Okta Inc (OKTA) 2026 Q2 法說會逐字稿

Hi, everyone. Welcome to Okta's second-quarter of fiscal 2026 earnings webcast.

大家好。歡迎收聽 Okta 2026 財年第二季財報網路廣播。

I'm Dave Gennarelli, Senior Vice President of Investor Relations at Okta. 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.

我是 Okta 投資者關係資深副總裁 Dave Gennarelli。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。

At around the same time that the earnings press release hit the wire, we posted supplemental commentary to the IR website.

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。

Today's meeting will include forward-looking statements pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our financial outlook and market positioning. Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. Forward-looking statements represents our managements beliefs and assumptions only as of the date made.

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。前瞻性陳述涉及已知和未知的風險和不確定性，這些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。

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.

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-Q 表中標題為「風險因素」的部分。

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. 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.

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，但所有對獲利能力的提及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。

A reconciliation between GAAP and non-gap financial measures and a discussion of the limitations of using non-gap 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.

我們的收益報告提供了 GAAP 和非差距財務指標之間的對賬，以及使用非差距指標相對於最接近的 GAAP 指標的局限性的討論。您還可以在我們的投資者關係網站上發布的補充財務資料中找到更詳細的信息，其中包括趨勢財務報表和關鍵指標。

In today's meeting, we will quote a number of numeric or growth changes, as we discuss our financial performance. Unless otherwise noted, each such reference represents year-over-year comparison.

在今天的會議上，我們將引用一些數字或成長變化，討論我們的財務表現。除非另有說明，否則每個參考值均代表同比比較。

Now, I'd like to turn the meeting over to Todd McKinnon. Todd?

現在，我想將會議交給 Todd McKinnon。托德？

Thanks, Dave. Thank you, everyone, for joining us this afternoon.

謝謝，戴夫。感謝大家今天下午加入我們。

We are pleased to report solid Q2 results, with continued strength with large customers, Auth0, new products; the public sector; and cash flow. We are seeing encouraging signals from our newly specialized go-to-market teams. We're excited to build on this progress, as we enter the second half of the year.

我們很高興地報告第二季業績穩健，大客戶、Auth0、新產品、公共部門和現金流繼續保持強勁成長。我們從新組成的專業行銷團隊中看到了令人鼓舞的訊號。進入下半年，我們很高興能夠在此基礎上取得進一步進展。

Brett will cover more of the Q2 financial highlights. I'll cover product innovation, securing Agentic AI; and preview some of the innovations will be highlighting at Oktane next month.

布雷特將報導更多第二季的財務亮點。我將介紹產品創新、保護 Agentic AI；並預覽下個月在 Oktane 上重點介紹的一些創新。

Now, let's get into our Q2 results. Consistent with the past four quarters, new products from Okta Identity Governance, Okta Privileged Access, and Okta Device Access to Identity Security Posture Management, Identity Threat Protection with Okta AI, and Fine Grain Authorization had another strong quarter of contribution.

現在，讓我們來看看第二季的業績。與過去四個季度一致，Okta Identity Governance、Okta Privileged Access、Okta Device Access、Identity Security Posture Management、採用 Okta AI 的身份威脅防護以及 Fine Grain Authorization 等新產品在本季度又做出了強勁貢獻。

Okta's unified identity platform is delivering differentiated value to our customers. For example, a leading healthcare billing company chose Okta to rebuild and modernize its identity security practice from the ground up. They needed a single identity platform to unify workforce identity and scale with growth.

Okta 的統一身分平台正在為我們的客戶提供差異化的價值。例如，一家領先的醫療保健計費公司選擇 Okta 從頭開始重建和現代化其身分安全實踐。他們需要一個單一的身份平台來統一員工身份並隨著成長而擴大規模。

Okta delivered OIG, OPA, ISPM, and ITP, supporting thousands of apps and integrations. By consolidating identity with Okta, this first-time buyer replaced a fragmented multi-vendor approach to implement a modern scalable identity security practice in one decisive move.

Okta 提供了 OIG、OPA、ISPM 和 ITP，支援數千個應用程式和整合。透過使用 Okta 整合身份，這位首次購買者透過一個果斷的舉措取代了分散的多供應商方法，實施了現代可擴展的身份安全實踐。

In a move that we believe will further accelerate Okta Privilege Access growth, I'm delighted to announce that we've signed a definitive agreement to acquire Axiom Security, a modern PAM vendor. The team at Axiom built complementary technology that helps organizations eliminate standing privileges and secure critical infrastructure, including key features for securing both human and non-human identities.

我們相信此舉將進一步加速 Okta Privilege Access 的成長，我很高興地宣布，我們已簽署最終協議，收購現代 PAM 供應商 Axiom Security。Axiom 團隊建立了互補技術，幫助組織消除特權並保護關鍵基礎設施，包括保護人類和非人類身分的關鍵功能。

Once we close the acquisition, which we anticipate will be later this quarter, we will support Axiom's customer base while we work to integrate their technology into Okta Privilege Access. Combined, we'll be able to deliver superior security and compliance outcomes, like unified control and just-in-time access to a wider set of resources for our customers.

一旦我們完成收購（預計將於本季稍後完成），我們將支援 Axiom 的客戶群，同時努力將他們的技術整合到 Okta Privilege Access 中。綜合起來，我們將能夠提供卓越的安全性和合規性成果，例如統一控制和為客戶提供對更廣泛資源的即時存取。

Going forward, we believe every organization will need an identity security fabric, an architecture that enables them to fully secure every identity, including AI agents, every identity use case, and every resource across their business. The Okta platform helps organizations bring this identity security fabric to life.

展望未來，我們相信每個組織都需要一個身分安全結構，即一種使他們能夠完全保護每個身分（包括人工智慧代理）、每個身分用例以及整個業務中的每個資源的架構。Okta 平台幫助組織實現這種身分安全結構。

Take our approach to securing non-human identities or NHIs. Okta's unified platform helps ensure they receive the same level of visibility, access control, governance, and remediation as human identities. This includes the ability to detect and discover NHIs wherever they exist, provision and register them properly, authorize and protect them with appropriate policies, and govern and monitor their behavior continuously.

採用我們的方法來保護非人類身分或 NHI。Okta 的統一平台有助於確保它們獲得與人類身分相同程度的可見性、存取控制、治理和補救。這包括檢測和發現 NHI（無論其存在於何處）、正確提供和註冊它們、使用適當的策略授權和保護它們、以及持續管理和監控它們的行為的能力。

That's the power of an identity security fabric enabled with Okta's unparalleled breadth of modern identity security products. No other company can deliver that level of sophistication.

這就是身分安全結構的強大功能，它由 Okta 無與倫比的現代身分安全產品實現。沒有其他公司能夠達到這種複雜程度。

With our Auth0 platform, we're enabling developers to build agents that are secure by design and identity security fabric ready from day one. Auth0 for AI agents, formerly known as Auth for Gen AI, delivers user authentication that works seamlessly with AI workflows, token vaults that securely manage credentials, async authorization that lets agents work autonomously while maintaining user control, and Fine Grain Authorization that permits AI agents to only access authorized data.

借助我們的 Auth0 平台，我們使開發人員能夠建立從第一天起就設計安全的代理和身分安全結構。適用於 AI 代理程式的 Auth0（以前稱為適用於 Gen AI 的 Auth）提供與 AI 工作流程無縫協作的用戶身份驗證、安全管理憑證的令牌庫、允許代理自主工作同時保持用戶控制的非同步授權，以及允許 AI 代理僅存取授權資料的細粒度授權。

We're in the middle of this exciting and rapidly changing environment. With these two platforms, Okta is driving the industry to an architecture where identity is both more valuable and more secure.

我們正處於這個令人興奮且快速變化的環境之中。透過這兩個平台，Okta 正在推動產業走向更有價值、更安全的架構。

Securing AI is the next frontier. Our introduction of a new open standard called Cross App Access is a key part of the solution. This is an important innovation that helps control what AI agents can access, allowing us to help make our customers and ISVs more secure in providing better end user experience.

確保人工智慧的安全是下一個前沿。我們引入了一種名為「跨應用程式存取」的新開放標準，這是該解決方案的關鍵部分。這是一項重要的創新，有助於控制 AI 代理可以存取的內容，使我們能夠幫助客戶和 ISV 更安全地提供更好的最終用戶體驗。

In short, Cross App Access allows for support of AI agents within the identity security fabric and the flexibility to safely connect to other technologies. Already, there is strong interest in Cross App Access from partners and ISVs, including AWS, Boomi, Box, WRITER, and Zoom. We had over 1,100 attendees at our Identity Summit on the topic, earlier this month.

簡而言之，跨應用程式存取允許在身分安全結構中支援 AI 代理，並可以靈活地安全地連接到其他技術。合作夥伴和 ISV 已經對跨應用程式存取表現出濃厚的興趣，其中包括 AWS、Boomi、Box、WRITER 和 Zoom。本月初，我們召開了有關該主題的身份高峰會，有超過 1,100 名與會者。

At our Oktane conference next month, we will share how we are enabling every organization to build, deploy, and manage AI agents safely, securely, and at scale. In addition to the keynotes and product demos, we will be hosting a Q&A session for analysts and investors at the event featuring myself; Brett; Eric Kelleher, our COO; and John Addison, our CRO. Come join us in Las Vegas or join us online for the AI security event of the year.

在下個月的 Oktane 會議上，我們將分享如何幫助每個組織安全、可靠、大規模地建置、部署和管理 AI 代理程式。除了主題演講和產品演示之外，我們還將在活動中為分析師和投資者舉辦問答環節，出席者包括我本人、Brett、我們的營運長 Eric Kelleher 和我們的首席風險長 John Addison。歡迎來拉斯維加斯或線上參加我們今年的人工智慧安全盛會。

Finally, I know you're all interested in our views on the Palo Alto - CyberArk announcement. Okta has pioneered the modern identity market. As platform companies enter the market, it underscores two very important things: identity's central role in security and the importance of Okta's independence and neutrality.

最後，我知道你們都對我們對 Palo Alto - Cyber​​Ark 公告的看法感興趣。Okta 是現代身分識別市場的先驅。隨著平台公司進入市場，它強調了兩件非常重要的事情：身分認同在安全中的核心作用以及 Okta 的獨立性和中立性的重要性。

To this day, we remain the only modern comprehensive cloud native solution built to secure every identity, from employees to customers to non-human machine identities to AI agents, without locking customers in. So on the whole, we think the transaction further validates the importance of identity but won't meaningfully change the competitive landscape.

時至今日，我們仍然是唯一致力於保護每個身分（從員工到客戶，從非人類機器身分到人工智慧代理）的現代綜合雲端原生解決方案，並且不會鎖定客戶。因此，整體而言，我們認為這筆交易進一步驗證了身分認同的重要性，但不會對競爭格局產生重大改變。

That flexibility is why the world's largest organizations across the public and private sector trust Okta and why we're confident we're on the winning path.

正是這種靈活性，讓全球公共和私營部門的大型組織都信任 Okta，也讓我們有信心走在成功的道路上。

To wrap things up, we're pleased with our Q2 results. We're excited about the future, with our growing portfolio of modern identity solutions and how Okta secures AI.

總而言之，我們對第二季的業績感到滿意。我們對未來充滿期待，因為我們的現代身分解決方案組合不斷增長，而且 Okta 能夠保護人工智慧。

As more and more customers turn to an identity security fabric to simplify control and strengthen protection across their organizations, Okta is here to meet them with the most modern and comprehensive identity security platform in the market today.

隨著越來越多的客戶轉向身分安全結構來簡化控制並加強整個組織的保護，Okta 將透過當今市場上最現代、最全面的身份安全平台來滿足他們的要求。

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.

像往常一樣，我要感謝整個 Okta 團隊的不懈努力，同時也感謝我們忠實的客戶和合作夥伴，他們每天都信任我們。

I look forward to seeing all of you at Oktane. Now, here's Brett to cover the financial commentary and talk about how we're positioned for long-term profitable growth.

我期待在 Oktane 見到大家。現在，請布雷特來報告財務評論並討論我們如何實現長期獲利成長。

Thanks. Todd. Thank you, everyone, for joining us today.

謝謝。托德。感謝大家今天加入我們。

My commentary will provide insights into our Q2 performance and then, move into our outlook for Q3 and FY26.

我的評論將提供對我們第二季業績的見解，然後介紹我們對第三季和 26 財年的展望。

Last quarter, we introduced some conservatism in our business outlook, with regard to uncertainty in the macro and our federal vertical. I'm pleased to say that neither materialized and we're removing them from our outlook for the remainder of the fiscal year.

上個季度，考慮到宏觀和聯邦垂直領域的不確定性，我們在業務展望中引入了一些保守主義。我很高興地說，這兩個目標都沒有實現，因此我們將把它們從本財年剩餘時間的展望中剔除。

While we're only two quarters into our go-to-market realignment, we're encouraged by the signals we're seeing, including improved sales productivity and record pipeline generation. This success echoes the long-term performance of our already specialized teams in areas like the US SMB market and public sector. The positive signals from Q2 give us great confidence that our increased specialization will drive long-term growth for both Okta and our customers.

雖然我們進入市場調整才兩個季度，但我們對所看到的訊號感到鼓舞，包括銷售效率的提高和創紀錄的管道生成。這一成功與我們在美國中小企業市場和公共部門等領域的專業團隊的長期表現相呼應。第二季的正面訊號讓我們充滿信心，我們專業化的提升將推動 Okta 和客戶的​​長期成長。

That's a nice segue into the strong Q2 performance we saw in our Public Sector business. While we did experience some contract restructuring with civilian agencies and delays in procurement processes, renewals across all of federal were strong, reflecting the mission critical nature of our solutions.

這是我們公共部門業務第二季強勁表現的一個很好的過渡。雖然我們確實經歷了與民間機構的一些合約重組以及採購流程的延遲，但整個聯邦政府的續約情況都很強勁，反映了我們解決方案的關鍵任務性質。

Okta continues to perform well with government organizations at all levels, highlighted this quarter by multiple new business and upsell deals with DOD and state agencies. Overall, five of our top 10 deals in Q2 were with the US public sector, including our biggest deal of the quarter, which was secured with a DOD agency.

Okta 繼續與各級政府組織保持良好關係，本季與國防部和州政府機構達成了多項新業務和追加銷售協議。總體而言，我們第二季度的十大交易中有五筆是與美國公共部門達成的，其中包括我們本季最大的交易，該交易是與國防部機構達成的。

In that particular deal, the agency needed to replace its aging legacy log-on system while ensuring compliance with federal mandates on cybersecurity and zero trust. Working closely with our partners, the agency will be modernizing with Okta Customer Identity as a central component of their new access system.

在那筆特定的交易中，該機構需要更換其老化的傳統登入系統，同時確保遵守聯邦關於網路安全和零信任的規定。該機構將與我們的合作夥伴密切合作，以 Okta 客戶身分作為其新存取系統的核心組件進行現代化改造。

It's worth noting that about a year ago, we made the strategic decision to reinvest in Okta Customer Identity. Those efforts have led to substantial growth in the product. In the first half of FY26, OCI Bookings has really accelerated and was a strong contributor to pipeline generation, driven by deals in both the public and private sectors.

值得注意的是，大約一年前，我們做出了重新投資 Okta Customer Identity 的策略決策。這些努力使得產品獲得了大幅成長。在 26 財年上半年，OCI 預訂量確實加速成長，並在公共和私營部門交易的推動下，成為管道產生的強大貢獻者。

Turning to capital allocation, we ended the quarter with a strong balance sheet consisting of approximately $2.9 billion in cash, cash equivalents, and short-term investments. Next week, the 2025 convertible notes reach maturity. We will settle the remaining principal amount of $510 million in cash.

談到資本配置，我們在本季結束時擁有強勁的資產負債表，其中包括約 29 億美元的現金、現金等價物和短期投資。下週，2025 年可轉換票據將到期。我們將以現金償還剩餘的 5.1 億美元本金。

We regularly evaluate our capital structure and capital allocation priorities, which includes investing in the business; tuck-in M&A; and opportunistic repurchasing of the 2026 notes -- of which, $350 million remains outstanding.

我們定期評估我們的資本結構和資本配置重點，其中包括投資業務、補充併購以及機會性地回購 2026 年票據——其中仍有 3.5 億美元未償還。

Now, let's turn to our business outlook. For Q3 and FY26, we continue to take a prudent approach to forward guidance that factors in our go-to-market specialization that was rolled out at the beginning of this fiscal year.

現在，讓我們談談我們的業務展望。對於第三季和 2026 財年，我們將繼續採取審慎的前瞻性指引，其中考慮到我們在本財年初推出的市場專業化策略。

For the third quarter of FY26, we expect total revenue growth of 9% to 10%; current RPO growth of 10%; non-GAAP operating margin of 22%; and free cash flow margin of approximately 21%.

對於 26 財年第三季度，我們預期總營收成長 9% 至 10%；目前 RPO 成長 10%；非 GAAP 營業利潤率為 22%；自由現金流利潤率約為 21%。

For the full-year FY26, we are raising our outlook and now expect total revenue growth of 10% to 11%; non-GAAP operating margin of 25% to 26%; and a free cash flow margin of approximately 28%.

對於 2026 財年全年，我們上調了預期，目前預計總收入增長 10% 至 11%；非 GAAP 營業利潤率達到 25% 至 26%；自由現金流利潤率約為 28%。

To wrap things up, we're pleased with the solid Q2 results. We've significantly increased our profitability and cash flow over the past couple of years and remain focused on accelerating growth. We're excited about the adoption of new products and the rapid pace of innovation. We remain confident that Okta's independence and neutrality positions us best to lead the identity industry.

總而言之，我們對第二季穩健的業績感到滿意。過去幾年，我們的獲利能力和現金流大幅提高，並且持續致力於加速成長。我們對新產品的採用和快速的創新步伐感到非常興奮。我們仍然相信，Okta 的獨立性和中立性使我們能夠最好地引領身分認同產業。

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.

謝謝，布雷特。

I see that there's already quite a few hands raised. I'll take them in order until the top of the hour.

我看到已經有不少人舉手了。我會按順序處理它們，直到整點為止。

In the interest of time, please limit yourself to one question.

為了節省時間，請只問一個問題。

Brad Zelnick.

布拉德·澤爾尼克。

Great. Thank you so much. Video on, there we are. Congrats, guys, on a strong Q2.

偉大的。太感謝了。影片打開，我們到了。大家好，恭喜你們第二季取得了強勁的成績。

My question for you, Brett -- great to see the NRR stabilize. I know, in the past, you talked about downsell pressures subsiding into the back half of this year. I just wanted to understand what other indicators might you look at as inputs into your guidance and the macro caveat that you've now removed this quarter. Does that still hold that, as we proceed from here, we feel good that NRR should effectively have a bottom?

我的問題是，布雷特，很高興看到 NRR 穩定下來。我知道，過去您曾談到今年下半年降價壓力將會減弱。我只是想了解您會將哪些其他指標視為指導的輸入，以及您本季已刪除的宏觀警告。這是否仍然表明，當我們從這裡繼續前進時，我們會感覺到 NRR 應該有效地有一個底部？

Thank you.

謝謝。

Hey, Brad. Before Brett jumps in, maybe I could just make a high-level comment.

嘿，布拉德。在布雷特發言之前，也許我可以先發表一個高層次的評論。

I think, on the quarter, we're very pleased with the execution. I think it was solid execution. And then, looking forward, I think we're very excited about the strategy.

我認為，就本季而言，我們對執行情況非常滿意。我認為這是一次紮實的執行。展望未來，我認為我們對這項策略感到非常興奮。

Our strategy is to be the one-stop shop for identity. That's what customers want. They want fewer identity vendors. Some of these -- I worked with one of the largest high-tech companies in the world and they're replacing 50 identity vendors with Okta.

我們的策略是成為身分識別的一站式商店。這正是顧客想要的。他們希望減少身份供應商的數量。其中一些——我曾與世界上最大的高科技公司之一合作，他們正在用 Okta 取代 50 家身份供應商。

So customers want to consolidate. They want on a single identity partner. And then, they want to do it in a way that covers all of these different use cases.

因此客戶希望進行整合。他們想要一個單一身分的伴侶。然後，他們希望以涵蓋所有這些不同用例的方式來實現這一點。

You'll hear different variants of this across the call but I think that's really what makes us so excited about the future and that our strategy is really working, along with solid execution.

您會在電話會議中聽到不同的說法，但我認為這才是讓我們對未來如此興奮的原因，而且我們的策略確實有效，執行也十分穩健。

Brad, you broke up for a second in the middle of your question. So you're asking around NRR and how it's trending but you also said something around macro. Can you just clarify what you're saying?

布拉德，你提問的時候突然停頓了一下。所以你問的是 NRR 及其趨勢，但你也說了一些宏觀的問題。你能解釋一下你在說什麼嗎？

Well, maybe incorrectly but I think of those concepts going hand in hand. In the past, you've talked about downsell pressure alleviating, come the back half of this year. We now see NRR having stabilize.

嗯，也許不正確，但我認為這些概念是相輔相成的。過去，您曾談到今年下半年降價壓力將減輕。我們現在看到 NRR 已經穩定下來。

Wanted to appreciate what other inputs you look to when you remove the macro caveat in your guidance, going forward; and if we can have confidence that, in fact,106% is a level from which we can now re-expand?

想要了解當您在指導中刪除宏觀警告時，您會考慮哪些其他輸入；並且我們是否可以確信，事實上，106％ 是我們現在可以重新擴展的水平？

Thank you.

謝謝。

Yeah. Absolutely. I've said for a couple of quarters now -- actually, a few quarters now -- around the NRR effects of the macro impacting the NRR. I was saying, the last few years, the COVID cohort, I would say, not having as much of an effect after the first half of FY26. We still believe that to be the case.

是的。絕對地。我已經討論了幾個季度了——實際上是幾個季度了——宏觀經濟對 NRR 的影響。我想說的是，過去幾年，COVID 族群在 26 財年上半年後的影響並沒有那麼大。我們仍然相信情況確​​實如此。

In terms of what we expected to be for the balance of the fiscal year, we still think, similar to what I said before, which was plus or minus a little bit from here, just depending on mix of business, whether there's more new business or more upsell in the quarter. So that's how we think about the NRR side.

就我們對本財年餘額的預期而言，我們仍然認為，與我之前所說的類似，從現在開始會有一點點增加或減少，這取決於業務組合，以及本季度是否會有更多新業務或更多追加銷售。這就是我們對 NRR 方面的看法。

In terms of macro effect on the rest of the guidance, in the earnings remarks today, we've removed that because we clearly didn't see anything. That was that differentiating in Q2. It seemed a lot more of the same from what we've seen over the last several quarters. And so that's what we think it's going to be for the balance of the fiscal year.

就對其餘指導的宏觀影響而言，在今天的收益評論中，我們刪除了這一點，因為我們顯然沒有看到任何東西。這就是第二季度的差別。從我們過去幾季看到的情況來看，情況似乎大致相同。所以我們認為本財政年度的餘額將會如此。

Thanks for taking my question. Congrats, again.

感謝您回答我的問題。再次恭喜。

No problem.

沒問題。

Thanks, Brad.

謝謝，布拉德。

Matt Hedberg.

馬特·赫德伯格。

Great. Thanks for taking my question, guys. I'll offer my congrats as well. Really solid execution, including the new product success. It's great to see.

偉大的。謝謝你們回答我的問題。我也會表示祝賀。執行確實很紮實，包括新產品的成功。很高興看到。

Todd, I had a question for you. When we look at the AI native cohort, are there any interesting adoption trends that you're seeing there in terms of what products they're taking, how they're using the platform, any consolidation trends? Is there any thought of some of the earl AI natives, from a DIY perspective?

托德，我有個問題想問你。當我們觀察 AI 原生群體時，您是否看到一些有趣的採用趨勢，包括他們採用的產品、他們如何使用平台以及任何整合趨勢？從 DIY 角度來看，對於一些早期的 AI 原生有什麼想法嗎？

Just curious on how those folks are approaching your platform.

只是好奇這些人是如何接近你的平台的。

It doesn't seem dramatically different than other cohorts, in terms of adopting workforce solutions or Auth0. It looks pretty much the same, except they're growing very fast. That's the difference.

在採用勞動力解決方案或 Auth0 方面，它與其他群體似乎沒有太大不同。它們看起來幾乎一樣，只是生長得非常快。這就是差別。

Especially on the -- actually, the revenue metrics. It's growing very fast. We think we're well positioned in that cohort.

特別是在——實際上，收入指標方面。它增長得非常快。我們認為我們在這個群體中處於有利地位。

I think, similar to every company, they're trying to figure out how they can be secure internally, as they're growing very fast. I know from Workforce Identity and Identity Security perspective, for their internal operations, they're sitting on a lot of very valuable data and definitely, hackers want to attack them, like they want to attack every important company. So they're really investing in identity security. Okta helps them with that.

我認為，與每家公司一樣，由於公司發展非常快，他們也在試圖弄清楚如何確保內部安全。我從員工身分和身分安全的角度知道，對於他們的內部運營，他們掌握著大量非常有價值的數據，而且駭客肯定會攻擊他們，就像他們想攻擊每個重要的公司一樣。所以他們確實在投資身份安全。Okta 可以幫助他們實現這一點。

And then, in terms of building their products and how they're connecting with their customers, they want to obviously connect on the web and mobile channels but also, they're all building AI agents themselves. So that's one of the customer -- every enterprise is being really -- they have to make these choices about how many AI agents they buy, who they buy them from.

然後，在建立他們的產品以及如何與客戶聯繫方面，他們顯然希望在網路和行動管道上建立聯繫，而且他們都在自己建立人工智慧代理。所以這是客戶之一——每個企業實際上都在——他們必須做出選擇，決定購買多少個人工智慧代理，以及從誰那裡購買。

All of these AI native companies are working hard to fill that void, along with Salesforce and Workday and more of the established companies.

所有這些 AI 原生公司都在努力填補這一空白，Salesforce、Workday 和更多老牌公司也是如此。

What it means for customers that are on the enterprises that are trying to adopt these great new coding tools or these great new business automation processes or even the agent building platforms is they have to figure it all out in a way that has really high security implications. Like, everyone's heard this story of how big companies are doing simple AI chatbots and then, all of a sudden, confidential information is leaked because the AI chatbot leaked the wrong thing.

對於企業中試圖採用這些出色的新編碼工具或出色的新業務自動化流程甚至代理構建平台的客戶來說，這意味著他們必須以一種具有高度安全性的方式弄清楚這一切。就像，每個人都聽說過這個故事，大公司正在做簡單的人工智慧聊天機器人，然後突然之間，機密資訊被洩露，因為人工智慧聊天機器人洩露了錯誤的東西。

So big security implications. But at the same time, they see big business value. They're not really sure which platforms to invest in. So one of the things we're really focused on is trying to provide the right security for this agentic future but also, at the same time, give them choice and flexibility as every new AI company is trying to give them an agent platform and a capability to build these things in established vendors.

因此安全隱患很大。但同時，他們也看到了巨大的商業價值。他們並不確定應該投資哪些平台。因此，我們真正關注的事情之一是嘗試為這個代理的未來提供正確的安全性，但同時，也要為他們提供選擇和靈活性，因為每個新的人工智慧公司都試圖為他們提供一個代理平台和在現有供應商處構建這些東西的能力。

It's pretty complex for these companies to figure out. So we're trying to help them through it all. But it's an interesting time out there. I think it's a good time to be an identity company. We're really excited about where this is all going.

對於這些公司來說，弄清楚這一點相當複雜。因此，我們正在盡力幫助他們解決所有問題。但這是一個有趣的時刻。我認為現在是成為一家識別公司的好時機。我們對於這一切的進展感到非常興奮。

Great to hear. Thanks.

很高興聽到這個消息。謝謝。

Eric Heath.

埃里克·希思。

Thanks, David. Congrats, Todd and Brett. If I could ask one for Todd and one for Brett?

謝謝，大衛。恭喜，托德和布雷特。我可以向 Todd 和 Brett 各要一個嗎？

Todd, you've always been very clear that identity should be its own independent standalone platform but can you just elaborate a little bit more on the comments of why you think that's critical for identity to be independent?

托德，你一直非常清楚，身份應該是一個獨立的平台，但你能否更詳細地闡述為什麼你認為身份獨立至關重要？

And then, Brad, if I could, just on a modeling question? Great. Very exciting deal with the DOD, the expansion deal. Just how should we think about that as it relates to RPO and CRPO and think about the model, going forward?

然後，布拉德，如果可以的話，我只想問一個建模問題？偉大的。與國防部達成的擴張協議非常令人興奮。我們該如何看待它與 RPO 和 CRPO 的關係，並思考未來的模式？

Thanks.

謝謝。

Yeah. I think on the category of identity, back when, a long time ago, I started Okta, it was like, would it be important enough? Could you build a big company around identity?

是的。我認為在身份類別上，很久以前，當我創立 Okta 時，我就在想，它是否足夠重要？你能圍繞著身份建立一家大公司嗎？

At the time, it was like identity was a part of another platform. People didn't think it could be a big company. So over decade and a half since, it's very clear it's super important now.

當時，身份就像是另一個平台的一部分。人們不認為它能成為一家大公司。十五年過去了，很明顯它現在變得非常重要。

Now, this new question is like, should it be its own independent platform or should it be part of another platform? As you mentioned, we have a very strong worldview that it should be independent-neutral. It's really two reasons.

現在，新的問題是，它應該是獨立的平台還是應該是另一個平台的一部分？正如您所說，我們有一個非常強烈的世界觀，那就是它應該是獨立中立的。這確實有兩個原因。

The first reason is that it's too fragmented. There's too many niche players. There's too many legacy platforms. It's too complicated for big companies. So in that sense, it has to consolidate. It's too complicated. It's holding companies back.

第一個原因是太過碎片化。有太多小眾玩家。有太多遺留平台。對於大公司來說，這太複雜了。所以從這個意義上來說，它必須鞏固。太複雜了。這阻礙了企業的發展。

I mentioned this, one of the biggest technology companies in the world, we're helping upgrade all of their disparate identity platforms from CellPoint to CyberArk to HashiCorp to (inaudible) to ForgeRock. They're consolidating them all on Okta.

我提到過，作為世界上最大的科技公司之一，我們正在幫助升級其所有不同的身份平台，從 CellPoint 到 Cyber​​Ark、從 HashiCorp 到（聽不清楚）到 ForgeRock。他們正在將所有內容整合到 Okta 上。

The reason they're doing this is because -- two reasons. It's cost. It's expensive. It's operationally challenging to keep all this stuff running. A lot of them are legacy platforms, running in their own data centers or Amazon. The second reason is that it's preventing them from adopting the future. It's preventing them from rolling out more agentic work workflows, et cetera.

他們這樣做的原因有兩個。這是成本。它很貴。保持所有這些東西正常運作在操作上是一個挑戰。其中許多都是傳統平台，在自己的資料中心或亞馬遜上運作。第二個原因是，它阻礙了他們適應未來。這阻止了他們推出更多代理商工作流程等等。

So there's just the simple argument of cost and fragmentation.

因此，這只是成本和碎片化問題這個簡單的爭論。

Now, the second answer is like, which -- and that could be true of any category, people want, in theory, fewer vendors and less operational costs for many categories: collaboration applications, security tools, et cetera, et cetera.

現在，第二個答案是，這對任何類別都是正確的，理論上，人們希望許多類別的供應商更少、營運成本更低：協作應用程式、安全工具等等。

So why should your point of consolidation be identity? Our answer is simple. It's because you can, like I mentioned before, save a lot of money, a lot of time, a lot of energy. Secondly, it's the one thing you can consolidate on and still preserve choice across everything else.

那為什麼你的鞏固點應該是身分呢？我們的答案很簡單。這是因為，正如我之前提到的，你可以節省大量金錢、時間和精力。其次，這是你可以鞏固的一件事，同時仍然保留對其他所有事物的選擇。

So if you are adopting Microsoft identity, you are making a decision that your first choice and your preferred vendor for everything else is going to be Microsoft, which could work for some companies but it's not going to work for most companies, especially large companies.

因此，如果您採用 Microsoft 身份，則您做出了決定，您的第一選擇和所有其他產品的首選供應商將是 Microsoft，這可能適用於某些公司，但不適用於大多數公司，尤其是大公司。

So that's the independence argument. That's why we think when companies -- they're seeing the results, right? 13% CRPO growth. The success we're having across the board.

這就是獨立論點。這就是為什麼我們認為公司會看到結果，對嗎？CRPO 成長 13%。我們取得了全面成功。

What we're seeing is that customers are showing this preference too. They want to consolidate. They want to pick the right points of consolidation. In our case, for having the most products, the most modern products, the breadth of capabilities, the reliability, the security. It's resonating with them.

我們看到顧客也表現出這種偏好。他們想要鞏固。他們希望選擇正確的整合點。就我們而言，我們擁有最多的產品、最現代化的產品、廣泛的功能、可靠性和安全性。這引起了他們的共鳴。

Then, Eric, to answer your question, fairly simple, like many other public sector deals, the RPO value in the current RPO value are going to be the same because it's a one-year deal.

那麼，埃里克，回答你的問題很簡單，就像許多其他公共部門交易一樣，當前 RPO 值中的 RPO 值將是相同的，因為這是一項為期一年的交易。

So that's just how it works with a lot of the public sector.

這就是許多公共部門的運作方式。

Brian Essex.

布萊恩·埃塞克斯。

Great. Thanks. David, did you say Eric Kelleher is on as well?

偉大的。謝謝。大衛，你是說艾瑞克‧凱萊赫也在嗎？

Yeah.

是的。

I'm here.

我在這裡。

When we met, intra-quarter, you gave us some great context of the evolution of the Salesforce, both a hunter-farmer model and the decision to specialize. Could you, maybe, like bring us up to date in terms of where that sales, where each of those specialization or specialized Salesforces have evolved to?

當我們在本季度內見面時，您向我們介紹了 Salesforce 的發展背​​景，包括獵人-農民模式和專業化決策。您能否向我們介紹一下銷售的最新情況，以及各個專業化或專業化的 Salesforce 發展到了什麼程度？

How does that drive confidence, the ability to execute through the remainder of the year, both from a productivity, as well as plans for hiring going forward?

這如何從生產力以及未來的招聘計劃兩方面增強信心和在今年剩餘時間內的執行能力？

Great question. Thanks, Brian.

好問題。謝謝，布萊恩。

We feel very confident in where we are today. We said last quarter when we got together that we were very much on track for the expected impact and productivity impact of all the changes we made to specialize on the Okta platform and the ACO platform.

我們對目前的狀況充滿信心。我們上個季度聚在一起時說過，我們為專注於 Okta 平台和 ACO 平台所做的所有改變都達到了預期的影響和生產力影響。

In Q2, our results were very strong as well. As you can see, it's a solid quarter. They reflect increased productivity from a specialization standpoint. So we remain optimistic and confident that this works.

在第二季度，我們的業績也非常強勁。如您所見，這是一個穩健的季度。從專業化角度來看，它們反映了生產力的提升。因此，我們對此保持樂觀和信心。

Again, this isn't the first time we've specialized. Brett talked about this in his opening comments. Our first real investment in specialization was for our Public Sector business. You've heard us talk for many quarters now about strength in public sector and how that's been performing.

再說一遍，這不是我們第一次進行專業化。布雷特在開場白中談到了這一點。我們對專業化的第一筆真正投資是針對公共部門業務。您已經聽到我們連續多個季度談論公共部門的實力及其表現如何。

18 months ago, we implemented a hunter-farmer specialization in the SMB space for North America. We've seen that deliver. That group has had a very effective first half of this year. And so the change management and change costs associated with that have really played out. We're really pleased with the productivity for that group and the organization.

18 個月前，我們在北美的中小企業領域實施了獵人-農民專業化。我們已經看到了這項成果。該集團今年上半年取得了非常顯著的成績。因此，與此相關的變更管理和變更成本確實已經發揮作用。我們對團隊和組織的生產力感到非常滿意。

Our specialization for platform is now our third major wave of specialization. We feel good about it, as well. We saw productivity gains in Q2, which were in line with where we're hoping to get. One of the metrics in our commentary, we generated an all-time high for pipe in Q2. And so that's partly attributed to the fact that we now have people specializing in our buyers in our buyer personas.

我們對平台的專業化現在是我們第三次重大的專業化浪潮。我們對此也感到很高興。我們在第二季度看到了生產力的提高，這與我們的期望一致。我們評論中的一項指標是，我們在第二季創造了管道的歷史最高水準。這在一定程度上歸因於我們現在有專門研究買家的人員。

So we have people specialized in developer buyers and people specializing in IT and security buyers. They're more effectively able to identify and qualify and prosecute leads and convert that an opportunity at the top of the funnel.

因此，我們有專門負責開發商買家的人員，也有專門負責 IT 和安全買家的人員。他們能夠更有效地識別、鑑定和起訴潛在客戶，並將其轉化為漏斗頂端的機會。

So we're very pleased with the progress, so far.

所以到目前為止我們對進展感到非常滿意。

All right. Great color. Thank you so much.

好的。顏色很棒。太感謝了。

Brian, I would just add one thing to what Eric said, which is around what he was saying around the pipeline by source.

布萊恩，我只想對艾瑞克所說的內容補充一點，即他所說的有關來源管道的內容。

We saw a nice growth in the quarter for pipe being created by AEs themselves, right? That really is attributed the fact like what Eric was just saying, they know the products better. And so if you allow them to specialize, they're going to know better and you're going to see numbers like that.

我們看到本季 AE 自己創建的管道出現了良好的成長，對嗎？這確實歸因於 Eric 剛才所說的事實，他們更了解產品。因此，如果你允許他們專門化，他們就會更了解，你就會看到這樣的數字。

And so that's really a nice sign for us as an organization because it really -- those positive feedback points (inaudible) so we feel like things are working in head in the right direction.

所以這對我們組織來說確實是一個好兆頭，因為這些正面的回饋確實顯示（聽不清楚）我們覺得事情正在朝著正確的方向發展。

Right. You've been focused on channel productivity, as well. Has that also improved sequentially? Are you getting momentum there?

正確的。您也一直關注通路生產力。這是否也逐漸改善了？你在那裡獲得動力了嗎？

Yeah. Absolutely. 20 of the top 20 deals were all touched by a partner.

是的。絕對是如此。前 20 筆交易中有 20 筆都是由合作夥伴促成的。

Also, from a pipe gen perspective, there was also very -- in terms of the source where it was coming from, the partners that also had very nice growth in the quarter. So you add all that up and you get a record pipe gen and nice results, like we just said.

此外，從管道生成的角度來看，就其來源而言，合作夥伴在本季也取得了非常好的成長。所以，你把所有這些加起來，你就會得到一個記錄管道產生器和很好的結果，就像我們剛才說的。

Good stuff. Congrats on the results.

好東西。恭喜取得成果。

Josh Tilton.

喬許·蒂爾頓。

Since I have Todd, I'm going to try and ask a nerdy tech question, although I preface it with, I'm not 100% sure I understand what I'm asking.

因為我有托德，所以我將嘗試問一個技術問題，儘管我先說了，但我不是 100％ 確定我明白我在問什麼。

I think investors are trying to understand which piece of the identity puzzle is going to benefit the most from AI. It sounds like you're buying, you're making an acquisition because there are some pan pieces that are going to help you secure AI. But then, if you dig into cross app access, it also looks like it's using tokens and protocols and stuff you use for SSO and MFA.

我認為投資者正在試圖了解身份識別難題的哪個部分將從人工智慧中受益最多。聽起來你正在購買，你正在進行收購，因為有一些平底鍋可以幫助你保護人工智慧。但是，如果你深入研究跨應用程式訪問，它看起來也使用了令牌和協議以及用於 SSO 和 MFA 的東西。

Maybe, like, what is your view of which piece of this puzzle is really best positioned to benefit from an AI future? And then, just more broadly, like, what is incremental to Cross App Access that you're getting from this acquisition you just announced?

或許，您認為這個難題的哪一部分最有可能從人工智慧的未來中受益？然後，更廣泛地說，您從剛剛宣布的收購中獲得了哪些 Cross App Access 的增量？

Yeah. Imagine, Josh, how confused the buyers are in the market. Like, when they're trying to buy all the stuff. That's what they are. It's true, right? And so they're all very excited about -- as we all are, technologists and business people and people that just observe the world -- what could be possible with AI.

是的。喬希，想像一下市場上的買家有多困惑。例如，當他們試圖購買所有東西時。他們就是這樣的。這是真的吧？因此，他們和我們所有人一樣，包括技術專家、商人和觀察世界的人們，都對人工智慧的可能性感到非常興奮。

But they're just inundated with this complexity of how you get the best products and what the right platform is and should you use Microsoft or should you use Google and should he use OpenAI. Like, what's the right thing to build? What's the right thing to buy?

但他們只是被這種複雜性淹沒，例如如何獲得最好的產品、什麼是正確的平台、應該使用微軟還是Google、是否應該使用 OpenAI。例如，什麼是正確的建造物？買什麼東西才合適？

Our perspective is quite simple. It's that: you have many problems today in your enterprise that are clear and present and you can get a lot of security benefit by addressing problems -- these are the problems that we talk about a lot. These are service accounts. These are machine identities. These are putting the right vaulting and governance workflows around all of these things. These are, like, the bread and butter of our identity platform across Governance and Privileged Access and Identity Threat Protection with Okta AI. The bread and butter what we're talking about. These are clear and present things today.

我們的觀點很簡單。那就是：您的企業目前存在許多明顯且現實的問題，透過解決問題，您可以獲得許多安全益處——這些是我們經常談論的問題。這些是服務帳戶。這些是機器身份。這些都是圍繞著所有這些事情制定的正確的保管和治理工作流程。這些就像是我們的跨治理和特權存取以及使用 Okta AI 的身份威脅保護的身份平台的核心。我們正在談論的是麵包和黃油。這些都是今天清楚而現實的事。

In addition to that, every company is going to make a huge investment in AI agents. What that's going to do, first and foremost, is it's going to make that problem I just described 5 times worse because every agent wants to connect to 10 service accounts and is going to have its own tokens.

除此之外，每家公司都會對人工智慧代理進行大量投資。首先，這樣做會使我剛才描述的問題變得更加嚴重 5 倍，因為每個代理都想連接到 10 個服務帳戶，並且擁有自己的令牌。

And so we are in this environment where people are very receptive to what we're seeing because it's fundamentally understood that this is a problem they have today and it's getting worse.

因此，我們處於這樣的環境中，人們非常接受我們所看到的情況，因為他們從根本上明白這是他們今天面臨的問題，而且情況正在變得越來越糟。

The last week, I've had conversations with CIOs of massive companies that everyone's heard of that say, there's no way we're going to be able to do this AI stuff if we don't get our identity foundation in order. So that's clear and present.

上週，我與一些大公司的資訊長進行了交談，他們說，如果我們的身分基礎不健全，我們就不可能進行人工智慧工作。這是清晰且現實的。

Now, in addition to that, I think there are investments we are making and innovation we're building that is going to even take it a step further, which is actually modeling the identity of an agent and giving more power to the customer to manage and secure these things because it's a native thing inside of Okta, which is also very excited.

現在，除此之外，我認為我們正在進行的投資和正在進行的創新甚至會更進一步，這實際上是在模擬代理的身份，並賦予客戶更多權力來管理和保護這些事物，因為這是 Okta 內部的原生功能，這也令人非常興奮。

But that's very early because the amount of companies that are actually playing with AI agents is 100%. The ones that are actually putting them in production at scale is very small. So the timing is right here to solve this problem they all have today, the surface accounts and token vaulting, et cetera; and then, over time, be the system of record for the AI agents themselves and give them choice and flexibility on if they want to use Salesforce or what they would be Salesforce for agents or ServiceNow agents or build their own agents and give them the fundamentals across all of that, which are security, control, and governance.

但這還為時過早，因為實際使用人工智慧代理的公司數量已經是 100%。真正大規模投入生產的企業非常少。所以現在是時候解決他們今天面臨的這個問題了，表面帳戶和令牌保管等等；然後，隨著時間的推移，成為人工智慧代理自己的記錄系統，並讓他們有選擇和靈活性，是否要使用 Salesforce，或者他們是代理的 Salesforce 還是 ServiceNow 代理，或者構建自己的代理，並為他們提供所有這些的基礎知識，即安全性、控制和治理。

Now, specific to your questions about Axiom, we're very excited about Axiom. But it's a little different. Axiom is -- first of all, these folks on this team are super talented. They are deep, deep privileged access management experts.

現在，具體到您對 Axiom 的問題，我們對 Axiom 感到非常興奮。但有一點不同。Axiom 是－首先，這個團隊中的這些人都非常有才華。他們是深厚的特權存取管理專家。

One thing we're doing at Okta, right now, is we're on this mission to recruit, across the entire company, the best identity people in the world. Axiom falls in that bucket. So we get some of the best PAM experts in the world to join our Privileged Access Management team, which is great.

目前，我們在 Okta 正在做的一件事就是在整個公司範圍內招募世界上最優秀的識別人才。Axiom 就屬於這一類。因此，我們邀請了一些世界上最好的 PAM 專家加入我們的特權存取管理團隊，這很棒。

They also have a technical capability around securing infrastructure connections the databases that is world-class and gives us an enhanced benefit there. But honestly, it's really about the team and having this great technology, for sure. But it's this expert privileged access engineers and product people to join our PAM team, which is we're trying to build the world's best team across the board and it's a great addition to.

他們還擁有保護資料庫基礎設施連接的技術能力，這是世界一流的，並為我們帶來了更大的利益。但說實話，這確實與團隊和這項偉大的技術有關。但正是這些專家特權存取工程師和產品人員加入了我們的 PAM 團隊，我們正試圖全面打造世界上最好的團隊，這是一個很好的補充。

I know this is a long answer. I'll try to say one more thing, Cross App Access is an industry-wide effort. It's actually three years old. We've been working on this for three years. It came out of [Mike] from Atlassian, and [Eric] from Zoom -- and many other SaaS leaders wanted a way to standardize how, when they sold their products into companies, those products were then hooked up to everything else in the company.

我知道這是一個很長的答案。我想再說一點，跨應用程式存取是一項全行業的努力。它實際上已有三年曆史了。我們已經為此努力了三年。它來自 Atlassian 的 [Mike] 和 Zoom 的 [Eric]——以及許多其他 SaaS 領導者，他們希望找到一種標準化的方法，當他們將產品銷售給公司時，這些產品隨後會與公司中的其他一切產品掛鉤。

So Zoom wants to connect to your calendar, wants to connect to a note-taking. Atlassian wants to connect to all of your other software development tools.

因此，Zoom 想要連接到您的日曆，想要連接到筆記記錄。Atlassian 希望連接到您所有的其他軟體開發工具。

We invented this protocol and this concept and have published this open standard to solve a very important problem: how do you give your IT teams and your security teams visibility into all these application connections that happen between apps?

我們發明了這個協定和這個概念，並發布了這個開放標準來解決一個非常重要的問題：如何讓您的 IT 團隊和安全團隊了解應用程式之間發生的所有這些應用程式連接？

Now, guess what? That's a problem that's existed for a long time. We'll top it in with AI. AI is supercharging this problem.

現在，猜猜怎麼著？這是一個長期存在的問題。我們將利用人工智慧來實現這一點。人工智慧正在加劇這個問題。

Now, every agent guess what it wants to do. It wants to connect to 15 applications. Guess what you need? You need an open protocol for all of those applications that are letting those agents connect; publish and share that information with the security team so they can have visibility and control and audit that.

現在，每個代理商都猜測它想要做什麼。它想要連接到 15 個應用程式。猜猜你需要什麼？您需要為所有允許這些代理連接的應用程式製定一個開放協議；發布並與安全團隊共享該信息，以便他們能夠查看、控制和審核該信息。

So that's why Cross App Access is so important. It lets the ecosystem form around this system of how agents can share their connection information in an open and transparent way.

這就是為什麼跨應用程式存取如此重要。它讓生態系統圍繞著代理如何以開放透明的方式共享其連接資訊的系統形成。

Actually, very helpful, so I appreciate the long response.

實際上，非常有幫助，所以我很感謝您的長篇回覆。

Gregg Moskowitz.

格雷格·莫斯科維茲。

All right. Terrific. Congratulations on a really good quarter.

好的。了不起。恭喜您本季取得了非常好的成績。

Brett, I'm wondering if there was a change in upsell or cross-sell rates among SMB customers or enterprise customers.

布雷特，我想知道中小型企業客戶或企業客戶的追加銷售或交叉銷售率是否有變化。

And then, realize that still early days but what are you seeing, so far, regarding demand for your new suites?

然後，您意識到現在還處於早期階段，但到目前為止，您對新套件的需求如何？

Yeah. I'll let Eric talk about the suite side of the house.

是的。我會讓艾瑞克談論房子的套房方面。

But from an overall upsell/cross-sell perspective, it was fairly similar to what we've seen in the last few quarters. You've heard us talk about, for several quarters now, the pipeline being more weighted toward upsell and cross-sell as opposed to new business, that continues to be the case.

但從整體追加銷售/交叉銷售的角度來看，它與我們在過去幾季看到的情況非常相似。您已經聽到我們談論過，幾個季度以來，管道更側重於追加銷售和交叉銷售，而不是新業務，這種情況一直持續下去。

You see these bigger customers getting bigger as a result of that, right? That's why you see the greater than $100,000, having a nice add. You see the greater $1 million. Almost $500 million, we're at $495 million, up 15%, year over year.

您會看到這些大客戶因此變得更大，對嗎？這就是為什麼您會看到超過 100,000 美元的增值金額。您看到的是更大的 100 萬美元。接近 5 億美元，目前為 4.95 億美元，年增 15%。

And so that upsell/cross-sell continues to work, especially as you've heard Todd talk about, we keep adding all these new products into the mix, depending on which side of the business you're on and ultimately, helping us across the board there.

因此追加銷售/交叉銷售繼續發揮作用，特別是正如您聽到 Todd 談到的，我們不斷將所有這些新產品添加到產品組合中，這取決於您所處的業務領域，並最終幫助我們全面發展。

On the suites part of that question -- and thanks, Gregg, for the question -- we're pleased with what we're seeing with suites Again, we introduced suites for the Okta platform a few months ago. It was in response to demand from customers who have bought into Okta's vision of the secure identity fabric.

關於這個問題的套件部分 - 感謝 Gregg 提出這個問題 - 我們對所看到的套件感到滿意，幾個月前我們再次為 Okta 平台推出了套件。這是為了回應那些認同 Okta 安全身分結構願景的客戶的需求。

These are companies that, as Todd mentioned earlier, are looking for an identity partner that they can work with to help them solve all of their identity use cases, whether that's threat protection or security posture management, access management, governance, privileged access. That is the secure identity fabric vision that Okta is bringing to customers.

正如 Todd 之前提到的，這些公司正在尋找一個身分合作夥伴，幫助他們解決所有身分用例，無論是威脅防護還是安全態勢管理、存取管理、治理、特權存取。這就是 Okta 為客戶帶來的安全身分結構願景。

What we found is our customers want easier ways to engage with us to get the secured entity fabric for themselves. The suites are really designed to do that. They bundle pieces of the Okta portfolio to help customers address the use cases that are most compelling for them, right now; but also, to give them room for where they're going to grow on their roadmap, as they go forward.

我們發現，我們的客戶希望透過更簡單的方式與我們合作，為自己取得安全的實體結構。這些套房確實是為了實現這一點而設計的。他們將 Okta 產品組合的各個部分捆綁在一起，以幫助客戶解決當前對他們來說最有吸引力的用例；同時也為他們未來的發展路線圖提供發展空間。

So we're pleased with what we've seen. As we're a few months in, we're not breaking out numbers for suites for that packaging, specifically. But we're seeing the impact that we expected.

我們對所看到的結果感到滿意。由於已經過去了幾個月，我們不會具體公佈該包裝套件的具體數字。但我們看到了預期的影響。

I'll just add real quick, just to give the group some really detailed color about what's going on.

我會快速補充一下，只是為了讓小組了解正在發生的事情的詳細資訊。

We have a sales team now that's focused totally on selling the Okta products. The opportunity there is big simply because we have to make sure the customer understands the breadth of what we have.

我們現在有一個銷售團隊，專注於銷售 Okta 產品。這裡的機會很大，因為我們必須確保客戶了解我們所擁有產品的廣度。

It's much broader than it was just a couple of years ago. Just a couple of days ago, I was on a call with a big federal agency and it's been a customer of Okta forever but they really think of Okta as multi-factor authentication and just log in.

它比幾年前更加廣泛。就在幾天前，我與一家大型聯邦機構進行了通話，他們一直是 Okta 的客戶，但他們真的認為 Okta 是一種多因素身份驗證，只需登入即可。

They had no idea we have a governance solution. We have identity threat protection. We have all these other products that can help them be secure across the board and consolidate vendors, et cetera, et cetera. Their eyes just lit up and the size of that deal potential just probably tripled or more.

他們不知道我們有一個治理解決方案。我們有身分威脅保護。我們擁有所有這些其他產品，可以幫助他們全面保障安全並整合供應商等等。他們的眼睛亮了起來，這筆交易的潛在規模可能增加了兩倍甚至更多。

So it's really about getting this message out there that this is possible. We have the best solution, the most comprehensive solutions, modern solution. There is a better way. That's why these things like suites are specialization dovetail right into that strategy. That's working.

所以這其實就是要讓人們知道這是可能的。我們擁有最好的解決方案、最全面的解決方案、現代化的解決方案。有一個更好的方法。這就是為什麼套件之類的東西的專業化與該策略完全契合。這很有效。

It's also a tie back to the conversation we've been having for a few quarters now around specialization. One of the reasons specialization to us was the winning strategy is we've seen so much innovation on the product side of the business for both the Okta platform and the Auth0 platform.

這也與我們幾個季度以來圍繞專業化的討論有關。我們認為專業化是勝利策略的原因之一是，我們看到 Okta 平台和 Auth0 平台在業務產品方面都進行了大量創新。

To Todd's point, our sales reps were having difficulty really articulating and evangelizing the full benefits of the entire portfolio, the entire security fabric, to our customers.

正如托德所說，我們的銷售代表很難真正向客戶清楚地表達和宣傳整個產品組合、整個安全結構的全部優勢。

Specialized just gives them more opportunity to get deeper. So whether it's Identity Threat Protection or Identity Security Posture Management, like identity governance, occupied (inaudible) access, buying great authorization, highly-regulated identity -- all the products that have been coming out of both of these platforms and now Auth0 for Agentic AI are specialists are better able to get into the specifics of these technologies for the specific use cases our customers are talking to us.

專業化只是為他們提供了更多深入的機會。因此，無論是身分威脅防護還是身分安全態勢管理，例如身分治理、佔用（聽不清楚）存取、購買強大授權、高度監管的身分——這兩個平台推出的所有產品以及現在 Agentic AI 的 Auth0 專家都能夠更好地深入了解這些技術的具體細節，以滿足客戶與我們討論的特定用例。

That's bringing us help. The suites are helping with, that from a design and purchase standpoint.

這對我們有幫助。從設計和購買的角度來看，這些套件可以提供幫助。

Great. Thank you, guys.

偉大的。謝謝你們。

John DiFucci.

約翰·迪富奇。

There's a lot of good information coming out tonight, especially things like Cross App Access. It just demonstrates your leadership position in the whole identity space, especially when you're able to contribute that to the whole ecosystem.

今晚有很多好消息發布，特別是像跨應用程式訪問這樣的資訊。這只是證明了您在整個身份領域的領導地位，特別是當您能夠為整個生態系統做出貢獻時。

But my question is for Brett and it's a little more tactical, I think, because otherwise, I know I'm going to get -- we're all going to get this question all day tomorrow.

但我的問題是針對布雷特的，我認為這個問題更具策略性，因為否則，我知道我會得到——我們明天一整天都會得到這個問題。

Brett, you said that the -- I forget your exact words but excess conservatism around the US Fed, which was strong; and macro were no longer implied in your guide. I just want to make sure I understand what that means. Does it mean that we potentially won't see the same amount of beats, going forward? You alluded to that in the past.

布雷特，您說過——我忘記了您的確切措辭，但圍繞美聯儲的過度保守主義（這種保守主義曾經很強）和宏觀經濟不再隱含在您的指南中。我只是想確保我理解這意味著什麼。這是否意味著我們以後可能不會再看到同樣數量的節拍？您過去曾提到過這一點。

Along the same lines, how long do you think the go-to-market changes that happened in fiscal 1Q will present a potential headwind to your business momentum? Because that's still in the guide, right?

同樣，您認為第一財季發生的市場變化將在多長時間內對您的業務發展勢頭造成潛在的阻力？因為那仍然在指南中，對嗎？

Absolutely. Yeah. We did remove that layer of prudence for macro, going forward. The primary reason is it didn't come to fruition like we thought it was going to the last time we spoke, probably about 90 days ago, John.

絕對地。是的。我們確實消除了宏觀層面上的謹慎，向前邁進。主要原因是它沒有像我們上次談話時想像的那樣取得成果，大概是 90 天前，約翰。

So then, to answer your second part of your question is, yes, the go-to-market specialization is still baked in there. Although we're seeing positive signs and positive feedback from the field, we're still a couple of quarters in.

那麼，回答你問題的第二部分，是的，進入市場的專業化仍然存在。儘管我們看到了來自現場的積極跡象和積極反饋，但我們仍處於幾個季度的階段。

If you remember, when we first started talking to you all of you about this, it takes time for these things to come to fruition and really hit their full stride. We talked about US public sector. We've talked about US SMB. It takes some time. You have to be methodical in your approach.

如果你還記得的話，當我們第一次開始與大家談論此事時，這些事情需要時間才能取得成果並真正全面推進。我們討論了美國公共部門。我們已經討論過美國中小企業。這需要一些時間。你必須採取有條不紊的方法。

And then, yes, to your point, John, yes, we are trying to shoot for closer to the pin than we have historically; that we started trying to do that last about three, four quarters ago.

是的，正如你所說，約翰，是的，我們正試圖比以往更接近目標；我們在大約三、四個季度前就開始嘗試這樣做了。

Yes, I will admit that I was probably a bit a little wrong on the macro side and we delivered a really nice beat this quarter. But if you look 90 days ago, the world was a little different. So I will take that charge.

是的，我承認我在宏觀方面可能有點錯誤，但本季我們取得了非常好的成績。但如果你回顧 90 天前，世界就有所不同。所以我會承擔這個責任。

But yes, ultimately, we are trying to a little closer to the pin than we have historically.

但是，是的，最終，我們正在嘗試比以往更接近目標。

That's really helpful. Thank you, Brett.

這真的很有幫助。謝謝你，布雷特。

Shrenik Kothari.

什雷尼克·科塔里。

Great. Congrats on the great quarter.

偉大的。恭喜本季取得如此出色的成績。

Just on the Cross App Access securing AI agent workflows, I know it's still early days to settle on any pricing or monetization model to capitalize on this opportunity.

僅在跨應用程式存取保護 AI 代理程式工作流程方面，我知道現在確定任何定價或貨幣化模型以利用這一機會還為時過早。

Just, if you can help expand on how you are viewing the monetization part for this, is it going to be embedded in the existing tiers? You highlighted the initial traction from the good, better, best suite or something you see evolving to standalone?

只是，如果您可以幫助擴展您如何看待這部分的貨幣化，它是否會嵌入到現有的層級中？您強調的是好、更好、最好的套件的最初吸引力，還是您看到的向獨立發展的東西？

Just curious what are the earlier signs of feedback from like Zoom or AWS or all these customers trying to start it out, in terms of downstream enterprise security spending and plans on this one?

我只是好奇，就下游企業安全支出和計劃而言，Zoom 或 AWS 或所有這些試圖啟動它的客戶的早期回饋跡像是什麼？

I would think of it this way. It's a really good question. When we've talked about it and modeled it out, this is how we think about it.

我會這樣想。這確實是一個好問題。當我們談論它並對其進行建模時，我們就是這樣思考的。

First of all, Cross App Access is an open industry standard. If we were able to talk last year around Oktane, we talked about this another new standard we've put out there and are working with all the identity companies on and a bunch of technology companies. It's called (inaudible) .

首先，Cross App Access 是一個開放的業界標準。如果我們去年能夠談論 Oktane，我們談論的是我們已經推出的另一個新標準，並且正在與所有身份公司和一些技術公司合作。它被稱為（聽不清楚）。

These are two open standards we're pushing out there with the ecosystem. The effect of both of these things for Okta is, basically, identity providers are going to be more valuable tools to the customers. So they're going to have better control -- that fine-grained control into resources, better policies, more value.

這是我們與生態系共同推廣的兩個開放標準。這兩件事對 Okta 的影響基本上是，身分提供者將成為對客戶更有價值的工具。因此他們將擁有更好的控制權——對資源、更好的政策、更多的價值進行細粒度的控制。

So the whole identity market gets more valuable and bigger. And so that's the way to think about these open standards.

因此整個身分市場變得更有價值、規模更大。這就是思考這些開放標準的方式。

Now, specifically on how Okta is going to monetize these two layers I've talked about. I talked about the clear and present issue today, which is service accounts, non-human identities. We monetize that through Okta Privileged Access and Identity Security Posture Management.

現在，具體談談 Okta 將如何將我所談到的這兩層貨幣化。我今天講了一個很明確、很現實的問題，就是服務帳號，非人類身分。我們透過 Okta 特權存取和身分安全態勢管理將其貨幣化。

So Identity Security Posture Management detects the non-human identities and the risks in a proactive way that's comprehensive across all platforms and Okta Privileged Access and Okta Identity Governance can vault the credentials and rotate the credentials and have the right governance workflows.

因此，身分安全態勢管理可以主動地偵測所有平台上的非人類身分和風險，而 Okta 特權存取和 Okta 身分治理可以保管憑證、輪替憑證並擁有正確的治理工作流程。

Axiom, of course, is going to add capability (inaudible) as to have better support and more extensive support for database connection.

當然，Axiom 將增加功能（聽不清楚），以便為資料庫連接提供更好的支援和更廣泛的支援。

So that's the monetization of the clear and present thing today. That's affecting the results today. We talked about new products contribute healthily to the bookings. That's true today.

這就是今天清晰而現實的貨幣化。這影響了今天的結果。我們討論了新產品對預訂量的良好貢獻。今天也是如此。

Now, on top of that, in a world of AI agents, our belief is strong that you are going to manage AI agents with your identity system. That's how we're going to mutate that.

現在，最重要的是，在人工智慧代理的世界中，我們堅信您將使用您的身分識別系統來管理人工智慧代理。這就是我們要改變它的方式。

When you put a bunch of AI agents inside Okta, that's going to be more valuable from an identity security perspective. We're going to be able to charge for that with our customers.

當你在 Okta 中放入一堆 AI 代理時，從身分安全的角度來看，這將更有價值。我們將向客戶收取費用。

So they're separate things and two layers but that's how we see the world unfolding. But it all is predicated on a vibrant, healthy, growing AI agent ecosystem, which I think is there's a lot of different thoughts on how that exactly play out.

所以它們是獨立的事物和兩個層面，但這就是我們所看到的世界的發展。但這一切都建立在一個充滿活力、健康、不斷發展的人工智慧代理生態系統的基礎上，我認為對於它的具體實現有很多不同的想法。

But who is the vendor going to be? Who's the platform? SaaS vendors versus custom development, whatever.

但供應商是誰？平台是誰？SaaS 供應商與客製化開發，無論如何。

I think whatever happens, you're going to need to manage this stuff. That's why we're inserting ourselves on that dimension. That's why we're very excited about where this is all going.

我認為無論發生什麼，你都需要管理這些事情。這就是我們將自己置於這個維度的原因。這就是為什麼我們對這一切的進展感到非常興奮。

So powerful, Todd. Thanks a lot.

太強大了，托德。多謝。

Adam Borg.

亞當·博格。

Awesome. Maybe for Eric on the go-to-market changes. You did talk about this a few minutes ago in your answer to Brian but where are we today with Salesforce productivity, relative to historical levels?

驚人的。也許對 Eric 來說，這是關於市場走向的變化。幾分鐘前您在回答 Brian 的問題時確實談到了這一點，但相對於歷史水平，Salesforce 的生產力目前處於什麼水平？

What do you guys need to see in order to put more gas in the Salesforce new hiring process, either in the back half of the year, ultimately as we head into fiscal '27?

為了在下半年或最終進入 27 財年時為 Salesforce 的新招募流程注入更多動力，你們需要看到什麼？

Yeah. You bet. We talked about at the end of last year, based upon our first two rounds of specialization in public sector and hunter-farmer, I think it was in our Q4 results, we talked about how we hit a multi-year high for sales productivity.

是的。當然。我們在去年年底談到，基於我們在公共部門和獵人農場領域的前兩輪專業化，我想是在我們的第四季度業績中，我們談到了我們如何達到銷售生產力的多年最高水平。

And then, we were leaning into the specialization work and reorienting our sales capacity and our supporting teams and pre-sales and post sales and also, our marketing-generation teams.

然後，我們傾向於專業化工作，重新調整我們的銷售能力、支援團隊、售前和售後以及行銷生成團隊。

As I mentioned earlier, we generated a record amount of pipeline for us in Q2. So specialization is definitely helping at the top of the funnel. We're pleased with that.

正如我之前提到的，我們在第二季創造了創紀錄的管道數量。因此，專業化肯定有助於漏斗頂端的發展。我們對此感到高興。

I think from a sales productivity standpoint, we saw gains in Q2 as well. So we're very much on track with what we expected out of this model and our guidance for the second half reflects that as well.

我認為從銷售生產力的角度來看，我們在第二季也看到了成長。因此，我們完全按照我們對該模型的預期行事，並且我們對下半年的指導也反映了這一點。

But we're confident in the strategy of specializing on our buyers and our platforms.

但我們對專注於我們的買家和平台的策略充滿信心。

One thing I'll add there is that our year is, like, a lot of enterprise companies is back-end loaded. So in terms of that confidence and putting the investment level, cranking the investment in terms of go-to-market and growth acceleration, et cetera, et cetera, a strong Q3, a strong Q4 is worth more than a strong Q1 and a strong Q2.

我要補充一點，今年我們公司就像許多企業公司一樣，都注重後端載入。因此，就信心和投資水平而言，在市場進入和成長加速等方面加大投資，強勁的第三季和第四季比強勁的第一季和第二季更有價值。

That's just the nature of the numbers and how they play out. And so as we go through the rest of the year, we're looking to build on the strength and get super confident exiting this year and going into next year.

這只是數字的本質以及它們如何發揮作用。因此，在度過今年剩餘的時間時，我們希望鞏固現有實力，並對今年和明年充滿信心。

Thanks, again.

再次感謝。

Michael Cikos.

邁克爾·西科斯。

I just wanted to cycle back on some of the different dimensions here for public sector. I know that you guys spoke about, hey, there was some restructuring standpoint for some of the civilian contracts.

我只是想回顧一下公共部門的一些不同方面。我知道你們談到了，嘿，一些民用合約有一些重組的觀點。

But first, is it fair to assume that the Q2 played out better than what you initially anticipated? And then, secondly, with the removal of some of that conservatism we had previously introduced to the guide, are we now just operating in a more normalized buying environment? Or are you guys just executing better than planned?

但首先，是否可以假設第二季的表現比您最初預期的要好？其次，隨著我們先前在指南中引入的一些保守主義的消除，我們現在是否只是在更規範化的購買環境中運作？或者你們只是執行得比計劃的更好？

Any detail on the pub sec front from that standpoint would be beneficial.

從這個角度來看，任何有關公共安全方面的詳細資訊都會是有益的。

I was going to say like three months ago, there was a lot of uncertainty in the pub sector. You had massive government layoffs. You had a lot of people talking about a lot of dramatic changes.

我想說，三個月前，酒吧業存在著許多不確定性。政府部門大規模裁員。很多人都在談論許多重大的改變。

I think in the quarter, what we saw is that there were some contracts that were paused or restructured. But what we also saw is that the overwhelming balance of the business was super positive. The impact on some of those government spending efforts didn't materialize in a negative way.

我認為在本季度，我們看到一些合約被暫停或重組。但我們也看到，業務的絕對平衡是非常正面的。部分政府支出措施並未產生負面影響。

So I think that's just a different -- we've gotten through some of that uncertainty and it settled down a little bit. What we're seeing is that the technology we provide is pretty critical and pretty strategic.

所以我認為這只是一種不同——我們已經克服了一些不確定性，事情稍微平靜下來了。我們看到，我們提供的技術非常關鍵且具有戰略意義。

By the way, the government, particularly the federal government, has a huge need for it. They have legacy systems.

順便說一句，政府，特別是聯邦政府，對此有著巨大的需求。他們有遺留系統。

Identity in the federal government often means some massive outsourced operation run by a big contractor. This concept of a modern, purpose-built identity security platform is just amazing for them.

聯邦政府中的身份通常意味著由大型承包商經營的一些大規模外包業務。這種現代化、專用的身份安全平台的概念對他們來說簡直太棒了。

So I think the fundamentals are running out there in terms of -- in some of the short-term uncertainty, I think, was a little -- we overestimated that.

因此，我認為基本面已經顯現——就一些短期不確定性而言，我認為，我們有點高估了這一點。

Yeah. You see that in some of the structures of the deal, Mike, so I talked about earlier about -- and Todd just said some of the contract restructuring. What that would look like is, in some cases, oh we don't have as many users as we used to because I think we all know that there's been a few left in the government.

是的。麥克，你可以看到，在交易的一些結構中，我之前談到過——托德剛才談到了一些合約重組。在某些情況下，情況是這樣的，我們的用戶不像以前那麼多了，因為我想我們都知道政府裡還剩下一些用戶。

But then, at the same time, there's an upsell that goes along with it for new products that they're not previously using. So we end up in a good place. It's just maybe we don't get as much of an upsell because ultimately, there's less users on the other side because there's less employees in the federal government now.

但同時，他們也會對先前沒有使用過的新產品進行追加銷售。因此我們最終會得到一個好的結果。可能我們無法獲得那麼多的追加銷售，因為最終，由於現在聯邦政府的僱員減少，另一端的用戶也減少了。

So that's what we mean by crowd constructing. It's actually not a bad thing. It's actually there being more ingrained with Okta. We look at that as a positive. There's usually more products around. The higher the renewal rates, the higher upsell rates we get over time.

這就是我們所說的群體建構。這其實並不是一件壞事。事實上，它與 Okta 的關係更加根深蒂固。我們認為這是一件正面的事。通常還有更多產品。續訂率越高，隨著時間的推移，我們獲得的追加銷售率就越高。

Andy Nowinski.

安迪·諾溫斯基。

Okay. Nice quarter as well.

好的。同樣是不錯的季度。

Todd, I know Auth0 has been doing exceptionally well. You have a great pipeline in Auth0, given all the new AI products coming out. But I wanted to ask a question maybe about your workforce ACV. We continue to hear how customers want to consolidate identity vendors and how they want workforce products like IGA and PAM and SSO all on a single platform, which you guys have.

托德，我知道 Auth0 一直表現得非常出色。考慮到所有新推出的 AI 產品，Auth0 中有一個很棒的管道。但我想問一個關於您的勞動力 ACV 的問題。我們不斷聽到客戶希望如何整合身分識別供應商，以及他們希望如何在單一平台上提供 IGA、PAM 和 SSO 等勞動力產品，而你們已經擁有了這些。

But my question is why hasn't that thirst for a complete platform had more of a positive impact on your workforce ACV growth, which has been decelerating over the last 12 months? Just wondering how you're thinking about your bread-and-butter workforce ACV, going forward.

但我的問題是，為什麼對完整平台的渴望沒有對你們的員工平均年收入 (ACV) 成長產生更積極的影響？過去 12 個月，ACV 成長一直在減速。我只是想知道您對未來賴以生存的勞動力 ACV 有何看法。

I think we're going to do better there. I think the market is big. I think the opportunity is substantial. I think we're doing a better job of explaining to customers what we have and getting the message out and getting real proof points with customers live at scale.

我認為我們會做得更好。我認為市場很大。我認為這個機會是巨大的。我認為我們在向客戶解釋我們擁有的產品、傳播訊息以及向客戶大規模提供真實證據方面做得更好。

By the way, that's one of the real strengths of our product suite, particularly in the identity governance space. Our average customer is live with multiple resources in 30 days. That's unheard of for a CellPoint implementation.

順便說一句，這是我們產品套件的真正優勢之一，特別是在身份治理領域。我們的平均客戶在 30 天內會擁有多種資源。這對於 CellPoint 實作來說是聞所未聞的。

It's legacy software. It's pretty heavyweight to deploy. It's hard to get successful with. As those stories get out there of proof points of customers getting live with multiple applications and bringing resources into the management framework. It starts to resonate.

這是遺留軟體。它的部署相當繁重。很難獲得成功。隨著這些故事的流傳，證明了客戶可以使用多種應用程式並將資源納入管理框架。它開始產生共鳴。

I think that's one of the reasons why we specialize the Salesforce to be more effective there. It's one of the reasons why we're investing heavily in R&D for these new products to make sure they're fully featured, particularly upmarket. That's why we're excited about the Axiom acquisition and many other efforts.

我認為這就是我們專門針對 Salesforce 以提高其效率的原因之一。這就是我們大力投資這些新產品研發的原因之一，以確保它們功能齊全，尤其是高端產品。這就是我們對 Axiom 收購和其他許多努力感到興奮的原因。

Like I said before, we're building the best team in identity. So if anyone is world-class and wants to work on identity, they should come work for us.

正如我之前所說，我們正在打造最好的身分團隊。因此，如果有人是世界級的並且想要研究身份，他們就應該來為我們工作。

Go ahead, Eric.

繼續吧，埃里克。

The other thing I would add to that is coming back to the overall vision of the security identity fabric we've talked about and how to consolidate use cases on the platform, Todd talked about one account he's working with one of the world's largest technology companies and consolidating 50 different identity systems on to Okta.

我想補充的另一件事是回到我們討論過的安全身份結構的整體願景以及如何整合平台上的用例，Todd 談到他正在與世界上最大的科技公司之一合作並將 50 個不同的身份系統整合到 Okta 上。

From the CIOs and CSOs that I'm talking to on the accounts that I work with, what I'm really hearing is that having such a disparate framework isn't just expensive. It also adds complexity, which adds frugality, which creates security holes.

從我與合作客戶的 CIO 和 CSO 交談中，我真正聽到的是，擁有如此分散的框架不僅僅是昂貴的。它還增加了複雜性，從而增加了節儉性，從而產生了安全漏洞。

And so part of the value in our customers' mind of consolidating use cases with the trusted identity provider is they can have confidence in how they administer the product, how they administer the platform; and knowing that they can have secure identity across all of these use cases.

因此，在我們的客戶看來，將用例與可信任身分提供者整合的價值在於，他們可以對自己如何管理產品、如何管理平台充滿信心；並且知道他們可以在所有這些用例中擁有安全的身份。

So that's an added value and something that we've seen more and more from our customers as we -- seen the wave and industry ride from cloud enablement and how identity is necessary to help people move to the cloud into this phase of security and how we help companies secure identity.

因此，這是一種附加價值，也是我們從客戶那裡越來越多地看到的，因為我們看到了雲端運算支援的浪潮和產業發展，以及身分如何幫助人們轉移到雲端進入安全階段，以及我們如何幫助公司保護身分。

Now, as we look forward to Agentic AI, again, it's going to be even more important for our customers to make sure that they've got a partner that they can work with.

現在，當我們再次期待 Agentic AI 時，對於我們的客戶來說，確保他們有一個可以合作的合作夥伴將變得更加重要。

Thank you.

謝謝。

Jonathan Ruykhaver.

喬納森·魯伊克哈弗。

I think, Todd, this is probably for you. I'm curious if you would agree with the view that has been articulated by other industry participants that PAM capabilities can be delivered to all employees at a cost comparable to IA.

我想，托德，這可能適合你。我很好奇您是否同意其他行業參與者所表達的觀點，即可以以與 IA 相當的成本向所有員工提供 PAM 功能。

I think when you look at the growing need for cloud native, just-in-time [femoral] credentials to support agentic and machine identities, maybe help us understand, does Axiom potentially fit into that thesis that, yes, (inaudible) can be deployed more broadly and cost effectively, both across human and not-in-human identity. What's your strategy along those lines?

我認為，當您看到對雲端原生、即時 [股骨] 憑證日益增長的需求以支持代理和機器身份時，也許可以幫助我們理解，Axiom 是否有可能符合這一論點，是的，（聽不清）可以更廣泛、更經濟高效地部署，無論是在人類身份還是非人類身份中。您的策略是什麼？

Yeah. Every identity type, employees, partners, customers; every resource, so database, cloud infrastructure, servers, Kubernetes containers, every resource in the machines in the environment; and then, every use case -- so Privileged Access Workflows, Identity Governance, at-the-station reporting, the core Access Management Workflows around creating accounts and removing accounts, that's what we're building. It's comprehensive. It's complete.

是的。每種身分類型、員工、合作夥伴、客戶；每種資源，即資料庫、雲端基礎設施、伺服器、 Kubernetes 容器、環境中機器的每種資源；然後，每個用例 - 即特權存取工作流程、身分治理、網站報告、圍繞建立帳戶和刪除帳戶的核心存取管理工作流程，這就是我們正在建構的。很全面。已經完成了。

I do agree. I do think that you want every employee to have a really locked-down, secure identity experience. That's why we have the world's leading authenticator, phishing-resistant authenticator, called FastPass, which is employed by quite a significant number of our customers and has been over the last five years. It's why it's so important to have these different pieces together. So I think that's very important.

我同意。我確實認為您希望每位員工都擁有真正鎖定、安全的身份體驗。這就是為什麼我們擁有世界領先的身份驗證器、防網路釣魚身份驗證器 FastPass，它已被我們相當多的客戶採用，並且已經使用了五年。這就是為什麼將這些不同的部分整合在一起如此重要。所以我認為這非常重要。

I think one of the things that's also very important, as I talk to customers -- I was talking with a Chief Security Officer of a big beverage company just two weeks ago. Their whole thing was they want to make sure that their identity provider works with all of their security tools.

我認為，當我與客戶交談時，還有一件非常重要的事情——就在兩週前，我曾與一家大型飲料公司的首席安全官進行過交談。他們的全部目的是確保他們的身份提供者能夠與他們的所有安全工具相容。

So it's in divisions and companies they bought, they have SentinelOne, they have CrowdStrike, they have legacy technology for endpoint. They have (inaudible). They have Zscaler. They have Palo Alto networks.

因此，在他們收購的部門和公司中，他們擁有 SentinelOne、CrowdStrike 以及用於端點的傳統技術。他們有（聽不清楚）。他們有 Zscaler。他們有 Palo Alto 網路。

His plea me was, he said, Todd, I need to consolidate something. I can't consolidate all my security stuff. It's too disparate. I can't consolidate identity but you have to make sure it connects all the stuff. Make sure it connects to Zscaler. Make sure it connects to Palo Alto networks. Make sure it connects to Microsoft's network security.

他懇求我說，托德，我需要鞏固一些東西。我無法整合我的所有安全資料。差別太大了。我無法鞏固身份，但你必須確保它將所有的東西連結起來。確保它連接到 Zscaler。確保它連接到 Palo Alto 網路。確保它連接到 Microsoft 的網路安全。

I said, that's what we do. We connect to everything. So I think that's the winning formula.

我說，這就是我們所做的。我們連結一切。所以我認為這就是成功的秘訣。

Rob Owens.

羅布歐文斯。

Actually, it's exactly what I was going to ask. So I'll shift to a more Brett-focused, RPO, CRPO question.

事實上，這正是我想問的。因此，我將轉向更加關注 Brett 的 RPO、CRPO 問題。

Brett, if I look at the last couple of years, just in the RPO acceleration that you guys have seen, number one. Number two, you've talked about constant duration as well. But over that same time, CRPO has been trending down. It's finding a bottom here.

布雷特，如果我回顧過去幾年，你們所看到的 RPO 加速是第一名。第二，您也談到了恆定持續時間。但在同一時期，CRPO 一直呈現下降趨勢。它在這裡找到了底部。

But at what point do we see a better marriage, between prior RPO growth and forward CRPO growth? Maybe you can weave into that just what you're seeing from a retention rate perspective, in terms of GRR?

但是，什麼時候我們才能看到先前的 RPO 成長和未來的 CRPO 成長之間更好的結合呢？也許您可以從留存率的角度，就 GRR 而言，將您所看到的情況融入其中？

Yeah. So you're talking about last year, we saw RPO outpace CRPO, right? Is that what you're talking about?

是的。所以您說的是去年，我們看到 RPO 超過了 CRPO，對嗎？這就是你所說的嗎？

Yeah. For a couple of years, you've seen that acceleration in RPO. If it's constant duration, it feels like that should come through on the CRPO but that's not in your guide.

是的。幾年來，您已經看到 RPO 的加速發展。如果持續時間較長，感覺應該透過 CRPO 來實現，但這不在您的指南中。

I think a lot of us have looked for maybe some of those headwinds to abate here in the second half that have been holding down NRR, potentially providing a lift to CRPO, especially as you're talking about your success with cross-selling and upselling.

我認為我們很多人都在期待下半年一些抑制 NRR 的不利因素能夠減弱，從而可能為 CRPO 帶來提振，特別是當您談到交叉銷售和追加銷售方面的成功時。

Absolutely. When I said the constant duration, I mean the duration of the amount in current RPO, because you don't have a 12-month value in current RPO at all times. That's just how it works.

絕對地。當我說恆定持續時間時，我指的是當前 RPO 中金額的持續時間，因為當前 RPO 中並不總是有 12 個月的值。事情就是這樣的。

In terms of duration of contracts that we're signing, if you remember in FY25, we went back to incenting the field on contract duration as part of their compensation plan. The prior couple of years, we hadn't done that. You saw RPO go up in a big way because contract duration went up in a big way, right?

就我們簽署的合約期限而言，如果您還記得的話，在 25 財年，我們又將合約期限作為薪酬計畫的一部分來激勵該領域。前幾年我們還沒有這樣做。您看到 RPO 大幅上漲是因為合約期限大幅增加，對嗎？

If you look at this year, contract duration is still in their comp plan, right? It's still a component that we pay them on. And so you're seeing more of a normalization.

如果你看看今年，合約期限仍在他們的補償計劃中，對嗎？這仍然是我們向他們付款的一部分。因此，您會看到更多的正常化。

We see contract duration actually in the first half, slightly ticking up but it's not going to have the effect like it did last year because it's coming off of a different base, if you will, Rob.

我們看到上半年的合約期限實際上略有增加，但它不會產生像去年那樣的影響，因為它來自不同的基礎，如果你願意的話，羅布。

So hopefully, that answers your question around current RPO and total RPO and the dynamics in between those because it's a simple sales comp model. That's all it really is.

因此希望這能回答您關於當前 RPO 和總 RPO 以及它們之間的動態的問題，因為這是一個簡單的銷售補償模型。事實就是這樣。

Any broader comments on GRR?

對 GRR 還有什麼更廣泛的評論嗎？

Yeah. We tend to continue to have that be a strong number for us, always. It's been healthy. It's been one of those things since the hallmark of this company that for years, it's been healthy.

是的。我們傾向於繼續讓這個數字對我們來說一直是一個強勁的數字。它一直很健康。這是該公司多年來一直保持健康發展的標誌之一。

It continues to be so, at least through the first half of FY26. We're looking forward some solid results as we finish out the fiscal year.

至少在 26 財年上半年，這種情況仍將持續。我們期待在本財政年度結束時取得一些可靠的成果。

Annick Baumann.

安妮克·鮑曼。

I'm on for Joe Gallo here.

我在這裡支持喬·加洛。

Brett, any verticals beyond federal because we've talked about that or (inaudible) weakness to call out in 2Q?

布雷特，除了聯邦之外，還有什麼垂直產業嗎？因為我們已經討論過了，或者（聽不清楚）第二季的弱點是什麼？

And then, Todd, can you just talk us through the key to unlocking the international? It seems like an incredible opportunity, relative to what you've built in the US today.

那麼，托德，您能給我們講講打開國際大門的鑰匙嗎？相對於你們今天在美國所取得的成就，這似乎是一個令人難以置信的機會。

Yeah. I would say larger customers. So enterprise, in general, had a really nice quarter. We're feeling solid about that. That's been actually pretty existent for a while now.

是的。我想說的是更大的客戶。因此，總體而言，企業本季表現非常好。我們對此感到十分堅定。事實上，這種情況已經存在了一段時間。

We've talked about bigger customers getting bigger. That's why we see enterprise doing well.

我們討論過大客戶會變得更大。這就是我們看到企業表現良好的原因。

But I'll let Eric comment a little bit on that because I know he is near and dear to his heart on that topic.

但我會讓艾瑞克對此發表一點評論，因為我知道他對這個主題非常關心。

Yeah. We continue to see strength in upmarket in large customers. I would agree with that focus.

是的。我們持續看到大客戶在高端市場的強勁表現。我同意這個重點。

We talked about updated stats on our customers above $100,000 and customers above $1 million in ACV spend and continue to be growing at high rates.

我們討論了 ACV 支出超過 10 萬美元的客戶和超過 100 萬美元的客戶的最新統計數據，並且這些數據仍在繼續高速增長。

Again, it reflects what we see as the industry trend of the importance of people investing in security. We look now at cyber events worldwide. Over 80% of them start with some form of compromise identity.

再次，它反映了我們所看到的人們投資安全的重要性的行業趨勢。我們現在來看看全球網路事件。其中超過 80% 都是從某種形式的妥協身分開始的。

Our customers, CIOs, and CSOs are coming to us to help them build the partnership they need across our expanded portfolio. So we continue to see great success there.

我們的客戶、資訊長和首席策略長紛紛向我們尋求協助，希望我們能夠在不斷擴展的產品組合中建立他們所需的合作夥伴關係。因此我們繼續看到那裡取得巨大的成功。

On the international question, we have a big opportunity in international. Our strategy there is, really, to invest in our top 10 countries and make sure we fully do everything we need to make those successful and get those to grow to their potential versus spreading ourselves too thinly.

在國際議題上，我們在國際上有很大機會。我們的策略實際上是投資於我們的前十大國家，並確保我們盡一切努力使這些國家取得成功並發揮其潛力，而不是分散我們的精力。

So we're going to continue to really prioritize our countries, our top 10 countries, ruthlessly and invest to make those successful because we do think the opportunity is quite substantial.

因此，我們將繼續實際優先考慮我們的國家，我們的前 10 個國家，並進行投資以確保它們成功，因為我們確實認為機會相當巨大。

Makes sense. Thanks, guys.

有道理。謝謝大家。

Gabriela Borges.

加布里埃拉·博爾赫斯。

Thank you. For Todd and for Eric, I want to explore this idea of security and identity and the conversion of it. Give us a little bit of an update on where you're seeing progress with the grade market, specifically with security buyers in the enterprise.

謝謝。對於托德和埃里克，我想探索安全和身份的概念及其轉變。請向我們簡單介紹一下等級市場（特別是企業安全買家）的進度。

The reason I'm asking now is, Todd, you mentioned not expecting to see a change in the competitive landscape because of (inaudible). (inaudible) is really good at driving some of these strategic conversations at the top of the house with CSOs. So maybe just some update on how you're progressing and please push back against (inaudible) --

我現在問這個問題的原因是，托德，你提到由於（聽不清楚），預計競爭格局不會改變。 （聽不清楚）非常擅長與 CSO 進行一些高層策略對話。所以也許只是一些關於你進展的更新，請反駁（聽不清楚）——

I think it's a question of the capabilities of the products you're offering. I think where a security vendor is going to struggle is the breadth of identity types, first of all, and the breadth of use cases that can support across those types.

我認為這是有關您所提供產品的功能的問題。我認為安全供應商面臨的困難首先是身分類型的廣度，以及能夠支援這些類型的用例的廣度。

Because we still it's very influenced by security. But it's still more than a security conversation. A lot of the identity management products, particularly governance are there, operationally. They operationally help the companies, in terms of being more efficient and passing compliance audits, et cetera.

因為我們仍然受到安全的很大影響。但這仍不僅僅是一次安全對話。目前已有許多身分管理產品，特別是治理產品投入營運。它們在營運方面為公司提供幫助，例如提高效率、透過合規審計等。

I was talking to a the Chief Information Officer of a global auto company just a couple of days ago and they -- and she was talking about -- I was talking about cyber and she goes, yeah, of course, identity is a cyber thing but it's really about -- we want visibility into what people are using so we know how much we spend on all these things. We want to make sure we automate these workflows that are slowing people down.

幾天前，我與一家全球汽車公司的首席資訊長進行了交談，他們——她正在談論——我當時正在談論網絡，她說，是的，身份當然是網絡的事情，但它實際上是關於——我們希望了解人們在使用什麼，這樣我們就知道我們在所有這些事情上花了多少錢。我們希望確保這些拖慢人們速度的工作流程能夠自動化。

So while the security voice is very important, I think it's not still purely a security sale, which I think is a little bit different for some of these security companies.

因此，雖然安全聲音非常重要，但我認為這仍然不是純粹的安全銷售，我認為這對於其中一些安全公司來說有點不同。

But I think, ultimately, Gabriela, it comes down to having the products. You have to have a broad range of duty types and use cases and resources to really serve this concept that these customers want.

但我認為，加布里埃拉，最終一切都取決於產品。您必須擁有廣泛的職責類型、用例和資源才能真正滿足這些客戶想要的概念。

Thank you.

謝謝。

Okay. Well, apologies for not getting to all the questions today.

好的。嗯，很抱歉今天沒有回答所有問題。

It is the top of the hour. But before you go, I just want to let you know that in addition to hosting on-site and virtual bus tours this quarter, we'll be attending the Citi TMT Conference on September 3 in New York; the Goldman Sachs Conference on September 9 in San Francisco; the Piper Conference in Nashville on September 10; and the JPMorgan Software Conference on October 8 in Napa.

現在是整點。但在您離開之前，我只想告訴您，除了本季舉辦現場和虛擬巴士之旅外，我們還將參加 9 月 3 日在紐約舉行的花旗 TMT 會議；9 月 9 日在舊金山舉行的高盛會議；9 月 10 日在納許維爾舉行的派珀會議；以及 10 月 8 日在納帕舉行的摩根大通軟體會議。

We hope to see you at one of those events. Thank you.

我們希望在某次活動中見到您。謝謝。

Thanks, everyone.

謝謝大家。

Bye, everyone.

大家再見。