Okta Inc (OKTA) 2026 Q3 法說會逐字稿

Hello, everyone. Welcome to Okta's third-quarter fiscal 2026 earnings webcast. I'm Dave Gennarelli, Senior Vice President of Investor Relations at Okta.

大家好。歡迎參加 Okta 2026 財年第三季財報網路直播。我是Dave Gennarelli，Okta公司投資人關係資深副總裁。

Presenting in today's meet 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.

在今天的會議上，我們的執行長兼聯合創始人托德·麥金農和首席財務官布雷特·蒂格將發表講話；我們的總裁兼首席營運官埃里克·凱萊赫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 our IR website.

在財報新聞稿發布前後，我們在投資者關係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.

今天的會議將包含根據 1995 年《私人證券訴訟改革法案》安全港條款所作出的前瞻性聲明，包括但不限於有關我們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中明示或暗示的內容有重大差異。

Forward-looking statements represent our management's beliefs and assumptions only as of the date made. Information on factors that could affect our financial results is included in our filings with the SEC from time to time. Including the section titled Risk Factors in our previously filed Form 10-Q.

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。可能影響我們財務表現的因素資訊會不時包含在我們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 表格中題為「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. A reconciliation between GAAP and non-GAAP financial measures and a discussion of the limitations of using non-GAAP financial measures versus their closest GAAP equivalents are available in our earnings press release.

此外，在今天的會議上，我們將討論非GAAP財務指標。雖然我們可能不會在會議上明確說明，但所有關於獲利能力的陳述都是非GAAP的。這些非公認會計準則財務指標是依照公認會計準則編製的財務績效指標的補充，而不是替代或優於後者。我們的獲利新聞稿中提供了 GAAP 和非 GAAP 財務指標之間的調整表，以及對使用非 GAAP 財務指標相對於其最接近的 GAAP 等效指標的局限性的討論。

You may also find more detailed information in our supplemental financial materials, which include trended financial statements and key metrics posted on our Investor Relations website. In today's meeting, we will quote a number of numeric or growth changes as we discuss our financial performance. And unless otherwise noted, each such reference represents a year-over-year comparison.

您還可以在我們的補充財務資料中找到更詳細的信息，其中包括發佈在我們投資者關係網站上的趨勢財務報表和關鍵指標。在今天的會議上，我們將引用一些數字或成長變化來討論我們的財務表現。除非另有說明，否則每個此類參考數據均代表同比比較。

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

現在我把會議交給托德·麥金農。托德？

Thanks, Dave, and thank you, everyone, for joining us this afternoon. We're pleased to report another solid quarter of results. In Q3, we experienced strength with large customers and Okta workforce upsells, particularly with new products like Okta Identity Governance. These results are driven by our unique ability to solve complex identity challenges across the entire enterprise landscape.

謝謝戴夫，也謝謝各位今天下午的到來。我們很高興地宣布，本季業績依然穩健。第三季度，我們在大客戶和 Okta 員工追加銷售方面表現強勁，尤其是 Okta Identity Governance 等新產品。這些成果源自於我們解決整個企業範圍內複雜身分挑戰的獨特能力。

In my comments today, I'm going to expand on our success with new products. I'll also share how Okta secures AI, which represents a significant new opportunity and a catalyst for growth. Brett will then cover our financial performance and provide an update on the progress we're seeing with the expanded go-to-market specialization.

今天，我將詳細介紹我們新產品的成功。我也會分享 Okta 如何保障 AI 安全，這代表著一個重要的新機會和成長的催化劑。接下來，Brett 將介紹我們的財務業績，並報告我們在擴大市場拓展專業化方面的進展。

Okta's new products continue to make meaningful contributions to our results. Customers that are frustrated trying to manage sometimes dozens of different identity systems are turning to Okta for a modern, neutral and unified identity platform. We have been investing in innovation and our portfolio of new products are allowing customers to dramatically reduce complexity while significantly improving their security posture.

Okta的新產品持續為我們的表現做出重要貢獻。那些因管理數十個不同的身份系統而感到沮喪的客戶，正在轉向 Okta，尋求一個現代化、中立且統一的身份平台。我們一直在投資創新，我們的新產品組合能夠幫助客戶大幅降低複雜性，同時顯著提高其安全態勢。

New products include Okta Identity Governance, Okta Privileged Access, Identity Security Posture Management, Identity Threat Protection with Okta AI, Okta device access and fine grain authorization. Many of these new products can now be delivered as part of product suites. Which provide more value and further simplify the way customers can do business with Okta.

新產品包括 Okta 身分治理、Okta 特權存取、身分安全態勢管理、Okta AI 身分威脅防護、Okta 設備存取和細粒度授權。現在，許多此類新產品都可以作​​為產品套件的一部分交付。這將提供更多價值，並進一步簡化客戶與 Okta 開展業務的方式。

We believe these new products will continue to provide incredible value to our customers and will be a growth driver for many years to come. Earlier in Q3, we had a record number of customers and partners come to Oktane in Las Vegas to hear how Okta secures AI. The simple way to think about it is that Okta is helping customers both build more secure AI agents and manage their AI agents in a secure and scalable way.

我們相信這些新產品將繼續為我們的客戶帶來巨大的價值，並將成為未來多年成長的驅動力。第三季初，創紀錄數量的客戶和合作夥伴來到拉斯維加斯參加 Oktane 大會，了解 Okta 如何保障 AI 安全。簡單來說，Okta 正在幫助客戶建立更安全的 AI 代理，並以安全且可擴展的方式管理他們的 AI 代理。

The emergence of agentic technology is redefining the identity security landscape. AI security is identity security. AI agents represent a new powerful identity type. However, without proper security governance, they are also highly vulnerable. Securing AI agents in nonhuman identities is not a feature. It's essential for any businesses looking to safely scale their adoption and deployment of AI.

智能體技術的出現正在重新定義身分安全格局。人工智慧安全就是身分安全。人工智慧代理代表了一種新型的強大身分類型。然而，如果沒有適當的安全治理，它們也極易受到攻擊。保護人工智慧代理的非人類身分並非一項功能。對於任何希望安全擴展人工智慧應用和部署規模的企業來說，這一點至關重要。

If an organization does not secure its agents today, they risk undoing years of security improvements and leaving themselves vulnerable to new identity-based attacks. Okta has prioritized our efforts to focus on helping customers solve this business imperative and capture what we believe will be the next catalyst for growth and meaningful market within the identity security space.

如果一個組織今天不保護其代理的安全，他們就有可能使多年來的安全改進付諸東流，並使自己容易受到新的基於身分的攻擊。Okta 已將工作重點放在幫助客戶解決這項業務要務上，並抓住我們認為將成為身分安全領域下一個成長催化劑和有意義市場的機會。

Okta's neutral and unified platform, coupled with our installed base of over 20,000 customers positions us best to become the identity layer for AI agents. That's why we're so excited about the recent launch of Auth0 for AI agents. Auth0 for AI agents allows customers to build secure agents, APIs and users more effortlessly across their B2B, B2C an internal app ecosystem.

Okta 的中立統一平台，加上我們超過 20,000 名客戶的安裝基礎，使我們成為 AI 代理識別層的最佳選擇。這就是為什麼我們對 Auth0 最近推出的 AI 代理平台感到如此興奮的原因。Auth0 for AI 代理讓客戶更輕鬆地在其 B2B、B2C 和內部應用程式生態系統中建立安全的代理、API 和使用者。

Based on our conversations, customers are expecting Okta to deliver the capabilities to help build and manage their agents. They are already turning to us to help guide them through the new security challenges that AI brings. Over just the past few months, we have experienced a surge in inbound interest for our agentic security solutions to manage agents. Okta for AI agents.

根據我們的交流，客戶希望 Okta 能夠提供幫助他們建立和管理代理商的功能。他們已經開始向我們尋求幫助，以應對人工智慧帶來的新的安全挑戰。在過去的幾個月裡，我們收到了大量客戶對我們用於管理代理商的安全解決方案的諮詢。Okta 是一款用於人工智慧代理的工具。

These organizations are looking for a single control plane to observe and manage agents of all types in a way that offers flexibility as the technology continues to evolve. They also want a solution that gives them control like the ability to embed fine-grain access into every agent. Okta is here to deliver. The excitement is real and the interest is tangible. It's very early days on this front, but we have already been engaged with over 100 of our current customers, which combined represent over $200 million in existing ARR.

這些組織正在尋找一個單一的控制平台，以便觀察和管理各種類型的代理，並隨著技術的不斷發展提供靈活性。他們還希望找到一種能夠賦予他們控制權的解決方案，例如能夠將細粒度的存取權限嵌入到每個代理中。Okta致力於提供優質服務。這種興奮是真實的，這種興趣是顯而易見的。這項業務目前還處於起步階段，但我們已經與 100 多家現有客戶進行了接洽，這些客戶合計代表著超過 2 億美元的現有年度經常性收入 (ARR)。

To give you a sense of the interest, I want to share a great early win with Okta for AI agents. It's with a financial services customer that is in the midst of deploying AI agents across their operations. Given the sensitive nature of their data and the need to remain compliant with the regulatory environment, securing these agents was not optional.

為了讓您了解我對它的興趣，我想與您分享我們與 Okta 在人工智慧代理領域的早期重大成功。這是與一家金融服務客戶合作，該客戶正在其營運中部署人工智慧代理。鑑於其數據的敏感性以及遵守監管環境的必要性，確保這些代理商的安全是不可或缺的。

It was critical. They selected Okta for AI agents to secure their AI footprint and provide them with enhanced visibility and remediation capabilities for the agent identities, in force access control, identity governance and threat detection. It was a great win-win. Okta is helping the customer to safely deploy across their business and the addition of Okta for AI agents represented a significant ACV uplift compared to their prior contract.

這至關重要。他們選擇 Okta 作為 AI 代理，以保護其 AI 足跡，並為其提供增強的代理身份可見性和補救能力、有效的存取控制、身份治理和威脅檢測。這是一個雙贏的局面。Okta 正在幫助客戶安全地在其業務範圍內進行部署，與先前的合約相比，Okta for AI 代理商的加入帶來了顯著的年度合約價值提升。

We are successfully executing on our strategy to capture this emerging opportunity, and this deal demonstrates our ability to lead the market by moving beyond securing human identities to securing agentic identities. Okta is the essential identity layer to help customers build, observe and manage AI agents. We're the only company that is able to secure AI with a modern and neutral platform, allowing us to deliver even greater value to our customers.

我們正在成功執行我們的策略，以抓住這一新興機遇，而這筆交易表明我們有能力引領市場，從保障人類身份擴展到保障代理身份。Okta 是幫助客戶建立、觀察和管理 AI 代理的關鍵身分層。我們是唯一一家能夠利用現代化且中立的平台來保障人工智慧安全的公司，這使我們能夠為客戶創造更大的價值。

In addition to helping customers build and manage AI agents, Okta is driving the industry to an architecture where identity is more valuable and more secure. Last quarter, you heard me talk about Okta's role in the development of Cross App Access, which brings visibility and control to both agent-driven and app-to-app interactions. This allows IT teams to decide what apps are connecting and what information AI agents can access.

除了幫助客戶建立和管理 AI 代理之外，Okta 還推動產業朝向一種更有價值、更安全的架構發展。上個季度，你們聽我談到了 Okta 在跨應用程式存取開發中的作用，它為代理驅動的互動和應用程式間的互動帶來了可見性和控制力。這使得 IT 團隊能夠決定哪些應用程式可以連接以及 AI 代理可以存取哪些資訊。

I'm excited to share that as of last week, Cross App Access is now an extension of model context protocol known as MCP which helps validate that identity providers like Okta will act as the indispensable control plane for the AI enterprise. To wrap things up, we're pleased with another solid quarter of results, and we believe we're best positioned to win the exciting new market segment of securing AI.

我很高興地宣布，從上週開始，跨應用程式訪問 (Cross App Access) 已成為模型上下文協定 (MCP) 的擴展，這有助於驗證 Okta 等身分提供者將作為人工智慧企業不可或缺的控制平面。總而言之，我們對又一個穩健的季度業績感到滿意，並且我們相信我們已做好充分準備，贏得人工智慧安全這一令人興奮的新市場領域。

In this rapidly evolving environment, organizations of all sizes are looking to Okta to deliver modern and scalable identity security solutions that can seamlessly integrate across their networks. We are confident in our strategy and enthusiastic about the momentum of the business as we head into our seasonally biggest quarter of the year.

在這個快速變化的環境中，各種規模的組織都在尋求 Okta 來提供現代化且可擴展的身份安全解決方案，這些解決方案可以無縫整合到他們的網路中。我們對我們的策略充滿信心，並對公司業務的發展勢頭感到興奮，因為我們即將進入一年中最重要的季度。

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.

我要感謝 Okta 團隊全體成員的不懈努力，也要感謝我們忠實的客戶和合作夥伴，感謝他們每天對我們的信任。

And now here's Brett to cover the financial commentary and talk about how we're positioned for long-term profitable growth.

現在請 Brett 為大家帶來財務評論，談談我們如何為長期獲利成長做好準備。

Thanks, Todd, and thank you, everyone, for joining us today. My commentary will provide insights into our Q3 performance and then move into our outlook for Q4 and FY26. We remain pleased with the overall progress we're making to further specialize our go-to-market teams. Importantly, we continue to see improvement in sales productivity. Partially driving this is our average AE tenure, which has remained strong on the back of healthy attrition levels.

謝謝托德，也謝謝各位今天蒞臨。我的評論將深入分析我們第三季的業績，然後展望第四季和 2026 財年。我們對在進一步提升市場推廣團隊專業化水準方面取得的整體進展感到滿意。重要的是，我們看到銷售效率持續提高。部分原因是由於我們平均客戶經理任期較長，而健康的員工流失率使得這個數字一直保持穩定。

The continued positive trends we are seeing across our go-to-market KPIs reinforce our confidence that this specialization strategy is the right path to accelerate long-term growth. Another area of sales specialization where Okta has seen strength over the past few years is the public sector. All things considered, the government shutdown didn't meaningfully change the outcome of our Q3 results. We remain very optimistic about expanding our presence with US government agencies as well as state and local agencies as we move forward.

我們在市場推廣關鍵績效指標方面持續看到的正面趨勢，增強了我們對這項專業化策略是加速長期成長的正確途徑的信心。在過去幾年裡，Okta 在公共部門銷售領域也展現了強大的實力。總的來說，政府停擺並沒有對我們第三季的業績產生實質影響。隨著我們繼續向前發展，我們對擴大與美國政府機構以及州和地方機構的合作前景仍然非常樂觀。

Over the past couple of years, we've done well to improve our margins to healthy levels while making investments for growth. Our disciplined investment areas remain clear: improving sales productivity through go-to-market specialization, relentless product innovation and further leveraging our channel partners. More recently, we've expanded our investment areas to drive future growth by increasing the number of quota-carrying sales reps.

過去幾年，我們在投資成長的同時，成功地將利潤率提高到了健康水準。我們嚴謹的投資領域依然明確：透過市場專業化、不斷的產品創新以及進一步利用我們的通路合作夥伴來提高銷售效率。最近，我們擴大了投資領域，透過增加承擔銷售配額的銷售代表人數來推動未來的成長。

Our recent results and business momentum give us confidence to add sales capacity in order to service the demand next year and beyond.

我們近期的業績和業務發展動能使我們有信心增加銷售能力，以滿足明年及以後的需求。

Moving on to our balance sheet. In September, the 2025 convertible notes reached maturity, and we settled the remaining principal amount of $510 million in cash. We had another great quarter of cash flow in Q3 and ended the quarter with a strong balance sheet consisting of nearly $2.5 billion in cash, cash equivalents and short-term investments. We regularly evaluate our capital structure and capital allocation priorities, which includes investing in the business, M&A and opportunistic repurchasing of the 2026 notes, of which $350 million remains outstanding.

接下來來看資產負債表。9 月份，2025 年到期的可轉換債券到期，我們以現金結算了剩餘的 5.1 億美元本金。第三季我們的現金流再次表現強勁，季末資產負債表穩健，擁有近 25 億美元的現金、現金等價物和短期投資。我們會定期評估我們的資本結構和資本配置優先事項，其中包括對業務的投資、併購以及 2026 年到期票據的擇機回購，目前仍有 3.5 億美元未償還。

Now let's turn to our business outlook. For Q4 and FY26, we continue to take a prudent approach to forward guidance that factors in current market conditions. For the fourth quarter of FY26, we expect total revenue growth of 10%, current RPO growth of 9%, non-GAAP operating margin of 25% and free cash flow margin of approximately 31%.

現在讓我們來看看業務前景。對於第四季和 2026 財年，我們將繼續採取審慎的前瞻性指引，將當前市場狀況納入考量。預計 2026 財年第四季總營收成長 10%，目前 RPO 成長 9%，非 GAAP 營業利潤率為 25%，自由現金流利潤率約為 31%。

For the full year FY26, we are raising our outlook and now expect total revenue growth of 11%, non-GAAP operating margin of 26% and a free cash flow margin of approximately 29%. We will issue FY27 guidance on our Q4 earnings call, which will provide a more informed view of FY27, especially as we exit this quarter, which is seasonally the biggest quarter of the year.

對於 2026 財年全年，我們上調了預期，現在預計總收入增長 11%，非 GAAP 營業利潤率為 26%，自由現金流利潤率約為 29%。我們將在第四季度財報電話會議上發布 2027 財年業績指引，這將為 2027 財年提供更全面的信息，尤其是在我們即將結束本季度之際，因為本季度通常是一年中最重要的季度。

To wrap things up, we're enthusiastic about the trends we're seeing across the business from the adoption of new products to customer interest and how Okta secures AI. This gives us confidence to continue making critical investments to accelerate top line growth. We're pleased with another solid quarter of results. We now look to close out FY26 strong and build on this year's success.

總而言之，我們對公司各方面的發展趨勢感到非常興奮，從新產品的採用到客戶的興趣，以及 Okta 如何保障人工智慧的安全。這讓我們更有信心繼續進行關鍵投資，以加速營收成長。我們對又一個穩健的季度業績感到滿意。我們現在期待以強勁的勢頭結束 2026 財年，並在今年的成功基礎上再創佳績。

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

接下來，我會把問答環節交給戴夫。戴夫？

Thanks, Brett. I see that there are quite a few hands raised already, and I'll take them in order until the top of the hour. (Operator Instructions)

謝謝你，布雷特。我看到已經有不少人舉手了，我會按順序回答，直到整點為止。（操作說明）

Gray Powell, BTIG.

Gray Powell，BTIG。

Okay. And congratulations on the good results. Can you hear me okay? I look like I froze.

好的。恭喜你們取得好成績。你聽得清楚我說話嗎？我看起來像是被凍住了一樣。

Loud and clear, Gray.

格雷，說得很清楚。

Yes, it's good to hear the commentary on platform momentum. And at a high level, I definitely think it makes a lot of sense. But at you to admit sometimes we pick up on like conflicting data points in our fieldwork, some partners say it's great. Others are a little skeptical.

是的，很高興聽到關於平台發展勢頭的評論。從宏觀層面來看，我認為這絕對很有道理。但有些合作夥伴表示，承認我們在實地調查中有時會發現相互矛盾的數據點是件好事，這很棒。其他人則有些懷疑。

So I guess from your perspective, what gets customers over the hump and convinces them to consolidate IAM, governance, PAM, customer identity and any other components to Okta? Are there any like commonalities between customers who consolidate? And can you just kind of talk about like why you see those win rates?

所以我想從你的角度來看，是什麼讓客戶克服了障礙，並說服他們將 IAM、治理、PAM、客戶身分和任何其他元件整合到 Okta 中？合併客戶之間是否有共同點？能簡單談談為什麼您會看到這樣的勝率嗎？

I think the answer is it's always wrapped up in some other technological change. If you're not changing your data center or if you're not changing your apps, if you're not investing in AI, you're not going to change identity. So in all the customers I work with -- it's about some other catalyzing technological change. For many years, it was cloud and building mobile apps and still a cloud transformation but what we're seeing more and more as companies are trying to move technology so they could take advantage of AI.

我認為答案總是與其他一些技術變革息息相關。如果你不改變資料中心，不改變應用程序，不投資人工智慧，就無法改變身分認同。所以，在我接觸的所有客戶中，都是由其他一些催化性的技術變革所引起的。多年來，雲端運算和行動應用開發一直是主流，如今仍在進行雲端轉型，但我們現在越來越看到，企業正在努力遷移技術，以便能夠利用人工智慧。

They're modernizing apps, they're modernizing their security stack so they can give AI agents access to all of their data resources, and that's been a catalyzer. I think on the partner -- we had actually a pretty strong quarter with the partner channel. Many of the largest deals went through a partner. It's an actually transacted and the services were fulfilled through a partner.

他們正在對應用程式進行現代化改造，對安全堆疊進行現代化改造，以便讓 AI 代理能夠存取其所有資料資源，而這起到了催化劑的作用。我認為在合作夥伴方面—我們與合作夥伴通路的合作其實非常強勁。許多大額交易都是透過合作夥伴完成的。這筆交易已經實際完成，服務是透過合作夥伴提供的。

So it's an area of strength. I think just compared to other companies, a lot of times, we're not as deep and reliant on partners. So maybe that's why some of the partner checks are coming up in consistently. But increasing that reach with partners and presence of partners has been a big priority. And I think on all our internal data, it's manifesting itself quite prevalently. So we're very excited about that.

所以這是我們的優勢領域。我認為與其他公司相比，很多時候我們對合作夥伴的依賴程度不夠高。所以，也許這就是為什麼有些合作夥伴的支票會持續出現的原因。但擴大與合作夥伴的聯繫和提升合作夥伴的影響力一直是工作的重中之重。我認為，從我們所有的內部數據來看，這種情況相當普遍。我們對此感到非常興奮。

Yes. I would add to that, Gray, and thanks for the question. I think another area to consider with customers as far as consolidating all these use cases with Okta as their identity partner. Enterprises as they get more and more mindful of the importance of securing identity across human nonhuman antigenic. They're realizing that the legacy architectures they've built with multiple products for multiple vendors and multiple stacks is fragile.

是的。格雷，我還要補充一點，謝謝你的提問。我認為另一個需要考慮的方面是，如何將所有這些用例與 Okta 作為其身分合作夥伴進行整合，從而更好地服務於客戶。企業越來越意識到保護人類和非人類抗原身分的重要性。他們意識到，他們用多個供應商的多個產品和多個技術堆疊所建構的傳統架構是脆弱的。

And with that fragility comes in security, it's harder for them to have confidence that they're managing securely all their identity use cases in a way that they're confident in their ability to protect against identity-based cyberattacks. And so they see value in consolidating on one partner with Okta so that they have confidence they've got a single pane of glass to manage all of that.

而這種脆弱性也帶來了安全隱患，他們很難確信自己能夠安全地管理所有身分使用案例，也很難確信自己有能力抵禦基於身分的網路攻擊。因此，他們認為與 Okta 合作，透過單一合作夥伴整合資源，可以確保他們擁有一個統一的管理平台，從而管理所有這些資源。

So by removing complexity, removing vendor distribution, consolidating on Okta's platform they're able to better manage and be more confident in their security posture against threat actors.

因此，透過消除複雜性、消除供應商分散性，並將資源整合到 Okta 的平台上，他們能夠更好地管理自身安全，並對抵禦威脅行為者的安全態勢更有信心。

Ittai Kidron, Oppenheimer.

伊泰·基德隆，奧本海默。

Thanks, guys. Solid quarter. I guess, Todd, very interesting commentary needless to say about AI and the 100 customers who are trialing it. Can you give us a little bit color on a -- do I have to be an Okta customer to specifically deploy your AI capabilities or those could be applied to any any company, even if they don't use you for core access management, number one.

謝謝各位。穩健的季度。我想，托德，你對人工智慧以及正在試用該技術的 100 位客戶的評論非常有趣，這一點毋庸置疑。您能否詳細說明一下——我是否必須是 Okta 的客戶才能專門部署您的 AI 功能，還是這些功能可以應用於任何公司，即使他們不使用您的核心存取管理功能？

Number two, when you think about the full deployment of this -- how do I think about the dollar potential here? When you have customers that are spending $100,000 with fuel by how much can AI truly elevate that total bill for them?

第二，當你考慮全面部署這項技術時——我該如何看待美元在這裡的潛在價值？當你的客戶每年在燃料上花費 10 萬美元時，人工智慧究竟能為他們節省多少燃油費用？

Yes. We've -- I've been personally and the entire company is blown away by how interested customers and prospects are in this capability. I haven't seen anything like this in my experience at Okta with a new capability or a new product set. So it's very, very exciting. And if you step back and think why, everyone, no surprise, big shock. They're trying to take advantage of AI and build AI workflows into their enterprise workflows.

是的。我們—我本人以及整個公司都對客戶和潛在客戶對這項功能的興趣之高感到震驚。就我在 Okta 的工作經驗而言，我從未見過類似的新功能或新產品組合出現這種情況。所以這非常非常令人興奮。如果你冷靜下來思考一下原因，大家就會明白，這並不奇怪，也不會感到震驚。他們正試圖利用人工智慧，並將人工智慧工作流程建置到企業工作流程中。

And a lot of them are stuck. And I think it's why you see some of the adoption rates of some of these platforms like Salesforce or ServiceNow or others is below what people want. And they're stuck because right now, they have a couple of choices. They can either deliver genetic apps that look very much -- they don't have any access to the company's data.

他們中的許多人都被困住了。我認為這就是為什麼像 Salesforce 或 ServiceNow 等一些平台的採用率低於人們預期的原因。他們現在進退兩難，因為他們目前只有幾個選擇。他們要么提供看起來很像的基因應用程式——他們沒有任何權限存取公司的數據。

They look very much like public Gemini or public ChatGPT, generic chatbots, and they can't get any insight from the company's data. That's -- that's one choice. And the other choices, you take all the company's data and you shoved in a big data warehouse like Snowflake or Databricks or Palantir, and then the agents have way too much access.

它們看起來很像公開的 Gemini 或公開的 ChatGPT，也就是通用聊天機器人，它們無法從公司的數據中獲得任何有價值的資訊。那——那是一種選擇。而其他選擇則是將公司的所有資料塞進像 Snowflake、Databricks 或 Palantir 這樣的大資料倉儲中，這樣一來，代理商就擁有了過多的存取權限。

They can just see everything and they do unintended things. And so people are stuck in their pause and they're saying, wait a minute, we're not going to roll these things out. And there's a huge, huge cohort of companies that are trying to do something AI and they're stuck.

他們能看見一切，然後做出一些意想不到的事。所以人們陷入了停滯狀態，他們說，等等，我們不會推出這些東西。還有一大批公司試圖涉足人工智慧領域，但他們都遇到了瓶頸。

And then they come to us because what we can do is what we're very good at is figure out who can access what, not only for people, but now for agents and help them filter who has access to what, how you deploy these applications in a way that gives the right information to the agent and the right security level and lets them observe the behavior and build the right use cases for the business and not without over permissioning at all. It is early days like we announced and released these products just in the last couple of months after our conference in September.

然後他們來找我們，因為我們擅長的是弄清楚誰可以訪問什麼，不僅適用於個人，現在也適用於代理商，幫助他們篩選誰可以訪問什麼，如何部署這些應用程序，以便向代理商提供正確的信息和正確的安全級別，讓他們觀察行為並為業務構建正確的用例，而且完全不會出現過度授權的情況。現在還處於早期階段，因為我們是在九月的會議之後，也就是最近幾個月才宣布並發布了這些產品。

So it's early days. But we do have several deals that have been transacted for these products. We gave the example of the financial company that is rolling out these agents and purchase the product. It's early days, but it's incredibly exciting. And I think it's because Longer term, if you look at our market, we have a $50 billion TAM for workforce identity a $30 billion TAM for customer identity.

現在還為時過早。但我們確實已經就這些產品達成了幾筆交易。我們舉了一個例子，一家金融公司正在推出這些代理商並購買該產品。現在還處於早期階段，但這令人無比興奮。我認為這是因為從長遠來看，如果你看看我們的市場，我們在員工識別方面有 500 億美元的潛在市場規模，在客戶識別方面有 300 億美元的潛在市場規模。

Owning and governing the agentic identity layer and securing AI can be a bigger TAM than both of those. I mean it's several years out, and it's going to be a lot and change in growth there, which, by the way, is, I think, one of the reasons why companies are coming to us because talk about a dynamic environment, you have new model release coming out every couple of months.

擁有和管理代理身分層以及保障人工智慧安全，其潛在市場規模可能比上述兩項加起來還要大。我的意思是，這還有好幾年時間，而且成長方面會有很大的變化，順便說一句，我認為，這也是公司來找我們的原因之一，因為說到動態環境，每隔幾個月就會有新車型發布。

And GenAI is better now open AI is better and then [anthropics] better and the technology is all shifting around it, and customers don't want to get locked in. they're hesitant to commit to the Microsoft stack or the Google stack, they want flexibility. And by doing this access layer and an independent and neutral third party, they feel like they're going to have choice as this amazing platform of genic enterprise unfolds.

現在 GenAI 更好，開放人工智慧更好，然後是人因學，整個技術都在圍繞它進行變革，客戶不想被鎖定。他們不願意選擇微軟或谷歌的技術棧，他們想要靈活性。透過建立這一存取層以及獨立中立的第三方，他們感覺隨著基因企業這一神奇平台的展開，他們將擁有選擇權。

So it's very exciting that we've -- the company's number one priority now is to take advantage of this opportunity. So we're very clear in our R&D and our go-to-market. We're going to focus on this opportunity. That's how big we think it is. So it's incredibly exciting.

因此，我們非常高興——公司目前的首要任務就是抓住這個機會。因此，我們在研發和市場推廣方面都非常明確。我們將重點放在這個機會。我們認為它就是這麼大。所以這真是太令人興奮了。

Todd, do you think that the go-to-market around this can change, meaning instead of you selling it to the enterprise actually talk to the agent companies and have them bundle already ahead of time, your identity security with their agents such that the customer need to do this.

Todd，你認為圍繞這個產品的市場推廣方式可以改變嗎？也就是說，與其由你直接向企業銷售，不如與代理公司洽談，讓他們提前將你的身份安全解決方案與他們的代理商捆綁銷售，這樣客戶就必須這樣做。

Absolutely. And we're already doing this with trying to set the industry standards around access. We've mentioned before Cross App Access, such as an industry standard around how you actually give access to these agents across multiple agent platforms connecting the multiple in repositories information, whether it's a database or warehouse application.

絕對地。我們已經在努力製定有關無障礙的行業標準。我們之前提到過跨應用訪問，例如，行業標準是如何實際授予這些代理跨多個代理平台訪問信息，從而連接多個存儲庫信息，無論是數據庫還是數據倉庫應用程序。

And we're really excited that the MCP standard now recognizes Cross App Access as an extension of MCP. So think about that now if you're using MCP protocol to standardize some of these interactions between agents and resources Cross App Access fits right into that now. So it's a very insightful question, and we're working hard on that as well.

我們非常高興 MCP 標準現在承認跨應用程式存取是 MCP 的擴展。所以現在想想，如果您正在使用 MCP 協議來規範代理和資源之間的一些交互，那麼跨應用訪問就非常適合這種情況。這是一個非常有見地的問題，我們也正在努力研究這個問題。

Just as an example for our customers. Customers that are using Auth0 for AI agents to build agents will get support for Cross App Access out of the box, meaning any agents that they build with us pre agents, will be discoverable by an IDP that also supports the model context protocol. And Okta's IDP -- Okta's IDP also supports Cross App Access the model context protocol.

舉個例子給我們的客戶看看。使用 Auth0 for AI 代理構建代理的客戶將獲得開箱即用的跨應用訪問支持，這意味著他們使用我們預先構建的任何代理，都將被支持模型上下文協議的身份提供者發現。Okta 的 IDP 也支援跨應用程式存取模型上下文協定。

So customers developing agents with our technology will be producing agents and any company can secure more precisely. And the Okta platform will help customers discover agents that have been deployed and then manage those agents as well. So we're already well on the path to ensuring that we're productizing this opportunity using our existing capabilities.

因此，使用我們技術開發代理的客戶將能夠生產出代理，任何公司都可以更精準地保障安全。Okta 平台將幫助客戶發現已部署的代理，並管理這些代理。因此，我們已經走上了利用現有能力將這一機會轉化為產品化的道路。

John DiFucci, Guggenheim.

約翰·迪富奇，古根漢美術館。

Thanks, Dave. And listen, guys, in the past, I'm going to ask the question that I think we're all going to have to answer. But in the past, you've given an early look to next year, and you didn't do that this year. which I think is the right call, given how much next year depends on the fourth quarter like Brett said. I also realized that there are other reasons to give that early look because you have other things happening at the company in prior years.

謝謝你，戴夫。聽著，各位，接下來我要問一個我認為我們所有人都必須回答的問題。但過去你們都會提前展望明年，而今年你們並沒有這麼做。我認為這是正確的決定，正如布雷特所說，考慮到明年很大程度上取決於第四季。我還意識到，之所以要儘早關注此事，還有其他原因，因為公司在前幾年也發生過其他一些事情。

But even if no new numbers, you don't give any numbers, can you give just some subjective commentary about how the world looks for Okta over the next year, just generally even -- because in this quarter, this quarter looks good. Stock's down a little bit after hours because I think what I'm saying, you didn't give that guide and people are used to it, but you don't get over that.

但即使沒有新的數據，你不給出任何數據，你能否就 Okta 未來一年的發展前景給出一些主觀評價，就總體而言——因為就本季度而言，情況看起來不錯。盤後股價略有下跌，因為我覺得正如我所說，你沒有給出那方面的指導，人們已經習慣了，但你無法接受這一點。

This quarter does look good. It sounds like there's a lot of even more traction behind the numbers happening. So just a little commentary on that would be helpful?

本季看起來不錯。聽起來這些數據背後還有更多推手。所以，如果能就此稍作評論就更好了？

Todd, do you want to take it? I can talk to the guidance?

托德，你想拿嗎？我可以和輔導老師談談嗎？

I was just going to say -- well, the thing I was going to say about the fourth quarter, it is our big seasonally, it's our biggest quarter of the year. And the opportunity is tremendous for us in Q4, and we're very focused on executing that well across all the product lines and all the regions and all the ways we execute in the fourth quarter, and we're -- it's a big quarter, but we're set up to deliver success there. And so that's very optimistic. Brett, maybe you can talk about a little bit the guidance (inaudible)

我本來想說——嗯，關於第四季度，這是我們一年中最重要的季度，也是我們一年中最重要的季度。第四季對我們來說是一個巨大的機遇，我們非常專注於在所有產品線、所有地區以及我們在第四季度執行的所有方式中都做好充分的準備。這是一個重要的季度，但我們已經做好準備，必將取得成功。所以這非常樂觀。布雷特，或許你可以稍微談談指導方面的問題。（聽不清楚）

Well, I was actually going to touch John, on just the business momentum before I get into the guidance because I think that's more of your question than I'm happy to give it to, which is look, Q3 was another really solid quarter for us. You heard Todd talk about me talk about it. I'm sure Eric will touch on throughout this call. But we're pleased with the traction that specialization is getting -- we're seeing that a productivity number, the number you've heard me talk about for years now get into a region that we're quite pleased with.

其實，在談到業績指引之前，我本來想先和約翰談談業務發展勢頭，因為我覺得這更像是你的問題，而我不太願意回答這個問題。總之，第三季對我們來說又是一個非常穩健的季度。你聽托德說過我說過這件事。我相信埃里克會在這次通話中談到這一點。但我們很高興看到專業化取得了進展——我們看到生產力指標，也就是我多年來一直在談論的指標，已經達到了我們非常滿意的水平。

Yes, it's not perfect everywhere. But it is exciting to see it from an overall perspective because that means the specialization is working, and we're excited about that. And what that's doing and is that giving us -- that's giving us confidence to be able to start to add more reps into the system. So you know for a while, that's something you and I have talked about a bunch of us on this call, I've talked about is, do we have the right amount of capacity out in the field to be able to address the demand.

是的，它並非處處完美。但從整體上看，這令人興奮，因為這意味著專業化是有效的，我們對此感到興奮。這樣做能帶給我們信心，讓我們開始在訓練系統中增加更多的重複次數。所以你知道，有一段時間以來，我們很多人都在討論這個問題，包括我和你，還有這次電話會議上討論的，那就是，我們是否有足夠的現場產能來滿足需求。

And so we started adding capacity last quarter. We've added more in Q3, we're going to add more in Q4. We expect to add more in FY27. So that tells you we have confidence in the opportunity for a whole host of reasons, right? It could be what Todd has talked about earlier of to securing AI is a massive opportunity for us. You can talk about the other new products like Governance, PAM, highly regulated identities on the Auth0 side, we feel like the organization is headed in the right direction.

因此，我們從上個季度開始增加產能。我們在第三季增加了一些，第四季也將繼續增加。我們預計在2027財年會增加更多。所以這說明我們對這個機會充滿信心，原因有很多，對吧？這可能正如 Todd 之前所說，保障人工智慧安全對我們來說是一個巨大的機會。您可以談談 Auth0 的其他新產品，例如治理、PAM、高度監管的身份認證等，我們感覺到組織正朝著正確的方向發展。

And that's why you see us growing sales and marketing expense the last two quarters year over year. That's something you haven't seen in a while. Because we're having that confidence in the organization to be able to go out and address this opportunity. And so we're excited about what we're seeing in the business. And so hopefully, that gives you more of the context.

這就是為什麼你會看到我們在過去兩個季度的銷售和行銷支出年增率的原因。這是你很久沒看過的景象了。因為我們對組織有信心，相信它能抓住這個機會。因此，我們對目前業務的發展前景感到興奮。希望這能讓你對背景有更清晰的了解。

I'm happy to talk about the guidance. I mean, I can get into that for a second, just so we're all on the same page. Todd touched on it a second ago, because Q4 is so large, it creates a need for us to be able to embed an amount of conservatism in there that makes it guidance five quarters out, not that helpful. And frankly, the whole point of guidance is to be helpful.

我很樂意談談指導。我的意思是，我可以稍微談談這個，這樣我們才能達成共識。托德剛才也提到了這一點，因為第四季度規模非常大，所以我們需要在其中融入一定程度的保守主義，這使得未來五個季度的業績指引不太有幫助。坦白說，指導的全部意義就在於提供幫助。

And if it's not helpful, we shouldn't do it. So we're not going to do it this time, and we will update all of you after we get past our seasonally largest quarter of the year at the end of Q4. And so then we can give you a much cleaner look at the world and not have to embed some conservatism associated with our largest quarter.

如果這樣做沒有幫助，我們就不應該這樣做。所以這次我們就不這麼做了，等到第四季末（一年中業務量最大的季度）結束後，我們會向大家更新狀況。這樣一來，我們就可以為你呈現一個更清晰的世界圖景，而無需摻雜與我們最大的季度相關的保守主義思想。

Now with that said, John, I got to bring up current RPO because I know we've got to talk about it. And if you look at -- if you want a number for FY27, or if you want to approximate a number for FY27, I would take a look at the Q4 guided current RPO and apply a coverage ratio to it. That annualized coverage ratio, you guys have all heard me talk about for the last few years.

話雖如此，約翰，我還是得提一下目前的RPO（招募點安排），因為我知道我們必須談談這個問題。如果你想要一個 2027 財年的數字，或者想要一個 2027 財年的近似數字，我會查看第四季度指導的當前 RPO，並對其應用覆蓋率。過去幾年裡，你們都聽我說過年度覆蓋率這個概念。

Go ahead and take current RPO divided by the coverage ratio and then add some professional services on the top, and that's going to get you to a rough approximation from a revenue perspective. Now obviously, the -- the piece of the formula I haven't given you is the coverage ratio. That coverage ratio, I probably would use something in the region of FY26.

將目前的 RPO 除以覆蓋率，再加上一些專業服務費用，就可以從收入的角度大致估算 RPO 值。顯然，我還沒告訴你的公式部分是覆蓋率。就覆蓋率而言，我可能會採用 2026 財年左右的數值。

So hopefully, that gives you a little bit of, John, on how the business is doing and why we're excited and optimistic about Q4 and frankly, beyond Q4. and also a little bit why we decided to hold off on giving a guidance for FY27 because we didn't feel like it was being helpful to all of you anymore.

所以，約翰，希望這些能讓你對公司的經營狀況有所了解，以及我們為什麼對第四季乃至第四季以後的發展感到興奮和樂觀。同時，也能讓你稍微了解為什麼我們決定暫不發布2027財年的業績指引，因為我們覺得這樣做對大家已經沒有幫助了。

That all makes I really appreciate all that.

這一切都讓我非常感激。

Yes. Just a little added color commentary to Brett's comments as well. The -- we've talked throughout this year on the changes we made in February to in go-to-market to specialize in the platforms. And we've talked about one of the key reasons for that strategy is that we had decided that specializing in the buyer persona was important, but also that our pace of product innovation on both the Okta platform and Auth0 platform had accelerated to the point where it was just really hard for one seller to keep pace with all the capabilities coming out in the platform.

是的。也想對布雷特的評論補充一些細節說明。今年以來，我們一直在討論二月所做的市場推廣策略調整，以專注於各個平台。我們已經討論過，該策略的關鍵原因之一是，我們認為專注於買家畫像非常重要，而且我們在 Okta 平台和 Auth0 平台上的產品創新速度也加快到了單個賣家很難跟上平台所有新功能的步伐的地步。

And we talked in Q1 about how we were on track for our plan for this year to implement that change and absorb the cost of change management. We talked about having a solid Q2. You've heard us here talk about a solid Q3. One indicator that we've shared of how successful we're being executed on that strategy, what Brett talked about earlier that our AE attrition right now is near a multiyear low and our eight-year tenure is narrow, multiyear high.

我們在第一季討論過，我們今年的計劃進展順利，將實施這項變革並承擔變革管理的成本。我們討論如何確保第二季業績穩健。你們都聽我們說過，第三季業績預計會很穩健。我們分享過的一個指標，可以說明我們在執行該策略方面取得了多大的成功，正如 Brett 之前提到的，我們目前的 AE 流失率接近多年來的最低水平，而我們的八年任期也接近多年來的最高水平。

And productivity is sequentially increasing. And so -- when we think about how we're doing -- implementing that significant shift in territory assignments and account assignments and then go-to-market motion over a while. We've got a lot of indicators that the strategy is the right strategy for us. And it's also created space in our sellers to be able to take on new initiatives.

而且生產力也逐年提高。因此——當我們思考我們做得如何時——在一段時間內實施區域分配、客戶分配和市場推廣策略的重大轉變。有許多跡象表明，這項戰略對我們來說是正確的策略。這也為我們的銷售人員創造了空間，使他們能夠開展新的業務。

Like we're talking today about Okta Secure's AI and just how impressed we've been with how much that story is resonating for our customers right now is a hugely strategically important need we can attack that need now because we've got more focus on that particular use case for that particular buying persona. So we're very optimistic on the strategy playing out.

就像我們今天討論的 Okta Secure 的人工智慧一樣，我們對這個故事能引起客戶如此強烈的共鳴感到非常驚訝，這是一個具有重大戰略意義的重要需求，我們現在可以著手滿足這個需求，因為我們更加關注針對特定購買者的特定用例。因此，我們對這項戰略的實施效果非常樂觀。

That all makes sense, Eric. Thank you and it's showing. It's showing.

艾瑞克，你說的都很有道理。謝謝，效果已經顯現了。已經顯現出來了。

Fatima Boolani, Citi.

Fatima Boolani，花旗銀行。

Can you hear me okay?

你聽得清楚我說話嗎？

Yes, loud and clear Fatima.

是的，法蒂瑪說得很清楚。

Todd, this one is for you. We've been really fascinated with the broader themes around agent commerce. So I wanted to get your pulse on where the portfolio is most relevant to capitalizing on that opportunity. And where you see effectively your customer identity business playing a very meaningful role in that? And I guess, Eric, just to even loop you into the conversation, how are conversations with customers trending with respect to building a stack behind some of these really interesting opportunities that are going to infer in the next couple of years?

托德，這首歌是給你的。我們一直對代理商商業的更廣泛主題非常感興趣。所以我想了解您認為投資組合中哪些部分最能把握住這個機會。您認為您的客戶識別業務在其中將發揮多麼重要的作用？我想，艾瑞克，為了讓你也參與這個主題來，關於在未來幾年即將出現的一些非常有趣的機遇，與客戶溝通的趨勢如何？即如何建構支撐這些機會的技術棧？

I think it's a big deal. I think agentic commerce. And if you have a website -- and you are -- that's doing customer support or e-commerce, commerce, you're going to have some virgin of agents on there very quickly if you don't already. And if you're building those agents, Auth0 for AI agents is the right solution shortcuts the ability to have those agents connect to multiple systems on the back end. It helps you put fine grain authorization inside of your agentic flow.

我認為這是一件大事。我認為是代理型商業。如果你有一個網站——而你確實有——並且該網站提供客戶支援或電子商務服務，那麼如果你還沒有一些新來的客服人員，那麼很快就會有一些。如果您正在建置這些代理，Auth0 for AI 代理程式是正確的解決方案，它能夠讓這些代理快速連接到後端的多個系統。它可以幫助您在代理流程中實現細粒度的授權。

So it's purpose-built. And we're -- I think it's a big trend we're talking about here. It's the same trend we're talking about here. whether you're managing agents for internal deployment to help people get work done in their enterprise workflows on your B2C use cases moving toward a more genic interface versus the person interface in the past. It's the big trend we're talking about.

所以它是專門建造的。我認為我們正在討論的是一個很大的趨勢。這正是我們在這裡討論的趨勢。無論您是管理內部部署的代理，以幫助人們在企業工作流程中完成工作，還是在 B2C 用例中，這種趨勢都在從過去的人工介面轉向更人性化的介面。這就是我們正在討論的大趨勢。

Yes. And I'll add to that. We talked about our -- in the quarter at our user conference Oktane, we talked about the customer conversations around this challenge, and we shared a survey that we had run of a few hundred enterprise customers reporting that 91% of them had agents in production and only 10% of them were confident they have them secured. The need is is very acute and it's very urgent and it's a key reason why this is elevated, it's such a prominent conversation.

是的。我還要補充一點。在本季的用戶大會 Oktane 上，我們討論了客戶圍繞這一挑戰的對話，並分享了我們對數百家企業客戶進行的一項調查，結果顯示，91% 的客戶在生產環境中部署了代理，但只有 10% 的客戶確信他們的代理是安全的。需求非常迫切，非常緊迫，這也是為什麼這個問題被提升到如此重要的地位，成為如此重要的討論主題的關鍵原因。

Todd talked about one example of where our customers are struggling with this and fine grained authorization. So for builders of agents, they need to solve for at least 2 distinct challenges. One is ensuring their agents can be discovered and the second is ensuring that agents are only authorized to do specific things that they have access to specific corporate assets and not others. And Auth0 provides the capabilities to solve both of that.

Todd 舉了一個例子，說明我們的客戶在細粒度授權上遇到的困難。因此，對於智能體的建構者來說，他們至少需要解決兩個不同的挑戰。一是確保他們的代理人能夠被發現，二是確保代理人只被授權去做特定的事情，並且只能存取特定的公司資產，而不能存取其他資產。Auth0 具備解決這兩個問題的能力。

With support for Cross App Access and mono context protocol, agents built through Auth0 can be discovered and managed properly. And Auth0 fine grand authorization allows agents to be built in a way that their privileges can be very, very finely tuned, which is hugely important to our customers in that space. But the second part of that challenge that our customers have is they don't know -- they tell us they don't know what agents are deployed in their environment.

透過支援跨應用程式存取和單體上下文協議，可以正確地發現和管理透過 Auth0 建置的代理程式。Auth0 的精細授權功能允許以非常精細的方式調整代理的權限，這對於我們在該領域的客戶來說非常重要。但我們的客戶面臨的第二個挑戰是他們不知道——他們告訴我們，他們不知道在他們的環境中部署了哪些代理商。

They don't know what their users have turned on and what their users' agents don't have access to. And this is the challenge of discoverability and being able to discover agents. So our -- on the Okta platform side, our identity security posture management product, scans corporate networks to find service accounts and the privileges of those service accounts, but it will also now help discover agents that are implemented and deployed as long as they support the Cross App Access protocol, the extension to MCP.

他們不知道使用者啟用了哪些功能，也不知道使用者的代理程式沒有存取權限。這就是可發現性和發現代理人所面臨的挑戰。因此，在 Okta 平台方面，我們的身分安全態勢管理產品會掃描企業網路以查找服務帳戶及其權限，但現在它還有助於發現已實施和部署的代理，只要它們支援跨應用程式存取協定（MCP 的擴展）。

So the problem of discoverability is something they need help with and we're well positioned to help them with that. And the other related challenge is not only knowing that they exist, but then protecting the identity of those agents. To ensure the agents can't themselves be impersonated by a threat actor and to ensure that those agents are properly authorized to take the actions that they're attempting to access.

所以，在提高產品可發現性方面，他們需要幫助，而我們正好有能力幫助他們解決這個問題。另一個相關的挑戰不僅是知道它們的存在，而且還要保護這些代理人的身份。為了確保代理程式本身不會被威脅行為者冒充，並確保這些代理程式已獲得適當授權，可以執行他們試圖存取的操作。

So the Auth0 platform on the build side is hugely important for our customers. and the Okta platform on discover and managed side is important for them as well. That also includes things like privileged access, allowing the agents to have tokens that are appropriately vaulted and governance, having them provisioned and be provisioned based on just-in-time requirements. So they don't have agents live with standing privileges when they don't need to be standing.

因此，Auth0平台在建置端對我們的客戶來說至關重要。而Okta平台在發現和管理端對他們來說也同樣重要。這還包括特權存取等事項，允許代理擁有妥善保管的令牌，以及治理，根據即時需求進行配置和更新。所以他們不會讓代理人在不需要站著的時候享有站著的特權。

We should see the commercial impact in both your businesses as opposed to what intuitively would think would just be on the customer identity side?

我們應該看到這對你們雙方的業務都有商業影響，而不是像直覺上認為的那樣，僅僅影響到客戶識別方面？

Yes. I think, Fatima, I could think of a media and I just had a couple of weeks ago. And this was how it all comes together. So there's -- this company is a large mortgage company, online mortgage company. And they think about it as when people come to their website and they start browsing for mortgages, and to answer the customer's question and agentic workflow.

是的。我想，法蒂瑪，我能想到一家媒體，就在幾週前。這就是事情的來龍去脈。所以，這家公司是一家大型抵押貸款公司，一家線上抵押貸款公司。他們認為，當人們造訪他們的網站並開始瀏覽抵押貸款時，他們需要回答客戶的問題並處理代理工作流程。

And then it actually flows all the way through their origination business on the back end, which is very much enterprise workflows where people have to use human in the loop system to make approvals for mortgages that are over a certain amount. They have to maybe automate entirety of the mortgage process so they can fulfill it without anyone, any person.

然後，它實際上會貫穿其後端的貸款發起業務，這在很大程度上是企業工作流程，其中人們必須使用人工參與系統來批准超過一定金額的抵押貸款。他們或許需要將整個抵押貸款流程自動化，這樣他們就可以在無需任何人幹預的情況下完成貸款。

So it's like external facing on their website in a B2C, and it's also -- goes all the way back into the enterprise. And they want that all to come together and the business value for them is very simple. It's their conversion rates on the mortgage is up 5 times if it's -- there's no delay. There's no delay in the approval or they don't have to go for some other things.

所以它就像是面向外部的 B2C 網站，而且——它一直延伸到企業內部。他們希望這一切能夠實現，而對他們來說，其商業價值非常簡單。如果抵押貸款的轉換率是原來的 5 倍，那就沒有延遲了。審批過程沒有延誤，他們也不需要做其他事情。

So it's a very clear ROI and before they were talking to us, they're really stuck on these questions we're talking about, like how do we make sure that the consumer-facing agent has the right access to the back-end systems? How do we make sure that the enterprise-facing agents have the right permissions as we automate some of those workflows and don't over -- give overly permissive access to these agents in the enterprise. So it all comes together in that very concrete example.

所以投資回報率非常明確，而且在他們和我們交談之前，他們真的被我們正在討論的這些問題難住了，比如我們如何確保面向消費者的代理擁有訪問後端系統的正確權限？我們如何確保面向企業的代理商擁有正確的權限，同時實現部分工作流程的自動化，並且不會過度授予企業中的這些代理商過大的存取權限？所以，所有的一切都體現在這個非常具體的例子裡。

Joshua Tilton, Wolfe.

約書亞·蒂爾頓，沃爾夫。

Brett, not to put young spot here. I do appreciate the color on how to think about next year's revenue, but to kind of simplify it without the math. Bookings growth year to date is kind of growing where Street is for revenue growth next year. So like how do we think about that what you're doing so far this year, what it implies for next year?

布雷特，這裡不該放年輕球員。我很欣賞你用色彩思考明年的收入，但為了簡化問題，我還是希望去掉數學計算。今年迄今的預訂量成長與市場對明年營收成長的預期基本一致。那麼，我們該如何看待你今年迄今為止所做的工作，以及這對明年意味著什麼？

Are you comfortable with where the Street sits, but I'm just trying to understand, bookings growth has been good. It's kind of in line with the implied or where -- the Street is for revenue next year, like how do you feel about where -- the Street sits today?

您對華爾街目前的情況感到滿意嗎？我只是想了解一下，預訂量的增長一直不錯。這有點符合華爾街對明年營收的預期，就像你對華爾街目前的預期有何看法？

I think in general, if you were to take our comments and boil them into a couple of little simple things, which is, one, you can feel the business momentum growing, right? Eric talked about it a few minutes ago around how we had to make some changes at the beginning of this year to further specialize the field. You can feel that business momentum growing as we go into Q4.

我認為總的來說，如果你把我們的評論提煉成幾個簡單的要點，那就是，第一，你能感覺到業務發展勢頭正在增強，對吧？幾分鐘前，艾瑞克談到了今年年初我們不得不做出一些改變，以進一步使該領域更加專業化。隨著進入第四季度，我們可以感受到業務發展勢頭不斷增強。

And we think that that business momentum on the back of us specializing the field is helping in addition to the market seems to be in a good place for us for all these new products, whether it's Okta securing AI, whether it's governance or all these new products that we've talked about over the last several quarters, so I don't have an exact answer for you in terms of where -- the Street is and bookings growth and all that sort of stuff. But the really important thing is you can see the growing confidence in the organization.

我們認為，憑藉我們在該領域的專業化，業務發展勢頭正在幫助我們，此外，市場似乎對我們所有的新產品都很有利，無論是 Okta 的 AI 安全保障，還是治理，亦或是過去幾個季度我們討論過的所有新產品。因此，我無法就市場走向、預訂成長等等方面給出確切的答案。但真正重要的是，你可以看到組織內部的信心不斷增強。

And you can see the productivity, you can see the optimism. You can see all these things headed in the right direction, and that's why you can kind of hear the tone from the three of us and the way we've been talking about it throughout this call has been very positive, and we feel like the goal that we've been talking about for a while of accelerating growth in the medium term is something that is on the horizon for us, which is exciting.

你可以看到生產力，你可以看到樂觀情緒。你可以看到所有這些事情都在朝著正確的方向發展，這就是為什麼你能從我們三個人的語氣中聽出來，而且我們在整個通話過程中談論此事的方式都非常積極，我們覺得我們一直在談論的中期加速增長的目標即將實現，這令人興奮。

I'm not saying when it's going to happen or how it's going to happen. I'm just saying that we do feel that, that business momentum is headed in the right direction, and that's why we're adding capacity, like I said a few minutes ago to go out and address that demand.

我不會說這件事什麼時候會發生，也不會說它會以何種方式發生。我只是想說，我們確實感覺到了，業務發展勢頭正朝著正確的方向前進，這就是為什麼我們要增加產能，就像我幾分鐘前說的那樣，以滿足市場需求。

Jonathan Ho, William Blair.

喬納森·何，威廉·布萊爾。

I wanted to see if you could update us a little bit on your sales realignment efforts earlier this year and how maybe the product suites have had an effect on that go-to-market as how do we think about sort of the pace for net retention over time. It's been sort of sitting at this [10] 6 level for a bit. I know that's from prior periods, but how do we think about maybe the mechanics of that recovery?

我想了解您今年早些時候的銷售調整工作進展情況，以及產品套件對市場推廣可能產生的影響，還有我們該如何看待隨著時間的推移，淨留存率的增長速度。它已經在這個[10]6水平上停留了一段時間了。我知道那是以前的情況，但我們該如何看待這種復甦的機制呢？

Jonathan, I'll take the first part of that question, and I'll let Brett take the second part. The go-to-market specialization for us, as we've said throughout this call, we feel it's been very effective. And there's a few ways that, that has played out for us. On the front end, the top of the funnel, we have specialized our demand gen teams for their brand generation work, their pipe generation work, and we are pleased with the pipe that we've been able to generate in the business.

喬納森，我來回答這個問題的第一部分，第二部分就交給布雷特回答。正如我們在本次電話會議中多次提到的，我們認為我們的市場進入專業化策略非常有效。而這對我們來說，有好幾種不同的結果。在前端，也就是銷售漏斗的頂端，我們已經將需求生成團隊專門用於品牌建立工作和銷售通路開發工作，我們對目前在業務中開發的銷售管道感到滿意。

We also have had more focus on our distinct personas. So we've had an opportunity in our field to get closer to the very specific granular needs of our CIO and CSO buyers and of our developer buyers. And we've been able to focus our R&D efforts on the Okta platform and the Auth0 platform on those personas. And so we've seen significant innovation improvements tying specifically, more specifically to a discrete buying persona, which has allowed us to continue to capture market, things like Okta customer identity, which we talked about last quarter has really come back as part of our refocusing on the Okta platform for the enterprise buyers.

我們也更加重視打造我們獨特的品牌形象。因此，我們有機會在我們的領域內更深入地了解資訊長 (CIO) 和首席安全官 (CSO) 買家以及開發人員買家的特定需求。因此，我們能夠將研發精力集中在 Okta 平台和 Auth0 平台上，並針對這些使用者角色進行開發。因此，我們看到了與特定購買者角色相關的重大創新改進，這使我們能夠繼續佔領市場，例如我們上個季度討論過的 Okta 客戶身份，作為我們重新專注於面向企業買家的 Okta 平台的一部分，它又重新煥發了活力。

So that specialization has been very helpful. One of the questions this group has raised in prior quarters, is how the field organization was feeling about specialization, whether they felt this was a positive or something that was a concern their ability to be successful. And as I mentioned earlier, we're seeing right now our sales attrition is near a multiyear low and our sales tenure is near a multiyear high.

因此，專業化非常有幫助。該小組在前幾季提出的一個問題是，第一線組織對專業化有何感受，他們認為這是好事還是會影響他們成功能力的擔憂。正如我之前提到的，我們現在的銷售人員流失率接近多年來的最低水平，而銷售人員的平均任期接近多年來的最高水平。

So we're feeling very confident in not only in the models capability to produce financial results but we're feeling very confident that our own field organization is very engaged and feels that they're being successful in this model, which is what we expected, and we're pleased to see it playing out the way that we expected.

因此，我們不僅對模型產生財務績效的能力充滿信心，而且對我們自己的現場團隊也充滿信心，相信他們積極參與並認為他們在這個模型中取得了成功，這正是我們所期望的，我們很高興看到它按照我們預期的方式發展。

Okay. So I'll talk about NRR in a second, Jonathan. But one thing that Eric was saying, maybe think of around the specialization. One of the reasons why the new product introduction percentage has remained quite healthy. As a percentage of total bookings, we've talked about it over the last three, four quarters is because people are starting to really get into the details on the product to be able to sell it directly to a specific economic buyer, and it helps them just be more familiar thing.

好的。喬納森，我一會兒再談談淨收益率（NRR）。但艾瑞克提到的一點，或許可以圍繞著專業化來思考。新產品上市率一直保持良好水準的原因之一。在過去的三個、四個季度裡，我們一直在討論總預訂量的百分比，這是因為人們開始真正深入了解產品的細節，以便能夠直接將其銷售給特定的經濟買家，這有助於他們更加熟悉產品。

Anytime you're more of a family or something, you're probably going to be better at. And so that's been the theory behind why we did this, and it seems to be playing out in that regard. In terms of the NRR, the one thing I would say before we get into NRR is gross retention remains healthy. It's one of those things that we're quite proud of.

任何時候，當你更融入家庭或其他類似環境時，你可能會做得更好。這就是我們這樣做的理論基礎，而且從這個角度來看，似乎也正在得到驗證。就淨收入率 (NRR) 而言，在深入探討淨收入率之前，我想說的是，總留存率仍然保持良好。這是我們引以為傲的事情之一。

And we expect to continue over the long run with that, given the value that we drive for our customers day and day out. In terms of where the range is and where it could be, [ 106 ] is right in the range we've talked about. You've heard me talk about it every quarter for a while now, and this is where the range we thought it was going to be. So it's traveling in the range that we expected to be we probably think it tracks in this range.

鑑於我們日復一日為客戶創造的價值，我們預計這種情況將持續下去。就範圍而言，[106] 正好在我們討論過的範圍內。你們已經聽我每季都提到這件事一段時間了，這就是我們之前預想的範圍。所以它的運行範圍和我們預期的一樣，我們可能認為它的運行軌跡在這個範圍內。

We do think it tracks in this range for Q4. I don't have a great answer for you beyond that, Jonathan, because we are still early in our fiscal year planning. But obviously, if we want to grow faster -- this is something we're going to focus on because it's on the back of that strong gross retention, how can we keep doing these upsells and doing more NPI and more Okta secure AI to be able to help ourselves in that number. over the long run.

我們認為第四季度的數據將在這個範圍內波動。喬納森，除此之外，我沒有更好的答案給你，因為我們的財政年度計畫還處於早期階段。但很顯然，如果我們想更快地成長——這是我們將要關注的重點，因為這是建立在強勁的毛留存率基礎上的，我們如何才能繼續進行追加銷售，進行更多的新產品導入，以及更多地運用 Okta 安全人工智能，從而在長期內幫助我們實現這一目標。

Obviously, there are dynamics that go in there. Like if we sell more new business, it's a little bit of a headwind on new NRR. And if we sell more upsells, it's a tailwind. So there's always a balance in that number that we should keep an eye on. When we're looking at the overall total business.

顯然，這裡面存在一些動態因素。例如，如果我們拓展更多新業務，就會對新的淨收入成長產生一些不利影響。如果我們能賣出更多追加產品，那將是一大助力。所以，這個數字中始終存在著一個平衡點，我們應該密切注意。當我們審視整個業務時。

Annick Baumann, Jefferies.

安妮克·鮑曼，傑富瑞集團。

Hi, guys. I'm on for Joe Gallo today. Brett, you've been very candid in the level of guidance the last couple of quarters, but you've also seen larger beats historically in 4Q over the past couple of years. can you comment on the puts and takes to guide in 4Q. You've talked about conservatism there, but just puts and takes us to it. And then also, is the guidance framework is still in line with what we've seen historically?

嗨，大家好。今天我代替喬·加洛上場。Brett，你在過去幾季對業績指引一直非常坦誠，但過去幾年第四季的業績通常都會超乎預期。能否談談對第四季業績指引的看法？你在那裡談到了保守主義，但實際上只是把我們引向了它。此外，目前的指導框架是否仍符合我們過去的經驗？

Yes. I mean just in general, just to answer your second question first, we're still trying to get closer to the pit. Now we had a nice beat this quarter on current RPO because the team just flat out outperformed. They did a really nice job. And so I'm happy to be wrong in that situation. But we want to get closer to the pin. That's been our stated goal now for several quarters.

是的。我的意思是，總的來說，先回答你的第二個問題，我們仍在努力靠近坑洞。本季我們在目前的 RPO 策略上取得了不錯的成績，因為球隊的表現完全超出了預期。他們做得非常出色。所以，我樂意在這件事上被證明是錯的。但我們還想更靠近球洞。這已經是我們幾個季度以來一直堅持的目標。

And if you look at Q4, we've removed any specific line items right now just down to market conditions and our own internal expectations. So it's real simple. And we're looking forward to executing in Q4 as best we can because you've heard us talk about it, is our seasonally largest quarter, and we want to finish a strong FY26 with a bank.

如果你看一下第四季度，我們已經根據市場狀況和我們自己的內部預期，剔除了所有特定的項目。就這麼簡單。我們期待在第四季度盡最大努力執行，因為你們已經聽我們說過，這是我們一年中最重要的季度，我們希望以強勁的業績為 2026 財年畫上圓滿的句號。

Shrenik Kothari, Baird.

Shrenik Kothari，Baird。

I think there was a question on consolidation and then a lot on agent. Trying to combine it to. I believe as you guys head into '26 kind of planning cycles and I think, Todd, you did mention there a desire for a single control plane to manage at Gentech as well. Are you seeing signs that bars are also thinking about consolidating I IT governance around a vendor?

我認為有一個關於合併的問題，然後還有很多關於代理的問題。嘗試將它們結合起來。我認為，隨著你們進入 2026 年的規劃週期，而且我想，托德，你也提到 Gentech 也希望有一個單一的控制平台來進行管理。您是否注意到有跡象表明，酒吧也在考慮將 IT 管理整合到一個供應商周圍？

And just based on whatever you saw so far in terms of those 100-plus engage customers, can you walk us through like the typical conversion time line from interest towards the ACV booking ARR?

根據您目前看到的 100 多位活躍客戶的情況，您能否為我們詳細介紹一下從產生興趣到最終獲得 ACV 預訂 ARR 的典型轉換時間線？

Yes. You're right. The two trends are very related. This thinking about the agentic future for these customers and then thinking about what that means for their identity stacks in the short term. We're working with one of the largest Fortune 50 customer of ours on a wholesale replacement of Ping Identity, SailPoint, CyberArk, and several other identity vendors across their whole stack to standardize on Okta products. And the driver there is two things. It's cost.

是的。你說得對。這兩個趨勢密切相關。思考這些客戶的代理未來，然後思考這對他們短期內的身份堆疊意味著什麼。我們正在與財富 50 強企業合作，對其整個技術堆疊進行全面替換，包括 Ping Identity、SailPoint、Cyber​​Ark 和其他幾家身分識別供應商的產品，以實現 Okta 產品的標準化。而司機身上有兩點特質。這是成本問題。

They wanted to have less cost in their environment, and they want to have more better functioning and greater products. That's part of the driver. But the bigger driver was actually something very simple, which is this company has 5,500 applications. And only all these years with these legacy vendors, they only had 1,500 of them hooked up to their central identity system.

他們希望降低生產成本，並擁有更有效率、更優質的產品。那是驅動因素的一部分。但更大的驅動因素其實很簡單，那就是這家公司有 5500 份申請。這麼多年來，他們與這些傳統供應商合作，卻只有 1500 個供應商連接到他們的中央身分系統。

And so they're thinking about agentic future where they want to give their agents and their agent infrastructure access to every application that they have, and they only had a paved path for 1,500 of them because they only were able to get that many on the identity platform with the old technology. So when they think about standardizing, they think about moving all 5,500 applications to Okta.

因此，他們正在考慮代理的未來，他們希望讓他們的代理和代理基礎設施能夠訪問他們擁有的每個應用程序，但他們只為其中 1500 個應用程式鋪平了道路，因為使用舊技術，他們只能將這麼多應用程式連接到身份平台。所以當他們考慮標準化時，他們就考慮將所有 5,500 個應用程式遷移到 Okta。

And then that cuts costs. It makes the system work better because governance is integrated to access management is integrated to privilege, but more importantly for them, I think it enables the agentic future where they can give access in a controlled govern managed way at all these agents doing all the that's behind a standard IDP. So they're all kind of interrelated, but I think they all point north for Okta, which is a very good position to be in.

這樣就能降低成本。它使系統運作得更好，因為治理與存取管理集成，存取管理與權限集成，但更重要的是，我認為它實現了代理的未來，他們可以以受控的治理方式授予存取權限，所有這些代理程式都在標準身分提供者 (IDP) 背後執行所有操作。所以它們之間都有某種關聯，但我認為它們都對 Okta 有利，Okta 目前所處的位置非常好。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

Great. Nice to see everybody. Guys, in Q3, I think you've added more head count this quarter than you have in 3 years, which I take as an expression of confidence especially knowing how developed followers you guys are about Rule of 40, and that's in addition to a lot of other constructive commentary tonight.

偉大的。很高興見到大家。各位，我認為你們在第三季度的人員增加量比過去三年都多，我認為這是一種自信的體現，尤其是在我知道你們的追隨者對“40法則”有多麼了解的情況下，而且今晚你們還提出了許多其他建設性的意見。

But just to follow on to Fuji's question and Josh Hilton's question as well, if I take, Brent, your comments on CRPO coverage ratios, quick back of the envelope gets me to like 9.5% revenue growth for next year. And I just want to make sure that I heard you correctly and I'm interpreting that right?

但為了回應 Fuji 和 Josh Hilton 的問題，Brent，如果我採納你關於 CRPO 覆蓋率的評論，粗略估算一下，明年的收入增長率大約是 9.5%。我只是想確認一下我是否聽清楚了，我的理解是否正確？

The simple math is just current RPO, right? When you take the coverage ratio on the coverage ratio, just to make sure everyone is clear on what that is, let's say we can -- let's calculate the FY26 coverage ratio together. The if you take Q4 FY25 current RPO, and you divide it by next .

簡單的計算就是目前的RPO，對吧？當我們計算覆蓋率的覆蓋率時，為了確保每個人都清楚這是什麼，假設我們可以一起計算 2026 財年的覆蓋率。如果你取 2025 財年第四季的當前 RPO，並將其除以下一個。

It's the guide or the actual?

是指南還是實際內容？

No, I'm saying for the coverage ratio that you're going to apply to current RPO, right? Because it's current RPO guidance time to coverage ratio plus professional services. Okay. So you've got Q4 current RPO guidance we just gave it to you, $2.45 billion. The coverage ratio is the most important factor in the math that you don't -- we don't have an exact number for, but I'm trying to give you a rough approximation. And if you wanted to use, you don't have to use FY26, but it's the closest in years, so makes sense or somewhere in that ZIP code.

不，我是指您將應用於目前 RPO 的覆蓋率，對嗎？因為這是目前的RPO指導原則，即覆蓋時間比率加上專業服務。好的。所以，我們剛剛給出的第四季目前 RPO 指引為 24.5 億美元。覆蓋率是數學中最重要的因素，而你卻不知道——我們沒有確切的數字，但我正在嘗試給你一個粗略的估計。如果你想用的話，不一定要用 FY26，但它是年份上最接近的，所以用那個郵遞區號附近的年份比較合理。

So the FY26 vision, all it is, is Q4 FY25 current RPO, which was $2.25 billion, and you divide that by FY26 subscription revenue, and that's going to get you a number. We haven't given you a guide for subscription revenue, but you can figure it out, Brad, pretty easy. That number is probably about 79% or thereabouts. And then you just put that in the formula.

所以，2026 財年的願景，其實就是 2025 財年第四季的當前 RPO（即 22.5 億美元），用這個數字除以 2026 財年的訂閱收入，就能得到一個數字。我們沒有給你訂閱收入的指南，但布拉德，你應該很容易就能算出來。這個數字大概在79%左右。然後你只要把它代入公式即可。

And then professional services, I think you guys can come up with a rough estimate. And then that's all you do. So Q4 FY26, $2.45 billion divided by [0.79] plus whatever you're going to put in for professional services. I'm giving you advice to use FY26 as a rough approximation. I'm not saying that's what you have to use. Just seems logical given us the closest year to what we're about to do in FY27. That's all.

至於專業服務方面，我想你們應該可以給出一個大致的估價。然後你就只做這些事了。所以，2026 財年第四季度，24.5 億美元除以 [0.79]，再加上你將投入專業服務的費用。我建議你使用 2026 財年作為粗略的估算值。我不是說你一定要用那個。考慮到我們即將在 2027 財年開展的工作與去年最接近，這似乎合乎邏輯。就這樣。

Probably get it, and I appreciate you making it very clear. Maybe just on the other part of my question, when I see you guys hire like this, it really, to me, makes a statement, and I want to make sure I'm interpreting that signal the right way. Am I to assume that the bulk strong mix of those head count adds are go-to-market? Is there anything else to know about the composition of all those heads that you've added in Q3?

我大概明白了，感謝你解釋得這麼清楚。關於我問題的另一部分，當我看到你們這樣招募時，這對我來說真的意義非凡，我想確保我正確解讀了這個訊號。我是否可以認為，這些新增人員中的大部分都是為了開拓市場？關於您在 Q3 中添加的所有這些頭部的組成，還有其他需要了解的資訊嗎？

Yes, it's a mix of both go-to-market because what we've talked about already today and then also continuing to add into some of the lower cost regions to be able to bulk up the capacity in places like R&D or other areas that can help us be able to build products faster or in G&A to be able to become more efficient and be able to come to get through things faster.

是的，這既包括我們今天已經討論過的市場推廣策略，也包括繼續在一些低成本地區增加投入，以擴大研發或其他領域的產能，從而幫助我們更快地生產產品，或者在一般及行政管理方面提高效率，更快地完成工作。

So it's really a variety of areas for us, but it's really go-to-market and then lower cost regions are really the two places that we're adding in. You're on mute Brad. Brad wanted to dive in. So I felt like it was necessary.

所以對我們來說，這確實涉及多個領域，但真正重要的是進入市場，然後是低成本地區，這是我們真正要增加的兩個方面。布拉德，你處於靜音狀態。布拉德想跳進去。所以我覺得有必要這麼做。

Yun Kim, Loop Capital.

Yun Kim，Loop Capital。

All right. Thanks, David. Todd, for some of the early adopters of AI agents that you're working with, are these agents from software vendors like Salesforce and ServiceNow or are they custom to develop AI agents? And is your approach to securing AI agents different for these two type of agents given that Auth0 for AI agent is really targeted at developers?

好的。謝謝你，大衛。Todd，你正在合作的一些早期採用人工智慧代理的用戶，這些代理是來自 Salesforce 和 ServiceNow 等軟體供應商，還是他們客製開發的人工智慧代理？鑑於 Auth0 for AI agent 主要針對開發者，你們針對這兩種類型的 AI 代理程式的安全保護方法是否有所不同？

It's a really good question. And it's every customer we talk to, it's they're worried about all of the above. I would say that the actual most concrete implementations are agents they've built themselves. I think that the deployment from the some of the packaged application venters you talked about are maybe a little bit more behind in terms of deployments. But the ones that -- the companies that are building their own -- that's their first and foremost concern.

這確實是個好問題。我們與每一位客戶交談後，他們都表示擔心以上所有問題。我認為最具體的實際應用是他們自己開發的代理。我認為你提到的某些打包應用程式供應商的部署進度可能稍微落後一些。但對於那些自主研發產品的公司來說，這才是他們最關心的問題。

But everyone is concerned about -- they know it's going to be a multi-platform world in this -- there's so much value to be delivered. There's so many frameworks or so much innovation. There are so many models. They understand it's going to be a multi-platform world, which is why our message is really resonating, which is like hey, if you get identity security and agentic security is absolutely critical. You can't just give agents access to everything.

但每個人都很關心——他們知道這將是一個多平台的世界——有很多價值需要傳遞。框架太多，創新也太多。型號太多了。他們明白這將是一個多平台的世界，這就是為什麼我們的訊息能夠引起共鳴，那就是：嘿，如果你掌握了身分安全和代理安全，那將至關重要。你不能給代理人所有權限。

You have to govern and control and monitor the access. Now if you choose to do that in one security platform or one cloud platform, everyone understands that you're going to be -- it's going to be a strong lock-in and they're going to be stuck with those models, those frameworks and have gravity in that environment, and people are leery of that because they know that it's a fast-moving environment. And they -- it'd be kind of like when I talk to customers, it'd be kind of like you had to choose one streaming platform.

你必須對存取權限進行管理、控制和監控。如果你選擇在安全平台或雲端平台上這樣做，大家都明白你會被牢牢鎖定，他們會被困在這些模型、這些框架中，並受到該環境的束縛，人們對此感到擔憂，因為他們知道這是一個快速變化的環境。他們——就像我跟客戶交談時，就好像你必須選擇一個串流媒體平台一樣。

You just won and you couldn't switch. What would you choose, right? You'd be careful because all the good stuff is on the other one. If you choose Netflix, you want to go over to prime, you just prime, you'd want to go over to Paramount and they don't want to choose one platform.

你剛剛贏了，但沒辦法換人。你會怎麼選呢？你得小心一點，因為所有好東西都在另一個平台上。如果你選擇 Netflix，你想前往 Prime，你只需要 Prime，你想前往 Paramount，但他們不想選擇一個平台。

They want flexibility. They want to be able to use different platforms and pick the best content off of a different platform. So that's really resonating with customers, which is what's driving this interest, which is why we're working so hard to capitalize on it.

他們想要靈活性。他們希望能夠使用不同的平台，並從不同的平台上挑選最好的內容。所以這真的引起了顧客的共鳴，這也是推動這種興趣的原因，所以我們才如此努力地利用它。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

I just wanted to come back to the net retention comment. And understood on -- you guys are in that ZIP code around the 106. But I think historically, the company is not incentivized or split up the team between hunters and farmers and allowed sales reps to choose how they want to retire quota. Could you just provide an update for where we are in thinking about the sales capacity you're hiring.

我只是想回到淨留存率的評論上來。明白了──你們就在106號公路附近的那個郵遞區號區域內。但我認為，從歷史上看，該公司並沒有激勵或將團隊分成獵人和農夫，而是允許銷售代表選擇他們想要如何完成配額。能否請您更新一下關於貴公司銷售人員招募的最新進展？

Are we thinking about setting up a specific team focused on new logo acquisition or first orders? Or is it still I guess, let the reps choose? Are we putting in place any sweeteners of any kind? I just wanted to get an update on that front?

我們是否考慮成立一個專門負責取得新客戶或首單訂單的團隊？或者，我猜還是應該讓代表們自己選擇？我們是否會添加任何類型的甜味劑？我只是想了解這方面的最新進展？

Yes. Thanks, Mike. We have, in fact, started looking at and carving territories for a new logo acquisition. We announced a year ago that we were bringing a Hunter-Farmer assignment into at that time, our US commercial business. And we talked last quarter, been six quarters into that change, how that was progressing. We're very pleased with the productivity of how that's been carved off -- that was in the US commercial business.

是的。謝謝你，麥克。事實上，我們已經開始尋找並開拓新的標誌收購領域。一年前，我們宣布將獵人-農民任務引入當時的美國商業業務。上個季度我們討論了這項變革的進展情況，當時已經過了六個季度。我們對這部分業務的開發效率非常滿意——這是在美國商業領域。

We have not extended that into our enterprise business yet. We're seeing rather the focus of platform specialization on the buyer is allowing our reps to balance both new logo acquisition and getting deep within their existing accounts, but that's always something that we look at. And as we look for opportunities to expand new logo acquisition, thinking about adding hunter capacity as part of our planning process every year.

我們尚未將此模式推廣到企業業務。我們看到，平台專業化更專注於買家，這使得我們的銷售代表能夠平衡新客戶的獲取和現有客戶的深入拓展，但這始終是我們關注的重點。隨著我們不斷尋求拓展新客戶獲取管道的機會，我們每年都會考慮在規劃過程中增加客戶拓展能力。

Excellent. I'll keep it to one.

出色的。我只說一個。

Yes. I think a lot of the growth and a lot of the focus and planning is on larger deals. You saw the cohort of $1 million deals. This Q3 grew 17%. Very excited about that. And in general, a lot of our growth and focus is going to be on larger deals, sometimes with our products now that, that can be in a segment of smaller customers, but most of the time, it's in a larger enterprise or strategic account patch. And so just in general, that's where the business is going. That's where the growth is, and that's where we're investing.

是的。我認為很多成長、很多關注點和規劃都集中在更大的交易上。你看到了那批價值 100 萬美元的交易。第三季成長了17%。對此我感到非常興奮。總的來說，我們的許多成長和重點都將放在更大的交易上，有時我們的產品可能會面向較小的客戶群體，但大多數時候，它面向的是更大的企業或策略客戶群。所以總的來說，這就是產業的發展方向。成長點就在那裡，所以我們也在那裡投資。

Tomer Zilberman, BofA.

Tomer Zilberman，美國銀行。

Yes, I think you've previously spoken about the opportunity to price the agentic as an extension of a per-seat license. But we've been hearing in the market some concern around seat count reductions at customers. So one, as you think about your opportunity next day and you're doing your planning, are you seeing any concern around that with your customers?

是的，我想您之前已經談過，可以將代理定價作為按席位許可的延伸。但我們從市場上聽到了一些關於客戶減少座位數量的擔憂。所以，第一，當你思考第二天的機會並進行計劃時，你是否看到你的客戶對此有任何擔憂？

And two, how do you think about the offset of any potential reduction of head count versus the opportunity to upsell agent?

第二，您如何看待任何潛在的人員減少與增加代理商數量的機會之間的抵消作用？

The agentic products are priced similarly to our current products. Our current products are priced per user, the agentic products are priced per agent. So sometimes that can be a one-to-many relationship. You might have a few agents for a person. Sometimes there might be agents on their own. So I think we're set up in a way that gives us flexibility as these things evolve in terms of how companies want to deploy agents to augment headcount, what they want -- how they want to deploy agents at the front end of processes before it ever gets to a person.

代理商產品的定價與我們目前的產品類似。我們目前的產品以用戶定價，代理產品以代理定價。所以有時候這可能是一對多的關係。一個人可能有好幾個經紀人。有時候可能會有單獨行動的特工。所以我認為，我們的設置方式讓我們能夠靈活應對公司在如何部署代理以增加人手方面的變化，以及他們希望如何在流程前端（在流程到達人之前）部署代理。

And this is on of the advantages that we have with all these customers and all this interest, we can figure this out quickly. And we can iterate on this quickly, and that's how we've gotten to this pricing model because this is a new thing it's exciting because a lot of the traditional vendors, it's like being locked in or being -- owning a certain market, it's not owned yet.

這就是我們擁有這麼多客戶和這麼多關注點的優勢之一，我們可以很快地解決這個問題。我們可以快速迭代，這就是我們最終採用這種定價模式的原因，因為這是一個全新的事物，令人興奮，因為很多傳統供應商就像被困在某個市場裡，或者說——擁有某個市場，而這個市場還沒有被完全佔據。

We have the opportunity to win this massive new market, and it's -- we're well positioned with the customers and with the products and with what people expect us to do. And we're going to go out and define it and win it and it's going to be really exciting to do that.

我們有機會贏得這個龐大的新市場，而且——我們在客戶、產品以及人們對我們所能做的事情方面都佔據了有利地位。我們將全力以赴，定義它，贏得它，這將是一件非常令人興奮的事情。

The other comment I'd add to that, Tomer, is we feel very well diversified from a use case and product perspective. So to the immediate question, we are not -- like everyone, we're looking at what changes will happen in the global workforce at companies as they lean more on and technology to run their businesses. We're not yet feeling a material headwind from -- you mentioned seat reductions in the business. But were we to see that we're confident in our customer identity business offsetting that. We're confident in our agentic identity business offsetting that.

Tomer，我還要補充一點，從使用案例和產品角度來看，我們覺得自己的產品非常多元化。所以，對於眼前的問題，我們並非──和所有人一樣，我們正在關注隨著企業更依賴科技來經營業務，全球勞動市場將會發生哪些變化。我們目前還沒有感受到來自——您提到了業務中的座位減少——的實質不利因素。但我們看到，我們對客戶識別業務充滿信心，相信它能夠抵消這種影響。我們相信，我們的代理身份業務能夠彌補這一損失。

So in the aggregate, we view the shift in the industry as net upside for Okta. And everything you've heard us talk about in our product strategy today and our focus of innovation and the conversations we're having with the customer is embracing the extended opportunity to help them solve an emerging, very acute urgent customer need for securing agentic identity. But we see that as upside to the overall business, not as just replacing the existing business.

因此，整體而言，我們認為產業格局的轉變對 Okta 來說是淨利多。今天，我們在產品策略、創新重點以及與客戶的對話中，都充分體現了我們致力於抓住機遇，幫助他們解決客戶在保障代理身份方面日益增長的迫切需求。但我們認為這對整個業務來說是有利的，而不僅僅是取代現有業務。

Joe Vandrick, Scotia.

喬‧範德里克，斯科細亞省。

You got Joe Vandrick on for Patrick Colville here. Todd, you mentioned a surge in inbound interest for managing agents. So can you talk about what's getting more traction? Is it the Auth0 solution or the workforce side? And then what do you think represents the larger opportunity and why?

這裡喬·範德里克頂替帕特里克·科爾維爾上場。Todd，你曾提到物業管理公司受到的關注度激增。那麼，您能談談哪些方面越來越受歡迎嗎？是 Auth0 的解決方案還是員工方面的問題？那麼，你認為更大的機會是什麼？為什麼？

I think it's -- they're both getting about the same amount of traction I think the -- it's a little bit different. I think a lot of the interest in the Auth0 free AI agents, it's more online, people find out developers, right? So they find out about it on the website. They do self-service, upgrade to enterprise. It's a little bit of a different motion.

我認為——它們都獲得了差不多的關注度，但——還是有點不同的。我認為人們對 Auth0 免費 AI 代理的興趣更多地來自於網絡，人們透過網絡找到開發者，對吧？所以他們是從網站上了解這件事的。他們提供自助服務，並可升級至企業版。它的動作略有不同。

The Okta for agents, which is for IT and security, it's very much have an enterprise architecture with the CISO security influence buyer or an IT influence buyer. So they're both getting interest, but it's pretty early on both of them. It's -- we resist the urge to draw too many patterns on the the couple of months. It's really been out there in the market.

Okta 代理商（面向 IT 和安全領域）非常注重企業架構，其決策者包括首席資訊安全長 (CISO) 安全影響者或 IT 影響者。所以它們都引起了人們的關注，但目前都還處於起步階段。我們克制住想要在這幾個月畫出太多規律的衝動。它確實已經在市場上銷售過了。

And we're really priding ourselves on being able to iterate quickly and adjust as we define this market and make sure we not only deliver something incredibly value for customers, but something that will take advantage of both of these personas, which is IT and security on one side and then developers on the other.

我們非常自豪能夠快速迭代和調整，不斷定義這個市場，確保我們不僅為客戶提供極具價值的產品，而且還能充分利用這兩類用戶的需求，即一方面是 IT 和安全人員，另一方面是開發人員。

Got about four minutes left. Let's try to get to the last three questions. Next up, we have Rudy D.A.D Co.

還剩大約四分鐘。我們盡量完成最後三個問題。接下來是 Rudy D.A.D 公司。

Brett, I want to go back to a comment in the script on sales productivity. You said you are continuing to see improvements there. Is that -- was it improved quarter over quarter? Was it improved year over year? I'm curious on that.

Brett，我想回到腳本中關於銷售效率的一段評論。你說你那邊的情況持續好轉。也就是說——這個數字環比有提高嗎？是否有逐年改進？我對此很感興趣。

And then secondly, on the sales hiring front, Certainly, we've seen that your sales to opening up over 100% year over year in the last couple of months in our data. What is the level of sales capacity additions you're planning to add I'm not sure what time frame you want to use last quarter through Q1? Or just what's the level of sales capacity addition you're looking to add as you think about the FY27 plan?

其次，在銷售招募方面，我們的數據顯示，過去幾個月裡，你們的銷售職缺年增超過 100%。您計劃增加多少銷售產能？我不確定您想用哪個時間段，是上個季度到第一季？或者，在考慮 2027 財年計畫時，您希望增加多少銷售能力？

Yes, absolutely. And I'll let Eric step in a little bit here to you on productivity. But to answer your question, it is up quarter over quarter and is up year over year. And so it's all of the above, ready, which is a good sign for us. And also, at the same time, like I said, we added capacity in Q3, and we started to add capacity in Q2. In terms of the exact numbers of how much we're going to add, we're going to be methodical about that.

是的，絕對的。接下來，我將讓艾瑞克就生產力問題稍微補充。但要回答你的問題，它環比增長，同比也增長。所以以上所有條件都已具備，這對我們來說是個好兆頭。同時，正如我所說，我們在第三季增加了產能，而我們從第二季就開始增加產能了。至於具體要增加多少，我們會採取有條不紊的方法。

We want to make sure that we are maintaining high productivity and not overdoing it in terms of adding in capacity because, as Eric told you a second ago or whatever, 20 minutes ago, our AE attrition is quite good right now. Our tenure is quite good. We don't want to disrupt that. And so we want to be methodical in our approach to add the capacity into the system, make sure it works and then move on, evaluate the success and then step on to the next level of what we think is possible because we do have a great field right now.

我們希望確保保持高生產率，並且不會過度增加產能，因為正如埃里克剛才（或20分鐘前）告訴你的那樣，我們目前的AE流失率相當不錯。我們的任期相當不錯。我們不想破壞這種局面。因此，我們希望採取有條不紊的方法來增加系統的容量，確保它能夠正常工作，然後再繼續前進，評估成功情況，然後邁向我們認為可能的下一個階段，因為我們現在確實擁有一個很棒的領域。

We are very confident and great actually should have said at the beginning of the call, a great job by the sales team and all the go-to-market teams in Q3, and we look forward to having them execute in Q4. So -- so yes, I think that pretty much covers it. Rudy, I don't know if Eric you'd have anything else to add?

我們非常有信心，實際上應該在電話會議開始時就說，銷售團隊和所有市場推廣團隊在第三季都做得非常出色，我們期待他們在第四季繼續保持這種勢頭。所以——是的，我想差不多就這些了。魯迪，艾瑞克，我不知道你是否還有什麼要補充的？

You hit the key points. I would say in addition to productivity being up, it's implied with your comments, Brett, but attrition is down. And so from a field engagement standpoint, we feel quite positive with our team's ability to be successful and their belief that they can be successful.

你抓住了重點。布雷特，除了生產力提高之外，我想說的是，正如你的評論所暗示的那樣，員工流動率也下降了。因此，從現場參與的角度來看，我們對團隊成功的能力以及他們相信自己能夠取得成功感到非常樂觀。

So as we add capacity, we want to make sure we add it in a metered fashion to ensure that we're confident our field continues to have the opportunity to be very successful with Okta. So that is an important part of our philosophy because we don't want to see a return to where attrition starts to creep back up. We want to keep our tenured reps because they're much more productive.

因此，隨著我們增加產能，我們希望確保以計量的方式增加產能，以確保我們有信心我們的用戶群體繼續有機會透過 Okta 獲得巨大成功。所以這是我們理念的重要組成部分，因為我們不想看到人員流失率再次上升。我們希望留住資深代表，因為他們的工作效率更高。

Next, we'll go to Taz at Roth? Taz you there -- not let's quickly go to Gabriella at Goldman.

接下來，我們要去羅斯的塔茲嗎？Taz，你在那裡嗎？ ——我們趕緊去找高盛的 Gabriella 吧。

Can you guys hear me?

你們聽得到我說話嗎？

Let's go to Gabriela and then we go finish off with Taz.

我們先去找加布里埃拉，然後再去找塔茲。

Todd, I wanted to ask on this topic of agents that bespoke versus from the package software vendors as and when we start to see adoption from the packaged software vendors, how do you think about the identity functionality that may be bedded in the application. And this is in the context of ServiceNow announcing their plans to apply Aves this morning?

Todd，我想問一下關於定制代理和軟體包供應商提供的代理這個主題，當我們開始看到軟體包供應商採用定制代理時，你如何看待應用程式中可能嵌入的身份功能。這是在 ServiceNow 今天早上宣布計劃應用 Aves 的背景下發生的嗎？

Yes. One of the interesting things about being the clear leader in identity security is -- we kind of have a rate of first refusal on all the acquisitions. So we looked at Vesa. It's interesting. It's a pretty narrow use case in terms of identity management. And the big picture idea is what's going to be like the system of record for access. And to do that, you really have to have an IDP sitting in the middle of the transaction to really get the governance and control.

是的。作為身份安全領域的絕對領導者，有趣的是——我們幾乎在所有收購項目中都擁有優先購買權。所以我們研究了Vesa。很有意思。就身分管理而言，這是一個相當狹窄的應用場景。而從宏觀角度來看，這就像是個訪問記錄系統。要做到這一點，你真的需要在交易中間安排一個身分提供者 (IDP)，以便真正實現治理和控制。

So I think you're going to see what's played out a lot of times over the last 10 years, Gabriel, is every platform company is going to try to take their own identity from their own platform. and make it generalizable. Sometimes they'll buy something, sometimes they'll try to build it themselves, but it's really hard to cover all the use cases and cover all the integrations to all the different systems and environments. If you're not totally focused on it. And I think you'll continue to see that benefit us for a long time.

所以我認為你會看到過去十年反覆出現的情況，加布里埃爾，那就是每個平台公司都會試圖從自己的平台上提取出自己的獨特身份，並使其具有普適性。有時他們會購買現成的產品，有時他們會嘗試自己開發，但要涵蓋所有用例並實現與所有不同系統和環境的整合真的很難。如果你沒有全神貫注於此。而且我認為這將長期惠及我們。

Okay. We'll take the last question from Taz at ROTH.

好的。讓我們來回答 ROTH 的 Taz 的最後一個問題。

I got two questions. Todd first one for you. You mentioned the customer example was a large deal. And my question is, can you talk about the -- you spoke about one-to-many relationship between humans and agents. Can you talk about what that was in that scenario? And maybe kind of bake off or competitive landscape and who are the other players involved in that deal for AI security?

我有兩個問題。托德，第一個給你。您提到客戶案例非常重要。我的問題是，您能否談談您剛才提到的人類與智能體之間的一對多關係？能談談當時的具體情況嗎？或許還可以探討一下競爭格局或競爭態勢，以及人工智慧安全領域還有哪些參與者？

Yes. I think just -- it's pretty simple. I think a lot of companies think about agents is like software engineering is a great example. As a software engineer, you're going to have ten of these agents working for you all the time. They're going to be reviewing code. They're going to be doing security reviews. They're going to be checking code in.

是的。我覺得——這很簡單。我認為很多公司看待代理商的方式就像看待軟體工程一樣，這是一個很好的例子。身為軟體工程師，你將始終有十個這樣的代理人為你工作。他們將審查代碼。他們將進行安全審查。他們將要檢查代碼。

They're going to be running tests -- and that -- all those agents are going to be working on your behalf in some cases and have their own identity and others, and it's just having the flexibility to support all those different use cases in addition to agents that would just run on their own. Your customer support agents or your agents sitting on your website accepting commerce are going to be on their own, they're going to need access control, but they're not bound to a user until maybe it gets lower down in the workflow. So.

他們將進行測試——而且——所有這些代理在某些情況下將代表你工作，並擁有自己的身份，而其他情況則不然，關鍵在於要有靈活性來支援所有這些不同的用例，以及那些可以獨立運行的代理程式。您的客戶支援人員或在您的網站上接受交易的人員將獨立運作，他們需要存取控制，但在工作流程的較低階段之前，他們不會與使用者綁定。所以。

What's that relationship been like in the example that we've seen so far, what's like 1 to 10, 1 to 20, and if you compare the human agents that you have the humanities that you have versus the agent that you secured, is that number -- is there a ballpark number that you have seen so far in the company that you've sold to?

在我們目前看到的例子中，這種關係是怎麼樣的？例如 1 比 10、1 比 20 的關係？如果你比較一下你現有的人資和你所招募的人才，這個數字──在你銷售給的公司中，你目前看到的大概數字是多少？

I think it's like 5% to 10% per person.

我認為大概是每人 5% 到 10%。

Got it. Brett, just one for you. Given as growth has slowed down in the last few years, margins have gone up quite a bit. And if you look at your margins plus revenue growth, you've always been above that Rule of 40. Should we expect that to continue going forward in fiscal '27, do you expect that Rule of 40 to sustain? I know you don't give us a revenue guide, you gave us some ballpark guide. But combining that with what to expect for free cash flow multiple margin next year, should we expect that Rule of 40 to sustain going forward?

知道了。布雷特，留一個給你。鑑於過去幾年經濟成長放緩，利潤率已大幅上升。如果你看一下你的利潤率加上收入成長，你會發現你一直都高於40法則的水平。我們是否應該預期這種情況會在 2027 財年繼續下去？您認為 40 法則會持續下去嗎？我知道你們沒有給我們具體的收入預測，只是給了我們一個大概的參考範圍。但結合明年自由現金流倍數利潤率的預期，我們是否應該預期「40法則」會在未來持續下去？

Yes. I mean, from an overall perspective, we are going to continue to employ the Rule of 40 framework when we manage the business, something we've been quite consistent with, I guess, is probably the right way to put it. And as you said, we have had a tremendous amount of margin increase over the last three years. Thank you for saying that, Taz. I really appreciate it.

是的。我的意思是，從整體上看，我們在管理業務時將繼續採用 40 法則框架，我們一直堅持這樣做，我想，這樣說可能比較恰當。正如您所說，過去三年我們的利潤率實現了巨大的成長。謝謝你這麼說，塔茲。我非常感謝。

But when we look at the overall formula, and I'm not going to be able to comment on what we're going to do next year for FY27, let's get through the plan and let's get through Q4 and see how everything goes. And then I'll give you an update then. But ultimately, when you think about it, we want to lean into the growth side of the equation more.

但從整體來看，我無法評論我們明年（2027 財年）的計劃，讓我們先完成計劃，順利度過第四季度，看看一切進展如何。到時候我會給你報告最新情況。但歸根究底，仔細想想，我們還是希望多關注成長方面。

You've heard us talk about that. That's been our goal is to accelerate growth for quite some time. You can hear the optimism from the call today about about that desire and confidence. And so we're still going to manage through that Rule of 40 and -- but we really want to lean more into that growth acceleration side of the house. And once we have our finalized plans for FY27, I'll be able to give you some more since detail at the next earnings call.

你們都聽我們說過這件事了。長期以來，我們的目標一直是加速成長。從今天的電話會議中，你可以感受到大家對這種渴望和信心的樂觀態度。因此，我們仍然會遵循“40法則”，但我們真的想更加重視加速成長這方面。一旦我們最終確定了 2027 財年的計劃，我將在下次財報電話會議上向大家提供更多細節。

Well, thanks, everybody. But before you go, I just want to let you know that Okta will be hosting several on-site and virtual bus tours in December and January, and we'll also be attending the virtual Needham Growth Conference on January 8. So we hope to see you at one of those events. Thanks.

謝謝大家。但在你離開之前，我想告訴你，Okta 將在 12 月和 1 月舉辦幾次現場和虛擬巴士參觀活動，我們還將參加 1 月 8 日舉行的 Needham 虛擬增長會議。所以我們希望能在這些活動中見到你。謝謝。

Thanks, everyone.

謝謝大家。