Okta, Inc. (OKTA) 2026 Q4 法說會逐字稿

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Hi, everyone. Welcome to Okta's fourth-quarter fiscal 2026 earnings webcast. 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. At around the same time that the earnings press release hit the wire, we posted supplemental commentary to the IR website.

大家好。歡迎參加 Okta 2026 財年第四季財報網路直播。我是Dave Gennarelli，Okta公司投資人關係資深副總裁。在今天的會議上發言的有我們的執行長兼聯合創始人托德·麥金農，以及我們的財務長布雷特·泰格。我們的總裁兼營運長埃里克·凱萊赫將參加會議的問答環節。在獲利新聞稿發布前後，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已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 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.

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。我們的獲利報告中提供了 GAAP 和非 GAAP 財務指標之間的調整表，以及對使用非 GAAP 指標相對於其最接近的 GAAP 等效指標的局限性的討論。您還可以在我們的補充財務資料中找到更詳細的信息，其中包括發佈在我們投資者關係網站上的趨勢財務報表和關鍵指標。

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

在今天的會議上，我們將在討論財務績效時引用一些數字或成長變化，除非另有說明，否則每個此類引用都代表同比比較。

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

現在我把會議交給托德·麥金農。托德？

Thanks, Dave, and thank you, everyone, for joining us this afternoon. We're pleased with the strong finish to FY26, which was highlighted by continued strength with large enterprises, partner engagement, and contribution from our newer products. Identity is fast becoming the most important aspect of security with AI acting as a catalyst.

謝謝戴夫，也謝謝各位今天下午的到來。我們對 2026 財年的強勁收官感到滿意，這主要得益於與大型企業的持續良好合作、與合作夥伴的積極互動以及新產品的貢獻。在人工智慧的推動下，身分識別正迅速成為安全領域最重要的面向。

In today's call, I'll cover the success we're having with our new products, how Okta secures AI, including some early success we're having in that new market enclosed with our top priorities for FY27.

在今天的電話會議中，我將介紹我們新產品的成功，Okta 如何保障 AI 安全，包括我們在這個新市場取得的一些早期成功，以及我們 2027 財年的首要任務。

We continue to see strong performance from our portfolio of new products. This group consists of Okta Identity Governance, Okta Privileged Access, Identity Security Posture Management, Identity Threat Protection, Okta Device Access, and Fine Grained Authorization. And new to this group are our products Auth0 for AI Agents and Okta for AI Agents. The value of a unified identity system with a single control plane is resonating with customers. In aggregate, these new products represented approximately 30% of Q4 bookings, which is a meaningful increase from prior quarters. And when these new products are included in a deal, the average contract uplift is approximately 40%.

我們的新產品組合持續表現強勁。此群組包括 Okta 身分治理、Okta 特權存取、身分安全態勢管理、身分威脅防護、Okta 裝置存取和細粒度授權。此外，我們的產品 Auth0 for AI Agents 和 Okta for AI Agents 也加入了這個行列。統一身分系統及其單一控制平面的價值正引起顧客的共鳴。總體而言，這些新產品約佔第四季訂單量的 30%，與前幾季相比，這是一個顯著的成長。當這些新產品被納入交易時，平均合約增幅約為 40%。

Okta Identity Governance continues to be the biggest of these new products and is building on its early success. OIG now has over 2,000 customers. That's remarkable progress in just over three years, and it underscores the market demand for a modern governance solution. Customers are choosing OIG because it's a full IGA cloud native solution built into our unified platform, not a siloed point solution.

Okta Identity Governance 仍然是這些新產品中規模最大的，並且正在鞏固其早期的成功。OIG目前擁有超過2000家客戶。短短三年多就取得如此顯著的進展，凸顯了市場對現代治理解決方案的需求。客戶選擇 OIG 是因為它是一個完整的 IGA 雲端原生解決方案，內建在我們的統一平台中，而不是一個孤立的點解決方案。

I mentioned that our portfolio of new products now includes our AI products, Auth0 for AI Agents and Okta for AI Agents. It's still early for this developing market, but as the leading modern identity solution for workforce and customer identity, Okta is uniquely positioned to help organizations combat the growing security threat that AI agents represent. The reality is that the AI revolution has moved faster than today's security frameworks. According to Okta's AI at Work Report, 91% of surveyed organizations are already using AI agents, but only 10% have a governance strategy in place.

我提到過，我們的新產品組合現在包括我們的人工智慧產品，Auth0 for AI Agents 和 Okta for AI Agents。雖然這個新興市場仍處於早期階段，但作為領先的現代員工和客戶身份解決方案提供商，Okta 擁有獨特的優勢，可以幫助企業應對人工智慧代理帶來的日益嚴重的安全威脅。現實情況是，人工智慧革命的發展速度已經超過了當今安全框架的發展速度。根據 Okta 的《AI at Work 報告》，91% 的受訪組織已經在使用 AI 代理，但只有 10% 的組織制定了治理策略。

In meetings that I've had with customers and prospects over the past six months, the vast majority of the conversations revolve around their AI initiatives and how Okta can help them build and manage agents securely. As AI becomes embedded in more workflows and automations, the growing number of exploitable entry points from nonhuman identities to unsecured integrations expand the attack service for threat actors. It's clear that in order to get AI right, you have to get identity right.

在過去六個月裡，我與客戶和潛在客戶的會議中，絕大多數對話都圍繞著他們的 AI 計劃以及 Okta 如何幫助他們安全地建立和管理代理商。隨著人工智慧嵌入到越來越多的工作流程和自動化流程中，從非人類身份到不安全的集成，可利用的入口點數量不斷增加，這擴大了威脅行為者的攻擊範圍。很顯然，要做好人工智慧，就必須做好身分識別。

Okta was built to meet this challenge. Identity isn't just a feature for us. It's our foundation. AI agents are simply a new identity type, and protecting them as a natural extension of what we do best. Okta's neutral and independent identity solution is uniquely positioned to secure and govern the entire agentic life cycle and gives customers the freedom to deploy on any agent platform without ecosystem lock-in, all while strengthening their security posture.

Okta 的建立正是為了回應這項挑戰。身份對我們來說不僅僅是一項功能。這是我們的基石。AI 代理只是一種新的身份類型，保護它們是我們最擅長的工作的自然延伸。Okta 的中立且獨立的身份解決方案具有獨特的優勢，能夠保護和管理整個代理生命週期，讓客戶可以自由地在任何代理平台上部署，而無需被生態系統鎖定，同時還能增強其安全態勢。

Our two-pronged solution with Auth0 and Okta for AI Agents treats AI agents with the same importance of humans and gives customers everything they need to secure this powerful new technology. We're still in the early stages, but we believe that in a few years, agents and agentic systems won't be the exception to how enterprise software is built and operated. They'll be the rule.

我們採用 Auth0 和 Okta 的雙管齊下解決方案來保護 AI 代理，將 AI 代理視為與人類同等重要的對象，並為客戶提供保護這項強大新技術所需的一切。我們仍處於早期階段，但我們相信，幾年後，代理和代理系統將不再是企業軟體建置和運作方式的例外。它們將成為規則。

We believe that AI agents represent nothing less than the future of software. That's why AI security is identity security. I'd like to highlight a couple of AI deals we closed in Q4 that illustrate how we're addressing the AI market.

我們相信，人工智慧代理代表著軟體的未來。這就是為什麼人工智慧安全就是身分安全。我想重點介紹我們在第四季度完成的幾項人工智慧交易，以說明我們是如何進軍人工智慧市場的。

An existing Auth0 customer is building AI agents as part of their leading financial services platform. These agents will help the firm's advisers make better and faster decisions. But to do so, the agents need access to sensitive customer information, which must be least privileged. And they need to work with existing systems and third-party services inside the financial institution.

Auth0 的一位現有客戶正在建立 AI 代理，作為其領先的金融服務平台的一部分。這些代理人將幫助公司的顧問做出更好、更快的決策。但要做到這一點，代理人需要存取敏感的客戶訊息，而這種存取必須遵循最小權限原則。而且，他們還需要與金融機構內部的現有系統和第三方服務進行協作。

The customer picked Auth0 for AI agents as it met their stringent requirements for a secure, extensible platform to build and deploy a agentic systems. They needed a solution that offered enterprise-grade identity for humans and agents, while providing secure access to third-party MCP servers, all while acting as a single source of truth.

客戶選擇 Auth0 作為 AI 代理，因為它滿足了他們對安全、可擴展平台以建置和部署代理系統的嚴格要求。他們需要一種解決方案，能夠為人員和代理提供企業級身份，同時提供對第三方 MCP 伺服器的安全訪問，並且能夠作為單一資料來源。

Another notable deal that included Okta for AI Agents, which became available in early access in January, was with a top global business and technology services provider. They chose Okta for AI Agents to help them discover control and govern identities for their growing sprawl of agents. Rolling out AI agents across multiple agent platforms is key to their ongoing transformation, and centralizing agentic identities in an independent agent agnostic platform like Okta will strengthen their cybersecurity posture.

另一項值得關注的交易是與一家全球頂尖的商業和技術服務提供商達成的，其中包括 Okta for AI Agents，該產品於 1 月開始提供早期訪問權限。他們選擇 Okta 作為 AI 代理，以幫助他們發現控制權並管理其不斷增長的代理的身份。在多個代理平台上推出 AI 代理是其持續轉型的關鍵，而將代理身份集中在像 Okta 這樣的獨立代理無關平台上將增強其網路安全態勢。

This is the very beginning of the AI opportunity. Building and protecting AI agents is inherent to Okta's position as the world's system of record for identity management. With our solutions, developers, administrators and IT teams can ensure that the entire life cycle of an AI agent from initial design through active deployment is observable, governable and secure.

這僅僅是人工智慧機會的開端。建構和保護人工智慧代理是 Okta 作為全球身分管理記錄系統的核心所在。借助我們的解決方案，開發人員、管理員和 IT 團隊可以確保 AI 代理從初始設計到實際部署的整個生命週期都是可觀察的、可管理的和安全的。

For more information on how Okta secures AI, be sure to register and join our showcase event on March 16. In this live streamed event, you'll hear from myself as well as our AI product leaders as we unveil our latest innovations for AI agents.

如需了解 Okta 如何保障 AI 安全的更多信息，請務必註冊並參加我們 3 月 16 日的展示活動。在本次直播活動中，您將聽到我和我們人工智慧產品負責人的發言，我們將揭曉我們最新的人工智慧代理創新成果。

And finally, I always like to take time on the Q4 call to share our priorities for the new fiscal year. It shouldn't be surprising that all of these priorities are focused on driving growth. The first priority is Okta Secures AI, which is all about how we win, grow and become the standard for securing agentic AI. By building on our early success with Okta and Auth0 for AI agents, we will further our vision of freeing everyone to safely use any technology.

最後，我總是喜歡在第四季財報電話會議上抽出時間來分享我們對新財年的工作重點。所有這些優先事項都集中在推動成長上，這並不令人意外。首要任務是 Okta 保障 AI 安全，這關乎我們如何贏得市場、成長並成為保障智慧 AI 安全的標準。憑藉我們在 Okta 和 Auth0 等 AI 代理方面取得的早期成功，我們將進一步實現讓每個人都能安全使用任何技術的願景。

The second priority is increasing our focus on landing bigger and growing faster with large customers. We want these organizations so think of Okta first when it comes to identity security and securing AI. This is a global effort across both the Okta and Auth0 platforms.

第二要務是更重視與大客戶建立更緊密的聯繫，並實現更快的成長。我們希望這些組織在考慮身分安全和人工智慧安全時，首先想到 Okta。這是 Okta 和 Auth0 平台共同參與的全球性工作。

And our third priority is becoming the default identity security solution for the US federal vertical and highly regulated industries. The public sector has been one of our fastest-growing verticals over the past couple of years, but we've only begun to scratch the surface of the overall opportunity.

我們的第三個優先事項是成為美國聯邦垂直行業和高度監管行業的預設身份安全解決方案。在過去的幾年裡，公共部門一直是我們成長最快的垂直領域之一，但我們才剛開始挖掘整體機會的冰山一角。

To wrap things up, we're pleased with the strong finish to FY26. We're excited about the momentum we've built for the year ahead as we look to surpass $3 billion in revenue on our way to $5 billion and then $10 billion. Identity is security, and we're building on our position as the leading modern identity solution to win the emerging market for securing AI. It's an exciting opportunity, and we're going after it aggressively. I want to thank the entire Okta team for their tireless effort and also thank our loyal customers and partners who put their trust in us every day.

總而言之，我們對 2026 財年的強勁收官感到滿意。我們對未來一年的發展勢頭感到興奮，我們期待營收突破 30 億美元，然後邁向 50 億美元甚至 100 億美元。身份即安全，我們正在鞏固自身作為領先的現代身份解決方案的地位，以贏得新興的人工智慧安全市場。這是一個令人興奮的機會，我們正在積極爭取。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 is Brett to cover the financial commentary.

現在請布雷特為大家帶來財經評論。

Thanks, Todd, and thank you, everyone, for joining us today. We're pleased to close out another fiscal year achieving Rule of 40, which we've done every year since going public. It's also satisfying to see our investments to drive growth paying off. These focus areas include new product innovation, go-to-market specialization, large customers, and our partner network. My commentary will provide insights into our Q4 performance and then move into our outlook for Q1 and FY27.

謝謝托德，也謝謝各位今天蒞臨。我們很高興又一個財政年度圓滿結束，實現了 40 法則，自上市以來，我們每年都做到了這一點。看到我們為推動成長而進行的投資獲得回報，也令人感到欣慰。這些重點領域包括新產品創新、市場推廣專業化、大客戶以及我們的合作夥伴網路。我的評論將深入分析我們第四季的業績，然後展望我們對第一季和 2027 財年的前景。

The increased go-to-market specialization that we implemented at the beginning of the fiscal year continues to make progress. Strong execution has led to positive go-to-market KPI improvements, including sales productivity. Our focus on large customers and large deals continues to drive our financial results. In Q4, we closed a record amount of total contract value of nearly $1.3 billion. We also surpassed a major milestone of $3 billion in annual contract value.

本財年初實施的市場推廣專業化程度提高的策略持續取得進展。強而有力的執行帶來了積極的市場推廣關鍵績效指標改進，包括銷售效率的提高。我們始終專注於大客戶和大額交易，這持續推動著我們的財務表現。第四季度，我們完成了總額近 13 億美元的創紀錄合約。我們也突破了年度合約總額30億美元的一個重要里程碑。

Another key aspect of our go-to-market motion is our channel partners. When our partners are involved, the average deal size is bigger and the close rates improve. Channel partners were engaged in 18 of our top 20 deals in Q4. Total contract value generated through our strategic go-to-market channel AWS marketplace, grew over 45% in FY26 to approximately $750 million.

我們市場推廣策略的另一個關鍵面向是我們的通路合作夥伴。當我們的合作夥伴參與其中時，平均交易規模更大，成交率也會提高。第四季度，我們前 20 大交易中有 18 筆是透過通路合作夥伴完成的。2026 財年，透過我們的策略市場管道 AWS Marketplace 產生的合約總價值成長超過 45%，達到約 7.5 億美元。

Moving on to our balance sheet and capital allocation. We had another strong quarter of cash flow in Q4 and ended the quarter with a very healthy balance sheet, consisting of over $2.5 billion in cash, cash equivalents, and short-term investments. We continue to regularly evaluate Okta's capital allocation priorities to ensure we're well positioned to deliver sustainable long-term value to shareholders.

接下來我們來看資產負債表和資本配置。我們在第四季度再次實現了強勁的現金流，並以非常健康的資產負債表結束了該季度，其中包括超過 25 億美元的現金、現金等價物和短期投資。我們會持續定期評估 Okta 的資本配置優先事項，以確保我們能夠為股東創造可持續的長期價值。

Consistent with this focus, we announced a $1 billion share repurchase program in early January, taking advantage of what we believe to be an undervalued share price. Over the course of the remainder of January, we repurchased and retired over 875,000 shares for a total cost of $79 million.

秉持著這一理念，我們在 1 月初宣布了一項 10 億美元的股票回購計劃，利用我們認為被低估的股價進行回購。在 1 月剩餘的時間裡，我們回購並註銷了超過 875,000 股股票，總成本為 7,900 萬美元。

We're proud to return value to our shareholders and are focused on capturing the clear opportunity in front of us. The investments Okta has been making to drive growth acceleration span all areas of our business. These disciplined areas remain investing in our go-to-market teams, relentless product innovation, further leveraging our channel partners and keeping Okta one of the most secure companies in the world. Our improved go-to-market execution, coupled with a healthy demand environment led us to begin adding quota-carrying sales capacity starting in Q2, and we continue to do so through the fourth quarter and now into the current Q1.

我們為能夠為股東創造價值而感到自豪，並將專注於抓住擺在我們面前的明確機會。Okta 為推動業務加速成長而進行的投資涵蓋了我們業務的各個領域。這些重點領域將繼續投資於我們的市場推廣團隊、不懈的產品創新、進一步利用我們的通路合作夥伴，並使 Okta 成為世界上最安全的公司之一。我們改善了市場推廣執行，加上良好的市場需求，使我們從第二季度開始增加銷售配額能力，並且我們一直持續到第四季度，現在又進入了當前的第一季。

Now let's turn to our business outlook. Our guidance philosophy is unchanged as we continue to take a prudent approach to forward guidance that factors in current market conditions. For the first quarter of FY27, we expect total revenue growth of 9%, current RPO growth of 10%, non-GAAP operating margin of 23% to 24% and free cash flow margin of 33% to 35%.

現在讓我們來看看業務前景。我們的指導理念不變，我們將繼續採取審慎的態度進行前瞻性指導，並將當前市場狀況納入考量。2027 財年第一季，我們預期總營收成長 9%，目前 RPO 成長 10%，非 GAAP 營業利潤率為 23% 至 24%，自由現金流利潤率為 33% 至 35%。

For the full year FY27, we expect total revenue growth of 9%, non-GAAP operating margin of 25% to 26% and a free cash flow margin of 27% to 28%.

對於 2027 財年全年，我們預計總營收成長 9%，非 GAAP 營業利潤率為 25% 至 26%，自由現金流利潤率為 27% 至 28%。

I want to call out three important points pertaining to this guidance. First, reflected in the 9% FY27 revenue guidance is about a 1 point impact related to a decision we made to shift more of our professional services business to our partners, specifically global system integrators. This change will result in lower professional services revenue. We believe this will lead to greater long-term benefits to fuel top line growth by deepening the relationship with these important partners and increasing our business with large enterprises.

我想重點指出與本指南相關的三個重要方面。首先，2027 財年 9% 的收入預期反映了約 1 個百分點的影響，這與我們決定將更多專業服務業務轉移到我們的合作夥伴（特別是全球系統整合商）有關。這項變更將導致專業服務收入下降。我們相信，這將帶來更大的長期效益，透過加深與這些重要合作夥伴的關係並增加與大型企業的業務往來，從而推動營收成長。

The second point is that the FY27 free cash flow margin guidance reflects about a 1 point headwind related to lower interest income relative to the combined impact from the stock repurchase program, our intent to settle the remainder of the 2026 notes in cash, and the interest rate environment.

第二點是，2027 財年自由現金流利潤率預期反映了約 1 個百分點的不利因素，這與股票回購計畫、我們打算以現金結算剩餘的 2026 年票據以及利率環境的綜合影響有關，即利息收入較低。

And finally, we've updated our non-GAAP tax rate assumption for Q1 and and FY27 to 21% from 26% based on the recent changes to the federal tax laws.

最後，根據聯邦稅法的最新變化，我們將第一季和 2027 財年的非 GAAP 稅率假設從 26% 更新為 21%。

To wrap things up, we're pleased with what we accomplished in FY26 and are enthusiastic about the trends we're seeing in our business. The investments we're making are paying off and position Okta to extend its leadership in identity security. We've demonstrated exceptional leverage in our model and are positioned to deliver profitable growth for years to come.

總而言之，我們對 2026 財年的成就感到滿意，並且對我們業務的發展趨勢感到興奮。我們所做的投資正在取得成效，並使 Okta 能夠在身分安全領域鞏固其領先地位。我們的商業模式展現出了卓越的槓桿效應，並已做好準備，在未來幾年內實現獲利成長。

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 there are already quite a few hands raised, and I'll take them in the order through the top of the hour. And in the interest of time, please limit yourself to one question.

謝謝你，布雷特。我看到已經有不少人舉手了，我會按照順序，一直到整點為止接受他們的提議。為了節省時間，請您只提一個問題。

And with that, we're going to go to Joe Gallo at Jefferies.

接下來，我們要連線到傑富瑞集團的喬·加洛。

Thanks, Dave. And thanks, guys, for the question. It was great to see the AI agent customer wins. Can you just talk more about pricing there? I wasn't sure if the 40% was referring to agentic. And then just any sense of when agentic will become meaningful to growth. Brett, I know you're really pragmatic. How should we think about what's reflected from agentic in your top line guide? Thank you.

謝謝你，戴夫。謝謝各位的提問。看到人工智慧代理贏得客戶真是太好了。能再詳細說說價格方面的問題嗎？我不確定這 40% 是否指的是主動性。然後，我們只需思考一下，當自主性對成長而言何時才具有意義。布雷特，我知道你很務實。我們該如何看待你的整體指導原則中所體現的能動性？謝謝。

It's -- yes, the agentic products are really, really important to us. I'm not breaking any news there. Everyone knows this. But in Q4, it was really a story of all of our new products. The 30% of our new bookings were from new products. That's a very important strategic bucket of products we've been investing in for a long time.

是的，代理產品對我們來說真的非常非常重要。我沒透露任何內幕。大家都知道這一點。但第四季度，真正的主角是我們所有的新產品。我們新增訂單中有 30% 來自新產品。這是我們長期以來一直投資的一個非常重要的策略性產品類別。

And then the agentic products are the newest bit of that. And they had an absolutely incredible quarter considering Okta for AI agents is not even generally available yet. And Auth0 for AI agents is just was generally available at the beginning of the quarter. So talk to a huge start. Now the relative number is small compared to our $3 billion revenue run rate.

而代理產品則是其中的最新組成部分。考慮到 Okta for AI 代理商尚未正式推出，他們的這個季度業績絕對令人難以置信。而面向人工智慧代理的 Auth0 在本季初才正式推出。所以，先從一個巨大的開端談起。現在，與我們 30 億美元的年化收入相比，這個相對數字很小。

But looking forward to next year, we're very, very excited about the potential of these products. What's happening is that every company is figuring out how they're going to absorb all this AI innovation, how they're going to build things themselves, how they're going to adopt SaaS innovation with agentic built in, how they're going to adopt all this change.

但展望明年，我們對這些產品的潛力感到非常非常興奮。現在的情況是，每家公司都在思考如何吸收所有這些人工智慧創新，如何自行建立相關產品，如何採用內建智慧代理的 SaaS 創新，以及如何適應所有這些變化。

And what you're seeing is the identity is becoming a critical infrastructural foundation for that. They have to have a system that can basically keep track of where all the agents are and who has agents and what kind of -- what can the agents do and what can they connect to, and that's what they're looking toward our products to do. So it's incredibly exciting. But it's also the success of governance over 2,000 customers and our other new products set us up for a lot of, I think, success ahead.

而你現在看到的是，身分認同正成為這一切的關鍵基礎設施基礎。他們需要一個系統，能夠追蹤所有代理商的位置、誰擁有代理商、代理商可以做什麼以及可以連接到什麼，而這正是他們希望我們的產品能夠做到的。所以這真是太令人興奮了。但成功管理超過 2000 名客戶以及我們的其他新產品也為我們未來的成功奠定了基礎，我認為。

In terms of guidance, I'll let Brett talk about the specifics. But because the agentic products are so new, it's tough to pour too much into our assumptions about growth in terms of guidance, but I think those things could be a huge source of upside over and above the guidance in the years ahead.

至於指導方面，我會讓布雷特來談談具體細節。但由於這些代理產品非常新，我們很難就其成長前景做出過多的假設，但我認為這些產品在未來幾年可能會帶來遠超預期的巨大成長空間。

Yeah, Joe. I mean, Todd nailed it right there, which is it's still fairly small at this point, but we are excited given the amount of demand that we're seeing. It's not just the amount of bookings that we did in Q4. It's also the pipeline we see that is out there for FY27.

是的，喬。我的意思是，托德說得對，目前規模還比較小，但考慮到我們看到的需求量，我們感到很興奮。不僅僅是我們第四季的預訂量。這也是我們看到的 2027 財年的發展計畫。

And like Todd said, look, it's a $3 billion business. It takes a lot to move the needle in there. But we're not thinking about this as an opportunity just for FY27. This is an opportunity to be accretive to growth for FY28, '29. And we'll see the results. As you guys know, in current RPO first before we see it in revenue.

正如托德所說，這可是個價值 30 億美元的生意。要在那裡取得進展，需要付出巨大的努力。但我們並不認為這只是 2027 財年的機會。這是促進 2028 財年和 2029 財年成長的機會。我們將拭目以待結果。如你所知，目前的RPO（招募流程改善）會先於收入的提升。

So we are excited about it and I think it's a big opportunity for us. And you'll probably hear our bullish tone about it over the course of this call because of what we're seeing inside the business at this point.

所以我們對此感到興奮，我認為這對我們來說是一個絕佳的機會。在本次電話會議中，您可能會聽到我們對此持樂觀態度，因為我們目前看到了公司內部的發展前景。

Kooking forward. Thank you.

庫金向前。謝謝。

Next up, we will go to Adam Borg at Stifel.

接下來，我們將採訪 Stifel 公司的 Adam Borg。

Awesome. Thanks so much for taking the question. Todd, maybe talk a little bit more about the go-to-market changes you're starting, you're doing this year. What you're seeing there and also on the international front? What's the opportunity to drive growth higher there and it still lags domestically? Thanks so much.

驚人的。非常感謝您回答這個問題。托德，或許你可以多談談你今年正在啟動的市場推廣變革。你在那裡以及國際上都看到了什麼？為什麼那裡的成長潛力更大，而國內成長卻仍然落後？非常感謝。

Yeah. I think the headline about go-to-market changes in Q4 and coming into Q1 is they're very limited. We have our go-to-market structure in place. We're very confident and comfortable with it. We're seeing productivity ramping, we're seeing attrition low, we're adding capacity.

是的。我認為關於第四季和第一季市場推廣策略變化的重點是，這些變化非常有限。我們已經建立了完善的市場推廣體系。我們對此非常有信心，也很放心。我們看到生產效率正在提高，員工流動率很低，我們正在增加產能。

And if you just look at the plan for this year, we don't have the usual assumption about cost of change in the early quarters of this year, which is very exciting. We have a team that's psyched up and ready to go and they're armed with these new products, and they're organized by specialist domains across Auth0 and Okta and hunter and farmer, and they're ready to roll. And they're coming off a huge Q4 and they're excited.

如果你看看今年的計劃，你會發現我們並沒有像往常那樣對今年前幾季的變革成本做出假設，這非常令人興奮。我們擁有一支士氣高昂、準備就緒的團隊，他們配備了這些新產品，並按 Auth0 和 Okta 的專業領域以及獵人和農夫進行了組織，他們已經準備好大干一場了。他們剛剛經歷了一個業績斐然的第四季度，他們感到非常興奮。

And this partner is more qualitative, which is that, what we can provide to the market and to customers is this infrastructural foundation for this agentic enterprise. And when a sales group of salespeople or salesperson goes out there and has that conversation with the customer and the customer clearly reflects back to them that this is a pressing urgent problem that they need help with and they see Okta as the entitled company to actually deliver that value, that's powerful.

而這個合作夥伴更注重質量，也就是說，我們可以為市場和客戶提供的是這種代理企業的基礎設施基礎。當銷售團隊或銷售人員與客戶溝通，而客戶明確地回饋這是一個緊迫的問題，他們需要幫助，他們認為 Okta 是能夠真正提供這種價值的公司時，這會產生強大的效果。

It's got everyone super excited, and now we just have to go out and deliver on it. You don't get any points for conversations. You got to put wins on the board, and that's what we're focused on doing.

這讓每個人都非常興奮，現在我們只需要全力以赴，不負眾望。對話不會獲得任何分數。你必須用勝利來證明自己，而這正是我們努力的方向。

I think the transition coming into Q1 and this year, and we had our annual sales kickoff last year, our real focus is we delivered a strong year last year. We feel very strong about the results from Q4. We talked all throughout last year about how we were building specialization as the new lever.

我認為，進入第一季以及今年的過渡階段，以及我們去年的年度銷售啟動儀式，我們真正的重點是，我們去年取得了強勁的業績。我們對第四季的業績非常有信心。去年一整年我們都在討論如何將專業化作為新的槓桿。

As Todd mentioned, our productivity has increased. Our rep attrition has decreased. So coming into this year, we are committed to that model, and we're not injecting a significant change. With one area in particular, I do want to note, in addition to Todd's commentary, which is, I note, Brett shared about our investments specifically in our channel and specifically in our relationships with global systems integrators.

正如托德所說，我們的生產效率提高了。我們的銷售代表流失率降低了。所以進入今年，我們將繼續堅持這種模式，不會做出重大改變。特別值得一提的是，除了 Todd 的評論之外，Brett 還分享了我們對通路的投資，以及我們與全球系統整合商的關係。

So the one significant change we have there is we very consciously chosen to better leverage our relationships with the global systems integrators, because our customers need them more than ever for the change management associated with the transition to agentic, for the increase in cyber and the importance of securing identity for human, non-human, and agentic.

因此，我們做出的一個重大改變是，我們非常有意識地選擇更好地利用我們與全球系統整合商的關係，因為我們的客戶比以往任何時候都更需要他們來應對與向智能體過渡相關的變革管理，應對日益增長的網路安全問題，以及保障人類、非人類和智能體的身份安全的重要性。

And so we're embracing that partnership. Those partnerships have been very successful for us with some of our largest customers. and we're excited to be leaning into that this year as well, and you see that reflected in the guidance.

因此，我們欣然接受了這種合作關係。這些合作關係對我們一些最大的客戶來說非常成功。我們很高興今年也能繼續加強這些合作關係，這也反映在我們的業績指引中。

Yeah. This is really exciting, and I'll just take a minute here to comment on this. What's happening in the market, there are some market forces going on, which is every customer, obviously, is interested in AI and agentic AI, and they're going to these GSIs and asking them about how to invest in the foundational elements and the security.

是的。這真是太令人興奮了，我在這裡花一分鐘時間談談我的看法。市場上正在發生一些事情，有一些市場力量在起作用，顯然，每個客戶都對人工智慧和智慧體人工智慧感興趣，他們會去找這些全球系統整合商，詢問如何投資基礎要素和安全性。

And just like customers are coming to us, they're going to these GSIs and the GSIs see that we are the answer. We can help customers power this agentic enterprise and be the source of truth for identity and connections between agents and systems.

就像客戶找到我們一樣，他們也會去找這些全球系統整合商，而全球系統整合商發現我們就是答案。我們可以幫助客戶增強這種智能體企業的能力，並成為智慧體和系統之間身分和連結的權威來源。

And the GSIs see that is foundational as well. So the GSIs look at the identity market, and they see us as the clear independent and neutral leader. No one else has the scale. No one else has the capabilities. The other big identity companies are also trying to sell you a platform or to sell you a development kit or sell you other cyber tools.

全球戰略研究所也認為這一點至關重要。因此，全球系統整合商審視身分識別市場時，將我們視為明確的獨立和中立的領導者。其他人都沒有這個秤。其他人都不具備這種能力。其他大型身分識別公司也在試圖向你推銷平台、開發工具包或其他網路安全工具。

So they're seeing we're the winner. So they're coming to us. And you're seeing a product suite that is more capable than ever that needs GSIs to help install it correctly and scale out of customers. So the GSIs can couple with the leader. They can help customers transition into this agentic future.

所以他們看到我們是贏家。所以他們要來找我們了。您將看到一套功能比以往任何時候都更加強大的產品套件，需要全球系統整合商 (GSI) 來協助正確安裝並滿足客戶的擴充需求。因此，GSI 可以與領導者耦合。它們可以幫助客戶過渡到這種以智慧代理為主導的未來。

So it's a win-win all around. What's left for us to do is really double down our investment by saying, hey, we're going to give up the professional services dollar as an investment to make this whole ecosystem bigger empower our long-term subscription growth. It's very exciting. I feel like we've been working on years and years to get here, and we're here, and it's incredibly exciting to me and the entire team.

所以這對各方來說都是雙贏。我們現在要做的就是加倍投資，也就是說，我們要把專業服務的投入增加到整個生態系中，進而擴大我們的長期訂閱成長。這太令人興奮了。我覺得我們為了走到今天這一步已經努力好多年，現在我們終於走到今天了，這讓我和整個團隊都感到無比興奮。

Yes, we're really fired up. And just as one more indicator of the strength of that channel I mentioned we had our sales kick off last week. We had our GSIs in attendance that our sales kick off for the first time. And so our partners are really becoming part of our go-to-market engine. And their engagement was really high off the chart. So we're very excited about how this helps us reach more customers faster with the broader Okta platform solution.

是的，我們熱情高漲。還有一點可以進一步證明我之前提到的那個管道的強大之處：我們的銷售活動上周正式啟動。我們的全球銷售代表出席了我們的首次銷售啟動儀式。因此，我們的合作夥伴正真正成為我們市場推廣引擎的一部分。他們的參與度真的非常高。因此，我們非常高興這能幫助我們透過更廣泛的 Okta 平台解決方案更快地接觸更多客戶。

Awesome. Thanks again.

驚人的。再次感謝。

Okay, we'll go to John DiFucci Gugen.

好的，我們接下來要介紹的是約翰·迪富奇·古根。

Thanks, Dave. I think this question is for Todd and Eric. Again, listen, identity remains a high priority no matter when we speak to, right? IT purchasers, partners, so much so that others seem to be encroaching in the market even as Microsoft seems to have faded a little bit in conversations when you talk to people in the field, but you have names not usually associated with identity, like CrowdStrike and Rubrik talking about it or even things like 1Password taking a different approach.

謝謝你，戴夫。我認為這個問題應該要問托德和埃里克。再說一遍，無論何時與人交談，身分認同始終是重中之重，對吧？IT 採購人員、合作夥伴等等，以至於其他公司似乎正在蠶食市場，儘管當你與業內人士交談時，微軟似乎在談話中逐漸淡出人們的視野，但你會看到一些通常與身份識別無關的名字，比如 CrowdStrike 和 Rubrik，甚至像 1Password 這樣的公司也在談論身份識別，它們採取了不同的方法。

I guess these names might not necessarily be competing with you directly. Is it causing confusion in the market? Or are more traditional names like Ping having a greater effect? Because, listen, you guys beat numbers, and it's always good to see that. But it wasn't quite what we thought it would be. And cRPO aside, the guide was a bit below where we thought you'd start, and obviously, where the Street thought.

我想這些品牌未必會與你直接競爭。這是否造成了市場混亂？或者像 Ping 這樣更傳統的名稱反而產生了更大的影響？因為，聽著，你們的成績超過了預期，這總是令人高興的。但這和我們想像的並不完全一樣。撇開 cRPO 不談，這份指南比我們預想的入門水準要低一些，顯然也低於華爾街的預期。

I think it is. I mean, the identity is at the center of traditionally -- in legacy technology, it was always at the center. And in this agentic world going forward, John, it's becoming clear to everyone it's even a bigger deal than it was before. But being at the center, there is some confusion about who's doing what. I think the biggest confusion people have is the distinction between identity infrastructure and identity security. And they hear the word identity, and they think if you're sitting on top of identity and detecting threats and blocking threats, you're also identity infrastructure. So that's one of the big confusions.

我認為是的。我的意思是，身分認同在傳統上是核心——在傳統技術中，它一直都是核心。約翰，在這個日益強調自主性的世界裡，每個人都越來越清楚地認識到，這件事比以前更重要了。但身處中心位置，對於誰在做什麼，難免會有些混亂。我認為人們最大的困惑在於身分基礎設施和身分安全之間的差異。他們一聽到「身分」這個詞，就認為如果你掌握了身分訊息，能夠偵測威脅和阻止威脅，那麼你就是身分基礎設施。這是個很大的誤解。

And when you look at the agentic market, they're both really important. It's the identity security, making sure the agents are monitored and checked that they can't go out of bounds but just the infrastructure, just the ability for the agents to connect and just for tracking and visibility, that's an infrastructure play. And we're the only company that really does both. It's at the security layer and the infrastructure layer. So I think that is maybe a little bit of a confusion and something that we're working hard to make sure everyone understands the advantage of that position as well.

當你審視經紀人市場時，你會發現這兩者都非常重要。這是身分安全問題，要確保對代理商進行監控和檢查，防止他們越界；但僅僅是基礎設施問題，僅僅是代理連接的能力，以及追蹤和可見性問題，這都是基礎設施問題。我們是唯一一家真正做到這兩點的公司。它涉及安全層和基礎設施層。所以我認為這可能有點令人困惑，我們正在努力確保每個人都能理解這種立場的優勢。

Yeah. And I would add. I think the examples you just described, they point to the fact that the world is understanding that identity security, in particular, agentic identity security is fundamental to the future. And so people are looking at how to invest there.

是的。我還要補充一點。我認為你剛才描述的例子表明，世界正在認識到身份安全，特別是代理身份安全，對未來至關重要。因此，人們正在研究如何在那裡投資。

But from an Okta standpoint, we're not seeing any material change in the competitive behavior in our transactions yet. Of course, we're keeping our eye on the landscape. And also, remember, we've been in this business for a really long time. And we have over 20,000 customers that count on us to protect their identity and over 7,000 integrations off the shelf. And we believe that neutrality and ability to integrate with everything is what our customers need. That's what we hear from our customers as well.

但從 Okta 的角度來看，我們目前還沒有看到交易中的競爭行為有任何實質變化。當然，我們會密切關注形勢發展。還有，別忘了我們從事這個行業已經很久了。我們有超過 20,000 名客戶依靠我們來保護他們的身份，並且有超過 7,000 個現成的整合方案。我們相信，中立性和與一切事物融合的能力正是我們的客戶所需要的。我們也從客戶那裡聽過類似的回饋。

We think that positions us very well for the future. And the other note is agentic identity for us isn't a new product. It's an extension of the products we already have. We've already had human identities and nonhuman identities, and now we are simply expanding to also include agentic identities into our product stack.

我們認為這讓我們在未來處於非常有利的地位。另外要指出的是，對我們來說，代理身份並不是一個新產品。這是我們現有產品的延伸。我們已經有了人類身份和非人類身份，現在我們只是將代理身份也納入我們的產品堆疊中。

So for us, we think we're very well positioned in this. We manage today over 45 billion authentication events a month and over -- we block over 8 billion threats a month as well. And those statistics are really meaningful to our customers. You know that we're the leader in the space.

所以對我們來說，我們認為我們在這方面處於非常有利的地位。我們目前每月處理超過 450 億次身分驗證事件，並且每月還能攔截超過 80 億次威脅。這些數據對我們的客戶來說意義重大。你知道我們是這個領域的領導者。

One other comment for you, John. We'll try to keep them shorter on the next questions. I just want to make sure we're all on the same page around the mechanics of the revenue guide, which is it is a 10 point subscription revenue guide and a 9 point total revenue guide. So effectively, we're taking -- another way to think about it is professional services in FY26 is roughly about 2% of total revenue. In FY27, it will be about 1 point of revenue.

約翰，我還有一句話要跟你說。接下來的問題我們會盡量讓它們更簡短。我只是想確保我們對收入指南的運作機制達成共識，它包括 10 個訂閱收入點和 9 個總收入點。因此，實際上，我們正​​在採取——換句話說，2026 財年的專業服務收入約佔總收入的 2%。2027財年，這將占到收入的1個百分點左右。

So just keep that in mind, because the subscription revenue is growing faster, and we talked about the investment while we're doing that earlier. I just want to make sure we're all crystal clear that subs revenue is growing faster than total revenue as a result of the good results we had in FY26 and what we expect to produce in '27.

所以請記住這一點，因為訂閱收入成長更快，我們之前也討論過這方面的投資。我只是想確保我們都清楚，由於我們在 2026 財年取得了良好的業績，並且我們預計在 2027 財年將取得不錯的成績，訂閱收入的增長速度超過了總收入的增長速度。

Yeah. We don't want to disappoint anyone. We're going to make sure we work hard to exceed or -- meet or exceed the guidance. That's our mantra.

是的。我們不想讓任何人失望。我們將努力確保達到甚至超過指導方針。這就是我們的座右銘。

Thanks, guys. That's all. All very helpful. Thank you.

謝謝各位。就這樣。都很有幫助。謝謝。

Okay. Next, we'll go to Josh Tilton at Wolfe.

好的。接下來，我們將採訪沃爾夫的喬許·蒂爾頓。

Thank you. Brett, you kind of stole my question right from me. I was going to be on that subscription guide. So maybe can you just -- I know you gave some of the puts and takes on the conservatism in the guide. But maybe just help us think about how conservative this guidance is versus the guidance you gave last year? And the reason I'm asking is because some quick math kind of suggests that this could be the year that subscription revenue growth accelerates. So maybe just walk us through some of the puts and takes there.

謝謝。Brett，你這不就直接搶了我的問題嗎？我原本打算出現在那份訂閱指南上。所以，也許你能——我知道你在指南中對保守主義提出了一些看法和觀點。但或許您可以幫我們思考一下，與您去年給出的指導意見相比，今年的指導意見有多保守？我這麼問是因為簡單的計算表明，今年訂閱收入成長可能會加速。所以，或許您可以告訴我們其中的一些投入和收穫。

Yeah. I mean it's real simple this year. We're not going to get into the details of this, that or the other. It's just we're taking into account market conditions we think we can produce. So guidance philosophy remains the same as what we've done in the last few quarters. So it's real simple. Nothing too complicated.

是的。我的意思是，今年真的非常簡單。我們不會深入探討這個、那個或其他事情的細節。我們只是在考慮我們認為能夠生產的市場條件。因此，我們的指導理念與過去幾季的做法保持一致。就這麼簡單。沒什麼太複雜的。

Makes sense. Thank you.

有道理。謝謝。

Next, we'll go to Roger Boyd at UBS.

接下來，我們將連線瑞銀集團的羅傑·博伊德。

Great. Thanks, Dave, and thanks for the question. I wanted to come back to agentic and great to see the continued early traction there. I know it's early, but I wonder if you could provide any updated thoughts on how you're thinking about pricing in those products? I think, in the past, you've talked about a per agent pricing model. How is that resonating with some of these early customers who are buying these offerings, considering the potentially open-ended and rapid growth you could potentially see with agents? Thanks.

偉大的。謝謝你，戴夫，也謝謝你的提問。我想回到 agentic，很高興看到它繼續保持早期發展勢頭。我知道現在說這些還為時過早，但我很想知道您能否就這些產品的定價策略提供一些最新的想法？我想，您之前曾談到過按代理人收費的定價模式。考慮到代理商可能帶來的無限成長潛力，這些早期購買這些產品的客戶對此有何反應？謝謝。

That topic comes up all the time. And one of our advantages is once we have these conversations with our 20,000 customers, we get really rapid feedback on how we can capture value, what will be most valuable for them, easy for them to consume. So it's really a strategic advantage. We have this feedback loop, and we've actually structured the go-to-market team for AI agents to capture that feedback rapidly and feed it right back into the product teams.

這個話題經常被提起。我們的優勢之一是，一旦我們與 20,000 名客戶進行這些對話，我們很快就能獲得回饋，了解如何獲得價值，什麼對他們最有價值，什麼對他們最容易接受。所以這確實是一項策略優勢。我們有這樣的回饋循環，而且我們已經建立了人工智慧代理的市場推廣團隊，以便快速獲取這些回饋並將其直接回饋給產品團隊。

And what we're seeing is that there's really two ways that we charge for agents. One is as like a multiplier on a person. So in the model where a human identity uses a number of agents to augment their work, there's a multiplier on that agent or on what they pay for a person to what they pay for agents.

我們發現，我們向經紀人收費的方式其實有兩種。一就像是人的倍增器。因此，在人類身分使用多個代理人來增強其工作的模型中，代理人的成本或他們為一個人支付的成本會乘以為代理人支付的成本。

And then also, there's -- if the agent is not coupled to a person, there's a -- we sell it based on the number of connections the agent makes because that's really the value. They want to secure those connections and filter on fine-grain access to all the back-end systems and the SaaS applications and the custom applications and data warehouses the agent connects to. As they get more -- the agent is more valuable as it has more fine-grain access to different things and it's more secure. So there's a multiple based on that.

此外，如果代理商沒有與人關聯，我們就會根據代理商建立的連結數量來出售它，因為這才是它真正的價值所在。他們希望確保這些連接的安全，並對代理連接的所有後端系統、SaaS 應用程式、自訂應用程式和資料倉儲進行細粒度的存取控制。隨著他們獲得更多——代理更有價值，因為它可以更精細地訪問不同的事物，而且更安全。所以，這裡會有一個基於此的倍數。

The pricing we're working with these customers on is pretty early, so it's a nice step up. I mentioned earlier, by the way, I mentioned earlier, the 40% uplift. That was the uplift -- that specific number was the uplift on a specific deal that has new products in it. It wasn't broken out specifically for agents.

我們與這些客戶協商的價格還處於早期階段，所以這是一個不錯的進步。順便提一下，我之前提到過，40% 的成長。那就是提升幅度——那個具體的數字是包含新產品的特定交易所帶來的提升幅度。這份報告並非專門針對經紀人編製的。

We'll talk more about the actual specifics of agentic pricing in the quarters ahead, but we're not announcing that and talking about specific uplift or multiplier on human identities just as of yet. We want to settle down and get a little more consistent before we go broad and communicate that.

我們將在接下來的幾個季度更詳細地討論代理定價的具體細節，但目前我們不會宣布這一點，也不會討論針對人類身份的具體提升或倍增效應。我們希望先穩定下來，讓一切更加穩定，然後再廣泛傳播這些訊息。

Makes sense. Thanks, Todd.

有道理。謝謝你，托德。

Next up, Matt Hedberg at RBC.

接下來是 RBC 的 Matt Hedberg。

Thanks, Dave. Hey, Todd, a question for you. I think we've all seen the highlights on competition from LLM vendors or vibe coding. And I think a lot of us on this call agree that like it's easier said than done. I guess, from your perspective, when you look at what you've built over the years and the data that you're sitting on, can you talk about sort of the structural advantages that you see over maybe some upstarts or some vibe coding alternatives?

謝謝你，戴夫。嘿，托德，我有個問題想問你。我想我們都看到了LLM供應商或Vibe Codeing之間的競爭亮點。我想我們這些參與這次電話會議的人都同意，這說來容易做來難。我想，從你的角度來看，當你回顧你多年來建立的成果和你所掌握的數據時，你能否談談你認為相對於一些新興公司或一些基於 Vibe 的編碼替代方案，有哪些結構性優勢？

For sure, yeah, something the whole industry is thinking about. And I think what I've -- I can think about it hypothetically, and then I can tell you what customers talk about in my hundreds of conversations with customers. I'll just start with the hypothetical.

當然，這是整個產業都在思考的問題。我認為我可以進行假設性思考，然後我可以告訴你，在我與數百位客戶的對話中，客戶都在談論什麼。我先從假設的情況說起。

I think if you want to build what any SaaS company has done or what Okta has done, it's years and years of hardening and making sure there's no vulnerabilities and making sure it scales and it's reliable. And if you -- I don't know what the inference cost to build that would be, but it would be pretty significant inference cost.

我認為，如果你想打造像任何 SaaS 公司或 Okta 那樣成功的系統，就需要年復一年地不斷完善，確保沒有漏洞，確保系統可擴展且可靠。如果你——我不知道建造它的推理成本是多少，但推理成本會相當高。

And then if you flip it around, you just think about what's the price of getting it wrong. And if getting it wrong, it's hard to validate. It's hard to prove you have it right. And if it's wrong, you have a major security breach or you're down. None of your agents or none of your people can access systems.

然後換個角度想，如果做錯了，代價又是什麼？如果判斷錯誤，也很難驗證。很難證明你的觀點是對的。如果判斷錯誤，就會發生重大安全漏洞，或者你就完蛋了。你們的任何代理人或員工都無法存取系統。

So the cost of getting it wrong hypothetically and actually just the cost to do it theoretically, if it was even possible theoretically with an LLM or a tool would be pretty high. And that cost could change over time. We don't know. But when I talk to customers, that's the hypothetical model. But when you talk to customers and you hear their challenges and their opportunities, a lot of the same things are echoed.

因此，假設出錯的代價，以及實際上僅僅是理論上進行計算的代價（即使理論上使用LLM或工具是可能的），都將非常高。而且這個成本可能會隨著時間而改變。我們不知道。但當我與客戶交談時，那隻是假設的模型。但是，當你與客戶交談，傾聽他們的挑戰和機會時，你會發現很多事情都是一樣的。

They want to identify key infrastructure pillars, and they want to standardize on them. And they see that as the unlock to hundreds of other decisions and hundreds of other build-versus-buy decisions they have to make. And they're putting foundational security, foundational identity in this bucket of things that they want to partner with a leader and trust it and go on top of that and figure everything else out.

他們希望確定關鍵的基礎設施支柱，並希望對其進行標準化。他們認為這是打開數百個其他決策和數百個其他自建還是購買決策之門的鑰匙。他們將基礎安全、基礎身分等要素歸入他們希望與領導者合作並信任其運作方式的範疇，以此為基礎來解決其他所有問題。

That's what they're telling me. And it kind of matches up with what I would think about hypothetically. Now that all being said, we are paranoid, and we're making sure that we are using all the latest technologies, LLMs, coding tools to make sure we have not only something that's resilient and secure but has the best features and the best capabilities.

他們就是這麼跟我說的。這和我假設性的想法基本上吻合。綜上所述，我們非常謹慎，確保使用所有最新的技術、LLM、編碼工具，以確保我們不僅擁有具有彈性和安全性的系統，而且擁有最好的功能和最好的性能。

And so we're making sure that we build things internally as fast as anyone could build them because we -- make no mistakes, the prize here that the whole industry is going after, which is this agentic future where digital labor is part of the TAM is a massive price. And everyone is, at some level, big picture is going to be going after this prize.

因此，我們正在確保以最快的速度在內部建立產品，因為——毫無疑問，整個產業都在追求的目標，即數位勞動力成為TAM一部分的自主未來，代價是巨大的。從某種程度上來說，從大局來看，每個人都在爭奪這個獎項。

And it's exciting because it's greatly expanded the TAM of what Okta could be. Think about identity and what it's been in the past. It's roughly $20 billion TAM right now, in terms of what people spend on the Vinda data we talk about an $80 billion TAM. I mean this could be bigger than -- this could be the biggest part of cyber in a few years for sure. And it could be even bigger than that if you really think about the infrastructure that stitches together the entire agentic enterprise and is the plumbing that makes it run.

令人興奮的是，它極大​​地擴展了 Okta 的潛在市場規模。思考一下身分認同以及它在過去所扮演的角色。目前，Vinda 數據的潛在市場規模約為 200 億美元，而根據人們在 Vinda 數據上的花費，我們談論的潛在市場規模約為 800 億美元。我的意思是，這可能會比——這肯定會是幾年內網路安全領域最重要的部分。如果你仔細想想將整個代理商連接在一起的基礎設施，以及使其運轉的管道系統，它甚至可能比這還要大。

So we're investing and we're paranoid, and we're working hard to make sure we capture that because the benefit to our customers and the benefit to our shareholders and the benefit to everyone involved is massive, and that's what's firing us up. We're working harder, and we're more excited than ever because that's what's at stake.

所以我們正在投資，我們很謹慎，我們正在努力確保我們抓住這個機會，因為這對我們的客戶、股東以及所有相關人員來說都是巨大的好處，這就是激勵我們前進的動力。我們比以往任何時候都更加努力，也更加充滿熱情，因為這關係到我們的成敗。

Great answer. Thanks.

回答得很好。謝謝。

Next up is Todd Weller at Stephens.

接下來是史蒂芬斯學院的托德·韋勒。

Thanks, Dave. And thanks for the questions. A question on Auth0. It looks like growth decelerated a bit from 2Q when that was last disclosed. So the question is, how do we think about the durable growth profile of that business relative to workforce? And then it would seem that AI could be a significant catalyst to accelerate that shift from the homegrown solutions to out of the box like Auth0. So any thoughts there would be great.

謝謝你，戴夫。謝謝大家的提問。關於 Auth0 的一個問題。看起來成長比第二季有所放緩，當時的數據已經公佈。所以問題是，我們應該如何看待該企業相對於勞動力的永續成長前景？這樣看來，人工智慧可能會成為加速從自主研發的解決方案轉向 Auth0 等現成解決方案的重要催化劑。所以，大家有什麼想法嗎？

I think that it's -- we're very excited about Auth0. The think the deceleration a little bit is a tough compare. There's also -- we changed the go-to-market mix. Last year, as you know, to focus more on that, and there's probably some cost of change in that number as well. And those are maybe a little bit of puts and takes on it. I think we're bullish on it.

我認為——我們對Auth0感到非常興奮。我覺得減速幅度稍大一些，很難比較。此外，我們也改變了市場推廣策略。如你所知，去年我們更加重視這一點，而這個數字的變化可能也帶來了一些成本。這些可能只是對此的一些看法和觀點。我認為我們看好它。

I think the big picture thing is what's happening in the SIEM. The SIEM market is transitioning to be not just a platform for logging in and doing authentication authorization, but it's a platform for customers building a agentic interfaces to their customers and to agents coming into their systems.

我認為，從大局來看，關鍵在於安全資訊和事件管理（SIEM）領域正在發生的事情。SIEM 市場正在轉型，它不僅是一個用於登入和進行身份驗證授權的平台，而且還是一個供客戶建立面向其客戶和進入其係統的代理的代理介面的平台。

So Auth0 for AI agents, that's what it is. It's a token vault. It helps agentic login. It helps customers hook other AI tools up to their customer login. And so I think over time that market is evolving into something that's hugely impactful and value delivering for our customers. I mentioned in my prepared remarks on the financial services firm that's using Auth0 for AI agents really to help deliver agents to their customers.

所以，Auth0 就是為人工智慧代理而生的。這是一個代幣庫。它有助於代理登入。它可以幫助客戶將其他人工智慧工具連接到他們的客戶登入帳戶。因此，我認為隨著時間的推移，這個市場正在演變成對我們的客戶產生巨大影響並帶來價值的東西。我在事先準備好的演講稿中提到過，有一家金融服務公司正在使用 Auth0 的人工智慧代理，以幫助其將代理人員交付給客戶。

And then you'll see those tools being used to deliver agent interfaces. And because like, I think we talk about agentic, and I talked about agentic a lot of times on this call, but everything is going to be agentic. So the capability of software to do more things autonomously and seek goals and to do more unsupervised task is going to pervade into every layer of software, whether it's customer facing, whether it's employee facing, whether it's what an existing SaaS app does, whether it's the next generation of applications, it's all going to be agentic, and it all needs identity. And we're positioned to play in all of that, which is why it's so exciting.

然後你會看到這些工具被用來提供代理介面。因為我覺得我們一直在談論代理性，而且我在這次通話中也多次談到了代理性，但一切都將是代理性的。因此，軟體自主完成更多事情、尋求目標和執行更多無人監督任務的能力將滲透到軟體的每一層，無論是面向客戶的、面向員工的、現有的 SaaS 應用的功能，還是下一代應用，所有這些都將具有智能，並且都需要身份。我們有能力參與所有這些活動，這就是為什麼這麼令人興奮。

And one thing I could add on around the tough compare that Todd was talking about, if you remember, Q4 of last year, Auth0 had a record quarter. And you guys know it was a really great quarter, in general, but that's what's creating the tough compares, that Auth0 just had a fantastic Q4 last Q4.

關於 Todd 提到的艱難對比，我還可以補充一點：如果你還記得的話，去年第四季度，Auth0 創下了季度業績紀錄。你們也知道，總的來說，這是一個非常棒的季度，但這正是造成業績比較困難的原因，因為 Auth0 上個季度第四季的表現非常出色。

Thanks, Brett. Appreciate it.

謝謝你，布雷特。謝謝。

Next up, we'll go to Brian Essex at JPMorgan.

接下來，我們將連線摩根大通的布萊恩艾塞克斯。

Great. Thanks for tkaing the question. Maybe to follow up on that topic. Just you've got Auth0, Todd, for AI agents and Okta for AI agents. And it seems like you've got a real competitive advantage on the Auth0 side. Could you maybe compare and contrast initial takes for sales cycles, competitive dynamics, and velocity of each? I know it's still early stages, but is Okta for AI agents in a more competitive market? Or would love to just get your take on what kind of velocity you're seeing in each of those product segments.

偉大的。感謝你的提問。或許可以就此話題繼續探討。Todd，你現在有 Auth0 和 Okta 這兩個 AI 代理平台。看來你在 Auth0 方面確實擁有真正的競爭優勢。能否對銷售週期、競爭動態和銷售速度的初步看法進行比較分析？我知道現在還處於早期階段，但 Okta 在人工智慧代理領域是否處於競爭更加激烈的市場中？或者，我很想了解您對每個產品細分市場銷售速度的看法。

Yeah. I think it's maybe flipped. I think Okta for AI agents is more unique and more differentiated than maybe we would have expected. I think Auth0 for AI agent's as unique and differentiated as well. But I think maybe the sentiment you're expressing is it's different than what we're seeing.

是的。我覺得可能弄反了。我認為 Okta 在人工智慧代理領域比我們預期的更具獨特性和差異化。我認為Auth0在人工智慧代理方面也獨樹一格。但我認為你表達的感受可能與我們所看到的有所不同。

Customers need a solution that's pre-integrated to all these agentic systems. I mean, there's no good way for customers to even understand what all these vendors are doing in agentic There's no catalog of systems that says Salesforce is doing this. ServiceNow is doing this. Agent Core is this. Google is doing this. Microsoft is doing this. And that's what Okta for AI agents does.

客戶需要一個能夠預先整合到所有這些代理系統的解決方案。我的意思是，客戶根本沒有好的方法來了解所有這些供應商在代理商方面都在做什麼。也沒有任何系統目錄說明 Salesforce 正在做這些事情。ServiceNow正在這樣做。Agent Core 就是這樣。谷歌正在這樣做。微軟正在這樣做。這就是 Okta for AI 代理的功能。

And then on top of that, it models connections and has policy for connections that connect users to different agents and agents to systems. So the reception of it is very positive, and now we have to turn that into continued momentum that we saw in Q4.

此外，它還對連接進行建模，並製定了連接策略，將使用者連接到不同的代理，並將代理連接到系統。因此，市場反應非常積極，現在我們必須將這種勢頭轉化為我們在第四季度看到的持續成長勢頭。

My customer conversations, I'm hearing urgency on both, but I would agree with Todd's comment that the -- we feel maybe slightly more urgency on the Okta for AI agent side. And if you think about that, the Okta for AI agents platform is the platform that helps customers find where they have rogue agents deployed. And that is often the top of mind. The top of mind for a corporate buyer for a CIO or a CISO is they know that employees are activating agents and they need a way to discover those agents and then to secure them, to manage them, to govern them to evolve their credentials and the Okta for AI agents platform solves that problem first.

在我的客戶對話中，我感受到雙方都有緊迫感，但我同意 Todd 的評論，即——我們感覺到 Okta for AI 代理方面可能更緊迫一些。仔細想想，Okta 的 AI 代理平台正是幫助客戶找到部署了惡意代理的位置的平台。而且這往往是人們首先想到的。企業採購人員（CIO 或 CISO）最關心的是，他們知道員工正在啟動代理，他們需要一種方法來發現這些代理，然後保護它們、管理它們、治理它們，並不斷更新它們的憑證。 Okta for AI 代理平台首先解決了這個問題。

But really, in parallel, we talked to a number of customers who are building agents and know that they need to build agents that can be discovered, they can be integrated, they can be authorized and the Auth0 for AI agents platform is what allows them to do that. So we said in the prior call and today as well, we are having a huge interest in both of these platforms across our customer base and with our prospective customers as well.

但實際上，同時，我們也與許多正在建立代理的客戶進行了交流，他們知道他們需要建立可以被發現、可以整合、可以授權的代理，而 Auth0 for AI 代理平台正是能夠幫助他們實現這一點的。正如我們在之前的電話會議中以及今天所說，我們的客戶群和潛在客戶對這兩個平台都非常感興趣。

Very helpful color. Thank you.

非常實用的顏色。謝謝。

Go to Eric Heath at KeyBanc.

請聯絡 KeyBanc 的 Eric Heath。

Awesome. Thanks, Dave. And thansk for taking the question. Maybe just extending on Brian's question and one follow-up question, clarification, if I may. So just on these AI agent deals that you are closing at this point, are customers evaluating alternatives at this point? Or are they solely just looking at Okta and choosing Okta?

驚人的。謝謝你，戴夫。謝謝你回答這個問題。如果可以的話，我想補充布萊恩的問題，並提出一個後續問題，以便澄清。那麼，就目前你們達成的這些人工智慧代理交易而言，客戶是否正在評估其他替代方案？或者他們只是單純地考慮 Okta 並選擇了 Okta？

And then just a clarifying question for you, Brett. The uplift of 40% for the entirety of the emerging product portfolio, I believe, previously, we were talking about OIG and OPA each being about a 33% uplift. So I was just a little surprised that the entirety of the portfolio on the emerging side is 40%. So any clarifying comments you could have there is great.

布雷特，我還有一個問題想問你。我認為，整個新興產品組合的提升幅度為 40%，而先前我們討論的是 OIG 和 OPA 各自的提升幅度約為 33%。所以，我有點驚訝，新興市場投資組合的總佔比竟然只有 40%。所以，如果您有任何補充說明，歡迎提出。

Yeah. Before we break down the 40%, on your first question, these are early adopters. But these are people that are thinking about for Okta for AI agents specifically, these are people that have seen the future of agentic and they're thinking about how they can get their foundational house in order. So they're early adopters. So they look at everything.

是的。在我們詳細分析這 40% 之前，關於你的第一個問題，這些人是早期採用者。但這些人是專門為人工智慧代理考慮 Okta 的，他們看到了智慧代理的未來，並且正在思考如何才能把基礎架構理順。所以他們是早期採用者。所以他們會仔細查看所有資訊。

They've scoured every start-up, every big platform, and they're seeing a couple of things. One is that the vision of what we've delivered so far, even though it's an early access product and our vision of where it could be is very compelling. Two, they're seeing that they don't want to be -- they're reticent to trust a start-up with this critical piece of foundation because they know there's going to be M&A and they know there's going to be start-ups going away. There are so many startups playing in this space that there's bound to be a lot of failure. And they don't want to build their whole foundation around something and have it be pulled out from under them.

他們搜遍了每一家新創公司、每一個大型平台，發現了一些問題。一方面，儘管我們目前提供的是一個早期體驗產品，但我們對它未來發展方向的願景非常具有吸引力。第二，他們意識到自己不想成為──他們不願意將這關鍵的基礎交給新創公司，因為他們知道會有併購，也知道會有新創公司倒閉。這個領域有太多新創公司，失敗的案例自然也很多。他們不想把整個根基建立在某件事上，然後眼睜睜地看著它被奪走。

And the other factor that is in their minds is that they don't want to be locked in. Think about -- what's happening in agentic and what's happening in this world, these foundational models are moving incredibly fast. And it's Anthropics foundational model that has the leap ahead, and then it's OpenAI, and then it's an open source model and then -- and that's going to continue for many years. And they don't want to be locked into a certain stack in a certain set of tools. So they're reticent to trust their foundational security with one provider, one platform. They want flexibility.

他們心中的另一個因素是，他們不想被束縛。想想看——在能動性領域正在發生什麼，在這個世界裡正在發生什麼，這些基礎模型的發展速度令人難以置信。是 Anthropics 的基礎模型取得了飛躍，然後是 OpenAI，然後是開源模型，然後——這種情況還會持續很多年。他們不想被限制在特定的技術堆疊和特定的工具集中。因此，他們不願意將基礎安全保障完全託付給單一供應商或單一平台。他們想要靈活性。

And back to the start-ups, they know that a bunch of these start-ups are going to be bought by the big players. So they're thinking, even if I go with a start-up now, it's going to get sold and then we'd be locked in to Microsoft and they don't really want that. So yes, it's -- our positioning is very compelling. And the exciting thing about Q4. I talked about last call, I said we had Oktane and everyone was super interested.

再說回新創公司，他們知道其中許多新創公司最後都會被大公司收購。所以他們的想法是，即使我現在加入一家新創公司，它最終也會被出售，然後我們就會被微軟束縛，而他們並不希望這樣。所以，是的，我們的定位非常有說服力。第四季最令人興奮的事情。我談到了最後一輪加油，我說我們有奧克坦啤酒，大家都非常感興趣。

And I've never seen interest in my life, in my career in a new product like this. The great thing about Q4 is it actually translated into real dollars and real bookings. Now it's still small relative to our overall run rate, and it's up to us to continue that momentum through this year. And so it can really start driving the number on the top line and growth, et cetera. But we're on track, and it's like I said many times on this call, it's incredibly energizing.

在我的人生和職業生涯中，我從未見過像這樣的新產品引起如此大的興趣。第四季最棒的地方在於它真正轉化為實質的收入和實際的預訂量。現在，相對於我們的整體運行速度而言，這個數字仍然很小，我們能否在今年繼續保持這種勢頭，就取決於我們自己了。因此，它確實可以開始推動營收成長等指標的提升。但我們進展順利，而且就像我在這次電話會議上多次提到的那樣，這令人精神振奮。

Yeah. And I would just add one thing to your comment, Todd, which is the deal size for these deals have been good-sized deals. They've been -- which is really nice to see because it has been more tilted toward larger companies. I think that's a general theme that we've seen at least in Q4, and we're seeing a little bit in the pipeline going forward.

是的。托德，我只想補充一點，這些交易的規模都相當可觀。確實如此——這真的很令人欣慰，因為這種情況一直以來都更傾向於大型公司。我認為這是我們在第四季度看到的普遍趨勢，我們也看到未來會有一些類似的趨勢出現。

So going to your question, Eric, around the 50 -- the 40% versus the 33%-ish, going to be very clear. Previously, we said there was a 50% uplift on governance of a workforce contract alone. The 40% is over the entire contract. So yeah, the number was higher for 50%, but it was only a part of the business, the 59% of the business. If you take all 100%, it's a 40% uplift on the entire thing, which really shows that these new products are adding a tremendous amount of value to the top line for us, and that's why we're so excited about it.

所以回到你的問題，埃里克，大約 50 人左右——40% 與 33% 左右的差距將會非常明顯。先前我們曾說過，光是勞動力合約的治理就能提升 50%。這40%是整份合約的總額。所以，是的，50% 這個數字更高，但這只是業務的一部分，也就是 59% 的業務。如果把所有因素都考慮進去，整體成長了 40%，這充分證明這些新產品為我們的收入帶來了巨大的價值，這也是我們如此興奮的原因。

Next, we'll go to Shrenik Kothari at Baird.

接下來，我們將採訪 Baird 公司的 Shrenik Kothari。

Great. So stay on topic of agentic. And Todd, you mentioned non-human identities could ultimately rival today, you mentioned can exceed. And just from a pricing standpoint, I agree it's still early to size, but incidents like the Salesloft breach or those compromised tokens, enable lateral access across SaaS. Can you tell us a little bit about like does this expand the nonhuman identity TAM beyond your early estimates and just overall strengthens your strategic positioning to lead this agentic category?

偉大的。所以，請繼續討論代理性這個主題。托德，你提到非人類身份最終可能與當今的身份相媲美，你也提到可以超越它。從定價的角度來看，我同意現在評估規模還為時過早，但像 Salesloft 資料外洩或被盜用代幣這樣的事件，使得 SaaS 領域能夠進行橫向存取。您能否簡要介紹一下，這是否擴大了非人類身份的TAM範圍，超出了您先前的估計，並且總體上加強了您在這一代理類別中的戰略地位？

I think when I talk about agentic and being the identity foundation for the agentic enterprise, that really is a superset of what people call nonhuman. Nonhuman is like service accounts and sometimes they mean tracking machines. What I'm talking about is much bigger. It's a superset of all that stuff. And it's really -- it's going to -- it's the backbone of the agentic enterprise.

我認為，當我談到能動性以及作為能動性事業的身份基礎時，它實際上是人們所說的非人類的超集。非人類就像服務帳戶，有時也指追蹤機器。我指的是規模更大的事。它是所有那些東西的超集。而且它確實是——它將會是——它是代理事業的支柱。

It's incredibly valuable and mission-critical for our customers. And it's a massive TAM.

它對我們的客戶來說極其有價值，而且至關重要。而且它的潛在市場規模非常大。

Anytime you're adding that much value to customers, you're going to be able to monetize it some way, whether that's just unique count of agents or that's agent connections that -- which is kind of how we're doing it now, whether that's -- that will evolve as we go forward. We'll figure that out. But it's the value we're potentially could generate or could provide to customers, is it's, I think, greatly increasing the TAM.

當你為客戶創造如此多的價值時，你總能以某種方式將其變現，無論是增加獨立代理商的數量，還是增加代理商連接數——這正是我們現在正在做的——隨著我們不斷前進，這種方式也會隨之演變。我們會想辦法解決的。但我認為，我們能夠為客戶創造或提供的潛在價值，正在大幅增加市場規模。

Great. Next, we'll go to Gray Powell at BTIG.

偉大的。接下來，我們將連線 BTIG 的 Gray Powell。

Great. Can you hear me, okay?

偉大的。你聽得到我說話嗎？

Yes, loud and clear, Greg.

是的，聽得很清楚，格雷格。

Thanks for taking questions and congratulations on the results. So I wanted to clarify an earlier question. So this is the third consecutive quarter where all the main KPIs have been clean. And then the forward revenue outlook, as far as I can tell, it was above the Street, not below. So I guess, if you had to point to one or two things that have been the biggest driver of your consistency, what would that be?

感謝您回答問題，並祝賀您取得好成績。所以我想澄清一下之前的一個問題。這是連續第三季所有主要KPI指標都達標。至於未來的營收預期，就我所知，高於華爾街的預期，而不是低於預期。所以我想，如果讓你指出一兩件對你保持穩定發揮最有幫助的事情，那會是什麼呢？

Large -- large deals, large customers.

大——大額交易，大客戶。

Okay. And then the follow-up would just be like how do you feel about your visibility on demand today versus 6 to 12 months ago?

好的。然後後續問題可能就是：與 6 到 12 個月前相比，您覺得您目前的隨選曝光度如何？

The answer, like I said, large deals, large customers, people buying more of the products, more of the platform. And I feel more confident in it than I was a year ago. I was pretty confident a year ago, but we had a lot of change in specialization, and I think there was some cost of change there, and we had that in our guidance. And now that's not there anymore. So I'm more confident now.

答案如我所說，就是大額交易、大客戶，人們購買更多產品，使用更多平台服務。我現在比一年前更有信心了。一年前我相當有信心，但我們的專業方向發生了很大變化，我認為這帶來了一些成本，我們在指導方針中也考慮到了這一點。而現在，那已經不存在了。所以我現在更有信心了。

Yeah, I would add just, look, we've been focused on a few things for a while now, which is becoming one of the world's most secure companies, doing a good job there. New product introduction, you've seen the results there. Partners, you've heard us talk about it today and also in the remarks earlier.

是的，我想補充一點，我們一段時間以來一直專注於幾件事，那就是成為世界上最安全的公司之一，我們在這方面做得很好。新產品上市後，你們已經看到了效果。各位合夥人，你們今天和之前的發言中都聽到了我們談到這件事。

And then specialization. And all those things have been in this effort to continue to deliver consistent results and ultimately with the goal of growing faster than what we're doing today. That's our goal.

然後是專業化。所有這些努力都是為了持續取得穩定的成果，最終目標是實現比現在更快的成長。這就是我們的目標。

We think it's -- we've stated many, many times that we are not pleased with the growth levels at this level. We want to be able to grow faster, and that's why we're doing all these things and why we're excited about the opportunity because we see all of the fruits of our labor starting to pile up and produce solid results, and we think that's just going to parlay into better results going forward.

我們認為——我們已經多次聲明，我們對目前的成長水準並不滿意。我們希望能夠更快地發展，這就是我們做所有這些事情的原因，也是我們對這個機會感到興奮的原因，因為我們看到我們所有的努力都開始結出碩果，並產生了切實的結果，我們認為這只會帶來更好的結果。

Next up is Kingsley Crane at Canaccord.

接下來是 Canaccord 公司的 Kingsley Crane。

Thanks for taking questions. On agentic again, I don't think it's controversial to say that Auth at an OIDC weren't were originally designed for agentic across app access is a huge --

謝謝回答問題。關於代理機制，我認為說 OIDC 的身份驗證最初並非為跨應用程式存取的代理機製而設計，這一點應該不會有爭議。--

You know what they're designed for, right? You know what they are designed for, right? It was like sharing your Twitter feed, getting a third-party Twitter client access your Twitter.

你知道它們是做什麼用的，對吧？你知道它們是做什麼用的，對吧？這就像分享你的 Twitter 資訊流，讓第三方 Twitter 用戶端存取你的 Twitter 帳號一樣。

Right. So yeah, I mean, people centric, but I mean it seems like you're fighting a standards war as much as you are fighting a product war. Do you think that's fair? And then how critical is it for you to win that war? Or is the market sufficiently large where that doesn't matter?

正確的。所以，沒錯，我的意思是，雖然是以人為本，但感覺你們既是在打一場產品之戰，也是在打一場標準之戰。你覺得這樣公平嗎？那麼，對你來說，贏得這場戰爭究竟有多重要？或者說，市場規模夠大，以至於這點無關緊要？

I think standards are very important. I'm not sure that our standard has to win. I think there really is nothing like cross app boxes out there. So I think in terms of like the ability for one agent to -- instead of asking a person to manually connect other services to that agent to delegate that to an enterprise IDP and let the IDP, ahead of time, set up that thing for per enterprise policy.

我認為標準非常重要。我不確定我們的標準是否一定要勝出。我認為目前市面上真的沒有類似跨應用程式盒子的功能。所以我認為，與其要求一個人手動將其他服務連接到該代理，不如將此任務委託給企業身份提供者 (IDP)，讓 IDP 預先根據企業策略進行設定。

There's nothing else like it. And it's like very universally accepted as a positive goal. I think the gate on how fast that will be adopted is every SaaS company and every technology vendor, they have -- believe me, they're reading the headlines. They understand that they need to innovate in their products, and they're thinking about where supporting cross-app access is on their road map of priorities.

它獨一無二。而且這幾乎被所有人公認為一個正面的目標。我認為決定這項技術普及速度的關鍵在於，每一家 SaaS 公司和每家技術供應商——相信我，他們都在關注新聞頭條。他們明白自己需要在產品方面進行創新，並且正在考慮支援跨應用程式存取在他們的優先事項路線圖中處於什麼位置。

So they're all trying to do a ton of things and make their services more agentic and more compelling and in security and the ability to have them be more enterprise-ready is on their list. But we have to convince them to get it higher on their list. So it's not like a competing standard, as is like a prioritization thing.

所以他們都在努力做很多事情，讓自己的服務更具主動性和吸引力，而安全性和增強企業級應用能力也是他們的目標之一。但我們必須說服他們把這件事放在優先順序更高的位置。所以它不像是競爭標準，而更像是優先問題。

But remember, we want to provide this identity infrastructure and make sure that we give people the solid foundation to build upon. And that's going to require standardization just because it's not going to -- you can't use a standard piece of foundation if everyone is doing their own things in a different way, which is why we're working with standards bodies in general. It's not just across boxes, but it's an important part of the equation. But I wouldn't say like the whole war rests on one specific standards body or standards battle. I think it will be an evolutionary thing over the next couple of years.

但請記住，我們希望提供這種身分基礎設施，並確保為人們提供堅實的基礎，讓他們能夠在此基礎上發展壯大。這需要標準化，因為如果每個人都以不同的方式做自己的事，你就無法使用標準的底層架構，這就是為什麼我們通常與標準機構合作的原因。這不僅關乎各個箱子，但卻是等式中重要的一部分。但我不會說整場戰爭都取決於某個特定的標準機構或標準之爭。我認為這將是一個未來幾年逐步演變的過程。

Great. Next up is Mike Cikos at Needham.

偉大的。接下來是 Needham 的 Mike Cikos。

Great. Thanks, guys. And congrats on the strong finish and consistent execution here. On the Okta and Auth0 for AI agents, if I could just turn it on its head for a second, but do you receive pushback from organizations? Or what are some of the friction points you're here to adopt? And then secondly, I know you guys are obviously focused on this and investing aggressively. But what are current gating factors to driving faster success from an Okta operation standpoint?

偉大的。謝謝各位。恭喜你們取得優異的成績，並展現出始終如一的出色表現。關於 Okta 和 Auth0 的 AI 代理，如果我可以換個角度思考一下，您是否曾經收到來自組織的阻力？或者，你們想在哪些方面做出讓步？其次，我知道你們顯然非常關注這一點，並且正在積極投資。但從 Okta 營運的角度來看，目前阻礙其更快取得成功的因素有哪些？

I think it's specifically on agentic. I think it's really how fast companies are going to adopt AI, how fast they're going to -- most people have chatbots now and Copilots or things like that. I think the next wave is actually the autonomous goal-seeking agents. And there are some of those in the packaged applications, Agent Force and ServiceNow has some of them.

我認為具體來說，問題出在 agentic 上。我認為這真的取決於公司採用人工智慧的速度，取決於他們採用的速度——現在大多數人都有聊天機器人、Copilot 之類的東西。我認為下一波浪潮其實是自主目標求解智能體。有些軟體包應用中包含這類功能，例如 Agent Force 和 ServiceNow 就包含這類功能。

Many companies are building their own internal platform to build these themselves. Some of them are using Google's Builder platform, Microsoft's or Agent Core from Amazon. But I think -- so I think the pace of adoption here, particularly on the foundational layer we're building is how fast they adopt agentic and then specifically, how much that means putting the cross-platform plumbing in that is required when you want to take an agent from one platform and have it work across platforms.

許多公司正在建立自己的內部平台來自行來建立這些產品。他們有的在使用Google的 Builder 平台，有的在使用微軟的平台，還有的在使用亞馬遜的 Agent Core 平台。但我認為——所以我認為這裡的採用速度，尤其是在我們正在構建的基礎層上，取決於他們採用代理的速度，具體來說，這意味著要建立跨平台管道，這是將代理從一個平台轉移到另一個平台並使其跨平台運行所必需的。

So I think it's -- they have a lot coming at them. They're trying to absorb innovation in different products. They're trying to figure out what they build. They're trying to figure out what they buy. And so I think our job is to make sure that they understand the foundation almonds what we do and how well it integrates and how seamless it is and how it gives them choice and flexibility, and the success we've had has followed that playbook. And so that's really something we'll keep doing so we catalyze a lot more momentum going forward.

所以我覺得──他們面臨很多挑戰。他們正努力吸收不同產品中的創新成果。他們正在努力弄清楚他們要建造的是什麼。他們正在努力弄清楚自己要買什麼。所以我認為我們的工作是確保他們了解我們所做的一切的基礎，以及它如何很好地整合、如何無縫銜接，以及它如何為他們提供選擇和靈活性，而我們所取得的成功正是遵循了這一策略。所以，我們會繼續這樣做，以便在未來推動更大的發展動能。

Very helpful. Thank you.

很有幫助。謝謝。

There's no like -- sorry, I'm being a little rambly in my answer, but there's no -- we still don't have the reference architecture. There's no -- 1 million years ago, it was like you had a database, relational database and you had client server, and then it went to -- there's a reference architecture. You had cloud infrastructure and you had web middleware. That still hasn't been established for the agentic enterprise. But it will happen quickly.

目前還沒有——抱歉，我的回答有點語無倫次，但是——我們仍然沒有參考架構。沒有——一百萬年前，就像你有一個資料庫，關係資料庫，然後有一個客戶端伺服器，然後它發展成——有一個參考架構。你們擁有雲端基礎設施和Web中間件。對於代理企業而言，這一點尚未確立。但這會很快發生。

It's like you use this flexible LLM model. You use this identity layer. You use this maybe workflow layer. And so once that happens, everyone will kind of agree on that, and then you'll see it really start to crank. And that's why the stakes are so high to win this identity layer now, which could turn into the biggest market for us ever.

這就像你運用了這個靈活的LLM模型。您使用此身分層。您可以使用此工作流程層。所以一旦這種情況發生，大家都會對此達成共識，然後你就會看到它真正開始運作。正因如此，現在贏得這一身份層至關重要，它可能成為我們有史以來最大的市場。

Appreciate it.

謝謝。

All right. Next up, we'll go to Rob Owens at Piper.

好的。接下來，我們將連線 Piper 公司的 Rob Owens。

Thanks, Dave, and good afternoon, everybody. Would love to unpack the growth algorithm a little bit and focus on DBNRR. And it's been flat all year and I guess it's a little surprising. We think that you're through the headwinds of COVID as those have kind of anniversaried on a multiyear cycle. And the last couple of years have been really strong from a new product standpoint.

謝謝你，戴夫，大家下午好。我很想深入剖析成長演算法，並專注於 DBNRR。而且全年都保持平穩，我覺得這有點出乎意料。我們認為您已經度過了新冠疫情帶來的不利影響，因為疫情的周期性變化已經持續多年。從新產品角度來看，過去幾年發展動能非常強勁。

I realize that retention rates are typically an output, not an input to a degree, and you're landing larger and that's all great. But as we've seen growth continually tick down, we just haven't seen improvement in this metric. And just curious why that's the case and when that might change.

我意識到，在某種程度上，留存率通常是一種輸出，而不是一種輸入，而你們的落地率越來越高，這都很棒。但隨著成長持續放緩，我們一直沒有看到這項指標有所改善。我只是好奇為什麼會這樣，以及這種情況何時會改變。

Yeah, I can take that one. And then, Eric, if you want to add a little color. So one of the things that has been consistent has been that gross retention, Rob, it's the most important factor in there. That has been consistent and just a pillar or a foundation to that number for some time now -- actually several, several years.

好的，我可以接受。然後，艾瑞克，如果你想增添一些色彩的話。所以，一直以來不變的是，羅布，毛留存率是其中最重要的因素。這種情況已經持續了一段時間，並且一直是這個數字的支柱或基礎——實際上已經持續了好幾年了。

Just the upsell rate that we haven't seen as much to really keep it higher, right? And we think for the balance of FY27, we do travel in this range, plus or minus a little bit. And what it's going to boil down to is how much new business do we do in the year and how much upsell do we do in the year because we've got confidence that, that pillar of strength, that gross retention will continue to be very healthy.

只是我們還沒有看到追加銷售率大幅上升，所以它並沒有真正保持在較高水平，對吧？我們認為，在 2027 財年剩餘時間內，我們的業績將在這個範圍內波動，上下略有浮動。最終，我們將取決於今年能實現多少新業務和多少追加銷售，因為我們有信心，作為我們優勢支柱的毛客戶留存率將繼續保持非常健康的水平。

So it really boils down to how much upsell versus new business we can generate in FY27. And that's one of the reasons why we have added this capacity into the system because regardless if you're looking at net retention, ultimately, what we really care about is that top line revenue growth number or really current RPO growth in front of that.

所以歸根究底，就是我們在 2027 財年能創造多少追加銷售額與多少新業務。這也是我們在系統中添加此容量的原因之一，因為無論你關注的是淨留存率，最終我們真正關心的還是營收成長數字，或者更確切地說是當前的 RPO 成長。

In any given year, there's really only two variables that we can play with. One is the productivity per rep, which you've heard us talk about over the last several quarters of getting better and better. Actually, we talked about it in FY25 as well. Good productivity improvement in '25.

在任何一年中，我們真正可以操控的變數只有兩個。一是每次重複動作的生產力，在過去的幾個季度裡，我們已經多次提到這一點，而且越來越好。實際上，我們在2025財年也討論過這個問題。2025年生產力顯著提高。

'26 was a good improvement enough to say, hey, let's add some more reps into the formula. So then that's the second piece of the formula, right? There's productive for rep and then how many reps do you have in there. And we've added a meaningful amount of reps into the system. You can see that in the sales and marketing expense line. I'd invite you to look at the year-over-year growth of Q2, Q3, Q4. That is going to lead to growth, or at least, we expect to lead that to growth in the future.

'26 是一個相當大的進步，足以說明，嘿，讓我們在公式中增加一些重複次數。那麼，這就是公式的第二部分，對吧？有提高重複次數的效果，還有你完成了多少次重複。而且，我們已經在系統中增加了相當數量的重複訓練。您可以在銷售和行銷費用項中看到這一點。請您查看第二季、第三季和第四季的年成長情況。這將帶來成長，或至少我們預期未來會實現成長。

So it's all part of a bigger plan there, Rob, to try to be able to accelerate top line growth, not just NRR. I mean we can talk about NRR, but it's not as exciting as really that top line current RPO growth that we're really targeting to go faster in the medium term. That's something we've talked to you guys about. We want to be faster than where we are.

所以這一切都是更大計劃的一部分，羅布，目的是加速營收成長，而不僅僅是淨收入成長。我的意思是，我們可以討論淨收入成長率 (NRR)，但這遠不如我們真正希望在中期內加快實現的營收成長來得令人興奮。我們之前跟你們談過這件事。我們希望速度能比現在更快。

Yeah, the other -- the last thing I'll say on this is better understanding, Rob, is the RPO is growing faster than the cRPO, which means term lengths are getting longer, which means there's less to renew every year at an at-bat basis relatively speaking, which is another positive thing that's going to drive potential upside here.

是的，羅布，關於這一點，我最後要補充的是，RPO 的增長速度比 cRPO 更快，這意味著合約期限越來越長，這意味著每年需要續約的金額相對較少，這是另一個將推動潛在上漲的積極因素。

Thank you.

謝謝。

Okay. We've got about three minutes left, so let's try to get through as many as possible. Next up, we have Peter Levin at Evercore.

好的。我們還剩大約三分鐘時間，所以讓我們盡量多完成一些題目。接下來，我們請到了 Evercore 的 Peter Levin。

I'll just give a quick. Most of my questions have been answered. Brett, the linearity around professional services, maybe just from a modeling perspective, help us understand how that plays out throughout the year? Is it more of an impact in the second half as partners ramp up on this new program? Just help us understand how we should model that out. Thank you.

我就簡單說一下。我的大部分問題都已得到解答。Brett，從建模的角度來看，專業服務領域的線性發展或許能幫助我們理解它在這一年中是如何體現的？隨著合作夥伴加強推進這項新計劃，下半年其影響是否會更大？請幫我們理解一下我們應該如何建模。謝謝。

Should be a little bit more impact as the year goes on. That is correct, yes. That's about right.

隨著時間推移，影響應該會逐漸增加。沒錯，確實如此。差不多就是這樣。

We'll go to Patrick Colville at Scotiabank.

我們將聯繫加拿大豐業銀行的派崔克·科爾維爾。

All right. Thank you for taking my question. I guess my one is for both Brett and Todd, please. In the prepared remarks, you talked of fiscal '27 the focus is on prioritizing growth. If I look at the fiscal '27 op margin guide, it's 25%, which is a great number. It's the same as the guide provided this time last year.

好的。感謝您回答我的問題。我想這封信是寫給Brett和Todd的。在事先準備好的演講稿中，您談到了 2027 財年，重點是優先發展。如果我看一下 2027 財年的營業利潤率預期，是 25%，這是一個非常好的數字。和去年這個時候提供的指南一樣。

So I guess, just between the prepared remark comments and that guide, should the read be for us and investors that staying disciplined on cost, but it's all about pouring kerosene in the fire and capturing that TAM?

所以我想，結合準備好的發言稿和那份指南，我們和投資人應該讀到的內容是：在成本控制方面要保持紀律，但同時也要火上加油，抓住市場機會？

It is the latter of the two. So we want to be disciplined, and we feel the margins are very healthy at this point. We've made tremendous progress over the last three years, and we've been able to reinvest into growth-oriented activities.

是後一種情況。所以我們希望保持自律，並且我們認為目前的利潤率非常健康。過去三年，我們取得了巨大的進步，並且能夠將資金再投資於以成長為導向的活動。

Just take a look at the results in '26, what I just said a couple of minutes ago, which is look at the growth in sales and marketing line in Q2, Q3, and Q4, and compare it to some of the other lines like G&A. We're trying to basically take money from one place and put it in another place so we can grow faster, whether it be in R&D or sales and marketing, that's ultimately our goal while still producing very healthy margins, but the goal is to grow faster.

看看 2026 年的業績，就像我幾分鐘前說的那樣，看看第二季、第三季和第四季銷售和行銷部門的成長情況，並將其與一般及行政費用等其他部門進行比較。我們基本上是想把錢從一個地方轉移到另一個地方，這樣我們就能更快地發展，無論是在研發還是銷售和行銷方面，這最終都是我們的目標，同時還要保持非常健康的利潤率，但我們的目標是更快地發展。

Like we think the opportunity is there. You've heard it from us as a group today, and that's what we're going to continue to do, but also be keeping in mind we have very healthy margins, and we want to take a balanced approach.

就像我們認為機會就在那裡一樣。今天你們已經從我們團隊那裡聽到了這一點，我們將繼續這樣做，但也要記住我們擁有非常健康的利潤率，我們希望採取平衡的方法。

Yeah. It's a structurally more efficient and capable company than it was 3 years ago. So I think you'll see that going forward where we can balance things in a very strategic way that accomplishes both those goals.

是的。與三年前相比，這家公司在結構上更有效率，能力也更強。所以我認為，未來我們會看到，我們可以以非常策略性的方式平衡各方利益，從而實現這兩個目標。

We're fortunate to have the flexibility to be able to make these. We have a very good business model. That's something we're quite proud of, frankly.

我們很幸運能夠有足夠的靈活性來製作這些產品。我們擁有非常好的商業模式。坦白說，我們對此感到非常自豪。

Okay. We'll take the last question from Junaid at Truist.

好的。讓我們來回答 Truist 的 Junaid 提出的最後一個問題。

Great. Thanks, Dave. The sweet based pricing that you introduced over the past year, how has the reception been from customers? And is that contributing to these large deal sizes you were alluding to and helping drive broader platform adoption?

偉大的。謝謝你，戴夫。您在過去一年中推出的基於甜度的定價策略，顧客的反應如何？這是否促成了您提到的這些大額交易，並有助於推動平台的更廣泛應用？

Yeah. The sweet based pricing continues to resonate with customers. It does, in particular, help with larger transactions and larger customers. And the other thing it does is it helps us close those deals faster because customers can sign up and then determine where to allocate individual licenses over time. So it continues to resonate. It's still a relatively early offer for us, so it's not yet a significant contributor to the run rate, as we talked about earlier, but customers have been very pleased with the offering and our field has as well. So we expect to continue success there this year.

是的。這種以甜度為基礎的定價策略持續受到顧客的歡迎。尤其對於較大金額的交易和較大的客戶來說，它確實很有幫助。它還能幫助我們更快地完成交易，因為客戶可以註冊，然後決定隨著時間的推移在哪裡分配個人許可證。所以它持續引起共鳴。對我們來說，這仍然是一個相對較早的報價，因此它還沒有對運行率做出重大貢獻，正如我們之前所討論的那樣，但客戶對該產品非常滿意，我們的現場人員也同樣如此。因此，我們預計今年將繼續取得成功。

All right. Appreciate that, guys. Apologies to those we didn't get to.

好的。謝謝各位。對於那些我們沒能聯絡上的朋友們，我們深感抱歉。

And before we go, I just want to let you know that in addition to both on-site and virtual bus tours this quarter, we'll be attending the Morgan Stanley Conference in San Francisco tomorrow and also the Wells Fargo Software Symposium in Menlo Park on April 9. And we hope to see you at one of those events. Thanks.

在我們離開之前，我想告訴大家，除了本季的現場和虛擬巴士之旅外，我們明天還將參加在舊金山舉行的摩根士丹利會議，並於 4 月 9 日參加在門洛帕克舉行的富國銀行軟體研討會。我們希望能在這些活動中見到您。謝謝。

Thanks, everyone.

謝謝大家。