Okta Inc (OKTA) 2025 Q4 法說會逐字稿

Hi, everyone. Welcome to Okta's fourth quarter and full year fiscal 2025 earnings webcast. I'm Dave Gennarelli, Senior Vice President of Investor Relations at Okta. With me in today's meeting, we have Todd McKinnon, our Chief Executive Officer and Co-Founder; and Brett Tighe, our Chief Financial Officer. At around the same time that the earnings press release hit the wire, we posted supplemental commentary to the IR website.

大家好。歡迎收聽 Okta 2025 財年第四季和全年財報網路廣播。我是 Okta 投資者關係資深副總裁 Dave Gennarelli。與我一起參加今天會議的還有我們的執行長兼聯合創始人 Todd McKinnon；以及我們的財務長 Brett Tighe。在收益新聞稿發布的同時，我們在 IR 網站上發布了補充評論。

In today's meeting, we 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.

在今天的會議上，我們將根據 1995 年私人證券訴訟改革法的安全港規定做出前瞻性陳述，包括但不限於有關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、績效或成就與前瞻性陳述表達或暗示的結果、績效或成就有重大差異。

Forward-looking statements represent our management's beliefs and assumptions only as of the date made. Information on factors that could affect our financial results is included in our filings with the SEC from time to time, including the section titled Risk Factors in our previously filed Form 10-Q. In addition, during today's meeting, we will discuss non-GAAP financial measures. Though we may not state it explicitly during the meeting, all references to profitability are non-GAAP.

前瞻性陳述僅代表我們管理階層截至作出之日的信念和假設。有關可能影響我們財務結果的因素的資訊包含在我們不時向美國證券交易委員會提交的文件中，包括我們先前提交的 10-Q 表中標題為「風險因素」的部分。此外，在今天的會議上，我們將討論非公認會計準則財務指標。儘管我們可能不會在會議期間明確說明，但所有對盈利能力的提及都是非 GAAP。

These non-GAAP measures are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. A reconciliation between GAAP and non-GAAP financial measures and a discussion of the limitations of using non-GAAP measures versus their closest GAAP equivalents are 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. 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.

這些非 GAAP 指標是根據 GAAP 編制的財務績效指標的補充，而非替代或優於後者。我們的收益報告中提供了 GAAP 和非 GAAP 財務指標之間的對帳表，以及使用非 GAAP 指標相對於最接近的 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詳細的信息，其中包括發佈在我們的投資者關係網站上的趨勢財務報表和關鍵指標。在今天的會議上，我們將在討論財務績效時引用一些數字或成長變化，除非另有說明，否則每個引用都代表同比比較。

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

現在我想將會議交給托德·麥金農。托德？

Thanks, Dave, and thanks, everyone, for joining us this afternoon. We're really pleased with our strong Q4 results and the finish to FY25, which includes accelerating RPO and cRPO and record profitability and free cash flow. Demand for both workforce and customer identity products was strong, and our growing portfolio of new products is starting to make an impact. Brett will cover more of the Q4 highlights, and I'm going to cover why Okta is best positioned to capture more of the massive market opportunity in front of us as we go into FY26 and beyond.

謝謝，戴夫，也謝謝大家今天下午加入我們。我們對強勁的第四季度業績和 25 財年的結束感到非常滿意，其中包括加速 RPO 和 cRPO 以及創紀錄的盈利能力和自由現金流。勞動力和客戶身分產品的需求都很強勁，我們不斷成長的新產品組合開始產生影響。布雷特將介紹更多第四季度的亮點，而我將介紹為什麼 Okta 在進入 26 財年及以後最有能力抓住我們面前的更多巨大市場機會。

As you know, two of our top FY25 priorities were, one, transform Okta to become one of the most secure companies in the world, and two, reignite growth through prioritizing our partner ecosystem, turning up the dial on product innovation and increasing go-to-market specialization. These priorities and purposeful investments-built momentum as we progressed through the year and really paid off in Q4.

如您所知，我們 2025 財年的兩大重點任務是：第一，將 Okta 轉變為世界上最安全的公司之一；第二，透過優先考慮我們的合作夥伴生態系統、加大產品創新力度和提高市場專業化程度來重燃成長動力。這些優先事項和有目的的投資在我們全年的發展中積累了動力，並在第四季度真正獲得了回報。

One year ago, we introduced the Okta Secure Identity Commitment. We've made incredible progress on this top priority and have become a trusted and leading voice for security best practices in discussions with customers and prospects. The work around security advancements will never be done, but it's a strong start. Later, Brett will cover some of the achievements with our partner ecosystem, and I'm going to dive deeper into product innovation and go-to-market specialization.

一年前，我們推出了 Okta 安全身分承諾。我們在這項首要任務上取得了令人難以置信的進展，並在與客戶和潛在客戶的討論中成為安全最佳實踐的值得信賴的領先代言人。圍繞安全進步的工作永遠無法完成，但這是一個好的開始。稍後，Brett 將介紹我們合作夥伴生態系統的一些成就，而我將深入探討產品創新和市場進入專業化。

Our relentless focus on product innovation has been resonating with our customers as over 20% of Q4 bookings were from new products, such as Okta Identity Governance, privileged access, device access, fine grain authorization, Identity Security Posture Management, and Identity Threat Protection with Okta AI. Okta Identity Governance has been a huge success. What we hear repeatedly from customers is the amazing time to value with OIG. Customers are getting up and running just a few short months after signing.

我們對產品創新的不懈關注引起了客戶的共鳴，因為第四季度超過 20% 的預訂來自新產品，例如 Okta Identity Governance、特權存取、設備存取、細粒度授權、身份安全態勢管理和使用 Okta AI 的身份威脅防護。Okta Identity Governance 取得了巨大的成功。我們一再從客戶那裡聽到的是 OIG 帶來的驚人價值。客戶在簽約後短短幾個月內便可開始使用。

Since launching OIG just two years ago, we now have over 1,300 customers contributing over $100 million in annual contract value. That's great progress, and the product is only getting better as we continue to add more functionality.

自兩年前推出 OIG 以來，我們現在擁有超過 1,300 名客戶，每年的合約價值超過 1 億美元。這是巨大的進步，而且隨著我們不斷添加更多功能，產品只會變得更好。

In addition to OIG, we have another approximately $300 million of business with Okta Lifecycle Management and Okta Workflows. Combined, that's over $400 million in governance-related business, and we're just getting started. We know that customers that adopt more products have the highest retention rates. So we're excited about the trends here and the long-term contributions to the business.

除了 OIG 之外，我們還與 Okta Lifecycle Management 和 Okta Workflows 有價值約 3 億美元的業務往來。總的來說，與治理相關的業務價值超過 4 億美元，而我們才剛起步。我們知道，採用更多產品的客戶擁有最高的保留率。因此，我們對這裡的趨勢以及對業務的長期貢獻感到非常興奮。

Product innovation continues to be a key investment area in FY26. To get security right, organizations need to get identity right. With the steady rise of cloud adoption, machine identities and now AI agents, there has never been a more critical time to secure identity. Last week, we held our annual launch week event where we highlighted our latest innovations. Here are just a few.

產品創新持續成為26財年的重點投資領域。為了確保安全，組織需要確保身分正確。隨著雲端運算、機器身分以及現在的人工智慧代理的穩步增長，保護身分安全現在比以往任何時候都更加重要。上週，我們舉辦了年度發布週活動，重點介紹了我們的最新創新。以下僅列舉幾個。

On the Okta platform, customer identity for US public sector is now even better. New features, including password less, enhanced security and streamline the user experience while helping agencies meet strict compliance needs. We also announced Workforce Identity Suites which are new pricing packages designed to provide a simple and unified solution tailored to our customers' security needs. These suites will provide even faster time to value outcomes for our customers.

在 Okta 平台上，美國公共部門的客戶身分現在變得更好了。新功能包括無密碼、增強的安全性和簡化的使用者體驗，同時幫助機構滿足嚴格的合規性需求。我們也宣布了 Workforce Identity Suites，這是一個新的定價套餐，旨在提供根據客戶的安全需求量身定制的簡單統一的解決方案。這些套件將為我們的客戶提供更快的價值成果。

On the Auth0 platform, we announced Auth for GenAI. We'll begin early access this month. We already have a wait list of eager customers ranging from early startups to Fortune 100 organizations. Auth for GenAI is developed to help customers securely build and scale their Gen AI applications. This suite of features allows AI agents to securely call APIs on behalf of users while enforcing the right level of access to sensitive information.

在 Auth0 平台上，我們宣布了 Auth for GenAI。我們將於本月開始搶先體驗。我們已經有一份熱切客戶的等候名單，其中既有早期創業公司，也有財富 100 強企業。Auth for GenAI 的開發是為了幫助客戶安全地建立和擴展他們的 Gen AI 應用程式。這套功能允許 AI 代理代表使用者安全地呼叫 API，同時強制對敏感資訊進行適當級別的存取。

We held our annual sales kickoff meeting a couple of weeks ago, and our go-to-market team is really excited about all the new product innovation. In part, our rapidly expanding portfolio of identity security solutions is what led us to the shift we're making in our go-to-market strategy to further specialize. Customers need us to meet them where they are. And to address this, we're expanding our specialization into Okta sellers and Auth0 sellers.

幾週前，我們舉行了年度銷售啟動會議，我們的市場團隊對所有新產品創新感到非常興奮。在某種程度上，我們快速擴展的身份安全解決方案組合促使我們改變了行銷策略，進一步實現專業化。客戶需要我們在他們所在的地方與他們會面。為了解決這個問題，我們將我們的專業範圍擴展到 Okta 賣家和 Auth0 賣家。

Okta sellers will focus engagement on IT and security buyer needs, including all workforce identity products as well as Okta customer identity. Auth0 sellers will focus on meeting the unique needs of developers, which include highly technical customer identity customizations and flexible deployment models. Success we've had with sales specialization and other parts of the business gives us confidence that this is our opportunity to better serve our customers via further focus and to better drive Okta's growth.

Okta 賣家將專注於 IT 和安全買家的需求，包括所有勞動力身分產品以及 Okta 客戶身分。Auth0 賣家將專注於滿足開發人員的獨特需求，包括高度技術性的客戶身分客製化和靈活的部署模式。我們在銷售專業化和其他業務部分的成功使我們相信，這是我們透過進一步專注於更好地服務客戶並更好地推動 Okta 成長的機會。

And finally, I want to share our FY26 priorities, which build upon the great progress we made in FY25. The first priority is elevate the industry with the Okta Secure Identity Commitment. This initiative underscores our dedication to be the trusted leader in combating identity-based threats. I can't tell you how much this resonates with our customers and prospects who now seek Okta's advice and guidance on hardening their IT security environments.

最後，我想分享我們 26 財年的優先事項，這些優先事項建立在我們 25 財年的巨大進展之上。首要任務是透過 Okta 安全身分承諾來提升產業水準。這項措施彰顯了我們致力於成為打擊基於身分的威脅的值得信賴的領導者的決心。我無法告訴您這在多大程度上引起了我們的客戶和潛在客戶的共鳴，他們現在正在尋求 Okta 的建議和指導以加強他們的 IT 安全環境。

Next is, when IT and security with Okta. Identity has become fragmented and customers are increasingly interested in unified platforms that deliver integrated security outcomes before, during, and after authentication. Identity investments have become more strategic with the security buyer front and center. Okta's market-leading and expanding product portfolio makes us uniquely positioned to capitalize on this opportunity.

接下來是使用 Okta 進行 IT 和安全性。身分識別已經變得碎片化，客戶對能夠在身分驗證之前、期間和之後提供整合安全結果的統一平台越來越感興趣。身分投資變得更具策略性，安全買家成為投資的中心。Okta 的市場領先和不斷擴大的產品組合使我們擁有獨特的優勢來利用這一機會。

And the third priority is win developers with Auth0. This focuses on further strengthening Auth0's market presence through strategic investments in product innovation, brand and marketing. Seminal customer wins like the Global 2000 food and beverage retailer that purchased of Auth0 in Q4 to replace their aging homegrown system gives us increased confidence in our ability to capture more of this huge market opportunity.

第三個優先事項是使用 Auth0 贏得開發人員。重點是透過對產品創新、品牌和行銷的策略性投資進一步加強 Auth0 的市場影響力。全球 2000 強食品和飲料零售商在第四季度購買了 Auth0 來替換其老化的自主研發系統，這樣的開創性客戶勝利讓我們對自己能夠抓住更多巨大市場機會的能力更加有信心。

Before wrapping up, I want to congratulate Eric Kelleher on his promotion to Chief Operating Officer. Eric has been part of our leadership team since 2016, and will be focused on reigniting growth, championing the Okta Secure Identity Commitment and building on Okta's reputation as the world's identity company. I also want to thank and congratulate Eugenio Pace, who will be retiring this month. As a cofounder of Auth0, he helped build an incredible platform and his contributions to Okta over the past four years cannot be overstated. He will be missed.

最後，我想祝賀 Eric Kelleher 晉升為營運長。Eric 自 2016 年起就是我們領導團隊的一員，他將致力於重振成長、支持 Okta 安全身分承諾並鞏固 Okta 作為全球身分識別公司的聲譽。我還要感謝並祝賀將於本月退休的尤金尼奧·帕塞。作為 Auth0 的聯合創始人，他幫助建立了一個令人難以置信的平台，他在過去四年中對 Okta 的貢獻不容小覷。我們將會懷念他。

To wrap things up, we're excited about the momentum we've built going into FY26 and are taking the right steps to advance our position as the leader in the identity market. More and more, customers are looking to consolidate their disparate and ineffective identity systems and Okta is there to meet them with the most comprehensive identity security platform in the market today. I want to thank the entire Okta team for their tireless effort and also thank our loyal customers and partners who put their trust in us every day. Now here's Brett to cover the financial commentary and talk about how we're positioned for long-term profitable growth.

總而言之，我們對進入 26 財年所建立的勢頭感到非常興奮，並正在採取正確的步驟來提升我們在身分識別市場領導者的地位。越來越多的客戶希望整合他們分散且無效的身份系統，而 Okta 則透過當今市場上最全面的身份安全平台來滿足他們的要求。我要感謝整個 Okta 團隊的不懈努力，也感謝每天信任我們的忠實客戶和合作夥伴。現在請布雷特來做財務評論並談談我們如何實現長期盈利增長。

Thanks, Todd, and thank you, everyone, for joining us today. Like Todd, I'm pleased with the top line results which stem from the hard work and investments we've made transforming the business around security, partners, go-to-market changes and product innovation. I'm especially proud of the incredible progress we've made building on the efficiency initiatives we started over two years ago. This is best illustrated by the approximately 9 points of operating margin growth and 6 points of free cash flow margin growth we achieved for FY25, all while making the right investments for future growth. We're proud to once again finish the fiscal year above the Rule of 40, which we've achieved every year since going public in 2017.

謝謝，托德，也謝謝大家今天的參與。與托德一樣，我對營收結果感到滿意，這源於我們在安全、合作夥伴、市場變化和產品創新方面所做的努力和投資。我對我們兩年多前啟動的效率措施所取得的巨大進步尤其感到自豪。最好的例證是，我們在 2025 財年實現了約 9 個百分點的營業利潤率成長和 6 個百分點的自由現金流利潤率成長，同時為未來成長做出了正確的投資。我們很自豪能夠再次以高於 40 規則的成績結束本財年，自 2017 年上市以來，我們每年都實現了這一目標。

My commentary will provide insights to our Q4 financial performance and then move on to our outlook for Q1 and FY26. Underpinning our overall strength in Q4 was sales productivity that reached a multiyear high. Notably, Auth0 had its best bookings quarter in history, which is another testament to the hard work that the team has put in all year. We also experienced particular strength cross-selling workforce into existing SIEM customers and cross-selling new workforce products to existing workforce customers. The strong Q4 results were highlighted by RPO that increased 25% and crossed the $4 billion mark.

我的評論將為我們第四季度的財務表現提供見解，然後介紹我們對第一季和 26 財年的展望。我們第四季整體實力的支撐是銷售效率達到多年以來的最高水準。值得注意的是，Auth0 的預訂量創下了歷史上最好的一個季度，這也再次證明了團隊全年的辛勤工作。我們在向現有 SIEM 客戶交叉銷售勞動力以及向現有勞動力客戶交叉銷售新勞動力產品方面也擁有特別的優勢。第四季業績表現強勁，其中 RPO 成長 25%，突破 40 億美元大關。

Driving acceleration in RPO growth was the increase in weighted average term length for Q4 deals, which reached a multiyear high. We achieved record bookings in Q4, which crossed $1 billion in total contract value for the first time. Large deals and large customers continue to be the driving force behind our success. A great illustration of our success with large customers is that the total contract value of our top 25 deals in Q4 was over $320 million. Additionally, we added 25 customers in Q4 with $1 million-plus ACV in the quarter.

推動 RPO 成長加速的原因是第四季交易的加權平均期限增加，達到了多年來的最高水準。我們在第四季度實現了創紀錄的訂單，合約總價值首次突破 10 億美元。大交易和大客戶繼續成為我們成功的驅動力。我們與大客戶合作成功的一個很好的例證是，第四季度我們前 25 筆交易的合約總價值超過 3.2 億美元。此外，我們在第四季度增加了 25 位客戶，該季度的 ACV 超過 100 萬美元。

Our total base of $1 million-plus ACV customers grew 22% to 470. The $1 million-plus cohort represents over $1 billion in total ACV. Our focus on deepening our relationship with our partner ecosystem as part of our growth initiatives is really paying off. In the fourth quarter, over 70% of deals were partner influenced. That includes 18 of our top 20 deals closed in Q4.

我們的 100 萬美元以上 ACV 客戶總數增加了 22%，達到 470 家。100 萬美元以上的群體代表 ACV 總額超過 10 億美元。作為我們成長計畫的一部分，我們專注於深化與合作夥伴生態系統的關係，這確實取得了成效。第四季度，超過 70% 的交易受到合作夥伴的影響。其中包括我們在第四季完成的20筆最大交易中的18筆。

We were recently honored to be named Partner of the Year by AWS Marketplace. Our partnership with AWS Marketplace has been a tremendous success. The best demonstration of that success is that in Q4, we surpassed over $1 billion in aggregate total contract value since the partnership was announced just four years ago. In FY25, revenue from AWS Marketplace grew over 80%. Now let's turn to our business outlook for Q1 and FY26.

我們最近很榮幸被 AWS Marketplace 評為年度合作夥伴。我們與 AWS Marketplace 的合作取得了巨大的成功。這一成功的最佳證明是，自四年前宣布合作以來，我們在第四季度的合約總價值已超過 10 億美元。25財年，來自AWS Marketplace的營收成長了80%以上。現在讓我們來談談第一季和26財年的業務展望。

The headcount reduction action we took last month was part of our ongoing assessment to optimize our cost structure. The action is intended to reallocate dollars and resources toward priorities to drive growth and was factored into the preliminary FY26 guidance we provided last quarter. We're taking a prudent approach to forward guidance, that factors in our previously announced go-to-market specialization. For the first quarter of FY26, we expect total revenue growth of 10%, current RPO growth of 12% and non-GAAP operating margin of 25% and free cash flow margin of approximately 25%, inclusive of the expected cash impact of approximately $11 million related to the headcount reduction expected to be paid out in the first quarter. For the full year FY26, we are raising our outlook across the board.

我們上個月採取的裁員行動是我們優化成本結構的持續評估的一部分。該舉措旨在將資金和資源重新分配到推動成長的優先事項上，並已納入我們上個季度提供的 2026 財年初步指引中。我們對前瞻性指引採取審慎態度，其中考慮到了我們先前宣布的市場專業化。對於 26 財年第一季度，我們預計總營收成長 10%，目前 RPO 成長 12%，非 GAAP 營業利潤率成長 25%，自由現金流利潤率約為 25%，其中包括預計在第一季度支付的員工減少所產生的約 1,100 萬美元的預期現金影響。對於 26 財年全年，我們全面上調了預期。

We now expect total revenue growth of 9% to 10%, non-GAAP operating margin of 25% and a free cash flow margin of approximately 26%. To wrap things up, we remain focused on reigniting growth and driving spend efficiencies and cash flow. We've demonstrated exceptional leverage in our model and are positioned to deliver profitable growth for years to come. With that, I'll turn it back to Dave for Q&A. Dave?

我們現在預計總收入將成長 9% 至 10%，非 GAAP 營業利潤率達到 25%，自由現金流利潤率約為 26%。總而言之，我們仍然專注於重新激發成長並提高支出效率和現金流。我們的模型已展現出卓越的槓桿作用，並有望在未來幾年內實現獲利成長。說完這些，我會把話題轉回給戴夫進行問答。戴夫？

(Event Instructoins) John DiFucci, Guggenheim.

（活動指導） 約翰‧迪富奇，古根漢。

I don't normally say this but nice job, guys. Listen, you've talked in the past, and I think this is for Brett, but maybe Todd too, about your prudence in giving guidance, and you mentioned it again in your prepared remarks. But I just want to kind of gauge that a little bit because has that changed at all, especially your annual guidance, which was a pretty big uptick from the previous numbers, or has something changed in the business or even the macro backdrop, Todd, I think you were the first guy to say, hey, listen, this is a new normal out there. Is there any changes out there that gives you more confidence that you don't have to be quite as prudent in giving guidance, I guess is --

我通常不會這麼說，但你們做得很好。聽著，您過去曾經談過，我認為這是針對布雷特的，但也許針對托德的，關於您在提供指導時的謹慎，您在準備好的發言中再次提到了這一點。但我只是想稍微衡量一下，因為這是否有所變化，特別是您的年度指導，與之前的數字相比有相當大的增長，或者業務或宏觀背景是否發生了變化，托德，我想你是第一個說，嘿，聽著，這是一個新常態的人。有沒有一些變化能讓你更有信心，讓你在給予指導時不必那麼謹慎，我想是的--

Q4, John, thanks for the question, and thanks for the complement at the beginning. Q4 was a blowout. We really, really had a great, great quarter. And when we talked three months ago on the call, I mentioned -- we talked about guidance and the initial guidance we gave. And I said the year FY25, the finish was pretty back-end loaded.

Q4，約翰，謝謝你的提問，也謝謝你一開始的補充。Q4 大獲全勝。我們確實度過了一個非常非常棒的季度。當我們三個月前在電話中交談時，我提到 - 我們討論了指導以及我們給予的初步指導。我說過，25 財年的完成度相當高。

And the team really delivered. It was a blowout quarter. And some of the stats, it was the first time ever we had over $1 billion of bookings in a quarter, record quarter for Auth0. The top $1 million dollar deal cohort grew 22% year-over-year. So the records and the big stats go on and on.

而該團隊確實實現了這一目標。這是一個井噴式成長的季度。從一些統計數據來看，這是我們有史以來第一次在一個季度內獲得超過 10 億美元的預訂量，這對 Auth0 來說是一個創紀錄的季度。最高金額 100 萬美元的交易群體較去年同期成長 22%。因此記錄和大數據不斷湧現。

So that informs -- there's -- that's part of the equation for the guidance for next year. You see the raise we did at the guidance. But I think just zooming back a little bit in terms of macro and what's going on, I think the macro is consistent. I think maybe the difference is that this idea that identity is this really important foundational layer, particularly for big companies, and they can modernize the disparate systems they have and they can if they invest in this layer, it's going to really lead to better security outcomes. They're going to get a handle on their various identity silos.

所以這表明——這是——這是明年指導方程式的一部分。您可以看到，我們按照指導價格進行了上調。但我認為，只要從宏觀角度稍微回顧一下現在的情況，我認為宏觀是一致的。我認為不同之處可能在於，身分識別是一個非常重要的基礎層，特別是對於大公司而言，他們可以對現有的不同系統進行現代化改造，如果他們投資於此層，那麼將真正帶來更好的安全結果。他們將掌握自己的各種身分孤島。

They're going to be able to do governance and privilege and customer identity with one vendor. It's going to -- it's going to help them with AI and agentic workloads. People are trying to stitch together agentic platforms and write their own agentic systems and what they run smack into is, wait a minute. How am I going to get these agents access all these systems if I don't even know what's in these systems and I don't even know the access permissions that are there and how to securely authenticate them, so that's driving the business but great quarter. We're very bullish. But we have -- Q1 is just halfway over, and we're making sure that we're prudent in our guidance going forward as well.

他們將能夠與一個供應商合作進行治理、特權和客戶身分管理。它將幫助他們處理人工智慧和代理工作量。人們正在嘗試將代理平台拼接在一起並編寫自己的代理系統，而他們遇到的問題是，等一下。如果我什至不知道這些系統中有什麼，甚至不知道那裡的訪問權限以及如何安全地驗證它們，我將如何讓這些代理訪問所有這些系統，所以這推動了業務的發展，但這是一個偉大的季度。我們非常樂觀。但是，第一季才剛過一半，我們也在確保對未來的預測保持審慎。

So it sounds like things are pretty much the same. You guys are executing, things are coming together for Okta.

聽起來事情基本上是一樣的。你們正在執行，Okta 的事情正在順利進行中。

Absolutely. Yes. We're very excited.

絕對地。是的。我們非常興奮。

Yes. John, I can answer a little bit on the philosophy. I think if you remember last quarter, we talked about reducing the conservatism in the model that we've talked -- that we've issued here. Same program. We're going to continue to do that in -- for the balance of FY26.

是的。約翰，我可以回答一些關於哲學的問題。我想如果你還記得上個季度的話，我們談到了減少我們在這裡發布的模型中的保守主義。相同的程序。我們將在 26 財年餘下時間繼續這樣做。

The only line item in there is something we talked about earlier, which is further specializing in the field. But yes, that's really that's it. But before I get off this, I should just say congratulations to the entire go-to-market team. They did a heck of a job in the quarter. I hope all of you guys appreciate that and see it in the numbers because we were really pleased with how they executed and looking forward to a strong FY26.

其中唯一的項目是我們之前談到的內容，即進一步專業化該領域。但確實如此。但在結束之前，我應該向整個行銷團隊表示祝賀。他們在本季度做出了出色的工作。我希望大家都能理解這一點，並在數字中看到這一點，因為我們對他們的執行情況感到非常滿意，並期待 26 財年表現強勁。

We can see it.

我們可以看到它。

Eric Heath, KeyBanc.

艾瑞克‧希思（Eric Heath），KeyBanc。

Great. And really a great quarter, great to see. Two for me, Brett, just start with you quickly on the cRPO guide for 1Q. It looks like it's down a few points sequentially. So anything to call out regarding that seasonality?

偉大的。這確實是一個偉大的季度，很高興看到。布雷特，對我來說有兩個，請快速向您介紹第一季的 cRPO 指南。看起來它連續下降了幾點。那麼，關於季節性，有什麼需要注意的嗎？

And then, Todd, I wanted to ask you a little bit more on the specialized sales model for this year. Can you just elaborate a little bit more on the existing data points that you're seeing? Or you've implemented already that's given you confidence in that strategy, and just help us understand maybe the degree of change this entails?

然後，托德，我想多問你一些關於今年的專業銷售模式的問題。您能否進一步詳細說明您所看到的現有數據點？或者您已經實施了該策略，這讓您對該策略充滿信心，並且只是幫助我們了解這可能需要改變的程度？

Makes sense. Brett, maybe you go first on the cRPO.

有道理。布雷特，也許你可以先去 cRPO。

It's a real short answer. The seasonality of our fiscal years are fairly back-end loaded, just like Todd spoke about. So Q1 just has that lowering of expectation, if you will, in terms of the growth. So it's obviously very early in the year, and Q1 is, like I said, seasonally our lowest quarter typically.

這是一個非常簡短的回答。正如托德所說的那樣，我們財政年度的季節性相當後端化。因此，從成長角度來看，第一季的預期有所降低。所以顯然現在還處於年初，而且正如我所說，第一季通常是我們季節性收入最低的季度。

Specialization has been the trend. Specialization has been the trend for a little bit over a year now. At the beginning of FY25, we specialized the corporate team in terms of hunter-farmers. And we learned a lot from that. We learned that the transition into that model took a couple of quarters, a little bit slow out of the gate, but then paid off in the second half in a strong way.

專業化、精細化已成為趨勢。一年多來，專業化已經成為一種趨勢。在 25 財年伊始，我們以獵人-農民的形式專門組建了企業團隊。我們從中學到了很多。我們了解到，向該模式的轉變需要幾個季度的時間，一開始有點慢，但在下半年卻獲得了強勁的回報。

And so when we think about further specialization, it makes sense for a lot of reasons. And the biggest reason is that the products are a lot more detailed than in a lot more submarkets. If you're an Okta seller today, you're selling really an integrated workforce suite that creates an identity fabric for our customers across many categories, access management, identity governance, but these are all -- traditionally, were all separate companies. Privilege access management, Identity Security Posture Management, Identity Threat Protection with Okta AI. And so these are all different subcategories that we have a very unique position we're in.

因此，當我們考慮進一步專業化時，出於許多原因，這是有意義的。其中最大的原因是這裡的產品比許多子市場的產品更詳細。如果您今天是 Okta 賣家，那麼您實際上銷售的是整合勞動力套件，該套件可以為我們的許多類別的客戶創建身份結構、訪問管理、身份治理，但這些都是——傳統上，都是獨立的公司。特權存取管理、身分安全態勢管理、使用 Okta AI 進行身分威脅防護。這些都是不同的子類別，我們所處的位置非常獨特。

We're trying to bring those together into one platform and go to a big customer like we closed a big deal in Q4. It was -- really, it was a big upsell on a deal we talked about in Q3, which was a global technology company, a Fortune 500 company. And they really went all in with this end-to-end workforce identity suite. All of our products retiring 10 legacy applications for just a mass -- it's one of those big deals that put that over $1 billion of TCV on the board in Q4. But I'm not saying this one deal was $1 billion in TCV, but I'm saying that these kinds of deals led to that kind of number as they added up in the quarter.

我們試著將它們整合到一個平台上，然後去找大客戶，就像我們在第四季達成的一筆大交易一樣。這確實是我們在第三季談到的一項交易的重大追加銷售，該交易涉及一家全球科技公司，一家財富 500 強公司。他們確實全力投入了這套端到端的勞動力識別套件。我們所有產品都將大規模淘汰 10 個遺留應用程式 — — 這是一項大交易，在第四季度為董事會帶來了超過 10 億美元的 TCV。但我並不是說這一筆交易的 TCV 為 10 億美元，而是說隨著這些交易在本季累積，它們會形成這樣的數字。

And so -- and then when you go on the Auth0 side, you're talking about selling a platform to developers, people building technology. It's quite broad. It's got the core authentication and things like that, but it also has identity fine grain authorization, which is like how do you actually get sub domains of permissions inside your applications or highly regulated identity, which is advanced capabilities to do step up authentication and so forth. And so your -- and now with -- we have on the Auth0 side, we have Auth0 for GenAI. It's like how do you actually stitch this together if you're building agentic applications and make it all secure and make sure that agents don't get hacked and make sure the agents have the right authentication, et cetera, et cetera.

所以 —— 當你轉到 Auth0 方面時，你在談論向開發人員、技術建構者出售平台。它的範圍很廣。它具有核心身份驗證和類似功能，但它還具有身份細粒度授權，就像您如何在應用程式內部實際獲取權限的子網域或高度規範的身份，這是執行加強身份驗證等的高級功能。所以你的——現在有了——我們在 Auth0 方面，我們有 GenAI 的 Auth0。這就像如果您正在構建代理應用程序，您如何將它們實際拼接在一起並確保它們都是安全的，並確保代理不會被黑客入侵，並確保代理具有正確的身份驗證等等。

So that's a lot to understand as a seller. And so we're on this arc of specialization, which is going to really lead to long-term growth because these products have become so powerful and these awesome people in our go-to-market team, the most talented people in the industry, they can really drill in and understand what these products do. And when we look at like success metrics, we talk to customers and we talk to prospects and we asked them, how are these leading to the great outcomes for you? How are you in the sales process of understanding these things because identity is complicated. And if our seller can go in there and really understand the details of what these products are doing it -- it further differentiates us.

因此，作為賣家，需要了解很多事情。因此，我們處於這種專業化的軌道上，這將真正帶來長期成長，因為這些產品已經變得如此強大，而我們行銷團隊中的這些優秀人才，都是業內最有才華的人，他們可以真正深入了解這些產品的作用。當我們查看成功指標時，我們會與客戶、潛在客戶交談，並詢問他們，這些指標如何為您帶來出色的結果？由於身分認同問題很複雜，您在銷售過程中如何理解這些事情？如果我們的賣家能夠深入其中，真正了解這些產品的具體功能，這將進一步使我們與眾不同。

We're already differentiated because we're basically competing against a large monolithic platform that kind of says, hey, put everything in our stack, and we'll do it all for you, maybe except no one really has everything in one stack, so it doesn't really work or you're talking to point identity vendors, which don't have the whole platform we have. They don't have customer identity, and they don't have privilege and governance. And Identity Security Posture Management and threat protection, and so we've come to a seller that knows the details of these products and can really speak to customers' language, that just further differentiates us and leads to better win rate. So that's the metric we're watching as we transition into this. And it's off to a good start.

我們已經實現了差異化，因為我們基本上是在與一個大型的整體平台競爭，這個平台會說，嘿，把所有東西都放在我們的堆棧裡，我們會為你做所有的事情，但也許沒有人真的把所有東西都放在一個堆棧裡，所以這行不通，或者你正在與點身份供應商交談，他們沒有我們擁有的整個平台。他們沒有客戶身份，也沒有特權和治理。以及身分安全態勢管理和威脅防護，因此，我們找到了一個了解這些產品的細節並能真正用客戶的語言交流的賣家，這進一步使我們與眾不同，並帶來更好的成功率。這就是我們在過渡過程中關注的指標。這是一個好的開始。

People are pumped about it. We saw the success in a little -- what we did last year with hunter-farmer and it's really -- we're excited about this year and working hard to even go faster and grow more and do even better than Q4. Q4 was great, but we have big ambitions here. We're trying to do a lot more and the team is fired up to do that.

人們對此感到興奮。我們看到了一點成功——我們去年在獵人農場所做的一切——我們對今年感到非常興奮，並努力加快速度、實現更大增長，做得比第四季度更好。Q4 很棒，但我們有很大的抱負。我們正在嘗試做更多的事情，整個團隊也熱衷於這樣做。

Brad Zelnick, Deutsche Bank.

德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

Great. Congrats on the blowout Q4. I don't know if this is better for Todd or for Brett, but if I reflect over the last couple of years, Okta, like many other companies in the software industry, we were talking about seat-based headwinds. And if I think back to the comments that you made at Oktane, you talked about an expectation that, that would continue -- you expected that that would persist through the first half of next year.

偉大的。恭喜第四季取得大爆發。我不知道這對托德還是布雷特來說更好，但如果我回顧過去幾年，Okta 和軟體行業的許多其他公司一樣，都在談論基於席位的逆風。如果我回想一下您在 Oktane 上發表的評論，您談到了一種預期，即這種情況會持續下去——您預計這種情況會持續到明年上半年。

And I'm just wondering, as we think about the puts and takes of the business, where your head is now and is what we're just seeing here in these results and the guidance that you're providing us tremendous success in governance and OPA that's more than offsetting that? Or do you have a change in what your expectation is? And I think, Brett, you had said if the macro were better that maybe we'd see improvement sooner than the midpoint of next year.

我只是想知道，當我們考慮業務的利弊時，您現在的想法是什麼，我們在這些結果中看到的以及您在治理和 OPA 方面為我們提供的指導是否足以抵消這些損失？或是您的期望有改變嗎？布雷特，我認為您曾說過，如果宏觀經濟狀況更好，那麼我們也許會在明年中期之前看到改善。

Yes, maybe I'll start and then Brett, you can join in. But on the seat-based headwinds, I think the macro condition we've seen has been -- it's been consistent for a while now, I would say a couple of years. And we think it's going to be the same going forward. I think the big difference, as you mentioned, is that in contracts we signed in, call it, the first quarter of 2022, and then in calendar '21, before it was the 0 interest rate era and people were buying a little bit -- they just bought a lot and they over-forecasted what they're going to need. And if you needed 1,000 things, you bought 1,500.

是的，也許我先開始，然後布雷特，你可以加入。但就座位數方面的不利因素而言，我認為我們看到的宏觀狀況是 - 它已經持續了一段時間，我想說有幾年了。我們認為未來的情況也將如此。我認為，正如您所說，最大的區別在於，在我們簽署的合約中，也就是 2022 年第一季度，以及 21 年日曆，在零利率時代之前，人們只購買了一點點——他們購買了很多，並且高估了他們所需要的東西。如果你需要 1,000 件東西，你就買 1,500 件。

And now the world is different in the last two years. Now if you need 1,000, you buy 700, and then you wait to see when you go 701, then you buy that last seat. So it's a very different world. But as those things -- our average contract length is 2.5 years, so as those contracts come up for renewal, they don't get renewed at 1,500. They get renewed at a right-sized level.

而現在，世界在過去的兩年裡已經不一樣了。現在如果您需要 1,000 個，您就購買 700 個，然後等到達到 701 個時，再購買最後一個座位。這是一個非常不同的世界。但由於這些因素——我們的平均合約期限為 2.5 年，因此當這些合約需要續約時，它們不會在 1,500 年時續約。它們會以適當的規模更新。

So you're seeing that headwind debate. It doesn't mean the macro is changing. It just means that our contracts are rolling off from that, I think, unsustainable period before.

所以你看到了那場逆風辯論。這並不意味著宏觀正在改變。我認為這只是意味著我們的合約正在從之前那段不可持續的時期中結束。

Yes. I would just add, Brad, to that question, which is you had two options, buying more products or the headwinds abating. It's buying more products. We saw that in the new product percentage we gave you guys -- so those headwinds are still there, just the team executed really well and new business, upsell, upsell and renewal. I mean, they just -- they had a heck of a quarter and so I congratulated them at the beginning of this call. It's really excellent execution from the sales team.

是的。布拉德，我只想補充一下，對於這個問題，你有兩個選擇，購買更多產品或減弱逆風。它正在購買更多產品。我們在給你們的新產品百分比中看到了這一點——所以這些阻力仍然存在，只是團隊執行得非常好，新業務、追加銷售、追加銷售和續約。我的意思是，他們剛剛度過了一個非常出色的季度，所以我在通話開始時向他們表示祝賀。銷售團隊的執行確實非常出色。

They all deserve it.

他們都是應得的。

They all made a lot of money.

他們都賺了很多錢。

Joe Gallo, Jefferies.

喬·加洛（Joe Gallo），傑富瑞（Jefferies）。

It was awesome to see the $1 million cohort represent over $1 billion of total ACV. Todd, can you just talk about how much opportunity remains with those largest customers? How are the net revenue retention rates there? And is that where we should expect the bulk of growth this year to come from? Or should the mid-market rebound a little bit?

看到 100 萬美元的群體佔據了超過 10 億美元的 ACV 總值，真是令人驚嘆。托德，你能談談這些最大客戶還剩下多少機會嗎？那裡的淨收入留任率如何？我們是否應該預期今年的大部分成長將來自這裡？或者說中階市場應該會小幅反彈嗎？

Yes. So I think it's a really insightful question. So I think that the maybe not so secret is that even with our success, we are really just scratching the surface you look at IT spend, if you look at the -- just that's kind of quantitatively you can look at total IT spend and kind of trying to extrapolate what that would mean for us. But I think the more powerful thing is just talk to customers and get to know them and work with them through this journey. I told the story of that Fortune 500 tech company last quarter, we did a big deal with them in Q3.

是的。所以我認為這是一個非常有見地的問題。因此，我認為也許不那麼秘密的是，即使我們取得了成功，但我們對 IT 支出的了解也只是觸及了表面，如果您從定量上看，您可以查看總 IT 支出，並試圖推斷這對我們意味著什麼。但我認為更有效的方法是與客戶交談，了解他們，並在整個過程中與他們合作。上個季度我講述了那家財星 500 大科技公司的故事，我們在第三季與他們做了一筆大交易。

And now this quarter, we did another deal that's even bigger. And that first deal seems huge. But when you compare it to what they're saving and the value they can get from that and what they can take out of their environment in terms of reducing complexity and streamlining effectiveness. So their security operations are more effective. They kind of have one view of all their identities across privilege and governance and access management.

本季度，我們又完成了一筆更大的交易。而且這第一筆交易看起來規模龐大。但是，當你將其與他們節省的金額、從中獲得的價值以及在降低複雜性和提高效率方面可以從環境中獲得的收益進行比較時，就會發現這一點非常值得。因此他們的安全行動更加有效。他們對特權、治理和存取管理的所有身分都有一種統一的認識。

It's very powerful. And they haven't even done the customer identity deal yet. That might be bigger than the whole thing. So it's like one anecdote, but I think there's hundreds and hundreds and hundreds of these companies out there. that are just starting to get on this bandwagon.

它非常強大。他們甚至還沒有完成客戶身分交易。這可能比整件事情還要大。這就像一個軼事，但我認為有成百上千家這樣的公司。他們才剛開始加入這股潮流。

So the potential is massive. That being said, also Okta's bread and butter growing up was kind of this mid-enterprise or lower enterprise success. And with all our investments in partner ecosystem and the hunter and farmer specialization and we crossed the $1 billion threshold with Amazon. This is like $0.25 billion thresholds through the marketplace, $1 billion of TCV, which is a lot of that's in the enterprise. But some of -- a big part of that, too, is in the mid-market.

因此其潛力是巨大的。話雖如此，Okta 成長過程中的收入來源也屬於中型企業或小型企業的成功。透過我們在合作夥伴生態系統以及獵人和農民專業化方面的所有投資，我們與亞馬遜一起跨越了 10 億美元的門檻。這相當於市場上 2.5 億美元的門檻，10 億美元的 TCV，其中很大一部分是在企業中。但其中很大一部分也位於中端市場。

And then on the low end, our self-service business, on the Auth0 side, we're doing more and more there. They never even touches the salesperson. And by the way, once that gets to a certain point, it can be upsold in an enterprise plan. So we have the strategy where we're going from top Global 2000 with these large platform deals. We mentioned the top 25 deals were $320 million of bookings in the quarter all the way down to the bottom with the self-service plans. And yes, it's robust strength across the board.

然後在低端，我們的自助服務業務，在 Auth0 方面，我們在那裡做得越來越多。他們甚至從未接觸過銷售人員。順便說一句，一旦達到一定程度，它就可以在企業計劃中追加銷售。所以我們的策略是，透過這些大型平台交易，從全球 2000 強邁進。我們提到，本季排名前 25 名的交易的預訂額為 3.2 億美元，而排名墊底的交易則採用了自助服務計劃。是的，它在各方面都表現出強勁的實力。

Nice job, guys.

幹得好，夥計們。

Gabriela Borges, Goldman.

加布里埃拉·博爾赫斯 (Gabriela Borges)，高盛。

Todd, I wanted to follow up on your comments on Auth0 and some of the nuances to the go-to market this year. Maybe just remind us, I know you've experimented with Auth0 go-to-market in the past. What have been your learnings from the prior iterations of go-to-market? And just crystallize for us what different with how you're approaching the Auth0 go-to-market this year versus some of the other ways of selling that you've experimented with in the past?

托德，我想跟進你對 Auth0 的評論以及今年進入市場的一些細微差別。也許只是提醒我們，我知道您過去曾嘗試過 Auth0 上市。您從之前的上市過程中學到了什麼？您能具體說明一下，今年您推出 Auth0 的方式與您過去嘗試過的其他銷售方式有何不同？

Yes. Yes, it's real simple. We -- when we bought the company, it was two separate sales teams, and then we combined it into one generalist sales team. So everyone sold both products. And we did that in 2021 -- at the end of 2021. So we're at the beginning of 2022. Because we wanted coverage. We wanted to get the product out there. The product was on fire. It was growing super fast.

是的。是的，非常簡單。當我們收購這家公司時，它有兩個獨立的銷售團隊，然後我們將其合併為一個綜合銷售團隊。所以每個人都銷售這兩種產品。我們在 2021 年——2021 年底——做到了這一點。我們現在正處於 2022 年的開始。因為我們想要報道。我們想把這個產品推向市場。該產品著火了。它生長得非常快。

We wanted to get it to as many people as possible, as fast as possible. And what we learned over the last two years is that works, especially in Q4, it worked well. Record quarter ever for Auth0. What we also learned is that this is complicated stuff. And the product over the last two years has expanded and got more powerful with fine grain authorization and the highly regulated identity and other capabilities inside of Auth0, just features and enhancements and how people use it and the SDKs.

我們希望盡快讓盡可能多的人了解到它。我們在過去兩年中學到的是，這種方法是有效的，特別是在第四季度，效果很好。Auth0 創下了有史以來的季度記錄。我們也了解到，這是一個複雜的事情。在過去的兩年裡，該產品已經擴展並變得更加強大，具有細粒度授權和高度監管的身份以及 Auth0 內部的其他功能，包括特性和增強功能以及人們如何使用它和 SDK。

And the same things happen on the Okta side. So it really got to a point where we were seeing that people that were tended to focus on one area were more productive. We saw conversations with certain buyers around product officers or technical buyers versus IT and security. They were more kind of differentiated conversations.

同樣的事情也發生在 Okta 方面。因此，我們確實發現，專注於一個領域的人效率更高。我們看到某些買家圍繞產品官或技術買家與 IT 和安全性進行對話。它們更像是一種差異化的對話。

And so when we look out the next five years as we go from where we are now, $2.6 billion [rev] last year, reaccelerating growth, building this massive company we're trying to build over time. We think the right way to do it is to have specialized sellers, specialized marketers, specialized demand generation to speak to those value props, those buyers. We're going to serve multiple buyers over time. We're going to serve every buyer in the C-suite ultimately, identity touches everything, and this is a good step in the right direction.

因此，當我們展望未來五年時，我們將從現在的水平開始，去年我們的營收為 26 億美元，我們將重新加速成長，並努力隨著時間的推移打造這家龐大的公司。我們認為正確的做法是擁有專業的賣家、專業的行銷人員、專業的需求產生者來向這些價值主張和買家講述這些價值主張。我們將隨著時間的推移為多個買家提供服務。我們最終將為高階主管層的每位買家提供服務，身分涉及一切，這是朝著正確方向邁出的良好一步。

I would also add, one of the things that we've done in terms of taking the field and putting them either on Okta or Auth0 is putting them in places that they're comfortable, right, where they have the skill. They've got the specialism already. And so that's why we're excited about this because if we look at the results, like you just saw in Q4, record Auth0 bookings. Let's put a lot of those people on the Auth0 side of the house and see how well they can do with all these great new products that are coming out.

我還要補充一點，我們在將他們放到 Okta 或 Auth0 上時所做的事情之一就是將他們放在他們感到舒服的地方，對，他們有技能的地方。他們已經掌握了專業知識。這就是我們對此感到興奮的原因，因為如果我們查看結果，就像您在第四季度看到的那樣，記錄 Auth0 預訂。讓我們把這些人放到 Auth0 這邊，看看他們能如何運用這些即將推出的優秀新產品。

Adam Borg, Stifel.

亞當·博格（Adam Borg），斯蒂費爾（Stifel）。

Awesome. Todd or Brett, so obviously, like you said, really strong quarter here. Look to be broad-based. But is there any geography or vertical that stood out? And maybe as you think about kind of the setup into fiscal '26 versus '25, at least qualitatively, Brett, can you talk about the size of the pipeline, the quality of the pipeline during this year relative to last?

驚人的。托德或布雷特，顯然，就像你說的，這個季度表現非常強勁。看起來具有廣泛的基礎。但是否有任何突出的地理或垂直領域？也許當您思考 26 財年與 25 財年的設置時，至少從質量上講，布雷特，您能談談今年的管道規模和質量相對於去年的情況嗎？

I think the strongest geography was North America. Like you said, strength across the board. But in terms of like being exceeding expectations and really blowing out their plan. North America was top of the list there. And that, I think, long term, a big growth opportunity for us as we've talked about at is international.

我認為最強的地理位置是北美。就像你說的，全面加強。但就超出預期和真正打破計劃而言。北美位居榜首。我認為，從長遠來看，這對我們來說是一個巨大的成長機會，正如我們所討論的，它是國際性的。

It's still hovering right around 20-ish percent of our total revenue. And over time, that needs to be higher as we drive broad-based expansion around the globe. The problem is North America won't slow down. So we got to figure out how to do both at the same time.

它仍然在我們總收入的20%左右徘徊。隨著我們在全球範圍內推動廣泛擴張，隨著時間的推移，這個數字需要更高。問題是北美不會放緩。所以我們必須想辦法同時做到這兩點。

Yes. I would say EMEA also had a really good quarter. Public sector had a really good quarter. I mean, Adam, it was a really strong quarter across the board. I don't think we could find an area of weakness, frankly.

是的。我想說，歐洲、中東和非洲地區本季的表現也非常好。公共部門本季表現非常好。我的意思是，亞當，這是一個全面強勁的季度。坦白說，我認為我們找不到弱點。

I mean, new business upsell, upsell and renewal, cross-sell, everything really went well. The team executed really quite well. Proud of the effort.

我的意思是，新業務追加銷售、追加銷售和續約、交叉銷售，一切都進展順利。團隊的表現確實非常出色。為自己的努力感到自豪。

Great. And maybe just a comment just on the quality of the pipeline during this year versus last size or anything you could comment there?

偉大的。或許您只是將今年的管道品質與去年的管道規模進行比較，或者您可以發表任何評論嗎？

Yes. Yes, we're comfortable with the pipeline based on the guidance we gave here you guys today. So we're comfortable with where we're at. excited about executing in FY26.

是的。是的，根據我們今天給你們的指導，我們對管道感到滿意。我們對目前的狀況感到滿意。對 FY26 的執行感到很興奮。

Nice work. Thanks again.

做得好。再次感謝。

Jonathan Ho, William Blair.

喬納森·何、威廉·布萊爾。

My congratulations as well on what appears to be a good inflection in the business. Can you help us understand the opportunity for a genic AI and maybe how AI could play a role in the increasing number of identities out there, and particularly how Okta potentially benefits from that?

我也要祝賀公司業務取得了良好的進展。您能否幫助我們了解基因人工智慧的機會，以及人工智慧如何在日益增多的身份中發揮作用，特別是 Okta 如何從中受益？

Yes. Jonathan, the -- I'll focus in on the -- AI is a pretty big topic. And I know there's a lot of people out there in the world trying to give everyone broad-based lessons about it. So I'll spare you that, and I'll focus on the agentic part of AI. That's probably the most, in the medium term, that's probably the most applicable to our business.

是的。喬納森，我將重點放在——人工智慧是一個相當大的話題。我知道世界上有很多人都在嘗試為每個人提供廣泛的相關課程。因此我就不多說了，我將重點放在人工智慧的代理部分。從中期來看，這可能是最適用於我們業務的。

And I think the way to think about it is an important challenge of identity and security for a long time has been machines, or another way to call them are service accounts. So you have all these systems, and you have all these networks and you have all these infrastructure and there's people that log into it. And we have ways to manage that and have biometric authentication and we have single sign-on systems and then there's machines that log into that stuff. And if you look at a server, maybe probably 99.9% of the connections to that server are probably other machines. And so this challenge of machine identity has been with us for a long time. There's been different strategies on how to manage it and different approaches, different protocols.

我認為思考這個問題的方式是，長期以來身份和安全的一個重要挑戰一直是機器，或者另一種稱呼是服務帳戶。所以你擁有所有這些系統，擁有所有這些網絡，擁有所有這些基礎設施，並且還有人登入其中。我們有辦法管理它，有生物特徵認證，有單一登入系統，還有可以登入這些東西的機器。如果你查看一台伺服器，可能到該伺服器的 99.9％ 的連線可能是其他機器。所以機器身分的挑戰已經伴隨我們很久了。對於如何管理它，有不同的策略、不同的方法和不同的協定。

We've gone through different ways in the industry. We had firewall-based where we try to lock everything. We had no lateral movement, data center technologies where you try to control machine account access to inside the data center and the fabric of the network. We've had PKI, which 20 years ago, 15 years ago was the way we're going to give every machine a public certificate and we're going to manage that all in the certificate authority, that kind of never really took off, except in some narrow cases. And now here we are today with this -- the agenetic revolution is real, and the power of AI and the power of these language models, the interaction modalities that you can have with these systems these machines doing things on your path and what they can do and how they can infer next actions, et cetera, et cetera.

我們在這個行業走過了不同的路。我們有防火牆，可以鎖定一切。我們沒有橫向移動，資料中心技術也未嘗試控制機器帳戶對資料中心內部和網路結構的存取。20 年前、15 年前，我們就有了 PKI，即為每台機器提供公共證書，並在證書頒發機構中管理所有這些，這種方法從未真正流行起來，除了在一些特殊情況下。現在我們正面臨著這樣的情況——基因革命是真實存在的，人工智慧的力量、語言模型的力量、你與這些系統的互動方式、這些機器在你的道路上做事、它們能做什麼、它們如何推斷下一步的動作等等。

You all know it's really real. But the way to think about it from an Okta perspective, it is like machine identity on steroids, turbocharged to like two orders of magnitude higher. So that's like really exciting for us because what do we do? A good part of our business is actually logging in machines right now. Auth0 has the machine-to-machine tokens where people, if they build some kind of web app that services other machines, they can use Auth0 for the login for that.

大家都知道這是真的。但是從 Okta 的角度來看，它就像是強化版的機器身份，渦輪增壓到了兩個數量級。這對我們來說真的很令人興奮，因為我們該做什麼呢？目前我們業務的很大一部分實際上是登入機器。Auth0 具有機器對機器的令牌，人們如果構建了某種為其他機器提供服務的網路應用程序，他們可以使用 Auth0 進行登入。

Okta has similar capabilities. And now you have not only that basic authentication challenge but you have the -- all of these applications as you get two orders of magnitude, more things logging in, you have to really worry about the fine grain authorization into your services. So if you're in an enterprise, and you're building a system that is going to be an API that the agents talk to. By the way, that is under -- that is a misunderstood thing or not a well-understood thing. If you want to get agentic AI in your enterprise, yes, one solution is you can do everything in Salesforce or you can do everything in ServiceNow, but that's pretty impractical for most organizations.

Okta 有類似的功能。現在，您不僅面臨基本的身份驗證挑戰，而且還面臨著——隨著所有這些應用程式的數量級增加，登入的物件越來越多，您必須真正擔心服務中的細微授權。因此，如果您在企業中，並且正在建立一個代理可以與之對話的 API 系統。順便說一句，這是——一件被誤解的事情，或者說是一件不太容易理解的事情。如果您想在企業中獲得代理 AI，是的，一個解決方案是您可以在 Salesforce 中完成所有工作，或者您可以在 ServiceNow 中完成所有工作，但這對大多數組織來說非常不切實際。

So what they're doing is they're building an AI wrapper around a bunch of stuff. And now once they get that -- sorry, an API wrapper around a bunch of stuff. And once they get that API, they need a system like fine grain authorization from Auth0 to make sure that it's easy to express the rules on who and what agents and what roles and what's group can access which parts of this information inside that API. So it's -- if you want to say Jonathan can access these records, but John can access these other records and Gabrielle can access these others. You can do that with FGA.

所以他們正在做的是圍繞一堆東西來建造一個 AI 包裝器。現在，一旦他們得到了它——抱歉，是一堆東西的 API 包裝器。一旦他們獲得該 API，他們就需要一個類似 Auth0 的細粒度授權系統，以確保能夠輕鬆表達有關誰、什麼代理、什麼角色以及哪個群組可以存取該 API 內這些資訊的哪些部分的規則。所以 - 如果你想說喬納森可以訪問這些記錄，但約翰可以訪問這些其他記錄，而加布里埃爾可以訪問這些其他記錄。您可以使用 FGA 來實現這一點。

And then when you put these APIs in front of all your systems, you have a nice fine grain authorization model. So now when you start building your agents that talk to these APIs, those agents are only seeing what they can see because you don't want to open the whole world to those agents because if that thing goes awry or that thing gets hacked, then all of your data is exposed versus exactly what the agents would see. So it's least privilege, it's very important. Now on the agent side, the equivalent of a lot of these deployments have like passwords hardcoded in the agent. So if that agent gets compromised, it's the equivalent of your monitor having a bunch of sticky notes on it with your passwords before single sign-on.

然後，當您將這些 API 放在所有系統前面時，您將擁有一個很好的細粒度授權模型。所以現在，當您開始建立與這些 API 對話的代理程式時，這些代理只能看到它們能看到的內容，因為您不想向這些代理程式開放整個世界，因為如果那個東西出錯或被駭客入侵，那麼您的所有資料都會暴露，而代理無法看到這些資料。所以它是最小特權，非常重要。現在在代理方面，很多這些部署相當於在代理中硬編碼了密碼。因此，如果該代理受到威脅，就相當於在單一登入之前，您的顯示器上貼有一堆寫有您的密碼的便籤。

So Auth for GenAI gives you a protocol in a way to do that securely. So you can store these tokens and have these tokens that are secured. And then if that agent needs to pop out and get some approval from the user, Auth for GenAI supports that. So you can get a step-up biometric authentication from the user and say, hey, I want to check Jonathan's fingerprint to make sure before I book this trip or I spend this money, it's really Jonathan.

因此，Auth for GenAI 為您提供了一種可以安全地執行此操作的協定。因此您可以儲存這些令牌並保證這些令牌的安全。然後，如果該代理需要彈出並獲得用戶的批准，Auth for GenAI 會支援這一點。因此，您可以從用戶那裡獲得加強版生物特徵認證，然後說，嘿，我想檢查喬納森的指紋，以確保在我預訂這次旅行或花這筆錢之前，他真的是喬納森。

So those three parts are what Auth for GenAI is, and we're super, super excited about it. We have a waitlist. Over 200-plus Fortune 100s and startups are on that thing. They want this product, and it's going into early access this month. So we're really watching it closely to see how well it can do.

這三個部分就是 GenAI 的 Auth，我們對此感到非常興奮。我們有候補名單。超過 200 家財富 100 強企業和新創公司都在使用該產品。他們想要這個產品，而且它本月將進入搶先體驗階段。因此我們正在密切關注它，看看它的表現如何。

Ittai Kidron, Oppenheimer.

伊泰·基德倫，奧本海默。

Again, congrats on a great quarter. A couple for me. Brett, on the cRPO, you gave guidance for the first quarter, but not for the fiscal year. To a previous question, you said your -- this is the beginning of the year, so a little bit conservative on the cRPO. So I guess we should assume it only accelerates from here until the end of the fiscal year in growth.

再次恭喜您本季的優異成績。對我來說是一對。布雷特，關於 cRPO，您給出了第一季的指導，但沒有給出財政年度的指導。對於之前的問題，您說過——這是年初，因此對 cRPO 有點保守。因此我想我們應該假設從現在起直到財政年度結束，其成長速度只會加速。

Help me get some color on that. And then for you, Todd, you didn't talk about PAM and the progress that you've had with that. And how much that's contributing to your business. Maybe you can share some data points on progress there?

幫我給它塗點顏色。然後對你來說，托德，你沒有談論 PAM 以及你在那方面所取得的進展。以及這對您的業務有多大貢獻。也許您可以分享一些有關那裡進展的數據點？

Sure. Ittai, I'll just take it's a quick one. We only guide one at a time -- one quarter at a time, we've never done a year out. So let us get through Q1, and then we'll give you a guide for Q2 and go from there.

當然。Ittai，我只是認為這是一個快速的問題。我們每次只指導一個人——每次指導一個季度，我們從來沒有指導過一年。因此，讓我們先度過 Q1，然後我們將為您提供 Q2 的指南，並從那裡開始。

Yes. PAM is doing great. I mentioned the new products, the total new products were 20% of the bookings in the quarter, which is great. The standout there, I think, in terms of size and maturity is Okta Identity Governance, I mentioned that over 1,300 customers, $100 million of just OIG bookings when you add in the other lifecycle and workflow, which is really what you would include if you kind of looked at all the parts of governance of our business is over $400 million of bookings, which is great. PAM is not at that scale yet, but it's off to a really good start in the quarter.

是的。PAM 表現非常出色。我提到了新產品，新產品總量佔本季預訂量的 20%，這很​​棒。我認為，就規模和成熟度而言，最突出的是 Okta Identity Governance，我提到過，它擁有超過 1,300 名客戶，如果添加其他生命週期和工作流程，僅 OIG 預訂量就達到 1 億美元，如果您查看我們業務治理的所有部分，就會發現其預訂量超過 4 億美元，這非常棒。PAM 尚未達到那個規模，但在本季度已經有了很好的開端。

We signed a deal with a really brand name financial services company for Global 1000 company that bought this existing Okta customer upgraded in the quarter to, not only the access management product they had before, but they added Identity Security Posture Management, Identity Threat Protection with Okta AI and Okta Privilege Access. So they added those three products, and it increased the ARR on that account north of 30%. So that was a pretty significant, and the stories like this are on and on. And I think that product, Okta Privileged Access, is I think it's getting really good and really mature and we're adding more capabilities.

我們與一家真正知名的全球 1000 強金融服務公司簽署了一項協議，該公司購買了現有的 Okta 客戶，並在本季度進行了升級，不僅升級了他們之前的訪問管理產品，還增加了身份安全態勢管理、使用 Okta AI 的身份威脅防護和 Okta 特權訪問。因此他們添加了這三種產品，並使該帳戶的 ARR 增加了 30% 以上。所以這是一件非常有意義的事情，而且類似的故事還在不斷流傳。我認為該產品 Okta Privileged Access 已經變得非常好，非常成熟，而且我們正在添加更多功能。

We've got a great engineering team moving quickly. It's really a modern product. It's integrated great with SaaS applications. It's kind of a rethinking of how the privileged access management market is. And I think in the next few years, as we have these conversations more, I think what you're going to hear more and more is it's just not -- it's like just part of the whole suite and you buy it as part of -- because you want it with your access management.

我們擁有一支出色的、行動迅速的工程團隊。這確實是一個現代產品。它與 SaaS 應用程式完美整合。這有點像是對特權存取管理市場的一種重新思考。我認為在接下來的幾年裡，隨著我們進行更多的這些對話，我想你會越來越多地聽到的是，它不僅僅是——它只是整個套件的一部分，而你購買它作為其中的一部分——因為你想將它用於你的訪問管理。

And I think a lot of the vendors in our space agree with this, like they see the vision that this is all going to be one thing. You're not going to be buying separate governance and separate PAM and separate posture management. You're going to buy an identity platform. And we're in a great position to deliver that. If you look around, if you want an independent neutral identity company, there's no one else has the pieces we have.

我認為我們領域的許多供應商都同意這一點，他們認為這一切都將成為一件事。您不會購買單獨的治理、單獨的 PAM 和單獨的姿態管理。你要購買一個身分平台。我們處於非常有利的位置來實現這一目標。如果你環顧四周，如果你想要一家獨立的中立身分識別公司，那麼沒有其他人能擁有像我們這樣的公司。

No one has the privilege and access management. No one is at near our scale. No one has the pure SaaS heritage and can do these integrations and doesn't have to manage a complex combination of customers that are kind of somewhat upgrading to their SaaS solution, but not really and the big customers don't want to do it and they're kind of managing multiple things. We don't have those problems. And so this market is ours to take, and we have a lead.

沒有人擁有特權和存取管理。沒有人能達到我們的規模。沒有人擁有純粹的 SaaS 傳統，可以進行這些集成，而不必管理在某種程度上正在升級到其 SaaS 解決方案的複雜客戶組合，但事實並非如此，大客戶不想這樣做，他們正在管理多項事務。我們沒有這些問題。所以這個市場是我們可以佔領的，而且我們處於領先地位。

The scale we're operating at is -- you have to combine like two or three of the other companies independent identity to get close to the scale we have. And we can bring that all to bear with our leading customers and our great engineering team to keep innovating, and we're going to see results like we just saw. I think Jonathan, you used the word before on the previous question about inflection. I really think this is an inflection and I'm really excited. We have work to do to back it up and keep going, but I'm really excited about what the future brings for Okta.

我們的營運規模是－你必須結合兩三家其他公司的獨立身分才能接近我們的規模。我們可以與我們的主要客戶和優秀的工程團隊一起不斷創新，我們將看到剛才看到的成果。我認為喬納森，你在之前關於語調的問題上用過這個詞。我確實認為這是一個轉捩點，而且我非常興奮。我們還有很多工作要做來支持它並繼續前進，但我對 Okta 的未來感到非常興奮。

Just one point to clarify, Ittai, when you were saying $100 million and $400 million, it's annualized contract value. So that's the total book of business, okay? Not just -- not bookings, you said bookings. I want to make sure we're all on the same page. No, that's okay.

我只想澄清一點，Ittai，當您說 1 億美元和 4 億美元時，指的是年度合約價值。這就是全部的業務記錄了，好嗎？不只是——不是預訂，你說的是預訂。我想確保我們都意見一致。不，沒關係。

I just want to make sure we get the facts straight. They're huge businesses. They're massive and really proud of where they've gotten to, but we've got a lot of opportunities as we move forward.

我只是想確保我們了解事實。他們都是大型企業。他們非常強大，並且對自己所取得的成就感到非常自豪，但隨著我們不斷前進，我們還有許多機會。

Shrenik Kothari, Baird.

什雷尼克·科塔里，貝爾德。

Yes. Awesome. Congrats on great execution. Just quick couple for me. So you're capitalizing on cross-selling, which is great.

是的。驚人的。恭喜您出色的表現。對我來說只是快速組合。所以你正在利用交叉銷售，這很好。

And what stood out, Brett, you mentioning the strong public sector performance, especially integrating the customer identity in the public sector. So as your federal momentum keeps building, right? Just curious, in the face of the near-term federal uncertainties, how are you seeing the near-term medium-term, long-term outlook for not just your opportunity set but also the execution dynamics. Any specific initiatives that's helping you navigating this challenging federal dynamic right now? And I had a quick follow-up.

布雷特，最引人注目的是，您提到了公共部門的強勁表現，尤其是在公共部門中融入了客戶身份。那麼你們的聯邦勢頭會不斷增強，對嗎？只是好奇，面對近期的聯邦不確定性，您如何看待近期、中期和長期前景，不僅是您的機會集，還有執行動態。有什麼具體措施可以幫助您應對當前充滿挑戰的聯邦狀況嗎？我進行了快速的跟進。

Public sector for us is includes federal, of course, US federal, of course, US commercial federal and DoD, but also includes all of the state and local. And so it's a big, important vertical for us. So the momentum across the entire vertical is very strong as we mentioned, but let's not lose sight of the state governments and the big deals outside of federal that we closed last year and in Q4 in particular.

對我們來說，公共部門當然包括聯邦政府，當然包括美國聯邦政府，當然包括美國商業聯邦政府和國防部，但也包括所有州和地方政府。所以這對我們來說是一個很大的、重要的垂直領域。因此，正如我們所提到的，整個垂直領域的勢頭非常強勁，但我們不要忽視州政府以及我們去年特別是第四季度完成的聯邦以外的大交易。

So now focusing on the US federal, specifically, I think there's a lot -- obviously, a lot going on there with the new administration and thinking about the government structure and efficiency and so forth, which is all super important. But big picture, I think the number of licenses that we've sold into the federal government so far, it's a good start, but it's relatively low, especially compared to the money they're spending and the complexity and the risk they have with their legacy identity systems. The federal government has a lot of legacy identity systems. The agencies we've been successful in is because we've been able to consolidate and replace and really help modernize those applications.

因此，現在具體關注美國聯邦政府，我認為新政府顯然在做很多事情，並思考政府結構和效率等，這些都非常重要。但從總體來看，我認為到目前為止我們向聯邦政府出售的許可證數量是一個良好的開端，但相對較低，特別是與他們花費的資金以及他們遺留身份系統的複雜性和風險相比。聯邦政府擁有許多遺留的身份識別系統。我們之所以在這些機構取得成功，是因為我們能夠整合和替換這些應用程序，並真正幫助它們現代化。

And I think that when you talk about efficiency and effective government, this is -- we're like perfect for that. You don't have to manage servers, you don't have to -- the implementations are much easier. The time to value is much higher, the amount of people it takes to run our services and run our systems at a customer is far, far, far less than the legacy identity technologies, but they have to upgrade it and maintain it and it's not because -- it's because the legacy technology that surrounds these identity systems is hard to integrate to. But as those things get modernized and the federal government goes for more efficiency, we're going to have a big opportunity to help them do that. And I think, yes, I mean, there's probably a little bit of uncertainty right now, especially in the first part of the year as things get sorted out.

我認為，當你談論效率和有效的政府時，我們是完美的。您不需要管理伺服器，不需要—實施起來更加容易。價值實現時間要高得多，在客戶那裡運行我們的服務和系統所需的人數遠遠少於傳統的身份技術，但他們必須對其進行升級和維護，這並不是因為——而是因為圍繞這些身份系統的傳統技術很難整合。但隨著這些東西變得越來越現代化，聯邦政府也越來越提高效率，我們將有很大的機會幫助他們做到這一點。我認為，是的，我的意思是，現在可能存在一些不確定性，尤其是在今年上半年事情解決的時候。

But I'm very confident that we're going to be a big -- we're going to be very successful in the federal government and helping them modernize. Be more secure. No one wants a federal government that's not secure. I think that's probably the only nonpartisan thing in Washington these days. and we can help them be more secure, and that's why we're so excited about that opportunity.

但我非常有信心，我們將成為一個大政府——我們將在聯邦政府中取得巨大成功，並幫助他們現代化。更加安全。沒有人希望有一個不安全的聯邦政府。我認為這可能是如今華盛頓唯一的超黨派的事。我們可以幫助他們更加安全，這就是我們對這個機會如此興奮的原因。

Gray Powell, BTIG.

格雷·鮑威爾（Gray Powell），BTIG。

Great. And congratulations on the good results. So I thought the $100 million ACV stat on OIG was a good number, really helpful. You called out the $300 million on lifecycle management. So I'm curious if those customers were to upgrade to OIG. Can you give us a ballpark sense as to what the uplift would be? And then just how should we think about the growth of your governance products on a combined basis over the next year versus the rest of the business?

偉大的。並祝賀您取得的好成績。所以我認為 OIG 上的 1 億美元 ACV 統計數據是一個好數字，確實很有幫助。您要求在生命週期管理上投入 3 億美元。所以我很好奇這些客戶是否會升級到 OIG。您能給我們大概估算一下提升幅度是多少嗎？那麼，我們該如何看待未來一年您的治理產品相對於其他業務的整體成長呢？

Yes, I think the way to think about it is we've talked about this consistently now for a while that when they upgrade to OIG, it can be a 30 to 40-plus percent increase in the ACV for that customer. So if you have nothing and you buy OIG, lifecycle and workflows, it could be north of 40%.

是的，我認為思考這個問題的方式是，我們已經討論了一段時間了，當他們升級到 OIG 時，該客戶的 ACV 可能會增加 30% 到 40% 以上。因此，如果您什麼都沒有，並且您購買 OIG、生命週期和工作流程，則成本可能會超過 40%。

If you have workflows or lifecycles, maybe it's just in the 30% range. But I think when you look at the book of business and workforce identity, the opportunity is to upgrade all of those customers to include OIG. So that's how big it is. It's quite significant, quite a lot of run rate -- run room above the $100 million directly for OIG and the $400 million total you just talked about.

如果您有工作流程或生命週期，可能它就在 30% 的範圍內。但我認為，當你查看商業和勞動力身分登記簿時，就有機會將所有這些客戶升級為包括 OIG。它就是這麼大。這是相當重要的，相當大的運行率——直接用於 OIG 的 1 億美元和您剛才談到的 4 億美元總額以上的運行空間。

And you think about one of the reasons why we are further specializing the field, to your question about maybe going forward, Grey, is to be able to get in there and deeper into accounts and be able to do more of these upsells that Todd was just talking about, right? Whether you started the basic package and move all the way up or you already got a little bit of more advanced capabilities. The idea here is to allow our reps to go in and be able to sell some of these more advanced capabilities because that's really a big opportunity for our customers to solve as many use cases as possible.

您想想我們為什麼進一步專業化該領域的原因之一，對於您關於未來發展的問題，格雷，是為了能夠深入到帳戶中，能夠做更多托德剛才提到的追加銷售，對吧？無論您是從基本套件開始逐漸升級，還是已經獲得了一些更高級的功能。這裡的想法是讓我們的代表進入並能夠銷售其中一些更先進的功能，因為這對我們的客戶來說是一個解決盡可能多的用例的巨大機會。

Saket Kalia, Barclays.

Saket Kalia，巴克萊銀行。

Echo my congrats to the team. Todd, maybe for you. I was wondering if you could dig into the workforce identity suites that you talked about at launch week. And maybe the question is, what are some of the suites that we're introducing? And how do you make that pricing packaging enticing to a customer that wants to continue to consolidate identity?

向該團隊表示祝賀。托德，也許對你來說是這樣。我想知道您是否可以深入了解在發布週談到的勞動力身份套件。也許問題是，我們推出了哪些套件？那麼，如何讓定價包裝對想要繼續鞏固身分認同的客戶具有吸引力呢？

The main part about it is it's simpler. And that's what's enticing. It helps customers understand simply what they need to buy to be successful. We -- and the history of this is we monetize innovation over the years by keeping the -- we basically sold customers the capabilities at the time. And then as we added more capabilities, whether it's multifactor, lifecycle management, we added those as new SKUs or new products.

它最主要的是它更簡單。這正是吸引人的地方。它可以幫助客戶簡單地了解他們需要購買什麼才能獲得成功。我們 — — 我們的歷史是，多年來，我們透過保持 — — 我們基本上向客戶出售當時的功能來將創新貨幣化。然後，隨著我們添加更多功能，無論是多因素還是生命週期管理，我們都會將其新增為新的 SKU 或新產品。

And so -- and that was great because they would add more over time. But what you look at now is just if you buy those things a la carte, there's a lot of them. It's universal directory, single sign-on, advanced single sign-on, multifactor events. It's a little bit complicated to buy. And so we took a comprehensive look at it.

所以 — — 這很棒，因為他們會隨著時間的推移添加更多內容。但是你現在看到的是，如果你單點購買這些東西，就會有很多。它是通用目錄、單一登入、進階單一登入、多因素事件。購買起來有點複雜。因此我們對此進行了全面的研究。

We said, what are the outcomes customers want to have, whether they want to just get started, the workforce starter suite and then there's the professional suite and then there's the enterprise suite. It's basically good, better, best, meaning the -- if you want a full identity fabric to cover all of your use cases from privilege to governance to threat protection to posture management. That's the enterprise. And then if you want to do that, but without some of the more advanced capability -- more advanced modules I talked about, you do the enterprise and then the starter is just the basic. So there's just simplicity and clarifying a little bit making the buying process simpler for our customers.

我們說，客戶想要得到的結果是什麼，他們是否想剛開始使用，然後是勞動力入門套件，然後是專業套件，然後是企業套件。它基本上是好的、更好的、最好的，意思是——如果你想要一個完整的身份結構來覆蓋你的所有用例，從特權到治理到威脅防護到態勢管理。這就是企業。然後，如果你想要這樣做，但是沒有一些更高級的功能 - 我談到的更高級的模組，那麼你就開展企業業務，而啟動器只是基礎的。因此，只需稍微簡化和澄清一下，就可以讓客戶的購買過程變得更簡單。

Shaul Eyal, TD Cowen.

沙烏爾·埃亞爾（Shaul Eyal），TD Cowen。

Congrats on the quarter and outlook. Thanks for the color on OIG. Can you maybe paint for us maybe in broad strokes that the profile of OIG customers, are these new logos, existing customers? Are they more high-end enterprise or SMB driven? Are they mostly displacements or greenfield?

恭喜本季和未來的發展。感謝 OIG 的貢獻。您能否大致描述一下 OIG 客戶的概況，這些是新客戶還是現有客戶？它們主要由高端企業還是中小企業驅動？它們大多是置換項目還是新建項目？

Any color will be greatly appreciated.

任何顏色都將受到高度讚賞。

Yes, absolutely. So I think -- it's -- the majority of the vast majority of OIG customers are upsells. They have access management and they add OIG. It's not 100%, but it's close to 100%. There are a couple of cases of new lands with OIG, but in both those cases, the customers went with the full access management suite pretty quickly after.

是的，絕對是如此。所以我認為 — — 絕大多數 OIG 客戶都是追加銷售的。他們有存取管理，並且添加了 OIG。雖然不是100%，但接近100%。OIG 曾經有過幾起新業務的案例，但在這兩起案例中，客戶都很快就採用了完整的存取管理套件。

So yes, you can almost think of it as -- my main point of the answer, which is I think we're moving to this world where this is a suite. And I talked about the suites in the previous answer. And the way customers are thinking about it is I think this idea that you're going to get governance from one vendor and privilege from another and threat from another is really antiquated, and we're moving to this world where there's one identity platform that can cover all these use cases and try to increase your security outcomes by having it all stitch together and take out point products. That's where we're going.

所以是的，你幾乎可以把它想像成——我答案的重點是，我認為我們正在進入一個套件的世界。我在前面的回答中談到了套件。而客戶對此的看法是，我認為，從一個供應商獲得治理，從另一個供應商獲得特權，從另一個供應商獲得威脅的想法確實過時了，我們正在轉向這樣一個世界，有一個身份平台可以覆蓋所有這些用例，並嘗試通過將它們全部拼接在一起並取出點產品來提高您的安全性。那就是我們要去的地方。

And so I think when we think about innovating on the product, the product has to be, of course, more -- it has to be better than the competitors. It has to be better than Sailpoint. It has to be better than Saviynt, it has to be better than the other small -- there's a bunch of little start-ups out there doing stuff -- it has to be better than all those. But then it really has to be great integrating with the rest of our capabilities. So you need to be able to have governance workflows on the credentials you vault in the PAM product.

因此我認為，當我們考慮對產品進行創新時，產品當然必須比競爭對手更好。它一定比Sailpoint更好。它必須比 Saviynt 更好，它必須比其他小型公司更好——有很多小型新創公司在做這些事情——它必須比所有這些都更好。但它必須與我們的其他功能完美地結合。因此，您需要能夠對 PAM 產品中保管的憑證擁有治理工作流程。

It has to have governance workflows consistently across business applications and servers and any kind of resource you want to control through Okta. Your identity security posture management has to have universal visibility and tell you alerts about human identities that might be compromised or not set up correctly across any system, any entity provider, but also has to give you notifications and updated constantly about nonhuman identities in a modern way that then you can then put those in a modern protocol involve those credentials with our privileged access product. So that's the idea. I said before, and we saw the trend continue I've been -- I didn't think that people were ever going to take out a governance system they had installed. I thought this was like a bunch of customers didn't have one, and that would be the opportunity here.

它必須具有跨業務應用程式和伺服器以及您想要透過 Okta 控制的任何類型的資源的一致的治理工作流程。您的身分安全態勢管理必須具有普遍的可見性，並向您發出有關可能在任何系統、任何實體提供者中受到損害或未正確設定的人類身份的警報，但還必須以現代方式向您發出通知並不斷更新非人類身份，然後您可以將它們放入現代協議中，並使用我們的特權存取產品來涉及這些憑證。這就是我們的想法。我之前說過，我們看到這種趨勢仍在繼續——我並不認為人們會放棄他們已經建立的治理體系。我認為這就像一群顧客沒有一個，這就是機會。

I've been surprised by the amount of takeouts still not massive. There's a lot of greenfield out here, and we're having a lot of success there. But there are more takeouts than you would think, especially if you include the companies that didn't really get that implemented with -- that's the secret about some of these governance things is that they were software. So they were sold a big license and they never got it implemented. And that was kind of like the vendor was off doing something else now.

我對外賣的數量仍然不多感到很驚訝。這裡有很多未開發地區，我們在那裡取得了許多成功。但實際的情況比你想像的要多，特別是如果你把那些沒有真正實施這些措施的公司也算上的話——這些治理措施的秘密就在於它們是軟體。因此，他們獲得了一份大許可證但從未實施過。這有點像供應商現在去做其他事情了。

But in the SaaS world, you really have to make them successful, and that's how we build our product to make sure that they can be successful. You see -- we see it in the data, like we should release some of this data in the next report maybe that the time to value and the -- how much usage our customers get out of our governance product very quickly is best in the industry.

但在 SaaS 世界中，你確實必須讓它們成功，這就是我們建立產品以確保它們能夠成功的方式。你看 - 我們在數據中看到了這一點，例如我們應該在下一份報告中發布一些數據，也許價值實現時間和 - 我們的客戶從我們的治理產品中獲得的使用量是業內最好的。

Yes. I would just add, there are -- in addition to what Todd was just saying that there are side-by-side implementations because that was part of your question. And we're really excited about those for a lot of reasons because we can -- what Todd was just talking about, demonstrate value to the customer and earn the right for future flows or future opportunities or the right to take out that other one. And if you remember what made us big in the beginning was we did that with access management. That was our play.

是的。我只想補充一點，除了 Todd 剛才說的之外，還有並行實現，因為這是你問題的一部分。我們對此感到非常興奮，原因有很多，因為我們可以——正如托德剛才所說，向客戶展示價值，並贏得未來流程或未來機會的權利，或獲得其他權利的權利。如果您還記得，我們​​最初之所以能發展壯大是因為我們透過訪問管理實現了這一目標。這就是我們的表演。

We never went in whole hog and took everything out. It was go demonstrate value to the customer and earn the right for the next thing. And so we're running a very similar play with governance and just the suite strategy that we're running now which is obviously showing some traction with these numbers we just produced.

我們從來沒有把所有東西都帶進去並帶走。這是為了向客戶展示價值並贏得下一步的權利。因此，我們正在實施一種非常類似的治理方式，以及我們現在正在實施的套件策略，這顯然從我們剛剛製作的數字中顯示出了一些吸引力。

Josh Tilton, Wolfe Research.

喬許·蒂爾頓（Josh Tilton），沃爾夫研究公司（Wolfe Research）。

And I will also echo my congrats on an awesome quarter. I think maybe a high-level one for me. Naturally, I think we kind of gravitate to the workforce side of the business is having this clear agentic AI opportunity. But listening to you guys speak, it's pretty clear that you guys have opportunities across both workforce and SIEM. I guess my question is Todd for you.

我也要對本季的出色表現表示祝賀。我想這對我來說可能是一個高水準的。自然而然地，我認為我們傾向於在業務的勞動力方面擁有這種明顯的代理 AI 機會。但聽聽你們的發言，很明顯你們在勞動力和 SIEM 方面都有機會。我想我的問題是關於托德 (Todd) 的。

Like which side of the business are you more excited about from an agentic AI perspective, and maybe which side do you think we'll see a monetization opportunity sooner and why? And you can't tell me you can't pick between your favorite kids.

例如，從代理 AI 的角度來看，您對哪一方面的業務更為興奮，也許您認為我們會更快地看到哪一方面的盈利機會，為什麼？你不能告訴我你不能在你最喜歡的孩子之間做選擇。

You always have a favorite, Josh. You always have a favorite. I think the customer identity side is more exciting. I think it's a little bit of a -- my answer is a little bit of a -- I'm kind of like having both ways because a lot of the -- when you talk about developers building agentic AI, they're doing it inside of enterprises. So like the pattern I was talking about earlier, there's these teams and these companies that have been tasked with we hear about this agent thing and make it work.

你總是有一個最愛的人，喬希。你總有一個最愛的。我認為客戶身份方面更加令人興奮。我認為這有點——我的答案是有點——我有點像是兩種方式，因為很多——當你談到開發人員構建代理 AI 時，他們是在企業內部進行的。所以就像我之前談到的模式一樣，有這些團隊和公司負責聽取有關代理商的事情並使其發揮作用。

And the first thing they have to do is I've had many conversations with customers where they've been in these discussions and we want -- we did a POC and now we're worried about doing it broadly, but the task was basically hook everything up to our existing -- hook these agents up to all of our existing systems. And before we could do that inside of enterprise, we had to get a good identity foundation in front of all these things.

他們要做的第一件事是，我已經與客戶進行了多次對話，他們參與了這些討論，我們希望 - 我們做了一個 POC，現在我們擔心廣泛地開展這項工作，但任務基本上是將這些代理連接到我們現有的所有系統上。在我們能夠在企業內部做到這一點之前，我們必須在所有這些事情之前打下良好的身份基礎。

And so it's kind of like similar to your building something and you're a developer, you're exposing APIs, you're doing fine grain authorization. You're taking another -- you're using another platform or you're building your own agentic AI platform, and you're having to talk to those systems and those APIs to do things on user's behalf. So you're a developer, but it's kind of like a workforce use case, but I think people building these systems and getting the benefit from that is really exciting.

所以這有點像你建立某個東西並且你是一名開發人員，你正在公開 API，你正在進行細粒度的授權。您正在使用另一個平台，或建立自己的代理 AI 平台，並且必須與這些系統和 API 對話，以便代表使用者執行操作。所以你是一名開發人員，但這有點像勞動力用例，但我認為建立這些系統並從中受益的人真的很令人興奮。

Keith Bachman, BMO.

基思·巴赫曼，BMO。

Just also want to congratulate you, specifically on the cash flow. It looked really impressive in the guide likewise.

我也想祝賀你，特別是在現金流方面。它在指南中同樣看起來確實令人印象深刻。

Keith, we were a rule of 54 in Q4. I just want to say thank you, Keith, for noticing. We do a bunch of questions to get to that. 42%, that was a --

基思，我們在第四季的規則是 54 條。我只是想對 Keith 說聲謝謝，謝謝你注意到了。我們問了一系列問題來探討這個問題。 42%，這是--

Todd was mentioning your sales force got well paid. I assume that, Brett, you're going to look for some of that as well based on the cash flow. But moving on to the question, the net retention rate was 107% this quarter. And I know it's sort of a lagging indicator. But as we march through the year, how are you just thinking about it directionally in terms of what's the puts and takes.

托德提到你們的銷售人員薪水很高。布雷特，我認為你也會根據現金流來尋找其中的一些。但繼續回答這個問題，本季的淨留存率為 107%。我知道這是一種落後指標。但隨著我們度過這一年，您如何從投入和產出的角度來思考這個問題。

And particularly, some of the things that you're talking about as it relates to governance and some of the upsell opportunities, it would seem to me that we're hearing that you're gaining more traction, so to speak, in governance, if that would be a source of upside tension as we progress through the year and you anniversary some of the headwinds. But just to talk a little bit about the net retention rate.

特別是，您談到的一些與治理和一些追加銷售機會有關的事情，在我看來，我們聽說您在治理方面獲得了更多的牽引力，可以這麼說，如果這將成為我們在今年進展過程中上行壓力的來源，並且您會週年紀念一些逆風。但我只想稍微談談淨留存率。

Yes. Thanks, Keith, for that question. So as you know, we did expect it to go down into this range on the back of healthy gross retention. From here, for the balance of FY26, what our model suggests is roughly in this range, maybe plus or minus a point in either direction really depends on new business versus upsell mix. So that's where we're seeing it for the balance of FY26.

是的。謝謝 Keith 提出這個問題。因此，如您所知，我們確實預計在健康的總保留率的支持下，它會下降到這個範圍內。從現在開始，對於 FY26 的餘額，我們的模型建議大致在這個範圍內，可能在任何一個方向上加或減一個點，實際上取決於新業務與追加銷售組合。這就是我們對 26 財年餘額的看法。

Roger Boyd, UBS.

瑞銀（UBS）羅傑·博伊德（Roger Boyd）。

Awesome. I'll echo my congrats as well. Brett, just a quick one. You mentioned, I think, record sales productivity in the quarter. Just wondering how you're thinking about go-to-market capacity into fiscal '26. And to what extent are you seeing opportunity to invest behind some of that strength, especially as you think about kind of the sales specialization from here?

驚人的。我也會表達我的祝賀。布雷特，我只想問一個簡單的問題。我認為您提到了本季創紀錄的銷售生產力。只是想知道您如何考慮 26 財年的市場進入能力。您在多大程度上看到了在這些優勢背後進行投資的機會，尤其是當您考慮這裡的銷售專業化時？

Yes. We feel good about the capacity where it is today. We feel we're in a really good spot. We want to make sure we find that right balance between having enough capacity to grow as fast as possible, but also having a bunch of very productive reps. We don't want to get too much in one direction or the other. We want to make sure the porridge is just right. So we feel good with where we are right now.

是的。我們對目前的產能感到滿意。我們覺得我們目前處境非常好。我們希望確保找到適當的平衡點，既擁有足夠的能力以盡快發展，又擁有一批非常有效率的銷售代表。我們不想在某個方向上走得太遠。我們要確保粥的口味適宜。所以我們對於目前的狀況感到很滿意。

Rudy Kessinger, D.A. Davidson.

凱辛格（Rudy Kessinger），地方檢察官戴維森。

On the sales productivity, could you just talk about it relative to, I guess, where you guys were at pre-dose integration, like where you guys are running now? And what level of productivity gains are you baking into the fiscal '26 guide.

關於銷售效率，您能否談談相對於您在劑量整合之前的狀況，例如您現在的狀況？您在 26 年財政指南中考慮了什麼程度的生產力成長？

And then again, I'll add my congrats, very, very strong quarters here, the cRPO growth acceleration, et cetera. Just the strength you saw in the quarter. I know Q1 is a smaller quarter rolling a month into it, but have you seen that momentum continue thus far in Q1? And just what are you seeing quarter-to-date?

然後，我再次表示祝賀，這裡的季度非常非常強勁，cRPO 成長加速，等等。您在本季看到的正是這種強勁勢頭。我知道第一季的規模比第一季小了很多，但您是否看到這種勢頭在第一季得以延續？那麼本季迄今您看到了什麼情況？

Yes. In terms of productivity, it was really good. And I can't give you a compare back to those timeframes. But it was really good. We talked about multiyear high.

是的。從生產力方面來看，它確實很好。我無法給你與這些時間表的比較。但它確實很好。我們談論的是多年來的最高紀錄。

Really pleased with how things came out. In terms of your question on Q1, look, I mean I think we talked about earlier, Q1's usually are seasonally lowest and the reason why is we're getting accounts in the right places, territories in the right places. We have our sales kickoff. So February doesn't typically offer too much for us in terms of information. And so we obviously got a long ways to go for the quarter and are excited about the quarter.

我對事情的結果非常滿意。關於您關於第一季度的問題，看，我的意思是，我想我們之前談過，第一季通常是季節性最低的，原因是我們在正確的地方、在正確的地方的地區獲得了帳戶。我們的銷售活動已啟動。因此二月通常不會提供我們太多的資訊。因此，我們顯然在本季度還有很長的路要走，我們對本季感到興奮。

People were very excited at the kickoff.

開球時人們非常興奮。

Yes. That's a good point.

是的。這是一個很好的觀點。

Yes, that's not nothing.

是啊，那不是沒什麼。

Kevin Niederpruem, (inaudible)

凱文·尼德普魯姆，（聽不清楚）

David, that was pretty good for your first time. Tough last name. I guess I have two quick questions for you. The first one is, in this quarter, were there any large one-off deals that led to the outperformance? Or did the environment really inflect?

大衛，作為你的第一次，這已經很不錯了。很難聽的姓氏。我想我有兩個快速問題想問您。第一個問題是，本季是否有任何一次性大型交易推動公司表現優異？或者環境確實發生了變化？

And then I guess my second question is looking into the future. Are these trends that you saw in 1Q? Are they sustainable? Or what should we expect so that the Street can kind of reset their models going forward?

我想我的第二個問題是展望未來。這些趨勢是您在第一季看到的嗎？它們是否可持續？或者我們應該期待什麼，以便華爾街能夠在未來重置他們的模型？

Yes. I mean, I'll take the first part, and Todd, you can add in how you see fit, which is -- we had a lot of big deals. There wasn't any one single deal that was outsized relative to the rest, but we had a lot of big deals. That's why we gave you the stat of top 25 deals over $320 million in total contract value. So as it goes back to really the -- all the work we put in throughout FY25, whether it be new product introduction, which we've talked about, enhancing partners, further specializing the field, doubling down on security. These are all things that helped us build towards this Q4 that was so successful.

是的。我的意思是，我會選擇第一部分，托德，你可以根據自己的需求添加內容，也就是說——我們有很多大交易。沒有任何一筆交易相對於其他交易規模龐大，但我們有許多大交易。這就是我們為您提供總合約價值超過 3.2 億美元的前 25 筆交易統計數據的原因。所以，回到真正的問題——我們在整個 25 財年投入的所有工作，無論是推出我們已經討論過的新產品，還是加強合作夥伴、進一步專業化該領域，還是加倍加強安全性。這些都是幫助我們如此成功的第四季的因素。

Yes. Just from a like a culture and a leadership perspective, we are here to build a large, growing important company. So we expect more and more quarters like this. I think this was a blowout, so it's tough to repeat this exactly, but this is the expectation we have. We're not here to build a slow-growing company.

是的。僅從文化和領導力的角度來看，我們就是要打造一家大型的、不斷發展的重要公司。因此，我們預計這樣的季度還會越來越多。我認為這是一場大勝，因此很難準確地重複這一點，但這是我們的期望。我們並不是來創造一家緩慢成長的公司。

We're here to build a company that's changing the industry and going to really solve this problem of identity security and help companies achieve their objectives and free them to use any technology. So that's what we're obsessed with doing and that's what we show up every day, working hard trying to do.

我們的目標是創建一家能夠改變行業的公司，真正解決身分安全問題，幫助公司實現目標，並讓他們自由使用任何技術。這就是我們熱衷的事情，也是我們每天都在努力嘗試的事情。

Peter Levine.

彼得·萊文。

(inaudible) here. Maybe just one. What are you seeing in terms of like the ratio of like nonhuman AI agents to employees? And I ask -- I guess, I want to understand like the pricing model and perhaps when you're talking to your customers, what are they willing to pay for? It's 1 to 5 or 1 to 40. Just curious to know how you price that? And when do you think it will become maybe accretive to your top line?

（聽不清楚）在這裡。也許只有一個。您看到的非人類人工智慧代理與員工的比例是多少？我問—我想了解定價模式，也許當您與客戶交談時，他們願意支付什麼費用？是 1 比 5 或 1 比 40。只是好奇想知道您如何定價？您認為什麼時候它才可能為您的營業收入帶來增值？

Yes. One of the things that we don't have today is the industry doesn't have a way to like identify an agent. I don't mean in the sense of like authenticating or validated agent. I mean to actually a universal vernacular for how to record an agent, how to track it and how to account for it. And so I think that's something you'll see coming.

是的。目前我們面臨的一個問題是，業界缺乏一種辨識代理商的方法。我的意思並不是指認證或確認代理的意思。我的意思實際上是關於如何記錄代理、如何追蹤代理以及如何解釋代理的通用術語。所以我認為這是你會看到的事情。

You'll see there will be actually a type of account, an Okta that's an agent account. You'll see companies starting to -- when they buy software, they say, hey, I buy these many people and these many agentic licenses. And that's not quite there yet. Of course, platforms that are coming out with agent versions have this to some degree, but there isn't a common cross-company, cross enterprise definition of an agent, which is an interesting opportunity for us actually. We do know in the business today, there is a significant amount of -- there's significantly more machine-to-machine interactions, Forget about agents.

你會發現實際上有一種帳戶類型，Okta，即代理帳戶。你會看到公司開始——當他們購買軟體時，他們會說，嘿，我買了這麼多人和這麼多代理商許可證。但目前還沒有完全實現。當然，推出的具有代理版本的平台在某種程度上具有這一點，但是並沒有一個跨公司、跨企業的通用代理定義，這對我們來說實際上是一個有趣的機會。我們確實知道，在當今的商業中，有大量的——機器對機器的交互明顯增多，忘記代理吧。

There's a lot of API calls and a lot of tokens and a lot of API access management that's done on the Auth0 platform and the Okta platform. And like I said, I think that's -- the machine part of that with agents could increase by two orders of magnitude, the potential is that high.

在 Auth0 平台和 Okta 平台上完成了許多 API 呼叫、很多令牌以及許多 API 存取管理。正如我所說的，我認為，具有代理的機器部分可以增加兩個數量級，潛力非常高。

Matt Hedberg at RBC.

加拿大皇家銀行的 Matt Hedberg。

Todd, like, I think a lot of us are just sitting back here kind of seeing all the opportunities that you guys have here. And the questions that I'm getting from my inbox is like there's a lot that we can think about in terms of fiscal '26 and beyond. And again, just kind of get to the question of picking your favorite child. But between like all of the catalysts that you've got going here, we're sitting here 12 months from now.

托德，我想我們很多人只是坐在這裡看著你們在這裡擁有的所有機會。我從收件匣中收到的問題是，關於 26 年財政年度及以後，有許多問題值得我們思考。再次，回到選擇你最喜歡的孩子的問題。但是，就像您在這裡遇到的所有催化劑一樣，從現在起 12 個月我們就要面臨這樣的情況了。

Large enterprise.

大型企業。

Large enterprise success. Okay.

大型企業的成功。好的。

Yes, sorry, I don't mean to cut you off, but I think the answer is so clear in my mind. But as I work on these big transformative deals with these customers, it's just different than it was a year ago and two years ago. You can see the products are there. You can see the buyers are ready. You can see the partners I work on these big deals with these global systems integrators and they're turning their whole practices to security and to modern identity.

是的，抱歉，我不是故意打斷你，但我認為答案在我心裡已經很清楚了。但當我與這些客戶進行這些重大轉型交易時，情況與一年前和兩年前有所不同。您可以看到產品就在那裡。你可以看到買家已經準備好了。您可以看到，我與這些全球系統整合商在這些大交易上的合作夥伴正在將他們的整個實踐轉向安全和現代身份。

They're done with the whole we're going to install software to manage your identity, that's out. They need a cloud solution. And we're the only game in town. Unless you want to go with Microsoft and just kind of wrap your entire company up in one company, which none of these large enterprises can do. I mentioned this global technology company.

他們已經完成了全部工作，我們將安裝軟體來管理您的身份，這已經完成了。他們需要一個雲端解決方案。我們是城裡唯一的遊戲。除非你想與微軟合作，將整個公司整合到一家公司中，但這些大型企業都做不到這一點。我提到了這家全球科技公司。

They have an E5 license. So Microsoft is licensed to them every identity product they had, didn't matter because they're not going to wind their whole future around Microsoft. They have three infrastructure clouds. They have these companies. The complexity and the expense of what their identity challenges are as far beyond what one company that's not focused on it can do. And we're the only game in town.

他們有 E5 許可證。因此，微軟授權他們擁有他們擁有的每一款身分識別產品，但這並不重要，因為他們不會將自己的整個未來交給微軟。他們有三個基礎設施雲端。他們有這些公司。他們所面臨的身份挑戰的複雜性和成本遠遠超出了一家不專注於此的公司的能力。我們是城裡唯一的遊戲。

We have the cloud version, virgin have all the parts of the suite. So yes, when we're talking in a year, if I'm off to something and not large enterprise, then you can call me on it.

我們有雲端版本，Virgin 擁有該套件的所有部分。所以是的，當我們在談論一年後的時候，如果我要去做某事而不是大型企業，那麼你可以打電話給我。

I would just add to that, Matt, in the sense of like think about what we told you probably four or five quarters ago, there are four things we're going to work on: security, new products, partners, further specializing. We're going to keep working on all those things because that's what will drive what Todd just talked about. So it worked in Q4. We believe those are the right vectors of growth for us. We will continue to do those things to be able to capture the opportunity as fast as possible.

馬特，我只想補充一點，回想一下我們四、五個季度前告訴你的事情，我們將致力於四件事：安全、新產品、合作夥伴、進一步專業化。我們將繼續致力於所有這些事情，因為這正是托德剛才談到的動力。因此它在第四季度發揮了作用。我們相信，這些都是我們正確的成長方向。我們將繼續做這些事情，以便盡快抓住機會。

Patrick Colville, Scotiabank.

加拿大豐業銀行的派崔克‧科爾維爾。

So I guess let me just sneak two quickies in. I mean if I look back at this quarter and last, the cRPO beats got significantly larger, and you said this was a blowout quarter, but I guess, how should we think about the guidance philosophy, Brett, for cRPO beats heading into 2025?

所以我想讓我偷偷地快速做兩件事。我的意思是，如果我回顧本季和上一季度，cRPO 節拍明顯更大，你說這是一個井噴式增長的季度，但我想，我們應該如何看待 2025 年 cRPO 節拍的指導理念，Brett？

And then Todd, I guess just for you. Most of your prepared remarks were actually about the workforce business, but the disclosure you guys gave around kind of ACV growth, it looks like actually customer density was the real strength in 4Q with ACV growing 16%. So I guess, just talk to us about, like, well, why do you sound so pumped in the prepared remarks about workforce, what it seems like the customer business is actually what's really kind of the rocket ship right now?

然後托德，我想這只是為了你。你們準備的大部分演講實際上都是關於勞動力業務的，但你們披露的有關 ACV 增長的信息顯示，實際上客戶密度才是第四季度的真正優勢，ACV 增長了 16%。所以我想，只需與我們討論一下，例如，為什麼您在關於勞動力的準備好的發言中聽起來如此興奮，看起來客戶業務實際上就像現在的火箭飛船一樣？

I'll take the first, which was around the guidance philosophy. Like we talked about last time, last quarter, we talked about reducing the level of conservatism in the model. Now we had a blowout quarter. I can only do so much and we're going to close as much business as we possibly can. And if it blows up, the guidance philosophy in this situation, I'm happy to have that problem. But you can see the guidance philosophy in action in a sense that we had a very large quarter and you see the revenue growth going up by a very significant amount, going from 7% to 10%, a raise of $80 million, and we're giving it to you right there.

我將談論第一個問題，即指導理念。就像我們上次、上個季度討論的那樣，我們討論了降低模型中的保守程度。現在我們迎來了一個爆發性成長的季度。我只能做這麼多，我們將盡可能結束業務。如果它爆炸了，在這種情況下的指導哲學是，我很高興有這個問題。但你可以看到指導理念在發揮作用，我們度過了一個非常大的季度，你看到收入成長率非常顯著，從 7% 上升到 10%，增加了 8000 萬美元，我們就在這裡把它提供給你。

So in other words, whatever that upside, the big upside you saw, you're seeing it reflected in our guidance immediately. So that is going to be our strategy going forward and our philosophy going forward, and I'll let Todd talk about the growth rates.

換句話說，無論您看到什麼樣的好處，多大的好處，您都會立即看到它反映在我們的指導中。這就是我們未來的策略和理念，我會讓托德來談談成長率。

Yes. I think both Auth0 and Okta had really strong quarters. The Auth0 quarter was the biggest ever. So I don't -- my remarks maybe weren't accurate in the sense that I want to reflect the strength in both of those respective businesses that I worked very closely. I've mentioned a few times on the call this Fortune 500 tech company with a big workforce deal.

是的。我認為 Auth0 和 Okta 本季表現都非常強勁。Auth0 本季的業績是有史以來最大的。因此，我的言論可能並不準確，因為我想反映出我密切合作的這兩個業務的實力。我在電話會議上多次提到過，這家財富 500 強科技公司有一項重大的勞動力交易。

I also worked on a name brand, global food and beverage company that bought Auth0 to be the front door login for their entire mobile app, which has huge volume. So there's success on both sides. And I think it gives us a diversity in the business that is really powerful, really gets us that seat at the table to help customers with these strategic problems. It gives us credibility. It gives us scale.

我還曾在一家名牌全球食品飲料公司工作過，該公司購買了 Auth0 作為其整個行動應用程式的前門登錄，該應用程式的數據量龐大。因此，雙方都獲得了成功。我認為這為我們的業務帶來了真正強大的多樣性，讓我們有機會幫助客戶解決這些策略問題。它給了我們信譽。它為我們提供了規模。

I mean, when we talk about the cash flow and the Rule of 54 million and the over $700 million of cash generated last year, it's because of the scale. I mean we spent 16 years building this business that has amazingly loyal, happy customers. So it gives us the opportunity to provide -- do all the work we've done in security and do all the product innovation at the same time, generate a lot of cash. So it's a good position to be in going forward.

我的意思是，當我們談論現金流和 5,400 萬條規則以及去年產生的 7 億多美元現金時，這是因為規模。我的意思是，我們花了 16 年的時間來打造這家擁有極度忠誠、滿意的客戶的企業。因此，它為我們提供了提供所有安全工作的機會，同時進行所有產品創新，並賺取大量現金。因此，這對於未來的發展來說是一個很好的位置。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

Congrats on the quarter from our end as well. Two questions here. But first on the OIG. Just wanted to make sure we're all going to be running our numbers now on $100 million in ACV versus the 1,300 customer count. If we're to call it about $75,000 per customer, does that -- is that a fair assessment of what customers are paying you currently for OIG? Or is that skewed by any of your power customers, like the big power users in that second --

我們也對本季的業績表示祝賀。這裡有兩個問題。但首先要談的是 OIG。只是想確保我們現在能夠根據 1 億美元的 ACV 和 1,300 名客戶的數量來計算我們的數字。如果我們將每位客戶的費用定為 75,000 美元左右，這能公平評估客戶目前為 OIG 支付的費用嗎？或者這是由你的任何電力客戶造成的，例如第二大電力用戶--

That's a good average. Yes. I mean obviously, there's some big ones and some small ones, but it's a good average.

這是一個不錯的平均值。是的。我的意思是，顯然有大的，有小的，但這是一個很好的平均值。

And then the second piece is the AWS stat that we got today, solid growth if I'm running the numbers on my side, is that now north of 10% of Okta's ACV? Have we reached that threshold yet?

然後第二部分是我們今天獲得的 AWS 統計數據，如果我按照我這邊的數字來計算，那就是穩定成長，現在是否超過了 Okta 的 ACV 的 10% 呢？我們已經達到這個門檻了嗎？

It's a growing percentage. It is definitely, as you saw, the 80% revenue growth in FY25. I mean it's definitely getting big now, which is one of the reasons why we're so excited about it, why we're one of the partners of the -- we were the partner of the year. So we're -- yes, we're excited about that opportunity as part of the four that we've talked about, right? It's under the partnership umbrella that we talked about throughout this call.

這一比例還在不斷增加。正如您所看到的，25 財年的營收成長確實達到了 80%。我的意思是，它現在肯定越來越大了，這也是我們如此興奮的原因之一，也是我們成為年度合作夥伴之一的原因。所以我們 - 是的，我們對這個機會感到非常興奮，它是我們談到的四個機會之一，對嗎？它屬於我們在整個通話過程中討論的合作夥伴關係範疇。

Fatima Boolani, Citi.

花旗銀行的 Fatima Boolani。

Todd, I wanted to go back to something you mentioned with regards to launch week where there was a dedicated SIEM product now for the US public sector. So you gave us a lot of good reasons appreciate why you won't be sort of victimized by the DOGE effort mandates. And that's pretty compelling.

托德，我想回到你提到的有關發布週的事情，現在有一款專門針對美國公共部門的 SIEM 產品。所以你給了我們很多很好的理由來解釋為什麼你不會成為 DOGE 努力授權的受害者。這是非常引人注目的。

The efficiency has no victim. Efficiency --

效率沒有受到影響。效率--

And so just with regards to the opportunity for the customer identity-centric solutions, do you largely see that as a greenfield opportunity? I mean, certainly, we're big consumers and I'm a big consumer of government services. So what does that opportunity look like today between DIY and for other kind of commercial competitors? And why continue to double down on investments?

那麼，就以客戶身分為中心的解決方案的機會而言，您是否主要將其視為一個嶄新的機會？我的意思是，當然，我們是大消費者，我也是政府服務的大消費者。那麼，如今 DIY 和其他類型的商業競爭對手之間的機會是什麼樣的呢？為什麼要繼續加倍投資？

Yes. I mean it's a huge market, and it's -- we've seen success in the business. We did the ACV growth rates. We've released ACV growth rates. The ACV growth is faster than the workforce business at 16%, I believe, was the ACV stat we released.

是的。我的意思是，這是一個巨大的市場，我們已經看到了該業務的成功。我們計算了 ACV 的成長率。我們已經發布了 ACV 成長率。我認為，ACV 的成長速度比勞動力業務的成長速度快 16%，這是我們發布的 ACV 統計數據。

I think if you go back the last three years, you've done great work following us, Fatima, for a few years now. And I think what you're seeing now is almost kind of a resurgence of the workforce business in our own minds and our own psychologies. For a long time, we thought that this customer opportunity is so big, so massive let's focus on that and maybe let's not focus as much on the workforce business.

我想，如果回顧過去三年，法蒂瑪，你跟隨我們幾年來已經做得很好了。我認為，您現在看到的幾乎是我們思想和心理中勞動力業務的復興。長期以來，我們都認為這個客戶機會如此之大，如此巨大，我們應該把重點放在這個上面，而不要過度關注勞動力業務。

I think what you're seeing is us realizing that, that business is big as well and with the security initiatives and how identity is really the center of security these days and how you have to have identity in place to get good security outcomes. I think you see us talking about that more, but that doesn't belie the fact that whether it's government or whether it's tech companies, SaaS companies, whether it's companies in other industries, this infrastructure and how they authenticate users and where the -- another big deal in Q4 was -- we're the, by far, the leader in authenticating the chatbots.

我想您所看到的是我們意識到這個業務也很大，並且隨著安全舉措的實施，身份識別如今已成為安全的中心，您必須擁有身份識別才能獲得良好的安全結果。我想你會看到我們更多地談論這個，但這並不能掩蓋這樣一個事實：無論是政府還是科技公司、SaaS 公司，無論是其他行業的公司，這種基礎設施以及他們如何驗證用戶以及第四季度的另一件大事是——我們是迄今為止驗證聊天機器人領域的領導者。

So we basically have all of the leading chatbots out there. Even from some customers that some big companies that might have competing technologies with us on the workforce side. We're the authentication now for all their chatbots. So the opportunity on that side is big and important, and we're trying to capture both of them.

所以我們基本上擁有所有領先的聊天機器人。甚至從一些客戶的角度來看，一些大公司可能在勞動力方面與我們擁有競爭技術。我們現在是他們所有聊天機器人的身份驗證。所以這方面的機會很大、也很重要，我們正努力抓住它們。

Brian Essex, JPMorgan.

摩根大通的布萊恩‧艾塞克斯 (Brian Essex)。

Great to see the monster acceleration on RPO and good acceleration on cRPO as well. I think, Brett, last quarter, on our call back, you noted that part of the reason for this kind of like disparity in the growth rates between the two is that you shifted or you -- could guess, enhanced incentives to sell longer duration contracts. So obviously, if it's not broke, don't fix it.

很高興看到 RPO 上的怪物加速度和 cRPO 上的良好加速度。布雷特，我想，上個季度，在我們回電時，您曾指出，造成兩者增長率如此之大差異的部分原因是您轉移了，或者您可以猜測，增強了出售長期合約的激勵。顯然，如果它沒有壞，就不要修理它。

But maybe for Todd, can you help us understand what some of the conversations with enterprises are like there with regard to those longer-term contracts? What are their incentives? And how much visibility does this give you kind of and cRPO acceleration, for example, as those longer-duration contracts amortize into the current category.

但是對於托德來說，您能否幫助我們了解與這些長期合約相關的一些企業對話的情況？他們的動機是什麼？例如，當那些較長期限的合約攤銷到當前類別時，這會為您帶來多少可見性和 cRPO 加速。

Yes. The conversations are -- I think it's a sign of the displacements, like how many products they're displacing. They realize that if they're going to bet on a vendor that's going to replace 10, 15 -- literally 25, 30 products, it's crazy how many identity products these big companies have. In many cases, it's the same product in multiple divisions or it's the same infrastructure customized different ways.

是的。這些對話——我認為它是取代的標誌，就像它們取代了多少產品一樣。他們意識到，如果他們要押註一個可以取代 10、15 — — 確切地說是 25、30 種產品的供應商，那麼這些大公司擁有的身份產品數量之多簡直令人難以置信。在許多情況下，多個部門生產相同的產品，或以不同的方式客製化相同的基礎設施。

So when you have that kind of conversation, Brian, they're much more apt to sign up for a longer term just because they -- think about it, they have a big GSI and they're thinking about replacing it and they have a multiyear timeframe and they're -- it's like the mindset upfront is like this is a strategic platform versus another thing that might be more tactical and okay, we'll commit to a year and we'll see what it's like. And I think that's the biggest thing I'd call out there.

因此，當你進行這樣的對話時，布萊恩，他們更傾向於簽署一份更長的合同，因為他們——想想看，他們有一個大型 GSI，他們正在考慮更換它，他們有一個多年的時間框架，他們——就像前期的思維模式一樣，這是一個戰略平台，而不是另一個可能更具戰術性的東西，好吧，我們會承諾一年，看看它是什麼樣的。我認為這是我要強調的最大問題。

Peter Weed, Bernstein.

彼得威德、伯恩斯坦。

Congrats on the continued progress. I'm obviously really excited like many people around maybe the expansive opportunity that kind of agentic identity provides. I think today, in the market, it's probably modestly adopted as an opportunity.

祝賀您不斷取得進步。我顯然和周圍的許多人一樣對這種代理身份所提供的廣闊機會感到非常興奮。我認為今天在市場上它可能被適度地視為一個機會。

Yes, I think you're already seeing really great traction. When you kind of look forward at the pipeline of customer demand for this and where this could get to how material could the scale of this be relative to the number of workers that you cover or these types of things when we start to think about there? Or is it possible here?

是的，我認為你已經看到了巨大的吸引力。當您展望客戶對此的需求管道，以及這將達到何種程度時，當我們開始思考這些事情時，其規模相對於您所涵蓋的工人數量或這些類型的事情會有多大？或者這裡可以嗎？

I think it could be massive. And I think what we can potentially -- we have more work to do and talk -- we got to give you folks more details about our plans there, and we'll do that. We have our showcase event coming up in April. We'll talk more about this. But we can monetize it on both side, meaning people building the agents and people using the agents.

我認為它可能會非常巨大。我認為，我們還有更多的工作要做、要談，我們必須向大家提供有關我們計劃的更多細節，我們會這樣做。我們的展示活動將於四月舉行。我們將會進一步討論這個問題。但我們可以從雙方（即建立代理的人和使用代理的人）的角度將其貨幣化。

The agents have to log in and they have to log into something. So I think it's potential to monetize it on both sides. But whatever we do here, I think it's going to be like everything we do. It's going to be pre-integrated. It's going to be across all different kinds of technology. It's not going to be tied up to one cloud or one app or one collaboration tool or one chatbot, it's going to be very neutral and independent. I think that's what customers want.

代理必須登錄，他們必須登入某個東西。所以我認為雙方都有可能將其貨幣化。但無論我們在這裡做什麼，我認為它都會像我們所做的一切一樣。它將被預先整合。它將涉及各種不同的技術。它不會被綁定到某個雲端、某個應用程式、某個協作工具或某個聊天機器人，它將非常中立且獨立。我認為這正是顧客想要的。

Andrew Nowinski, Wells Fargo.

富國銀行的安德魯‧諾溫斯基 (Andrew Nowinski)。

Todd, I think your comments on the importance of a platform is like an itch that customers have had for many years but could never scratch. So it makes sense that you're seeing customers gravitate toward this platform. But when we look at the new components of that platform, OIG and PAM, it does seem like those are maybe more large customer tools. I'm just wondering if you think the OIG and PAM solutions are applicable to your entire installed base? Or are they more targeted at those larger customers? And same thing on the platform sale, is that more of a large customer?

托德，我認為你關於平台重要性的評論就像客戶多年來一直存在但始終無法解決的癢癢的地方。因此，看到客戶逐漸傾向於使用這個平台是有道理的。但是，當我們查看該平台的新組件 OIG 和 PAM 時，我們確實發現它們可能更像是大型客戶工具。我只是想知道您是否認為 OIG 和 PAM 解決方案適用於您的整個安裝基礎？還是他們更針對那些大客戶？平台銷售也是一樣，這是否更像是個大客戶？

I think that's the reason. I don't think that impression is right. And I think the reason why people have that misimpression is that PAM market and governance market the products were so hard to install and configure and put on-premise, that that's why large companies use them. I think now that we've made it so easy and integrated and accessible, I think that's why you're going to see this greenfield opportunity really blossom. It's very similar, like Brett was saying earlier, this is how we did access management. When we started OKTA, it was like, oh, just make it really easy for smaller companies that are adopting a bunch of SaaS apps, and they want to hook it up to active directory on-prem, make it super easy.

我想這就是原因。我認為這個印像是錯的。我認為人們之所以有這種誤解是因為 PAM 市場和治理市場的產品很難安裝、配置和部署，所以大公司才會使用它們。我認為現在我們已經讓它變得如此簡單、一體化和易於訪問，我認為這就是為什麼你會看到這個綠地機會真正蓬勃發展。這非常相似，就像 Brett 之前所說的那樣，這就是我們進行存取管理的方式。當我們啟動 OKTA 時，我們想，哦，這讓那些採用大量 SaaS 應用程式的小型公司能夠輕鬆使用它，他們希望將其連接到本地活動目錄，讓一切變得非常簡單。

And then you work really hard for 5 years and 7 years and 10 years and pretty soon it's like you really find yourself somewhere. And I think we're going to see the same thing here. We're going to work hard on this. We've been at it for really 3.5 years now consistently working on it, stay and applied, not get distracted. The team's cranking, customers driving success, and you're going to see the same thing blossom here on this unified platform over the next few years.

然後你努力工作 5 年、7 年、10 年，很快你就會找到自己的定位。我認為我們會看到同樣的事情。我們將為此努力。我們實際上已經為之奮鬥了 3.5 年，始終如一地努力、堅持、應用，從未分心。團隊不斷努力，客戶不斷推動成功，未來幾年，你會看到同樣的事情在這個統一的平台上蓬勃發展。

Excellent. Thanks for everybody's patience, and I appreciate you going along with this year. Before we go, I just want to let investors know that in addition to hosting on-site virtual busters, we'll be attending the Morgan Stanley conference in San Francisco this Wednesday, KeyBanc conference in San Francisco this Wednesday as well, the Susquehanna Virtual Conference on Thursday, March 6, the Evercore Cyber Security Summit in New York City on April 1, the Wells Fargo Software Symposium in Menlo Park here in California on April 10. So we hope to see you at one of those events, and we'll talk to you then. Thank you.

出色的。感謝大家的耐心，感謝大家今年的堅持。在我們離開之前，我只想讓投資者知道，除了舉辦現場虛擬會議之外，我們還將參加本週三在舊金山舉行的摩根士丹利會議、本週三在舊金山舉行的 KeyBanc 會議、3 月 6 日星期四舉行的 Susquehanna 虛擬會議、4 月 1 日在紐約市舉行的 Evercore 網路安全峰會、4 月 10 日在加利福尼亞州門洛帕克軟體舉辦的富國門洛軟體。因此我們希望在某次活動中見到您，然後我們會與您交談。謝謝。

Thanks, everyone.

謝謝大家。