Okta Inc (OKTA) 2026 Q1 法說會逐字稿

(video playing) Hi, everyone. Welcome to Okta's first quarter of fiscal 2026 earnings webcast. I'm Dave Generali, Senior Vice President of Investor Relations at Okta.

（影片播放）大家好。歡迎收聽 Okta 2026 財年第一季財報網路廣播。我是 Okta 投資者關係資深副總裁 Dave Generali。

Presenting in today's meeting will be Todd McKinnon, our Chief Executive Officer and Co-Founder; and Brett Tighe, our Chief Financial Officer. Eric Kelleher, our President and Chief Operating Officer will join the Q&A portion of the meeting. At around the same time that the earnings press release hit the Wire, we posted supplemental commentary to our IR website.

今天會議的發言者是我們的執行長兼聯合創始人 Todd McKinnon 和我們的財務長 Brett Tighe。我們的總裁兼營運長 Eric Kelleher 將參加會議的問答環節。在收益新聞稿在 Wire 上發布的同時，我們在我們的 IR 網站上發布了補充評論。

Today's meeting will include forward-looking statements pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding our financial outlook and market positioning.

今天的會議將根據 1995 年私人證券訴訟改革法案的安全港條款做出前瞻性聲明，包括但不限於有關我們的財務前景和市場定位的聲明。

Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Forward-looking statements represent our management's beliefs and assumptions only as of the date made. Information on factors that could affect 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-K.

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所表達或暗示的結果、績效或成就有重大差異。前瞻性陳述僅代表我們管理階層截至作出之日的信念和假設。有關可能影響我們財務表現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-K 表中標題為「風險因素」的部分。

In addition, during today's meeting, we'll discuss non-GAAP financial measures, though we may not state it explicitly during the meeting, all references to profitability are non-GAAP. These non-GAAP financial measures are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. The reconciliation between GAAP and non-GAAP financial measures and the discussion of the limitations of using non-GAAP measures versus their closest GAAP equivalents are available in our earnings release.

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，但所有提及獲利能力的指標都是非公認會計準則。這些非 GAAP 財務指標是依照 GAAP 編製的財務績效指標的補充，而非替代或優於這些指標。我們的收益報告提供了 GAAP 和非 GAAP 財務指標之間的對帳以及使用非 GAAP 指標相對於最接近的 GAAP 指標的局限性的討論。

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 growth changes as we discuss our financial performance. And unless otherwise noted, each such reference represents a year-over-year comparison.

您還可以在我們的補充財務資料中找到更詳細的信息，其中包括我們投資者關係網站上發布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位成長變化。除非另有說明，每個參考值均代表同比變化。

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 thank you everyone for joining us this afternoon. We had a solid start to FY26 highlighted by continued strength with large customers Auth0, new product contribution, strong cash flow and record profitability. Brett will cover more of the Q1 financial highlights and I'm going to cover product innovation, our recent showcase event and the latest with the Okta Secure Identity Commitment.

謝謝，戴夫，也謝謝大家今天下午加入我們。我們在 2026 財年取得了良好的開端，突顯出在大客戶 Auth0 的持續強勁發展、新產品的貢獻、強勁的現金流和創紀錄的獲利能力。布雷特將介紹更多第一季的財務亮點，而我將介紹產品創新、我們最近的展示活動以及 Okta 安全身分承諾的最新動態。

New products such as Okta Identity Governance, Okta Privileged Access, Okta Device Access, Fine Grained Authorization, Identity Security Posture Management and Identity Threat Protection with Okta AI had another quarter of strong contribution. Our combined governance portfolio of Okta Identity Governance, lifecycle management and workflows has grown substantially over the past few years.

Okta Identity Governance、Okta Privileged Access、Okta Device Access、Fine Grained Authorization、Identity Security Posture Management 和帶有 Okta AI 的身份威脅防護等新產品在另一個季度做出了強勁貢獻。在過去幾年中，我們的 Okta 身分治理、生命週期管理和工作流程綜合治理組合得到了大幅成長。

With strong adoption of our governance products, Okta is becoming even more valuable and integrated into our customers' IT infrastructure and security posture. This is evidenced by the massive growth that we've experienced in workflow executions, which have increased nearly 400% over the past three years to nearly $40 billion in March alone.

隨著我們治理產品的廣泛採用，Okta 變得更加有價值，並融入我們客戶的 IT 基礎架構和安全態勢中。我們在工作流程執行方面所經歷的巨大成長證明了這一點，在過去三年中，工作流程執行成長了近 400%，光是 3 月就達到近 400 億美元。

OIG has been a tremendous success to date. We are hearing from partners and industry analysts that OIG is now ready to hit mainstream adoption, especially with recently delivered key capabilities like separation of duties and on-prem connector. These new capabilities helped with great customer wins in Q1, like the Global 2000 insurance company noted in our posted commentary.

迄今為止，OIG 已經取得了巨大的成功。我們從合作夥伴和產業分析師那裡聽說，OIG 現在已經準備好進入主流應用，特別是最近提供的職責分離和內部連接器等關鍵功能。這些新功能有助於在第一季贏得大量客戶，正如全球 2000 強保險公司在我們發布的評論中指出的那樣。

As cyber threats evolve, identity remains the first line of defense. That's why innovation at Okta never stops. In early April, we hosted a showcase, which is our biggest event outside of Oktane to highlight product innovation. Our newest advancements help organizations protect their employees, customers and AI systems.

隨著網路威脅的不斷演變，身份仍然是第一道防線。這就是為什麼 Okta 的創新永不停止。四月初，我們舉辦了一場展示會，這是我們在 Oktane 之外最大的展示產品創新的活動。我們最新的進步可協助組織保護其員工、客戶和人工智慧系統。

The key themes that showcased this year were, one, how Okta is protecting non-human identities or NHIs, and two, how Auth0 is helping developers build, secure AI agents. NHIs have been around for a long time. What's new is how the recent boom in AI agents has resulted in exponential growth in NHIs. NHIs includes service accounts, shared accounts, machines and tokens.

今年展示的關鍵主題是：一、Okta 如何保護非人類身分或 NHI；二、Auth0 如何幫助開發人員建立安全的 AI 代理。NHI 已經存在很久了。新鮮的是，最近人工智慧代理的蓬勃發展導致了 NHI 的快速增長。NHI 包括服務帳戶、共享帳戶、機器和令牌。

NHIs often operate outside traditional identity governance frameworks and can leave organizations vulnerable to security risks. In fact, last year, only 15% of organizations said they are confident in their ability to secure NHIs.

NHI 通常在傳統身分治理架構之外運作，可能使組織容易受到安全風險的影響。事實上，去年只有 15% 的組織表示他們對自己獲得 NHI 的能力有信心。

Okta addresses this problem with Identity Security Posture Management and Okta Privileged Access. By combining these two products, customers can discover, secure and manage NHIs with an end-to-end secure identity fabric to secure both human identities and NHIs across a single system. This integrated approach protects non-federated and privileged identities, ensuring AI-driven automation, and machine to machine interactions remain governed under zero trust policies while continuously monitoring NHI risks and vulnerabilities across the enterprise.

Okta 透過身分安全態勢管理和 Okta 特權存取解決了這個問題。透過結合這兩種產品，客戶可以使用端到端安全性身分結構來發現、保護和管理 NHI，從而在單一系統中保護人類身分和 NHI。這種整合方法可以保護非聯合和特權身份，確保人工智慧驅動的自動化和機器對機器的互動仍然受到零信任策略的約束，同時持續監控整個企業的 NHI 風險和漏洞。

On the developer side, customers have another compelling reason to adopt Auth0. Auth for GenAI addresses the problem of AI agents creating unsecured NHIs by enabling developers to integrate secure identity into their Gen AI applications. This helps ensure that AI agents have built-in authentication, fine grained authorization, Async workflows and secure API access.

從開發人員的角度來看，客戶還有另一個令人信服的理由來採用 Auth0。Auth for GenAI 透過讓開發人員將安全身分整合到他們的 Gen AI 應用程式中，解決了 AI 代理程式創建不安全 NHI 的問題。這有助於確保 AI 代理具有內建身份驗證、細粒度授權、非同步工作流程和安全 API 存取。

Auth for Gen AI secures AI agents at every step without slowing them down, providing developers with the trusted tools and flexibility they need. The product has had a successful developer preview, and we expect the GA launch this summer. To get all the details of the announcements coming out of Showcase, we encourage you to review the comprehensive summary available on the Investor Relations website.

Auth for Gen AI 在每一步都保護 AI 代理的安全，不會減慢它們的速度，為開發人員提供他們所需的可信工具和靈活性。該產品已成功進行了開發者預覽，我們預計今年夏天將正式發布。為了了解 Showcase 公告的所有詳細信息，我們建議您查看投資者關係網站上提供的綜合摘要。

We also continue to elevate the industry with the Okta Secure Identity Commitment, which is our work to lead the fight against identity-based cyberattacks. In support of this commitment, we're now highlighting the great security work already being done by Okta's threat intelligence team and making their insights more actionable.

我們也繼續透過 Okta 安全身分承諾來提升行業水平，這是我們領導打擊基於身分的網路攻擊的工作。為了支持這項承諾，我們現在強調 Okta 威脅情報團隊已經完成的出色安全工作，並使他們的見解更具可操作性。

With thousands of customers across a multitude of diverse industries, Okta is uniquely able to analyze threat activity. I encourage you to check-out a blog post we shared that highlighted Okta threat intelligence's in-depth research on how adversaries are conducting IT contracting scams using AI and our recommendations to help mitigate these threats.

Okta 擁有來自多個不同行業的數千名客戶，具有獨特的威脅活動分析能力。我鼓勵您查看我們分享的一篇部落格文章，其中重點介紹了 Okta 威脅情報對對手如何使用人工智慧進行 IT 承包詐騙的深入研究以及我們幫助減輕這些威脅的建議。

To wrap things up, we're pleased with the start of the fiscal year and we're excited about the future with our growing portfolio of modern identity solutions. 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 and unified identity security platform in the market today. As always, 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.

總而言之，我們對財政年度的開始感到高興，並且對我們不斷增長的現代身份解決方案組合的未來感到興奮。越來越多的客戶希望整合其分散且低效的身份系統，而 Okta 則透過當今市場上最全面、最統一的身份安全平台來滿足他們的要求。一如既往，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。

Now, here is Brett to cover the financial commentary and talk about how we're positioned for long-term profitable growth.

現在，布雷特將進行財務評論，並討論我們如何實現長期獲利成長。

Thanks, Todd, and thank you, everyone, for joining us today. We posted solid Q1 results with another quarter of exceptional cash flow and record operating profitability and profit margin. My commentary will provide insights to our Q1 financial performance and then move into our outlook for Q2 and FY26.

謝謝，托德，也謝謝大家今天加入我們。我們公佈了穩健的第一季業績，再次實現了卓越的現金流以及創紀錄的營業盈利能力和利潤率。我的評論將為我們第一季的財務表現提供見解，然後介紹我們對第二季和 26 財年的展望。

We entered the first quarter with the previously announced realignment of our go-to-market team, which further specialized our sales force into Okta sellers and Auth0 sellers. While it's still too early to judge the overall success of this realignment, we're encouraged by some of the early signals in the Q1 results, in particular, Auth0 performed quite well, following a record Q4. We were also pleased to see pipeline strengthening throughout March and April.

進入第一季度，我們剛剛宣布了行銷團隊的重組，進一步將我們的銷售團隊專業化為 Okta 賣家和 Auth0 賣家。雖然現在判斷此次調整的整體成功還為時過早，但第一季業績中的一些早期信號令我們感到鼓舞，尤其是繼第四季度創紀錄之後，Auth0 的表現相當出色。我們也很高興看到三月和四月管道不斷加強。

We remain confident that increased go-to-market specialization will yield long-term benefits for Okta and our customers. Adding to our confidence is the recent performance we're seeing in the parts of our business that had already been specialized. At the beginning of last year, we moved the team focused on the US SMB market to a Hunter-Farmer model. That team performed well in Q1 and underscores how specialization can drive improvements over time.

我們堅信，增強市場專業化將為 Okta 和我們的客戶帶來長期利益。我們業務中已經專業化的部分的近期表現增強了我們的信心。去年年初，我們將專注於美國中小企業市場的團隊轉向了獵人-農場主模式。該團隊在第一季表現出色，凸顯了專業化如何能夠推動長期改善。

Another area that has been specialized for some time is the US public sector vertical, which has been an area of strength over the last few years. The strength has been a direct result of Okta's strategic commitment and investments in the US public sector. Our public sector team had a strong Q1 as two of our top three and four of our top 10 deals were in the public sector, including the federal deal we called out in our posted commentary.

另一個專業化一段時間的領域是美國公共部門垂直領域，這是過去幾年來的優勢領域。Okta 的強勁表​​現直接源自於其對美國公共部門的策略承諾和投資。我們的公共部門團隊在第一季表現強勁，因為我們的前三大交易中有兩筆，前十大交易中有四筆是在公共部門，其中包括我們在發布的評論中提到的聯邦交易。

Clearly, there is a lot going on in the US federal vertical, and we are monitoring the developing situation closely. While we anticipate some near-term uncertainty in our federal business, we remain highly confident in the long-term public sector opportunity. That's because Okta delivers the efficiency and security benefits that government agencies require and our FedRAMP High and IL-4 certifications distinguish Okta from the field.

顯然，美國聯邦垂直領域正在發生很多事情，我們正在密切關注事態發展。雖然我們預計聯邦業務近期將面臨一些不確定性，但我們對公共部門的長期機會仍然充滿信心。這是因為 Okta 提供了政府機構所需的效率和安全優勢，而我們的 FedRAMP High 和 IL-4 認證使 Okta 從該領域中脫穎而出。

Now, let's turn to our business outlook for Q2 and FY26. We continue to take a prudent approach to forward guidance that factors in our go-to-market specialization that was rolled out in Q1 of FY26. Additionally, we're now factoring in potential risks related to the uncertain economic environment for the remainder of FY26.

現在，讓我們來看看第二季和 26 財年的業務展望。我們繼續採取審慎的態度製定前瞻性指引，其中考慮到我們在 2026 財年第一季推出的市場專業化策略。此外，我們現在正在考慮與 26 財年剩餘時間不確定的經濟環境相關的潛在風險。

For the second quarter of FY26, we expect total revenue growth of 10%, current RPO growth of 10% to 11%, non-GAAP operating margin of 26% and free cash flow margin of approximately 19%. For the full year FY26, we expect total revenue growth of 9% to 10%, non-GAAP operating margin of 25% and a free cash flow margin of approximately 27%.

對於 26 財年第二季度，我們預期總營收成長 10%，目前 RPO 成長 10% 至 11%，非 GAAP 營業利潤率為 26%，自由現金流利潤率約為 19%。對於 26 財年全年，我們預計總營收成長 9% 至 10%，非 GAAP 營業利潤率為 25%，自由現金流利潤率約為 27%。

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 remain positioned to deliver profitable growth for years to come. We're excited about the adoption of new products, the rapid pace of innovation and are confident that Okta is positioned to lead the identity industry.

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，並將繼續在未來幾年內實現獲利成長。我們對新產品的採用和快速的創新步伐感到興奮，並相信 Okta 能夠引領身分識別產業。

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

說完這些，我將把話題交還給戴夫進行問答。戴夫？

Thanks, Brett. I see there are quite a few hands raised already, and I'll take them in order until the top of the hour. In the interest of time, please limit yourself to one question. And with that, we'll go to the first question from Brad Zelnick, followed by Eric Heath.

謝謝，布雷特。我看到已經有不少人舉手了，我將按順序處理，直到整點為止。為了節省時間，請只問一個問題。接下來，我們來回答布拉德·澤爾尼克 (Brad Zelnick) 提出的第一個問題，然後是埃里克·希思 (Eric Heath) 提出的問題。

Great. Thanks so much for taking the question. Nice to see everybody. And Q1 is the beginning of the year. So always interesting dynamics. Maybe just to kick it off, you've layered in this additional conservatism into your guide. What is it that you saw in the quarter? Now, you have two layers of conservatism for the specialized go-to-market adding in what your thoughts are on the macro. Can you talk more about what the combination of those two factors, how much they impacted Q1 and how to think about them going forward? Thanks.

偉大的。非常感謝您回答這個問題。很高興見到大家。第一季是年初。所以總是有趣的動態。也許只是為了開始，你已經將這種額外的保守主義融入你的指南中。您在本季看到了什麼？現在，您對專業化的市場進入有兩層保守的態度，並加入了您對宏觀的看法。您能否詳細談談這兩個因素的結合對第一季的影響有多大以及如何看待它們的未來？謝謝。

Yeah. I'll start. Nice to see you, Brad. I think the Q1 -- we're very happy with Q1. We're really on track for the year, and we made a lot of great progress in the quarter. I think there's the qualitative metrics we talked about that we've talked about so far on the call.

是的。我先開始。很高興見到你，布拉德。我認為 Q1——我們對 Q1 非常滿意。我們今年的業績確實進展順利，並且在本季度取得了巨大進展。我認為我們在電話會議上討論過的定性指標已經討論過了。

But then there's just the conversations we're having with customers about how important what we do is to them and how much they're investing in everything from the traditional things we've helped in with cloud transformation and of course, security. But now with what's going on with all these AI projects and moving from POCs to production and how we can help with that and how we can help them build Auth for GenAI applications. And so it's all very, very exciting.

但隨後，我們與客戶進行了對話，討論我們所做的事情對他們有多重要，以及他們在我們幫助的傳統事物、雲端轉型和安全等各個方面投入了多少。但現在，所有這些 AI 專案都在從 POC 轉向生產，我們如何幫助他們，以及如何幫助他們為 GenAI 應用程式建立 Auth。這一切都非常非常令人興奮。

I think we can talk about the guidance and the forward look in some of our thoughts there. But it's kind of -- the base and the foundation is a company that's really on track for the year and very optimistic about the future.

我認為我們可以談論一些我們想法中的指導和前瞻性。但這是一種——基礎和基金會是一家今年真正步入正軌並對未來非常樂觀的公司。

Yeah, Brad, I can just add there on the guidance. In terms of -- you were asking, did we see the macro in Q1 versus how we're thinking about it in the future? I think it was one of your questions. In terms of the macro side of things, we did not see any impact in Q1. Relative to what the macro we were seeing for the prior quarters, you've heard us talk a lot about that over the last couple of years, but incrementally different than what it has been, we have not seen that.

是的，布拉德，我可以補充指導。就您問的而言，我們是否看到了第一季的宏觀情況以及我們對未來的看法？我想這是你的一個問題。從宏觀角度來看，我們沒有看到第一季有任何影響。相對於我們在前幾個季度看到的宏觀情況，您已經聽到我們在過去幾年中多次談論過這個問題，但與之前相比，我們並沒有看到什麼實質性的不同。

What we are putting in is thinking about it going forward just because we just a feeling in the environment, if you will, Brad. I don't have a lot of quants to like back up what I'm saying. It's more based on customer conversations, reading the news, talking to the sales teams. It's just -- it's out there, and we're just -- the tone is -- feels like it's changed. We're not saying it's absolutely certain, but what we're saying is that we're putting it into the guidance.

我們正在考慮如何繼續前進，只是因為我們對環境有感覺，如果你願意的話，布拉德。我沒有太多量化分析師來支持我的觀點。它更多地基於客戶對話、閱讀新聞、與銷售團隊交談。它只是——它就在那裡，而我們只是——語氣——感覺它已經改變了。我們並不是說它絕對確定，但我們所說的是，我們正在將其納入指導之中。

But to be very clear, as we talked about a couple of quarters ago and I've said every quarter since, which is the guidance philosophy has changed. We do not have as much conservatism in there. Regardless that we did add a new factor in there, it doesn't mean that we've all sudden gone back to the old model. There is still less conservatism in there.

但要明確的是，正如我們幾個季度前討論過的，而且從那時起我每個季度都說過，指導理念已經改變了。我們那裡沒有那麼多保守主義。儘管我們確實在其中添加了新因素，但這並不意味著我們突然又回到了舊模型。那裡的保守主義仍然較少。

Now, we're at, like I said, we're adding in a little bit for macro, but the go-to-market specialization factor is the same as what it was at the beginning of Q1 because you heard what Todd just talked about we feel like it's -- we're on track, and we're headed in the right direction, and we feel good with where we are right now.

現在，就像我說的，我們正在為宏觀經濟添加一些內容，但進入市場的專業化因素與第一季初的因素相同，因為你聽到了托德剛才談到的，我們感覺我們正走在正軌上，我們正​​朝著正確的方向前進，我們對目前的狀況感到滿意。

Okay. Thank you.

好的。謝謝。

No problem.

沒問題。

Next up is Eric Heath, followed by Jonathan Ho.

接下來是 Eric Heath，然後是 Jonathan Ho。

Thanks, Dave. And just to maybe follow on that line of questioning. I mean, cRPOs of seasonally sub-seasonal growth in 1Q here a little bit. We've heard some other security peers talk about April being a very challenging month in particular, maybe getting better in May. So is there anything that might have been a little bit softer in the quarter? I saw international accelerated a little bit more than the US. So just anything that might have been on the margin a little bit softer than you might expect.

謝謝，戴夫。也許只是為了繼續追問下去。我的意思是，第一季的 cRPO 出現了略微低於季節性的成長。我們聽到其他一些安全同行談到四月是一個非常具有挑戰性的月份，五月可能會好轉。那麼本季有什麼事情可能會稍微疲軟嗎？我看到國際發展速度比美國快一點。因此，任何可能處於邊緣狀態的事情都會比您預期的要稍微軟一些。

We had a -- there was no softness in April. It was very predictable. And this is coming off the Q4 where we had a real blowout Q4, and we ran the table. And even despite that, we had solid performance in Q1, including through April. So we didn't see that at all. I heard some of those calls and have heard that chatter as well about the industry is seeing some softness in April. We didn't see that.

我們——四月沒有任何疲軟跡象。這是可以預見的。這是在第四季度之後，我們在第四季度取得了真正的勝利，並且取得了勝利。儘管如此，我們在第一季（包括整個四月）的業績依然穩健。所以我們根本沒看到這一點。我聽到了一些這樣的呼聲，也聽到了有關該行業在四月份出現疲軟的傳言。我們沒有看到這一點。

So when you look at the numbers, it was a solid start to the year. I think our -- when Brett talks about the conservatism and as factoring in uncertainty in the macro going forward, it's definitely a going-forward thing.

所以當你看到這些數字時，你會發現這是今年一個好的開始。我認為——當布雷特談到保守主義並考慮到未來宏觀的不確定性時，這肯定是一件向前發展的事情。

Understood. Thanks.

明白了。謝謝。

Okay. We'll go to Jonathan Ho, followed by Shrenik Kothari.

好的。我們將先請 Jonathan Ho 發言，然後是 Shrenik Kothari。

Great. Good afternoon. When we look at the go-to-market specialization, where are we in that process? And can you maybe share with us what some of your most impactful learnings have been and maybe the progress that's been seen on that business side. Thank you.

偉大的。午安.當我們檢視市場進入專業化時，我們處於這個過程的哪個階段？您能否與我們分享您最有影響力的經驗教訓以及在業務方面取得的進展？謝謝。

Thanks, Jonathan. Yes, we're off to a solid start. As you know, in our business in Q1, there's normally a lot of territory replanning and reassignment and so forth. And as I've mentioned before, this year with our shift to specialization for sellers for the Auth0 platform and the Okta platform, we had incrementally more change to that normal motion as we do every year.

謝謝，喬納森。是的，我們已經有一個好的開始。如您所知，在第一季的業務中，通常會有很多區域重新規劃和重新分配等等。正如我之前提到的，今年隨著我們轉向針對 Auth0 平台和 Okta 平台的賣家專業化，我們對這一正常動作進行了逐年逐步的改變。

And so with that comes the cost of change to some degree. But Q1 was a solid start. We saw a very strong performance on the Auth0 side, which you would expect with more specialization. And we've seen strong pipeline build throughout the quarter as well. And even if you look at the last -- first few weeks of Q2, those trends continue.

因此，從某種程度上來說，改變是有代價的。但 Q1 有一個好的開始。我們看到 Auth0 方面表現非常強勁，正如您所期望的那樣，它更加專業化。我們也看到整個季度的管道建設十分強勁。即使你看一下第二季的最後幾週，這些趨勢仍在繼續。

So we're optimistic, but it's -- if you look at the overall year, it's a relatively small part of the year. So we have to keep executing well and the strength in new products on the Okta side as the growth there is actually very encouraging as well. We mentioned the success of the Governance business and Privileged Access and Device Access and Identity Threat Protection, there's quite a portfolio of identity security tools there.

所以我們很樂觀，但是——如果你看全年的話，這只是一年中相對較小的一部分。因此，我們必須繼續執行良好，並保持 Okta 方面新產品的優勢，因為那裡的成長實際上也非常令人鼓舞。我們提到了治理業務、特權存取、設備存取和身分威脅防護的成功，那裡有相當多的身分安全工具。

And that sales team on the Okta side is really dig into that and able to, I think, have broader conversations with customers and help really convey how we can help everything from nonhuman identities and AI workloads all the way to a lot of companies still the basics of passwordless fishing resistant authentication for people is still something they're invested in, so we can help them across that broad spectrum.

Okta 的銷售團隊確實深入研究了這一點，我認為，他們能夠與客戶進行更廣泛的對話，並幫助真正傳達我們如何幫助從非人類身份和人工智能工作負載等各個方面，許多公司仍然在投資無密碼防釣魚身份驗證的基礎知識，因此我們可以幫助他們解決廣泛的問題。

Jonathan, you asked also some lessons learned through this. I think a couple of things to add to Todd's commentary. One is, we've learned specialization works. And as Brett talked about in his opening comments, this is really our third wave of go-to-market specialization, our first being pub-sec from several years back.

喬納森，你也問到從這件事中學到的一些教訓。我認為有幾點需要補充到托德的評論中。一是，我們學習了專業化的工作。正如布雷特在開場白中所說的那樣，這實際上是我們第三次進入市場的專業化浪潮，第一次浪潮是幾年前的公共安全浪潮。

And you've heard us talk in recent quarters about the success we've had in public sector overall with that team. It's been a very high-performing team for us. Last year, we rolled out Hunter-Farmer for our US commercial business as well. And we've talked about how pleased we were with how we closed out the year with the results of that change. And the third thing we've learned is -- and now we're doing Okta and Auth0 platform specialization.

你們也聽到我們最近幾季談論過我們團隊在公共部門的整體成功。對我們來說，這是一支非常有效率的團隊。去年，我們也在美國商業業務中推出了 Hunter-Farmer。我們已經討論過，我們對這項變革在今年結束時所取得的成果感到非常高興。我們學到的第三件事是——現在我們正在進行 Okta 和 Auth0 平台專業化。

So we know it works. We're confident it works. We also have learned that it takes time. And to Todd's commentary a moment ago, we are just finishing up our first quarter. We had -- February is the time when we re-carved territories and reassign. We can now speed up enablement because we're able to focus our reps on individual buyers and focus them on individual platforms. And so we've executed well in the quarter. We're on track, as Brett and Todd had mentioned, and we've got three quarters ahead of us. So we're not sitting idle. We've got a lot more work to do, but we're very confident in the strategy around

所以我們知道它有效。我們確信它有效。我們也了解到這需要時間。正如托德剛才的評論，我們剛剛結束了第一季。我們有－二月是我們重新劃分領土和重新分配的時間。我們現在可以加快支援速度，因為我們能夠讓我們的代表專注於個人買家並將他們集中在個人平台上。因此我們本季表現良好。正如布雷特和托德提到的那樣，我們的工作進展順利，我們還有三個季度的時間。所以我們並沒有閒著。我們還有很多工作要做，但我們對圍繞

Thanks, Eric. Next up, we'll go to Shrenik Kothari, followed by Andy Nowinski.

謝謝，埃里克。接下來，我們來談談 Shrenik Kothari，然後是 Andy Nowinski。

Great, thanks for taking my question. So just given your previous commentary around the seat headwinds abating, implies easier second half comps. Just how should we interpret the embedded kind of seat expansion and recovery curve going into second half? And just what is this kind of guidance conservatively assuming on that front? Are there any kind of embedded assumptions around kind of new business recovery potentially being offset because of any macro concerns you have, which is -- you're not seeing it yet, but anything that you are embedding there?

太好了，感謝您回答我的問題。因此，根據您之前關於座位逆風減弱的評論，意味著下半年的比賽會更容易。那麼，我們該如何解讀下半年內嵌的座位擴張與復甦曲線呢？那麼這種指導在這方面保守地假設了什麼呢？是否存在任何關於新業務復甦的內在假設，這些假設可能會因您所擔心的宏觀問題而被抵消——您還沒有看到它，但是您已經將任何東西嵌入其中了？

Yeah, absolutely. So Shrenik, just a refresher for everybody on the call because I know you know this, which is, yeah, we talked about NRR, having those headwinds. You talked about CDW sells, renewal or during the midterm mid-contract, right, that being -- facing a little bit of a headwind. We think that still last through the first half of FY26.

是的，絕對是如此。所以 Shrenik，我只是想為電話會議中的每個人複習一下，因為我知道你知道這一點，是的，我們談到了 NRR 面臨的那些阻力。您談到了 CDW 銷售、續約或中期合同，對吧，那就是——面臨一點阻力。我們認為這種情況將持續到 26 財年上半年。

Now, look, if the economy does turn, one direction or another, maybe it goes a little faster one way or the other, right? I mean, definitely a potential for it to impact. I think what you're really kind of asking about is really in and how that's going to trend. Right now, we think it's going to travel in this range, plus or minus a little bit from here. But like I said, if the macro does turn negative for us, there is a potential that does hit that as well. So we don't have a specific number in our guidance for you, but it is embedded in there. Hopeful that answers your question.

現在，你看，如果經濟確實轉向，不管是朝哪個方向，也許它會以某種方式更快一些，對嗎？我的意思是，它絕對有產生影響的潛力。我認為你真正想問的是實際情況以及趨勢如何。現在，我們認為它會在這個範圍內波動，與現在有一點點上下波動。但就像我說的，如果宏觀經濟確實對我們產生負面影響，那麼也有可能造成打擊。因此，我們的指導中沒有給您具體的數字，但它已經嵌入其中。希望這能回答你的問題。

Yeah. I've got it. Thanks, Brett.

是的。我明白了。謝謝，布雷特。

No problem.

沒問題。

Next up, Andy Nowinski, followed by Matt Hedberg.

接下來是安迪諾溫斯基 (Andy Nowinski)，然後是馬特赫德伯格 (Matt Hedberg)。

Okay, great. Thank you very much for taking the question. Getting a lot of questions on cRPO. So I just -- your cRPO guidance for Q2 suggests a sequential decline for the second consecutive quarter, which has never happened before. And I know you're factoring in some uncertainty for the macro, but given some of the historical results we've seen when Okta has grown our cRPO sequentially in Q1 and in Q2 when the macro has been much, much worse with whether it's COVID or massive inflation, it seems like the macro is certainly better than those periods and yet you're looking for this sort of sequential decline again for the second consecutive quarter.

好的，太好了。非常感謝您回答這個問題。收到很多關於 cRPO 的問題。所以我只是——您對第二季度的 cRPO 指導表明連續第二個季度出現環比下降，這是以前從未發生過的情況。我知道您考慮了宏觀經濟的一些不確定性，但考慮到我們所看到的一些歷史結果，Okta 在第一季度和第二季度的 cRPO 都連續增長，而當時宏觀經濟由於新冠疫情或大規模通貨膨脹而變得更加糟糕，看起來宏觀經濟肯定比那些時期要好，但您卻連續第二個季度再次出現這種連續下降。

So I'm wondering, is there anything you can just give us -- was there any sort of pull forward that happened in Q4 or was there any other factors that might make this period look a little bit different from what we've seen over the last three to four years?

所以我想知道，您能告訴我們什麼嗎——第四季度是否出現了某種提前現象，或者是否存在其他因素可能使這一時期與過去三到四年的情況略有不同？

Yeah, I would say that probably the one thing relative to the period you just mentioned, we were growing at a faster clip than that than we are today, right, based on the guidance. But the one thing I would also caution everyone against or at least maybe it'd give you some advice around how to model cRPO. You've heard me talk about current RPO coverage ratio, right, on the annual -- in an annual term, right? You've heard me talk about it last quarter, the quarter before that.

是的，我想說，與您剛才提到的時期相比，我們的成長速度可能比現在要快，對吧，這是基於指導意見。但有一件事我還要提醒大家注意，或至少可以給你一些如何建模 cRPO 的建議。您已經聽我談論過目前的 RPO 覆蓋率，對吧，按年度計算，對吧？你們已經聽我上個季度和上個季度談論過這個問題。

Well, if you bite size chunk that down into quarters, what you'll notice is that you'll see a trend that reveals itself. So when we gave you the guidance for subscription revenue last quarter, you probably would have seen this decline or at least somewhere in this range of $2.2 billion in terms of a current RPO expectation.

好吧，如果你把它分成四份，你會注意到一個逐漸顯現的趨勢。因此，當我們在上個季度為您提供訂閱收入指引時，您可能會看到這種下降，或至少根據當前 RPO 預期看到 22 億美元的下降。

To be very specific, what's the math that I'm doing because I know you guys are going to ask these questions. Look at current RPO and then look at the subscription revenue in the very next quarter, divide the subscription revenue divided or divided by the total -- the current RPO number, and you'll see what I'm talking about. And you'll see if you applied FY24 seasonality, you apply FY25 seasonality, this is roughly the number that should have been kicked out actually probably would have kicked out a little bit lower number than the $2.205 billion that we've given you here today.

具體來說，我正在做的數學計算是什麼，因為我知道你們會問這些問題。查看目前的 RPO，然後查看下一季的訂閱收入，將訂閱收入除以總數（目前 RPO 數字），您就會明白我在說什麼。您會發現，如果您應用了 FY24 季節性，並且應用了 FY25 季節性，那麼這個數字大致應該被剔除，實際上可能比我們今天在這裡給您的 22.05 億美元略低。

So it's fundamentally what current RPO does, right? We know it's highly correlated between one quarter or between subscription revenue and the total value. So you just really need to take those factors into account when you're thinking about how to model current RPO.

所以這基本上就是目前 RPO 所做的事情，對嗎？我們知道一個季度或訂閱收入與總價值之間存在高度相關性。因此，當您考慮如何模擬當前 RPO 時，您確實需要考慮這些因素。

Okay. Thank you.

好的。謝謝。

No problem.

沒問題。

Let's go to Matt Hedberg followed by Brian Essex.

我們先來看 Matt Hedberg，然後是 Brian Essex。

Thanks, Dave. Thanks for the question, guys. I wanted to double click back on the go-to-market, the specialization. It sounds like you guys are happy with the results there. And Todd, you mentioned OIG a number of times on the call. I'm curious, in this Q1, have you experimented with some additional bundles to kind of drive cross-sell. I mean, we're hearing about more of that in our checks. Just kind of curious on how you kind of thought about that for Q1 and how that might benefit the remainder of the year.

謝謝，戴夫。謝謝大家的提問。我想雙擊回到市場，回到專業。聽起來你們對結果很滿意。托德，你在電話中多次提到了 OIG。我很好奇，在第一季度，您是否嘗試過一些額外的捆綁銷售來推動交叉銷售。我的意思是，我們在檢查中聽到了更多這樣的消息。我只是有點好奇您對第一季的看法以及這對今年剩餘時間有何好處。

Yeah. We have what we call suite-based pricing for the Okta platform now. And we introduced that Q1 is the first quarter of that. And again, we're seeing positive results there with people wanting to buy multiple products in basically good, better, best configurations. The best configuration has all the products and the first -- the initial good suite has just some of the basic products.

是的。我們現在對 Okta 平台實行所謂的基於套件的定價。我們介紹說 Q1 是其中的第一季。而且，我們看到了積極的結果，人們希望購買配置基本上好的、更好的、最好的多種產品。最好的配置包含所有產品，而第一個——最初的好套件只包含一些基本產品。

So we're seeing that motion. It's made good progress in Q1, but we still think it has a lot to run because we're positioned well in terms of the market here. We're the only independent neutrality platform that has this broad array of products across Governance, Privileged Threat Protection, Device Access, Access Management. So we're very excited about that bundle opportunity.

所以我們看到了那個動作。它在第一季取得了良好的進展，但我們仍然認為它還有很大的發展空間，因為我們在這裡的市場定位很好。我們是唯一擁有涵蓋治理、特權威脅防護、設備存取、存取管理等廣泛產品的獨立中立平台。因此，我們對這個捆綁機會感到非常興奮。

And also, when I talk to customers, they want -- customers are picking the strategic point of consolidation. So they're looking at their landscape and saying, we can't consolidate everything, but we want to consolidate at the right points. And our pitch to them, which is resonating, which is you should consolidate around identity, and make sure it's independent neutral, but you can take costs out of the business, you can get multiple capabilities from one vendor and you're not going to forego a choice.

而且，當我與客戶交談時，他們想要—客戶正在選擇整合的策略點。因此，他們審視自己的情況並說，我們無法整合所有事物，但我們希望在正確的點上進行整合。我們向他們推銷的產品引起了共鳴，那就是你應該圍繞身份進行整合，並確保它是獨立中立的，但你可以從業務中節省成本，你可以從一個供應商那裡獲得多種功能，而且你不會放棄選擇。

You're not going to be locked into a certain ecosystem, a certain cloud environment, a certain collaboration environment. even a certain set of security tools. You get choice around the identity, but you still get those benefits of consolidation, and that's our sweet space pricing, that was the motivation behind that.

您不會被鎖定在某個生態系統、某個雲端環境、某個協作環境，甚至是某套安全工具。您可以選擇身份，但仍然可以獲得整合的好處，這就是我們優惠的空間定價，也是背後的動機。

Yeah. And I would just add a good data for that. I was working. Actually, in Q4, Matt, the biggest deal we did was a workforce suites deal.

是的。我只想為此添加一個好的數據。我正在工作。實際上，馬特，在第四季度，我們做的最大一筆交易是勞動力套件交易。

Okay. Next, we'll go to Brian Essex, followed by Gabriela Borges.

好的。接下來，我們將拜訪 Brian Essex，然後是 Gabriela Borges。

Hi, good afternoon. Thank you for taking the question. I guess, Todd, for you on the developer side, curious to see if you're beginning to see demand for 0 Auth for MCP authentication? And how should we think about the way that Okta may be levered to Agentic demand there?

嗨，下午好。感謝您回答這個問題。我想，Todd，對於你這個開發人員來說，你很好奇是否開始看到對 0 Auth 進行 MCP 身份驗證的需求？我們應該如何看待 Okta 可以如何利用來滿足那裡的 Agentic 需求？

Yeah. It's super exciting. I mean it's almost -- you hear it all the time, all the super exciting developments in AI, and we have our Auth for GenAI capability, which you can think about it as a lot of very strategic additions to the Auth0 platform that are very purpose-built for someone building AI agents and Agentic workflows that's Auth for GenAI, and that's in developer preview now, and that's going to go generally available very shortly here. And we're excited about that. It's basically going to mean there's more reasons to buy off and more reasons to buy more about in terms of monthly active users there.

是的。非常令人興奮。我的意思是，您幾乎總是聽到人工智慧領域所有令人興奮的發展，並且我們擁有 Auth for GenAI 功能，您可以將其視為 Auth0 平台的許多非常具有戰略意義的補充，這些補充是專門為構建人工智能代理和 Agentic 工作流的人構建的，即 Auth for GenAI，現在處於開發者預覽階段，並且很快就會在這裡全面上市。我們對此感到非常興奮。這基本上意味著，就每月活躍用戶而言，有更多的理由購買，也有更多的理由購買更多產品。

Now, the MCP is a big deal, as you all know. And the way I think about it is it's basically a way to -- it's almost like a new Internet. It's a new way to communicate with tools and technology in a way that these LLMs and these emerging set of browsers and user agents on the AI Internet can use all these resources. And that's very exciting.

現在，正如大家所知，MCP 是一件大事。我認為它基本上是一種方式——它幾乎就像一個新的互聯網。這是一種與工具和技術進行通訊的新方式，以便這些 LLM 和 AI 互聯網上新興的瀏覽器和用戶代理可以使用所有這些資源。這非常令人興奮。

People don't -- people forget that if you look at the internals of the web, HTTP, the tag for a browser is actually called a user agent and it uses HTTP to connect to web resources. Well, MCP could be a new kind of Internet where the clients are actually AI agents, not user agents and they can talk to these MCP servers.

人們沒有——人們忘記了，如果你看一下網路的內部，HTTP，瀏覽器的標籤實際上被稱為用戶代理，它使用 HTTP 連接到網路資源。嗯，MCP 可能是一種新型的互聯網，其中客戶端實際上是 AI 代理，而不是用戶代理，它們可以與這些 MCP 伺服器對話。

So it's very exciting from a shifting of the industry and shifting the capabilities of what these kinds of software systems could do. But it's also very early. We're talking about a protocol that was announced, I think, six weeks ago. And everyone's running around, adding MCP servers to their capabilities and developers are experimenting with what this means. We're very excited about the ability to work with the standards bodies and the community to add actual 0 Auth to the MCP, so authentication and 0 Auth protocol to the MCP protocol and handshake there. That's a very exciting specific example.

因此，從產業轉變和軟體系統功能的轉變來看，這是非常令人興奮的。但現在還為時過早。我們正在討論一項六週前宣布的協議。每個人都在忙著將 MCP 伺服器添加到他們的功能中，開發人員正在試驗這意味著什麼。我們非常高興能夠與標準機構和社區合作，將實際的 0 Auth 添加到 MCP，從而將身份驗證和 0 Auth 協議添加到 MCP 協議並在那裡進行握手。這是一個非常令人興奮的具體例子。

But the main takeaway for the group here is that it's very exciting. This layer of software is a huge opportunity. But it's also very early, and we're working hard to play a big part of that and help the industry and help our customers take advantage of all these capabilities. And the customers are excited about it too, it's not just vendors, it's everyone I talk to from Washington to Europe to New York. Everyone is very excited about what can happen here and how important identity is in this model, and we're going to work hard to make sure we're a big part of that.

但對於這個團體來說，主要的收穫是，這非常令人興奮。這一層軟體是一個巨大的機會。但現在還為時過早，我們正在努力發揮重要作用，幫助業界並幫助我們的客戶利用所有這些功能。客戶也對此感到興奮，不僅是供應商，還有我交談過的從華盛頓到歐洲到紐約的每個人。每個人都對這裡將要發生的事情以及身份在這個模型中的重要性感到非常興奮，我們將努力確保我們能在其中發揮重要作用。

Any indications on pricing? Is it a volume like per agent-based pricing model?

有任何關於定價的指示嗎？它是否像基於每個代理商的定價模式？

Yeah. So specifically Auth for GenAI is a usage-based pricing model. So it's the number of requests of -- so it's monetized in a similar way to the way Auth0 it is now. The way MCP will be monetized and how -- if we add product capabilities to extend what an authentication handshake is to an MCP server, we haven't built that yet, and we haven't released that yet. So that will be TBD there. We'll be talking about that more later this year. But Auth for GenAI is monetized in the normal off Auth0 pricing model.

是的。因此，具體來說，GenAI 的 Auth 是一種基於使用情況的定價模型。所以它是請求的數量——所以它以與現在的 Auth0 類似的方式貨幣化。MCP 將如何貨幣化——如果我們添加產品功能以將身份驗證握手擴展到 MCP 伺服器，我們還沒有建立它，也沒有發布它。因此，這還有待確定。我們將在今年晚些時候進一步討論這個問題。但是 GenAI 的 Auth 是在正常的 Auth0 定價模型中實現貨幣化的。

Awesome. Thank you.

驚人的。謝謝。

Next question from Gabriela Borges, followed by Saket Kalia.

下一個問題是 Gabriela Borges，然後是 Saket Kalia。

Hey, good afternoon. Thank you. Eric and Brett, I'm wondering if there is a way to think about to what extent some of the cross-sell can impact the growth of revenue going forward. So I guess, did you see a negative impact in 1Q imperatively from the real market changes? And then going forward, how do you think about when we will start to see for local changes positively contributing to NRR in particular. And we at the point where when you think about those from productivity lens, how do you think from a productivity lens in terms of benchmarking and where productivity is going?

嘿，下午好。謝謝。艾瑞克和布雷特，我想知道是否有辦法思考一些交叉銷售在多大程度上會影響未來的收入成長。所以我猜，您是否看到第一季實際市場變化必然產生的負面影響？那麼展望未來，您認為我們何時會開始看到當地變化對 NRR 產生積極貢獻。當您從生產力角度考慮這些問題時，您如何從生產力角度考慮基準測試以及生產力的發展方向？

I'll take it and then Eric can fill in where I leave something out. So from an overall Q1 perspective, one of the reasons why we're saying we're on track, not just looking at all the quantitative numbers. But also if you look at the amount of change in the field, for Q1, from further specializing the field, from a number of reps, there's more reps being specialized than there was last Q1. And if you look at a lot of the stats, some of the stats you just mentioned, they're as good or better than they were last Q1. So that is a really good sign. Because if you changed more in Q1 than you did last quarter and the numbers are fairly similar, that's a really good sign.

我會接受它，然後 Eric 可以填補我遺漏的地方。因此，從第一季的整體角度來看，我們之所以說我們走在正軌上，原因之一不僅僅是看所有的定量數字。但如果你看一下該領域的變化量，對於第一季來說，從進一步專業化該領域，從銷售代表的數量來看，專業化的銷售代表比上一季要多。如果你查看很多統計數據，你剛才提到的一些統計數據，它們與去年第一季一樣好或更好。所以這是一個非常好的跡象。因為如果第一季的變化比上一季更大，而且數字相當相似，那麼這是一個非常好的跡象。

In terms of your question around additive or having upsell be additive to NRR as a result of specialization, that's one of the reasons we're doing specialization, because we know that the product portfolios are so deep that is hard for someone to be a generalist across the entire portfolio, that we want to give them the opportunity to focus and be able to spend more time on a specific product, which then should, in the long run, make them better at selling that product, which then in the long run should be a better upside to NRR.

至於您關於由於專業化而增加或增加銷售以增加 NRR 的問題，這是我們進行專業化的原因之一，因為我們知道產品組合非常深，一個人很難成為整個產品組合的通才，我們希望給他們機會專注於特定產品並能夠花更多時間在特定產品上，從長遠來看，這應該使他們更擅長銷售該產品，從長遠來看，這應該有更好的好處。

These changes that we're making around about just Q1 or Q2, they're about setting us up to execute in whatever macro economy presents itself. So there's a lot of reasons to do specialization and it's just more signs of how we're feeling confident and excited about the future given the changes that we've made here today -- were made in Q1.

我們在第一季或第二季所做的這些改變是為了讓我們能夠應對宏觀經濟出現的任何變化。因此，進行專業化有很多理由，考慮到我們今天在第一季所做的改變，這進一步表明我們對未來充滿信心和興奮。

And I would agree with Brett's comments. What I would add to that is it's also a win for our customers as our customers now have the opportunity to work with go-to-market teams that are really focused on the platform that's relevant to those customers.

我同意布雷特的評論。我想補充的是，這對我們的客戶來說也是一個勝利，因為我們的客戶現在有機會與真正專注於與這些客戶相關的平台的行銷團隊合作。

So to your question of cross-sell and upsell, we are confident that with focus on the platform our individual sellers and our presales teams and our technical account managers will be able to go deeper on the specific capabilities and learn more about the faster. And that's particularly important as we have in recent years increased our pace of product innovation.

因此，對於您提出的交叉銷售和追加銷售的問題，我們相信，透過專注於平台，我們的個人賣家、售前團隊和技術客戶經理將能夠更深入地了解具體功能，並更快地了解更多資訊。這點尤其重要，因為近年來我們加快了產品創新的腳步。

So just on the Okta platform in recent quarters, you've heard us talk about Identity Threat Protection with Okta AI, Identity Security Posture Management Okta Identity Governance, Okta Privileged Access. We have a whole host of new capabilities that we're bringing to market, and our sellers need to stay abreast of these changes so that they can help our customers stay abreast of these changes and understand what new value that we can provide for them.

因此，就在最近幾季的 Okta 平台上，您已經聽到我們討論使用 Okta AI 進行身分威脅防護、身分安全態勢管理 Okta 身分治理和 Okta 特權存取。我們向市場推出了一系列新功能，我們的賣家需要隨時了解這些變化，以便他們能夠幫助我們的客戶隨時了解這些變化並了解我們可以為他們提供哪些新價值。

And then we have a very parallel opportunity on the Auth0 side. Todd just talked about Auth for GenAI, and we just announced that in our showcase event last month. So we believe specialization is going to help us move faster. It will help us stay focused. It will accelerate our enablement for these teams. And ultimately, it will help us provide a better experience for our customers to get more value with this faster as well.

然後我們在 Auth0 方面有一個非常平行的機會。托德剛剛談到了 GenAI 的 Auth，我們上個月在展示活動中剛剛宣布了這一點。因此我們相信專業化將幫助我們更快發展。它將幫助我們保持專注。這將加速我們對這些團隊的支持。最終，它將幫助我們為客戶提供更好的體驗，讓他們更快獲得更多價值。

Yeah, I think I would -- Eric, maybe think something, which is focus works, just like what Eric said earlier, focus works. A good example of that in the Hunter-Farmer regions that Eric talked about earlier, we had a really nice new business, Hunter, new business quarter. Q1, we had a really nice new business quarter.

是的，我想我會——艾瑞克，也許會想一些事情，那就是專注是有效的，就像艾瑞克之前說的，專注是有效的。艾瑞克之前提到的 Hunter-Farmer 地區就是一個很好的例子，我們有一個非常好的新業務，Hunter，新業務區。第一季度，我們迎來了一個非常好的新業務季度。

The majority of the top 10 deals in Q1 were new business. So we've got -- like we feel like the focus is really making -- is going to make a difference. It's making a difference in areas that have been specialized already, but we think it's going to make a difference in the long run. So that's why you hear the positivity coming out of us.

第一季十大交易中大多數都是新業務。因此，我們覺得，我們的重點確實會產生影響。它對已經專業化的領域產生了影響，但我們認為從長遠來看它會產生影響。這就是為什麼你會聽到我們發出正面的聲音。

Thank you.

謝謝。

Yeah. Another key positive trend is rep tenure and rep attrition. We're very pleased with the way that's trending, which is something we talked about over the years is a real health indicator. And so I think when you look at why we're saying that we're on track and we're optimistic about the quarters ahead, that's a key data point as well.

是的。另一個關鍵的正面趨勢是代表任期和代表流失。我們對這種趨勢感到非常滿意，這是我們多年來一直在談論的真正的健康指標。因此，我認為，當你了解我們為什麼說我們正走在正軌上並且對未來幾季感到樂觀時，這也是一個關鍵數據點。

Thanks.

謝謝。

Next question from Saket, followed by Gray Powell.

下一個問題來自 Saket，然後是 Gray Powell。

Okay, great. Hey, guys, thanks for taking my question here. Todd, maybe for you just on that last line of questioning. Can you just talk a little bit about the new logo pipeline for the rest of the year, particularly in the workforce business? And maybe relatedly, how you feel competitively there as you offer more of a platform?

好的，太好了。嘿，夥計們，謝謝你們在這裡回答我的問題。托德，也許你只是在問最後一個問題。您能否簡單談談今年剩餘時間的新標誌管道，特別是勞動力業務方面的情況？也許與此相關的是，當您提供更多平台時，您感覺競爭力如何？

I feel very optimistic and positive about both of those points competitively and new logos. And that's because we talk a lot about this idea of a platform sale and how much revenue we're going to drive from new products like Governance, which is over $400 million now, Privileged Access, which is ramping nicely, Identity Security Posture Management, which has awesome capabilities. So we talked about it as like this collective thing and we talk about the suites and pricing. But also, all these new products are a great point way to land new customers.

我對競爭和新標誌這兩點感到非常樂觀和積極。這是因為我們經常談論平台銷售的想法，以及我們將從新產品中獲得多少收入，例如治理（目前已超過 4 億美元）、特權存取（發展勢頭良好）和身分安全態勢管理（功能強大）。因此，我們將其視為集體事務，並討論套件和定價。而且，所有這些新產品都是吸引新客戶的絕佳方式。

The amount of interest and the conversations we're having around identity security posture management is incredible. This product is qualitatively different than anything we've ever had. It actually scans a customer's environment and proactively alerts them about all these identity security posture issues, including NHI, including these nonhuman identities, which is something almost no company has a good handle on.

我們對身分安全態勢管理的興趣和討論程度令人難以置信。該產品的品質與我們以前擁有的任何產品都不同。它實際上會掃描客戶的環境並主動向他們發出有關所有這些身份安全態勢問題的警報，包括 NHI，包括這些非人類身份，幾乎沒有公司能夠很好地處理這些問題。

And that, in a lot of cases, can be an entry point to a whole new customer. Of course, we can then be a bigger part of their identity security fabric over time with more of the products, but these new products aren't just upsells to existing customers, their way to land new customers. So the product offering, and it's unmatched. I mean, no one in the industry has both independent neutrality, the robust, scalable, reliable cloud-based architecture we have.

在很多情況下，這可以成為吸引新客戶的切入點。當然，隨著時間的推移，我們可以提供更多的產品，成為他們身分安全結構中更重要的一部分，但這些新產品不僅是對現有客戶的追加銷售，也是他們吸引新客戶的方式。因此，我們提供的產品是無與倫比的。我的意思是，業內沒有人既擁有獨立的中立性，又擁有我們這種強大、可擴展、可靠的基於雲端的架構。

Plus the breadth of products, go down the list, no one has it. No one has Access Management, Governance, Privileged Access Management, Posture Management, Device Access, Threat Protection and on and on and on. Plus none of them are integrated like we are, 8000 integrations and all the work we've done there, leading the industry in this march toward independent neutral identity, it's unmatched. So there's a lot to be optimistic about. And I think you've seen the numbers the last couple of quarters really back that up. Now, it's up to us to make sure that translates into very strong success over the rest of the year and beyond.

再加上產品的廣度，清單往下看，沒有人擁有它。沒有人擁有存取管理、治理、特權存取管理、姿態管理、設備存取、威脅防護等等。此外，沒有一家像我們這樣整合，8000 次整合以及我們在那裡所做的所有工作，引領行業走向獨立中立身份，這是無與倫比的。因此，有很多事情值得樂觀。我認為過去幾個季度的數據確實證實了這一點。現在，我們要確保這項成績在今年剩餘時間及以後轉化為巨大的成功。

Super helpful. Thanks.

超有幫助。謝謝。

Let's go to Gray Powell followed by Mike Cikos.

我們先來看格雷鮑威爾 (Gray Powell)，然後是麥克西科斯 (Mike Cikos)。

Okay, great. Thanks for taking the question. Maybe just a follow-up one on guidance, if it's okay. So just looking at the numbers, full year revenue guidance calls for 9% to 10% growth. You grew closer to 12% in Q1. Your beat numbers by a little bit in Q1, which is good. Just how should we think about the exit rate in Q4? And I know you don't want to get too granular but is something in the 8% range seems about right. And then what factors or products have the best chances of just driving upside as the rest of the year plays out?

好的，太好了。感謝您回答這個問題。如果可以的話，也許只是後續指導。因此，僅從數字來看，全年營收預期將成長 9% 至 10%。第一季的成長率接近 12%。您在第一季的業績表現略有提升，這很好。那麼，我們該如何看待第四季的退出率呢？我知道您不想說得太詳細，但 8% 左右似乎是正確的。那麼，在今年剩餘時間內，哪些因素或產品最有可能推動市場上漲？

Well, I can start with some high-level thoughts. And then, in terms of like exit run rates and so forth, I'm sure Brett will have some thoughts there. But I think the biggest opportunity for us is large enterprise. You've seen this over the last few quarters, this past quarter in Q1, that the number of customers, $1 million ARR and higher grew 20%. And we still have tons of room to grow inside the Global 2000 and really the top 5,000 biggest companies and organizations in the world is a tremendous opportunity for us.

好吧，我可以從一些高層次的想法開始。然後，就退出運行率等方面而言，我相信布雷特會有一些想法。但我認為我們最大的機會是大型企業。在過去幾個季度中，您已經看到這一點，即第一季度，100 萬美元 ARR 及以上的客戶數量增加了 20%。我們在全球 2000 強中仍有巨大的成長空間，而進入全球 5000 強公司和組織對我們來說是一個巨大的機會。

A lot of those organizations are invested a lot in on-premise technology and a lot in on-premise identity with big identity teams that they spend a lot of money on, a lot of cost there. And those companies are with all the change around cloud migration, which has been going on for years and years and years and the focus on security.

許多組織在內部部署技術和內部部署身分識別方面投入了大量資金，並組建了大型身分識別團隊，花費了大量資金和成本。這些公司正經歷著圍繞雲端遷移的所有變化，這種變化已經持續了許多年，並且非常注重安全性。

And now, with all of them trying to take advantage of the AI revolution, there's another catalyst for them to change and upgrade their identity system. And our pitch is basically use this independent neutral identity fabric. We have all these products. We have all this capability, do it with us. And the opportunity there is tremendous. It's a combination of catalysts for change in that segment that's driving the momentum. It's also the products are much better. I mentioned the breadth of products. I mentioned the maturity and the scalability and security of reliability.

現在，他們都在試圖利用人工智慧革命，這又是一個促使他們改變和升級身分識別系統的催化劑。我們的宣傳基本上是使用這種獨立的中性身分結構。我們有所有這些產品。我們擁有所有這些能力，和我們一起做吧。那裡的機會是巨大的。正是該領域變革的多種催化劑共同推動了這一發展勢頭。而且產品也好得多。我提到了產品的廣度。我提到了成熟度以及可靠性的可擴展性和安全性。

And the proven success when you look at our roster of customers and large organizations from large government agencies and healthcare and financial services and the success of some of these big companies are having with Okta, not only in each individual product, but buying a breadth of product from us, it speaks for itself.

當您查看我們的客戶名單和來自大型政府機構、醫療保健和金融服務等大型組織的名單時，您會發現這些大公司與 Okta 合作取得了成功，不僅在單一產品上，而且在從我們這裡購買了廣泛的產品，這說明了一切。

In terms of the guidance, let us get through a few more quarters before I say answering questions about FY27, we've got a long ways to go. Like we've talked about Q1 is our smallest -- they're seasonally smallest quarter of the year. So we're not going to take too many takeaways away from Q1, like we've talked about, we're on track. We feel good with where we are. But we have to go execute well in Q2, Q3 and Q4 before we start talking about really sizes of what we're going to talk about in 2017.

就指導而言，在回答有關 FY27 的問題之前，讓我們再回顧幾個季度，我們還有很長的路要走。就像我們談到的，第一季是一年中最小的一個季度。因此，我們不會從第一季中拿走太多東西，就像我們談到的那樣，我們正走在正軌上。我們對目前的狀況感到滿意。但我們必須在第二季、第三季和第四季表現良好，然後才能開始討論 2017 年要討論的具體規模。

All right. Fair enough. Thanks.

好的。很公平。謝謝。

Next up, let's go to Mike followed by Rob Owens.

接下來，讓我們來談談 Mike，然後是 Rob Owens。

Great, thanks guys. A question for Brett. I know where the -- we're talking about this incremental conservatism we're baking in just based on the tone of conversations, etc. Can you just further qualify that? Is it more tied to new logos or NOR? Is it across the business? Is it pub-sec? How did you guys think about that incremental prudence we're talking to?

太好了，謝謝大家。問布雷特一個問題。我知道——我們正在談論這種漸進式保守主義，我們只是根據談話的基調等來塑造這種保守主義。能進一步說明一下嗎？它是否與新標誌或 NOR 更相關？它涉及整個業務嗎？這是公共安全嗎？你們對於我們正在談論的漸進式審慎有何看法？

Yeah, all of the above, Mike. And if you think about the macro umbrella, there is definitely some prudence around the federal vertical, right? Although it's not a huge part of our business, you guys all know it does renew itself every year because of the one-year contract mandates that the US federal government has.

是的，以上都是，麥克。如果你考慮宏觀保護傘，那麼聯邦垂直領域肯定會有一些謹慎，對嗎？雖然這不是我們業務的很大一部分，但大家都知道，由於美國聯邦政府有一年合約規定，它每年都會更新。

So that would be kind of like a subset of the total macro, but in general, it's across the board. If you've heard us talk about over the last couple of years about the headwinds that we faced in terms of NRR, I don't think that those headwinds would be any different than what we would expect to see if the macro did turn negative as we go through the full fiscal year.

因此，這有點像整個巨集的子集，但總的來說，它是全面的。如果您聽過我們談論過去幾年我們在 NRR 方面面臨的阻力，我認為這些阻力與我們在整個財政年度宏觀經濟轉為負面時預期的阻力沒有什麼不同。

Got it. Thanks.

知道了。謝謝。

Yeah. And one thing, too, as I hear the conversation here and think about it, you can look at what we're doing, like we're not changing our investment level. We're still investing in this opportunity. And we're not -- the forward-looking macro is, I would say, cautionary and we're being a little bit prudent.

是的。還有一件事，當我聽到這裡的談話並思考它時，你可以看看我們在做什麼，就像我們沒有改變我們的投資水平。我們仍在投資這個機會。而且我們不是——我想說，前瞻性的宏觀是謹慎的，我們有點謹慎。

But if you just look at the numbers, they're good. Q1 was very solid. If you look at the pipelines going into Q2, they're building and we're very pleased with them. So it's a little bit of a call on how you want to be prudent in your guidance, but we're not changing how we're investing and how we're executing and how we're staffing to take advantage of this opportunity. So that's something that's probably relevant for everyone to think about, too.

但如果你只看數字，你會發現它們還是不錯的。Q1 非常穩健。如果你看一下進入第二季的管道，你會發現它們正在建設中，我們對此感到非常滿意。因此，這有點像是在呼籲你如何謹慎地進行指導，但我們不會改變我們的投資方式、執行方式和人員配備方式來利用這個機會。所以這也可能是每個人都該思考的問題。

Yeah, I would also add that one of the reasons to do the specialization or further specialized is to execute as well as possible in any macro environment, right? It's going to allow us to execute better than if we hadn't done.

是的，我還要補充一點，進行專業化或進一步專業化的原因之一是在任何宏觀環境中盡可能地執行，對嗎？這將使我們比沒有這樣做時執行得更好。

Understood. Thank you.

明白了。謝謝。

Next question from Rob Owens followed by Shaul Eyal.

下一個問題是 Rob Owens，然後是 Shaul Eyal。

Great. Thanks, Dave, and thank you guys for taking my questions. DiFucci hasn't gone yet, I guess, I will focus on cRPO a little bit here.

偉大的。謝謝，戴夫，也謝謝你們回答我的問題。我想，DiFucci 還沒走，在這裡我將稍微關註一下 cRPO。

Rob, there's like five questions on cRPO.

Rob，關於 cRPO 有五個問題。

I know, but I'm sure John will drill in because you guys come off a record quarter last quarter. I think you've called it a blow out a couple of times and it increases by $186 million. But I look at subscription revenue up $3 million quarter-over-quarter. And I know it's not a perfect metric and there's a lot of puts and takes.

我知道，但我相信約翰會繼續努力，因為你們在上個季度創下了紀錄。我認為您已經多次稱其為井噴，並且它增加了 1.86 億美元。但我發現訂閱收入比上一季增加了 300 萬美元。我知道這不是一個完美的衡量標準，還有很多需要改進的地方。

But the $3 million sequential increase in subscription revenue is the lowest that I have in your model since back when you guys went public. And so just help me understand a little bit what some of those puts and takes are and why that number just doesn't look a little bit more robust here in the first quarter, given that a blowout should lend to maybe a little bit more subscription revenue this quarter? Thanks.

但訂閱收入連續 300 萬美元的成長是我根據你們的模型計算出的自你們上市以來的最低增幅。因此，請您幫我稍微理解一下這些投入和產出是什麼，以及為什麼這個數字在第一季看起來不那麼強勁，因為本季的井噴式成長可能會帶來更多的訂閱收入？謝謝。

Yeah. That's a good question, Rob. So first and foremost, every year we set a higher growth rate. So that higher growth rate masks the 89 days versus 92 days. And remember, last year, it was a leap year, so there were 90 days in Q1, so that's a tougher compare.

是的。這是個好問題，羅布。因此，首先，我們每年都設定更高的成長率。因此，較高的成長率掩蓋了 89 天與 92 天之間的差異。請記住，去年是閏年，因此第一季有 90 天，因此比較起來比較困難。

The other factor is, if you remember what I've said for the last two quarters, our guidance philosophy has less conservatism in it. So the beat is not going to be as large. And so you see that come to fruition here. You can see it in the annual guidance that we've given here today, which is we've held flat despite a beat there would have been a different mechanic that would have happened in prior years because we have more conservatism in the model. So those are the two main reasons, Rob. Hopefully, that's helpful.

另一個因素是，如果你還記得我過去兩個季度所說的內容，那麼我們的指導理念中保守性較低。所以節拍不會那麼大。所以你會看到它在這裡實現了。您可以在我們今天提供的年度指導中看到這一點，儘管有所超出，但我們仍保持平穩，因為我們在模型中更加保守，所以會出現與前幾年不同的機制。所以這就是兩個主要原因，羅布。希望這會有所幫助。

All right. Thank you.

好的。謝謝。

No problem.

沒問題。

Okay. Next question from Shaul and followed up by Yun Kim.

好的。下一個問題來自 Shaul，然後是 Yun Kim。

Thank you, guys. Hi, good afternoon. Maybe to continue and be a dead horse on the macro front. You did call out a strong March and a strong April kind of deviating for some other companies who called out a little bit of a pause, just a little bit of a pause during April. With May coming to an end in a handful of days. And I understand the linearity within the quarter between the months of the quarter. How would you characterize the first month of the quarter? Did it build? Did it continue building on the strength you've seen during March and April?

謝謝你們。嗨，下午好。也許繼續下去，在宏觀層面上就會成為一匹死馬。您確實指出 3 月份和 4 月份的業績表現強勁，但這與其他一些公司在 4 月份的業績表現略有不同，這些公司只是稍微暫停了一下。再過幾天，五月就將結束。我了解季度內各月份之間的線性關係。您如何描述本季的第一個月？它建成了嗎？它是否繼續保持三月和四月所見的強勁勢頭？

Yeah, it's a good question. I think that conversations and the feelings got more negative in terms of like what we're thinking about going forward but the numbers didn't. If you just look at pipeline and performance, the numbers stayed consistent with what we saw in Q1. So a little bit of a, I would say, -- and part of that, too, is I'm sure we're like everyone else on the call, we hear what other companies say, too. we hear other companies say that, oh, the business was a little soft in March and April. And we hear that, and we talk to customers and customers probably hear that, too.

是的，這是個好問題。我認為，就我們對未來的想法而言，談話和感受變得更加消極，但數字卻沒有。如果只看管道和性能，這些數字與我們在第一季看到的數字保持一致。所以我想說，有一點——其中一部分也是因為我相信我們和電話會議上的其他人一樣，我們也聽到了其他公司的說法。我們聽到其他公司說，哦，三月和四月的業務有點疲軟。我們聽到了這一點，我們與客戶交談時，客戶可能也聽到了這一點。

So it's possible that this could be a little bit of an echo chamber, and we should not be this concerned. But I think it warrants being a little prudent here. While at the same time, we're still investing and still executing aggressively, and it's really not showing up in the numbers at this point.

所以這可能有點像回音室，我們不該這麼擔心。但我認為在這裡需要謹慎一點。同時，我們仍在積極投資和執行，但目前數字上還沒有體現出來。

Yeah. And keep in mind, guys, what all was saying, we are a back-end loaded quarter, first months are not normally very indicative one way or the other. We need to get into June and July, and then we'll have a better sense of how things are going. So clearly, we can cover that on the next earnings call.

是的。請記住，大家說的是，我們是一個後端負載的季度，前幾個月通常不會有太多指示性。我們需要進入六月和七月，然後我們才能更好地了解事情的進展。顯然，我們可以在下次收益電話會議上討論這個問題。

Thank you.

謝謝。

Next question from Yun Kim, followed by Gregg Moskowitz.

下一個問題來自 Yun Kim，然後是 Gregg Moskowitz。

All right. Thank you. So it sounds like the customer identity side of the business performed well. Was that more broad-based or was it driven by a few large deals? Because I believe one of your high-cloud native customers experienced a viral event this past quarter. How would an event like that translate into a potentially new large renewal? And what is the typical time frame associated with such a large renewal?

好的。謝謝。因此聽起來，客戶識別業務方面表現良好。這是更廣泛的影響還是由幾筆大交易推動的？因為我相信您的一位高雲原生客戶在上個季度經歷了病毒事件。這樣的事件如何轉化為潛在的新的大型革新？那麼，如此大規模的更新通常需要多長時間？

The customer identity business is going well, specifically on Auth0. Auth0 had a strong Q1. And like a lot of the business, it was one of the most successful customer cohorts. It's the large customer cohort, and that was no different for Auth0 in Q1.

客戶身分業務進展順利，特別是在 Auth0 上。Auth0 第一季表現強勁。和許多企業一樣，它是最成功的客戶群之一。這是一個龐大的客戶群，對於 Auth0 來說，第一季的情況也是如此。

It will be interesting to see, as we move forward, how the Gen AI space and Auth for GenAI plays out. I think that space is -- there are big companies building things that could be taking advantage of Auth for GenAI, but it's also a lot of smaller companies, too. Every small company start-ups trying to innovate around AI agents. And I know a lot of the interest in the developer preview around Auth for GenAI has been from small companies. So I think while in Q1, I think Auth0 had a strong big deal quarter. I think we're optimistic for the rest of the year to be that success to be quite broad-based.

隨著我們不斷前進，看看 Gen AI 空間和 GenAI 的 Auth 如何發揮作用將會很有趣。我認為這個空間是——有一些大公司正在建立可以利用 Auth for GenAI 的東西，但也有很多小公司。每家小型新創公司都試圖圍繞人工智慧代理商進行創新。我知道很多對 Auth for GenAI 開發者預覽版感興趣的人都是一些小公司。因此我認為，在第一季度，Auth0 的交易表現十分強勁。我認為，我們對今年剩餘時間的廣泛成功持樂觀態度。

Yeah. I would just add to that, the biggest deal in the quarter was actually an Auth0 deal from a specialized team. So we feel pretty good about -- especially feel good about because you heard Todd talked about it earlier, which is they had a really good Q4, so to back it up with another nice Q1 really shows the fruits of our labor, if you will, over the last couple of years, where we've really been focusing a lot on us and selling into that buyer and making progress there.

是的。我只想補充一點，本季最大的交易實際上是來自專業團隊的 Auth0 交易。所以我們感覺很好——尤其是因為你聽到 Todd 之前談過，他們有一個非常好的第四季度，所以用另一個不錯的第一季度來支持它真的展示了我們的勞動成果，如果你願意的話，在過去幾年裡，我們真的把重點放在了我們自己身上，向買家銷售，並在那裡取得進展。

So it was big deals, but there was also a lot of other deals as well. So we feel good about where we're trending there and look forward to how the team will execute for the balance of the fiscal year.

所以這是大交易，但也有很多其他交易。因此，我們對我們的發展趨勢感到滿意，並期待團隊將如何執行本財政年度的剩餘任務。

Okay, great. Thank you.

好的，太好了。謝謝。

Next, we'll go to Gregg Moskowitz, followed by Ittai Kidron.

接下來，我們將拜訪 Gregg Moskowitz，然後是 Ittai Kidron。

Okay. Thank you. Maybe a follow-up on AI for Todd. So adoption of Agentic, starting to take off at least among bleeding-edge enterprises, but a lot of investors still struggle with when will the rubber meet the road for Identity Security to be implemented to protect these agents. Now, if I look at Okta, as you said earlier, obviously, Auth for GenAI only in developer preview will be out fairly shortly. But from a customer adoption standpoint, how do you see all this playing out for Okta from here?

好的。謝謝。也許是 Todd 對 AI 的後續行動。因此，Agentic 的採用至少在前沿企業中開始流行，但許多投資者仍在努力確定何時才能實施身分安全以保護這些代理商。現在，如果我看一下 Okta，正如您之前所說，顯然，僅在開發者預覽版中適用於 GenAI 的 Auth 很快就會推出。但是從客戶採用的角度來看，您認為這一切對 Okta 有何影響？

You hit the nail on the head. I think where the industry is, is we're starting to go from POCs to production, and it's just starting. And I think you're right, only the most advanced forward-leaning enterprises are actually doing production AI right now and use cases at scale where they're seeing tangible business benefit at scale and production.

你說得太對了。我認為，我們正處於從概念驗證到生產的階段，而一切才剛開始。我認為你是對的，只有最先進的前瞻性企業現在才真正進行生產 AI，並大規模使用案例，並在規模和生產中看到切實的商業利益。

Now, when you look at agent workflows and these Agentic systems, they're amazing, but what they really do as well is they magnify this existing problem that's been around for a long time with nonhuman edits. There's been non-human identities in companies and tokens, tokens used access systems and APIs and service accounts forever. And it's been a problem that not a lot of companies have done a great job addressing and so that's why we've been really focused on that layer.

現在，當您查看代理工作流程和這些代理系統時，它們非常神奇，但它們真正做的是放大這個在非人工編輯中長期存在的現有問題。公司和令牌中一直存在非人類身份，令牌一直用於存取系統、API 和服務帳戶。很多公司都沒有很好地解決這個問題，所以我們才真正關注這個層面。

It's not AI specific but it's exacerbated by AI. So when you look at our Identity Security Posture Management, its ability to detect these NHI and you look at our privileged solution and our general access management solution, which allows companies to secure those nonhuman identities, it's very relevant for a company even if they're just POC in these agents,; they're in a proof of concept, they're not really in production. It just puts us shine a light on this problem as they think about moving to production. So that's a very important aspect of this dynamic in the market.

這不是人工智慧特有的，但人工智慧會加劇這個問題。因此，當您查看我們的身份安全態勢管理時，它能夠檢測這些 NHI，並且您可以查看我們的特權解決方案和通用訪問管理解決方案，這些解決方案允許公司保護這些非人類身份，這對於公司來說非常重要，即使他們只是這些代理中的 POC；他們處於概念驗證階段，並沒有真正投入生產。當他們考慮轉向生產時，它只是讓我們專注於這個問題。這是市場動態的一個非常重要的面向。

Now, we do think as more of these projects move into production, it's really, really going to force this issue even more and so I think we're going to see further acceleration as more and more companies move into production.

現在，我們確實認為，隨著越來越多的專案投入生產，這確實會進一步加劇這個問題，因此我認為，隨著越來越多的公司投入生產，我們將看到進一步的加速。

Thank you.

謝謝。

Next, we'll go to Ittai, followed by Adam Tindle.

接下來，我們將拜訪 Ittai，然後是 Adam Tindle。

Thanks, Dave. A couple of questions for you, Brett. As you look at the mix of contribution this quarter between seats, new products, cross-sell, can you tell me how it came out relative to your plan? And what areas do you think you'd be a little bit better? What area is perhaps not as good? And also, I think last quarter, you gave some details on new products as a percent of bookings. Can you refresh our minds, where do we stand right here right now, how the momentum and trajectory is looking there?

謝謝，戴夫。布雷特，我問你幾個問題。當您查看本季座位、新產品、交叉銷售的貢獻組合時，您能告訴我它與您的計劃相比如何嗎？您認為哪些方面可以做得更好？哪些方面可能不太好？此外，我認為上個季度您提供了一些有關新產品佔預訂量百分比的詳細資訊。您能否讓我們重新思考一下，我們現在處於什麼位置，那裡的勢頭和軌跡如何？

Yeah. For new product, we'll start we'll answer in backwards. So NPI new products, which include a lot of the products we've been talking about a lot on this call, had another nice quarter. In terms of the mix of new business versus upsell versus cross-sell, we had a nice new business quarter, one of the better ones we've had in a few quarters, which is good.

是的。對於新產品，我們將從後往前回答。因此，NPI 新產品（包括我們在本次電話會議上討論的許多產品）又度過了一個好的季度。就新業務、追加銷售和交叉銷售的組合而言，我們有一個不錯的新業務季度，是我們幾個季度以來表現較好的季度之一，這是件好事。

But to be clear, the pipeline is still more tilted towards upsell than it historically has been. And when I say upsell, I mean, upsell and cross-sell. We had a nice -- we did a nice job on cross-sell, and we actually did necessarily as well on the CDW sells as well. So all in all, this is why we're saying we feel like we're on track by the next quarter and the team executed very well to build at the marks.

但需要明確的是，與歷史上相比，通路仍然更傾向於追加銷售。當我說追加銷售時，我的意思是追加銷售和交叉銷售。我們在交叉銷售方面做得很好，而且我們在 CDW 銷售方面也做得很好。總而言之，這就是為什麼我們說我們感覺下個季度我們會步入正軌，並且團隊表現得非常好，達到了目標。

Can you put a percentage on the new products as bookings as you did --

你能像以前一樣，把新產品的預訂比例算進去嗎？--

It's in the ZIP code as the last few.

它的郵遞區號是最後幾個。

Okay. Thank you.

好的。謝謝。

Next, we'll go to Adam Tindle, followed by Rudy Kessinger.

接下來，我們來談談亞當廷德爾 (Adam Tindle)，然後是魯迪凱辛格 (Rudy Kessinger)。

Okay. Thanks, Dave. Brett, the cRPO color from earlier was helpful. I just wanted to build on that coverage ratio that you talked about. If I hold that metric to typical seasonality, obviously, cRPO is going to decline again sequentially in Q2 but I think it actually starts to grow sequentially in Q3 and Q4, if I did the math correctly. And I hate to beat a dead horse, but the context here is we obviously had that as a key metric. cRPO was down this quarter. Your guidance implies is down next quarter, and there's a figure that this is just going to be a sequential decline for citing where new bookings are in perpetual decline. But I think that metric that you're talking about on coverage ratio is refuting that.

好的。謝謝，戴夫。布雷特，之前的 cRPO 顏色很有幫助。我只是想建立在您談到的覆蓋率之上。如果我將該指標保持在典型的季節性水平，顯然，cRPO 將在第二季度再次連續下降，但我認為它實際上會在第三季度和第四季度開始連續增長，如果我的計算正確的話。我不想重複老生常談，但這裡的背景是，我們顯然將其作為關鍵指標。本季 cRPO 有所下降。您的指導意味著下個季度將會下降，並且有一個數字表明這將是一個連續的下降，因為新預訂量一直在下降。但我認為，您談論的覆蓋率指標反駁了這一點。

So if you could maybe just touch on the color of the shape of cRPO for the year because I think Q2 might actually be the bottom if I'm getting this right.

因此，如果您可以談談今年 cRPO 形狀的顏色，因為如果我沒理解錯的話，我認為第二季度實際上可能是底部。

Yeah. In terms of dollars, that's probably roughly correct. I haven't done the exact math off the guidance, but it is the Zip code likely. But let us get through Q2 and Q3 and Q2 will give you an update there. But I think that's probably right based on what you're saying.

是的。就美元而言，這可能大致正確。我還沒有根據指導進行精確計算，但它很可能是郵政編碼。但讓我們透過 Q2 和 Q3，Q2 將為您提供更新。但根據你所說的，我認為這可能是正確的。

Okay. Next question going to Rudy, followed by John DiFucci.

好的。下一個問題是問 Rudy 的，然後是 John DiFucci。

Great. Thanks, guys. So your cRPO growth has been 13% to 15% year-over-year the last five quarters. If we look at your subscription revenue growth versus cRPO growth on a one to two quarter lag it's been very tight the last couple of years. And so why shouldn't subscription revenue growth be in that 13% to 15% range the next couple of quarters?

偉大的。謝謝大家。因此，在過去五個季度，您的 cRPO 成長率年增了 13% 至 15%。如果我們將訂閱收入成長與 cRPO 成長進行比較，以一到兩個季度的滯後來衡量，就會發現過去幾年兩者之間的差距非常大。那麼為什麼未來幾季訂閱營收成長率不應該在 13% 到 15% 的範圍內呢？

Because we're telling you it's not. No, I'm just joking. But ultimately, if you don't look, I just think it's an area to get into the growth conversation. I've told you guys, I don't know how many times at this point. Look at the coverage ratios. That is like -- I don't know what the correlation is, but R square it's got to be like 0.9 and 0.95. So like we got to stop looking at percentages and look at the actual dollars because that's the mechanics of how the math work through the financials.

因為我們告訴你事實並非如此。不，我只是在開玩笑。但最終，如果你不去看，我只是認為這是一個可以進入成長對話的領域。我已經告訴你們了，到現在我已經不知道我告訴你們多少次了。看看覆蓋率。這就好比——我不知道相關性是多少，但R平方肯定在0.9到0.95之間。所以我們不能只看百分比，要看實際金額，因為這就是財務數據中數學運算的機制。

So use the dollars forecast like I've told you, either the annual or the current quarter one that Adam was just bringing up and I would just highly recommend going down that death. There's only one way to do it. I think we need to like innovate on how to do revenue accounting. Let's stick with how it is or how I've described it.

因此，就像我告訴你的那樣，使用美元預測，無論是年度預測還是亞當剛剛提出的當前季度預測，我都強烈建議你遵循這一預測。只有一個辦法可以做到。我認為我們需要在收入核算方法上進行創新。讓我們堅持它的現狀或我所描述的情況。

Good time for a question from John DiFucci, followed by Josh Tilton.

現在是 John DiFucci 提問的時間，然後是 Josh Tilton。

Thanks, Dave. I'm not going to hit that. You know what I think of that. But anyway, Brett, you previously talked about the C and MAU upsell headwinds, mid-contract or at time of renewal for some of your older customer cohorts. You're doing well with new products. It really does, and we hear that too in the field. So is that headwind still why NRR declined for the fourth consecutive quarter. And do you still expect to see that alleviate sometime in the near future? Or is the macro backdrop giving you signs that this may persist, it sounds like it might be the latter.

謝謝，戴夫。我不會打那個。你知道我對此有何看法。但無論如何，布雷特，您之前談到了 C 和 MAU 追加銷售阻力，對於您的一些老客戶群來說，在合約中期或續約時。你們的新產品做得很好。確實如此，我們在現場也聽過這種說法。那麼，這種逆風是否仍然是 NRR 連續第四季度下降的原因？您是否仍預計在不久的將來這種情況會得到緩解？或者宏觀背景是否表明這種情況可能會持續下去，聽起來可能是後者。

Yes, we do expect it to travel in this range. And yes, to your answer on your first question was also yes. But yes, if the macro does deteriorate significantly, it will have a headwind on NRR despite a fall. It will make it harder to do new business as well. It's not like it's going to just be relegated to one side of the business. So yes, I think that's -- yes, that's the best to answer I got for you, John.

是的，我們確實希望它能在這個範圍內運作。是的，您對第一個問題的答案也是肯定的。但是，如果宏觀經濟確實大幅惡化，儘管 NRR 有所下降，但仍將面臨阻力。這也會使得開展新業務變得更加困難。這並不意味著它就只是被降級到業務的某一側。是的，我認為這是——是的，這是我能給你的最好的答案，約翰。

Okay. But so far, because it's come down the last four quarters, it should like bottom here or --

好的。但到目前為止，由於過去四個季度一直在下降，它應該已經觸底了，或者--

Well, well, we talked about -- if you remember what I talked about last quarter, looking at the full fiscal year, based on our expectations and being methodical with our approach about go-to-market specialization, we said it was going to go plus or minus a little bit, right? We still think it's plus or minus a little bit from here. I kind of have an exact number for you, John, but it's a little travel in a channel here unless there is something big that happens like a macro adjustment out there. Then, we'll obviously update you then, and we'll tell you how it's going as a result of that.

好吧，我們討論過——如果你還記得我上個季度討論過的內容，那麼縱觀整個財年，基於我們的預期，並採用系統化的方法進行市場專業化，我們說它會有一點點的增減，對吧？我們仍然認為從現在起它會有一點點正數或負數。約翰，我有一個確切的數字可以告訴你，但這只是通道中的一個小小變動，除非發生像宏觀調整這樣的大事。然後，我們顯然會向您通報最新情況，並告訴您事情進展如何。

Thank you.

謝謝。

No problem.

沒問題。

We have about four minutes left. We'll go to Josh Tilton followed by Keith Bachman.

我們還剩下大約四分鐘。我們將先請 Josh Tilton 發言，然後是 Keith Bachman。

Thank you, guys. Todd, maybe one for you. When you first started talking about the customer identity opportunity, I think to us, it kind of made a lot of sense why you are customers would choose to buy this stuff instead of building it out of the box. That was, I guess, more for the traditional SaaS world. So what I'm trying to understand is there seems to be a lot of new found excitement on the customer identity side as we head into this Agentic world.

謝謝你們。托德，也許有一個適合你。當您第一次開始談論客戶身份機會時，我認為對我們來說，這很有道理，為什麼您的客戶會選擇購買這些東西而不是開箱即用。我想，這比較適合傳統的 SaaS 世界。因此，我想了解的是，當我們進入這個代理世界時，客戶身份方面似乎出現了許多新的興奮點。

Is there anything about a future of agent-based apps that is going to make it even more of a no-brainer to go with buying this out of the box from you guys on the customer identity side instead of trying to develop it themselves compared to maybe the old school sales role?

與傳統的銷售角色相比，未來基於代理商的應用程式是否會讓從客戶身分購買現成的產品變得更加簡單，而不是嘗試自己開發？

I think in general, the trend is toward more buy, less build. And I think AI probably is -- I'm not sure it's a huge accelerant of that. I think it's probably on trend, just because I think it's mostly like the solutions are getting better.

我認為整體趨勢是多買，少建。我認為人工智慧可能是——但我不確定它是否是這一進程的巨大推動力。我認為這可能是一種趨勢，因為我認為解決方案大多正在變得更好。

If you go 10 years ago, there wasn't really good customer identity solutions that were easy-to-use, reliable, scalable and now with Auth0 had an amazing developer experience and we're easy to start using and then upsell over time, and that continues. And I think the moving to the world of AI and agents and embedding customer agent inside of those apps. I don't know if it's materially different, but it's on a trend line that's toward buying these solutions versus building, which is one of the reasons why we're so bullish on this business.

如果回顧 10 年前，那時還沒有真正好的、易於使用、可靠、可擴展的客戶身份解決方案，而現在，Auth0 為開發人員提供了出色的體驗，我們可以輕鬆地開始使用，然後隨著時間的推移不斷追加銷售，並且這種情況還會持續下去。我認為轉向人工智慧和代理的世界並在這些應用程式中嵌入客戶代理。我不知道這是否有實質性的不同，但它呈現出一種趨勢，即購買這些解決方案而不是自行構建，這也是我們如此看好這項業務的原因之一。

Thank you.

謝謝。

We'll go to Keith Bachman and take the final question from Roger Boyd.

我們將請 Keith Bachman 回答 Roger Boyd 的最後一個問題。

Hi, thank you very much. Good evening, good afternoon. Todd, I wanted to direct this back to you and to follow up on, as you say, the non-human side of the business. And the broader question is why do you think Okta will win in that environment? And I think a lot of investors assume it is going to be a big market. Pricing may be different.

你好，非常感謝。晚上好，下午好。托德，我想把這個問題轉交給你，並跟進你所說的業務的非人為方面。更廣泛的問題是，您為什麼認為 Okta 會在這種環境下獲勝？我認為很多投資者都認為這會是一個巨大的市場。定價可能會有所不同。

But why does Okta win versus when we were at RSA talking to CyberArk or SailPoint or whoever it is, all think that they're in a position to win, particularly since -- our take, it sounds like governance will be part of identity with agents, more so than, say, just access. But maybe just kind of run through if the market develops as investors think it will, why does Okta win in the agent world or non-humans?

但是為什麼 Okta 會贏呢？而當我們在 RSA 與 Cyber​​Ark 或 SailPoint 或其他公司交談時，他們都認為自己有能力獲勝，特別是因為——我們的看法是，治理將成為代理商身份的一部分，而不僅僅是訪問。但也許只是簡單地回顧一下，如果市場按照投資者認為的那樣發展，為什麼 Okta 會在代理世界或非人類中獲勝？

Well, I think today, it's because we're the only one with a complete solution. And we have this breadth of products that can help solve this problem from detection to vaulting to governance workflows. And I'm talking specifically about NHIs. I mean, that's only kind of entry to the race. Now, we have to execute well, and we have to keep innovating. And this whole --

嗯，我認為今天，這是因為我們是唯一一個擁有完整解決方案的人。我們擁有廣泛的產品可以幫助解決從檢測到保管到治理工作流程的這一問題。我特別談論的是 NHI。我的意思是，這只是參加比賽的一種方式。現在，我們必須執行好，我們必須不斷創新。而這整個--

By the way, this whole Agentic revolution and agents working on your behalf, I think that's a whole other set of capabilities and products that we're thinking about and building and we haven't released and announced them yet, but there's a whole layer on top of what we talk about service accounts and tokens and API access that's actually tracking the agent and knowing what that means and knowing what security posture you want and what governance life cycles, etc, etc.

順便說一句，整個 Agentic 革命和為您工作的代理，我認為這是我們正在考慮和構建的另一套功能和產品，我們還沒有發布和宣布它們，但在我們談論的服務帳戶和令牌以及 API 訪問之上還有一整層，它實際上是在跟踪代理，了解這意味著什麼，了解您想要什麼樣的安全態勢以及什麼樣的治理生命週期等等。

So I think we have a lead in this market today. And I think we have a trusted brand that gives us a right to play and a right to help define this market, but we have to execute. It's going to be a big opportunity. I fully agree with that, but we have to keep executing and keep innovating and keep delivering to our customers and the way we have for many years to earn that in long term.

所以我認為我們目前在這個市場上處於領先地位。我認為我們擁有一個值得信賴的品牌，它賦予我們參與的權利和幫助定義這個市場的權利，但我們必須執行。這將是一個巨大的機會。我完全同意這一點，但我們必須繼續執行、繼續創新、繼續為客戶提供服務，並以我們多年來的方式實現長期目標。

All right. Many thanks.

好的。非常感謝。

Thank you.

謝謝。

Thanks, Keith, and we'll take a final question from Roger Boyd.

謝謝，基思，我們將回答羅傑·博伊德的最後一個問題。

Awesome. Thanks, Dave, for squeezing me in. Maybe just to come back to the outlook on I know Prudence is the name of the game here. But when you think about the adjustment you're making around the US public sector, does any part of that look more material than just prudent? And I know it's not a huge vertical, and you called out some key wins there, but are conversations with the federal customers sounding any different than what you're hearing with the private sector? Thanks.

驚人的。謝謝你，戴夫，抽空邀請我。也許只是回到我知道的觀點上，謹慎是這裡遊戲的名稱。但是，當您考慮對美國公共部門所做的調整時，其中是否有任何部分看起來比審慎更為重要？我知道這不是一個巨大的垂直領域，而且您也指出了其中的一些關鍵勝利，但是與聯邦客戶的對話與您從私營部門聽到的對話有什麼不同嗎？謝謝。

I think, in general, customer conversations and people in the market it's about uncertainty and tariffs and not sure, not knowing what that means for the overall economy. Federal is different. You also have this government efficiency, and federal agencies are looking to rationalize or justify efficiency. And the -- I guess, the glass half empty view on this is that there's conversations where they're making sure they justify investments and act efficiently.

我認為，總體而言，客戶和市場人士的對話都是關於不確定性和關稅，他們不確定，不知道這對整體經濟意味著什麼。聯邦則不同。還有政府效率，聯邦機構正在尋求合理化或證明效率。我想，對此持悲觀態度的是，他們正在透過對話確保投資合理並採取有效行動。

The glass half full description of this or what we're seeing is that Okta is very justifiable, and we can do things that are more capable and cheaper around and more efficient than the alternatives, especially some of the legacy solutions out there that are costing these government agencies real money.

對此，或者說我們看到的情況是，Okta 是非常合理的，我們可以做比其他選擇更有能力、更便宜、更有效率的事情，特別是一些讓這些政府機構花費真金白銀的傳統解決方案。

And we can make a huge difference there. And that's why you're seeing our success there. We mentioned the public sector 4 out of the top 10 deals in the quarter, two out of the top three. I was in Washington DC, in the quarter, talking to the Department of Defense and many other really important strategic customers and partners of Okta, and we can really help in this business.

我們可以在這方面發揮巨大的作用。這就是你們看到我們在那裡取得成功的原因。我們在本季十大交易中提到了公共部門，其中有四筆，前三大交易中有兩個涉及公共部門。本季度，我在華盛頓特區與國防部以及 Okta 的許多其他非常重要的戰略客戶和合作夥伴進行了交談，我們確實可以為這項業務提供幫助。

So I think with the efficiency work there, there is another layer of concern and conversations beyond the general economic uncertainty conversations. But I think over the test of time, I'm very confident that we're going to continue to see huge success there like we have in Q1. And hopefully, in Q2 and Q3 and Q4, we'll keep the ball rolling to a high degree, and you'll see super strong success and growth there like we've seen in the past couple of years.

因此，我認為，在效率工作方面，除了一般的經濟不確定性對話之外，還有另一個層次的關注和對話。但我認為經過時間的考驗，我非常有信心我們將繼續在那裡取得巨大的成功，就像我們在第一季所取得的那樣。希望在第二、第三和第四季度，我們能夠繼續保持高速發展，並看到像過去幾年一樣強勁的成功和成長。

Cool. Thanks.

涼爽的。謝謝。

Great. Thanks, guys. I apologize that we didn't get to all the questions. And I just want to let you know, before we go that in addition to hosting several on-site and virtual bus tours this quarter, we'll be attending the Baird Tech Conference in New York on June 3, and the FBN Virtual Conference on June 4 and the BMO Virtual Conference on June 10, and we hope to see you at one of those events. Thank you.

偉大的。謝謝大家。很抱歉我們未能解答所有問題。在離開之前，我只想告訴您，除了本季度舉辦幾次現場和虛擬巴士之旅外，我們還將參加 6 月 3 日在紐約舉行的 Baird 科技會議、6 月 4 日舉行的 FBN 虛擬會議和 6 月 10 日舉行的 BMO 虛擬會議，我們希望在其中一場活動中見到您。謝謝。