Okta Inc (OKTA) 2020 Q1 法說會逐字稿

Good day and welcome to the Okta First Quarter Fiscal Year 2020 Earnings Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Dave Gennarelli, VP, Investor Relations. Please go ahead, sir.

美好的一天，歡迎參加 Okta 2020 財年第一季財報電話會議。今天的會議正在錄製中。這次，我想將會議交給投資人關係副總裁 Dave Gennarelli。請繼續，先生。

Good afternoon and thank you for joining us on today's conference call to discuss the financial results of Okta's first quarter of fiscal '20. With me on today's call are Todd McKinnon, Okta's Co-Founder and Chief Executive Officer; Bill Losch, the company's Chief Financial Officer; and Frederic Kerrest, the company's Co-Founder and Chief Operating Officer.

下午好，感謝您參加今天的電話會議，討論 Okta 20 財年第一季的財務表現。參加今天電話會議的有 Okta 聯合創始人兼執行長 Todd McKinnon； Bill Losch，公司財務長；以及該公司聯合創始人兼首席營運長 Frederic Kerrest。

Today's call will include forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook and market positioning. Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Forward-looking statements 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 its filing with the SEC from time to time, including the section titled Risk Factors in its previously filed Form 10-K.

今天的電話會議將包括根據 1995 年《私人證券訴訟改革法案》安全港條款做出的前瞻性聲明，包括但不限於有關我們的財務前景和市場定位的聲明。前瞻性陳述涉及已知和未知的風險和不確定性，可能導致我們的實際結果、績效或成就與前瞻性陳述明示或暗示的結果、績效或成就有重大差異。前瞻性陳述僅代表我們管理階層截至做出之日的信念和假設。有關可能影響公司財務表現的因素的資訊包含在其不時向 SEC 提交的文件中，包括先前提交的 10-K 表中標題為「風險因素」的部分。

In addition, during today's call, we will discuss non-GAAP financial measures. 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 discussions 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.

此外，在今天的電話會議中，我們將討論非公認會計準則財務指標。這些非公認會計原則財務指標是根據公認會計原則制定的財務績效指標的補充，而不是替代或優於這些指標。我們的收益報告中提供了 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資料中找到更多詳細信息，其中包括趨勢財務報表和我們投資者關係網站上發布的關鍵指標。

On today's call, 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-on-year comparison.

在今天的電話會議上，我們在討論我們的財務表現時將引用一些數字或成長變化。除非另有說明，否則每個此類參考均代表同比比較。

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

現在我想把電話轉給托德·麥金農。托德？

Thanks, Dave, and thanks, everyone, for joining us today. We kicked off fiscal year '20 with another strong quarter. Total revenue grew 50%. Subscription revenue grew 52%. Calculated billings grew 53%. And we generated positive free cash flow of $13 million. We added 450 new customers in the quarter, bringing our total customer account to over 6,550. Once again, we made broad additions across our enterprise customer base with 53% growth in customers with annual contract value greater than $100,000. The sequential addition of 104 of these customers is even more than our seasonally strong Q4.

謝謝戴夫，也謝謝大家今天加入我們。我們以另一個強勁的季度拉開了 20 財年的序幕。總收入成長了 50%。訂閱收入成長 52%。計算出的帳單增加了 53%。我們產生了 1300 萬美元的正自由現金流。本季我們增加了 450 個新客戶，使我們的客戶帳戶總數超過 6,550 個。我們再次廣泛增加了企業客戶群，年度合約價值超過 10 萬美元的客戶成長了 53%。連續增加的 104 家客戶甚至比我們季節性強勁的第四季還要多。

What really excites us about these numbers is that well over half of these additions came from new logos, providing a clear indication that we're experiencing increased traction landing customers at scale in the enterprise market. The market tailwinds contributing to our momentum are the rapid growth of cloud and hybrid IT, digital transformation and security. These continue to strengthen, and identity plays a critical role in each of them. Organizations are turning to Okta because we are uniquely able to address the broadest set of use cases across even the most complex technology environments.

這些數字真正讓我們興奮的是，這些新增內容中有一半以上來自新徽標，這清楚地表明我們在企業市場上大規模吸引客戶的吸引力正在增加。雲端和混合 IT、數位轉型和安全的快速成長是推動我們發展的市場推動力。這些不斷加強，而身份在其中每一個中都起著至關重要的作用。組織正在轉向 Okta，因為我們具有獨特的能力，即使在最複雜的技術環境中也能解決最廣泛的用例。

I'll share a few customer examples from the quarter that highlight our momentum. First, one of the world's largest banks was a significant new workforce identity deal. The company was looking for a cloud identity solution to enhance their security profile and reduce IT friction of managing over 1,200 third-party SaaS and hosted applications. The company selected Okta because it could easily integrate with its current technology landscape, automate onboarding and off-boarding of employees, and help them transition into a hybrid cloud future.

我將分享本季度的一些客戶範例，以凸顯我們的發展勢頭。首先，世界上最大的銀行之一是一項重要的新員工身分交易。該公司正在尋找雲端身分解決方案來增強其安全性並減少管理 1,200 多個第三方 SaaS 和託管應用程式的 IT 摩擦。該公司選擇 Okta 是因為它可以輕鬆地與其當前的技術環境集成，實現員工入職和離職的自動化，並幫助他們過渡到混合雲的未來。

Another new workforce identity win was Takeda, one of the largest pharmaceutical companies in the world. After Takeda merged with Shire, the combined company needed to streamline access to all applications across their global workforce. Okta will provide Takeda's 37,000 employees with that secure, seamless access that team members can collaborate more effectively.

另一個新的員工身分勝利是武田（Takeda），它是世界上最大的製藥公司之一。武田 (Takeda) 與夏爾 (Shire) 合併後，合併後的公司需要簡化全球員工對所有應用程式的存取。Okta 將為武田 (Takeda) 的 37,000 名員工提供安全、無縫的訪問，使團隊成員能夠更有效地合作。

A new customer identity win was with a Fortune 100 global technology company. The company was looking to modernize its IoT marketplace and improve the experience for its reseller partners. The company will implement Okta's customer identity products to provide secure, flexible access to partners when ordering IoT products and services in their IoT marketplace.

一家財富 100 強全球科技公司贏得了新的客戶身分。該公司希望物聯網市場現代化並改善經銷商合作夥伴的體驗。該公司將實施 Okta 的客戶身分產品，以便在合作夥伴在物聯網市場訂購物聯網產品和服務時為合作夥伴提供安全、靈活的存取。

Lastly, eMoney Advisor, a leading provider of financial planning software, serving more than 60,000 financial professionals and 4 million households in the U.S., was a noteworthy customer identity upsell. The company has selected Okta to secure its customers' and partners' sensitive data by providing seamless access to eMoney resources and applications.

最後，eMoney Advisor 是一家領先的財務規劃軟體供應商，為美國 60,000 多名金融專業人士和 400 萬個家庭提供服務，是值得關注的客戶身分追加銷售。該公司選擇 Okta 透過提供對 eMoney 資源和應用程式的無縫存取來保護其客戶和合作夥伴的敏感資料。

What these organizations and many of our other customers have in common is that they are becoming technology companies by necessity. Today, an organization's capacity for technology is what will determine its success. And we've built the Okta Identity Cloud to enable that transition with the speed, scale, security and flexibility that our customers require.

這些組織和我們許多其他客戶的共同點是，他們都必然成為科技公司。如今，一個組織的技術能力將決定其成功。我們建立了 Okta Identity Cloud，以實現客戶所需的速度、規模、安全性和靈活性的過渡。

We are on the forefront of capitalizing on 3 broad technology trends. First, we are the platform to enable cloud adoption and hybrid IT. Organizations are rapidly adopting the cloud. These best-of-breed solutions need to coexist with their existing on-premise applications and infrastructure in a frictionless way. One of their biggest challenges is ensuring that the right people are able to access the right technologies at the right time regardless of where they are located. This is why identity has become so important. But unlike traditional identity solutions, Okta is an independent platform that is purpose-built for diverse environments and enables customers to adopt new technologies in a fraction of the time that it would take with legacy solutions. With Okta, companies like Hitachi are able to replace legacy systems, consolidate access and accelerate technology adoption for more than 300,000 employees across hundreds of business units.

我們處於利用三大技術趨勢的最前線。首先，我們是支援雲端採用和混合 IT 的平台。組織正在迅速採用雲端。這些同類最佳的解決方案需要以無摩擦的方式與現有的本地應用程式和基礎設施共存。他們面臨的最大挑戰之一是確保合適的人能夠在合適的時間獲得合適的技術，無論他們身在何處。這就是為什麼身份變得如此重要。但與傳統身分解決方案不同的是，Okta 是一個獨立平台，專為不同環境而構建，使客戶能夠在比傳統解決方案更短的時間內採用新技術。借助 Okta，日立等公司能夠替換舊系統、整合存取並加速數百個業務部門超過 30 萬名員工的技術採用。

Second, we are the platform to enable digital transformation. Okta is a true platform in the sense that it is extensible, flexible and easy to connect to and build on. Rather than building identity functionality themselves, companies like Allied Financial and Cardinal Health rely on Okta as the identity layer for their customer-facing applications. This enables them to focus their developers on building core functionality so that they can get to market faster while also leveraging the full scale and security of Okta to protect the identities of their millions of customers.

其次，我們是實現數位轉型的平台。Okta 是一個真正的平台，因為它可擴展、靈活且易於連接和建構。Allied Financial 和 Cardinal Health 等公司不是自行建立身分功能，而是依賴 Okta 作為其面向客戶的應用程式的身份層。這使他們能夠讓開發人員專注於建立核心功能，以便更快進入市場，同時利用 Okta 的全面規模和安全性來保護數百萬客戶的身份。

Third, we are the platform to enable Zero Trust security. Mitigating the risk of security breaches is one of the top concerns that CEOs and Boards face, and it has brought a lot of attention to this concept of Zero Trust. Security is now identity-centric and requires organizations to never trust and always verify users who are trying to access resources. For customers like NASDAQ and AECOM, Okta lays the foundation for Zero Trust because of our advanced access management capabilities and real-time threat data that can be used to proactively protect organizations from attacks.

第三，我們是實現零信任安全的平台。降低安全漏洞的風險是執行長和董事會面臨的首要問題之一，它引起了人們對零信任這一概念的廣泛關注。現在，安全性以身分為中心，要求組織永遠不要信任並始終驗證嘗試存取資源的使用者。對於 NASDAQ 和 AECOM 等客戶，Okta 為零信任奠定了基礎，因為我們擁有先進的存取管理功能和即時威脅數據，可用於主動保護組織免受攻擊。

At Oktane last month, I talked about how our strategy is rooted in making our customers successful through our leading products, our growing set of integrations and use cases and the increasingly valuable data that we collect through millions of people using our service every day. As we build more products that leverage these integrations, we unlock more use cases, attract more customers and generate more data that can be used to build better products and make our customers more successful. The result is a powerful network effect that we believe we're uniquely positioned to leverage, and the announcements we made at Oktane are a significant step forward in accelerating every aspect of the strategy.

上個月在Oktane 上，我談到了我們的策略是如何植根於透過我們的領先產品、不斷增長的整合和用例以及我們每天透過數百萬人使用我們的服務收集的越來越有價值的數據來幫助客戶成功。隨著我們建立更多利用這些整合的產品，我們解鎖更多用例，吸引更多客戶並產生更多數據，這些數據可用於建立更好的產品並使我們的客戶更加成功。結果是產生了強大的網路效應，我們相信我們具有獨特的優勢來利用這種效應，我們在 Oktane 上發布的公告是加速該策略各個方面的重要一步。

The first announcement we made, risk-based authentication, shows how we're using data to make our customers more secure. When someone attempts to sign in, Okta analyzes the user's context, including their device, location and network. Based on this data, they are assigned a high, medium or low-risk rating, which automatically determines and enforces an appropriate access decision.

我們發布的第一個公告是基於風險的身份驗證，展示了我們如何使用資料來使我們的客戶更加安全。當有人嘗試登入時，Okta 會分析使用者的上下文，包括他們的裝置、位置和網路。根據這些數據，他們會被分配高、中或低風險評級，從而自動確定並強制執行適當的存取決策。

The second Oktane announcement was Okta Hooks, which makes the Okta platform completely extensible. With Hooks, developers and IT teams can customize authentication or user registration flows to include calls to third-party systems. Hooks can be used to enable things like a deeper level of user verification or more streamlined account creation, enabling us to infinitely extend our integration catalog. As our customers build these integrations, they can be published to the Okta Integration Network for our broader community to leverage, further accelerating the network effect I discussed earlier.

Oktane 的第二個公告是 Okta Hooks，它使 Okta 平台完全可擴展。借助 Hooks，開發人員和 IT 團隊可以自訂身份驗證或使用者註冊流程，以包含對第三方系統的呼叫。掛鉤可用於實現更深層的使用者驗證或更簡化的帳戶建立等功能，使我們能夠無限擴展我們的整合目錄。當我們的客戶建立這些整合時，它們可以發佈到 Okta 整合網絡，供我們更廣泛的社群利用，進一步加速我之前討論的網路效應。

We're also making the core functionality of our platform more customizable to enable our customers to address an unlimited number of use cases. The third announcement out of Oktane was Okta Identity Engine, a set of customizable building blocks for every identity experience. We've essentially made the core functionality of our products consumable, such that our customers can customize their identity experiences in the way that best suits their business.

我們還使我們平台的核心功能更加可自訂，以使我們的客戶能夠解決無限數量的用例。Oktane 發布的第三個產品是 Okta Identity Engine，這是一組適用於每種身分體驗的可自訂構建塊。我們基本上已經將產品的核心功能變成了可消費的，以便我們的客戶可以以最適合其業務的方式自訂他們的身份體驗。

We also announced 2 brand-new products at Oktane. First, Okta Access Gateway enablers seamless access to on-premise applications so that our customers, especially large enterprises, can use Okta for secure access from cloud to ground, across their hybrid environments; and lastly, Okta Advanced Server Access, which is generally available today and already being used by dozens of customers. Advanced Server Access uses continuous authentication and centralized access controls for on-premises, hybrid and cloud servers. Secure access to servers is a critical and underserved use case and we're very encouraged by the positive response this new product has already gotten from our customers.

我們也在 Oktane 上發布了 2 款全新產品。首先，Okta Access Gateway 支援無縫存取本地應用程序，以便我們的客戶，尤其是大型企業，可以使用 Okta 在其混合環境中實現從雲端到地面的安全存取；最後是 Okta Advanced Server Access，現已全面上市，並已被數十家客戶使用。進階伺服器存取對本機、混合和雲端伺服器使用持續身份驗證和集中存取控制。對伺服器的安全存取是一個關鍵且服務不足的用例，我們對這款新產品已經從客戶那裡得到的積極回應感到非常鼓舞。

In other news this quarter, we are very excited that Diya Jolly has joined us as our new Chief Product Officer. Diya brings over 15 years of experience leading product development at some of the largest enterprises in the world and most recently was a VP of Product Management at Google, where she drove large-scale adoption of some of their most critical products. We're thrilled to have her on the Okta team and are looking forward to continued innovation.

在本季度的其他新聞中，我們非常高興 Diya Jolly 加入我們擔任新的首席產品長。Diya 擁有超過 15 年在世界上一些最大的企業領導產品開發的經驗，最近擔任 Google 產品管理副總裁，推動了一些最關鍵產品的大規模採用。我們很高興她加入 Okta 團隊，並期待繼續創新。

In summary, I'm very pleased with how we started fiscal year '20. Momentum continues to be on our side both in terms of the market tailwinds that are powering our business as well as the innovation we're driving. We are seeing great traction on all fronts and remain focused on executing against the large market opportunities in front of us.

總之，我對我們 20 財年的開始方式感到非常滿意。無論是在推動我們業務的市場順風還是我們正在推動的創新方面，我們的勢頭仍然強勁。我們在各個方面都看到了巨大的吸引力，並繼續專注於執行我們面前的巨大市場機會。

Thanks again for your time and I'd now like to turn the call over to Bill to walk through our financial results. Bill?

再次感謝您抽出時間，我現在想將電話轉給比爾，讓他詳細介紹我們的財務表現。帳單？

Thanks, Todd, and thanks again to everyone for joining us. I'll go through our results for the first quarter and then discuss our business outlook for Q2 and the full year.

謝謝托德，再次感謝大家加入我們。我將回顧第一季的業績，然後討論第二季和全年的業務前景。

As Todd mentioned, we maintained a strong momentum we had exiting Q4 and experienced better-than-expected growth in many areas, including revenue, calculated billings and cash flow. Subscription revenue totaled $117 million in the first quarter, an increase of 52%, representing 94% of our total revenue, up from 92% in Q1 last year. Revenue from outside of the U.S. grew 60% and represented approximately 16% of our first quarter revenue compared to 15% in Q1 last year. We continue to view our international business as a long-term growth driver and are investing to expand our international footprint. An example of this is our recent hosted data center expansion in Asia-Pacific and a new office that we opened in Germany, which were both announced this afternoon. Another source of revenue growth is from the momentum of our partner resell channel. While still in its early stages, the partner channel already contributes over 1/4 of our business. These channel partners provide Okta with a global reach and scale that we wouldn't be able to efficiently achieve on our own.

正如托德所提到的，我們保持了第四季度的強勁勢頭，並在許多領域經歷了好於預期的成長，包括收入、計算的帳單和現金流。第一季訂閱營收總計 1.17 億美元，成長 52%，占我們總營收的 94%，高於去年第一季的 92%。來自美國以外地區的營收成長了 60%，約占我們第一季營收的 16%，而去年第一季為 15%。我們繼續將我們的國際業務視為長期成長動力，並正在投資擴大我們的國際業務。這方面的一個例子是我們最近在亞太地區的託管資料中心擴建以及我們在德國開設的新辦事處，這兩個專案均於今天下午宣布。收入成長的另一個來源是我們合作夥伴經銷管道的勢頭。雖然仍處於早期階段，但合作夥伴通路已經貢獻了我們超過 1/4 的業務。這些通路合作夥伴為 Okta 提供了我們自己無法有效實現的全球影響力和規模。

Moving on to billings. Total calculated billings grew 53%, and current calculated billings increased 54% over Q1 last year. The strength in billings continues to be driven by both new and existing customers across enterprise and commercial. Billings also benefited from strong bookings within the quarter and a particularly strong third month. The strong close relates to a combination of factors, including the momentum of our business and some beneficial invoice timing.

繼續討論比林斯。總計算帳單增加了 53%，目前計算帳單比去年第一季增加了 54%。企業和商業領域的新客戶和現有客戶繼續推動帳單的成長。比林斯還受益於本季度的強勁預訂以及第三個月的強勁預訂。強勁的收盤與多種因素有關，包括我們業務的勢頭和一些有利的發票時機。

That's a good segue for me to provide color on remaining performance obligation, or RPO, for the first time. It's likely that you've heard other software companies reference RPO or backlog, which for us is contracted subscription revenues, both billed and unbilled that have not yet been recognized. We've been reporting RPO in our quarterly SEC filings since Q1 of last year as part of the adoption of ASC 606. We report both current RPO, which will be recognized as subscription revenue over the next 12 months, and total RPO. Total RPO at the end of Q1 was $792 million and we expect to recognize $416 million or 53% of that over the next 12 months. Growth in total RPO was 59% and current RPO grew 49%.

這對我來說是一個很好的延續，第一次為剩餘履約義務（RPO）提供了色彩。您可能聽說過其他軟體公司提到 RPO 或積壓工作，這對我們來說是合約訂閱收入，包括尚未確認的已開票和未開票收入。自去年第一季以來，作為採用 ASC 606 的一部分，我們一直在向 SEC 提交的季度文件中報告 RPO。我們報告目前的 RPO（將在未來 12 個月內確認為訂閱收入）和總 RPO。第一季末的 RPO 總額為 7.92 億美元，我們預計在未來 12 個月內確認 4.16 億美元，即其中的 53%。總 RPO 成長了 59%，目前 RPO 成長了 49%。

We only have 5 quarters of history with this metric and as such, RPO should be viewed as simply an additional metric to gauge our performance in the quarter. Year-over-year growth in current RPO is the more meaningful metric when also viewing subscription revenue or billings growth. Billings can sustain variability caused by changes in invoice duration and invoice timing, while RPO can reduce some of the variability seen in billings because it eliminates variances in these invoice dynamics. However, RPO can be influenced by factors such as contract duration and renewal cycles. There will be some quarters where growth in calculated billings outpaces growth in current RPO, like we just experienced in Q1 and vice versa depending on the influencing factors I noted.

我們只有 5 個季度的歷史記錄，因此，RPO 應被視為衡量我們本季績效的一個附加指標。在查看訂閱收入或帳單成長時，當前 RPO 的同比成長是更有意義的指標。帳單可以維持由發票期限和發票時間變化引起的變化，而 RPO 可以減少帳單中出現的一些變化，因為它消除了這些發票動態的變化。但是，RPO 可能會受到合約期限和續約週期等因素的影響。在某些季度，計算出的帳單的成長將超過當前 RPO 的成長，就像我們在第一季經歷的那樣，反之亦然，具體取決於我注意到的影響因素。

Turning to retention. Our dollar-based net retention rate for the trailing 12-month period remains strong at 119%. This represents a 1 point sequential decrease and is a natural reflection of the larger initial deals we're achieving with enterprise customers, as evidenced by the 53% growth in customers with over $100,000 in annual contract value that Todd mentioned. So as we increasingly target large enterprise customers and initial deal size continues to grow, we believe our dollar-based net retention rate will remain very healthy and may fluctuate a bit from quarter to quarter.

轉向保留。我們過去 12 個月期間以美元計算的淨保留率仍保持在 119% 的強勁水準。這代表環比下降 1 個百分點，自然反映了我們與企業客戶達成的較大初始交易，托德提到的年度合約價值超過 10 萬美元的客戶成長了 53% 就證明了這一點。因此，隨著我們越來越多地瞄準大型企業客戶並且初始交易規模持續增長，我們相信我們以美元為基礎的淨保留率將保持非常健康，並且可能會在每個季度略有波動。

Turning to gross margin. Subscription gross margin continues to be strong at 81.8%, up 110 basis points versus the first quarter last year. Total gross margin was 75.7% in the first quarter, up 160 basis points. Gross profit grew 53%.

轉向毛利率。訂閱毛利率持續保持強勁，達到 81.8%，比去年第一季上升 110 個基點。第一季總毛利率為75.7%，上升160個基點。毛利成長53%。

Now looking at operating expenses. Total operating expenses for Q1 grew 68%. The increase is primarily driven by sales and marketing investments as we look to capture more of our large addressable market, win more of the world's largest organizations and expand geographically. Importantly, we also moved the timing of Oktane from Q2 last year to Q1 this year. The overall expense growth reflects what we talked to you about last quarter and the commitment we've made to investing in our strategic priorities, which include driving business with the world's largest organization, strengthening the network effects of our platform, the Okta Integration Network, expanding our presence with customer identity, and investments in security with the Okta Identity Cloud. As usual, the biggest component to the spend increase is related to scaling headcount to support the strategic initiatives. We've been successful in attracting and retaining great talent, and total head count grew 40% to 1,770.

現在來看看營運費用。第一季總營運支出成長 68%。這一成長主要是由銷售和行銷投資推動的，因為我們希望佔領更多的大型潛在市場，贏得更多的全球最大組織並擴大地理範圍。重要的是，我們也將 Oktane 的時間從去年的第二季移至今年的第一季。整體費用成長反映了我們上季與您討論的內容以及我們對投資策略重點的承諾，其中包括推動與世界上最大的組織的業務，加強我們平台 Okta 整合網路的網路效應，透過客戶身分擴大我們的影響力，並透過Okta Identity Cloud 進行安全投資。與往常一樣，支出增加的最大組成部分與擴大員工人數以支持策略性舉措有關。我們成功地吸引和留住了優秀人才，員工總數增加了 40%，達到 1,770 人。

We continue to invest in our business as we scale for durable growth. Operating loss in the first quarter was $25 million, a margin of negative 20% compared to negative 13% in the same period last year and reflects the increased investments I just noted. Keep in mind that Q1 each year experiences operating margin seasonality due to the reset of payroll taxes, expenses related to our annual worldwide sales kickoff event and, as I said, the shift in Oktane timing to Q1 this year.

隨著我們規模的持續成長，我們將繼續投資我們的業務。第一季的營運虧損為 2,500 萬美元，利潤率為負 20%，而去年同期為負 13%，這反映了我剛才提到的投資增加。請記住，由於工資稅的重置、與我們的年度全球銷售啟動活動相關的費用，以及正如我所說的，今年第一季Oktane 時間的轉變，每年第一季都會經歷營業利潤季節性變化。

Net loss per share in Q1 was $0.19 with 113 million basic shares outstanding. This compares to a net loss per share in Q1 last year of $0.09 with 104 million basic shares outstanding at the time.

第一季每股淨虧損為 0.19 美元，已發行基本股為 1.13 億股。相比之下，去年第一季每股淨虧損為 0.09 美元，當時已發行基本股為 1.04 億股。

Our top line performance and seasonally strong cash collections drove our solid cash flow performance. Operating cash flow was $21 million in Q1. Operating cash flow margin was 17% compared to 5% in Q1 last year. Free cash flow was $13 million, positive for the third quarter in a row. Free cash flow margin was positive 11% compared to negative 2% for Q1 last year. We remain encouraged by these results and expect to see continued variability in cash flow margins due to ongoing fluctuations in working capital, the growth in enterprise business and seasonal factors.

我們的營收業績和季節性強勁的現金回款推動了我們穩健的現金流表現。第一季營運現金流為 2,100 萬美元。營運現金流利潤率為 17%，而去年第一季為 5%。自由現金流為 1,300 萬美元，連續第三季為正。自由現金流利潤率為正 11%，而去年第一季為負 2%。我們仍然對這些結果感到鼓舞，並預期由於營運資本的持續波動、企業業務的成長和季節性因素，現金流量利潤率將持續波動。

We ended the first quarter with $547 million in cash, cash equivalents and short-term investments.

第一季結束時，我們擁有 5.47 億美元的現金、現金等價物和短期投資。

During the quarter, we adopted the new lease accounting standard, ASC 842, to reflect our operating leases on the balance sheet, resulting in a new operating right-of-use assets and liabilities line items. We have recast our prior year balance sheets to reflect the adoption. This has no impact on our current and prior period income statements or cash flows.

本季度，我們採用了新的租賃會計準則 ASC 842，以在資產負債表上反映我們的經營租賃，從而產生了新的經營使用權資產和負債行項目。我們重新調整了上一年度的資產負債表以反映這一採用。這對我們當期和前期的損益表或現金流量沒有影響。

Moving on to our business outlook. We remain optimistic about the current demand environment. And based on our strong first quarter results, we are raising our full year outlook. For the second quarter, we expect total revenue of $130 million to $131 million, representing a growth rate of 37% to 38%; non-GAAP operating loss of $14.9 million to $13.9 million; non-GAAP net loss per share of $0.11 to $0.10, assuming shares outstanding of approximately 115 million. For the full fiscal '20, we are raising our guidance and now expect total revenue of $543 million to $548 million, representing a growth rate of 36% to 37%; non-GAAP operating loss of $67 million to $62 million; non-GAAP net loss per share of $0.49 to $0.45, assuming shares outstanding of approximately 116 million.

繼續我們的業務前景。我們對當前的需求環境保持樂觀。基於我們強勁的第一季業績，我們上調了全年預期。我們預計第二季總營收為1.3億美元至1.31億美元，成長率為37%至38%；非公認會計準則營業虧損為 1,490 萬美元至 1,390 萬美元；假設已發行股數約為 1.15 億股，非 GAAP 每股淨虧損為 0.11 至 0.10 美元。對於整個 20 財年，我們正在提高指導，目前預計總收入為 5.43 億美元至 5.48 億美元，成長率為 36% 至 37%；非公認會計準則營業虧損為 6,700 萬美元至 6,200 萬美元；假設已發行股數約為 1.16 億股，則非 GAAP 每股淨虧損為 0.49 至 0.45 美元。

In summary, we had a strong quarter and a great start to the new fiscal year. The overarching trends that are propelling our business remain in place and we believe we are still in the early stages of this tremendous market opportunity. As such, we are making the appropriate investments to innovate our platform, fuel growth, further enhance our competitive positioning and capitalize on the tremendous market opportunity.

總而言之，我們度過了一個強勁的季度，並為新財年開了個好頭。推動我們業務的整體趨勢仍然存在，我們相信我們仍處於這一巨大市場機會的早期階段。因此，我們正在進行適當的投資來創新我們的平台，促進成長，進一步增強我們的競爭地位並利用巨大的市場機會。

With that, Todd, Frederic and I will take your questions. Operator?

接下來，托德、弗雷德里克和我將回答你們的問題。操作員？

(Operator Instructions) We'll take our first question from Rob Owens with KeyBanc Capital Markets.

（操作員說明）我們將回答 KeyBanc Capital Markets 的 Rob Owens 提出的第一個問題。

As you're seeing this increased traction with enterprise accounts and the move upmarket, I guess, with customer acquisition, is that coming vis-à-vis the channel? Or is that coming more so direct at this point? And as channel contribution ramps, do you think that will be across market, mid-market? Maybe just give us some flavor there?

當您看到企業帳戶的吸引力增加以及向高端市場轉移時，我想，隨著客戶的獲取，這是否會出現在管道方面？或者說現在變得更直接了？隨著通路貢獻的增加，您認為這會遍及整個市場、中階市場嗎？也許只是給我們一些味道？

Yes, it's a good question. I would say that the things you mentioned are all factors but I would back up a second. I would say what's really going on across the business is everyone's companies, large and small, every industry is figuring out how they can do more with the cloud, how they can transform digitally and then how they can do that all securely. So these are secular -- big secular trends we've talked a lot about before but you're seeing it, particularly with larger enterprises, really contribute to our momentum there.

是的，這是一個好問題。我想說你提到的都是因素，但我想再說一次。我想說的是，整個企業真正發生的事情是每個人的公司，無論大小，每個行業都在研究如何利用雲端做更多事情，如何進行數位轉型，以及如何安全地完成這一切。因此，這些都是長期的——我們之前已經討論過很多大的長期趨勢，但你會看到，特別是對於大型企業來說，它們確實為我們的發展勢頭做出了貢獻。

So when you talk about a large enterprise, the channel is a factor. From the systems integrators that are helping those companies figure out how to do those things, adopt the cloud, transform digitally and do it securely, whether it's in certain parts of the markets they want to buy through a reseller channel, especially internationally, it's like a reseller channel contribution. And not only are enterprises in every company wanting to capitalize on these macro trends but the channel partners themselves are. They see big opportunities helping companies adopt the cloud and so forth. And so it's a pretty positive combination across the board for us.

所以當你談論一個大企業時，通路是一個因素。從幫助這些公司弄清楚如何做這些事情、採用雲端、進行數位轉型並安全地進行這些事情的系統整合商那裡，無論是在他們想要透過經銷商通路購買的市場的某些部分，尤其是國際市場，這就像經銷商通路貢獻。不僅每家公司的企業都希望利用這些宏觀趨勢，通路夥伴本身也希望利用這些宏觀趨勢。他們看到了幫助公司採用雲端等的巨大機會。因此，這對我們來說是一個非常積極的組合。

Great. And as a housekeeping follow-up, Bill, do you have a fully diluted share count for us?

偉大的。作為內務跟進人員，比爾，您是否為我們提供了完全稀釋的股票數量？

Yes, Rob. The fully diluted share count that I would use is 136 million.

是的，羅布。我將使用的完全稀釋後的股票數量是 1.36 億股。

And we'll take our next question from Heather Bellini with Goldman Sachs.

我們將回答高盛希瑟貝利尼 (Heather Bellini) 提出的下一個問題。

Two questions. The first is maybe if you could talk to us a little bit about how the message of Identity Cloud is resonating and how this might be impacting the size of initial lands. And the second question is just if you look at the increase in customers greater than $100,000, you actually added more in Q1 than you added in Q4 and it was almost double the amount from a year ago. Can you share with us kind of what's driving that incredible momentum?

兩個問題。第一個是您是否可以與我們談談 Identity Cloud 的訊息如何引起共鳴以及這可能如何影響初始土地的大小。第二個問題是，如果您查看超過 100,000 美元的客戶增量，您實際上在第一季度添加的金額比第四季度添加的金額還要多，而且幾乎是一年前的兩倍。您能否與我們分享一下是什麼推動了這種令人難以置信的勢頭？

The -- so the Identity Cloud -- the question first about the Identity Cloud and how it's resonating. It's pretty interesting, Heather. When we started selling the Identity Cloud 7 years ago, 8 years ago, it was a pretty new idea, right? This concept that there was going to be enough of your infrastructure, enough of your application stack that was going to be delivered from the cloud, that it would make sense to have your security and your identity and your access control and your access management also delivered from the cloud. And over the past 8 years, 7 years, that has dramatically shifted to where now it's -- in many cases, especially in the larger enterprises, they understand that and they are coming to us looking for that versus us trying to position that as the way forward, which is very powerful.

身份雲首先是關於身份雲及其如何引起共鳴的問題。這很有趣，希瑟。當我們七年前、八年前開始銷售 Identity Cloud 時，這是一個相當新的想法，對吧？這個概念是，將有足夠的基礎設施、足夠的應用程式堆疊將從雲端交付，並且交付您的安全性、身分、存取控制和存取管理是有意義的來自雲端。在過去的8 年、7 年裡，這種情況已經發生了巨大的轉變——在許多情況下，特別是在大型企業中，他們了解這一點，並且他們來找我們尋找這一點，而不是我們試圖將其定位為前進的道路，這是非常強大的。

And as you talked about the impressive results, it's as much about these macro trends and how that positions the Identity Cloud in the context of these trends than it is about anything. There's of course a lot of just bigger companies are having success with Okta. So they -- companies see that success and realize they can have this success, too. So there are some people wanting to imitate or emulate their peers and so forth. That's driving success there.

當您談到令人印象深刻的結果時，更多的是關於這些宏觀趨勢以及如何在這些趨勢的背景下定位身份雲，而不是任何事情。當然，有許多規模更大的公司都在 Okta 的幫助下取得了成功。因此，他們——公司看到了這種成功，並意識到他們也可以取得這種成功。所以有些人想要模仿或效法他們的同儕等等。這推動了那裡的成功。

But I'd say more than anything, it's the fact that these enterprises have enough cloud, they want to do more with the cloud, they want to do it in a way that drives not only their cost and their internal efficiency but moves their business forward as a digital technology company themselves. And then finally, they do it securely and they're seeing -- and the message of Identity Cloud is the key to do that is resonating. So it's a powerful combination and it's driving our results.

但我想說最重要的是，這些企業擁有足夠的雲，他們希望利用雲端做更多事情，他們希望以一種不僅能提高成本和內部效率，還能推動業務發展的方式來做這件事。作為一家數位技術公司本身前進。最後，他們安全地做到了這一點，他們看到了——Identity Cloud 所傳達的訊息是做到這一點的關鍵，並引起了共鳴。所以這是一個強大的組合，它推動了我們的成果。

And Heather, I would just add -- this is Frederic. I would just add to that, that you have to keep in mind, it's still very, very early in the business. I mean the opportunities ahead of us in these markets are large. And I think when you start to see things, like last quarter, we talked about some large federal opportunities where they're starting to come to us with the State Department. This quarter, we have one of the world's largest banks that is now adopting the Okta Identity Cloud for workforce because they're moving to hybrid. When you start to see these large markets that are typically not the first early adopters to modern technology, that's where it starts to get exciting, and I think that times ahead are going to be very interesting as more and more of these large organizations realize the opportunities and the power of the cloud.

希瑟，我想補充一下──這是弗雷德里克。我想補充一點，你必須記住，這個產業還處於非常非常早期的階段。我的意思是，我們在這些市場上面臨著巨大的機會。我認為，當你開始看到事情時，就像上個季度一樣，我們討論了一些大型聯邦機會，他們開始與國務院一起向我們提供。本季度，全球最大的銀行之一正在為員工採用 Okta Identity Cloud，因為他們正在轉向混合。當你開始看到這些大型市場通常不是現代科技的第一批早期採用者時，這就是它開始變得令人興奮的地方，我認為未來的時代將會非常有趣，因為越來越多的大型組織意識到機會和雲端的力量。

Great. And any comment just on the fact that you were able to increase your net adds above. You usually don't see Q1 better than Q4. I mean is there -- like is there anything that you think just (inaudible)

偉大的。任何關於您能夠增加上述淨增加這一事實的評論。您通常不會看到 Q1 比 Q4 更好。我的意思是有沒有──例如有什麼你認為只是（聽不清楚）的東西

We were -- we've been -- yes, it's a good question. By the way, we're very happy with it. But if you look at the root causes, I would say we've been working on it for -- it's not a new thing for us, focusing on larger enterprises. And it's the customer success. It's the market trends fueling the growth. I wouldn't say it's any particular tactic or a specific thing we did. It's just kind of a lot of good execution coming together.

我們曾經——我們一直——是的，這是一個很好的問題。順便說一句，我們對此非常滿意。但如果你看看根本原因，我會說我們一直在努力——這對我們來說並不是什麼新鮮事，專注於大型企業。這就是客戶的成功。這是推動成長的市場趨勢。我不會說這是我們所做的任何特定策略或特定事情。這只是很多良好執行力的結合。

And I would just add that keep in mind, we're an organic software development company. So we're going to keep building products. We rev the product and come out with new releases all the time. That's more and more use cases that we can solve. That's more and more opportunities for people to take different components of the platform and address them. So you just start to see more and more organizations who can find different ways of leveraging the Okta Identity Cloud to move their businesses forward.

我想補充一點，請記住，我們是一家有機軟體開發公司。所以我們將繼續開發產品。我們不斷改進產品並推出新版本。我們可以解決越來越多的用例。這為人們提供了越來越多的機會來利用平台的不同組件並解決這些問題。因此，您開始看到越來越多的組織能夠找到利用 Okta Identity Cloud 的不同方法來推動其業務發展。

And we'll take our next question from Jonathan Ho with William Blair.

我們將回答 Jonathan Ho 和 William Blair 提出的下一個問題。

Congratulations on the strong results. I just wanted to start out with one of the large announcements you made around Major League Baseball. Could you maybe give us a sense of how that additional revenue uplift -- what it sort of looks like and how these external use case opportunities can maybe add up over time?

祝賀取得了優異的成績。我只想從您圍繞美國職棒大聯盟發布的一項重大公告開始。您能否讓我們了解額外收入如何提升——它是什麼樣的，以及這些外部用例機會如何隨著時間的推移而增加？

Yes. So we're happy to talk about that. So as you mentioned, Major League Baseball has actually been a customer of ours for some time. They used it first internally at headquarters. And then more and more of the teams, the Major League teams started adopting the Okta Identity Cloud for their employees and their teams, so pretty small deployments. What they then realized was that as they were trying to modernize MLB and MLB.com, what you see is more and more digital access and the importance of bringing in younger customers and folks who are really digitally native. They realized they had to upgrade the entire infrastructure, and that was the opportunity there. So now -- and we managed to do it very quickly for them. We got it up and running for opening day, which they were thrilled about. And so MLB.com, whether you were streaming any of the games or getting any of the updates live for the millions and millions of customers for MLB.com, they were all running on Okta.

是的。所以我們很高興談論這個。正如您所提到的，美國職棒大聯盟實際上已經成為我們的客戶一段時間了。他們首先在總部內部使用它。然後越來越多的球隊，美國職棒大聯盟球隊開始為其員工和團隊採用 Okta Identity Cloud，因此部署規模相當小。然後他們意識到，當他們試圖實現 MLB 和 MLB.com 的現代化時，你會看到越來越多的數位訪問以及引入年輕客戶和真正數位原生代的人們的重要性。他們意識到必須升級整個基礎設施，這就是機會。所以現在——我們設法很快地為他們做到了。我們在開業當天就啟動並運行了，他們對此感到非常興奮。因此，MLB.com，無論您是串流媒體播放任何比賽還是為 MLB.com 的數以百萬計的客戶實時獲取任何更新，它們都在 Okta 上運行。

Now you asked about -- we're very, very happy with that deployment. It worked out very well. So we're very thrilled of that. You asked also about the uplift and kind of the economics behind that. Obviously, there's 2 main components to the business: Workforce identity management, which is priced per user; and then customer identity and access management, which is priced per authentication. So they obviously consume a certain number of authentications for all that access. And so it's really right in line with the way as customers become more successful with customer identity and access management, we kind of share in that as they go up on a market and these products become more and more successful.

現在你問了——我們對這次部署非常非常滿意。效果非常好。所以我們對此感到非常興奮。您還詢問了背後的經濟提升和類型。顯然，該業務有兩個主要組成部分：勞動力身分管理，按用戶定價；然後是客戶身份和存取管理，按身份驗證定價。因此，他們顯然會為所有訪問消耗一定數量的身份驗證。因此，這確實符合客戶在客戶身分和存取管理方面變得更加成功的方式，當他們進入市場並且這些產品變得越來越成功時，我們會分享這一點。

Yes. I was just listening to Freddy explain that. One thing that popped into my mind is that as the product and platform have gotten more powerful both on the workforce side and on the customer identity side, we're seeing that it's a benefit of they're interested in us -- companies are interested in us because we can do more use cases for them. But also, the initial deals get bigger because they start looking at us for one part of the platform and end up buying initially even many parts of the platform. A good example of this is we've had a stand-alone multi-factor authentication product for a number of years, and what we've seen increasingly happen is people evaluate us just for multi-factor authentication and they see the benefits of having that tightly integrated to the whole identity platform and they end up buying more than multi-factor authentication upfront. So it makes that initial deal bigger, which I think is very positive for the business.

是的。我只是在聽弗雷迪解釋。我突然想到的一件事是，隨著產品和平台在勞動力方面和客戶身份方面變得更加強大，我們看到這是他們對我們感興趣的好處 - 公司感興趣因為我們可以為它們做更多的用例。而且，最初的交易規模會變得更大，因為他們開始向我們尋求平台的一部分，最終甚至最初購買了平台的許多部分。一個很好的例子是，我們多年來一直擁有獨立的多因素身份驗證產品，並且我們看到越來越多的情況是，人們只是針對多因素身份驗證來評估我們，他們看到了擁有該產品的好處與整個身份平台緊密整合，他們最終不僅僅是預先購買多因素身份驗證。因此，這使得最初的交易規模更大，我認為這對業務非常積極。

Got it. Got it. And then can you maybe give us a sense as well when you talk about Zero Trust, how are customers sort of looking at this as an opportunity to increase their security? How does ScaleFT fit in with this? And again, what does this look like from an economic perspective in terms of the Zero Trust side?

知道了。知道了。然後，當您談論零信任時，您能否也給我們一個感覺，客戶如何將其視為提高安全性的機會？ScaleFT 如何適應這一點？再說一次，從零信任的經濟角度來看，這是什麼樣的？

Zero Trust is a big trend and it's pretty broadly defined. Basically, it means a world where you don't have a separate network inside your firewall that is secure and trusted and it's separate outside that's not trusted. You just kind of flatten the whole thing and you treat everything as untrusted. And the advantage of that is it allows you to give your users much more free access, so much more flexibility. They can -- whether they're in the office or outside the office or in the data center, outside the data center, they can access in the same way. And the powerful thing for Okta is to do that, you can't rely on a network perimeter. You have to rely on identity. And you have to have an identity system that knows who should access the resource, what time, from what device. You have to have an identity system to get that right and it's what's -- as companies try to be more secure, try to have this more flexible Zero Trust environment, they need identity, and it's really a fortuitous position for us to be in.

零信任是一個大趨勢，而且定義相當廣泛。基本上，這意味著您的防火牆內部沒有安全且可信任的獨立網絡，而外部的網路則不受信任。你只是把整件事情扁平化，把一切都視為不可信的。這樣做的好處是它允許您為用戶提供更多的免費訪問權限和更大的靈活性。他們可以——無論他們在辦公室內還是在辦公室外，或者在資料中心內、資料中心外，他們都可以以相同的方式進行存取。Okta 的強大之處在於做到這一點，您不能依賴網路邊界。你必須依賴身分。而且您必須擁有一個身份系統，該系統知道誰應該在何時、從什麼設備存取資源。你必須有一個身份系統才能做到這一點，這就是——隨著公司試圖變得更加安全，嘗試擁有這種更靈活的零信任環境，他們需要身份，這對我們來說確實是一個偶然的位置。

ScaleFT, as you mentioned, is pretty interesting. So when we bought the technology, the company ScaleFT, originally, we bought it because they had some key technology that would help us do continuous authentication in the Zero Trust world. So we know a lot about the device and we could do really strong authentication no matter where you were, where we just look at the device and be able to identify it uniquely. And then as we got into it, what we found is that the product they had, which was Advanced Server -- or eventually became Advanced Server Access, was a hit product just on its own. So forget about just the base-enabling technology. Advanced Server Access had the makings of a hit product and that's what we've seen. We announced general availability of the fully integrated Okta product, Advanced Server Access, at Oktane and that product continues to exceed our expectations and we've had to up the forecast of that product since we started initially selling it near the end of last year.

正如您所提到的，ScaleFT 非常有趣。因此，當我們購買 ScaleFT 公司的技術時，最初我們購買它是因為他們擁有一些關鍵技術，可以幫助我們在零信任世界中進行持續身份驗證。因此，我們對設備了解很多，無論您身在何處，我們都可以進行真正強大的身份驗證，我們只需查看設備並能夠唯一地識別它。然後當我們深入研究時，我們發現他們擁有的產品，即 Advanced Server（或最終成為 Advanced Server Access），本身就是一款熱門產品。因此，忘掉基地支援技術吧。Advanced Server Access 具備成為熱門產品的條件，這就是我們所看到的。我們宣布完全整合的 Okta 產品 Advanced Server Access 在 Oktane 全面上市，該產品繼續超出我們的預期，自從去年年底開始銷售該產品以來，我們不得不提高對該產品的預測。

So it's been very helpful both ways. And I think also, that story kind of informs our overall approach to M&A. Largely, we think about organic. We're an organic product company. We build our own technology, but where there's customer demand or where we see the ability to add technology in key markets or kind of take advantage of key trends, we're open and looking and flexible for that and we see, like an example, ScaleFT, it's worked out very well.

所以這兩方面都非常有幫助。我還認為，這個故事在某種程度上影響了我們併購的整體方法。在很大程度上，我們考慮的是有機的。我們是一家有機產品公司。我們建立自己的技術，但只要有客戶需求，或者我們看到有能力在關鍵市場添加技術或利用關鍵趨勢，我們就會對此保持開放、開放和靈活的態度，我們看到，就像一個例子， ScaleFT，效果非常好。

And we'll take our next question from Gray Powell with Deutsche Bank.

我們將回答德意志銀行格雷鮑威爾的下一個問題。

Congratulations on the strong results. So maybe can you help us think about the launch of your -- or the upcoming launch of your Access Gateway product and the potential to support more on-premise applications? Is that something that should move the needle with larger enterprise accounts? And then just how are you thinking of that product impacting deal sizes?

祝賀取得了優異的成績。那麼，也許您可以幫助我們考慮您的或即將推出的 Access Gateway 產品以及支援更多本機應用程式的潛力嗎？這是否會對大型企業帳戶產生推動作用？那麼您如何看待該產品對交易規模的影響？

Yes, absolutely. Happy to talk about that. So Okta Access Gateway, as you mentioned, is another one of the exciting announcements that we made at Oktane. We are -- it is live in the wild with a first set of customers right now and we're very excited about this product because as we had a question earlier about the growth in larger organizations adopting the Okta Identity Cloud, those large organizations, it is very early innings for them in terms of thinking about how they're going to deploy more and more cloud technology. And the reality of it is, enterprise IT, they don't throw anything away. They kind of glue new things on the front.

是的，一點沒錯。很高興談論這個。正如您所提到的，Okta Access Gateway 是我們在 Oktane 上發布的另一個令人興奮的公告。我們現在正在與第一批客戶一起使用，我們對這個產品感到非常興奮，因為我們之前有一個關於採用 Okta Identity Cloud 的大型組織的增長的問題，這些大型組織，對於他們來說，考慮如何部署越來越多的雲端技術還處於早期階段。現實情況是，企業 IT 不會丟棄任何東西。他們把新東西黏在前面。

And so these large organizations are thinking about how they can take advantage of the investments they've made today but still take advantage of all the modern aspects of the cloud. And a key factor for that is why they think about hybrid cloud, which is how they can leverage the new cloud technology but also leverage their on-premise infrastructure. The Okta Access Gateway gives a lot of these large organizations a very simple, easy, powerful way to connect their on-premise applications that do things called header-based authentication and integrate them with the Okta Identity Cloud. So they'll still have all the capabilities and capacities of the Okta Identity Cloud for their deployments but they can now very powerfully plug in their on-premise infrastructure. Traditionally, they've used products from companies like CA and others to do this kind of technology, but they want a modern way of moving forward and that's what Okta Access Gateway allows them to do.

因此，這些大型組織正在考慮如何利用他們今天所做的投資，同時仍然利用雲端的所有現代方面。其中一個關鍵因素是他們考慮混合雲端的原因，這就是他們如何利用新的雲端技術，同時也利用其本地基礎設施。Okta Access Gateway 為許多大型組織提供了一種非常簡單、輕鬆、強大的方式來連接其本地應用程序，這些應用程式執行基於標頭的身份驗證並將其與 Okta Identity Cloud 整合。因此，他們仍將擁有 Okta Identity Cloud 的所有功能和容量來進行部署，但現在可以非常強大地插入其本地基礎設施。傳統上，他們使用 CA 等公司的產品來實現此類技術，但他們想要一種現代化的前進方式，而這正是 Okta Access Gateway 允許他們做的。

In terms of the second part of your question, Gray, around the revenue from it, there will be revenue from it. But that's not really the main driver here. The main driver is helping these large organizations find more and easier ways to get going with the cloud and to adopt the Okta Identity Cloud. We're really looking to make sure that this first set of enterprise customers over the next quarter or 2 is happily deployed, very successful, understands how it all works. And we think that that's a trend that's going to be very powerful in the times ahead.

就你問題的第二部分而言，格雷，關於它的收入，將會有收入。但這並不是真正的主要驅動力。主要驅動力是幫助這些大型組織找到更多、更簡單的方法來使用雲端並採用 Okta Identity Cloud。我們確實希望確保第一批企業客戶在下一個或兩個季度能夠愉快地部署、非常成功、了解這一切是如何運作的。我們認為，這種趨勢在未來的時代將會非常強大。

We will take our next question from Sterling Auty with JPMorgan.

我們將接受摩根大通的 Sterling Auty 提出的下一個問題。

I wanted to circle back to the line of question that Rob Owens started. We are getting a growing number of questions from investors just understanding the source of the growth, talked a lot about the large enterprise. So maybe I'll ask the question this way. How would you stratify your revenue in terms of what percentage of the revenue is now coming from large enterprise versus midsized enterprise versus even SMB?

我想回到羅布歐文斯提出的問題。我們從投資者那裡收到越來越多的問題，只是了解成長的來源，談論了很多關於大型企業的問題。所以也許我會這樣問這個問題。您將如何根據目前來自大型企業、中型企業甚至中小企業的收入百分比來分層您的收入？

We don't break it out like that. But I would say that we have -- if you look at our internal plans and our internal strategies, we've made success with the large enterprise but we still -- it's a big market and we're still -- we still have a lot of potential there. And if you look at how we're investing and how we're focusing, it's commensurate with that. So I would give that color or clarification. A lot of our -- we're still we doing very well in the mid-market or even the commercial market. So I would say it's balanced and large enterprise is successful, but we've kind of talked about it in a few different ways on the call. The potential is massive, especially in large enterprise, and we're kind of focusing over the long term to really capitalize on that.

我們不會這樣分解它。但我想說的是，如果你看看我們的內部計劃和內部策略，我們已經在大型企業中取得了成功，但我們仍然——這是一個很大的市場，我們仍然——我們仍然有一個那裡有很大的潛力。如果你看看我們的投資方式和重點，你會發現這是與之相稱的。所以我會給出這種顏色或澄清。我們的許多業務仍然在中端市場甚至商業市場做得很好。所以我想說這是平衡的，大型企業是成功的，但我們在電話會議上以幾種不同的方式討論了這一點。潛力是巨大的，尤其是在大型企業中，我們著眼於長期發展，以真正利用這一潛力。

All right. Sounds good. And then Bill, maybe one for you. You talked about the hiring. How should we think about the pace of hiring through the year? Are you front-loading more of the hiring? Or should we expect the onboarding of new headcount to be equal through the year?

好的。聽起來不錯。然後比爾，也許適合你。你談到了招募。我們該如何看待全年的招募速度？您是否會提前進行更多招聘？或者我們應該預期全年新員工的入職人數相等？

Yes. Thanks. As we talked about, this year, we are focused on investing in the strategic areas that we talked about last quarter and that we talked about at Oktane. And we're going to continue to focus on investing, both in customer-facing headcount and R&D because we think there's just tremendous opportunities for us. And we're going to continue to hire aggressively. The headcount growth that we had in the first quarter was 40%. I think you should expect that as we get into the second half of the year, that growth is actually going to accelerate because we feel -- like I said, there are very strong strategic opportunities we want to capitalize on and we are having strong success attracting and retaining talent and we want to continue that. And we're going to continue to make those kind of prudent investments as we try to capitalize on what we think is this huge market opportunity and maximize growth.

是的。謝謝。正如我們所說，今年我們的重點是投資上個季度和 Oktane 討論過的策略領域。我們將繼續專注於面向客戶的員工隊伍和研發方面的投資，因為我們認為這對我們來說有巨大的機會。我們將繼續積極招募。第一季我們的員工人數增加了 40%。我認為你應該預料到，當我們進入下半年時，這種成長實際上會加速，因為我們感覺——就像我說的那樣，我們想要利用非常強大的戰略機會，並且我們正在取得巨大的成功吸引和留住人才，我們希望繼續這樣做。我們將繼續進行此類審慎投資，努力利用我們認為的巨大市場機會並將成長最大化。

And moving on, we'll take our next question from Melissa Franchi with Morgan Stanley.

接下來，我們將回答摩根士丹利梅麗莎·弗蘭奇 (Melissa Franchi) 提出的下一個問題。

This is Hamza Fodderwala on for Melissa. Just a couple of quick ones from me. I just wanted to see if you could share any color on your traction outside of MFA and SSO particularly with lifecycle management? And then as a follow-up for Bill, you mentioned the net -- dollar net retention being down about 1 point sequentially given the larger initial lands. Should we expect that going forward as you increase your enterprise adoption that should remain in that 115% to 120% range? Or could it move lower? And that's it for me.

我是哈姆扎·福德瓦拉 (Hamza Fodderwala) 為梅麗莎 (Melissa) 發言。只是我的幾個快速的。我只是想看看您是否可以分享 MFA 和 SSO 以外的吸引力，特別是在生命週期管理方面？然後，作為比爾的後續行動，您提到，考慮到初始土地面積較大，美元淨保留率連續下降約 1 個百分點。當您提高企業採用率時，我們是否應該期望這種情況繼續保持在 115% 到 120% 的範圍內？或者它可能會走低嗎？對我來說就是這樣。

So Hamza, I'll take the first question around kind of how the products are doing. They're all doing very, very well. Certainly, single sign-on on Universal Directory continue to do very, very well across all the segments. Same is true for multi-factor authentication, lifecycle management. We do see a lot of opportunities in all of these areas. Obviously, we added an adaptive version of single sign-on and an adaptive version of multi-factor authentication last year because there are more and more signals in the system, so a lot of data that we can help our customers with.

哈姆扎，我將回答第一個問題，關於產品的表現。他們都做得非常非常好。當然，通用目錄上的單一登入在所有細分市場中都表現得非常非常好。多因素身份驗證、生命週期管理也是如此。我們確實在所有這些領域看到了很多機會。顯然，我們去年添加了自適應版本的單一登入和自適應版本的多因素身份驗證，因為系統中的訊號越來越多，因此我們可以幫助客戶提供大量資料。

But as you think about lifecycle management, there's a lot of different ways that we can enhance that product. And in fact, that was one of the drivers in our purchase of Azuqua last quarter, which I think is important to highlight. First of all, there's a lot of things that happened with our existing LTM product and it's pretty deep. So for a lot of preconfigured workflows, it addresses a lot of opportunities there. But Azuqua is going to allow us, which is now Okta workflows, to do more and more there. And workflows is going to not only strengthen that offering but also allow us and our customers to centrally manage more and more workflows. And you're going to start to see more and more of that as we continue to deepen and broaden the Okta identity network and as we continue to think about how we can enhance capabilities in the system.

但當您考慮生命週期管理時，我們可以透過許多不同的方式來增強該產品。事實上，這是我們在上季度購買 Azuqua 的驅動因素之一，我認為這一點值得強調。首先，我們現有的 LTM 產品發生了很多事情，而且非常深入。因此，對於許多預先配置的工作流程來說，它解決了許多機會。但 Azuqua 將允許我們（現在是 Okta 工作流程）在那裡做越來越多的事情。工作流程不僅會增強該產品，而且還允許我們和我們的客戶集中管理越來越多的工作流程。隨著我們不斷深化和擴大 Okta 身份網絡，並繼續思考如何增強系統的功能，您將開始看到越來越多的這種情況。

You have to realize more products obviously mean bigger upfront deals. And so what you're going to see is with introductions like Hooks, which we talked about at Oktane as well, you can now really configure the system with the base functionality that you have, whether that's UD or SSO, but also with these advanced functionalities to have different workflows to drive different triggers and events out of the system. And there's a lot of capability and flexibility there for customers to leverage the Okta Identity Cloud.

你必須意識到更多的產品顯然意味著更大的預付款。因此，您將看到的是像 Hooks 這樣的介紹，我們也在 Oktane 上討論過，您現在可以使用您擁有的基本功能（無論是 UD 還是 SSO）真正配置系統，而且還可以使用這些高級功能具有不同的工作流程以將不同的觸發器和事件驅動到系統以外的功能。客戶可以利用 Okta Identity Cloud 提供大量功能和靈活性。

And as it relates to the net retention rate, you're right. As we target larger enterprise customers, as we build our customer base, which are all very healthy indicators for the business and as those initial deal sizes continue to grow, we do expect to see some fluctuation in the net retention rate. I think it will be at the very healthy level we are right now at 119% and in a range that might go down -- up or down a few points. So the range that you talked about of 115% to 120%, I would say, would be a comfortable range for you as far as your modeling.

由於它與淨保留率有關，所以你是對的。當我們瞄準較大的企業客戶時，當我們建立客戶群時（這些都是業務非常健康的指標），隨著初始交易規模的持續成長，我們確實預期淨保留率會出現一些波動。我認為這將處於非常健康的水平，目前為 119%，並且在一個可能下降的範圍內——上升或下降幾個點。所以我想說，你所說的 115% 到 120% 的範圍對於你的建模來說是一個舒適的範圍。

We will take our next question from Gregg Moskowitz with Mizuho Securities.

我們將接受瑞穗證券格雷格·莫斯科維茲（Gregg Moskowitz）提出的下一個問題。

Congratulations on a strong quarter. You mentioned the high level of demand -- so you mentioned a high level of demand around multi-factor authentication a few moments ago, but I'm just wondering what sort of uptake you've been seeing around adaptive MFA in particular over the past few months or so.

恭喜季度表現強勁。您提到了高水準的需求 - 所以您剛才提到了對多因素身份驗證的高水平需求，但我只是想知道您在過去尤其是在自適應 MFA 方面看到了什麼樣的採用情況幾個月左右。

Yes. It's very strong. And whether it's -- like I mentioned, it's a deal that is just for adaptive MFA and then it later sells broader parts of the platform or its interest that's just from the multi-factor product and upsell as adaptive MFA or the broader suite. It's doing very strong. It's -- the whole Okta as a whole is -- helps with security and visibility and technology enablement, but the multi-factor and the adaptive multi-factor authentication products specifically are the most directly security-related products we have. And as every company is figuring out how to be more secure, it's really driving the demand there. So it's an important part of our suite both from a -- just a dollar perspective and also as a powerful entry on-ramp into the whole platform.

是的。它非常強大。無論是——就像我提到的那樣，這只是一筆針對自適應MFA 的交易，然後它會出售該平台的更廣泛部分，或者它的興趣僅來自多因素產品和作為自適應MFA 或更廣泛套件的追加銷售。它的表現非常強勁。它——整個 Okta 整體——有助於安全性、可見性和技術支持，但多因素和自適應多因素身份驗證產品是我們擁有的最直接的安全相關產品。隨著每家公司都在研究如何提高安全性，這確實推動了那裡的需求。因此，從美元角度來看，它是我們套件的重要組成部分，也是進入整個平台的強大入口。

And just to give you a couple of quick examples there, you can think of a situation with a financial services company. We have some customers who have private wealth management businesses where they want that adaptive technology to make sure the right consumers are accessing, obviously, the right financial records. You see the same thing in the government. I don't know if all of you are aware but the Office of The President released a memo last week specifically around basically Zero Trust and making recommendations around shifting from simple managed access to making it more complicated. There's a lot of opportunity to do that with multi-factor and adaptive multi-factor authentication in the government as well.

舉幾個簡單的例子，您可以想像金融服務公司的狀況。我們有一些擁有私人財富管理業務的客戶，他們希望採用自適應技術來確保正確的消費者能夠存取正確的財務記錄。你在政府裡也看到同樣的事情。我不知道你們是否都知道，總統辦公室上週發布了一份備忘錄，專門圍繞零信任，並就從簡單的託管訪問轉向使其變得更加複雜提出了建議。政府也有很多機會透過多因素和自適應多因素身份驗證來做到這一點。

And then finally, we have a number of large manufacturing customers who use the Okta Identity Cloud to solve some supply chain opportunities. And in that case, you want to make sure that you're allowing the right person to access the right supply chain, whether that's a customer or a supplier, and you might want to do that with real-time signaling and that's what makes it adaptive. So there's a lot of flexibility there and different ways in which the customers are adopting that product and baking it into their workflows.

最後，我們有許多大型製造客戶使用 Okta Identity Cloud 來解決一些供應鏈機會。在這種情況下，您需要確保允許正確的人存取正確的供應鏈，無論是客戶還是供應商，並且您可能希望透過即時訊號來做到這一點，這就是它的原因自適應。因此，客戶採用該產品並將其融入他們的工作流程中時有很大的靈活性和不同的方式。

Okay. That's very helpful. And then Freddy, just a quick follow-up on Azuqua or Okta workflows. Is it still your expectation that, that will be more or less fully integrated with lifecycle management in under a year or so?

好的。這非常有幫助。然後 Freddy，只是對 Azuqua 或 Okta 工作流程的快速跟進。您是否仍然期望在一年左右的時間內或多或少與生命週期管理完全整合？

Yes. Absolutely. So we are already doing very well with that. It's just been a couple of months and we've already seen some very good integration work to kick it off. I think that within the next quarter or 2, customers are going to be able to take advantage of some of the advanced functionality using Okta workflows. And certainly, it will be fully integrated within the year, absolutely.

是的。絕對地。所以我們在這方面已經做得很好了。才過了幾個月，我們就已經看到了一些非常好的整合工作來啟動它。我認為在接下來的一兩個季度內，客戶將能夠利用 Okta 工作流程來利用一些高級功能。當然，它絕對會在一年內完全整合。

And moving on, we'll take our next question from Shaul Eyal with Oppenheimer.

接下來，我們將回答 Shaul Eyal 和 Oppenheimer 提出的下一個問題。

Welcome on board, Dave Gennarelli. Congrats on continued outperformance and improved outlook. I wanted to ask about the ongoing traction you're seeing with your channel partners. As you've indicated, I believe it represents 25% already of the business. What should we be expecting down the road as we think about your 5-year plan with respect to channel contribution?

歡迎加入，戴夫·詹納雷利。恭喜您持續出色的表現和改善的前景。我想問一下您對通路夥伴的持續吸引力。正如您所指出的，我相信它已經佔了該業務的 25%。當我們思考你們關於通路貢獻的五年計畫時，我們該期待什麼？

Yes, absolutely. Thank you, Shaul, for the kind words. Happy to talk about that. So for those of you who might not be as familiar with the story, partners and channel partners to us, there's a couple of different buckets of it. The first one obviously is independent software vendors, so organizations like Microsoft Office 365, Workday, ServiceNow, Salesforce, where they're very good partners of ours because obviously, integration to the Okta Identity Cloud means faster deployments and better results with those products.

是的，一點沒錯。謝謝你，Shaul，的客氣話。很高興談論這個。因此，對於那些可能不太熟悉這個故事、合作夥伴和通路合作夥伴的人來說，其中有幾個不同的部分。第一個顯然是獨立軟體供應商，因此Microsoft Office 365、Workday、ServiceNow、Salesforce 等組織是我們非常好的合作夥伴，因為顯然，與Okta Identity Cloud 的整合意味著這些產品的部署速度更快，效果更好。

Secondly, the global system integrators. In particular, there have been a number of comments on today's call about how we're doing with large enterprise. Whether it's Accenture, Deloitte, PwC, they're all building very strong practices around Okta, which is great. We saw them as very strong sponsors of sales kickoff, which happened in February as well and they're all getting more and more trained and certified, whether it's for their security practices, so implementing for workforce, or helping large organizations with digital transformation in a managed service environment.

其次，全球系統整合商。特別是，在今天的電話會議上，有許多關於我們如何與大型企業合作的評論。無論是埃森哲、德勤還是普華永道，他們都在圍繞 Okta 建立非常強大的實踐，這很棒。我們認為他們是銷售啟動的強有力的贊助商，這也是在二月發生的，他們都接受了越來越多的培訓和認證，無論是安全實踐、員工實施，還是幫助大型組織進行數位轉型託管服務環境。

And then finally, there's a lot of regional identity experts and consulting firms who are partnering with us to bring Okta Identity Cloud out there to the channel. In particular, what you're talking about, Shaul, there, it's also international. It's a huge opportunity for us. We're very happy with the overall growth of the business. International obviously grew 60% year-over-year, which is phenomenal. But there's a lot of opportunity out there. We're excited to open offices where it makes sense, like we just did in Germany. But in a lot of the other territories where every organization is looking to adopt public cloud services and think more about this hybrid environment, we are going to partner more and more with organizations to do that in the channel. So you're going to continue to see that.

最後，有許多區域身分專家和顧問公司正在與我們合作，將 Okta Identity Cloud 引入管道。特別是，Shaul，你所說的也是國際性的。這對我們來說是一個巨大的機會。我們對業務的整體成長感到非常滿意。國際顯然同比增長了 60%，這是驚人的。但那裡有很多機會。我們很高興能在有意義的地方開設辦事處，就像我們剛剛在德國所做的那樣。但在許多其他領域，每個組織都希望採用公有雲服務並更多地考慮這種混合環境，我們將與越來越多的組織合作，在通路中做到這一點。所以你會繼續看到這一點。

What does the model look like over the next 3 and 5 years? We don't have specific numbers that we're sharing at this time, but I think that having 1/4 of the business impacted by the channel today is very, very good and I expect that strong growth to continue in the times ahead.

未來 3 年和 5 年的模型會是什麼樣子？目前我們沒有具體的數字，但我認為今天 1/4 的業務受到通路影響是非常非常好的，我預計未來將繼續保持強勁成長。

Let me just add to that -- I was just going to say it's a super important part of our strategy because it really is a differentiator because if you look at the competition broadly, we're the only scaled player that doesn't have infrastructure platform we're trying to sell or an apps platform. We're very neutral. And that resonates with all of the partners in the channel because they see us as this neutral party they can bring to their customers that will then give them choice. And so that channel, the channel network and their relationship bolster our competitive position, our competitive mode. So while we aren't giving specific numbers over time, it is an area we're very interested in investing and making productive because it is that competitive differentiator.

讓我補充一點——我只是想說這是我們策略中非常重要的一部分，因為它確實是一個差異化因素，因為如果你廣泛地看待競爭，我們是唯一一家沒有基礎設施的規模化參與者我們試圖銷售的平台或應用程式平台。我們非常中立。這引起了通路中所有合作夥伴的共鳴，因為他們將我們視為他們可以帶給客戶的中立方，然後為他們提供選擇。因此，通路、通路網絡及其關係增強了我們的競爭地位和競爭模式。因此，雖然我們沒有提供一段時間內的具體數字，但我們對投資和提高生產力的領域非常感興趣，因為它是競爭優勢。

Thank you for that. And if I may, my follow-up. So the Access Gateway, the Advanced Server Access product recently introduced during Oktane, given its on-premise focus, do you see a new list of competitors when you've recently started going out with both these products?

謝謝你。如果可以的話，我的後續行動。因此，Access Gateway（最近在 Oktane 期間推出的高級伺服器存取產品）鑑於其以本地部署為重點，當您最近開始使用這兩種產品時，您是否會看到新的競爭對手清單？

Maybe -- I would say maybe on the edges. But what we find is that, first of all, these products, like a lot of our products, are pulled from customers, meaning customers request these things. Customers want to connect Okta to more on-premise resources. Customers want to use Okta to secure more things. So we build products in response to that. So what that means is that if there was a great solution in the market, if there was some competitor that just excelled at these use cases, the customer probably wouldn't be asking us for it. So we find ourselves kind of putting these products in greenfield places where there's a lot of room to run before there's any competition.

也許——我想說也許是在邊緣。但我們發現，首先，這些產品，就像我們的許多產品一樣，是從客戶那裡拉出來的，這意味著客戶需要這些東西。客戶希望將 Okta 連接到更多本地資源。客戶希望使用 Okta 來確保更多的事情。因此我們開發產品來應對這一點。因此，這意味著，如果市場上有一個出色的解決方案，如果有某個競爭對手在這些用例上表現出色，那麼客戶可能不會向我們索取。因此，我們發現自己將這些產品放在未開發的地方，在出現任何競爭之前，那裡有很大的運作空間。

So even though some of these areas might seem adjacent to other vendors you follow or may have heard of, the reality is what we find is when really talk to these other vendors, there's way more partnering we do than competing and that kind of governs our behavior. If you look at our relationship with SailPoint or a company like CyberArk, it's very positive, synergistic relationship. Although on the surface, it might seem like we're bumping up against each other, what we find with customers is that we can do far more together than we can do by fighting each other.

因此，儘管其中一些領域可能看起來與您關注或可能聽說過的其他供應商相鄰，但事實是，我們發現，當真正與這些其他供應商交談時，我們所做的合作比競爭要多得多，這決定了我們的行為。如果你看看我們與 SailPoint 或 Cyber​​Ark 這樣的公司的關係，你會發現這是非常積極的協同關係。儘管從表面上看，我們似乎是在互相衝突，但我們發現，與客戶一起合作可以做的事情遠比互相爭鬥能做的還要多。

And we'll take our next question from Alex Henderson with Needham.

我們將回答 Alex Henderson 和 Needham 提出的下一個問題。

Great. That actually feeds very nicely into the question I wanted to ask. There was a...

偉大的。這實際上很好地回答了我想問的問題。有一個...

I'm so sorry, Alex. You are very quiet. If you could please just get closer to the mic or the phone.

我很抱歉，亞歷克斯。你很安靜。如果可以的話，請靠近麥克風或手機。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

That's better.

這樣更好。

That's perfect. Thank you.

那很完美。謝謝。

Great. So the last question actually feeds very nicely into the question I wanted to ask. There was a SailPoint patent that was filed recently addressing identity risk technologies and granted to them. And I know at the Oktane19 event, you had launched a product that actually overlapped pretty heavily with what they offer in that space. And I was wondering if there's any implications for that patent relative to you guys.

偉大的。所以最後一個問題實際上很好地回答了我想問的問題。最近提交了一項針對身份風險技術的 SailPoint 專利並授予了它們。我知道在 Oktane19 活動中，你們推出了一款實際上與他們在該領域提供的產品有很大重疊的產品。我想知道該專利是否對你們有任何影響。

I'm not familiar with it. We have a bunch of patents. Every -- most vendors have a bunch of patents. I think that -- so I'm not familiar with the specifics of that one, but our relationship with SailPoint is great. We do overlap in some areas of lifecycle management. But as I -- as we found is that we go to customers. We're having a very productive relationship working together because they excel particularly on the governance side of functionality. They do very well with on-premise software deployments and doing governance for that and we're more on the cloud side. So the partnership is strong, and I'm very confident it's going to continue to be long in the future.

我對此並不熟悉。我們擁有大量專利。大多數供應商都擁有大量專利。我認為——所以我不熟悉該項目的具體細節，但我們與 SailPoint 的關係非常好。我們在生命週期管理的某些領域確實存在重疊。但正如我所發現的那樣，我們是面向客戶的。我們的合作關係非常有成效，因為他們在功能治理方面尤其出色。他們在本地軟體部署和治理方面做得很好，而我們更多的是在雲端方面。因此，這種夥伴關係是牢固的，我非常有信心在未來這種夥伴關係將繼續長期存在。

The second question I'd love to ask is you've had an unbelievable attendance at Oktane in each of the last 2 years. Can you translate that attendance into an uptake post the event that has an implication for the timing of those events for new customer adds? I mean by my calculation, you had somewhere in the order of 8,800 type of attendees at that massive show, which -- that's almost the size of Cisco Live. For a company your size, it's pretty amazing. But does that translate to specific deals that happen within reasonable time frame post those events?

我想問的第二個問題是，在過去的兩年裡，您在 Oktane 的出席率每年都令人難以置信。您能否將出席率轉化為活動後的參與度，這對新客戶添加的這些活動的時間安排有影響？我的意思是，根據我的計算，這場大型展會的與會者人數約為 8,800 人，幾乎是 Cisco Live 的規模。對於像你這樣規模的公司來說，這是相當驚人的。但這是否會轉化為在這些事件發生後合理時間內發生的具體交易？

Yes. Thanks for that question. Certainly, Oktane has grown significantly over the last few years since we started. And I think it's a testament to these tailwinds that we're focused on, around more cloud, more digital transformation, prioritizing security. Originally, we started just because there's so much innovation coming out of the platform, we just wanted to keep customers up-to-date on what was happening. They get so many releases of the software. This is a way for us to tell them, "Here are the big things that you received and here are the big things that are coming." That was the original idea behind it. It started to grow pretty fast and now there's obviously more and more customers that are attending not only to see exactly where we're going but also to make sure they're leveraging all the products and all the different use cases they can address.

是的。謝謝你提出這個問題。當然，自我們成立以來，Oktane 在過去幾年中取得了顯著的發展。我認為這證明了我們所關注的順風車，圍繞著更多的雲端、更多的數位轉型、優先考慮安全性。最初，我們開始只是因為該平台有如此多的創新，我們只是想讓客戶了解最新的情況。他們獲得了很多軟體版本。這是我們告訴他們的一種方式，“這是你收到的大事，這是即將到來的大事。”這就是背後的最初想法。它開始快速成長，現在顯然有越來越多的客戶參加，不僅是為了準確了解我們的發展方向，也是為了確保他們利用所有產品以及他們可以解決的所有不同用例。

So there's a lot of customers who attend and then realize they can purchase new products or find new ways to address use cases, which is great. But there's also more and more prospective customers who are hearing about Okta and who are working with either our account teams or channel partners and say, "I should go find out more about that." Certainly, I think that it does drive not only retention but net new business both in existing customers and in new, prospective customers. The main driver there in terms of the timing of it and moving it up from Q2 to Q1 really had more to do with the way -- the cadence of running the business on an annual basis. It doesn't have anything to do with the timing. Obviously, the subscription business, we -- the business is going to come when it's going to come and we recognize it ratably.

因此，有很多客戶參加，然後意識到他們可以購買新產品或找到解決用例的新方法，這很棒。但也有越來越多的潛在客戶聽說 Okta 並與我們的客戶團隊或通路合作夥伴合作，並表示：“我應該去了解更多相關資訊。”當然，我認為它不僅可以促進現有客戶和新潛在客戶的保留，還可以促進淨新業務。就時間安排並將其從第二季度提升到第一季而言，主要驅動因素實際上更多地與方式有關——每年運營業務的節奏。和時間沒有任何關係。顯然，訂閱業務，我們——當它要來的時候，業務就會來，而且我們對此非常認可。

So there's no upside to it there, but we are excited about the growth of the event. I think this year, we had obviously a record attendance but also record number of partner attendance both on the software side as well as the channel partner side. And I think that really speaks to the opportunity for people to take advantage of the products in the Okta Identity Cloud platform, and that's really what they're getting out of it.

所以這沒有什麼好處，但我們對這項活動的發展感到興奮。我認為今年，我們的出席人數顯然創下了紀錄，而且軟體方面和通路合作夥伴方面的合作夥伴出席人數也創下了紀錄。我認為這確實說明了人們有機會利用 Okta Identity Cloud 平台中的產品，而這正是他們從中獲得的好處。

Moving on, we'll take our next question from Andrew Nowinski with Piper Jaffray.

接下來，我們將回答 Andrew Nowinski 和 Piper Jaffray 提出的下一個問題。

So you've launched a number of new products targeting new markets, including the on-premise hybrid environment. I'm wondering, do these new products change the average contract duration relative to your historical duration?

因此，您推出了許多針對新市場的新產品，包括在地混合環境。我想知道，這些新產品是否會改變相對於您的歷史期限的平均合約期限？

I don't think there's any specific change yet because of these new products. I would say overall, what you're starting to see is the same we've always seen in terms of multiyear contracts. As you get into larger and larger organizations, they want longer and longer duration contracts and you're starting to see whether that's 3 or even 5 years sometimes because when a large organization decides to change an identity platform, either for workforce or customer identity, that is a major undertaking. And so they really want to make sure that they are partnering with us for the long term and that we can really build into that relationship.

我認為這些新產品還沒有帶來任何具體的改變。我想說，總的來說，你開始看到的與我們在多年合約方面一直看到的一樣。當您進入越來越大的組織時，他們想要越來越長的合約期限，有時您會開始考慮是否需要3 年甚至5 年，因為當大型組織決定更改身分平台（無論是針對員工還是針對客戶身分）時，這是一項重大任務。因此，他們確實希望確保與我們長期合作，並且我們能夠真正建立這種關係。

Certainly, in products like Okta Access Gateway that lend themselves more to the enterprise business, that's really focused on enterprise companies, that are really focused on taking advantage of the hybrid model, that will certainly drive -- fall into that category of longer-term length for the agreement. But there's no specific driver to that today.

當然，在像 Okta Access Gateway 這樣的產品中，它們更適合企業業務，真正專注於企業公司，真正專注於利用混合模型，這肯定會推動 - 屬於長期的類別協議的長度。但目前還沒有具體的驅動因素。

Yes. One thing that I would refer to is -- to Freddy's point that the larger enterprise deals and some of the ones that we specifically landed have had longer contract lengths. I mean we're just starting along with you guys to really understand RPO and backlog, but if you see the year-over-year growth and our total backlog of 59%, the biggest driver, as we know, of that number is contract duration. So that's what you're seeing there with that growth.

是的。我要提到的一件事是——就弗雷迪的觀點而言，較大的企業交易和我們專門達成的一些交易的合約期限更長。我的意思是，我們剛開始與你們一起真正了解 RPO 和積壓，但如果您看到同比增長和我們 59% 的總積壓，據我們所知，該數字的最大驅動因素是合約期間。這就是你所看到的成長情況。

Okay. And then along those lines, given all the new products you're offering, I'm wondering, is there any metrics that you could share with us in order to sort of track your progress on how these are being adopted, whether it's the average number of products per customer or perhaps a percentage of customers that have deployed, call it, 3 or more solutions?

好的。然後，沿著這些思路，鑑於您提供的所有新產品，我想知道您是否可以與我們分享任何指標，以便跟踪您在如何採用這些產品方面的進展，無論是平均值每個客戶的產品數量，或者可能是部署了3 個或更多解決方案的客戶的百分比？

Yes. I mean we have had continued success with all our customers -- or our customers on average deploying a number of the products. As we've talked about before, we still have all of those products at scale. We continue to see a little bit more increased traction on lifecycle management and multi-factor authentication, but they're all going strong from that perspective.

是的。我的意思是，我們在所有客戶方面都取得了持續的成功，或者說我們的客戶平均部署了許多產品。正如我們之前談到的，我們仍然大規模擁有所有這些產品。我們繼續看到生命週期管理和多因素身份驗證的吸引力增加，但從這個角度來看，它們都在強勁發展。

And we'll take our last question from Joshua Tilton with Berenberg Capital Markets.

我們將回答 Berenberg Capital Markets 的 Joshua Tilton 提出的最後一個問題。

It's actually [Ganwun Zahir] for Josh. Thanks for taking my question. The first one I have is just around the enterprise market. Again, if you guys are moving more into enterprise and talking to CSOs, how is perception changing from access management to becoming a security partner? And whether the implications, the -- in terms of expecting the larger deals adding more and more products?

實際上是 Josh 的 [Ganwun Zahir]。感謝您提出我的問題。我的第一個是圍繞企業市場。再說一次，如果你們更多地進入企業並與 CSO 交談，從訪問管理到成為安全合作夥伴的看法有何變化？就預期更大的交易增加越來越多的產品而言，這是否意味著什麼？

Yes. Happy to talk about that. What we are seeing, as you mentioned, as we discussed on the call, is the world's largest organizations are seeing more and more opportunity to leverage the various parts of the Okta Identity Cloud, again, for very straightforward reasons. First of all, they want to adopt more cloud for their workforces and they want to do that in a hybrid capacity. Second of all, they need to focus on these digital transformation initiatives because every company is basically under attack by a new software, modern technology company. You look across industries, whether it's financial services or health care or retail, they have to do this and they need to do it quickly because it hits the top line of their businesses. And that's why we're seeing a lot of opportunity with customer identity and access management.

是的。很高興談論這個。正如您所提到的，正如我們在電話會議中討論的那樣，世界上最大的組織正在看到越來越多的機會利用 Okta 身份雲的各個部分，這同樣是出於非常簡單的原因。首先，他們希望為員工採用更多雲端運算，並且希望以混合能力實現這一目標。其次，他們需要關注這些數位轉型舉措，因為每家公司基本上都受到新軟體、現代科技公司的攻擊。縱觀各個行業，無論是金融服務、醫療保健還是零售，他們都必須這樣做，而且需要迅速做到這一點，因為這會影響到他們業務的頂線。這就是為什麼我們在客戶身分和存取管理方面看到了很多機會。

And finally, security is a priority, right, at the C level and the Board level in all of these large organizations. You mentioned CSOs, Chief Security Officers, they have become a much more important part of the buying process over the last 2 or 3 years. They've become an important number of executive buyers and decision-makers for us in large organizations. And they have a lot of challenges on their plate. They're looking for partners who can help them address some of these major concerns quickly, efficiently, effectively, and identity is at the core of that. So typically, we engage with these Chief Security Officers. We help them understand what we do. We show them quickly how we can help them solve specific problems and then we get rolling. And they become not only strong advocates of ours but also great partners in terms of helping us. As Todd mentioned earlier, think about what we want to build next. When we think about products like Advanced Server Access, we're getting pulled by these customers into these new opportunities and these new markets and they're saying, "We're looking for a modern way to solve these modern problems and we're hoping that Okta can help us do that," and we're -- that's why we're very bullish about the opportunities ahead.

最後，安全是所有這些大型組織的 C 級和董事會級的首要任務。您提到了 CSO、首席安全官，在過去的兩三年裡，他們已經成為購買過程中更重要的一部分。他們已成為我們大型組織中重要的執行買家和決策者。他們面臨著很多挑戰。他們正在尋找能夠幫助他們快速、有效率、有效地解決其中一些主要問題的合作夥伴，而身分認同是其中的核心。因此，我們通常會與這些首席安全官進行接觸。我們幫助他們了解我們所做的事情。我們快速地向他們展示如何幫助他們解決具體問題，然後我們就開始採取行動。他們不僅成為我們的堅定擁護者，而且成為幫助我們的偉大合作夥伴。正如托德之前提到的，想想我們下一步想要建造什麼。當我們考慮高級伺服器存取等產品時，我們被這些客戶拉入這些新機會和新市場，他們說：「我們正在尋找一種現代方法來解決這些現代問題，我們正在尋找一種現代方法來解決這些現代問題。”希望 Okta 能夠幫助我們做到這一點”，這就是為什麼我們非常看好未來的機會。

And just a follow-up on that one. You mentioned the pull, which is an interesting concept prize when you kind of prove your concept and then the product becomes more of a pull. In enterprise market itself, you have the partnerships in place with the system integrators. You have technology partners, even the security guys. And then Access Gateway kind of links you to on-premise. So all the pieces seem to be, in theory, in place for the enterprise market to become more pull. Are you seeing that? Or is it still more of a push market? And I'm kind of obviously implying of what the relationship for that could be an implication on OpEx in the future as well as it becomes more of a pull market.

這只是那個的後續。你提到了拉力，當你證明你的概念時，這是一個有趣的概念獎，然後產品變得更具拉力。在企業市場本身，您與系統整合商建立了合作夥伴關係。你有技術合作夥伴，甚至是安全人員。然後 Access Gateway 會將您連結到本機。因此，從理論上講，所有的部分似乎都已準備就緒，可以讓企業市場更具吸引力。你看到了嗎？或者說它仍然是一個推動市場？我顯然是在暗示這種關係可能會對未來的營運支出產生什麼影響，而且它會變得更像是一個拉動市場。

Yes. I don't think it's binary. I think it's -- we're making progress but it's still early. So that's why it's so exciting. The progress is solid and substantial and the opportunity is still big and we're going to keep working hard to capitalize on it.

是的。我不認為它是二進制的。我認為我們正在取得進展，但還為時過早。這就是為什麼它如此令人興奮。進展是堅實而實質的，機會仍然很大，我們將繼續努力利用它。

And that was all the time we had for today's question-and-answer session. I would now like to turn the call back over to Mr. Gennarelli for any additional or closing remarks.

這就是我們今天問答環節的全部時間。現在我想將電話轉回 Gennarelli 先生，請他發表補充或結束語。

Well, thanks for joining us, everybody, this afternoon. Coming up just next week, we'll be attending the Baird conference in New York on the 4th and the William Blair conference in Chicago on the 5th. So we hope to see you at one of those events. And if you have any additional questions, you can reach me at dave.gennarelli@okta.com. Thanks.

好的，謝謝大家今天下午加入我們。下週，我們將參加 4 日在紐約舉行的貝爾德會議和 5 日在芝加哥舉行的威廉布萊爾會議。因此，我們希望在其中一場活動中見到您。如果您還有任何其他問題，可以透過 dave.gennarelli@okta.com 與我聯繫。謝謝。

Once again, that does conclude today's conference. Thank you for your participation. You may now disconnect your phone lines.

今天的會議再次結束。感謝您的參與。您現在可以斷開電話線。