened, particularly at the top end of the company. I know when we had you last month, you were super excited about integration of the sales forces, and it's great to see kind of Susan running that. And looks like Eugenio is handing the baton off for the Auth0 team. And it looks like you had some changes in the Chief Marketing Officer seat as well. So just maybe we can sense of that a little bit to see how you're aligning things and how the culture between the 2 organizations is maintained as you are trying to be very careful of the balance and making sure that you maintain that momentum with the Auth0 franchise.

好的。布雷特，我也祝賀你。當然很期待。是的，我想知道，也許托德也是如此，你能否談談已經發生的一些組織變化，特別是在公司的高層。我知道上個月我們有你的時候，你對銷售隊伍的整合感到非常興奮，很高興看到蘇珊這樣負責。看起來 Eugenio 正在為 Auth0 團隊交接棒。看起來您的首席營銷官席位也發生了一些變化。所以也許我們可以稍微感覺到一點，看看你是如何調整事情的，以及兩個組織之間的文化是如何保持的，因為你試圖非常小心地平衡並確保你保持這種勢頭Auth0 特許經營權。

Yes. Eugenio is just -- I want to be clear. He's the CEO of the Auth0 product unit. So he doesn't have sales working for him anymore, but he has basically everything else, whether it's R&D, whether it's customer success, the -- much of the demand gen. So it's a very important and significant role.

是的。 Eugenio 只是——我想澄清一下。他是 Auth0 產品部門的 CEO。所以他不再有銷售為他工作，但他基本上擁有其他一切，無論是研發，無論是客戶成功，還是需求的大部分。所以這是一個非常重要和重要的角色。

What we're getting is we're getting synergy on the -- really on the sales side. So we have -- all of the Okta reps now can sell all the products. So we increased the capacity. We can -- we increased what they can actually sell. So there's tons of upside from that. But Eugenio has a big job to do with the Auth0 product unit, driving that. They just delivered -- you heard the results. They delivered over 80% growth, and we expect them to produce a lot in the year ahead.

我們得到的是我們在銷售方面獲得了協同效應。所以我們有 - 所有 Okta 代表現在都可以銷售所有產品。所以我們增加了容量。我們可以——我們增加了他們實際可以銷售的東西。所以有很多好處。但 Eugenio 與 Auth0 產品單元有很大關係，推動了這一點。他們剛剛交付——你聽到了結果。它們實現了超過 80% 的增長，我們預計它們在未來一年會產生很多。

The other changes, I mean, Brett is a big appointment for us. I -- as you would expect, when we decided to make a change in the CFO, I went out and talked to many, many, many candidates and looked everywhere. And no one could get over the bar of -- the high bar that Brett has set. So I'm very excited to get Brett in the seat permanently. That's really exciting.

其他變化，我的意思是，布雷特對我們來說是一個重要的任命。我——正如你所料，當我們決定更換首席財務官時，我出去與許多、許多、許多候選人進行了交談，並四處尋找。沒有人能越過——布雷特設定的高標準。因此，我很高興讓 Brett 永久擔任這個席位。這真的很令人興奮。

I'm also really excited about the CMO, John Zissimos. He's off to a great start. That was a little bit of an unexpected change there. The -- his predecessor wasn't as here as we would have hoped for. It was a little bit unexpected, but John's stepped into the role, and he's doing a great job. So I think some of the change is unexpected, but a lot of the change is directly involved with what we're trying to accomplish, which is win the CIAM market, scale this company out, grow aggressively. And I'm very, very excited about the future ahead of us.

我也對首席營銷官 John Zissimos 感到非常興奮。他的開端很好。這有點出乎意料的變化。他的前任並不像我們希望的那樣在這裡。這有點出乎意料，但約翰已經進入了這個角色，而且他做得很好。所以我認為有些變化是出乎意料的，但很多變化直接與我們試圖完成的目標相關，即贏得 CIAM 市場、擴大公司規模、積極發展。我對我們面前的未來感到非常非常興奮。

Okay. We're going to go into overtime a little bit here, but we'll try to get to a couple more. We'll go to Patrick Colville at Deutsche Bank.

好的。我們將在這裡稍微加班，但我們會嘗試多加幾個。我們會去德意志銀行的帕特里克科爾維爾。

And echo congratulations to Brett. So let me ask another question about margin, but I'm going to shake it up a little bit and ask about subscription gross margins. They were down this quarter 170 bps. Is this due to mix? Is it due to discounting? Is it your competition? So just, can you talk to that? And then how should we model this line for fiscal '23? What's baked into your operating margin guidance? Is there continued ablation on the subscription gross margin line?

並對布雷特表示祝賀。所以讓我再問一個關於保證金的問題，但我要稍微改變一下，詢問訂閱毛利率。他們本季度下跌了 170 個基點。這是因為混合嗎？是因為打折嗎？是你的競爭對手嗎？所以只是，你能談談嗎？那麼我們應該如何為 23 財年的這條線建模？您的營業利潤率指導中包含哪些內容？認購毛利率線是否持續消融？

Yes. So thank you for the question. Thank you for the kind comments. Around gross -- subs gross margin in Q4 and also into FY '23, that's us investing the upside back into the business, right. We want to be able to prepare for future growth. You can clearly see that in the revenue guidance and the cRPO results from Q4 and then my commentary around Q1 cRPO growth as well. So it's us putting money back in there and ultimately investing to be able to deal with the demand out in front of us.

是的。所以謝謝你的問題。感謝您的友好評論。第四季度以及 23 財年的毛利率都低於毛利率，這就是我們將上行收益投資於業務，對吧。我們希望能夠為未來的增長做好準備。您可以在第四季度的收入指導和 cRPO 結果以及我對第一季度 cRPO 增長的評論中清楚地看到這一點。因此，我們將資金放回那裡並最終投資以應對我們面前的需求。

So in terms of being more specific on FY '23, there's probably a little bit of a headwind on subs gross margins. That's one of the areas that we're investing in to get out and capture this massive market in front of us.

因此，就 23 財年的具體情況而言，潛艇毛利率可能存在一些阻力。這是我們正在投資的領域之一，以走出並佔領我們面前的這個巨大市場。

All right. Let's go to Rudy Kessinger at D.A. Davidson.

好的。讓我們去找 D.A. 的 Rudy Kessinger。戴維森。

Great. If I look at Auth0, I think the last time you gave the growth rate in Q2, it was 63% year-over-year and then this quarter, 81% year-over-year, so a pretty big acceleration in Auth0. What -- how much cross-selling into the Okta installed base, how much has that been a driver versus just core strength in new customer acquisition and upsells within the Auth0 base?

偉大的。如果我看一下 Auth0，我認為你上次給出第二季度的增長率，同比增長 63%，然後本季度同比增長 81%，因此 Auth0 的加速非常大。什麼 - 有多少交叉銷售進入 Okta 安裝群，這是一個驅動因素，而不是 Auth0 基礎內新客戶獲取和追加銷售的核心優勢？

It's really been both, frankly. You can see in some of the references we've talked about today, it's really strength in the market from just Auth0 on its own. But also, you've heard about, even in prior quarters, where some Okta customers may not have been as comfortable with a private company. But now Auth0 is part of the public company umbrella of Okta, and so you see it helping on that end.

坦率地說，兩者都是。您可以在我們今天討論的一些參考資料中看到，僅 Auth0 本身就是市場上的真正優勢。而且，即使在前幾個季度，您也聽說過一些 Okta 客戶可能對私營公司不太滿意。但是現在 Auth0 是 Okta 的上市公司保護傘的一部分，因此您會看到它在這方面有所幫助。

And then I would also argue, there's help going in the other direction as well, right. So Auth0 customers who may not have had a workforce solution, that's also been helping us as well. I mean we've mentioned a few of those references last quarter in our earnings script as well as today in some of the prepared remarks.

然後我還要爭辯說，在另一個方向上也有幫助，對。因此，可能沒有勞動力解決方案的 Auth0 客戶也對我們有所幫助。我的意思是，我們在上個季度的收益腳本中以及今天在一些準備好的評論中都提到了其中的一些參考資料。

Okay. Let's go to Josh Tilton at Wolfe Research.

好的。讓我們去找沃爾夫研究公司的喬什·蒂爾頓。

Just a high-level one for me. There was a stat out in February that only 22% of Microsoft Azure Active Directory customers have MFA, and that kind of struck me as pretty low. I'm just curious, how does that compare to your customer base? How do you guys think about the broader MFA opportunity? And do you guys expect any tailwind to your MFA business now that Salesforce is mandating MFA on all their products?

對我來說只是一個高級別的。 2 月份的一項統計數據顯示，只有 22% 的 Microsoft Azure Active Directory 客戶擁有 MFA，這讓我覺得非常低。我只是好奇，這與您的客戶群相比如何？你們如何看待更廣泛的 MFA 機會？既然 Salesforce 對他們的所有產品強制執行 MFA，你們是否期望您的 MFA 業務會順風順水？

I think the opportunity is big for MFA. We talk a lot about these advanced customers that are -- have figured out the Zero Trust architecture and are strategically picking vendors. Freddy mentioned FedEx, but many, many customers are still doing what some people consider relatively basic things, like adding MFA in all their environments. And many of the hacks you see are still basic things, like accounts aren't locked down when they should be or disabled. Or there's an easy-to-compromise account that doesn't have multifactor authentication.

我認為MFA的機會很大。我們談論了很多關於這些高級客戶的話題——他們已經找到了零信任架構，並且正在戰略性地挑選供應商。 Freddy 提到了 FedEx，但很多很多客戶仍在做一些人認為相對基本的事情，比如在他們的所有環境中添加 MFA。而且您看到的許多黑客攻擊仍然是基本的東西，例如帳戶在應該被鎖定或禁用時沒有被鎖定。或者有一個沒有多重身份驗證的易於入侵的帳戶。

And the reason why, it's not because people aren't trying hard or they're not smart. It's because it's been too hard. And what we do is we have this pre-integrated solution that you can connect it to all your applications and we -- where you can set up our MFA. You can even set up other MFAs connected to the Okta platform. It connects to everything.

究其原因，並不是因為人們不努力或不聰明。那是因為太難了。我們所做的是我們擁有這個預集成的解決方案，您可以將它連接到您的所有應用程序，而我們——您可以在其中設置我們的 MFA。您甚至可以設置連接到 Okta 平台的其他 MFA。它連接到一切。

Now our MFA platform is doing very well, and it can let you do your multifactor from Face ID or Windows Hello. And more and more customers are using it. But that's -- it's a big part of the strategy to help our customers be more secure with technology.

現在我們的 MFA 平台做得很好，它可以讓你從 Face ID 或 Windows Hello 中進行多因素處理。越來越多的客戶正在使用它。但那是——這是幫助我們的客戶更安全地使用技術的戰略的重要組成部分。

Okay. And last, we're going to bring it home with Fatima Boolani at Citi.

好的。最後，我們將與花旗的 Fatima Boolani 一起把它帶回家。

Brett, this one's for you. I'll keep it tight. You didn't mention sort of process improvements. So I'm assuming it's sort of a nonissue here. But can you just update us that -- if you've mechanically sort of achieved all of the sort of time stamping on the contracts? And if the entire installed base has been sort of recalibrated under the operational process improvements umbrella? And then relatedly, how should we think about billings and cash flow seasonality for fiscal '23 as we lap some of those compares working through the year? And that's it for me.

布雷特，這個是給你的。我會緊緊抓住它。你沒有提到某種流程改進。所以我假設這不是問題。但是你能不能告訴我們——如果你已經機械地實現了合同上的所有時間戳？如果整個安裝基礎已經在運營流程改進的保護傘下進行了某種重新校準？然後與此相關的是，當我們對全年的一些比較進行比較時，我們應該如何考慮 23 財年的賬單和現金流季節性？對我來說就是這樣。

Yes. Absolutely. So yes, I mean, the process change has been fully implemented. So the entire customer base is on it. I mean now granted, not everybody has had a billing since then. But the entire customer base is on there.

是的。絕對地。所以是的，我的意思是，流程變更已經完全實施。所以整個客戶群都在上面。我的意思是現在被授予，從那時起並不是每個人都有賬單。但是整個客戶群都在那裡。

In terms of billings seasonality, we expect about 60% in the back half of the fiscal year, which is in line with historical normal that we've seen over the last few years. And then free cash flow will follow more or less the same historical seasonality that we've had in the past. So not really much different in terms of billings seasonality nor free cash flow seasonality.

就賬單季節性而言，我們預計本財年後半期約為 60%，這與我們過去幾年看到的歷史正常水平一致。然後自由現金流將或多或少地遵循我們過去的歷史季節性。因此，在賬單季節性和自由現金流季節性方面並沒有太大的不同。

All right. That's it for today, folks. Thanks for tuning in. Before you go, I want to let you know we'll be attending a few investor events this quarter. We'll be at the Morgan Stanley conference, which is in person in San Francisco on March 8. There's also the Daiwa Investment Tokyo Conference that we'll be attending virtually on the 8th as well, and the Wolfe Research software conference that we'll attend virtually on March 23.

好的。這就是今天的內容，伙計們。感謝您收看。在您走之前，我想讓您知道我們將在本季度參加一些投資者活動。我們將參加 3 月 8 日在舊金山親自舉行的摩根士丹利會議。還有我們將於 8 日參加的大和投資東京會議，以及我們將參加的 Wolfe Research 軟件會議。將在 3 月 23 日幾乎參加。

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

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。