Turning to our Q1 results. Information on factors that could affect our financial results is included in our filings with the SEC from time to time, including the section titled Risk Factors in our previously filed Form 10-K. VMware Workspace ONE for Android and iOS devices. Join a DevLab in your city and become a Customer Identity pro! Learn how to disable FastPass by following this Okta guide. And we're seeing positive trends in the number of sales reps closing Customer Identity Cloud deals. For FY'24, we are raising our revenue outlook by $15 million at the high end of the range. So we're seeing it in both sides of the business. So I think it's -- you're seeing solid execution, a lot of macro uncertainty, but long-term, identity is going to be an important thing and we're going to be there to serve the market. Leverage Oktas password management to secure your Mac fleet. Using Okta Workflows, that activity could trigger Kandji to check the security stance of any devices associated with that user or to take actionperhaps locking down devices by assigning them to more restrictive Blueprint or demoting their user accounts from admin to standard. I actually think -- I don't think that people are waiting at all for the integration between -- to go with IGA, for the integration between IGA and Privileged. 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. Here are just a couple of our latest technology partnership developments. I mean, it's going to change. So I'm assuming it's both Customer Identity as well as IGA beginning to move the needle in terms of ACV. In the New Connection window, scroll if necessary, then select Kandji. You're going to need to log on to these experiences. For example, it will alert the administrator if the lost device moves more than 50 meters, and it will automatically enable Lost Mode in case of a reset.These and other features make Lost Mode a valuable addition for businesses that rely on iPhone and iPad devices. Simplifies onboarding an app for Okta provisioning where the app already has groups configured. Could you talk about the contribution you're seeing from cloud marketplace transactions and how you think about that channel longer term, given we're hearing many customers are using it as a way to work down cloud -- excess cloud commits? We're now in beta testing with Okta Privileged Access. Next, we'll go to Fred Havemeyer at Macquarie. Great. Kandji, Okta Device Attestation, and Okta FastPass : Kandji In a heterogeneous technology world and an ever expanding number of devices and applications, Best-of-Breed technology is the future to help foster Best-of-Breed. For example, to gather information about all devices, the Kandji API token must have permissions for the following: To create an API token to use for the Kandji connector: The Kandji connector is now configured, and this connection is ready to be used with available cards for the connector. It now protects users against phishing with advanced phishing resistance for the enterprise, covering every user on any device and major operating system. Integrate Okta Device Trust with VMwareWorkspace ONE on mobile devices. Good afternoon. Secure Web Authentication is a Single Sign On (SSO) system developed by Okta to provide SSO for apps that don't support proprietary federated sign-on methods, SAML or OIDC. Kandjis API allows Okta Workflows to call actions in Kandji. I want to stay on the topic of net retention. Its Workflows feature is a no-code platform that enables you to build automationscalled flowsbased on changes in your Okta user store. So we're seeing that component, but then we're also seeing, if you look at contract durations, seeing how they're a little bit shorter than normal. You can see it due to seat expansion, stats that we talked about today. Thanks. This integration ensures that only managed devices can access Okta-secured apps, helping businesses to implement a zero-trust security model. Hi. But I do know that it's just -- they've tried customer identity stuff in the past. Our Two Clouds, One Okta strategy has really taken root with our go-to market team and our customers and partners love it too. We don't. Add Kandji cards to an Okta workflow so that actions or changes in Okta trigger Kandji to take action on the device. You can create a flow triggered by that change to deploy new applications, adjust security configurations, and change device settings in Kandji. We actually -- the IGA has -- or OIG, Okta Identity Governance, which is our IGA product, has surpassed every goal we've had for it. This added level of customization allows a single Blueprint to adapt to the needs of different users across an organization, reducing the number of Blueprints that need to be maintained. We're -- we hear that narrative as well. For example, select the checkbox for. Critical to Okta's success over the years has been our indirect channel partners. The 1 -- it is something importantly we watch, and I mentioned a couple of times that just kind of qualitatively, as I have conversations with customers and I do my -- I talk to a lot of customers, and I'm in a lot of both being the executive sponsor for big accounts for Okta but also working with deals and new customers. You can also orchestrate actions across multiple services, including Slack, Google Workspace, Atlassian, or email, as well as Kandji. Kandji Passport is an authentication product that creates a seamless, one-password sign-in experience for users. Authorize Your Kandji Instance for Okta Workflows : Kandji Thank you. Kandji Passport helps to improve password security, alleviates stress on IT support teams who help with password resets, and makes life easier for team members by allowing them to sign into their Mac using their Okta credentials. We will continue to regularly evaluate our capital structure and capital allocation priorities. Some of our sizable opportunities over the last couple of quarters and over the next few quarters are actually with states, states doing big transformation projects. If you need it, even more controls are available. Okta Device Trust solutions | Okta For platform type, select Desktop (Windows and macOS only). Identity is a key building block for zero trust security, digital transformation and cloud adoption projects. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Okta device attestation is the process of proving that a device is managed by an MDM solution, and this in part, enables Okta FastPass for a password-less authentication experience for end-users, enabling them to sign in to Okta and their Okta resources without the need for a password. Eugenio will turn his attention to the overall growth and operational excellence of Okta, including further accelerating our go-to market effectiveness and increasing automation across the company. No matter what industry, use case, or level of support you need, weve got you covered. Maybe just to push a little bit further on macro. We're also pleased to have turned the corner on the challenges we faced last year. Doing a deal in there is -- it demonstrates familiarity and capability to do it, it portends the future of do more so. There we go. User opens a web browser and authenticates to Okta via FastPass. Let's go to Stefan Schwarz at Wells Fargo. But we want to see it actually before we're as confident as what we're seeing in Okta Identity Governance. Kandji Brett, in the same sentence, you kind of said increased macro headwinds but then you also reverted to similar to Q4. Kandji Passport helps IT/IS administrators give Mac users a login experience that feels native to their Mac yet leverages their single sign-on credentials for more secure logins and just one password to remember. Great. The integration was either created by Okta or by Okta community users and then tested and verified by Okta. Our dollar based net retention rate for the trailing 12 month period remained strong at 117%. I mean, just trying to get a sense of out of the 18,000 customers, how many use bulk? So I just wonder if you could maybe talk about that being a premium product with the environment arguably changing. Integrate Okta Device Trust with VMware Workspace ONE on desktops. So realizing that a lot of that is subscription revenue, it's already in the bank. Thats where Kandji comes in: Using the new Kandji connector, you can now build Okta flows that, using the Kandji API, trigger actions in Kandjis device management solution. We'll update you as we go. We made a number of significant product advancements for our Workforce Identity Cloud in Q1. It hasn't been like 90-10, one or the other, right? In Okta, navigate to Reports > System Log. And we'll continue to add more products that take advantage of data and algorithms and compute. We're really excited about the future of OIG, especially since of the customers that have purchased OIG so far. I would just also add to that, that I would say that we remain committed to this profitable growth concept, right? We think it could be that -- contribute that much. It means that there's going to be tons of new industries created and industry has changed. This provides an extra layer of compliance and security. Nice to see you. How do you both think about Okta's opportunity in the generative AI space and the identity opportunity with the emergence of AI applications? You assemble these flows from cards that represent triggers, actions, or logic functions. It seems from what we can see in the data and everything that we're looking at, it really does feel much more broad-based at this point than it was maybe in the past or so now where we said in the previous couple of quarters ago, we said it's a little bit more small and medium-sized business. So we're being prudent about that side. You should also note that the Kandji API cant address a user until a device is associated with them. Now here's Brett to walk you through more of the Q1 financial results and our outlook. Test out the full suite of capabilities. I feel like the customer base is super solid. There's big Customer Identity customers, there's important Workforce customers that want us to -- are going through strategic transformations and want to make sure that we're going to be there to support them for massive rollouts and huge investment in Okta. Another new integration is Kandji Passports support for Google Workspace. Over the next decade, identity will become increasingly important, and we firmly believe that the winner will be independent, neutral and will deliver a unified platform covering both Customer Identity and Workforce Identity acts across access management, governance and privileged access. But some new trends that are coming around are what you heard me talk about around less seat expansions. Device Trust (Identity Engine) is currently only available to customers who had Device Trust (Classic Engine) and upgraded to Identity Engine. Kandji Passport validates the credentials a user provides during Mac login against an organizations cloud-based identity provider (IdP) such as Okta, so users need to remember just one password for both their Mac computers and the organizations single sign-on (SSO) provider. The other area that we're kind of seeing it more broad-based is around from a geo perspective or a segment perspective, there's no one area where you're like, wow, it's really affecting it more there. So when we look at the data holistically and be rigorous at it and really something we do culturally, which is check our assumptions and make sure we're seeing the world as it is, we just don't see it. Once this process is completed by the end user, you will see the user's device as Managed in the Okta console. In today's meeting, we will quote a number of numeric growth changes as we discuss our financial performance. Creates or links a user in the application when assigning the app to a user in Okta. Ensure that Subject Alternative Name Type is set to None. Update Lost Mode Location. I guess the bad news is that, I think in cases the -- maybe people being more conservative with technology investments and some questions about the macro economy can slow down some of that big change that would lead them up to a place where they want to -- they've chosen so much modern SaaS applications or so much cloud infrastructure or so much security stack outside of their own firewall, that now they're going to choose a cloud-based identity provider. During the first quarter, we opportunistically repurchased $366 million of our 2025 convertible debt notes, resulting in a $31 million GAAP only gain. Just oneclarifying question and then one quick follow-up. The better than expected profitability is primarily due to the combination of revenue over performance and better than expected outcomes from spend efficiency measures. Advanced phishing resistance is now generally available with Okta FastPass. In the Mobile device management provider field, add or modify the name of your MDM provider Okta pre-populates this field if you selected VMware, Microsoft Intune, or MobileIron in Trust is established by..The content of this field is displayed to end users when they enroll their device. Device Trust allows enterprises to ensure that devices are managed by an endpoint management tool before end users can access apps from the device. So that's very positive. Select Retries and enter 5 for the number of retries. And that's across the whole company, by the way, whether it's operationally improving our efficiency, our effectiveness, building better products, building products faster, better enablement, better go-to-market operations across the board. So in a sense, we're really going to be selling picks and shovels to the gold miners. Kandji & Okta | Kandji By far, the biggest customer identity vendor, it's a pretty -- it's important to bring both to customers, but one of the reasons why it's so valuable from a company perspective from -- to be that vendor is because you have to really build two muscles to do it successfully, which is what we've done. But it looks like you have yourself kind of reaccelerating a bit into the next quarter and actually even more in the second half of this year. And then the other one we're excited about is if you zoom out and you think this is a huge platform shift, it's the next generation of technology. So, for example, lets say an employee changes departments, which necessitates a change in that user's record in Okta. Todd, you've mentioned CIAM being a key focus area this year. Or do you think there's some more opportunity here to trim fat here and there? Kandji is an Apple device management (MDM) solution built exclusively for IT teams at organizations that run on Apple. With that, I'll turn it back over to Dave for Q&A. As we navigate the increasing pressures of the macro environment, we remain confident that we have set the path of profitable growth for years to come. Yes, absolutely. So it definitely kind of played out like we thought it was. Learn more about whats new with Kandji in its December webinar. So I think how do you unlock that? Thanks for the question. Historically, Okta turned to partners primarily for reach and as Okta has grown, we've recognized the need to engage with partners more strategically. So that's, I would say, a very exceptional example of a successful application in the extreme. That being said, the tuning of go-to-market and the running of the go-to-market machine on a global basis is something we're always improving, whether it's better top-level, more effective campaigns in terms of driving demand generation, whether it's just operationally, how we're prosecuting leads to opportunities, how the sales team has taken those opportunities and all the kind of the blocking and tackling of sales, the sales funnel and the sales machine, we're continuously improving that. Adam HousmanGroup Manager, Product Management, Okta, Nate CallaghanSenior Product Manager, Okta. You have like 15%, 20%, 50%? Can you maybe help us understand where we are with the sales transition, productivity levels? Let's go to Jonathan Ho at William Blair. So even though they chose a legacy vendor, for whatever reason, they couldn't expand it fast enough, they didn't get the value or it didn't get as broad as they want it to. Okta is the best positioned company to deliver this to the market and expand on our leadership position, all while delivering profitable growth over the long-term. Hey, Todd, I wonder if you could maybe opine on kind of a story that's going on with investors. Total revenue growth for the first quarter was 25%, driven by a 26% increase in subscription revenue. That's going to lead to, I think, a really balanced business going forward and a go-to-market organization that can sell both products at scale. Kandji Bolsters Device Harmony Platform with - GlobeNewswire Yes, I was going to say it's really an important vertical for us. And then on the customer side, too, I mean, I know you said that there's no -- you guys aren't seeing an impact, a difference from macro impact on that. Along with this trust, Apple has amassed strong brand loyalty among its customer base, Alvarez said, with many people purchasing the company's suite of products to stay within the ecosystem. It's been a mix between the two. I'll separate the kind of aggregate statistics of the healthy cross-sell and upsell numbers. And in a lot of ways, we have the luxury of making sure we look everywhere and find a truly amazing candidate. So that's really how we're thinking about it going forward. So they're really kind of perfect fits for this. Current RPO of $1.71 billion to $1.72 billion representing growth of 14% to 15%. It's been a long journey so far, with many different ways to achieve a 'Passwordless' authentication. First Quarter Fiscal 2024 Financial Highlights: Revenue: Total revenue was $518 million, an increase of 25% year-over-year. 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. Those products are great, and they'll get better with better algorithms and more data because we have the strategic advantage of having so much data, we can see the patterns. Okta Identity Engine is currently available to a selected audience. It's actually one of the fastest-growing areas we had in the company and was definitely accretive to growth in the quarter. This is really the end of Q2 here is really the third quarter since it was publicly launched, kind of the fourth quarter since we started working on it internally. We're also seeing the momentum in terms of conversations and importance of identity be really quite strong. Though we may not state it explicitly during the meeting, all references to profitability are non-GAAP. And yes, we have a big goal and target on federal this year. Total operating expenses for the quarter were lower than expected. But the larger question is, is that 14% to 15%, is that the bottom or does it get worse from here? I've always been proud of our bench talent. You then compile a series of logic-action functionsif-this-then-that statementsthat will follow that trigger or schedule, by dragging and dropping cards into an order of execution. Kandji adds new device management capabilities including - 9to5Mac In the expanded menu, select Device Integrations. These new integrations provide valuable new capabilities for businesses using Kandjis Device Harmony platform. Maybe we can get these last two quickly. We continue to see great cross-selling between Workforce Identity Cloud and Customer Identity Cloud. To connect with a product expert today, use our chat box, email us, or call +1-800-425-1267. Okta Identity Engine began shipping with every new workforce customer in early 2022. So in terms of net retention rate, the decline quarter-over-quarter from 120 to 117, like we spoke about previously, we did expect the number to decline, and they were for two reasons. This can save time and effort for administrators, allowing them to focus on other tasks. Impacting total RPO growth is the general shortening of term lengths of recently signed contracts. But interestingly enough, in terms of the -- a lot of the executional -- or a lot of the execution metrics we're looking at, whether it's sales force attrition or the amount of sales reps doing a CIC deal, which is two things we've been watching a lot on the go-to-market side over the last few quarters, are getting better and better. Various trademarks held by their respective owners. Push either the users Okta password or a randomly generated password to the app. And so if the macro just stays the same or maybe gets a little bit worse, if we think over the next two to four quarters, how might these products really be able to help the mix or the upsell, if you will? Great. Start building with powerful and extensible out-of-the-box features, plus thousands of integrations and customizations. No matter what industry, use case, or level of support you need, weve got you covered. Customers like they can spend their enterprise credits that they've purchased. We have made great progress in converting existing customers over to OIE and now over 40% of our workforce customers are on OIE. Turning to retention, consistent with prior quarters, gross retention rates remain very healthy in the mid 90% range. So it definitely got worse over the quarter in terms of Q4 -- in Q1 sorry. Thanks for the question. And when you look at the people we're talking to, it's not -- there's not a lot of people in the world that have experience taking a company from $2 billion in ARR to $10 billion-plus, which is where we want to go over the next several years. Yes, pipeline is solid. Various trademarks held by their respective owners. Category-leading brands across dozens of industries manage Apple devices with Kandji to strengthen their infrastructure and steepen their growth trajectory. This feature is not required for all federated applications as user authentication takes place in Okta, however some apps still require a password. The more of your work that you can automate via scripts, APIs, and other tools, the less you have to do manually and the more time you have for other, more strategic projects. They can spend it on Okta through the marketplace. Kandji - Product updates | New Kandji Connector Cards for Okta This feature allows administrators to use attributes such as departments, user groups, or job titles, as defined by their IdP, to determine whether a Blueprint should be applied to a specific device.
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