Okta Inc (OKTA) 2023 Q1 法說會逐字稿

Hi, everybody. Welcome to Okta's First Quarter Fiscal Year 2023 Earnings Webcast. I'm Dave Gennarelli, Senior Vice President of Investor Relations at Okta. With me in today's meeting, we have Todd McKinnon, our Chief Executive Officer and Co-Founder; Brett Tighe, our Chief Financial Officer; and Frederic Kerrest, our Executive Vice Chairman, Chief Operating Officer and Co-Founder.

大家好你們好。歡迎來到 Okta 的 2023 財年第一季度收益網絡直播。我是 Okta 投資者關係高級副總裁 Dave Gennarelli。今天和我一起參加會議的還有我們的首席執行官兼聯合創始人 Todd McKinnon； Brett Tighe，我們的首席財務官；和 Frederic Kerrest，我們的執行副主席、首席運營官和聯合創始人。

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.

今天的會議將包括根據 1995 年《私人證券訴訟改革法案》的安全港條款的前瞻性陳述，包括但不限於關於我們的財務前景和市場定位的陳述。前瞻性陳述涉及已知和未知的風險和不確定性，可能導致我們的實際結果、業績或成就與前瞻性陳述中明示或暗示的存在重大差異。

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

前瞻性陳述僅代表我們管理層截至作出之日的信念和假設。有關可能影響公司財務業績的因素的信息包含在我們不時提交給美國證券交易委員會的文件中，包括我們之前提交的 10-K 表格中標題為風險因素的部分。此外，在今天的會議上，我們將討論非 GAAP 財務指標。這些非公認會計原則財務指標是對根據公認會計原則編制的財務業績指標的補充，而不是替代或優於這些指標。我們的收益發布中提供了 GAAP 和非 GAAP 財務指標之間的對賬，以及使用非 GAAP 指標與其最接近的 GAAP 指標的局限性的討論。您還可以在我們的補充財務材料中找到更多詳細信息，其中包括我們投資者關係網站上發布的趨勢財務報表和關鍵指標。

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，我們將在討論我們的財務業績時引用一些數字或增長變化。除非另有說明，否則每個此類參考都代表了逐年比較。

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

現在我想把會議交給 Todd McKinnon。托德?

Thanks, Dave, and thank you, everyone, for joining us this afternoon. Before getting into our Q1 results, I thought it would be helpful to first talk about the security event from last quarter. Okta has a culture of learning and improving, and we're moving forward with our core values of love our customers and transparency as the foundation. By now, I'm sure most of you are familiar with the conclusions we shared coming out of our investigation. You can find the details on our new Transparency web page.

謝謝戴夫，謝謝大家今天下午加入我們。在了解我們的第一季度業績之前，我認為先談談上個季度的安全事件會很有幫助。 Okta 擁有學習和改進的文化，我們以愛我們的客戶和透明度為基礎的核心價值觀向前邁進。到目前為止，我相信你們中的大多數人都熟悉我們從調查中得出的結論。您可以在我們的新透明度網頁上找到詳細信息。

In the days and weeks following the incident, we connected with thousands of customers. We have committed to taking action on a number of fronts, including requiring more robust security measures from our third-party service providers and better processes for communications, which reflect the input from our customer conversations.

在事件發生後的幾天和幾週內，我們與成千上萬的客戶建立了聯繫。我們承諾在多個方面採取行動，包括要求我們的第三方服務提供商採取更強大的安全措施和更好的通信流程，這反映了我們客戶對話的輸入。

One theme that has become crystal clear from these customer conversations is that Okta is even more critical than ever to an organization's IT environment and security posture. Additionally, these conversations further strengthened our belief that as cloud deployments proliferate, there will be just a few primary clouds that really matter inside an organization. Identity is the connective tissue to all of the other primary clouds as it facilitates choice and flexibility while enhancing security and reducing risk in other technologies. Okta is well positioned to establish itself as a primary cloud and the standard for digital identity.

從這些客戶對話中可以清楚地看出，Okta 對組織的 IT 環境和安全狀況比以往任何時候都更加重要。此外，這些對話進一步強化了我們的信念，即隨著雲部署的激增，組織內部將只有少數幾個真正重要的主要雲。身份是所有其他主要雲的結締組織，因為它促進了選擇和靈活性，同時增強了安全性並降低了其他技術的風險。 Okta 有能力將自己確立為主要的雲和數字身份的標準。

Finally, I'm sure this audience is wondering what impact the security incident had on our financial results. While we've done a lot of analysis, it's difficult to attribute any quantifiable impact on our solid Q1 results. When looking at key indicators, our competitive win rates and renewal rates have remained strong. In Q1, RPO grew 43% and current RPO grew 57%. Total revenue grew 65% and Okta standalone revenue grew 39%. New customer additions remain strong at 800, bringing our total customer base to 15,800, representing growth of 48%. We also continue to do well with large customers.

最後，我敢肯定，這些聽眾想知道安全事件對我們的財務業績有什麼影響。雖然我們做了很多分析，但很難將任何可量化的影響歸因於我們堅實的第一季度業績。在查看關鍵指標時，我們的競爭勝率和續訂率一直保持強勁。第一季度，RPO 增長了 43%，當前 RPO 增長了 57%。總收入增長 65%，Okta 獨立收入增長 39%。新增客戶數量保持在 800 家，使我們的總客戶群達到 15,800 家，增長 48%。我們還繼續與大客戶合作。

In Q1, we added over 200 customers with $100,000 plus ACV. These new large customers continue to be balanced between new customers and upsells. Our total base of $100,000-plus ACV customers now stands at over 3,300 and grew nearly 60%.

在第一季度，我們增加了 200 多名客戶，他們的收入為 100,000 美元，外加 ACV。這些新的大客戶繼續在新客戶和追加銷售之間保持平衡。我們現在擁有超過 100,000 美元的 ACV 客戶總數超過 3,300 名，增長了近 60%。

Here are just a few notable examples of customer wins in Q1, which come from a wide range of industries. A Fortune 500 insurance company was a great Okta SIEM and Workforce win. What's more, this customer was sourced through the AWS Marketplace, which has been doing well for Okta since we became available there in late 2020. The company sought best-of-breed tools to modernize the organization's aging IT infrastructure. Their legacy on-prem tools lack the capacity and stability to meet the needs of the business. Okta will provide a cloud-native identity solution to support their modernization efforts, while also addressing their on-prem infrastructure needs with Okta Access Gateway.

以下是第一季度贏得客戶的幾個值得注意的例子，它們來自各行各業。一家財富 500 強保險公司是 Okta SIEM 和 Workforce 的一次偉大勝利。更重要的是，該客戶是通過 AWS Marketplace 採購的，自 2020 年底我們在該市場推出以來，Okta 一直表現良好。該公司尋求同類最佳的工具來實現該組織老化的 IT 基礎設施的現代化。他們遺留的本地工具缺乏滿足業務需求的能力和穩定性。 Okta 將提供雲原生身份解決方案來支持他們的現代化工作，同時還通過 Okta Access Gateway 解決他們的本地基礎設施需求。

Next, a Fortune 50 global retail pharmacy was a fantastic new Okta SIEM win this quarter. The organization was facing significant shortcomings in functionality and rising maintenance costs with its legacy system, which resulted in a negative user experience and lower customer retention. The organization chose Okta as its partner to modernize its identity strategy and build deeper relationships with its tens of millions of global customers across multiple brands through secure omnichannel digital experiences.

接下來，財富 50 強的全球零售藥店是本季度 Okta SIEM 的一次精彩的新勝利。該組織在其舊系統中面臨著功能上的重大缺陷和不斷上升的維護成本，從而導致負面的用戶體驗和較低的客戶保留率。該組織選擇 Okta 作為其合作夥伴，以實現其身份戰略現代化，並通過安全的全渠道數字體驗與多個品牌的數千萬全球客戶建立更深層次的關係。

We had a strong Auth0 win with a Fortune 50 shipping and receiving company. They selected Auth0 to support its digital transformation journey and to improve their customer experience by adopting innovative technologies. Auth0's ease of use, flexibility and customization prove to be the best solution.

我們在財富 50 強的運輸和接收公司中贏得了強大的 Auth0 勝利。他們選擇 Auth0 來支持其數字化轉型之旅，並通過採用創新技術來改善客戶體驗。 Auth0 的易用性、靈活性和定制性被證明是最佳解決方案。

Finally, TripActions, an all-in-one travel, corporate card and expense management company was another great example of a new Auth0 win with an existing Okta customer. TripActions has leveraged Okta Workforce products since 2019 to secure access to its employees and enhance its provisioning capabilities. Now Auth0's scalability, reliability and ease of deployment will support TripActions as it prepares for continued growth while freeing up developers to focus on application modernization.

最後，TripActions 是一家集旅行、公司卡和費用管理為一體的公司，是 Okta 現有客戶贏得新 Auth0 的另一個很好的例子。自 2019 年以來，TripActions 一直在利用 Okta Workforce 產品來保護對其員工的訪問並增強其配置能力。現在 Auth0 的可擴展性、可靠性和易於部署性將支持 TripActions，因為它為持續增長做準備，同時讓開發人員能夠專注於應用程序現代化。

Last month, we celebrated the 1-year anniversary of joining forces with Auth0. We've made a lot of progress as a combined company, with many parts of the back office functions integrated over the course of FY '22. We started the first quarter of this year with the combination of the go-to-market organizations. Together, we are addressing the massive customer identity market in a way that no other vendor or in-house IT team can.

上個月，我們慶祝了與 Auth0 聯手一周年。作為一家合併後的公司，我們取得了很大進展，在 22 財年整合了許多後台功能。我們在今年第一季度開始了與上市組織的結合。我們正在以其他供應商或內部 IT 團隊無法企及的方式共同應對龐大的客戶身份市場。

On the product front, we're excited for the North American launch of Okta Identity Governance later this quarter, after a successful early access program. Customers are seeking a cloud-first approach to their identity governance needs and Okta Identity Governance brings modern IGA to the market.

在產品方面，在成功的早期訪問計劃之後，我們對本季度晚些時候在北美推出 Okta Identity Governance 感到興奮。客戶正在尋求一種雲優先的方法來滿足他們的身份治理需求，Okta Identity Governance 將現代 IGA 推向市場。

Part of how we build demand and pipeline is through in-person customer engagement. Our annual Oktane user conference is always a fantastic touch point for existing customers and prospects. This year, we're augmenting Oktane with a series of smaller regional events. Just a few weeks ago, we hosted the first Okta City Tour event in New York City.

我們建立需求和管道的部分方式是通過面對面的客戶參與。我們的年度 Oktane 用戶大會始終是現有客戶和潛在客戶的絕佳接觸點。今年，我們將通過一系列較小的區域活動來擴充 Oktane。就在幾週前，我們在紐約市舉辦了首屆 Okta City Tour 活動。

I can't overstate how energizing it is to be physically in front of customers again. And the team could really feel the excitement in the room. There were hundreds of current and potential customers in attendance, and not surprisingly, the common theme was that every company needs an identity-first strategy that solves for today and build for tomorrow. We'll be hosting more customer events across the U.S., Europe and APAC as we lead up to Oktane in early November.

我不能誇大再次出現在客戶面前的活力。團隊真的能感受到房間裡的興奮。有數百名當前和潛在客戶出席，毫不奇怪，共同的主題是每家公司都需要一個身份優先的戰略，為今天解決問題，為明天建設。在 11 月初前往 Oktane 之前，我們將在美國、歐洲和亞太地區舉辦更多客戶活動。

Speaking of customer conversations, Okta was the only vendor recognized as an overall access management customer's choice and a customer's choice across all categories evaluated in a recent Gartner Peer Insights Voice of the Customer Report. This distinction is based on customer reviews of both Okta and Auth0 product offerings. This is the fourth time in a row that Okta has been recognized as a customer's choice in this report.

談到客戶對話，Okta 是唯一一家被公認為整體訪問管理客戶選擇和客戶選擇在最近的 Gartner Peer Insights Voice of the Customer Report 中評估的所有類別的供應商。這種區別是基於客戶對 Okta 和 Auth0 產品的評論。這是 Okta 連續第四次在本報告中被認定為客戶的選擇。

To wrap things up, it's going to be an exciting year. We're best positioned to execute against a massive $80 billion addressable market, driven by the 3 megatrends of the deployment of cloud and hybrid IT, digital transformation projects and the adoption of Zero Trust security. Our win rates remain very strong. Okta has become even more strategic to organizations and we're the recognized leader in the market.

總而言之，這將是令人興奮的一年。在雲和混合 IT 部署、數字轉型項目和採用零信任安全的三大趨勢的推動下，我們最有能力在 800 億美元的龐大潛在市場中執行。我們的勝率仍然很高。 Okta 對組織來說更具戰略意義，我們是市場公認的領導者。

Now here's Brett to walk you through more of the Q1 financial details and outlook for FY '23.

現在，布雷特將帶您了解更多第一季度的財務細節和 23 財年的前景。

Thanks, Todd, and thank you, everyone, for joining us today. I'll start with some of the results for the first quarter as well as provide our business outlook. Total revenue for the first quarter accelerated to 65%, driven by a 66% increase in subscription revenue. Subscription revenue represented 96% of our total revenue. On an Okta stand-alone basis, total revenue grew 39%. Auth0 revenue net of $1 million in recognized purchase accounting adjustments was $66 million. We've reached the 1-year anniversary of the acquisition, and as a reminder, we will not be breaking out Auth0 contributions going forward.

謝謝，托德，謝謝大家今天加入我們。我將從第一季度的一些結果開始，並提供我們的業務前景。在訂閱收入增長 66% 的推動下，第一季度的總收入增長至 65%。訂閱收入占我們總收入的 96%。在 Okta 獨立的基礎上，總收入增長了 39%。 Auth0 收入扣除 100 萬美元的已確認採購會計調整後為 6600 萬美元。我們已經到了收購 1 週年紀念日，提醒一下，我們不會在未來打破 Auth0 貢獻。

RPO or backlog, which for us is contracted subscription revenue, both billed and unbilled that has not yet been recognized, grew 43% to $2.71 billion. Current RPO, which represents subscription revenue we expect to recognize over the next 12 months, experienced growth of 57% to $1.41 billion. The growth in current RPO was driven by strength across new and existing customers for both Okta and Auth0. We view current RPO as the better metric to assess our quarterly performance relative to calculated billings, which, as we've noted, can be noisy due to fluctuations in invoice timing and duration.

RPO 或積壓，對我們來說是合同訂閱收入，包括尚未確認的已開票和未開票的收入，增長了 43% 至 27.1 億美元。當前的 RPO 代表我們預計在未來 12 個月內確認的訂閱收入，增長了 57% 至 14.1 億美元。當前 RPO 的增長是由 Okta 和 Auth0 的新老客戶的實力推動的。我們將當前的 RPO 視為評估與計算賬單相關的季度業績的更好指標，正如我們所指出的，由於發票時間和持續時間的波動，這可能會很嘈雜。

Calculated billings grew 52% when adjusted for the billings process improvements and current calculated billings grew 54%. Calculated billings as reported, grew 7% and current calculated billings grew 8%. It's been 1 year since we adopted the billings process improvements that were implemented in Q1 of last year. We are looking forward to consistent year-over-year comparisons going forward.

根據賬單流程改進進行調整後，計算的賬單增長了 52%，當前計算的賬單增長了 54%。報告的計算賬單增長了 7%，當前計算的賬單增長了 8%。自我們採用去年第一季度實施的計費流程改進以來已經 1 年了。我們期待在未來進行一致的年度比較。

Turning to retention. Our dollar-based net retention rate for the trailing 12-month period remains strong at 123%. This was driven by the strong upsell motion we are seeing with our existing customers across both Okta and Auth0 as they expand on both products and users. Consistent with prior quarters, gross retention rates remained very healthy and reflect the value of our products to our customers. As always, the net retention rate may fluctuate from quarter-to-quarter as the mix of new business, renewals and upsells fluctuates.

轉向保留。在過去的 12 個月中，我們基於美元的淨保留率保持在 123% 的強勁水平。這是由我們在 Okta 和 Auth0 的現有客戶中看到的強勁追加銷售推動的，因為他們在產品和用戶方面都進行了擴展。與前幾個季度一致，總保留率仍然非常健康，反映了我們產品對客戶的價值。與往常一樣，隨著新業務、續訂和追加銷售的組合波動，淨保留率可能會隨著季度的變化而波動。

Before turning to expense items and profitability, I'll point out that I will be discussing non-GAAP results going forward. Now looking at operating expenses. Total operating expenses grew 68%. The growth in expenses is primarily attributable to the inclusion of Auth0. Total headcount now stands at over 5,300 employees, up 75% year-over-year.

在轉向費用項目和盈利能力之前，我會指出我將討論未來的非公認會計原則結果。現在看運營費用。總運營費用增長 68%。費用的增長主要歸因於 Auth0 的加入。現在員工總數超過 5,300 人，同比增長 75%。

Moving to cash flow. Free cash flow was $11 million, which yielded a 2.7% free cash flow margin. We ended the fourth quarter with a strong balance sheet anchored by $2.5 billion in cash, cash equivalents and short-term investments.

轉向現金流。自由現金流為 1100 萬美元，產生了 2.7% 的自由現金流利潤率。我們以 25 億美元的現金、現金等價物和短期投資為基礎，以強勁的資產負債表結束第四季度。

Now let's get into our financial outlook. For the second quarter of FY '23, we expect total revenue of $428 million to $430 million, representing growth of 36%. We expect current RPO of $1.48 billion to $1.49 billion, representing growth of 35% to 36%. Non-GAAP operating loss of $44 million to $43 million and non-GAAP net loss per share of $0.32 to $0.31, assuming weighted average shares outstanding of approximately 156 million. For the full year FY '23, we are raising our revenue outlook and now expect total revenue of $1.805 billion to $1.815 billion representing growth of 39% to 40%. Additionally, we expect non-GAAP operating loss of $167 million to $162 million and non-GAAP net loss per share of $1.14 to $1.11, assuming weighted average shares outstanding of approximately 157 million.

現在讓我們進入我們的財務前景。對於 23 財年第二季度，我們預計總收入為 4.28 億美元至 4.3 億美元，增長 36%。我們預計當前的 RPO 為 14.8 億美元至 14.9 億美元，增長 35% 至 36%。假設加權平均流通股約為 1.56 億股，非 GAAP 經營虧損為 4400 萬美元至 4300 萬美元，非美國通用會計準則每股淨虧損為 0.32 美元至 0.31 美元。對於 23 財年全年，我們正在提高我們的收入前景，現在預計總收入為 18.05 億美元至 18.15 億美元，增長 39% 至 40%。此外，假設加權平均流通股約為 1.57 億股，我們預計非 GAAP 運營虧損為 1.67 億美元至 1.62 億美元，非 GAAP 每股淨虧損為 1.14 美元至 1.11 美元。

Lastly, I want to provide a few comments to help with modeling Okta. To help with your transition to modeling on current RPO, we will continue providing a full year billings outlook for FY '23 before discontinuing any reference to billings in FY '24. We continue to expect billings for FY '23 to be approximately $2.18 billion to $2.19 billion, representing growth of 35% to 36% when viewed on a like-for-like basis or 27% on an as-reported basis. From a seasonality perspective, we anticipate billings in the second half of the year to represent roughly 60% of the full year total, which is consistent with normal seasonality and our comments last quarter.

最後，我想提供一些評論來幫助對 Okta 進行建模。為了幫助您過渡到當前 RPO 的建模，我們將繼續提供 23 財年的全年賬單展望，然後停止對 24 財年的賬單進行任何參考。我們繼續預計 23 財年的賬單將約為 21.8 億美元至 21.9 億美元，按同類計算增長 35% 至 36%，或按報告基準增長 27%。從季節性的角度來看，我們預計下半年的賬單將約佔全年總額的 60%，這與正常的季節性和我們上季度的評論一致。

And finally, we continue to expect free cash flow margin for the year to be a few points lower than last year and quarterly free cash flow margin to follow pre-COVID seasonal patterns, with Q4 being the strongest. Our long-term financial goals anchor on at least $4 billion of revenue in FY '26 with organic growth of at least 35% each year and 20% free cash flow margin in FY '26. To achieve these targets, we will continue to scale the company from a people and processes standpoint, including investing in talent across all areas of the company as well as in systems to prepare us for the next phase of growth.

最後，我們繼續預計今年的自由現金流量利潤率將比去年低幾個百分點，季度自由現金流量利潤率將遵循 COVID 之前的季節性模式，第四季度是最強的。我們的長期財務目標以 26 財年至少 40 億美元的收入為基礎，每年有機增長至少 35%，26 財年自由現金流利潤率為 20%。為實現這些目標，我們將繼續從人員和流程的角度擴大公司規模，包括投資於公司所有領域的人才以及系統，為下一階段的增長做好準備。

For many years, we have looked at growth and profitability through the Rule of 40 lens. We continue to do so and expect to stay over 40 for the fiscal year. We have demonstrated the powerful leverage we have in our model, and we are committed to improving profitability and free cash flow margin each year on our way to the FY '26 goal.

多年來，我們一直通過 40 法則觀察增長和盈利能力。我們將繼續這樣做，並預計本財年將保持在 40 歲以上。我們已經在我們的模型中展示了強大的槓桿作用，並且我們致力於在實現 26 財年目標的過程中每年提高盈利能力和自由現金流利潤率。

To wrap things up, we had a solid quarter and look forward to building on our progress. With our strong foundation and market leadership position, we plan to further capitalize on the $80 billion market opportunity in front of us. We have a powerful financial model and expect to benefit from substantial operating leverage over time.

總結一下，我們有一個穩定的季度，並期待在我們的進步基礎上再接再厲。憑藉我們強大的基礎和市場領導地位，我們計劃進一步利用擺在我們面前的 800 億美元的市場機會。我們擁有強大的財務模型，並有望隨著時間的推移從巨大的運營槓桿中受益。

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

有了這個，我會把它交給戴夫進行問答。戴夫？

Thanks, Brett. I see that there are already quite a few hands raised, and I'll take them in order. (Operator Instructions) So first hand raised I saw was Hamza Fodderwala from Morgan Stanley.

謝謝，布雷特。我看到已經有不少人舉手了，我會按順序接他們。 （操作員說明）所以我看到的第一隻手是來自摩根士丹利的 Hamza Fodderwala。

Todd, to the best of your knowledge, do you know of any sales cycles that were perhaps elongated or perhaps any prospects that were in the pipeline that may have withdrawn their consideration of Okta after the incident back in March?

托德，據您所知，您是否知道任何可能被延長的銷售週期，或者可能在 3 月份事件發生後可能撤回對 Okta 的考慮的任何潛在客戶？

We've looked and we can't see any quantifiable impact. I actually spent a good amount of time myself looking through opportunity by opportunity in Salesforce because as you know, I just talked to over 400 customers after the security issue. And the management team talked to over 1,000 customers. So we really heard the concerns firsthand and responded to them with our detailed action plan. And so I was curious, as we did our analysis, like I wanted to see for myself on the ground what was happening. So I look through hundreds and hundreds of opportunities, myself looked at the comments, looked at things that were pushed, looked at the reasons why they were pushed. In the normal course of business, of course, things get pushed, things get pulled in, but I wanted to see for myself.

我們已經看過，但看不到任何可量化的影響。實際上，我自己花了很多時間在 Salesforce 中逐個尋找機會，因為如您所知，在安全問題之後，我剛剛與 400 多名客戶進行了交談。管理團隊與 1,000 多名客戶進行了交談。因此，我們真的直接聽到了這些擔憂，並用我們詳細的行動計劃來回應他們。所以我很好奇，當我們進行分析時，我想親眼看看到底發生了什麼。所以我瀏覽了成百上千的機會，我自己查看了評論，查看了被推送的內容，查看了它們被推送的原因。當然，在正常的業務過程中，事情會被推動，事情會被拉進來，但我想親眼看看。

And I was really surprised the lack of anything about lapses impacting the business. But I do think it was a significant issue for us. It was -- in terms of impacting our time, we're focused on at the management team level, it was significant. And I would never say something is positive -- something like this is positive for the company. But if you do want to take a positive view on it, the conversations were really good. And I think that our customers got to see firsthand our focus on them and our focus on how we're 100% committed to making them successful. And when we have a mistake, when we do something, we could -- when there's something we could do better, we listen to them and we take action and we build that long-term partnership that they crave.

我真的很驚訝沒有任何關於影響業務的失誤。但我確實認為這對我們來說是一個重大問題。這是 - 就影響我們的時間而言，我們專注於管理團隊層面，這很重要。我永遠不會說什麼是積極的——這樣的事情對公司來說是積極的。但是，如果您確實想對此持積極態度，那麼對話非常好。而且我認為我們的客戶必須親眼看到我們對他們的關注，以及我們對如何 100% 致力於讓他們成功的關注。當我們犯錯時，當我們做某事時，我們可以——當我們可以做得更好時，我們傾聽他們的意見並採取行動，建立他們渴望的長期合作夥伴關係。

And one thing that this has made really clear is that Okta is critical infrastructure and identity is critical infrastructure. And I think customers want to see a company that will come through under pressure and have their back under pressure and act in there just under pressure. I think that's what they saw. So as we start to put in the rearview mirror, I feel really, really -- I feel pride in how we responded and the fact that we're building a stronger company because of it.

這已經非常清楚的一件事是，Okta 是關鍵基礎設施，而身份是關鍵基礎設施。而且我認為客戶希望看到一家公司能夠在壓力下挺過來，讓他們的背部承受壓力，並在壓力下採取行動。我想這就是他們所看到的。因此，當我們開始考慮後視鏡時，我真的，真的 - 我為我們的反應以及我們正在建立一家更強大的公司這一事實感到自豪。

Great. Next question comes from Adam Tindle at Raymond James.

偉大的。下一個問題來自 Raymond James 的 Adam Tindle。

Okay. Brett, I just wanted to ask you, when you're talking about the fiscal '26 targets, you talked about continuing to invest to get there. Obviously, in this market, there's been a lot more focus on profitability lately. And I'm just wondering about the balance between those 2? And maybe more specifically, do you think Q1 was sort of a peak loss quarter and we're going to see continuous improvement from here? I know there's been fits and starts with profitability, but trying to get a sense of whether the worst is kind of behind us, why or why not.

好的。布雷特，我只是想問你，當你談到 26 財年的目標時，你談到了繼續投資以實現目標。顯然，在這個市場上，最近人們更加關注盈利能力。我只是想知道這兩者之間的平衡？也許更具體地說，您是否認為第一季度是一個虧損高峰期，我們會從這裡看到持續改善嗎？我知道從盈利開始就出現了斷斷續續的情況，但試圖了解最壞的情況是否已經過去，為什麼或為什麼不過去。

I'll jump in first, Adam, and then Brett can give his feelings as well or answer your question from his perspective. Obviously, I've talked to a lot of investors and I hear the questions that are about growth and profitability. And I think about this pretty simply from a high level that we have a massive market opportunity. I know you hear us say that a lot but it truly is -- it's a transformative market opportunity. The world needs identity with more cloud and more remote work and more focus on security, more digital transformation. They need an identity platform. And we're very focused on building that identity platform and investing -- making the right investments to bring our vision to fruition.

亞當，我會先插話，然後布雷特也可以表達他的感受，或者從他的角度回答你的問題。顯然，我已經與很多投資者進行了交談，我聽到了有關增長和盈利能力的問題。我從高層次上簡單地考慮了這一點，我們擁有巨大的市場機會。我知道你經常聽到我們這麼說，但它確實是——這是一個變革性的市場機會。世界需要更多的雲和更多的遠程工作以及更關注安全性和數字化轉型的身份。他們需要一個身份平台。我們非常專注於建立身份平台和投資——進行正確的投資以實現我們的願景。

We also know that to run a good company, you have to run it efficiently. And when I look at the trade-offs between growth and profitability, I feel like we've always had a reasonable trade-off between investing for the future, but doing so in a way that was -- the investments were -- we made sure the investments are paid back. We're not running around making investments that are prudent and we continue to operate that way. And I feel like it would be shortsighted to change course dramatically on that, when we still have this massive opportunity in front of us.

我們也知道，要經營一家好公司，您必須高效地經營它。當我審視增長和盈利能力之間的權衡時，我覺得我們一直在為未來投資之間做出合理的權衡，但這樣做的方式是——投資是——我們所做的確保投資得到回報。我們不會到處進行審慎的投資，我們會繼續以這種方式運作。我覺得在這方面大幅改變路線是短視的，因為我們面前仍然有這個巨大的機會。

I'll just add to that. Thank you, Adam, for the question. Look, I mean we remain confident in the model and just what Todd was saying, we've been balancing Rule of 40 since the beginning of this company, and we will continue to do so in the future. So balancing that growth and profitability over time as we go into this massive market opportunity in front of us.

我只是補充一下。謝謝你，亞當，這個問題。聽著，我的意思是我們對模型仍然充滿信心，正如托德所說，自公司成立以來，我們一直在平衡 40 規則，我們將在未來繼續這樣做。因此，隨著我們進入擺在我們面前的這個巨大的市場機會，隨著時間的推移平衡增長和盈利能力。

As far as more specifically to your question around the seasonality of the free cash flow in FY '23, if you look at pre-COVID free cash flow, we did traditionally have a dip in free cash flow margin in Q2. So we do expect that to drop kind of in that mid- to high negative free cash flow margin percent in Q2, but then we will exit the year with the highest free cash flow margin in Q4, which will then get us to that, a few points lower than FY '23 or FY '22 free cash flow margin. So hopefully it gives you a little bit more information about how we're seeing that traditional kind of seasonality return in our business.

至於您關於 23 財年自由現金流季節性的問題，如果您查看 COVID 之前的自由現金流，我們傳統上確實在第二季度的自由現金流利潤率有所下降。因此，我們確實預計第二季度自由現金流利潤率將下降到中高負百分比，但隨後我們將在第四季度以最高自由現金流利潤率退出這一年，這將使我們達到這一目標，a比 '23 財年或 '22 財年的自由現金流利潤率低幾個點。因此，希望它能為您提供更多關於我們如何看到我們業務中傳統的季節性回歸的信息。

And the primary reason for that is if you think about the way we bill our customers, the collections number in Q2 is traditionally the lowest because we collect a lot of money in Q1 from the Q4 strength in bookings. And Q1 has always been seasonally our lowest sales quarter, and we're continuing to see that this year as the lowest seasonal amount of the year. And so we build back up as we go through the year. And so ultimately, that's why you see that little bit of a dip in free cash flow margin in FY -- in Q2, just like we've seen in prior years, prior to COVID.

主要原因是，如果您考慮我們向客戶收費的方式，第二季度的收款數量通常是最低的，因為我們在第一季度從第四季度的預訂實力中收取了大量資金。第一季度一直是我們銷售額最低的季度，我們繼續將其視為一年中最低的季度銷售額。因此，我們在這一年中建立了備份。因此，最終，這就是為什麼你會看到 FY 的自由現金流利潤率略有下降——在第二季度，就像我們在前幾年看到的那樣，在 COVID 之前。

And Brett, can you clarify what you said around mid- to single high -- single digits?

布雷特，你能澄清一下你所說的中高——個位數嗎？

Yes, mid- to high single digits, sorry, if I didn't say single digits in terms of free cash flow margin.

是的，中高個位數，對不起，如果我沒有在自由現金流保證金方面說個位數。

Great. Right. Next up, we have Jonathan Ho from William Blair.

偉大的。正確的。接下來，我們有來自 William Blair 的 Jonathan Ho。

I just wanted to, I guess, maybe start out with trying to understand, I guess, your sales integration process. How has that gone? And can you give us a sense of maybe some of the incremental opportunities that have come out of that?

我只是想，我猜，也許從試圖理解，我猜，你的銷售整合過程開始。怎麼樣了？您能否讓我們了解一下由此產生的一些增量機會？

Yes. Jonathan, it's nice to see you. We just celebrated the 1-year anniversary of joining forces with Auth0, which is great. And as we've said in the past, the key here is keeping the momentum going in both Okta and Auth0. Both businesses were doing very well, and that's the continued focus. We've made a lot of progress as a combined company. Many parts of the back office functions were integrated over the course of FY '22, which is great. And we started Q1 with the combination of go to -- combining the go-to-market organizations.

是的。喬納森，很高興見到你。我們剛剛慶祝了與 Auth0 聯手一周年，這很棒。正如我們過去所說，這裡的關鍵是保持 Okta 和 Auth0 的發展勢頭。兩家公司都做得很好，這是持續關注的焦點。作為一家合併後的公司，我們取得了很大進展。在 22 財年的過程中，後台功能的許多部分都集成了，這很棒。我們在第一季度開始時結合了去——結合了進入市場的組織。

I think there's no real finish line when it comes to integrations. But I think we're really focused on addressing this massive customer identity access management market in a way that, frankly, no other vendor can in terms of independence and neutrality, we have the only 2 modern public cloud solutions and certainly no in-house IT can. So I think we've made great progress. There's still a little bit to do, but we're in good shape.

我認為在集成方面沒有真正的終點線。但我認為我們真正專注於解決這個龐大的客戶身份訪問管理市場，坦率地說，在獨立性和中立性方面沒有其他供應商可以做到，我們只有兩個現代公共雲解決方案，當然沒有內部它可以。所以我認為我們已經取得了很大的進步。還有一些事情要做，但我們的狀態很好。

Next question from Eric Heath at KeyBanc.

KeyBanc 的 Eric Heath 的下一個問題。

Great. Just first one, curious if there's any update around how you're considering the contribution of IGA and or PAM into your guidance? I believe last quarter you said it wasn't being factored in.

偉大的。只是第一個，想知道關於您如何考慮 IGA 和/或 PAM 對您的指導的貢獻是否有任何更新？我相信上個季度你說它沒有被考慮在內。

Go ahead, Todd.

來吧，托德。

Sorry, Brett. IGA and PAM are areas we've talked about before. They aren't in our guidance. We're not counting on material contribution in the guidance we provided. They're really longer-term plays, and they're very important in the longer term because we're building this primary cloud for identity. And what the market wants, what the buyers want, what the customers want is they want one integrated access management platform that will do access management across all the resources, apps, on-premise apps, cloud apps, servers, privileged accounts and also do the governance reporting in attestation on that access -- on those -- on that access management.

對不起，布雷特。 IGA 和 PAM 是我們之前討論過的領域。他們不在我們的指導範圍內。我們不指望在我們提供的指導中做出實質性貢獻。它們確實是長期的遊戲，從長遠來看它們非常重要，因為我們正在為身份構建這個主要的雲。市場想要什麼，買家想要什麼，客戶想要什麼，他們想要一個集成的訪問管理平台，該平台將對所有資源、應用程序、本地應用程序、雲應用程序、服務器、特權帳戶進行訪問管理，並且還可以關於該訪問的證明中的治理報告——關於那些——關於該訪問管理。

So that's a platform we're building. And as I mentioned in the prepared comments, the IGA product is going to be launched in North America this quarter. We're very excited about that. It's had great success in the early access program. which proves out not that it's just -- not only that it's working, but also the customers want to buy it and find them valuable. So that's very validating. On the PAM side, we've made the decision to add a few more features to our Advanced Server Access Management product. And that then pushes out the release of the PAM -- the initial PAM product a couple of quarters. And we'll have more updates for you on that through later on in the year, but we're excited about both areas. And the whole converged platform story is really, really coming together. We're excited about that.

這就是我們正在構建的平台。正如我在準備好的評論中提到的，IGA 產品將於本季度在北美推出。我們對此感到非常興奮。它在早期訪問計劃中取得了巨大成功。這證明了它不僅僅是——不僅是它在工作，而且客戶想要購買它並發現它們有價值。所以這是非常有效的。在 PAM 方面，我們決定向我們的高級服務器訪問管理產品添加更多功能。然後將 PAM 的發布——最初的 PAM 產品推遲了幾個季度。我們將在今年晚些時候為您提供更多更新，但我們對這兩個領域都感到興奮。整個融合平台的故事真的，真的走到了一起。我們對此感到興奮。

Okay. Next, let's go to Gray Powell at BTIG.

好的。接下來，讓我們去 BTIG 的 Gray Powell。

Okay. Great. And congratulations on the numbers. It's good to see them come through. So yes, Todd, it sounds like you're pulled into a lot more customer conversations this quarter than normal. So maybe 2 related questions, if it was an existing customer, how often do the conversation get elevated to a C-level executive versus sort of the typical security team that you'd be talking with? And then if it was a new customer, did you see them taking any extra steps through the deal process? Was there like an extra conversation or just something extra that happened to get them over the finish line?

好的。偉大的。並祝賀這些數字。很高興看到他們通過。所以，是的，托德，聽起來你本季度參與的客戶對話比平時多得多。因此，也許有兩個相關的問題，如果是現有客戶，與您要與之交談的典型安全團隊相比，對話多久升級為 C 級主管？如果是新客戶，您是否看到他們在交易過程中採取了任何額外步驟？是否有額外的談話或只是發生了一些額外的事情讓他們越過了終點線？

Yes. Thanks, Gray. It's nice to see you. The -- my customer conversations, I talked to a lot of customers in general. There were a bunch of very specific security issue conversations. And what we did as a management team is -- this is a big deal for customers. So we got on Zoom with them and had hundreds and hundreds of meetings to talk to them about what happened, reassure them that we were listening to their concerns, we were addressing their concerns and have a published action report that we're executing on that takes into account all of those concerns. So we wanted to be very proactive about it, do a lot of outreach, a lot of conversations and reassure them that we had things under control.

是的。謝謝，格雷。見到你很高興。 - 我的客戶對話，我與很多客戶進行了交談。有一堆非常具體的安全問題對話。我們作為一個管理團隊所做的是——這對客戶來說是一件大事。因此，我們與他們開始了 Zoom 並舉行了數百次會議，與他們討論發生的事情，向他們保證我們正在傾聽他們的擔憂，我們正在解決他們的擔憂，並發布了一份我們正在執行的行動報告考慮到所有這些問題。因此，我們希望對此非常積極主動，進行大量外展活動，進行大量對話，並向他們保證我們已經控制住了一切。

During those conversations, I was -- I said before that it's -- you never want to say there's a positive out of something like this. But the level of conversations and the people we were engaged with in these customers and prospective customers was incredibly senior. And the conversations after some initial communication and feedback became very strategic along the lines of we're counting on you to be the backbone of our entire technological infrastructure. Things like this, with very senior people, both on the -- traditionally where we've been really strong, having conversations on the IT side and on the security side, we've got into new areas like executive management, Board-level conversations, risk and compliance and areas that traditionally we haven't talked to as much.

在那些談話中，我 - 我之前說過 - 你永遠不想說這樣的事情有積極意義。但是，我們與這些客戶和潛在客戶的對話水平和與之互動的人都非常資深。在一些初步溝通和反饋之後的對話變得非常具有戰略意義，我們指望你成為我們整個技術基礎設施的支柱。像這樣的事情，與非常資深的人，在傳統上我們一直非常強大的地方，在 IT 方面和安全方面進行對話，我們已經進入了新領域，如執行管理、董事會級別的對話，風險和合規性以及傳統上我們沒有過多討論的領域。

So the conversations were productive in that sense. And I think we did a good job of instilling confidence because customers do want to partner and they want a long-term partner, and they know that this is a critical area, and I think we were able to show them that we were that partner.

所以從這個意義上說，談話是富有成效的。我認為我們在灌輸信心方面做得很好，因為客戶確實想要合作，他們想要一個長期的合作夥伴，他們知道這是一個關鍵領域，我認為我們能夠向他們展示我們就是那個合作夥伴.

Yes, Gray, I would just add, look, identity and security, if they were not before, have certainly become even more so top priorities for C-level executives and Board members. The future of the enterprise is going to be more software-enabled, not less so and identity is at the core of that. And as Todd said, a lot of these larger organizations are literally saying, "I'm looking for a foundational partner around identity to build out my infrastructure."

是的，格雷，我想補充一下，看看，身份和安全，如果不是以前的話，肯定已經成為 C 級高管和董事會成員的首要任務。企業的未來將更多地支持軟件，而不是更少，而身份是其中的核心。正如托德所說，許多大型組織實際上是在說，“我正在尋找一個圍繞身份的基礎合作夥伴來構建我的基礎設施。”

Just yesterday, we had the global CIO of one of the major branches of the DoD in our office with his entire executive team talking to us for the entire day about the future of identity and what it was going to look like. And I mean these are just the kinds of conversations, frankly, that regardless of what happened in Q1 with that security event or not, we were not having these conversations 6 or 12 months ago, and I think it portends very well for the future.

就在昨天，我們辦公室的國防部主要分支機構之一的全球首席信息官與他的整個執行團隊一整天都在與我們討論身份的未來以及它將是什麼樣子。我的意思是這些只是那種對話，坦率地說，不管第一季度發生了什麼安全事件，我們在 6 個月或 12 個月前都沒有進行過這些對話，我認為這預示著未來非常好。

Let's go to Gregg Moskowitz at Mizuho.

讓我們去瑞穗的格雷格莫斯科維茨。

All right. So you added 800 net new customers this quarter which, given the security incident, was better than most investors were expecting. Two questions here. First, can you provide some color on what the linearity of new paid customers look like this quarter? And then second, so Brett, I know you said that gross renewal rates were very healthy. But just to be clear on this point, was there any degradation in Q1 as a result of the incident?

好的。因此，您在本季度新增了 800 名淨新客戶，考慮到安全事件，這比大多數投資者的預期要好。這裡有兩個問題。首先，您能否提供一些關於本季度新付費客戶的線性情況的顏色？其次，布雷特，我知道你說總續訂率非常健康。但為了明確這一點，Q1 是否因該事件而降級？

No degradation from the incident. In fact, we were near all-time highs at this point on gross retention, which frankly just shows both Freddie and Todd have been talking about for the first part of this call, which is how important we are to our customers, right? We are critical to their success. As far as the linearity in the quarter, it look like any other quarter. Our Q1 linearity was like a normal Q1 linearity. So we've -- like we said, we don't see any real quantitative effects from the security incident. Believe us, we've looked. And obviously, we're going to continue to look because we're being thoughtful about this and making sure that we're keeping an eye on this because this has been an important issue for us.

事件沒有退化。事實上，我們此時的總留存率接近歷史最高水平，坦率地說，這只是表明 Freddie 和 Todd 在本次電話會議的第一部分一直在談論，這就是我們對客戶的重要性，對吧？我們對他們的成功至關重要。就本季度的線性而言，它看起來與任何其他季度一樣。我們的 Q1 線性度就像正常的 Q1 線性度。所以我們 - 就像我們說的那樣，我們沒有看到安全事件產生任何真正的量化影響。相信我們，我們已經看過了。顯然，我們將繼續關注，因為我們對此進行了深思熟慮，並確保我們密切關注這一點，因為這對我們來說是一個重要問題。

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

好的。接下來，我們將前往 Wolfe Research 的 Josh Tilton。

cRPO, I believe, came in kind of ahead of the guidance you gave last quarter, but billings was sort of in that range. So how should we think about your ability to outperform on both these metrics for 2Q and kind of for the rest of the year?

我相信，cRPO 比你上個季度給出的指導要早，但比林斯有點在那個範圍內。那麼，我們應該如何考慮您在第二季度和今年剩餘時間內在這兩個指標上表現出色的能力？

Yes, I can take that question. Look, I mean, we had a good quarter, billings, 52% calculated billings growth. Current was -- current calculated billings growth was 54%. Both those are adjusted for the billings process change. But look, we've talked to you for several quarters in a row on kind of why we're alluding to shifting off of billings to current RPO in FY '24 as we just frankly believe billings has got some noise in it. And sometimes it helps the growth rate, sometimes it makes the growth rate have a headwind to it.

是的，我可以接受這個問題。看，我的意思是，我們有一個不錯的季度，比林斯，52% 的計算比林斯增長。當前是 - 當前計算的賬單增長為 54%。兩者都針對帳單流程更改進行了調整。但是看，我們已經連續幾個季度與您討論了為什麼我們在 24 財年暗示將比林斯轉移到當前的 RPO，因為我們坦率地認為比林斯有一些噪音。有時它有助於增長率，有時它會使增長率對其產生不利影響。

And I look at it in kind of like 2 different buckets. I look at it as kind of like operational run-the-business type issues that can influence the growth rate up or down. And I put the kind of, I think, we've talked about in the past, which are invoice timing dynamics that we've obviously chatted about over the last several quarters, invoice duration and then the billings process changes. These are operational things that are going on that we're making the decisions at the time that we believe were in the best interest of the long-term health of the business. But they can influence the metric up or down and in kind of an incorrect way. And so that's why we've kind of shifted us more towards current RPO. That's one bucket of kind of like one umbrella of areas that we think make calculated billings as really just not the best metric.

我看它有點像 2 個不同的桶。我將其視為一種像運營業務類型的問題，可以影響增長率上升或下降。我認為，我們過去討論過的那種，是我們在過去幾個季度中顯然討論過的發票時間動態，發票持續時間，然後是計費流程的變化。這些是正在進行的操作性事情，我們正在做出我們認為最符合業務長期健康的最佳利益的決定。但是它們可以以一種不正確的方式上下影響指標。這就是為什麼我們將我們更多地轉向當前的 RPO。這是我們認為計算賬單實際上不是最佳指標的一類領域。

And then the second one, which I would argue was actually even more important is if you think about the correlation between billings and future subscription revenue growth, it is much weaker than the correlation between current RPO and future subscription revenue. And so that's why we've been talking more about current RPO these days. Look, the current RPO guidance, 35% to 36%, $1.48 billion to $1.49 billion. Strong growth in the business. But one thing I do want to point out between the growth rates from Q1 to Q2 in a lot of our metrics, we've got the annualization of Auth0.

然後第二個，我認為實際上更重要的是，如果你考慮賬單和未來訂閱收入增長之間的相關性，它比當前 RPO 和未來訂閱收入之間的相關性要弱得多。這就是為什麼我們這些天更多地談論當前的 RPO。看，目前的 RPO 指導，35% 到 36%，14.8 億到 14.9 億美元。業務增長強勁。但我確實想在我們的許多指標中指出從第一季度到第二季度的增長率之間的一件事，我們已經得到了 Auth0 的年化。

So obviously, 57% current RPO in Q1 for the full company. And then 35% to 36% in Q2. Nothing is going on other than the fact that Auth0 is not in the Q1 compare period and is in the Q2 compare period. We're going to see that also in billings. We're going to see it in the customer count numbers. So I just want to make sure everybody is aware that, that's really the reasons for the change.

很明顯，整個公司在第一季度的當前 RPO 為 57%。然後在第二季度達到 35% 到 36%。除了 Auth0 不在 Q1 比較期間而是在 Q2 比較期間之外，什麼都沒有發生。我們將在比林斯中看到這一點。我們將在客戶計數中看到它。所以我只是想確保每個人都知道，這確實是改變的原因。

And like I said, we're going to continue to push more towards current RPO, like I said earlier in the call. We're definitely going to get off of billings in FY '24 and really just focus on current RPO because ultimately, we feel it is a better metric for all of us to discuss because of the higher correlation and just a better metric to understand how the health of our business is going.

就像我說的，我們將繼續推動當前的 RPO，就像我之前在電話會議中所說的那樣。我們肯定會在 24 財年擺脫賬單，只關注當前的 RPO，因為最終，我們認為這是一個更好的指標，因為更高的相關性和更好的指標來理解如何我們業務的健康正在發展。

Great. Next we'll go to Keith Bachman of BMO.

偉大的。接下來我們將介紹 BMO 的 Keith Bachman。

Great. I wanted to ask a question about also the investment horizons and break it into 2 parts is, a, as you think about some of the investments you're making this year and longer-term profile, how much of the competitive landscape is influencing that? And what I mean by that is Microsoft is a formidable player. You have another pure plays and yet you're leaving yourself a lot of opportunity to shape investments through FY '26 before generating meaningful cash flow. So just trying to understand how much the competitive nature of the segment is influencing it.

偉大的。我還想問一個關於投資視野的問題，並將其分為兩部分，a，當您考慮今年進行的一些投資和長期概況時，競爭格局在多大程度上影響了這一點?我的意思是微軟是一個強大的玩家。你有另一個純粹的遊戲，但在產生有意義的現金流之前，你給自己留下了很多機會在 26 財年塑造投資。因此，只是試圖了解該細分市場的競爭性質對其影響有多大。

And then, b, Brett, in particular, I want to try this question again. You're guiding to call it, $165 million op loss this year. Can you at least comment on your journey to '26? Does the operating loss improve as you march towards '26?

然後，b，布雷特，特別是，我想再試一次這個問題。您正在指導稱其為今年 1.65 億美元的運營虧損。你能至少評論一下你到 26 年的旅程嗎？隨著您向 26 年邁進，經營虧損是否有所改善？

Yes, I'll take the first part. I think it's a really important question. The strategy is very, very clear. We have been successful. And going forward, we will be successful because identity has become a critical, critical platform in the modern IT environment. If you want to adopt cloud, if you want to migrate to the cloud, if you want to support remote work, if you want to support multiple devices, if you want to do it in a secure way, if you want to build a great customer-facing solutions, you need identity and you need it in your platform.

是的，我會選擇第一部分。我認為這是一個非常重要的問題。策略非常非常明確。我們已經成功了。展望未來，我們將取得成功，因為身份已成為現代 IT 環境中的關鍵平台。如果你想採用雲，如果你想遷移到雲，如果你想支持遠程工作，如果你想支持多個設備，如果你想以安全的方式做，如果你想建立一個偉大的面向客戶的解決方案，您需要身份並且在您的平台中需要它。

And so the strategy is to build that platform, whether it's across both markets and both markets are key. You can't have the de facto primary cloud identity platform only being in Workforce or only being in customer identity, you have to be in both. You have to dominate both. So our strategy is to do just that. On the Workforce side, we're extending our lead with capabilities throughout the platform. We've talked a little bit about PAM and IGA, which are important in the longer term. And on the customer identity side, it's -- we have to have the best identity platform for developers. And we have to have the best identity platform, bar none, across all the competitors. So that's what we're focused on.

因此，戰略是建立該平台，無論是跨兩個市場，還是兩個市場都是關鍵。您不能讓事實上的主要雲身份平台僅存在於 Workforce 或僅存在於客戶身份中，您必須同時存在於兩者中。你必須主宰兩者。所以我們的策略就是這樣做。在勞動力方面，我們正在通過整個平台的功能來擴大我們的領先優勢。我們已經討論了一些關於 PAM 和 IGA，它們在長期內很重要。在客戶身份方面，我們必須為開發人員提供最好的身份平台。我們必須在所有競爭對手中擁有最好的身份平台，沒有之一。所以這就是我們所關注的。

If you look at our top 3 and the investment required to do that is an investment that's going to help us win the customer identity market, which is our top company priority for this year. It's going to help establish this concept and this idea that identity is one of this primary cost in enterprises. And we're going to talk to every CIO and every CEO and every Board of Directors, in a few years, once we are successful. And they're going to agree that identity is a critical investment area and Okta has the #1 leading identity platform across all these dimensions.

如果您查看我們的前 3 名，並且這樣做所需的投資將幫助我們贏得客戶身份市場，這是我們今年公司的首要任務。這將有助於建立這個概念和這種觀念，即身份是企業的主要成本之一。幾年後，一旦我們取得成功，我們將與每一位首席信息官、每一位首席執行官和每一位董事會交談。他們會同意身份是一個關鍵的投資領域，Okta 在所有這些方面都擁有排名第一的領先身份平台。

So that's what we're shooting for. And that's what when we say we're going to grow and we're going to invest, it's both products, it's both go-to-market to extend our lead and establish this concept of this primary identity cloud for many years in the future.

所以這就是我們的目標。這就是當我們說我們要發展和要投資的時候，它既是產品，又是進入市場以擴大我們的領先地位並在未來很多年建立這種主要身份雲的概念.

Okay. Okay. Great. And then Brett, any comments on...

好的。好的。偉大的。然後是布雷特，對...的任何評論

Yes. Happy to answer that question. So when we think about the future, obviously, we're going to institute what we've done in the past, which is Rule of 40, right? We've been balancing it forever. We're going to continue to balance it in the future. So obviously, free cash flow is a part of that formula. But when you think about non-GAAP operating loss, obviously, non-GAAP operating loss will travel with that free cash flow improvement. Now when it will be non-GAAP operating profit, I can't exactly comment on that. But in other words, you should see the 2 travel together. As we improve free cash flow margin, you're going to see an improvement in operating loss and eventually into operating profit at some point in the future.

是的。很高興回答這個問題。因此，當我們考慮未來時，很明顯，我們將採用我們過去所做的事情，即 40 規則，對嗎？我們一直在平衡它。我們將在未來繼續平衡它。顯然，自由現金流是該公式的一部分。但是，當您考慮非 GAAP 運營虧損時，顯然，非 GAAP 運營虧損將隨著自由現金流的改善而傳播。現在什麼時候是非公認會計原則的營業利潤，我不能對此發表評論。但換句話說，你應該看到兩人一起旅行。隨著我們提高自由現金流利潤率，您將看到運營虧損有所改善，並最終在未來某個時候實現營業利潤。

Okay. Next, we'll go to Trevor Walsh at JMP.

好的。接下來，我們將介紹 JMP 的 Trevor Walsh。

Great. Todd, I want to just dig in on some of your comments around the longer-term platform view in the context of IGA and PAM. So it seems like customers, especially on the larger side, are content with kind of maintaining their IGA tool, their PAM tool and their access tool, and that's just their kind of comfort level. And I understand you're building obviously your IGA and PAM to kind of help expand their view of that.

偉大的。 Todd，我想深入了解您在 IGA 和 PAM 的背景下圍繞長期平台觀點發表的一些評論。因此，似乎客戶，尤其是較大的客戶，對維護他們的 IGA 工具、PAM 工具和訪問工具感到滿意，這只是他們的舒適度。我知道您顯然正在構建您的 IGA 和 PAM，以幫助擴展他們對此的看法。

But outside of you just releasing those products and them coming to you, what do you feel like is their consolidation kind of drivers on their end? Is it a cost thing? Is it a ease of use? What is it that's going to make them kind of finally, again, regardless of when GA is here of make them kind of make that play?

但是除了你只是發布這些產品和他們來找你之外，你覺得他們的整合驅動力是什麼？是成本問題嗎？是否易於使用？是什麼讓他們最終，再次，不管 GA 什麼時候在這裡，讓他們做出那種玩？

Yes, I think it's a really good question. And we think about this a lot from the customer lens into the market and then, of course, us as a vendor from our lens into the customer's world. And there's a couple of realities about the market for privileged access and identity governance, specifically. And access management used to be more like this, but we've changed it in that market.

是的，我認為這是一個非常好的問題。我們從客戶的角度考慮了很多，然後進入市場，當然，我們作為供應商從我們的鏡頭進入客戶的世界。特別是特權訪問和身份治理市場存在一些現實情況。訪問管理過去更像這樣，但我們已經在那個市場上改變了它。

There aren't a lot of good solutions. And if you talk to these customers, even customers that have adopted IGA, they haven't adopted it completely or it's in pockets or it's not covering all the resources and workloads that they wanted to cover and no one loves it. And similar to privileged access, it's worked well in a legacy environment. And so I would say that a majority of the market doesn't have a solution and what it's going to take to get that -- to get those customers to be buyers is to build a great product, and that's what we're focused on.

沒有很多好的解決方案。如果你與這些客戶交談，即使是已經採用 IGA 的客戶，他們還沒有完全採用它，或者它在口袋裡，或者它沒有涵蓋他們想要涵蓋的所有資源和工作負載，沒有人喜歡它。與特權訪問類似，它在遺留環境中運行良好。所以我想說，大多數市場都沒有解決方案，而要做到這一點——讓這些客戶成為買家就是打造一款出色的產品，這就是我們關注的重點.

So I wouldn't think about this as we're going to go replace a bunch of installed IGA or PAM tools. I would think about this as like the next generation of technology is going to need these solutions, and we're going to have the product for that market. In terms of what specifically would drive them to consolidate their existing solutions, I would put out there that in 10 years, they probably will keep those solutions. And people don't change very often. People are pretty reticent to change and it's fine if some of these legacy solutions that are out there for years, years and new years and years. What we're focused on is the next generation, the new projects, the new initiatives that are going to need a better product for the market, and that's what it is.

所以我不會考慮這個，因為我們要替換一堆已安裝的 IGA 或 PAM 工具。我認為這就像下一代技術將需要這些解決方案，我們將擁有適合該市場的產品。至於具體是什麼促使他們鞏固現有的解決方案，我會指出，在 10 年內，他們可能會保留這些解決方案。並且人們不會經常改變。人們非常不願意改變，如果這些遺留解決方案中的一些已經存在多年、多年、新的一年和多年，那很好。我們關注的是下一代、新項目、新計劃，它們需要更好的市場產品，就是這樣。

Next we'll go to Adam Borg at Stifel.

接下來我們將前往 Stifel 的 Adam Borg。

Maybe just for Freddie. So you talked a little bit about the DoD conversations you had yesterday. Maybe just a broader update on the federal vertical, public sector more broadly and kind of how you think about that ramp this year?

也許只是為了弗雷迪。所以你談到了昨天的國防部對話。也許只是更廣泛地對聯邦垂直、公共部門進行更廣泛的更新，以及您如何看待今年的坡道？

Yes. Thanks, Adam, for the question and happy to talk about it. I'm glad that you brought it up. The federal government opportunity is a massive one for us. And I'll give you some specific thoughts and then I'll give you also some details that I think are pretty relevant most recently. First of all, we've talked about for a while that part of our big strategic plan, there's a few of them that we're focused on right now for this year and going into next year on customer identity management, around international, we're already in a lot of the places we need to be. So we just need to continue to invest in the right places. And then in federal is a big one for us.

是的。謝謝亞當，我很樂意談論這個問題。我很高興你提出來。聯邦政府的機會對我們來說是一個巨大的機會。我會給你一些具體的想法，然後我也會給你一些我認為最近非常相關的細節。首先，我們已經討論了一段時間我們的大戰略計劃的這一部分，其中有一些是我們今年和明年重點關注的客戶身份管理，圍繞國際，我們'已經在很多我們需要去的地方。所以我們只需要繼續在正確的地方投資。然後在聯邦對我們來說是一個大問題。

First of all, federal was the biggest deal of our quarter this year -- this quarter in terms of ARR. And that federal division was specifically focused on customer identity and access management. And you really see that the government is thinking about how they can adopt more of these modern solutions for a lot of their forward-thinking initiatives. You -- we've been working for a long time on bolstering up our federal capabilities. And we've got -- we've been FedRAMP Medium, Moderate for some time. We've got FedRAMP High and IL4 that are scheduled for this summer.

首先，聯邦是我們今年季度中最大的一筆交易——就 ARR 而言，本季度。該聯邦部門專門專注於客戶身份和訪問管理。你真的看到政府正在考慮如何為他們的許多前瞻性舉措採用更多這些現代解決方案。你——我們長期以來一直在努力加強我們的聯邦能力。而且我們已經 - 我們已經成為 FedRAMP 中等、中等一段時間了。我們有定於今年夏天推出的 FedRAMP High 和 IL4。

We've got a fantastic federal team that's been building up with very, very good results. We've got a government summit that's happening later on this month in Washington, D.C. And the tailwinds in the federal space are the same ones that we've been talking about overall in the business.

我們有一支出色的聯邦團隊，他們一直在建立非常非常好的結果。我們將於本月晚些時候在華盛頓特區舉行政府峰會。聯邦領域的順風與我們在整個行業中一直在談論的順風相同。

First of all, the federal government is adopting more cloud technology, and they want to integrate it into their existing IT infrastructure. Number two, they are going through digital transformation, just like everyone else, and so they're really focused on how they can provide modern solutions, get them up and running quickly and obviously interacting with their third parties. And then third of all, you want to talk about Zero Trust. It's everything from the Biden administration to a lot of the other initiatives that you see coming out of the different departments around mandating multifactor authentication and just mandating better hygiene when it comes to the federal government, which for us is great.

首先，聯邦政府正在採用更多的雲技術，他們希望將其集成到他們現有的 IT 基礎設施中。第二，他們正在經歷數字化轉型，就像其他人一樣，因此他們真正專注於如何提供現代解決方案，讓它們快速啟動並運行，並明顯與第三方進行交互。第三，你想談談零信任。從拜登政府到許多其他舉措，你看到的都是來自不同部門的關於強制多因素身份驗證以及在聯邦政府方面強制要求更好的衛生的許多其他舉措，這對我們來說很棒。

So it is a huge opportunity. It's one we've been investing in intelligently over the last number of years. I think the results this year are going to be good, and they're going to be -- they're going to lead us really well into the coming years as well. So it's a big opportunity for us and something we're really focused on.

所以這是一個巨大的機會。這是我們在過去幾年中一直在明智地投資的一個。我認為今年的結果會很好，而且他們會——他們也會很好地帶領我們進入未來幾年。所以這對我們來說是一個很大的機會，也是我們真正關注的事情。

Okay. Next up, Rudy Kessinger at D.A. Davidson.

好的。接下來是 D.A. 的 Rudy Kessinger。戴維森。

Great. Brett, so I mean look, Todd, you've been clear thus far with your comments that you didn't see any material impact from the breach in Q1. But I guess, if we look at the guidance revision, you took the full year revenue guide up by $25 million, but you had a $26 million beat in Q1. So really taking down $1 million ex that. So whereas typically, we would expect it to be raised. So what is the increased level of conservatism in there? And is it around the breach possibly having potential impacts? Or is it more of a increased conservatism from the macro environment? What's the increased level of seemingly conservatism in the revised guidance?

偉大的。布雷特，所以我的意思是看，托德，到目前為止，你的評論很清楚，你沒有看到第一季度的違規行為有任何實質性影響。但我想，如果我們看一下指導修訂，你將全年收入指導增加了 2500 萬美元，但你在第一季度的收入超過了 2600 萬美元。所以真的拿走了100萬美元。因此，儘管通常情況下，我們希望它會被提高。那麼，那裡的保守主義水平提高了多少？是否圍繞違規可能產生潛在影響？還是宏觀環境更加保守？修訂後的指南中看似保守的程度增加了多少？

Yes. So we did raise our guidance by $25 million. And I think we did beat our guidance by $25 million, so, whatever, $1 million here or there, it doesn't really matter. But the bottom line is we've got a strong guide, a little over $1.8 billion, growing 40% at the top end, pretty solid growth given how big we are. But I think the thing when we think about the guidance for the full fiscal year is actually reflecting on Q1 and one of the milestones we had in Q1, which is the sales integration, right?

是的。所以我們確實將我們的指導提高了 2500 萬美元。而且我認為我們確實超出了我們的指導 2500 萬美元，所以，無論如何，這里或那裡的 100 萬美元，這並不重要。但底線是我們有一個強有力的指導，略高於 18 億美元，在高端增長 40%，考慮到我們的規模，增長相當穩健。但我認為，當我們考慮整個財政年度的指導時，實際上是在反映第一季度以及我們在第一季度取得的里程碑之一，即銷售整合，對吧？

And any integration or acquisition and integration of 2 companies, the sales integration is one of the biggest milestones there are. And for this integration between Auth0 and Okta, 2 great sales teams being brought together, it's no different, right? It was a great milestone for us. It was a big one for us, and we're pleased with the progress, thus far.

而任何兩家公司的整合或收購整合，銷售整合都是其中最大的里程碑之一。對於 Auth0 和 Okta 之間的這種集成，兩個優秀的銷售團隊聚集在一起，沒有什麼不同，對吧？這對我們來說是一個偉大的里程碑。這對我們來說是一件大事，到目前為止，我們對取得的進展感到滿意。

But obviously, we're being thoughtful and prudent around the rate and pace of the continued integration because integration -- there's no end date to integration, right? We're always continuing to make progress. And so when we think about the revenue guidance, we're just being thoughtful from that perspective. And we'll update you, obviously, as we progress through FY '23 on how things are going and give you guys updates on revenue and cRPO, and obviously, billings through the balance of this year.

但顯然，我們在繼續整合的速度和速度方面是經過深思熟慮和謹慎的，因為整合——整合沒有結束日期，對吧？我們一直在不斷取得進步。因此，當我們考慮收入指導時，我們只是從這個角度考慮。很明顯，隨著我們在 23 財年取得進展，我們會向您更新情況，並向你們提供有關收入和 cRPO 的最新信息，顯然，還有今年餘下的賬單。

Okay. Next up, we have Andy Nowinski at Wells Fargo.

好的。接下來，我們有富國銀行的 Andy Nowinski。

This is Justin Donati on for Andy. Just one quick one, kind of tying on to an earlier question about competition. Microsoft launched their new Entra product suite this week. So can you just provide any more color on how Okta is competing against Microsoft?

這是安迪的賈斯汀·多納蒂。只是一個快速的問題，有點與之前關於競爭的問題有關。微軟本週推出了新的 Entra 產品套件。那麼，您能否提供更多關於 Okta 如何與 Microsoft 競爭的信息？

Yes. Happy to do that. The competitive environment we're seeing is really hasn't changed in a number of years. I know we seem to get this question every time we chat and we kind of give the same answer. That's the reality of what we're seeing. And I think the world has -- more and more of the world is understanding how important identity is and how critical it is to all the things we talked about, from technology adoption, security, customer management and customer success. And it's really accelerating or it's benefiting from all these accelerated trends.

是的。很高興這樣做。我們所看到的競爭環境多年來確實沒有改變。我知道我們似乎每次聊天都會得到這個問題，而且我們會給出相同的答案。這就是我們所看到的現實。而且我認為世界已經 - 越來越多的世界正在了解身份的重要性以及它對我們談論的所有事情的重要性，從技術採用，安全性，客戶管理和客戶成功。它真的在加速，或者它正在從所有這些加速的趨勢中受益。

And I think when we see competition, we see point players that don't have the breadth and scale or we see the big platforms. And Microsoft, as you mentioned, it probably has the most focus of the big platforms. They, traditionally in the legacy world, have the best identity franchise with Active Directory on-premise. And so they've tried to use that to force their way into cloud identity.

我認為，當我們看到競爭時，我們會看到沒有廣度和規模的點球手，或者我們看到了大平台。而微軟，正如你所提到的，它可能是大型平台中最受關注的。傳統上，他們在傳統世界中擁有最好的身份特許經營權和本地 Active Directory。所以他們試圖用它來強行進入雲身份。

And when someone chooses between Microsoft and something like Okta, they're really making a choice between do they want independence and neutrality and do they want technical choice with Okta or do they want to be more roped into the -- constrained into the Microsoft ecosystem. And I think if you see all the product announcements, not just the recent ones, Microsoft makes, they're very, very centered on Microsoft technology.

當有人在 Microsoft 和 Okta 之類的公司之間做出選擇時，他們實際上是在選擇他們想要獨立和中立，他們想要使用 Okta 進行技術選擇，還是想要更多地被束縛在微軟生態系統中.而且我認為，如果您看到所有產品公告，而不僅僅是微軟最近發布的公告，它們非常非常以微軟技術為中心。

And it makes sense because you wouldn't get promoted if you were the product manager working on their identity technology, and you came up with a great new feature that connected customers to some non-Microsoft technology. So there's a feedback loop into that platform that keeps that system more closed and more constrained and a positive feedback loop in our ecosystem that makes it connected to more things and more vendors want to play with us and want to integrate to us, more developers want to use us. And so that's how we see the market really bifurcating there.

這是有道理的，因為如果您是從事身份技術工作的產品經理，您將不會獲得晉升，並且您想出了一個很棒的新功能，可以將客戶與某些非 Microsoft 技術聯繫起來。因此，該平台有一個反饋循環，使該系統更加封閉和受到更多限制，我們的生態系統中有一個積極的反饋循環，使其連接到更多事物，更多供應商希望與我們一起玩並希望與我們集成，更多開發人員想要使用我們。這就是我們看到市場真正分叉的方式。

And we think our strategy is right. We think our strategy to be the neutral player and to connect everything and to have the best solutions across all of the identity use cases, whether it's workforce, governance, privileged access, customer identity access management, whether you're developer-centric, whether you're IT-centric, we have the best platform, and that's what we're focused on building.

我們認為我們的策略是正確的。我們認為我們的戰略是成為中立的參與者，連接一切，並在所有身份用例中提供最佳解決方案，無論是勞動力、治理、特權訪問、客戶身份訪問管理，是否以開發人員為中心，是否您以 IT 為中心，我們擁有最好的平台，這就是我們專注於構建的。

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

偉大的。接下來，我們將前往高盛的 Brian Essex。

Great. Maybe just one from me, and I apologize I've been jumping around on a couple of calls so...

偉大的。也許只有我一個人，我很抱歉我一直在打幾個電話，所以......

There's a few of them. No worries.

其中有幾個。不用擔心。

Yes. Sorry if I missed it, but maybe just an update on SIEM versus Workforce and maybe if we can spot that between U.S. and international, just to give us a sense for how traction, in particular where SIEM is going and what the current environment, particularly in Europe, might have on the adoption of either one of those segments.

是的。抱歉，如果我錯過了，但也許只是 SIEM 與勞動力的更新，也許我們可以在美國和國際之間發現這一點，只是為了讓我們了解牽引力，特別是 SIEM 的發展方向和當前環境，特別是在歐洲，可能會採用這些細分市場中的任何一個。

Yes. Happy to talk about that, Brian. We updated this group last quarter on the specific breakout between Workforce and SIEM, which if memory serves, and Brett can correct me, with 63% Workforce; 37% SIEM.

是的。很高興談論這個，布賴恩。我們在上個季度更新了這個小組關於 Workforce 和 SIEM 之間的具體突破，如果沒記錯的話，Brett 可以糾正我，63% 的 Workforce； 37% SIEM。

Yes.

是的。

There you go. It's a memory from 90 days ago. So we'll be updating that as we go. It is largely unchanged. Revenue splits this quarter were 78%, U.S.; 22% international. But international grew 118% year-over-year. And I think that plays really well into exactly what I was talking about earlier with some of our key strategic pillars. One of those is international. It's been a little bit more challenging, obviously, over the last 24 months, given that we haven't really been able to travel internationally.

你去吧。這是90天前的記憶。因此，我們將在進行過程中對其進行更新。它基本上沒有變化。美國本季度收入佔比為 78%； 22% 國際。但國際同比增長 118%。而且我認為這與我之前談到的一些關鍵戰略支柱的內容非常吻合。其中之一是國際性的。很明顯，在過去的 24 個月裡，這更具挑戰性，因為我們還沒有真正能夠出國旅行。

That being said, we still had very successful office openings both in Europe, expanding there with our Munich office opening, but also in Japan and Singapore and elsewhere, and those businesses are going very, very well. So we feel like we're in all the right places. Now we just need to accentuate the investments that we've made in those geographies. And I think that's going to start to play out very well. We've hired some amazing leadership to take over those areas as well, international for both Europe and Asia Pacific. And so I'm very optimistic there.

話雖如此，我們仍然在歐洲開設了非常成功的辦事處，隨著我們在慕尼黑辦事處的開設，以及在日本、新加坡和其他地方的擴張，這些業務發展得非常非常好。所以我們覺得我們在所有正確的地方。現在我們只需要強調我們在這些地區所做的投資。我認為這將開始很好地發揮作用。我們還聘請了一些出色的領導來接管這些領域，包括歐洲和亞太地區的國際化領域。所以我對此非常樂觀。

I think that the trends, again, of what we're doing, these are very, very big markets. So it's early days. I mean we're, again, very happy with revenue growth at 65% year-over-year to a $450 million quarter and the incremental fiscal year guidance to $1.8 billion-plus for the year, but these are massive markets that are going to have durable growth for the next 3, 5, 10 years.

我認為，我們正在做的事情的趨勢，這些都是非常非常大的市場。所以現在還早。我的意思是，我們對收入同比增長 65% 達到 4.5 億美元的季度收入以及全年 18 億美元以上的增量財政年度指導感到非常滿意，但這些都是巨大的市場未來 3、5、10 年的持續增長。

And people adopting cloud technology, people putting in place more digital technology for their customers, their partners, their vendors, their suppliers, I mean these are things that people are just getting going on. So I expect that they'll continue to go for some time, and we'll update those specific breakouts from time to time as we go. But we've seen no material change and both sides of the business are doing very well.

人們採用雲技術，人們為他們的客戶、他們的合作夥伴、他們的供應商、他們的供應商部署了更多的數字技術，我的意思是這些都是人們正在做的事情。因此，我希望它們會持續一段時間，我們會不時更新這些特定的突破。但我們沒有看到任何重大變化，業務雙方都做得很好。

Finally, what I would say is we try and be specific in our details around the new customer wins that we highlight in some of the prepared remarks just to give you an idea. So we have a great Fortune 500 insurance company that adopted both the customer Identity Access Management and Workforce at the same time, but we also had Fortune 50 customer Identity and Access Management wins for both Okta and Auth0 separately this quarter, which I think, again, just highlights how powerful having both of those platforms are. And specifically to your original question, how much opportunity there is in customer identity and access management.

最後，我要說的是，我們會嘗試並具體說明我們在一些準備好的評論中強調的新客戶勝利的細節，只是為了給你一個想法。因此，我們有一家偉大的財富 500 強保險公司，它同時採用了客戶身份訪問管理和勞動力，但本季度我們還分別為 Okta 和 Auth0 贏得了財富 50 強客戶身份和訪問管理，我認為，再次，只是強調了擁有這兩個平台的強大功能。特別是對於您最初的問題，客戶身份和訪問管理有多少機會。

Yes. That was a great answer. One detail, the 28%, 72% split was just all revenue. It wasn't -- that wasn't SIEM or Workforce, just to be clear.

是的。那是一個很好的答案。一個細節，28% 和 72% 的分成就是所有的收入。不是——那不是 SIEM 或 Workforce，只是要明確一點。

To be clear it's 78%.

需要明確的是，它是 78%。

It's 78%, 22%, though. So it's 78% U.S.; 22% international, yes.

不過，它是 78%、22%。所以它是美國的 78%； 22% 國際，是的。

All right. Excellent. Next, we'll go to Matt Hedberg at RBC.

好的。出色的。接下來，我們將拜訪 RBC 的 Matt Hedberg。

Congrats on the results. You guys are having a lot of success outside the traditional bar network. And I know some of those bar checks can be noisy at times. Now when I hear that large Fortune 500 win through AWS, that's super exciting to me. I guess I'm wondering, can you talk about how your business mix might change from, over time, whether it's from bars, partners, GSIs? Just how that composition might look in the future?

祝賀結果。你們在傳統的酒吧網絡之外取得了很大的成功。而且我知道其中一些酒吧支票有時會很吵。現在，當我聽到財富 500 強企業通過 AWS 大獲全勝時，我感到非常興奮。我想我想知道，您能否談談隨著時間的推移，您的業務組合可能會發生怎樣的變化，無論是來自酒吧、合作夥伴還是 GSI？這種組合在未來會是什麼樣子？

Yes. Happy to talk about that. As you mentioned, we had a really big win for the quarter with a Fortune 500 insurance company that was sourced through AWS. Just to talk first about AWS. AWS is obviously the biggest cloud infrastructure provider out there. We're very proud to partner with them as a global technology partner. We're their preferred partner for identity, which matters. And it matters because we've been working on this relationship now for, I think, 12 or 18 months, and you're really starting to see it bear fruit.

是的。很高興談論這個。正如您所提到的，我們在本季度與一家通過 AWS 採購的財富 500 強保險公司取得了巨大的勝利。只是先談談AWS。 AWS 顯然是最大的雲基礎設施提供商。作為全球技術合作夥伴，我們非常自豪能與他們合作。我們是他們首選的身份合作夥伴，這很重要。這很重要，因為我們現在已經為這種關係努力了 12 或 18 個月，而且你真的開始看到它結出碩果。

I mean they have -- we're very happy again with the growth in our business and direct sales reps, but they have over 9,000 reps that are co-selling with Okta today. And this partnership is in the very early stages. And it has the opportunity to really be very meaningful for us. So we're pleased with the early momentum. We've already sourced multiple deals from this avenue, and we'll share more as the relationship matures. But I think overall, the channel is maturing. We're not the same company that we were 2 years ago, and we're going to be a very different company 2 years from now. Look, we're going from $1 billion to $1.8 billion to $4 billion around the corner. And that means that there's a lot of things that we're going to keep the same when it comes to our channel in terms of system process, distribution.

我的意思是他們有 - 我們對我們的業務和直銷代表的增長再次感到非常高興，但他們今天有超過 9,000 名代表與 Okta 共同銷售。這種夥伴關係處於非常早期的階段。它有機會對我們真的很有意義。因此，我們對早期的勢頭感到滿意。我們已經從這條途徑獲得了多筆交易，隨著關係的成熟，我們將分享更多。但我認為總的來說，渠道正在成熟。我們與兩年前的公司不同，兩年後我們將成為一家非常不同的公司。看，我們即將從 10 億美元增加到 18 億美元，再到 40 億美元。這意味著當涉及到我們的渠道時，我們將在系統流程、分發方面保持很多東西。

But there's also a lot of things that have to change as we grow and as we expand. I think playing right into that international comment that I made earlier. We're not going to have reps in all those places. And so having the right partners that have the right distribution and the capabilities to make it to do these kinds of implementations, both the sourcing side like AWS but also implementation, look, IBM Global Services renamed Kyndryl, they were a great win from last quarter.

但是隨著我們的成長和擴張，還有很多事情必須改變。我認為我之前發表的國際評論是正確的。我們不會在所有這些地方都有代表。因此，擁有合適的合作夥伴，擁有合適的分銷能力和能力來進行此類實施，包括 AWS 這樣的採購方以及實施，看，IBM 全球服務部更名為 Kyndryl，他們是上個季度的巨大勝利.

And I think that just shows that even the biggest system integrators in the world are realizing the future is different than it was with on-premise technology, and they want to build their practices around us. So we're very excited. I think it's early days for AWS. It's a good telltale sign, but there's going to be a lot more to talk about in the quarters and years ahead.

我認為這只是表明，即使是世界上最大的系統集成商也意識到未來與內部部署技術不同，他們希望在我們周圍建立他們的實踐。所以我們非常興奮。我認為 AWS 還處於早期階段。這是一個很好的跡象，但在未來的幾個季度和幾年裡還有很多事情要討論。

Okay. Next up, we have Fatima Boolani at Citi.

好的。接下來，我們有花旗的 Fatima Boolani。

Todd, I'll start with you. I think there's a lot of sort of concern in the investor community with respect to enterprise software consumption patterns from the likes of high-tech fintech companies. We've all sort of seen what's happened in the VC community. So I just wanted to get your perspectives on what potential impacts you're seeing or bracing for particularly within the SIEM part of your portfolio and Auth0 specifically because that's a very developer-friendly and developer-oriented solution. And then I have a follow-up for Brett, please.

托德，我從你開始。我認為投資者社區對高科技金融科技公司等企業軟件消費模式存在很多擔憂。我們都看到了 VC 社區發生的事情。因此，我只是想了解您對您所看到或準備的潛在影響的看法，特別是在您的投資組合的 SIEM 部分和 Auth0 中，特別是因為這是一個對開發人員非常友好和麵向開發人員的解決方案。然後我有一個關於布雷特的後續行動，拜託。

We're very excited about it. We see a ton of potential. We hear a lot of the anecdotes about concerns and macro and slowdown. But the reality is we're not seeing it in the pipeline or in the business. And so we're executing as we have been, which is we think it's a big opportunity, developer, SIEM, building this primary cloud. And we're watching things, of course, but we're -- we think there's a lot of potential, and we're working hard to capture it.

我們對此感到非常興奮。我們看到了巨大的潛力。我們聽到了很多關於擔憂、宏觀和經濟放緩的軼事。但現實是我們沒有在管道或業務中看到它。所以我們一直在執行，我們認為這是一個巨大的機會，開發人員，SIEM，構建這個主要的雲。當然，我們正在觀察事情，但我們 - 我們認為有很多潛力，我們正在努力捕捉它。

I'll also add to that, Fatima, currently, we're not set up as a consumption-based contractual arrangement. It's a pretty standard by a certain number of AMS over a certain time frame. So it's not like some of the other businesses that are out that are more consumption-based.

我還要補充一點，法蒂瑪，目前，我們還沒有建立為基於消費的合同安排。在一定的時間範圍內，一定數量的 AMS 是相當標準的。因此，它不像其他一些以消費為基礎的企業。

Yes. The only other thing I would add to that is the demand remains strong across both sides of the business because of the 3 macro trends we've talked about. I mean the customer base grew 48% to 15,800 and the base of large customers grew at nearly 60%. And our pipeline grows each year, obviously, as the business grows, our pipeline is currently at record levels, so.

是的。我要補充的唯一另一件事是，由於我們已經討論過的 3 個宏觀趨勢，業務雙方的需求仍然強勁。我的意思是客戶群增長了 48%，達到 15,800，大客戶群增長了近 60%。而且我們的管道每年都在增長，顯然，隨著業務的增長，我們的管道目前處於創紀錄的水平，所以。

Fair enough. I appreciate that color. Brett, for you, just on the software backlog and sort of the orientation towards having us think about RPO and cRPO is kind of more of the guiding light for the business and how to think about forward momentum. Can you give us a little bit more flavor of the composition of that backlog type at a higher level between new business, renewal business and expansion business? And the reason I ask is because I wanted to get a better flavor of how I should think about dollar-based net retention moving forward as you've lapped through Auth0. And that's it for me.

很公平。我很欣賞那種顏色。布雷特，對你來說，只是關於軟件積壓和讓我們考慮 RPO 和 cRPO 的方向更像是業務的指路明燈，以及如何考慮前進的動力。您能否讓我們在新業務、更新業務和擴展業務之間的更高層次上更深入地了解這種積壓類型的構成？我問的原因是因為我想更好地了解我應該如何看待基於美元的淨留存率，因為你已經通過了 Auth0。對我來說就是這樣。

Yes, there's no difference to have the RPO or current RPO. I would say I'd probably look at current RPO before I look at RPO, because RPO can be influenced by duration and whatnot on contracts. But the current RPO yes, it's pretty similar to what it has been in the past. And from a net retention perspective, you can see it's been strong, 123% above our stated range, which has been what we thought was 115%to 120%. We were above it again for this quarter. So we're very pleased with the outcome for the quarter.

是的，擁有 RPO 或當前 RPO 沒有區別。我會說在查看 RPO 之前，我可能會先查看當前的 RPO，因為 RPO 可能會受到持續時間以及合同上的其他因素的影響。但是當前的 RPO 是的，它與過去非常相似。從淨留存率的角度來看，你可以看到它很強勁，比我們規定的範圍高出 123%，我們認為這是 115% 到 120%。本季度我們再次超越它。因此，我們對本季度的結果感到非常滿意。

And I think it really just speaks to the strength in our business, especially on the gross retention, you heard that earlier today in the call. I fundamentally believe that you don't get the right to get an upsell until you do a good job on the gross retention side of the house. So if we deliver success on an everyday basis, that gets us the right to get that upsell. And so we've had great gross retention, and it's been ticking up a little bit as we've gone through the pandemic and exiting the pandemic. So we're really pleased with where things are at currently.

而且我認為這確實說明了我們業務的實力，尤其是在總保留率方面，您在今天早些時候的電話會議中聽到了這一點。我從根本上認為，除非您在房屋的總保留方面做得很好，否則您無權獲得追加銷售。因此，如果我們每天都取得成功，那我們就有權利獲得追加銷售。因此，我們的總留存率很高，隨著我們經歷了大流行並退出大流行，它一直在上升。所以我們對目前的情況感到非常滿意。

Okay. I think we got to everybody's questions. That's great. That's it for today's meeting. If you have any follow-up questions after this, you can e-mail ir@investor@okta.com. And otherwise, we'll see you next quarter. Thank you.

好的。我想我們得到了每個人的問題。那太棒了。今天的會議就是這樣。如果您在此之後有任何後續問題，您可以發送電子郵件至 ir@investor@okta.com。否則，我們下個季度見。謝謝你。

Thanks, everyone. It's nice to see you all.

感謝大家。很高興見到大家。

Thank you, everyone.

謝謝大家。

Thank you.

謝謝你。