Hi everyone, welcome to Okta's fourth quarter and full year, fiscal 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, our Chief Financial Officer. At around the same time that the earnings press release hit the wire, we posted supplemental commentary to the IR website. In today's meeting, we will include forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding our financial outlook and market positioning. Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. Forward-looking statements represent our management's beliefs and assumptions only as of the date made. Information on factors that could affect our financial results is included in our filings with the SEC from time to time, including the section titled Risk Factors in our previously filed Form 10-Q. In addition, during today's meeting, we will discuss non-GAAP financial measures. Though we may not state it explicitly during the meeting, all references to profitability are non-GAAP. These non-GAAP measures are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. A reconciliation between GAAP and non-GAAP financial measures and a discussion of the limitations of using non-GAAP measures versus their closest GAAP equivalents are available in our earnings release. You can also find more detailed information in our supplemental financial materials, which include trended financial statements and key metrics posted on our Investor Relations website. In today's meeting, we will quote a number of numeric or growth changes as we discuss our financial performance, and unless otherwise noted, each such reference represents a year-over-year comparison, and now I'd like to turn the meeting over to Todd McKinnon. Todd? Thanks, Dave, and thanks everyone for joining us this afternoon. We're really pleased with our strong Q4 results and the fiscal FY25, which includes accelerating RPO and CRPO and record profitability and free cash flow. Demand for both workforce and customer identity products was strong, and our growing portfolio of new products is starting to make an impact. Brett will cover more of the Q4 highlights, and I'm going to cover why Okta is best positioned to capture more of the massive market opportunity in front of us as we go into FY26 and beyond. As you know, two of our top FY25 priorities were, one, transform Okta to become one of the most secure companies in the world, and two, reignite growth through prioritizing our partner ecosystem, turning up the dial on product innovation, and increasing go-to-market specialization. These priorities and purposeful investments built momentum as we progressed through the year and really paid off in Q4. One year ago, we introduced the Okta Secure Identity Commitment. We've made incredible progress on this top priority and have become a trusted and leading voice for security best practices in discussions with customers and prospects. The work around security advancements will never be done, but it's a strong start. Later, Brett will cover some of the achievements with our partner ecosystem, and I'm going to dive deeper into product innovation and go-to-market specialization. Our relentless focus on product innovation has been resonating with our customers as over 20% of Q4 bookings were from new products such as Okta Identity Governance, Privileged Access, Device Access, Fine-Grained Authorization, Identity Security Posture Management, and Identity Threat Protection with Okta AI. Okta Identity Governance has been a huge success. What we hear repeatedly from customers is the amazing time to value with OIG. Customers are getting up and running just a few short months after signing. Since launching OIG just two years ago, we now have over 1,300 customers contributing over $100 million in annual contract value. That's great progress, and the product is only getting better as we continue to add more functionality. In addition to OIG, we have another approximately $300 million of business with Okta Lifecycle Management and Okta Workflows. Combined, that's over $400 million in governance-related business, and we're just getting started. We know the customers that adopt more products have the highest retention rates, so we're excited about the trends here and the long-term contributions to the business. Product innovation continues to be a key investment area in FY26. To get security right, organizations need to get identity right. With the steady rise of cloud adoption, machine identities, and now AI agents, there has never been a more critical time to secure identity. Last week, we held our annual launch week event where we highlighted our latest innovations. Here are just a few. On the Okta platform, customer identity for U.S. public sector is now even better. New features, including passwordless, enhance security and streamline the user experience while helping agencies meet strict compliance needs. We also announced Workforce Identity Suites, which are new pricing packages designed to provide a simple and unified solution tailored to our customers' security needs. These suites will provide even faster time to value outcomes for our customers. On the Auth0 platform, we announced Auth0 for GenAI will begin early access this month. We already have a waitlist of eager customers ranging from early startups to Fortune 100 organizations. Auth0 for GenAI is developed to help customers securely build and scale their GenAI applications. This suite of features allows AI agents to securely call APIs on behalf of users while enforcing the right level of access to sensitive information. We held our annual sales kickoff meeting a couple of weeks ago, and our go-to-market team is really excited about all the new product innovation. In part, our rapidly expanding portfolio of identity security solutions is what led us to the shift we're making in our go-to-market strategy to further specialize. Customers need us to meet them where they are, and to address this, we're expanding our specialization into Okta sellers and Auth0 sellers. Okta sellers will focus engagement on IT and security buyer needs, including all workforce identity products, as well as Okta customer identity. Auth0 sellers will focus on meeting the unique needs of developers, which include highly technical customer identity customizations and flexible deployment models. Success we've had with sales specialization in other parts of the business gives us confidence that this is our opportunity to better serve our customers via further focus and to better drive Okta's growth. And finally, I want to share our FY26 priorities, which build upon the great progress we made in FY25. The first priority is to elevate the industry with the Okta Secure Identity Commitment. This initiative underscores our dedication to be the trusted leader in combating identity-based threats. I can't tell you how much this resonates with our customers and prospects who now seek Okta's advice and guidance on hardening their IT security environments. Next is Win IT and Security with Okta. Identity has become fragmented, and customers are increasingly interested in unified platforms that deliver integrated security outcomes before, during, and after authentication. Identity investments have become more strategic with the security buyer front and center. Okta's market-leading and expanding product portfolio makes us uniquely positioned to capitalize on this opportunity. And the third priority is Win Developers with Auth0. This focuses on further strengthening Auth0's market presence through strategic investments in product innovation, brand, and marketing. Seminal customer wins like the Global 2000 Food and Beverage retailer that purchased Auth0 in Q4 to replace their aging homegrown system gives us increased confidence in our ability to capture more of this huge market opportunity. Before wrapping up, I want to congratulate Eric Kelleher on his promotion to Chief Operating Officer. Eric has been part of our leadership team since 2016 and will be focused on reigniting growth, championing the Okta Secure Identity Commitment, and building on Okta's reputation as the world's identity company. I also want to thank and congratulate Eugenio Pace, who will be retiring this month. As a co-founder of Auth0, he helped build an incredible platform, and his contributions to Okta over the past four years cannot be overstated. He will be missed. To wrap things up, we're excited about the momentum we've built going into FY26 and are taking the right steps to advance our position as the leader in the identity market. More and more, customers are looking to consolidate their disparate and ineffective identity systems, and Okta is there to meet them with the most comprehensive identity security platform in the market today. I want to thank the entire Okta team for their tireless effort and also thank our loyal customers and partners who put their trust in us every day. Now here's Brett to cover the financial commentary and talk about how we're positioned for long-term profitable growth. Thanks Todd, and thank you everyone, for joining us today. Like Todd, I'm pleased with the top-line results, which stem from the hard work and investments we've made transforming the business around security, partners, go-to-market changes, and product innovation. I'm especially proud of the incredible progress we've made building on the efficiency initiatives we started over two years ago. This is best illustrated by the approximately nine points of operating margin growth and six points of free cash flow margin growth we achieved for FY25, all while making the right investments for future growth. We're proud to once again finish the fiscal year above the Rule of 40, which we've achieved every year since going public in 2017. My commentary will provide insights to our Q4 financial performance and then move on to our outlook for Q1 and FY26. Underpinning our overall strength in Q4 was sales productivity that reached a multi-year high. Notably, Auth0 had its best bookings quarter in history, which is another testament to the hard work that the team has put in all year. We also experienced particular strength cross-selling workforce into existing CIAM customers and cross-selling new workforce products to existing workforce customers. The strong Q4 results were highlighted by RPO that increased 25% and crossed the $4 billion mark. Driving acceleration in RPO growth was the increase in weighted average term length for Q4 deals, which reached a multi-year high. We achieved record bookings in Q4, which crossed $1 billion in total contract value for the first time. Large deals and large customers continue to be the driving force behind our success. A great illustration of our success with large customers is that the total contract value of our top 25 deals in Q4 was over $320 million. Additionally, we added 25 customers in Q4 with $1 million plus ACV in the quarter. Our total base of $1 million plus ACV customers grew 22% to 470. The $1 million plus cohort represents over $1 billion in total ACV. Our focus on deepening our relationship with our partner ecosystem as part of our growth initiatives is really paying off. In the fourth quarter, over 70% of deals were partner-influenced. That includes 18 of our top 20 deals closed in Q4. We were recently honored to be named Partner of the Year by AWS Marketplace. Our partnership with AWS Marketplace has been a tremendous success. The best demonstration of that success is that in Q4, we surpassed over $1 billion in aggregate total contract value since the partnership was announced just four years ago. In FY25, revenue from AWS Marketplace grew over 80%. Now let's turn to our business outlook for Q1 and FY26. The headcount reduction action we took last month was part of our ongoing assessment to optimize our cost structure. The action is intended to reallocate dollars and resources toward priorities to drive growth and was factored into the preliminary FY26 guidance we provided last quarter. We're taking a prudent approach to forward guidance that factors in our previously announced go-to-market specialization. For the first quarter of FY26, we expect total revenue growth of 10%, current RPO growth of 12%, non-GAAP operating margin of 25%, and free cash flow margin of approximately 25%, inclusive of the expected cash impact of approximately $11 million related to the headcount reduction expected to be paid out in the first quarter. For the full year FY26, we are raising our outlook across the board. We now expect total revenue growth of 9% to 10%, non-GAAP operating margin of 25%, and a free cash flow margin of approximately 26%. To wrap things up, we remain focused on reigniting growth and driving spend efficiencies and cash flow. We've demonstrated exceptional leverage in our model and are positioned to deliver profitable growth for years to come. With that, I'll turn it back to Dave for Q&A. Dave? All right, thanks, Brett. I think our attendees are going to be moved over as panelists now, and I'll take the questions as the hands get raised in order. And in the interest of time, please limit yourself to one question so that we can get to everyone. And then you're welcome to queue back up when we get to additional questions. So with that, I'll take the first question from John DiFucci at Guggenheim. John? Thanks, guys. Thanks. I don't normally say this, but nice job, guys. Listen, you've talked in the past, and I think this is for Brett, but maybe Todd too, about your prudence in giving guidance, and you mentioned it again in your prepared remarks, but I just want to kind of gauge that a little bit because has that changed at all, especially your annual guidance, which was a pretty big uptick from the previous numbers? Or has something changed in the business or even the macro backdrop? Todd, I think you were the first guy to say, "Hey, listen, this is a new normal out there." Is there any changes out there that gives you more confidence that you don't have to be quite as prudent in giving guidance? I guess. For Q4, John, thanks for the question and thanks for the compliment at the beginning. Q4 was a blowout. We really, really had a great, great quarter. When we talked three months ago on the call, I mentioned we talked about guidance and the initial guidance we gave. I said the year FY25, the year we just finished, was pretty back-end loaded. The team really delivered. It was a blowout quarter. Some of the stats, it was the first time ever we had over $1 billion of bookings in a quarter. Record quarter for Auth0. The top million-dollar deal cohort grew 22% year over year. The records and the big stats go on and on and on. That informs that's part of the equation for the guidance for next year. You see the raise. We didn't have the guidance. But I think just zooming back a little bit in terms of macro and what's going on, I think the macro is consistent. I think maybe the difference is that this idea that identity is this really important foundational layer, particularly for big companies, and they can modernize the disparate systems they have. And if they invest in this layer, it's going to really lead to better security outcomes. They're going to get a handle on their various identity silos. They're going to be able to do governance and privilege and customer identity with one vendor. It's going to help them with AI and agentic workloads. People are trying to stitch together agentic platforms and write their own agentic systems. What they run smack into is, "Wait a minute, how am I going to give these agents access to all these systems if I don't even know what's in these systems and I don't even know the access permissions that are there and how to securely authenticate them?" So that's driving the business, but great quarter. We're very bullish, but we have, Q1 is just halfway over, and we're making sure that we're prudent in our guidance going forward as well. So it sounds like things are pretty much the same. You guys are executing. Things are coming together for Okta. Absolutely. Yeah. We're very excited. Awesome. Yeah. John, I can answer a little bit on the philosophy. I think if you remember last quarter, we talked about reducing the conservatism in the model that we've issued here. Same program. We're going to continue to do that for the balance of FY26. The only line item in there is something we talked about earlier, which is further specializing in the field. But yeah, that's really it. But before I get off this, I should just say congratulations to the entire go-to-market team. They did a heck of a job in the quarter. I hope all of you guys appreciate that and see it in the numbers because we were really pleased with how they executed and looking forward to a strong FY26. We can see it. Thanks, guys. Okay. Let's go to Eric Heath at KeyBanc. Great. Thanks, guys. And really great quarter. Great to see. Two from me, Brett. Just start with you quickly on the CRPO guide for Q1. It looks like it's down a few points sequentially. So anything to call out regarding that seasonality? And then, Todd, I wanted to ask you a little bit more on the specialized sales model for this year. Can you just elaborate a little bit more on the existing data points that you're seeing or you've implemented already that's given you confidence in that strategy and just help us understand maybe the degree of change this entails? Thanks. Yeah, makes sense. Hey, Brett, maybe you go first on this. Yeah, it's a real short answer. The seasonality of our fiscal years are fairly back-end loaded, just like Todd spoke about. So Q1 just has that lowering of expectation, if you will, in terms of the growth. So it's obviously very early in the year, and Q1 is, like I said, seasonally our lowest quarter typically. Specialization has been the trend. Specialization has been the trend for a little bit over a year now. At the beginning of FY25, we specialized the corporate team in terms of Hunter Farmers. We learned a lot from that. We learned that the transition into that model took a couple of quarters, a little bit slow out of the gate, but then paid off in the second half in a strong way. So when we think about further specialization, it makes sense for a lot of reasons. The biggest reason is that the products are a lot more detailed and in a lot more sub-markets. If you're an Okta seller today, you're selling really an integrated workforce suite that creates an identity fabric for our customers across many categories: access management, identity governance. Traditionally, we're all separate companies: privileged access management, identity security posture management, identity threat protection with Okta AI. These are all different subcategories that we have a very unique position we're in. We're trying to bring those together into one platform and go to a big customer. We closed a big deal in Q4. Really, it was a big upsell on a deal. We talked about Q3, which was a global technology company, Fortune 500 company. They really went all in with this end-to-end workforce identity suite. All of our products retiring 10 legacy applications for just a mess. It's one of those big deals that put that over $1 billion of TCV on the board in Q4. I'm not saying this one deal was $1 billion in TCV, but I'm saying that these kinds of deals led to that kind of number as they added up in the quarter. And then when you go on the Auth0 side, you're talking about selling a platform to developers, people building technology. It's quite broad. It's got the core authentication and things like that, but it also has identity fine-grained authorization, which is like, how do you actually get sub-domains of permissions inside your applications or Highly Regulated Identity, which is advanced capabilities to do step-up authentication and so forth. And now we have on the Auth0 side, we have Auth0 for GenAI. It's like, how do you actually stitch this together if you're building agentic applications and make it all secure and make sure that the agents don't get hacked and make sure the agents have the right authentication, et cetera, et cetera. So that's a lot to understand as a seller. And so we're on this arc of specialization, which is going to really lead to long-term growth because these products have become so powerful. And these awesome people in our go-to-market team, the most talented people in the industry, they can really drill in and understand what these products do. And when we look at success metrics, we talk to customers and we talk to prospects and we ask them, how are these leading to the great outcomes for you? How are you in the sales process of understanding these things? Because identity is complicated. If our seller can go in there and really understand the details of what these products are doing, it further differentiates us. We're already differentiated because we're basically competing against a large monolithic platform that kind of says, "Hey, put everything in our stack and we'll do it all for you," maybe except no one really has everything in one stack, so it doesn't really work. Or you're talking to point identity vendors which don't have the whole platform we have. They don't have customer identity and they don't have privilege and governance and identity security posture management and threat protection. And so if we can come to a seller that knows the details of these products and can really speak the customer's language, that just further differentiates us and leads to better win rates. That's the metric we're watching as we transition into this. It's off to a good start. People are pumped about it. We saw the success in a little what we did last year with Hunter Farmer. It's really we're excited about this year and working hard to even go faster and grow more and do even better than Q4. Q4 was great, but we have big ambitions here. We're trying to do a lot more, and the team is fired up to do that. Thanks, Todd. Let's go to Brad Zelnick at Deutsche Bank. Great. Thanks so much, and congrats on the blowout Q4. I don't know if this is better for Todd or for Brett, but if I reflect over the last couple of years, Okta, like many other companies in the software industry, we were talking about seat-based headwinds. And if I think back to the comments that you made at Octane, you talked about an expectation that that would continue. You expected that that would persist through the first half of next year. And I'm just wondering, as we think about the puts and takes of the business, where your head is now, and is what we're just seeing here in these results and the guidance that you're providing us tremendous success in governance and OPA that's more than offsetting that? Or do you have a change in what your expectation is? I think, Brett, you had said if the macro were better, that maybe we'd see improvement sooner than the midpoint of next year. Thanks. Yeah, maybe I'll start, and then Brett, you can join in. But on the seat-based headwinds, I think the macro condition we've seen has been fair. It's been consistent for a while now, I would say a couple of years. And we think it's going to be the same going forward. I think the big difference, as you mentioned, is that in contracts we signed in, call it first quarter of 2022, and then in calendar 2021 and before, it was the zero interest rate era. And people were buying a little bit. They just bought a lot, and they over-forecasted what they're going to need. And if you needed 1,000 things, you bought 1,500. And now the world is different in the last two years. Now, if you need 1,000, you buy 700. And then you wait to see when you go 701, then you buy that last seat. It's a very different world. But as those things, our average contract length is two and a half years. So as those contracts come up for renewal, they don't get renewed. They don't get renewed at $1,500. They get renewed at a right-sized level. So you're seeing that headwind abate. It doesn't mean the macro is changing. It just means that our contracts are rolling off from that, I think, unsustainable period before. Yeah, I would just add, Brett, to that question, which is you had two options: buying more products or the headwinds abating. It's buying more products. We saw that in the new product percentage we gave you guys. So those headwinds are still there. Just the team executed really well. And new business, upsell, upsell or renewal. I mean, they had a heck of a quarter, and that's why I congratulated them at the beginning of this call. It's really excellent execution from the sales team. They all deserve it. Thank you. They all made a lot of money, Brad. They all made a lot of money. So that's a little bit of a thank you for them. Next up is Joe Gallo at Jefferies. Hey, guys. Thanks for the question. It was awesome to see the $1 million cohort represent over $1 billion of total ACV. Todd, can you just talk about how much opportunity remains with those largest customers? How are the net revenue retention rates there? And is that where we should expect the bulk of growth this year to come from, or should the mid-market rebound a little bit? Thanks. Yeah. So I think it's a real insightful question. So I think that the maybe not-so-secret secret is that even with our success, we are really just scratching the surface. If you look at IT spend, if you look at the just that's kind of quantitatively. You can look at total IT spend and kind of try to extrapolate what that would mean for us. But I think the more powerful thing is just talk to customers and get to know them and work with them through this journey. I told the story of that Fortune 500 tech company last quarter. We did a big deal with them in Q3. And now this quarter, we did another deal that's even bigger. That first deal seemed huge, but when you compare it to what they're saving and the value they can get from that and what they can take out of the environment in terms of reducing complexity and streamlining effectiveness. So their security operations are more effective. They kind of have one view of all their identities across privilege and governance and access management. It's very powerful. And they haven't even done the customer identity deal yet. That might be bigger than the whole thing. So it's like one anecdote, but I think there's hundreds and hundreds and hundreds of these companies out there that are just starting to get on this bandwagon. So the potential is massive. That being said, also Okta's bread and butter growing up was kind of this mid-enterprise or lower enterprise success. And with all our investments in the partner ecosystem and the Hunter and Farmer specialization, we've crossed the $1 billion threshold with Amazon. This was like the quarter of $1 billion thresholds. Through the marketplace, $1 billion of TCV, which is a lot of that's in the enterprise, but a big part of that, too, is in the mid-market. And then on the low end, our self-service business, we're on the Auth0 side, we're doing more and more there that never even touches a salesperson. And by the way, once that gets to a certain point, it can be upsold in an enterprise plan. So we have the strategy where we're going from top global 2000 with these large platform deals. We mentioned the top 25 deals were $320 million of bookings in the quarter, all the way down to the bottom with the self-service plans. Yeah, it's robust strength across the board. Awesome to hear. Nice job, guys. Thanks, Joe. Next up is Gabriela Borges at Goldman. Hi, good afternoon. Thank you. Todd, I wanted to follow up on your comments on Auth0 and some of the nuances to the go-to-market this year. Maybe just remind us, I know you've experimented with Auth0 go-to-market in the past. What have been your learnings from the prior iterations of go-to-market? And just to crystallize for us, what's different with how you're approaching the Auth0 go-to-market this year versus some of the other ways of selling that you've experimented with in the past? Yeah, it's real simple. When we bought the company, it was two separate sales teams. And then we combined it into one generalist sales team. So everyone sold both products. And we did that in 2021, right at the end of 2021, so right at the beginning of 2022, because we wanted coverage. We wanted to get the product out there. The product was on fire. It was growing super fast. We wanted to get it to as many people as possible, as fast as possible. And what we learned over the last two years is that works, especially in Q4. It worked well, record quarter ever for Auth0. But what we also learned is that this is complicated stuff. The product over the last two years has expanded and got more powerful with fine-grained authorization and highly regulated identity and other capabilities inside of Auth0, just features and enhancements and how people use it and the SDKs. The same thing's happened on the Okta side. It really got to a point where we were seeing that people that were tended to focus on one area were more productive. We saw conversations with certain buyers around product officers or technical buyers versus IT and security. They were more kind of differentiated conversations. And so when we look at the next five years, as we go from where we are now, $2.6 billion in revenue last year, re-accelerating growth, building this massive company we're trying to build over time, we think the right way to do it is to have specialized sellers, specialized marketers, specialized demand generation to speak to those value props, those buyers. We're going to serve multiple buyers over time. We're going to serve every buyer in the C-suite ultimately. Identity touches everything. And this is a good step in the right direction. I would also add one of the things that we've done in terms of taking the field and putting them either on Okta or Auth0 is putting them in places that they're comfortable, right, where they have the skill. They've got the specialism already, and so that's why we're excited about this, because we look at the results, like you just saw in Q4, record Auth0 bookings. Let's put a lot of those people on the Auth0 side of the house and see how well they can do with all these great new products that are coming up. Thank you. Next up, we have Adam Borg from Stifel. Awesome. And thanks so much for taking the question. Todd or Brett, so obviously, like you said, really strong quarter here. Looked to be broad-based, but is there any geography or vertical that stood out? And maybe as you think about kind of the setup into fiscal 2026 versus 2025, at least qualitatively, Brett, can you talk about the size of the pipeline, the quality of the pipeline entering this year relative to last? Thanks so much. I think the strongest geography was North America. Like you said, strength across the board. But in terms of being exceeding expectations and really blowing out their plan, North America was top of the list there. And I think long-term, a big growth opportunity for us, as we've talked about a lot, is international. It's still hovering right around 20-ish% of our total revenue. And over time, that needs to be higher as we drive broad-based expansion around the globe. The problem is North America won't slow down. So we got to figure out how to do both at the same time. Yeah, I would say EMEA also had a really good quarter. Public sector had a really good quarter. I mean, Adam, it was a really strong quarter across the board. I don't think we could find an area of weakness, frankly. I mean, new business, upsell, upsell, renewal, cross-sell, everything really went well. The team executed really quite well. But proud of the effort. Great. Maybe just comment on the quality of the pipeline entering this year versus last size or anything you would comment there. Yeah, yeah. We're comfortable with the pipeline based on the guidance we gave you guys today. So we're comfortable with where we're at. Excited about executing in FY26. Nice work. Thanks again. Okay. Next up, Jonathan Ho at William Blair. Let me echo my congratulations as well on what appears to be a good inflection in the business. Can you help us understand the opportunity for Agentic AI and maybe how AI could play a role in the increasing number of identities out there, and particularly how Okta potentially benefits from that? Thank you. Yeah. Jonathan, I'll focus in on the AI is a pretty big topic. And I know there's a lot of people out there in the world trying to give everyone broad-based lessons about it. So I'll spare you that, and I'll focus on the agentic part of AI. That's probably the most in the medium term, that's probably the most applicable to our business. And I think the way to think about it is an important challenge of identity and security for a long time has been machines, or another way to call them is service accounts. So you have all these systems, and you have all these networks, and you have all this infrastructure, and there's people that log into it. And we have ways to manage that and have biometric authentication, and we have single sign-on systems. And then there's machines that log into that stuff. If you look at a server, maybe probably 99.9% of the connections to that server are probably other machines. So this challenge of machine identity has been with us for a long time. There have been different strategies on how to manage it and different approaches, different protocols. We have gone through different waves in the industry. We had firewall-based where we tried to lock everything. We had no lateral movement data center technologies where you tried to control machine account access that is inside the data center in the fabric of the network. We have had PKI, which 20 years ago, 15 years ago, was the way we were going to give every machine a public certificate, and we were going to manage that all under certificate authority. That kind of never really took off except in some narrow cases. Now here we are today with this. The agentic revolution is real. And the power of AI and the power of these language models, the interaction modalities that you can have with these systems, these machines doing things on your behalf, and what they can do and how they can infer next actions, etc., etc. You all know it's really real. But the way to think about it from an Okta perspective, it is like machine identity on steroids, turbocharged to two orders of magnitude higher. So that's really exciting for us because what do we do? A good part of our business is actually logging in machines right now. Auth0 has the machine-to-machine tokens where people, if they build some kind of web app that services other machines, they can use Auth0 for the login for that. Okta has similar capabilities. And now you have not only that basic authentication challenge, but you have all of these applications as you get two orders of magnitude more things logging in. You have to really worry about the fine-grained authorization into your services. So if you're an enterprise and you're building a system that is going to be an API that the agents talk to, by the way, that is a misunderstood thing or not a well-understood thing. If you want to get agentic AI in your enterprise, yeah, one solution is you can do everything in Salesforce or you can do everything in ServiceNow, but that's pretty impractical for most organizations. So what they're doing is they're building an AI wrapper around a bunch of stuff. And now once they get that AI, or sorry, an API wrapper around a bunch of stuff. Once they get that API, they need a system like Fine-Grain Authorization from Auth0 to make sure that it's easy to express the rules on who and what agents and what roles and what's group can access which parts of the information inside that API. You want to say Jonathan can access these records, but John can access these other records, and Gabrielle can access these others. You could do that with FGA. Then when you put these APIs in front of all your systems, you have a nice Fine-Grain Authorization model. So now when you start building your agents that talk to these APIs, those agents are only seeing what they can see because you don't want to open the whole world to those agents because if that thing goes awry or that thing gets hacked, then all of your data is exposed versus exactly what the agents should see. So it's least privileged. It's very important. Now, on the agent side, the equivalent of a lot of these deployments have passwords hard-coded in the agent. So if that agent gets compromised, it's the equivalent of your monitor having a bunch of sticky notes on it with your passwords before single sign-on. So Auth0 for GenAI gives you a protocol and a way to do that securely. So you can store these tokens and have these tokens that are secured. Then if that agent needs to pop out and get some approval from the user, Auth0 for GenAI supports that. You can get a step-up biometric authentication from the user to say, "Hey, I want to check Jonathan's fingerprint to make sure before I book this trip or I spend this money, it's really Jonathan." Those three parts are what Auth0 for GenAI is, and we're super, super excited about it. We have a waitlist over 200 plus Fortune 100s, and startups are on that thing. They want this product, and it's going into early access this month. We're really watching it closely to see how well it can do. Excellent. Thank you. All right. Next up is Ittai Kidron at Oppenheimer. Hey, guys, again, congrats on a great quarter. A couple from me. Brett, on the CRPO, you gave guidance for the first quarter, but not for the fiscal year. To a previous question, you said this is the beginning of the year, so you're a little bit conservative on the CRPO. So I guess we should assume it only accelerates from here till the end of the fiscal year in growth. Help me get some color on that. And then for you, Todd, you didn't talk about PAM and the progress that you've had with that and how much that's contributing to your business. Maybe you can share some data points on progress there. Thank you. Sure. Hey, Ittai, I'll just take it. It's a quick one. We only guide one at a time, one quarter at a time. We've never done a year out. So let us get through Q1, and then we'll give you a guide for Q2 and go from there. Sounds good. Yeah, PAM is doing great. I mentioned the total new products were 20% of the bookings in the quarter, which is great. The standout there, I think, in terms of size and maturity is Okta Identity Governance. I mentioned that over 1,300 customers, $100 million of just OIG bookings when you add in the other life cycle and workflow, which is really what you would include if you kind of looked at all the parts of governance of our business. It's over $400 million of bookings, which is great. PAM's not at that scale yet, but it's off to a really good start in the quarter. We signed a deal with a really brand-name financial services company, a global 2000 company that bought those existing Okta customers, upgraded in the quarter to not only the access management product they had before, but they added Identity Security Posture Management, Identity Threat Protection with Okta AI, and Okta Privileged Access. So they added those three products, and it increased the ARR on that account north of 30%. So that was a pretty significant upsell. And the stories like this are on and on. And I think that product, Okta Privileged Access, I think it's getting really good and really mature and we're adding more capabilities. We've got a great engineering team moving quickly. It's really a modern product. It's integrated great with SaaS applications. It's kind of a rethinking of how the privileged access management market is. I think in the next few years, as we have these conversations more, I think what you're going to hear more and more is it's just not, it's like just part of the whole suite. You buy it as part of because you want it with your access management. I think a lot of the vendors in our space agree with this. They see the vision that this is all going to be one thing. You're not going to be buying separate governance and separate PAM and separate posture management. You're going to buy an identity platform. We're in a great position to deliver that. If you look around, if you want an independent, neutral identity company, there's no one else has the pieces we have. No one has the privileged access management. No one's any near our scale. No one has the pure SaaS heritage and can do these integrations and doesn't have to manage a complex combination of customers that are kind of somewhat upgrading to their SaaS solution, but not really. And the big customers don't want to do it, and they're kind of managing multiple things. We don't have those problems. And so this market is ours to take. And we have a lead. The scale we're operating at is you have to combine two or three of the other companies and independent identity to get close to the scale we have. And we can bring that all to bear with our leading customers and our great engineering team to keep innovating. And we're going to see results like we just saw. I think Jonathan, you used the word before on the previous question about inflection. I really think this is an inflection. I'm really excited. We have work to do to back it up and keep going, but I'm really excited about what the future brings for Okta. Good stuff. Thank you. Just one point to clarify, Ittai. When you were saying $100 million and $400 million, that's annualized contract value. So that's total book of business, okay? Not bookings. You said bookings. So I just want to make sure we're all on the same page. Sorry. No, that's okay. Just want to make sure we got the facts straight. They're huge businesses. They're massive, and we're really proud of where they've gotten to, but we got a lot of opportunity as we move forward. Sounds good. Thank you. Let's go over to Shrenik Kothari of Baird. Yeah, awesome. Thanks for taking my question. Congrats on great execution. Just a quick couple from me. So you're capitalizing on cross-selling, which is great, and what stood out. Brett, you mentioning the strong public sector performance, especially integrating the customer identity in the public sector, so as your federal momentum keeps building, right, just curious, in the face of the near-term federal uncertainties, how are you seeing the near-term, medium-term, long-term kind of outlooks for not just your opportunity set, but also the execution dynamics, any specific initiatives that's helping you navigating these challenging federal dynamics right now and had a quick follow-up? Public sector for us includes federal, US federal, of course, US commercial federal and DOD, but also includes all of the state and local. And so it's a big, important vertical for us. So the momentum across the entire vertical is very strong, as we mentioned. But let's not lose sight of the state governments and the big deals outside of federal that we closed last year and in Q4 in particular. So now focusing on the US federal specifically, I think there's obviously a lot going on there with the new administration and thinking about the government structure and efficiency and so forth, which is all super important. Big picture, I think the number of licenses that we've sold into the federal government so far. It's a good start, but it's relatively low, especially compared to the money they're spending and the complexity and the risk they have with their legacy identity systems. The federal government has a lot of legacy identity systems. The agencies we've been successful in, it's because we've been able to consolidate and replace and really help modernize those applications. I think that when you talk about efficiency and effective government, we're perfect for that. You don't have to manage servers. You don't have to. The implementations are much easier. The time to value is much higher. The amount of people it takes to run our services and run our systems at a customer is far, far, far less than the legacy identity technologies where they have to upgrade it and maintain it. And it's not because it's because the legacy technology that surrounds these identity systems is hard to integrate to. But as those things get modernized and the federal government goes for more efficiency, we're going to have a big opportunity to help them do that. And I think, yeah, I mean, there's probably a little bit of uncertainty right now, especially in the first part of the year as things get sorted out. But I'm very confident that we're going to be very successful in the federal government and helping them modernize and be more secure. No one wants a federal government that's not secure. I think that's probably the only nonpartisan thing in Washington these days. And we can help them be more secure. And that's why we're so excited about that opportunity. Great. Let's go to Gray Powell at BTIG. All right. Great. Thank you very much for taking the question. Congratulations on the good results. So I thought the $100 million ACV stat on OIG was a good number, really helpful. You called out the $300 million on life cycle management workflows. So I'm curious, if those customers were to upgrade to OIG, can you give us a ballpark sense as to what the uplift would be? And then just how should we think about the growth of your governance products on a combined basis over the next year versus the rest of the business? Yeah, I think the way to think about it is we've talked about this consistently now for a while. When they upgrade to OIG, it can be a 30%-40+% increase in the ACV for that customer. So if you have nothing and you buy OIG, life cycle, and workflows, it can be north of 40%. If you have workflows or life cycles, maybe it's just in the 30% range. But I think when you look at the book of business and workforce identity, the opportunity is to upgrade all of those customers to include OIG. So that's how big it is. It's quite significant, quite a lot of run room above the $100 million directly for OIG and the $400 million total you just talked about. If you think about one of the reasons why we are further specializing in the field to your question about maybe going forward, Gray, is to be able to get in there and deeper into accounts and be able to do more of these upsells that Todd was just talking about, right? Whether you started the basic package and move all the way up, or you already got a little bit of the more advanced capabilities, the idea here is to allow our reps to go in and be able to sell some of these more advanced capabilities because that's really a big opportunity for our customers to solve as many use cases as possible. Understood. Okay. Thank you. Yeah. Let's go to Saket Kalia at Barclays. Hey, Gray. Hey, guys. Thanks for taking my question here and echo my congrats to the team. Todd, maybe for you, I was wondering if you could dig into the Workforce Identity Suites that you talked about at launch week and maybe the question is, what are some of the suites that we're introducing?, and how do you make that pricing packaging enticing to a customer that wants to continue to consolidate identity? The main part about it is it's simpler, and that's what's enticing. It helps customers understand simply what they need to buy to be successful. The history of this is we monetize innovation over the years by, we basically sold customers the capabilities at the time. Then as we added more capabilities where there's multifactor or life cycle management, we added those as new SKUs or new products. That was great because they would add more over time, but what you look at now is just if you buy those things à la carte, there's a lot of them. It's universal directory, single sign-on, advanced single sign-on, multifactor events. It's a little bit complicated to buy, and so we took a comprehensive look at it. We said, what are the outcomes customers want to have? Whether they want to just get started, the Workforce Starter Suite, and then there's the Professional Suite, and then there's the Enterprise Suite. It's basically good, better, best, meaning if you want a full identity fabric to cover all of your use cases from privilege to governance to threat protection to posture management, that's the Enterprise. And then if you want to do that, but without some of the more advanced capabilities, more advanced modules I talked about, you do the enterprise, and then the Starter is just the basic. So it's just simplicity and clarifying and a little bit making the buying process simpler for our customers. Makes sense. Thank you. Next up, we have Shaul Eyal at TD Cowen. Thank you. Good afternoon, gents. Congrats on the quarter and outlook. Thanks for the color on OIG. Can you maybe outline for us, maybe in broad strokes the profile of OIG customers? Are these new logos existing customers? Are they more high-end enterprise or SMB-driven? Are they mostly displacements or greenfield? Any color will be greatly appreciated. Thank you. Yeah, absolutely. So I think the majority of the vast majority of OIG customers are upsells. They have access management, and they add OIG. It's not 100%, but it's close to 100%. There are a couple of cases of new lands with OIG. But in both of those cases, the customers went with the full access management suite pretty quickly after. So yeah, you could almost think of it as my main point of the answer, which is I think we're moving to this world where this is a suite. I talked about the suites in the previous answer. And the way customers are thinking about it is I think this idea that you're going to get governance from one vendor and privilege from another and threat protection from another is really antiquated. And we're moving to this world where there's one identity platform that can cover all these use cases and try to increase your security outcomes by having it all stitched together and take out point products. That's where we're going. And so I think when we think about innovating on the product, the product has to be, of course, more. It has to be better than the competitors. It has to be better than SailPoint. It has to be better than Saviynt. It has to be better than the other small. There's a bunch of little startups out there doing stuff here. It has to be better than all those. But then it really has to be great integrating with the rest of our capabilities. So you need to be able to have governance workflows on the credentials, you vault in the PAM product. It has to have governance workflows consistently across business applications and servers and any kind of resource you want to control through Okta. Your Identity Security Posture Management has to have universal visibility and tell you alerts about human identities that might be compromised or not set up correctly across any system and any identity provider, but also has to give you notifications and updated constantly about non-human identities in a modern way that then you can put those in a modern protocol and vault those credentials with our Privileged Access product. So that's the idea. I said before, and we saw the trend continue. I didn't think that people were ever going to take out a governance system they had installed. I thought this was like a bunch of customers didn't have one, and that would be the opportunity here. I've been surprised by the amount of takeouts. Still not massive. There's a lot of greenfield out of here, and we're having a lot of success there. But there are more takeouts than you would think, especially if you include the companies that didn't really get that implemented with. That's the secret about some of these governance things is that they were software. So they were sold a big license, and they never got it implemented. And that was kind of like the vendor was off doing something else now. But in the SaaS world, you really have to make them successful. And that's how we've built our product to make sure that they can be successful. We see it in the data. We should release some of this data next report, maybe, that the time to value and how much usage our customers get out of our governance product very quickly is best in the industry. Yeah, I would just add there are, in addition to what Todd was just saying, that there are side-by-side implementations because that was part of your question. And we're really excited about those for a lot of reasons because we can what Todd was just talking about, demonstrate value to the customer and earn the right for future flows or future opportunities or the right to take out that other one. And if you remember what made us big in the beginning was we did that with access management. That was our play. We never went in whole hog and took everything out. It was go demonstrate value to the customer and earn the right for the next thing. And so we're running a very similar play with governance and just the suite strategy that we're running now, which is obviously showing some traction with these numbers we just produced. Thank you. Next up, let's go to Joshua Tilton at Wolfe Research. Hey, guys. Thanks for sneaking me in here. And I will also echo my congrats on an awesome quarter. I think maybe a high-level one for me. Naturally, I think we kind of gravitate to the workforce side of the business as having this clear agentic AI opportunity. But listening to you guys speak, it's pretty clear that you guys have opportunities across both workforce and CIAM. I guess my question is, Todd, for you, which side of the business are you more excited about from an agentic AI perspective? And maybe which side do you think will see a monetization opportunity sooner and why? And you can't tell me you can't pick between your favorite kids. You always have a favorite, Josh. You always have a favorite. I think the customer identity side is more exciting. I think it's a little bit of a. My answer is a little bit of a. I'm kind of like having both ways because a lot of the, when you talk about developers building agentic AI, they're doing it inside of enterprises. So the pattern I was talking about earlier there, there's these teams and these companies that have been tasked with we hear about this agent thing, make it work. And the first thing they have to do is I've had many conversations with customers where they've been in these discussions and we did a POC, and now we're worried about doing it broadly. But the task was basically hook everything up to our existing systems, hook these agents up to all of our existing systems. Before we could do that inside of enterprise, we had to get a good identity foundation in front of all these things. So it's kind of like similar to you're building something, you're a developer, you're exposing APIs, you're doing fine-grain authorization, you're using another platform, or you're building your own agentic AI platform, and you're having to talk to those systems and those APIs to do things on users' behalf. So you're a developer, but it's kind of like a workforce use case. But I think people building these systems and getting the benefit from that is really exciting. Okay. Next up, we have Keith Bachman at BMO. Hi. Thank you very much. Just also want to congratulate you specifically on the cash flow. It looked really impressive in the guide likewise. Keith, we were a rule of 54 in Q4. That's impressive results. I just want to say thank you, Keith, for noticing. You went through a bunch of questions to get to that. 42%. Yeah, yeah. Todd was mentioning his Salesforce got well paid. I assume that, Brett, you're going to look for some of that as well based on the cash flow. But moving on to the question, the net retention rate was 107% this quarter. And I know it's sort of a lagging indicator. But as we march through the year, how are you just thinking about it directionally in terms of what's the puts and takes? And particularly some of the things that you were talking about as it relates to governance and some of the upsell opportunities, it would seem to me that we're hearing that you're gaining more traction, so to speak, in governance, that that would be a source of upside tension as we progress through the year and you anniversary some of the headwinds. But just to talk a little bit about the net retention rate. Yeah. Thanks, Keith, for that question. So as you know, we did expect it to go down into this range on the back of healthy gross retention. From here, for the balance of FY26, what our models suggest is roughly in this range, maybe plus or minus a point. In either direction, really depends on new business versus upsell mix. So that's where we're seeing it for the balance of FY26. Okay. All right. Thank you very much. No problem. Let's go to Roger Boyd at UBS. Awesome. I'll echo my congrats as well. Brett, just a quick one. You mentioned, I think, record sales productivity in the quarter. Just wondering how you're thinking about go-to-market capacity into fiscal 26. And to what extent do you see an opportunity to invest behind some of that strength, especially as you think about kind of the sales specialization from here? Thanks. Yeah, yeah. We feel good about the capacity where it is today. We feel we're in a really good spot. We want to make sure we find that right balance between having enough capacity to grow as fast as possible, but also having a bunch of very productive reps. We don't want to get too much in one direction or the other. We want to make sure the porridge is just right. So we feel good with where we are right now. Okay. Let's move on to Rudy Kessinger at D.A. Davidson. Hey, great. Thanks for taking my questions, guys. On the sales productivity, could you just talk about it relative to, I guess, where you guys were at pre-the Auth0 integration, where you guys are running now, and what level of productivity gains are you baking into the fiscal 26 guide? And then again, I have my congrats. Very, very strong quarter here. The CRPO growth acceleration, etc. Just the strength you saw in the quarter. I know Q1 is a smaller quarter. You're only a month into it. But have you seen that momentum continue thus far in Q1, or just what are you seeing to date? Yeah. In terms of productivity, it was really good. I can't give you a compare back to those time frames, but it was really good. We talked about multi-year high. Really pleased with how things came out. In terms of your question on Q1, look, I mean, like we talked about earlier, Q1s usually are seasonally lowest, and the reason why is we're getting accounts in the right places, territories in the right places. We have our sales kickoff, so February doesn't typically offer too much for us in terms of information, and so we obviously got a long ways to go for the quarter and are excited about the quarter. People were very excited at the kickoff. Yeah. That's a good point. I guess that's not nothing. Okay. I know we have a lot more hands raised. We're at the top of the hour, but let's try to take a few more here. We'll go to Kevin Kumar at Goldman Sachs. David, that was pretty good for your first time. Tough last name. Thank you. Thank you for taking my question. I guess I have two quick questions for you. The first one is, in this quarter, were there any large one-off deals that led to the outperformance, or did the environment really inflect? And then I guess my second question is looking into the future. Are these trends that you saw in one Q, are they sustainable, or what should we expect so that the street can kind of reset their models going forward? Yeah. I mean, I'll take the first part of Todd. You can add in how you see fit, which is we had a lot of big deals. There wasn't any one single deal that was outsized relative to the rest, but we had a lot of big deals. That's why we gave you the stat of top 25 deals over $320 million in total contract value. So it goes back to really all the work we put in throughout FY25, whether it be new product introduction, which we've talked about, enhancing partners, further specializing the field, doubling down on security. These are all things that helped us build toward this Q4 that was so successful. Yeah. Just from a culture and a leadership perspective, we are here to build a large, growing, important company. So we expect more and more quarters like this. I think this was a blowout, so it's tough to repeat this exactly, but this is the expectation we have. We're not here to build a slow-growing company. We're here to build a company that's changing the industry and going to really solve this problem of identity security and help companies achieve their objectives and free them to use any technology. So that's what we're obsessed with doing, and that's what we show up every day working hard trying to do. Great. Thank you, guys. We have Peter Levine. Thanks, David, for being here. Maybe just one. What are you seeing in terms of the ratio of non-human AI agents to employees? And I guess I want to understand the pricing model and perhaps when you're talking to your customers, what are they willing to pay for? If it's one to five or one to 40, just curious to know how you price that and when do you think it will become maybe agreed up to your top line? Yeah. One of the things that we don't have today is the industry doesn't have a way to identify an agent. I don't mean in the sense of authenticating or validating an agent. I mean to actually a universal vernacular for how to record an agent and how to track it and how to account for it. And so I think that's something you'll see coming. You'll see there'll be actually a type of account, an Okta, that's an agent account. You'll see companies starting to, when they buy software, they say, "Hey, I buy these many people and this many agentic licenses." And that's not quite there yet. Of course, platforms that are coming out with agent versions have this to some degree, but there isn't a common cross-company, cross-enterprise definition of an agent, which is an interesting opportunity for us, actually. We do know in the business today, there's significantly more machine-to-machine interactions. Forget about agents. There's a lot of API calls and a lot of tokens and a lot of API access management that's done on the Auth0 platform and the Okta platform. And like I said, I think that's the machine part of that with agents could increase by two orders of magnitude if the potential is that high. Thank you. Go to Matt Hedberg at RBC. Great. Thanks, Dave, for the question. You know, Todd, I think a lot of us are just sitting back here kind of seeing all the opportunities that you guys have here. And the questions that I'm getting from my inbox is like there's a lot that we can think about in terms of fiscal 2026 and beyond. And again, it's kind of getting back to the question of picking your favorite child. But between all of the catalysts that you've got going here, we're sitting here 12 months from now. Large enterprise. Large enterprise success. Okay. Yeah. Yeah. Yeah. Sorry. I didn't mean to cut you off, but I think the answer is so clear in my mind. When I say work on these big transformative deals with these customers, it's just different than it was a year ago and two years ago. You can see the products are there. You can see the buyers are ready. You can see the partners. I work on these big deals with these global systems integrators, and they're turning their whole practices to security and to modern identity. They're done with the whole, "We're going to install software to manage your identity." That's out. They need a cloud solution, and we're the only game in town. Unless you want to go with Microsoft and just kind of wrap your entire company up in one company, which none of these large enterprises can do. I mentioned this global technology company. They have an E5 license. So Microsoft has licensed to them every identity product they had. It didn't matter. It didn't matter because they're not going to wind their whole future around Microsoft. They have three infrastructure clouds. They have these companies, the complexity and the expanse of what their identity challenges are is far beyond what one company that's not focused on it can do, and we're the only game in town. We're the cloud version. We have all the parts of the suite. So yeah, when we're talking in a year, if I'm off to something and not large enterprise, then you can call me on it. Got it. Thanks a lot. Best of luck. Yeah. I would just add to that, Matt, in the sense of thinking about what we told you probably four or five quarters ago. There were four things we were going to work on: security, new products, partners, further specializing. We're going to keep working on all those things because that's what will drive what Todd just talked about. So it worked in Q4. We believe those are the right vectors of growth for us. We will continue to do those things to be able to capture the opportunity as fast as possible. Thanks, guys. Let's go to Patrick Colville at Scotiabank. Cheers, Dave. And thank you for taking my question here. So I guess let me just sneak two quickies in. I mean, if I look back at this quarter and last, the CRPO beats have got significantly larger. And you said this was a blowout quarter, but I guess how should we think about the guidance philosophy, Brett, for CRPO beats heading into 2025? And then, Todd, I guess just for you, most of your prepared remarks were actually about the workforce business. But the disclosure you guys give around kind of ACV growth, it looked like actually customer identity was the real strength in 4Q with ACV growing 16%. So I guess just talk to us about why do you sound so pumped in the prepared remarks about workforce when it seems like the customer business is actually what's really kind of the rocket ship right now? I'll take the first, which is around the guidance philosophy. Like we talked about last time, last quarter, we talked about reducing the level of conservatism in the model. Now, we had a blowout quarter. I got to do so much, and we're going to close as much business as we possibly can. If it blows up the guidance philosophy in this situation, I'm happy to have that problem. But you can see the guidance philosophy in action in the sense that we had a very large quarter, and you see the revenue growth going up by a very significant amount, going from 7% to 10%, a raise of $80 million. And we're giving it to you right there. So in other words, whatever that upside, that big upside you just saw, you're seeing it reflected in our guidance immediately. So that is going to be our strategy going forward and our philosophy going forward. And I'll let Todd talk about the growth rates. Yeah. I think both Auth0 and Okta had really strong quarters. The Auth0 quarter was the biggest ever. So my remarks maybe weren't accurate in the sense that I want to reflect the strength in both of those respective businesses. I worked very closely. I mentioned a few times on the call this Fortune 500 tech company was a big workforce deal. I also worked on a name brand global food and beverage company that bought Auth0 to be the front door login for their entire mobile app, which has huge volume. So there's success on both sides. And I think it gives us a diversity in the business that is really powerful, really gets us that seat at the table to help customers with these strategic problems. It gives us credibility. It gives us scale. I mean, when we talk about the cash flow and the rule of 40 and the over $700 million of cash generated last year, it's because of the scale. I mean, we spent 16 years building this business that has amazingly loyal, happy customers. So it gives us the opportunity to do all the work we've done in security and do all the product innovation at the same time, generating a lot of cash. So it's a good position to be in going forward. Well, thanks, guys. Try to get through five questions here over the next seven minutes. So we'll go to Mike Cikos, Needham. Great. Thanks for taking the questions, guys, and congrats on the quarter from our end as well. Two-parter here, but first on the OIG. Just wanted to make sure we're all going to be running our numbers now on the $100 million in ACV versus the 1,300 customer count. If we're calling about 75,000 per customer, is that a fair assessment of what customers are paying you currently for OIG, or is that skewed by any of your power customers, the big power users? No, [crosstalk] I think that's a good average. That's a good average. Yeah. I mean, obviously, there's some big ones and some small ones, but it's a good average. And then the second piece is the AWS stat that we got today, solid growth. If I'm running the numbers on my side, is that now north of 10% of Okta's ACV? Have we breached that threshold yet? It's a growing percentage. It is definitely, as you saw, the 80% revenue growth in FY25. I mean, it's definitely getting big now, which is one of the reasons why we're so excited about it, why we're one of the partners of the year or we were the partner of the year. So yeah, we're excited about that opportunity as part of the four that we've talked about, right? It's under the partnership umbrella that we talked about throughout this call. Excellent. Thank you, guys. Yeah. Let's go to Fatima Boolani at Citi. Thank you very much for screening me in. Todd, I wanted to go back to something you mentioned with regards to launch week where there was a dedicated SIAM product now for the U.S. public sector, so you gave us a lot of good reasons to appreciate why you won't be sort of victimized by the DOGE efforts and mandates, and that's pretty compelling. But the efficiency has no victim. Efficiency is. And so just with regards to the opportunity for the customer identity-centric solutions, do you largely see that as a greenfield opportunity? I mean, certainly, we're big consumers, and myself, I'm a big consumer of government services. So what does that opportunity look like today between DIY and/or other kind of commercial competitors, and why continue to double down on investments here? I mean, it's a huge market, and we've seen success in the business. We did the ACV growth rates. We released the ACV growth rates. The ACV growth is faster than the workforce business. That's 16%, I believe, was the ACV stat we released. I think if you go back the last three years, you've done great work following us, Fatima, for a few years now, and I think what you're seeing now is almost kind of a resurgence of the workforce business in our own minds and our own psychologies. For a long time, we thought that this customer opportunity is so big, so massive. Let's focus on that, and maybe let's not focus as much on the workforce business. I think what you're seeing is us realizing that that business is big as well. And with the security initiatives and how identity is really the center of security these days and how you have to have identity in place to get good security outcomes, I think you see us talking about that more, but that doesn't belie the fact that whether it's governments or whether it's tech companies, SaaS companies, whether it's companies in other industries, this infrastructure and how they authenticate users. And another big deal in Q4 was we're by far the leader in authenticating the chatbots. So we basically have all of the leading chatbots out there, even from some customers that some big companies that might have competing technologies with us on the workforce side. We're the authentication now for all their chatbots. So the opportunity on that side is big and important, and we're trying to capture both of them. Thank you. Yeah. Let's go to Brian Essex at JPMorgan. Hi, good afternoon. Thanks for taking the question. Great to see the monster acceleration on RPO and good acceleration on CRPO as well. And I think, Brett, last quarter, on our callback, you noted that part of the reason for this kind of disparity in the growth rates between the two is that you shifted the, or you, I guess, enhanced incentives to sell longer duration contracts. So obviously, if it's not broke, don't fix it. But maybe for Todd, can you help us understand what some of the conversations with enterprises are like there with regard to those longer-term contracts? What are their incentives, and how much visibility does this give you kind of in CRPO acceleration, for example, as those longer duration contracts amortize into the current category? Yeah. The conversations are, I think it's a sign of the displacements, like how many products they're displacing. They realize that if they're going to bet on a vendor that's going to replace 10, 15, literally 25, 30 products, it's crazy how many identity products these big companies have. In many cases, it's the same product in multiple divisions, or it's the same infrastructure customized different ways. So when you have that kind of conversation, Brian, they're much more apt to sign up for a longer term just because they think about it. They have a big GSI, and they're thinking about replacing, and they have a multi-year timeframe. And it's like the mindset upfront is like, "This is a strategic platform versus another thing that might be more tactical." And they're like, "Hey, we'll come into a year, and we'll see what it's like." And I think that's the biggest thing I'd call out there. Got it. That's helpful. Thank you. Okay. Peter Weed at Bernstein. Hey, thanks so much, and congrats on the continued progress. Obviously, we're really excited, like many people around maybe the expansive opportunity that kind of agentic identity provides. I think today in the market, it's probably modestly adopted as an opportunity. Yet, I think you're already seeing really great traction. When you kind of look forward at the pipeline of customer demand for this and where this could get to, how material could the scale of this be relative to the number of workers that you cover or these types of things when we start to think about the art of the possible here? I think it could be massive, and I think we could potentially, we have more work to do and talk. We've got to give you folks more details about our plans here, and we'll do that. We have our showcase event coming up in April. We're talking more about this, but we can monetize it on "both sides," meaning people building the agents and people using the agents. The agents have to log in, and they have to log into something, so I think it's potential to monetize it on both sides. But whatever we do here, I think it's going to be like everything we do. It's going to be pre-integrated. It's going to be across all different kinds of technology. It's not going to be tied up to one cloud or one app or one collaboration tool or one chatbot. It's going to be very neutral and independent. I think that's what customers want. Thank you. Okay. We'll wrap things up with Andrew Nowinski at Wells Fargo. Great. Thank you for squeezing me in. Todd, I think your comments on the importance of a platform is like an itch that customers have had for many years but could never scratch. So it makes sense that you're seeing customers gravitate toward this platform. But when we look at the new components of that platform, OIG and PAM, it does seem like those are maybe more large customer tools. I'm just wondering if you think the OIG and PAM solutions are applicable to your entire installed base, or are they more targeted at those larger customers? And same thing on the platform sale. Is that more of a large customer deployment? I think that's the reason I don't think that impression is right. And I think the reason why people have that misimpression is that PAM and PAM market and governance market, the products were so hard to install and configure and put on-premise that that's why large companies used them. I think now that we've made it so easy and integrated and accessible, I think that's why you're going to see this greenfield opportunity really blossom. It's very similar, like Brett was saying earlier, this is how we did access management. When we started Okta, it was like, "Oh, we'll just make it really easy for smaller companies that are adopting a bunch of SaaS apps, and they want to hook it up to Active Directory on-prem, make it super easy," and then you work really hard for five years and seven years and ten years, and pretty soon, it's like you really find yourself somewhere, and I think we're going to see the same thing here, where we're going to work hard on this. We've been at it for really three and a half years now, consistently working on it, staying applied, not getting distracted, the team's cranking, customers driving success, and you're going to see the same thing blossom here on this unified platform over the next few years. Thanks. Excellent. Thanks for everybody's patience, and appreciate you going along with us here. Before we go, I just want to let investors know that in addition to hosting on-site and virtual bus tours, we'll be attending the Morgan Stanley Conference in San Francisco this Wednesday, the KeyBanc Tech Conference in San Francisco this Wednesday as well, the Susquehanna Virtual Conference on Thursday, March 6th, the Evercore Cybersecurity Summit in New York City on April 1st, and the Wells Fargo Software Symposium in Menlo Park here in California on April 10th. So we hope to see you at one of those events, and we'll talk to you then. Thank you. Thanks, everyone.