Good morning, everybody. Welcome to day two of the Morgan Stanley TMT Conference. I'm Hamza, the cybersecurity analyst here at Morgan Stanley. With me, I have the pleasure of having the CFO of Okta, Brett Tighe. Brett, thank you so much for joining. Ah, thank you for having me. And- Thank you for such a nice suit combination that we're wearing. I know, we're matching. It was not intentional. But yes, likewise. Before we begin, a brief programming note, for important disclosures, please see the Morgan Stanley Research Disclosures website at www.morganstanley.com/researchdisclosures. With that, Brett, obviously, a very strong finish to last year, in your Q4 results. Some of the highlights for me were, you know, RPO growth accelerating, average contract durations at a two-year high. You know, I wanna spend more of this chat kind of looking forward, but can you walk us through maybe the last three or four months, how you guys were able to execute to such a strong result, despite maybe some of the recent incidents? Yeah, we're very proud of the quarter, frankly. Across the board, top line, bottom line, from a security perspective, we feel like we really did a lot of great execution. So I think top line really comes down to go-to-market, right? They did a great job. They obviously were not handed the best deck or the best hand, if you will, with the security incident, and frankly, they spent a lot of time with their customers and did a great job interacting with them and understanding their needs and their concerns from the security incident, and frankly, delivered a really good quarter. You can look at any one of the numbers. You're talking about total RPO growth. You can look at current RPO growth, big deals in the quarter, getting our biggest customers even bigger. I mean, just go-to-market had a really nice quarter. Frankly, it's down to them. They executed extraordinarily well. I think the other thing that we did really well is frankly making progress on our security initiatives, right? We talked about it at the last earnings call back in December. We worked on a lot of things. By no means are we done. We've made a lot of great progress, and frankly, we gotta do a lot more. You can see that in the Secure Identity Commitment that we announced last Wednesday. If you guys haven't had a chance to look at it, you should. It's a... It was a blog that we posted on our website, just outlining all the major, you know, key areas that we wanna, we wanna accomplish in the, in the coming quarters and years. And, so I think that we did a great job there. And then frankly, across the board, margins, we did a great job. That's all down to the entire company, executing for several quarters to be able to improve there and frankly, deliver, you know, record margins on a free cash flow perspective and, you know, really drive a great result for the company. So really pleased with the team. It's really down to the team. It was a great team effort, so. That's great. Yeah, and, you know, especially to just double-click on that, the, the average contract duration point, again, that being 2-year high, about 2.5 years, I believe. What do you think that says about customers willing to commit with Okta longer term in their, you know, security or digital transformation roadmaps? Yeah, it's definitely a positive sign for us, like two-year high in the quarter, which we're really pleased with. But I'd also, you know, caution against getting overly excited about it. One of the reasons we had such a nice quarter was because we did really well with large customers, right? And large customers tend to sign longer deals, right? So, if you look at the, you know, record we set in terms of million-dollar contracts in the quarter, you look at the greater than 100K average ACV was an all-time high. That really just points to really large customers, right? And like I said, large customers tend to sign longer term deals. But it is a positive sign, and we'll take it and keep moving, and hopefully we can keep repeating it as we go forward. Got it. Got it. From a large customer side, were there any notable highlights? You know, I, I think you mentioned them on the call, but any notable highlights you'd like to call out in any specific verticals? No, I mean, we just had, like, a solid quarter across the board, frankly. I mean, it was just... It was, you know, the million-dollar contracts, like I said, were a record. The, in terms of mil- and when I say million-dollar contracts, I mean ARR, not TCV, to be clear, so it's a more impressive stat. But just in general, across FY 2024, we had a really solid million-dollar ARR contract execution year. I mean, grew 30%, so really pleased. I think it just shows, you know, how important our product is to the largest companies in the world, which is something we've been working on for really years now. It's something we wanna continue to move up market in and be able to have more impact. You've seen some of the stats around penetration in the Global 2K. We're about a third penetrated of the Global 2K, but the average size of the contract is about seven times larger than the broader customer set. And so we believe there's a lot of room to run in that cohort. And even with the customers that we have today that are, you know, million-dollar-plus ARR customers, we still feel like there's a lot of opportunity inside those. And so we feel very lightly penetrated in a lot of areas, and I think that's where you see these good quarters come from. Got it. Got it. So, you know, identity continues to be a top three or number one security priority among CIOs and CSOs. You know, Okta, the roots were around sort of the, on the access management side, as far as making it easy and seamless to connect to a proliferation of web and SaaS apps that were coming up over the last couple decades. I'm curious, where do you think enterprises are on their identity journeys today, and how big of an opportunity do you see ahead of you as you expand into some of these other areas like governance and PAM? I, I think we're still fairly early on. You know, I think if you look back at what we started with, with access management, built that product set out, now going into governance now, and having, you know, a lot of success in governance, and then obviously, privileged access on the workforce side. And we can talk about customer identity as well, because I think that's even lighter penetrated. You know, if you look at the, the penetration across those three pillars, I still think we're very lightly penetrated across the board. It's- It's something that customers, you know, depending on the size of the organization, you know, it takes time to go through this transition. This isn't something you just, you know, "Oh, I'm gonna do this tomorrow," right? These are decisions that folks make for, you know, 5, 10, 15 years, and so they take them very seriously. So, you even heard about a customer we just landed in the quarter, a large North American telecommunications company, that their software was being end-of-life. That's how long they waited to be able to make the transition. So people do take this very seriously, and as they should. Identity is a very strategic vector that you can build around and create a lot of value for your organization. So, we're there to help as much as we can and solve as many identity use cases as possible. Got it. You know, there's a lot of debate around platformization versus best of breed. I think, you know, Okta, within identity, is trying to be that single pane of glass, that end-to-end platform across access, governance, and PAM. One, is that something that customers are asking about? And what are some of the benefits of having, you know, an end-to-end integrated platform? Yeah, so you can talk about it in two different flavors. One is just between the platforms themselves or the product suites. You know, there's the Workforce Identity Cloud, and then there's the Customer Identity Cloud. In terms of the Workforce Identity Cloud, you know, major pillars we've talked about with management, access management, governance, and PAM, each one of them benefit from each other, right? And so that's what we're trying to build out. We're trying to. You know, that's our strategic bet, is that those three going together is something that the market wants and the market desires. Because, look, if you wanna go, you know, do SSO and then MFA, do you wanna be able to report on it and be able to make sure your entitlements are correct inside governance? And then, for your very privileged accounts, you can also use the technologies of the first two to be able to help yourself in PAM. And so, ultimately, we believe that that's the strategic direction that the market is headed, and we're seeing that in some of the results. Yes, PAM is still very early, right? It just went GA in Q4 of FY 2024, so it's still a very small piece of the business. But ultimately, if you look at some of those accounts that bought PAM, they bought the entire Workforce suite, right? And that's a really good sign for us. In fact, about half of the customers that we sold in Q4 that bought PAM were actually an OIG PAM combination, right? So they're coming together. So we believe that that, that early indication, that early, kind of like signal that that's good, really good product market fit is a good sign for us because that's what we believe the Workforce suite will look like. Now, moving over to the Customer Identity suite, right? That's all about securing your customer's customers, right, as opposed to your, your customers' employees and partners. You know, we see that as being a suite unto itself, but the two can actually interact with each other. So right now, Okta Access Gateway, which is an on-prem connector that was developed on the Workforce side, is be able to be used on the Customer Identity side. Same thing with Workflows, another area that was designed on the Workforce side that can be used on the Customer Identity side. In the long run, we wanna be able to make it so that you get benefits from being a Customer Identity customer in the Workforce Identity side. And how we're gonna do that is through the Okta Integration Network, where, you know, the concept of Universal Logout, something we talked about with Identity Threat Protection, where you can get the benefits of the Okta Identity or the Okta Integration Network as a Customer Identity customer, right? So let's say you're seeing malicious attempts, and we're seeing it on our side, we can clip it off and make so it's much more secure for you as a Customer Identity customer. So there are these early things of a better together story between the two major clouds. We'll continue to work on that, but we do see that as being the longer-term play of making them really interact with each other. Yeah. I wanted to follow up on the OIG, Okta Identity Governance, and PAM point. So I think what you said about Okta Identity Governance is, it's been around—it's been launched for longer than PAM. Yeah. I think you have hundreds of customers. It's about one-third of average deal sizes. So of the new OIG customers you added on in Q4, which again, is a bigger base than PAM, obviously, half of those- Flip it around, flip it around. Of the PAM customers that we added in the quarter- Okay ... about half of them were governance. Okay. They added governance at the same time. So, it's a really good sign because, like, I mean, look, we're talking very small numbers. Let's not get overly excited about it. It's just an early good sign, 'cause just as a reminder, it did just go GA a few months ago, so GA being PAM. IGA has been GA for over a year now and has been doing quite well. So very pleased with the outcome so far. Got it. Got it. Just on the guidance, so you set fiscal 2025 guidance for 10%-11% revenue growth. From a macro standpoint, I think you've been saying macro has been more stable relatively in the back half versus the first half of last year. What are you assuming in the guidance going forward? Yeah. So we've seen since about Q2 of FY 2024, so about three quarters now, we've seen a what we believe is a stable macroeconomy. Now, that is still a headwind. Just to be clear, it's a headwind to new business growth. We also believe it's a headwind to seat upsells and, and MAU upsells on the customer identity side. We're assuming the same, like, just not, no improvement, no degradation from here, when it's baked into the guidance. A couple other things baked into the guidance, just so we're all on the same page, really, some additional prudence around the security incident. We. You heard us talk last week about how we didn't see any quantifiable evidence of impact to the financials, but we're also being thoughtful about that in terms of like, look, it's only been, you know, 90 days. Let's make sure we're not getting out in front of ourselves and being thoughtful about that. And then the third area that we've put in there is just we're early in the year. Things can change. We need to be thoughtful, so... Yeah. On that front, I mean, new business was quite strong in Q4, despite that incident that we talked about the contract durations. But will it just take longer to figure out if there's any impact on pricing or renewal rates? Yeah, I think if this is my theory and why I baked it into the guidance, is renewals will take longer for it to shake out of the impact. I mean, if you remember, Hamza, I said it last quarter. I said: "Look, we're gonna find out a lot in Q4, more about in the new booking side, the upsells, new business, that sort of stuff." Renewals will take longer, because it's not like you're a customer on December first and you decide, "I'm upset at Okta, and I wanna make a change." You don't just make a change tomorrow, right? You gotta go find another vendor. You gotta be able to get them up and running, then you gotta move the workloads over. Like, it's not, it's not something that, you know, just happens tomorrow. And so I think. And also, remember, we have multi-year contracts, so I just think there's a longer tail on the renewals. We didn't see anyone or any material impact in Q4 on renewals, so it's not like we're saying, "Hey, there's a leading indicator," and you know, we'll forecast it out. It's more of just a theory and, you know, making sure we're being prudent. Because, look, if you were a customer, I'm sure that you were not happy with us, right? And we felt that. And so, we heard that in the field, and we wanna make sure that we're taking anything into account that potentially could happen. The other thing that was, I think encouraging, was around the sales execution. You talked about how average sales tenure is up. You've got a new CRO now. You know, what are you seeing there from a sales productivity standpoint? Do you feel like, you know, that concern is largely behind you, and kind of how are you factoring that into your outlook? Look, our productivity did improve throughout FY 2024 relative to FY 2023, so we're pleased with how that trended, but it is by no means as high as we would like it. And that goes to a point that you were talking about in your question around ramped reps and average tenure. We're definitely getting. We're definitely at much healthier levels at this point, but it's not something you can just take a quarter off and say, "Oh, job done." You gotta make sure your reps are making money, and feel like they have a path to their quota, have a path to their, to hitting - to go into club. And so that's an everyday thing for us. I don't think we're ever gonna take the eye off that, because it's super important for us to be able to grow the business and grow profitably. And so, yeah, we're pleased with the 5 or 6 quarters that we've put together in a row of really good attrition rates and... But that doesn't mean the job is done, and we wanna continue to enable those folks, give them the tools to be successful, give them the tools to make money, 'cause you wanna have a lot of happy reps making a bunch of money, 'cause that means we're doing well as a company. Got it. Got it. And then just a couple more financial metrics. So the net retention rate, I think, was about 111% last quarter. It was a downtick, and you expressed confidence that you think you can remain within that 111 range, so up to -2. Just explain your confidence around that, given what you said about the seat upsells and everything else. Yeah. So the way we came up with the model to be able to say, "Hey, we feel confident in that 111," is just looking at the mix of business that we've been seeing throughout FY 2024, and frankly, the back half of FY 2023, which was much more upsell heavy than new business. I think we've also talked about that on the earnings call. And just seeing, you know, that mix of bookings performance, but also that mix of pipeline performance. You know, even in the most recent quarter, in Q4, we saw that mix continue to stay upsell focused. And so when we model it out based on the assumptions and the, really, the productivity we've seen over the last 4-6 quarters, that's how we come up with this 111. We look at open pipeline right now, we look at all the, you know, ramp rep type, metrics that we, we were just talking about, and that's where we come up with the 111. Now, that said, we could be wrong. Our assumptions could be wrong in the sense that maybe it's more new business focused, and we get a little bit of a headwind on net retention, or maybe we're wrong, and it's more, it becomes more upsell focused, and we, we get a little bit of a tailwind for NRR. That's where the ± a couple points comes in. But we feel confident with where we are today, looking at the pipeline, looking at how the field is performing, that we'll stay in that range. The other thing that stood out to me on the last earnings call was Todd mentioning that pipeline was, quote, "Quite a bit higher," exiting fiscal 2024 relative to exiting fiscal 2023. Maybe talk about that a little bit. What's driving that pipeline, and what are you assuming in terms of conversion rates around that? Yeah, we executed well in the last few quarters in terms of pipeline. I think we've done a nice job, and I think it's in part due to the leadership, right? Jon Addison coming in, installing his playbook. Kerry Ok, our CMO, running the playbook. And I think it's just, you know, a renewed focus and just people doing a great job. That's why I keep celebrating go-to-market, 'cause not just on the booking side of the house, we've done a really nice job on the pipeline side of the house. And so I think it just boils down to the fact that identity remains strategic, like you opened this conversation with, and we've got a lot of opportunity out there. So pleased with how the things are going. But look, you know, we got a long year ahead of us, and we gotta execute, so one quarter or two quarters doesn't make a difference in our long-term journey here, so. Got it. Maybe to drill in on the competitive dynamics, particularly on the workforce side. There's been a lot of consolidation in the identity space recently. Is that changing the competitive dynamics in any way? Obviously, customers are looking for a reliable partner on their longer-term roadmap, so what are you seeing on that front? We haven't seen really a change in the competitive environment, frankly. I mean, it's been more of the same. So yeah, I can't say there's been, like, some massive difference. It's just been kind of the same, which I think it just kind of points out it's just a massive market. I mean, the identity market is huge and, you know, we think it's about $80 billion. But it... Yeah, I think there's just a lot of room to run for a long time. Got it, got it. And then, you know, Privileged Access Management, so some good data points that you mentioned in Q4. Obviously, still early innings there. I think you priced it at about $14 per resource unit, so user or server. ... What's the feedback been there on the pricing, and how would you say you're differentiated relative to some of the, you know, existing PAM products out there? Yeah, feedback's been good. I mean, like I said, the numbers are still pretty small, so, we feel like we're well-positioned in the market. And I think when we're thinking about the PAM market, kinda like how we thought about governance and frankly, how we started with access management, was about going after that middle market that doesn't have a lot of penetration at this point. You know, some companies who don't either have the money or time to be able to go with some of the legacy solutions, or maybe lower enterprise, that maybe they wanna try something new. But it's really about penetrating that middle market right now, and so far, so good. But like I said, we're still very early in our PAM journey and, like I said, you know, we're excited to see that these customers are trying to buy other aspects of Workforce Identity, which is, at the same time, going back to that strategic bet, that the single pane of glass strategy from a workforce perspective will pay off in the long run. Got it. And then Okta Identity Governance, which, you know, has had a few quarters of a pretty solid momentum. You know, feedback there, and what type of customer are you trying to go after initially on the OIG side? Same, same program. It's the idea of, like, middle market. We're not gonna go and compete with some of the legacy providers at the very top end of the market. Our product is just... It's not equal at this point, and we shouldn't expect it to be equal, right? But we do believe that over time that we can continue to improve. I mean, entitlements management is a good thing that is coming out, that will amp our game up in governance. But it's you know, our strategy is that middle market and move up. It's what we did with access management, moved up. That's what we did with customer identity and moved up. It's a playbook we run time in, time out, and it tends to work because our products are continually getting better. I think that's one thing that you know, if you look at the product set five years ago, and you look at the product set today, it is so much more complex and so much better at identifying and solving so many more identity use cases. As technology gets more complex, the environment gets more complex, our products keep up and really address those use cases as best we can. Now, obviously, we've got a long ways to go in terms of product development, and so we're excited about the opportunity. Yeah, and the other thing, too, you mentioned on the last earnings call, in particular, was just the focus on larger customers of G2K. Can you talk a little bit about the initiatives there, and what drove, you know, those large customers? Yeah. We've been working on, like, largest customers for a long time. I mean, if you remember the slide that I presented at Investor Day back in November of 2022, I talked about large customers, Global 2K, Fortune 100, Fortune 500. It's something that we have been actively working because we know there's a lot of opportunity there. You know, in terms of where Okta shines, right? When our Okta is really great, is at solving complex use cases, right? That's where we do really well, and frankly, if you look at larger enterprises, they have complex use cases. Think acquisitions, think divestitures, think multiple business units. And so, it's really incumbent upon us to go after that market opportunity. And so, it's not something we just started like, you know, two quarters ago, and all of a sudden landed a bunch of big customers in Q4. It's something we've been working on for years. And you can even look at it, not just even in the private sector, but the public sector. You can look at the FedRAMP certifications that we've been working on for years now. You know, we're now FedRAMP High, IL4, and we have the authorization to work in IL5 use cases in some situations. You know, that's clearly the U.S. government's a pretty big customer, potential customer. It's massive, right? Arguably the largest vertical that we potentially have out there. And so, it's just something that we don't just wake up and think, "Oh, let's think about large- larger customers." It's something we've been working on for a while. You saw the product, you know, the Global 2K product that we came out with. There's some really interesting use cases underneath the products that we're using for- to manage some of the largest customers in the world, that actually works on the MSP side of the house. So if you remember, we talked about SoftBank as a managed service provider for us in the Japanese market this last quarter, you know, last week. And so, it's a thing that you can use multi-org enablements. It's really a really cool technology that's helping us not just do MSPs, but also land and manage these really large customers. Shifting gears on the customer identity side. So, you know, obviously, Okta, largest customer identity vendor with Auth0. You have some, you know, pretty marquee customers there, like OpenAI. I'm curious, you know, how different is the customer identity buyer versus the workforce buyer? What are you seeing there in terms of demand signals? Yeah, in some situations, it can be the same buyer, the CIO, CISO, but in a lot of cases, there's also, you know, head of marketing, head of R&D, head of product. Because if you think about it, customer identity is about, you know, helping your customers' customers, right? And so if you're building an application for, you know, some major multinational, you're gonna have all these other players, you know, like product and R&D involved, 'cause they wanna be able to make sure that they're accessing their customers in an efficient way. And so, you know, it's something that we feel like we're doing well on and improving, 'cause I think you've heard us talk about over the years, you know, we could be better. The trend lines are in the right direction, but frankly, I think we can do better on customer identity. I think our execution has gotten better, but it still could be improved from here. That's why we spent a bunch of time at Sales Kickoff a couple weeks ago. It's why we're running different plays in terms of go-to-market motion. That's why we're changing the way we manage pipeline. There's a lot of tactical things that we're doing to try to improve there, because we look at customer identity as being a massive market. Of that $80 billion I mentioned earlier, we think it's about $30 billion of it, so we really wanna be the first to market there. I mean, we are the market leader. We have the biggest business in terms of customer identity out of anyone, but there's still a lot of room to run in this kind of like, new and growing market. ... And when you do land on these customer identities, identity deals, how much is it you replacing something legacy versus the customer doing something DIY before? It's a mix of the two. I mean, think about, and this is back to your large customer question. A lot of times in large customers, they're going and saying: "Hey, we wanna do this new application," so that's brand new, right? But then there's also cases where it is legacy, but it's built on some old code and some old stuff that's really clunky, and really, we need to convince the market they need to buy from us instead of build it themselves. 'Cause there have been times in the past where customers will look at the price tag and be like, "That's too expensive." They try to go build it, right? They spend a year of a bunch of valuable engineer time, either don't get it to work or don't get it to scale, or A and B together, and so they end up coming back to us and buying it from us. So it's a very complex problem. If you think about the security landscape today, trying to be able to build an identity front end with all the new types of attack vectors out there, it's really something you should leave to the folks who wake up every day, day in, day out, think about identity and how to, how to be, the best identity solution in the market. Got it. One more from me, and I'll open up to the audience. You know, one of the drivers of upsell on the customer identity side is, you know, more MAUs, so you grow with your customers. There's been, I'd say, broadly in the market, slowdown there. So, how do you offset that? Like, you did on the workforce side, by offering more features, functionality. What are you doing on the science? Yeah, well, that's, we've got the full product suite now. I think if we were just a standalone customer identity company, I think it would be a little bit more difficult. But because we do have that larger product suite across workforce and customer identity, that's how we tend to offset it as well. I think the other thing that's also out there is volume, right? So there's throughput, you know, the amount of miles, right? But then how fast do you need to get them through the system, right? Something that we're also focusing on, because some of these larger customers, like an OpenAI, I mean, you can imagine the throughput that we have to pump through the system is pretty hard and pretty high, and so that's another vector for us when we think about pricing as well. Got it. Any questions from the audience? Okay, I can keep going. Yeah, you got it. Speaking of AI, you know, so on the AI front, there were some new products that you announced at Oktane. I wanna dig onto two parts. One is, how much more important does identity become in a Gen AI world? And then secondly, just maybe talk about some of the new products that you announced at Oktane, but- ... Gen AI. Yeah, definitely. The funny or maybe more interesting thing is Okta's been doing machine learning and AI for a very long time. So when I go to access, you know, the regular applications I work on every day, it's learned a lot about me. I've worked at Okta for nine years, so it's learned... The machine has actually learned a ton about me. It knows that I sit at, you know, in this location, and I access these types of applications on a regular basis. And it knows that, you know, if I had my phone up here, you know, it knows my phone, it knows all the tech on my computer. So we have been doing this for a very long time. Not to say this is an exciting new vector for us, but I just wanna make sure that everybody understands this is something we've been using for a very long time. And so, yeah, we think in terms of the potential opportunity this creates is massive for us in the sense that, you know, the idea of it's figuring out, you know, the machine knows me, Brett, knows that I sit in this desk and have this phone and this laptop. It knows everything about me, but what if someone's trying to impersonate me through an AI tool? There's going to be ways that Okta can pick up that it's an AI tool, that's not me, right? And so, as I think this proliferation of AI continues, we do have a potential to take a good bit of market share because of the fact that it's gonna be hard to figure out who's who in this new world. In terms of the AI, you know, announcements, we had a bunch of them. Actually, I would recommend you guys looking at the 6- or 7-page list of products that we came out. I mean, I could go through all of them, but to save you guys, you know, 10, 15 minutes of time, I think there's a lot of areas that we can help our customers with. You know, threat protection is one of them, which's got an embedded AI. We've got, like, an AI Governance Analyzer under entitlements. We've got all sorts of stuff on the customer identity side. I think we definitely are investing in AI, and we think that there's a real future for it. But like I said, we've been using this technology or some variation of the technology for a very long time, so it's just part of who Okta is. Got it. You mentioned, you know, FedRAMP earlier. I think you reached FedRAMP High status in Q1 of last year. Curious what the pipeline trends have been there. How big do you think that vertical could be for Okta? Yeah, massive. I think that's why we invest a lot of time and money in it. If you remember, in FY 2023, that was one of our three key initiatives, right? Was FedRAMP. And it throughout FY 2024, I wouldn't even just say federal, I would say public sector in general has been a strength for us. And so it just frankly boils down to focus. You know, when we really focus on something, you know, this year's, you know, three things are security, reigniting growth and scale. I mean, you know, you look back over the years and if you look at those kind of key strategic initiatives, we tend to execute well on it. So, you know, federal, but I think it's more just public sector in general, has been a very good grower for us and one of the strongest verticals for us for the last couple of years. And I think it will continue to be so, because it is still fairly small in terms of the percentage of total business. And we've got a great team there and we're organized well around it, and we'll continue to execute against that. Like I said earlier, I think it's the largest vertical opportunity that we have. The other big focus was around channel. We talked about working more with the MSSPs or the managed security service providers, the SIs. Talk a little bit about some of the initiatives there, and how much more do you think the channel will provide, you know, incremental leverage for you going forward? Yeah. So just so we're all on the same page, the channel right now, in terms of the amount of business they help us with, in terms of, like, literally on their paper, so they take the deal and put it on their paper, it's about 40% of the total revenue stream in Q4 of FY 2024. That's up from about a third a couple years ago. So we're seeing good traction with the channel, and part of that is, we've had a lot of success with the AWS Marketplace. We're one of the largest providers on there. What we said last week was $175 million of business in annualized contract value runs through that. It grew about 130% year-over-year. So it's a significant uptick for us. So that's an area that we're really focused on. Global SIs, we haven't historically done as good of a job with global SIs, frankly. I think we can do a lot better job there, and I think part of it is our product out of the box works really well, right? And we want these global SIs to build practices around us. It's hard to build a practice around us if our product works out of the box. And I think there's a couple of new products that have come out that are actually really the same concept of working really well out of the box, but can use some additional consulting services on the front end. One is governance, we've talked a lot about today, and the other is customer identity, when you're part of a larger modernization plan. So we think we can do a lot better with the global SIs. It's actually on... If you remember what I just said about one of the three strategic initiatives this year, under reigniting growth, global SIs is on there. We've got a named two we wanna go after. We've got a great team. We've actually tilted the team a little bit and changed the makeup of that team a little bit to be more GSI focused. And so I think we've got a lot of opportunity there because, look, the global SIs, going back to a topic that we talked about earlier, is very large company focused. We've clearly had a lot of opportunity in large companies. We just think we can help accelerate that. In terms of the MSPs, you talked- we talked about SoftBank earlier, that's the first of what we believe will be a trend for us in terms of a new route to market. We've got others who are very interested in doing that with us as well, because they see the value. I think, going back to your final question, is around leverage, right? We believe this can create a lot of leverage for us in terms of go-to-market. Go to the places we aren't. I mean, SoftBank's a perfect example. They've got 16,000 customers on that new product of theirs. There's no- we can't hire enough commercial reps to go find 16,000... I mean, that would just be, you know, very expensive, if you will. And so we like these opportunities to be able to get the scale of both the bottom end, which is that SoftBank example, and the top end, from the GSI example. And so, yeah, it's something we really are focused on, and I'm excited because you can feel the momentum inside the company about it. I would say we have not historically been the most partner-friendly company, and I think there's been a renaissance, if you will, a little bit, about partners. And I think it'll take time. Don't expect it to, like, all of a sudden, like, overnight, it's gonna change. But I think we're really excited about it and can see a lot of opportunity in those, as well as the ISVs who we've historically worked with. You know, think of, you know, a lot of our peers work together in terms of getting signal to and from each other, as well as referring business. So there's a variety of opportunities inside the partner ecosystem. Last one, I'll open up the audience again. I'd be remiss if I didn't mention the significant improvements you made around profitability. I think it really highlights the unit economics of Okta. Curious, what, what are some of the, the main drivers of that profitability- ... particularly over the last year? And then going forward, how are you thinking about sort of balancing growth versus profitability? Yeah. Yeah, look, it's, it's, it thanks to a lot of effort from a lot of people in our, our company, right? It's not like this is kinda like the, the large customer answer. It's like, it's not like we just decided when, you know, 90 days ago, we wanted to be good at margin. You know, we made that decision a couple of years ago, 18, 20 months ago. And, yeah, it comes down to just being more cost effective, putting folks, you know, in, in lower cost, higher talent regions like India and Poland, like you've heard us talk about. You know, being thoughtful with software spend, being thoughtful with just day-to-day, what do you spend? Why are you spending that? Are you—what are you doing? Come on. It's a bit of a cultural shift for us, and I think it's—you're seeing the results. I think it's something I'm really proud of. Thank you for asking me, Hamza, by the way. I feel like I've worked really hard on this one personally. So it is—it's exciting for the company, and what it does is allows us to control our own fate, and I think it's a really good thing for us as a company because you can see, you know, now we look at the net cash balance at over $1 billion now. And it really just—it just opens up a lot, a lot of opportunities for us to be able to invest back into the growth aspect of the business. I mean, a perfect example, this year's budget, when we were thinking about FY 2025, you know, we made all these improvements to be able to improve margins. And look, yes, unfortunate as it is, we had the security incident, but on the fortunate side is that we had produced these pillars of being able to create margin, which we now can then reinvest back into the business and continue to expand margins like we're expecting a non-GAAP operating margin, you know, going from around 14% in FY 2024 to now about 18%-19% in FY 2025. So we can reinvest back into the business for these really important strategic vectors for us. And so, I think it just really just proves out why we did it in the first place, which is go back to growing as, you know, as much as we can, and do it from a profitable perspective. Any pressing questions from the audience? All right, I don't see any. We can end it right there. Brett, thank you so much for your time. All right. Thank you, Hamza. Appreciate it.