Okta (OKTA) 3 Dec 242025 Q3 Earnings call transcript

Hi, everyone. Welcome to Okta's Third Quarter Fiscal Year 2025 Earnings Webcast. I'm Dave Gennarelli, Senior Vice President of Investor Relations at Okta. With me in today's meeting, we have Todd McKinnon, our Chief Executive Officer and Co-Founder; and Brett Tighe, Chief Financial Officer.

that supplemental press website. commentary time wire, hit same posted we to the the release earnings the Around the IR posted including large be a our financial and commentary what of This historically would a portion review the commentary, customer of commentary, results. product-related news opening contains this format This before listeners review to allows information that call.

financial Today's provisions XXXX, Securities our Private Act of and of including, statements include not outlook Litigation statements to, to pursuant forward-looking will positioning. the meeting the harbor limited but safe market Reform regarding

Forward-looking known cause from the involve be or and statements by uncertainties unknown different that our achievements risks may those materially performance implied statements. and expressed or actual results, forward-looking to

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

A today's These discuss during the during we in prepared for explicitly references the profitability and to or a addition, of in earnings reconciliation measures will with all GAAP are non-GAAP closest not financial financial equivalents of superior it to measures, release. between available measures non-GAAP. measures and are non-GAAP our though may addition are non-GAAP in state meeting, meeting, substitute In non-GAAP we using not to a financial accordance and financial limitations performance GAAP of GAAP. measures discussion versus their

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

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

Dave, everyone, afternoon. and this for you, us Thanks, thank joining

profitability strong customers driven continued by again and spend strength by with QX efficiencies. and solid highlighted results were once cash Our large flow

in before While touch into Brett. turning encouraged some environment quarter those we're of points I'll QX. remains data get positive the on macro then from consistent, over to other highlights the by some and

partners. annual I've mentioned our contract and our in good These partner partner XX $X of million We're deals our of already in main represented progress of ACV. priorities. is our our that ecosystem in XX one deepening as seeing with quarter aggregate, third value approximately in were relationship all deals underscores all This ecosystem. million over in the previously top involve $XX investing value the

be an The public also sector continues to area strength. of

In of half We've tremendous the public the were ahead amount runway I fact, with vertical. made sector, we that deals progress federal have in our mentioned presence great top us. of the of believe U.S. a in just and XX

area remain ACV. to our customers The cohort strength. cohort. In in of fastest-growing ACV billion of now largest $X be this approximately Our $X cohort million-plus represents an customers continues total,

activity pleased and were We in cross-sell QX. the also with upsell

customer products our goal customers in to to identity. of portfolio more Specifically, well them we us buying industry-leading to Workforce solutions expanded experienced buying customers their product more operate equip Okta's efficiently growth as Workforce with and Workforce identity allowing is securely. more support strong as customers

than Okta's attacks. to prevent which Secure prospects unmatched expansion these mitigate The more has become threat environment more the primary important resonating our and use of under a to has become identity are advancing free our ever identity investments technology is through never has product helping attack in everyone hostile. vector. with vision Organizations been any constantly We're attack customers. and Okta Identity in technology our great of solutions accelerating with to innovation. We're portfolio and safely Commitment, also the

responding than capabilities customer XX biggest our XX% and with represented recently enabling more energy We our will last customer evolving security attendance to is of deepen versus showcased approach. up the the features identity of focused hundreds in-person threat was while year partner at the create future the workforce them landscape. that to of our growth heard of as was and year. at security customer We Okta across our millions clouds over help terrific a The how and highlighted event of and Attendees experiences identity us customers' innovation and pipeline. about products and reignite event that Oktane, dollars exceptional

recognized XXXX overall parties. great position for also a vision this year. third It's Magic to receive eighth highest for the was and the leader for and recently as from the furthest vision Management ability consecutive Quadrant of its Okta in completeness Okta research. Gartner execute validation to and in strategy achieves on our Access

We have a the of business. lot direction of optimism the about

team excited go-to-market In introduced One in go-to-market SMB is year, of the specialization. Americas a with for the farmer about hunter market. specialization a we're things model the QX layer of this we

distinct that business customers Doing As 'XX, we we us meet evolving to reignite align Okta, our centers for allow to growth driving so specialization ultimately global a planning will with plan further buying better create outcomes. of in benefits identity help the strategy better security IT are go-to-market both FY for market win-win and and our and scenario demands, developers.

and focused taking as identity position hyper the top up, growth efficiencies cash remaining of a leader Identity on and steps scale. for driving focused advance flow. priorities and right remain the security, growth our market while To security, in we investing wrap spend is on to things we're and our

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

today. thank everyone, and us you, for joining Todd, Thanks,

to over initiatives implementing the X build on we've efficiency years. been past the We that continue

incident was we the some including prior event metrics, security XXXX continued impact. performance could quantifiable I'll by we cash our from level the a likely not flow highlighted to while QX Our quantifiable, had QX key on note profitability, quarters, of operating analyzed results. financial profitability. and And the that our not as have impact X October attribute similar strong GAAP

Our have are resulting rationalizing Organizations seat lower scrutinizing past the in it and experienced remains in business software MAUs consistent lower seats These our and and view spend, what retention macro for we've our in more and for assumptions is to Identity business. few Customer put budgets past on MAU our quarters. Identity environment that with is Workforce we've pressure our existing offset the remained MAU their rate in success strong. partially both having the to the under gross assumptions selling has products been new net while headwind retention over quarters, seat customers. and the Helping few

deal. with XX% Identity approximately value from represent were focus new QX of of in Our contract a as the relentless Okta our been products. on innovation bookings sold continues resonating to Governance customers X/X workforce when has approximately

we're management. In security addition like Okta fine new also Privileged threat device to products access, posture Access, grain authorization, OIG, selling and identity protection identity

tells highest adopt have the products that rates. data that customers more Our retention us

and So to about trends the the contributions we're excited the here long-term business.

for 'XX. Now to QX and FY our let's turn outlook business

As to always, forward a take guidance. approach prudent we

are macro environment with what experienced factoring in We consistent we a in QX.

longer outlook security last no incorporating year's conservatism from to potential the impacts related are We incident. into our additional

flow of non-GAAP quarter to XX%, operating expect fourth FY XX% cash margin XX%. total RPO X%, growth approximately and of free For of current margin growth we the of XX%, revenue 'XX, of

We cash raising margin operating of now free XX%, expect of FY our board revenue across for margin non-GAAP and We total approximately are the the outlook flow a growth of XX%, full 'XX. XX%. year

our quarter provide outlook are biggest early still planning, we ahead to this of 'XX. view closing in the would we of FY phases of of financial preliminary While preliminary like providing a year. the We're

factor will will call We formal performance. our provide QX guidance on 'XX FY which in next our actual earnings

remain the macro that on past prudently few quarters. we've and We in is factor over growth environment with continue consistent what experienced focused profitable to a

expecting operating targeting margin at cash XX%. least a XX%. flow we're such, margin non-GAAP As at least of free of a We're

to revenue a of representing we are revenue $X.XX believe achievable conservatism. X%. an billion of maintaining to billion, perspective, appropriate approximately growth From measure numbers be $X.XX estimate these We while total

We've X up, we over on years operational progress exceptional To growth the profitable focused leverage and come. pleased to in remain we've with years wrap drive made model to we're past the for things our efficiencies. delivering demonstrated

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

Brett. Thanks,

the hands you queue we'll And so can question. if We'll DiFucci With try questions, have in off the in to We John? limit Guggenheim. to that, they back kick raised John follow-on that get are with up you already. in. have take one them several it order yourself at

year. said. conservatism in for makes question, of My you Dave. due sense, I you're its just your to guidance longer October from Brett next But now. the understand the Thanks, sort by that for last has additional think, next financial want incident the said I incorporating do way guidance with guidance something year, and no to to just Brett,

similar should to think around of approach about you about And good should think the about when back would year, years your -- a X the before kind years? like it. Listen, think a -- those those should lot trying guys and about do is you to What we head last we to think trying we guide, but Just think I to years time, last had same it? pretty it at you go that get going. I'm that, just job be my

John.

but product I the customer and in next go pretty specifics you The think as our make a between we all set into context year, quarter. we optimistic large QX momentum Brett, we want also level. to just level at are, right the in, all a new on guidance, to jump think, balanced can about and and the But have being solid talk Before high guidance. Brett of was this this future prudence I momentum. about about sure want the And QX

of So and overshadow I question balancing want optimism the business it's we the the see guidance but we don't momentum a there. to act, always the see in kind

was at And than Brett Todd, quarter. very solid a it. it -- but the really And about really I apologize. It say was It your good. feel beginning, whole really good really this Yes. or solid. more rarely should was team I

one It's one It's step. step.

do, that. We of thanks but work have for saying lot a to

Yes.

from and think say, that your for ago, point, We're FY right look XX%. a guidance, revenue on the guided the incident. to perspective right? And back a going security a growth We In heels terms back XX% of be year is it, let's I we right, FY of we -- question, about had the would year you 'XX John, go ago, if 'XX. at now

figure the can XX. minus XX delta out You of

right? the in quantitatively future security out just seen I where a incidents. impact of any incident, pretty expect unknown really that pretty the security taking and large because large until would haven't level we're not we from the point that There at was a delta this quarter unknown

So that's... about it, Hopefully, that's how John. think I would

percentage X back go the over I get sort you exceeded X points. I original before why Less -- year, years when I are That's -- though. by And guidance it they than Okay. to of last that, though. your like

growing Yes. we is couple think go a years, the much if a faster company, thing other clip. a were like smaller And at I you back of

So far I kind I think of wouldn't the natural business. the just of... as go to back that maturation

Yes.

is with The in years QX too, slower ago, matters versus other a that years lot X thing growth QX about it, these more.

So more guidance matters QX the of on given we we'll end -- where the -- of QX this seeing at in call, terms be. have more

So look so the that's why illustrative. QX is

Great.

to Eric KeyBanc. Heath go Let's at

the consolidated your offering. GSI more from RFPs Brett been of we've quarter, Congrats and Todd, for about some on Todd. platform hearing identity partners

customer even curious coming measuring -- of with in to does measuring you seem because be in or seeing some up I'm conversations field something if resonating Todd, the your partners. in pipeline? guys your that's maybe more are Or So it

a do out because really with of it really really, progress this in excited a is I really, the made last call GSIs I'm Okta this the know folks change these well, to on quite really of do complex know Well, topic, we -- identity. as identity, have lot sometimes about GSI year. on comprehensive

In way always other ecosystem. types of more cyber complex in complex, fact, it's technology, the especially than

a positives done. and So it negatives The get to longer that deal negatives. takes has are sometimes

That's the good -- the longer upsells. bad that's it news. do Sometimes or takes news to

cohort a committed on customer committed for is that time. customer cohort news help good a and and valuable of very valuable to you the that a partner it's systems to once very customers of integrators long very a journey, to get The the

years. relationships, going So side benefiting to that is is and these the years be going and everyone providing years be in plus we're value for and to

initiative QX their in We identity win of a QX across replace largest companies transformation. it's specific America This one in that the of for Zero first in deal. deal of ARR Trust $X just that by whole company. had solid really company, the And their a a technology nearly was was multiphase North phase to million driven

the journey exciting and Zero relatively the of So companies we are their even more and SIs and that deals that the largest then initial up even that with bring of Trust early scope in success then subsequent one deal and to deployed -- deal that the as about worked we follow more over some to of get queued move phases. level biggest it deal and technology to on are this is some

that exciting participation. in on the number had scenario that's deals my that true the big deals strong really of there. And that's mentioned prepared for all was in So quarter. a I top comments of partner a quarter in of deals, XX them

a of And true trust not global in one editing job those we're ecosystem, independent doing unmatched. a partners. we're and wrap that the when that's And They're building neutral doesn't a lot of good SIs. there So especially partners, the seeing with and out is building all identity -- that of talk the this we into customer scaled player about choices players. particularly, terms scaled stack, working

they're landscape I which us, and benefit think unique to is that, they're themselves everyone. there, the seeing and aligning So they're value with our seeing going and

all partners. the I it types XX talking of it just interesting of that different having deals was multiple part was Todd top part think the also, about is great about the partners,

us them heard it ISVs, but GSI important, was You've was it was about was mix being a I the VARs. of it very GSIs, traditional it was mean, all. it talk marketplaces,

of because areas seeing one we're want to in in this So each that's invest QX. to like success these continue we why

Great.

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

right. Thank very you All Great. much.

fact, Before minutes to was your really than I just got I in Brett, the DiFucci's section ask of I appreciate think question, probably my say, question. I remarks. shorter XX prepared And

keeping congrats it again, tight. So on

do Gray. what can. we we We what can, do We

see security And it's numbers question, just earnings coverage. pretty it's so I my just to far your for season our guess, inflect it's higher. So -- a choppy been across nice

any kind most? talk the And Just just about this there that of the sustainability feel how stood what is you out performance most the like So way about and changed forward QX? you execution? quarter of versus then can what do

-- a not quarter first is fairly the I not it's second it's -- the in I bringing terms than QX And thought or our just -- out was quarter, QX pretty be maybe be the turning for than the different We execution have quarter, in the across was It was year up what which more is reality anticipated, maybe is to to think we history may this -- to we big I like is okay. -- did QX quarter. it's is in look of case. our means deals more to company, in -- year, common -- looking with that I But a QX is than back-end the little which what think line. be solid. lining the think the of that that very not loaded think the that's

to the important and products. to already, a all we're new of lot deals, to on. do set We've the There's and need And and a on as that aligned is there, motivated we it's make it and mentioned stuff understand us we're that, reality. the to that, execute and a the how examples really is team and build to up a pipeline of the team couple large that

the own. potential significant which blossom of So we have a these were wish contributors that starting there's bookings a lot products, and percentage, products XX% on are new to from in was quarter but be it of the their higher new to

the which deals it's than important. the less to Privileged there, access whole and a They're common we large starting Zero or for Okta management, XX% is that I identity in, is of Trust the U.S. that's is is an access, is We value the Trust. pattern. Access and win value, think to before. included which of to now a architecture X/X. example get to bank, privileged trying driver nice is Department governance going of The which suite, the driver And company technology a -- Governance had be mentioned in momentum. of go X/X a Zero buying there bought Asian

Asian U.S. it's division bank, about this compliance. this of all For

So gave only around the applications, for compliance they access needed and which them auditors that but not have financial to. to regulatory privilege applications servers, access

after So massive priority about But that. next think for secure how we're of the seeing involvement. we is second We this faster. big growth. and one good and products, continue, talked -- about still and new year deals. -- and growth our a thinking have, we're it's always But we think we highest reaccelerating partner grow identity security as We we see can we're guide commitment I is our opportunity, still

pleased, we're So satisfied. we're but not

team to lot make and and fired do this have up work of go We and do, there happen, it to to a going is we're it. out

I'd add to contract actually in things, for a positives that may One healthy of not general. have changed, continues are us be for us. duration couple is but Gray,

that You now current X can RPO total points right? growth, than the higher in That's growth. see RPO

I U.S. to their really close thing add federal had is a would year, end solid other The of we that. fiscal

those just of is was a heard in what our And public portion success a think that's deals. continuation that So good of top earlier, I XX you sector.

of our it. of We've Think first of focused forays stuff done put an from perspective. public sector We've really actually on it. as lot right? lot into a We've effort R&D of one specialization, on a

the in we today. be to continues QX helping also us see that here successful for so And and results is

Borges Gabriela Next, we Goldman. have at

emerging of XX% bookings Congrats history. on left pick how compares to that that on Brett, where wanted are up Todd Remind us solid and to I the from coming quarter. products. number off just a they

are rates, that. X with impacting And Brett, mentioned the net dynamics you there retention

and offset tailwind and and may count on seat in a through? count got sell. about MAUs net bit way C you think to headwind Talk asking you the you've long retention pressure when got You've from then can of MAUs when a cross us think the the emerging it's and little

numbers, competition the new on new the is it it's And On to being looking process, this know without mix, sense my in exact but -- for like the close it's governance, pretty place by a to has threat led of really it's -- close protection, higher where been is data, kind back identity governance. it's which the big than second product don't suite. And sales past. customers, especially pretty privileged I the most security-conscious for going a their a access, identity it's the and the addition products, at between

it's does Identity is like -- advanced risks is to multi-factor. version the way it's threat the advanced the about session. it it security monitors kind big protection, throughout the think thing of it of And

So SentinelOne, resistance do signals, multifactor multifactor monitors advanced down change issue retinue any login. CrowdStrike, and the session, so detecting kind IP of protection threat phishing risk addresses, proactive it's and shutting of Identity continuously monitoring.

a big So contributor. that's

And that regulated authorization have decent quarter, have Customer have then grain also we we highly -- and side, identity. had we fine on Identity the a

kind multiple pretty into all that you more are seeds see grow So you're because are, future. these going potentially that seeds contributors. the by of for the It's seeing frankly, XX% are contributed starting XX% which exciting than this exciting to

of like governance. I Gabriela, that percentage are basically, out the actually listed And year-over-year just it really out Yes, add, last well was X products right is just gate. year, just doing up would the Todd because

said the Todd pretty easy for answer in just he and said to see all percentage to that the right, is the it's and which is for on us remarks. going last has So exciting up prepared that his what reasons earlier really the

from It's what past, are we've are In in in in COVID just general. we've that MAUs customer there's era. are talked effects like the about terms being License the of older about the are and the past, feeling that that's effects then it. cohorts also same macro oriented, And feeling scrutinized the in cohorts right. and on pressure, the counts talked pressure the NRR past

that's said because healthy bit way don't QX, through factors do have But think it next factors. have retention, In It's ticks in the it but quarter, what remain only terms we the now. down little that's I on what of forecast terms all FY top a based QX on we've the we of the in the in for expected those same gross I to for past. right 'XX. of those

what And seeing now. so for we're that's

in terms FY of In we expect 'XX. what

our us we'll and plan, throughout Let little what then you through get we've bit XXXX NRR a QX give FY more be able insights on do and go see how that first fiscal will there finalize actualizes and year to got from to 'XX. and

Next at up, Fodderwala we have Stanley. Hamza Morgan

of ask any launch security if launched wanted Todd, to of maybe how customers looking their you to on reportedly about And vendor you investigation an you services. some recently bundling or Microsoft just have about that? on investigation FTC I and around comment what an they're lock-in? I'm curious some tell risks the

what that customers cheaper. gatekeeper choose obvious I do Yes, regulatory I to And of -- us the pitch I'm identity customers buy different they off really hey, always important role. all, but it you're be question. how from enough is, your arguments, close what's a not to tell the is in can't or is is, not option And foreclosing will to legal first things. And arguments it's bundle. I important it think and know the

general login they be and very all itself. log-in general platform, going it And to identity a sell a effect. lock-in identity, that's but or -- -- because a technology it They're be have strategically needs think reason is take for to because layers tempted is has every build that applications collaboration that -- identity it's or Microsoft whether big multiple a that to now, to in powerful trying I business and to there's going tempted to use for take and service that's infrastructure, company everything

to to use more someone If more get they're can be things you. you your likely use identity, to from going

more hey, that argument flexibility. can is, to technology. just And make people we the of remove going to choice the our say, in in that, and first tell when that be because you know remove flexibility, choice lock and it's pay can't pick don't choice in actually you sense, outcomes you that's So all it all, a loss get worse right We the you and end, leader. long-term it's -- not you that

security is are are particularly know in important this compromised also the XXx, out different identity. the And world -- by breaches X many that we adversarial because And as all is these coming from attackers security caused and directions. security of

So if you are locked security outcomes. going as into one stack from identity a security as tools you're perspective, good perspective have and from not an to

So it's customers this They the some is make it I understand. pitch work. to I and for resonating. doesn't customers, mean,

they prospects, -- having neutral They're or identity in don't that just matter -- I really But identity and platform technology no an one view independent work. more they more the North tech what, for and of matters realized mentioned customers, the matters. they largest just cut bundle. and strategically costs America, go really that Some it it's they doesn't don't companies

is with different fold flexibility and spend they pay ability back of they security in the onboard to the going and dollar get to a the And outcomes technology. XX Okta terms or X

build So multiple workforce we're cases, team independent that's never something foundation only knows has that doing this. and and before. starting use we're and We're and a platform to from, and building customer identity scaled the resonate, across this the neutral. it's done and We're doing governance, and -- privilege we're been to out one

them. the better but sell to We're to think to trying that's for where choose the works suite it not other We're that anything trying the outcome applications. sell not ends. together, other our customers leave We identity sell to We else. best not up trying parts of stack. We're security to

Okay.

Let's RBC. go to Matt Hedberg at

back sales to interesting at attaching the governance the to governance there And it's I you deals, could you've success wanted to key some landscape? talk influence, incentives can attach product success workforce elements guess, you an to competitive Maybe maybe had statistic of when gave. it. I you drive on partner increased next even this circle of look you was additional further side year? are next It Todd, parlay And think that year? about year the new

Yes.

these that dynamic particularly not particularly I in I'm traditional customer doesn't the many ERP no I governance of are is -- in is solution, have mean, on-premise there think solution, the talking areas scenarios legacy a technology. about

for And lot and times there us if for a example. legacy around that. use that's or of we'll big app SAP, just governance implemented Oracle, example, come an is for in a they'll that on-prem big it's So solution, not

It's SaaS maybe and more they and compliance do that that. good applications governance these becoming of And realize general sure access for SaaS just for important do important more and making are security their really the applications for job we a is security from perspective. And that. they controlled a

be just rare, And It's because take deployed to opportunity that around continue I to do someone boxes. governance just will for and governance replace application. on-premise rare it is checking cases It's probably the there works. not pretty and to Okta It's a the all in changing like legacy compliance production an that. it's think an solution worth use around

lot in the years governance a is there's market few One that interesting I've lot and shovelware. is a learned last the in of -- is of thing there's

but And one it so had because to features have X CBOE Salesforce, out the first to no was used those -- simple, in market. remember is XX working there's at because the back it's to was it it features, capabilities, years now, of all a got probably probably to I when Salesforce you I product have CBOE. and but [ of it the market compared incredibly not looked ], of win where of when the was especially a long time this table XX I I shovelware just a going ran features lot in at

on-prem the market not of get like And lot a out which is even this is There's to access and shovelware, think is implemented. integrated applications. applications it's and of strongly winning it lot to product, stuff integrated well very formula, SaaS very our to implement. seeing tremendous time that, in we the out I And is quick It's fast. play market. management more, in it as there. And value. the access innovate I People more think of to case, integrated value fast In to that. it's the governance And or many it's a management, we're

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

for seat that for year? are are Brett, that seeing at into and year, MAU you how kind in one your of guide And how guys if you. accounting pressures ongoing the visibility does next that change this the that, today? all, maybe you you gave

It's good in today. the question, all guide Yes, for Josh. that's a accounted

different In then -- older licenses not by buying of year customer right? scrutinizing business. say overall the fiscal end captured are licenses. that I think 'XX. there's which there's way, we cohort just materially just by cohorts. the the customer is or half the just they're That But done older the licenses, -- macro X -- terms on the side that's all guide. licenses, companies so of as many first of all MAUs, I factors talking When And about, mean, the in that's depends of the There's we're

that helps Josh. there, hopefully, So

have up, we Jonathan Next Blair. Ho at William

quarter. strong the on Congrats

maybe see help go-to-market referenced? the could now? us opportunity Just give detail impetus this need that understand you've specialization you us what's the And to driving on some why do Or wondering you maybe if additional that? the

-- There's of one the just spectrums every of X and overlays. There's model. There's go-to-market sorry, rep a of rep end Yes. is of last years. the There's no Talked models spectrum or everything the Okta same One with specialists, working X X lot in no And spectrum. is sells everything. X go-to-market. or to ends basically general. people general and

its you and of probably productivity And every roughly, costs. has own rep On just are of specialized get total and performance specialization. lot also the there's specialized. everything out product get the is Every sales other more the but end the trade-offs a -- more completely you spectrum model,

evolves, maximize your exercise grows dynamic -- on as do and evolves the to the So grows spot put how that and and market organization and is profitability. the how you spectrum in organization growth do portfolio right product competitive the the you

more growth here there's is, seeing that we than And so an to now. for we're your simple the question think opportunity answer

there's way, more So to by costs, as part initiative be very some but we growth. increase the it's short on focused profitability of for very the far as we're in outweighed least going want committed at term, And we by the the specialization. think in think potential do increased and accelerate to some to And well. I growth

are all specialization we've run comfortable I efficiency the But think we've business. still work growth. based make we with have can the investments the we and our made outlined on room still enough at effectiveness, some in investment the where and accelerating and profitability levels of and And

So that's high level. the

kind specifically, think of important it's More here. understand I specifically more to saying what we're

what selling to sales this products. going Okta that product, So going to of every to more they're reps at means we're have, is instead be specialized

reps. they're because reps off access And identity. then reps sell access, management need and be of that sell to access to to and challenging privileged customer is getting privileged them access going and governance governance, going be suite. going ITP, product very, specialized to broad. management, are that suite there's Specifically, to the zero It's And dedicated dedicated and the very Okta Okta the quite we be

going And off on are then zero the off reps be to zero. focused

self-service sure starts So customer turn into developers. gets because making of that It's these small to some every full be a upgraded customers. to deployment that our biggest enterprise lot of it's companies upgrade out

off our know customers world about the and all AI how trial. significant we in self-service very You a there that have presence started

them a to We cover very make salesperson growth getting and are take products It's it. capable. we we're going see more So for to one sure all. tough opportunity,

I that. just add Yes, would to

Jonathan, healthily of profitable we which 'XX. right? Todd's If growth metric, can seen about efficiencies as is If portion trying we nice into the more by this built to and so FY being AE gains think AE back go balance it's are for in productivity, boil think expect these making simple to a productivity, while FY and we be a go and just make goes really we've organization, year down it's 'XX further can point change the in also to gains productivity, organization, we've all we in with you to about you it, this even those

at have Jefferies. up, Next we Joe Gallo

around talk ability conversations and of about market performance quarter growth identity, you're given this its specialization, thinking channel Can you how its and product? all should that then customer we the to just And sell just the rate? the about maturity through that how think

Yes. quarter. had Customer Identity a solid

very the business think billion excited. we're -- $X now. over I It's

which the well. $X as over have is is business, then and the Workforce obviously, we So well $X over billion, Identity which Customer billion business,

Workforce that by less just side. but many times I driven on different drivers a in by bit experience. the think they're security, are driven It's security. the market little somewhat In customer that

Customer a experience European convenience. retailer it must had they're and consolidate just IDs up think, mobile was large in app signed and and to logins some or quarter been some you have online something purchase, There's web and driving multiple Their it multiple but oh, the security QX trying Identity for that that.

focus -- of developer And we huge even can seen strong. think the So very I our it's an when bottoms take significant, grow, business. with mentioned, important want be make It's that the opportunities new when sure we that into persona can funnel, built, it in this enterprise it's we've the something on is part up, use to that as quite grow the more growing starts cases to past are just faster which upgrades opportunity. the we we and developer to advantage -- start of comes self-service

Needham. Let's Cikos go to Mike at

Great.

of sector you be get your guys you get approach? outsiders us wanted a specialization the would comment, to you public to, the the informing of would but but right is Can that's decision, Americas internal point I'm some either specialization to where you're this what to have SMB. into confidence arguably points sure us it Just specialization Because greater tap here. to guys driven own data help us for helpful it watching, that point your obviously, you too.

a Yes. of -- data points. bunch It's there's

You part small SMB -- the of would business. of relatively data out that's them. hunter a positive I farmer the points in mentioned that The is that. say It's Americas couple of a there's

I think same the buyer set and that we're is public language sector data and the focus on. there sample confident and a bigger size the term -- size the longer sample really that as and speaking

too, instinctually just before, -- how sales this conversations think the the potential there's see I and is seeing sitting and market about of additional right? the dedicated by like through And on cycles watching developer-facing focus said that. And we by much on always and resources the then seeing and what's it, just trade-off, a growth we can part thinking then

all model. what against the cost our we the transition to then how on the case, all is are is of what changes going The outweigh to is that costs, the think trade-off growth benefits And experience in the this to -- required And sales modeling the is to make ramp of get going that cost growth like increase our based costs. the coverage. past and that in to measure

right. All

Next have up, Brooks BofA. of Madeline we

is I So overall, guys. think can that we agree really you all strong this quarter for a

And this I X%. to So what to quarter, take new kind an X% I we on really roughly core for bookings SIEM of at then was the if the in look growing kind and next of kind and back extrapolate get I workforce year. that I a are of hone just guide think markets maybe assumption when market, step the want for can

that then does follow-up that guide? from so or bookings just baked Or new from bookings And new And that new X%, include clarify sorry, question are one to first products? new from that. already into I after want -- any upside products

we you're All what in are today asking. baked if products already there, Yes. the that's have

the one governance, before. material I like far we've talked think that's by is about the most

We material. would new quarter there, biggest have are here the product Hopefully, to frankly, helps or governance. describing X in continue become some and those Madeline. we've products that of be the today hopeful ramp they there it been last like that been But more in

so if my and faster there growing identity then I than guess, both And is mean, at the we follow-up, market, both kind look markets here, and better Yes. I that performance those growth if is X%. thoughts Workforce I for anything growing SIEM, analyze suggest rate the and just would can do where there, and faster growth that there? any share to market just X% in loss core reinvigorate some Okta the try that

money I -- as priority of invested identity lot think I our infrastructure. but X, to #X We've our priority, is is growth, a It's of big And big about the having #X said, we and there. and both an we've about on in ton. we progress because terms And our we've we're I'll all not has corporate going any talk issues which deal. can hardening which is security aggressively a in be important to terms said, just having it execution on made X like -- and question is secure making security. a think sure refer commitment, have ton performed really well own pillars of I a of part And we a invested in

companies one year this our to to I making And sure we talk And leading progress. and of tech a security when CEOs, of very posture, this made I and a has sure think but we're secure there. the our of companies that's as I of at in work proud something posture talk to of accomplishments It's the make investment the about think CISOs on. things quarter, execute Okta we ton the do. internal other I'm and to our We one never-ending have are more improvement is still to level continue world, committed we most most

earlier, the that's customer and that through And growth, starting as that been I'll from work Privileged that. back of we one into are what our to because -- -- about relevant think out I and momentum those they're and now prospect and can work, learned market and internal is that not a seeing kind the to use our learn the down rates mention your of now helping own fire to customers a we ITP think translate we're own identity-based products really and used with but the company lock the whole very the seeing and market and from I defend mentioned lot industry is sharing get and attacks and question growth Access infrastructure I against governance, that,

and issues, performance thing. one security out strong these beat potentially. that having a it of of think, us that's, breaches one gain in terms put the part I help there share in so That's And we've can estimates that's market and

that some we side. we're is that thing about execute talked continue specialization do go-to-market doing things we the to have and and all accelerate about we and growth well Second think I in our to -- if talked

going We're out And share. and we be be to grow than just -- say their lose deliver about problems all and think to there's if just I problems if to solve faster to not going of things, make market you still lot for we of going and if how Because them to not to they be we're to delivered a out them. to if about to a don't that fine and of -- their you because customers would grow still we're lot value to is and there's market. a still going ask to you the lot we're there And and identity that solved if have slower those relevant do sure work talk customers, there turned challenges, market, identity all the do forecast than we wrong. we're the

Great.

up, Baird. Next have Kothari we at Shrenik

on solid execution. the Congrats

year-end, So vertical, with and first, DC-based remains, the of that's translating were guys advantage. to you mentioned sector, your driver. certifications a key partnerships the growth of the the teams and course, aligns Half top petrol compare deals in your which

disruptions My viewing next tied and to to the do hypothetical, any it's structural perhaps be and in you changes? still post terms you budgets are adversary Again, that navigate you how like of starting question plan foreseeing these? reallocations shifts is, just potential year, foresee but how you that might elections

Yes.

of deals federal top in XX U.S. of X vertical. were think wins, one them we the I the and mentioned the

another DoD, sign it's for this quarter, with which of we ago, things addition and is the followed had one One win positive our good -- quarters DoD win. quarter. very at to we a mentioned that the come them up exciting significant big in a of results really first was really to few We

deal the largest top care provider the at closed federal a the also health in significant the We for deal, XX government.

So of there. momentum lot a there's

to can of as and and as identity modernizing government focus federal cyber the the had everyone knows has federal this some defend it's think apolitical, security identity is identity they that nation kind be help and and have is much apolitical can it secure but an stuff. be against wants and in that I states more modernize of attacking the government anything that, on the interest have everyone to really and

momentum we're the is and of cases, many one long seeing we're benefiting of the federal quite of it's running lot tech a stuff from the of legacy of the in think reasons vertical. they're of is overdue initiative in those A cyber the old, quite and focus a and I to lot X-part like some on formula both modernize

Great.

up, Next we Kessinger have Rudy at Davidson. D.A.

should can past particular breach how about conservatism that every -- the guide, the points of guess, breach. in Or where forward there the of in I been conservatism we guess, want about in we X CRPO the to beats you've particular, some go the X quarters. couple the CRPOs if at magnitude last your this X call, just think for QX of back for points just guide you some beating to last removing the Brett, quarter. level of to quarters? conservatism few quarters? CRPO like was in in look John's I quantify on guidance it X versus going on to additional figures in question first I the

right? the I margin, kind together, revenue, op cash mean which I Rudy, was exact of I say on RPO gave you, op earlier, we to would When just -- op both that of an flows it's I of margin have free to year. XX% well quantification and as like as both but don't I -- say so time the XX% for current I I level just not and page we're this flow. example don't all same the did at margin. be like is going conservatism said earlier, XX% the It's

company. slowing just -- revenue a don't is can bit. us And growth we today. for 'XX. seeing XX% what the natural is maturation see also mind, We're little bigger, don't that FY I the I of in imagine it's down given getting this Now just growth keep just in

the So point. it's just size company our also incident, but sheer this at a of security also

go Let's at Kalia Saket to Barclays.

Brett, is that that what can logo just part year? maybe like stabilized but for drove a think to I bit you. Can trend in going the next the it something net this into prepared going that what revenue continue for I of were about about just all little business to mean, we and new the Can was seems new happen you logo talk business we talk retention quarter? quarter. whether

we'd mean, was new to I XXX I be like Yes. logo quarter-over-quarter. mean, numbers the it frankly, higher.

farmer working than improve also things our That's the hunter new the we've logos do But we as are. of we RPO is to well. If you that. at frankly, where can better really One solid we the that look try farmer model of we growth to and selling think XX%, the formula, yes, is, piece Hunter can And been of both current is right? XX%. RPO the at total obviously look growth on upsells good results right? news produce of when mainly cross-sells, one

the inside XX% coming bookings at opportunity that's point. scratching base of newer this the of lot ultimately, surface. mean, the about products. a I Todd with earlier There's these But talked from just customer

I XXX,XXX, than count the this. base. the opportunity be clear, than be the the look done frankly $X producing cohort, and so million larger forward customer a we've to ton we've better to But is Like helped also to said, a ourselves. have have good lot we customers logo want We of But to the definitely faster inside with created grow able this. we news

have Next at Colville Scotiabank. up, we Patrick

at set Brett it's I to been guess, last initial In in fiscal XXXX, this year, at guide XX%. the This to profitability. rapidly release, mean, standout I press the now back improving up you I margins Okta's success year, time the XX%. has me, look if and 'XX Todd,

some because about like thinking it should guess, ability quarters. couple So I on hiring has color hiring how picked just, of we to year? guess, a initial then of X-point looks XX% last kind the I about beat. guide outperform Okta's up of think And you're How also your give us next

lean profitability into a want perspective, little to things talked that we've of really we Yes. From one about the growth. on call bit is a more this

the years you of XX, think the want we the lens side the now. for growth We manage into equation. through of If right, to about company lean the rule more is

where And into we we definitely we opportunity bunch it's the invest mean, achievable. think of want to so set I the wouldn't expect a we upside. out because necessarily it But I do guidance do see there.

market. go comments Todd's heard of entire this we You've of call of more throughout and the optimism how get can

these we And about the say, after want here earlier. about is we're you than because these And we've making and go we Todd don't want to think changes all so to profitability higher be obviously what huge guided to talked investments, market hey, way going already that sit to opportunity. and security

line. about talked today. in and we're we've investing with been we've We And can expect These here product bottom more drivers. The and the really after to that, we more really today, line are innovation coming both you think guidance partners. the comfortable top growth. off all get good, topics has specialization we of growth the given want

up Rob at is Next Owens Piper.

that I I doing the to want we would made a should terms be where kind better agree. of identity. customer you think on Todd, frankly, Brett said, new and in of perspective. of some from And are the I comments of earlier appreciate build we overview And

around of continue is occur reason broken wanting to this breaches dynamic first the at So where We just to these is customers identities the in switch point? in the of being market terms hear that most place.

isn't more dynamic? why that So

to in put XXX take here. model these to that this quarter-over-quarter hunter number ago, And I realize but improve months kind would of and things you've time, farmer I expect X start

to is in the is that, right your I now? of especially identity factor where where think relative So governing broader comments

the smaller -- shows number look XXX,XXX the it's down bit there plus, customer in XXX,XXX. Yes. -- logos Yes, market you the is below that a count up if little are more number it versus obviously I is count at think SMB versus X% because more growing the logos the about customer a

one quantitative thing. that's So

deals I was traveling, dinner question one think ours I a was bunch same things how to was and are Australia And the of doing And bunch thing them products. just is customers week, I about a are other with in them down to your at people cyber But customers, talking going. I of the I systems integrators at visiting of and in was there. asking also identity what's about trenches dinner compared last said out parts thing, partners, rolling And prospects the about dynamic. of these which a of interesting bunch and is a of they these

When they the see something look to are upside the identity identity. things especially around endpoint. the easier to to it XX easier It's harder change of and by sometimes. change But caused to are when what's easier is out put X is firewall, changing out important, breaches consider other they you easiest your of change, change. to on quite It's

I have, in we just patient have slower, the far, but So because by to best think we it's some products. be be cases, to going

there. product out one where and modern we're position and very -- independence neutrality, terms scale in have unique We this in else and there's and suite no of technology

fine we've executing, and we're demonstrating. efficiencies and hard, keep are to where be the got just plans working we'll keep innovating, the just keep with they so the keep And strategies customers and meeting

go Next, Peter Evercore. to Levine we'll at

XX your there's identities, you it, somewhat you to the or us in more are nonemployee how your across see next, those over are usage talk the your starting I to a, AI? their that in right? terms seeing you you're identities about like talk identities of adoption remember like protect perspective, out of, explosion machine months of do nonidentity, to the of network? and but XX, b, an to what around you're about monetizing terms coming AI maybe bots. identities, initial plans of from of what adoption then, Todd, that, nonemployee some monetize call identities, And customers AI, the Can like If like

me you've things. say and probably X Yes. you of heard haven't. X about there's them them I would probably talk of And X

and tech being of this -- hear you apps that a world identity the log that whole why, which lot ones smaller the are of important of the developer apps of. but some obvious first a The because built. and of haven't yet, is is identity customer And need will whole perspective most -- by and people X in you focus of generation is that And the a into. so we're and SaaS way, heard innovations there's layer the new thing to is biggest the from generation

big is thing identity help continue identity threat we of works couple that. have we inside to And threat Second of starting on a that Okta products about that AI with these and of which Okta ago, how protection AI, part is the and years a The functionality. AI. it's talked product we like is really model to protection lot a new work

you So me those probably X, before. heard about talk

they Oktane right? Auth be. Everyone areas call is which agents. should Some mean, excited ago, used agents, platform for called at is really called I interesting X they're about AI, for them authentication new basically are as we we have to Gen years very something about bots, X, talked bots. we

what's agents, and languages natural can is called they're can with these it? you Well, they the do different a more How big deal? interact Now like them lot with models.

monitor now equivalent bot. in of have all the the of passwords bots bots real them, have is on with that bots, these equivalent to problem real But like sticky all of it's So the platforms are these build time. they the they and the notes of inside

the have hacker And single to gets in So You for bot has that's hacked, travel protocol those sign-on it bots. stored your passwords company that what? your has signed for going there's data, bot. guess passwords to company bot like the and booking access access for there. and e-mail up has to if it and get to out calendar that all your your gone and no They is because access

make Auth around. So secure for and bot automates Gen protocol that you sure build can a have AI a to

very frameworks and and idea where our having But sign-on customer a are I goes better new. not so to we experiences, in interesting all need people just build, our that's monitors, It's this area. secure, back watch these forth on all right integrated, happen those frankly, pretty and things, the think case to announced having the passwords more apps and there's terms now it's we a in relevant and new. lot need lot new it's large. it single case of it's it problems, the a innovation just a revolution, but same of profound applications in and to in the but is whether the in we're potential and of lot it exciting services potential We of of to it more bots, is really agent a see, business, And so AI of of magnification

you that? monetization? but just Can for today, just the if plan really... just And you charging How to are you charging do shed you on are, maybe

There's different like like Protection Threat monetization. Identity obviously yes, product. obviously as There's -- a

firm So we about sell that authentication. as as an upsell. Auth for -- machine basically GenAI, think like it a it's

-- every a does monthly the similar and machine-to-machine, machine. feature basically called thing have you So by pay time today, active which this we

to the the more going at a here. we're of try few top where to We're hour, take

Let's go to Trevor JMP. at

you, Todd, clarification maybe then a and for a just question.

sort of you competitors maybe privileged I the there. or OIG what just the running would that context weren't as landscape. some have expected set of too, product, competitive into it suspects around sounded necessarily like And around and standard the of made for maybe access comments You earlier the

going growth, displacements because -- after kind yourself, the or next to have and and after field of X.X them stimulant to necessarily just do that's in as that's kind aggressively you've And of do have and you you move those into for beyond, of because aggressively as switch start a will products if -- flipping kind curious you you're if said So that's the to the looking what vis-a-vis been kind year necessarily going case, be going competitors? of just your not of of that? know kind kind we not more

for have I replace we don't SAP think large on-prem -- don't business. have SailPoint a to to

take going for you they that to bit take practical. they SailPoint story, It's I maybe we installed years, good a -- because It's in going system term X to doing not to get invest as base and to So these like and to People, a just would good when on-premise. just they get we're the out. for just not a things going they're -- be to a take don't it, think there. have installed details business going just out integrated. X But a and want a have installed not big long -- that SalePoint integrated spend it's out. but little it to they growth to just and it's win, are us be hard when years not if And a of spend long time it's I

what it's think a eventually the And use as the to for governance But better and very moves that. of to or think easier not are We're the more a also going there's market's that cloud we XXx products integrated, of big company. it ours have X more than and it share and to market like big now. bigger more that is

of So trying that's say. what to kind I'm

not I think all it realistic. it's was to. have think business, way, SailPoint's And we don't just a it's out it to be Okta little but like bit the easier nuanced. takes by It'd about if

are should We management Like which not the Okta, access new you the story kind cloud. we in start -- an by you -- of said, started can is which to these in cases, the cover when use cloud. can't of Okta. people way, going the company There's enough

that's fast to build to like and take do And and the and is from have a where You that's modern pre-integrated thing to and where some going to flexible headed we're value going we're maybe very host world them, be. get have no, and software on-prem and that's you said, we it. to

governance. So taken same and the privilege both we've tact with

from starting in if I'm Or a privilege who you build of the in? and opinions to suite? wins. you strategy and but own probably starting position from argue we're and capabilities rather it, be be what's and think building better XX,XXX sure out start our landscape would governance try of these to And about the other from to we'll vendors their think new right I customers the see those would and going on-premise I a competitive you have almost full Would position, that. some around

at JPMorgan. Brian have we Essex Next,

traction Yes, the new layer, bigger see another And percentage Where to came lands about I new want larger to is logos? about a think do dig result. I with opportunity? versus the into products there? how how peel if expanding products versus into what with existing? great customers want you new great do bookings existing And momentum It's think could the new is products. we into XX% back the there. new we to see of from the

Yes.

a some all there upsells, but products was That logos. nearly in new That a were had -- I on I the numbers, deals, exact estimate would was that that of I a the suite. in mentioned and based $X new I work my million don't working company I would think was know significant large the but with the multiple technology it deal. field it majority was customer.

especially So bigger there the are in larger some deals, companies. -- there's

And quicker, thing that do we've have maybe initiatives, -- payback term, if about, them, larger good initiative it's and longer they're have a they it their as they're have work going. take Even they're have identity a to companies like likely executing their get kind than strategic I micro budget they which think be might been might longer-term quicker of on -- are payback maybe of their example more or set, is what a talking things a to not a -- that another much like projects. lot of

and and you privilege they can things And being cost And more have other from value be they have consolidating. governance they and they're get a also is they vendors understand can can understand vendor too, doing realize the bunch of And appealing not access the and niche of because suite then that savings of the big -- the of locked advantage. they that little different probably in is how they a we're a technology can value where single neutrality. offering thing,

I big state. It's and a ton company. because the the have also deal, toward X/X a there think technology And of naturally revenue, mentioned now really -- So business like bigger Okta million-plus cohort -- I of that's million think gravitate billion are great. we a of like which $X is lot opportunity their is companies. why $X these it's seeing deals I of the that's $X you're But for

in We lot have a just of opportunity account. that

So it's exciting.

traction. more like sounds versus this So some hunter still but farmer hunter of getting opportunity, a

probably Yes, that's I yes. think right,

math I that, yes, say agree to add is suggest it's be does what's upsell new interesting able I to new with with more going you're Yes, than then mature, them. customers more business. would as But products the Brian. the that, I think would

every done it's other we've entered. in we've that -- category what product So basically

basic, out So but something with want that's say don't I like... we to started

called X.X it earlier. Someone

That's go. good. you There

that going to and You think started these it. it about landing it with now. got products, going better done multiple we're with time it you excited with and do We're products over forward. We've to continue newer

Let's Siddiqui Truist. Junaid to at go

we your of uplift others? about like How the workforce and solution Access around Threat with value governance deal. newer of and in a some solutions X/X pricing Protection and Privileged sold contract mentioned the should representing You think

on many has customers. -- don't privileged We I is access, Governance X,XXX earlier. to -- think have -- close the as we're it's customers.

be that. terms be or of along more a and no there's you a if same value. to deal much uplift have we And privilege, add zone to multifactor. in it's privilege probably similar -- it the could is advance of after a But XX% then Protection access furthest governance looks it be could it's Identity of the the going in So in on Threat that. data type And privileged like it's -- --

uplift So it's deal. a on the type significant

Great.

Stifel. Next, Borg to at Adam we'll go

on Todd, about Awesome. the and the great just emerging Maybe it's products to call. see upcoming talked green for front, specialization the on we that shoots the

you're As specializations with and fiscal packaging newer that there the 'XX, we pricing solutions these do coincide given about talking about? how think about changes Any we to the side? new think

we're things bunch we're experiments modeling doing. and a out of We have

to some product that consume, how kind buy, on good, better, pricing option we're one best, every of now I We're take and at right think seeing pricing. is customers not easier to patterns make carte. main every one. people simplified much ideas we're or at for good additions And idea looking of by more our looking a so the in is la pretty how specific

Okay. Citi. We'll at Fatima to Boolani go

if sense the gotten with talked you farmer a the about juxtaposition the international you you've i.e., the dynamics? business. then, of But hunter worse on some the I some that give from a in we perspective, Are has you But made to earlier business can an looking that perspective can the year. of business wanted think you have comment I business? slowed Brett, see of they lot ask TLC I And the changes ones? respect North you're from a of us American metrics the of Todd, of a ideas. and Look, of down? to about bifurcation international some the if why sort in kind at better can go-to-market operational international what and seeing on just terms share anything business you demand or when across

personally week. It's our that an Australia just international. was spending of in business and last part mentioned Asia time I'm I important I

situation had a the will for And coming North -- a of this tougher on Europe America. is bit economic new there. up third in -- the I believe. think be think, We've has very I Europe, quarter, teams I'm a than leader with now happy I little

X America. Europe -- macro last -- been So some we quarters, the say mentioned as macro I over the has or macro been the X consistently before, tougher that of has than would but consistent, North is,

and And and security way the terms so the -- like pretty the in -- for universal. of push resonate, solutions then the opportunity but it's and

opportunity portfolio maybe I quarters. product significant few in like capabilities and So on next team have in we're set we and -- the and think I performance international, it focus, and think of to a terms growth the up execute over

that focused We've about we're through add, really channels. tap just I a VARs, mean, it's also the need from traditional into would different there's of we in partnership to a You've area the international these I about Yes, MSPs. even an GSIs, right? heard that those on perspective, opportunity all lot partner and -- heard

said, they're be macro little wildly as a other is it got. they In the talk that's which much different, to more to Todd seem look a bit I've if terms what metrics, challenging of different from than but any does about not just as enough perspective,

the last Bernstein. Peter with from Weed out at question this round We'll Okay.

exciting turns backlog of I the things see for think tunnel light kind the mid-year end you 'XX. in like a once highlighted and of all of people at be not things you've but kind of the rather off thing of gradual peak like of a the at of the types kind it these the in time. is will cliff that's over downgrading that where Obviously, one kind of just like

where back going points XX help should we that of that we XX kind of that as kind get So of of some thinking is be could to. to where as greater degree our mean, taking XXX something so dimensionalize that have we're about of kind where than think that and shouldn't models, about that maybe XX XXX% months? As it XX impact. over of over was basis away, I out that is the up the like there kind the about we basis, ends timing is that think the XXX, the the curves degrades this NRR obviously, to us of kind But should before months headwind of slowly and headwind where

cliff. Yes. It a I a point about good it's that's say would gets not just lessened.

you thank that, Peter. So saying for

But that. terms 'XX. heard everybody hopefully, throughout expectations the NRR in So FY of

about 'XX do I'll financial we'll quarter be more plan, NRR of finish then lot a year us through because tell us let now. we and biggest able and have right get whole information FY our then the us than for more to QX, just Let for you

you. for So it. Thank we're excited

Great. Well, for with everybody, thanks, sticking for us the call.

addition January, Global several December and we'll Tech Francisco virtual want I XX. you hosting Before that attending to Scotiabank be in on through bus San let the Conference tours, just on-site we in to go, know December and

at you one hope see Thank So of to events. we those you.

Bye, everyone.

everyone. Thanks,