Brett Tighe: By the way, Keith, you just made my entire day by asking the relationship between current RPO and next year’s revenue guide.
Keith Bachman: If I was allowed to ask two questions, I was going to go on that, but I’ll cede the floor. Many thanks.
Brett Tighe: Yes. No, but I will answer your question, we’re being cautious. That’s ultimately the answer, delta between the two, because pipeline is trending in the right direction, but we’re being cautious at this point given everything we know at this point.
Keith Bachman: Well, I don’t want to get in trouble with Dave.
Todd McKinnon: One last thing on competitive is that — remember that the Customer Identity Cloud business is huge important opportunity for us, both just in terms of market opportunity, but in terms of establishing this broad platform. And the competitive dynamic there is very different. It’s build versus buy, and we have the best developer-focused platform and that’s — it’s a really exciting opportunity.
Dave Gennarelli: Okay. We can go into some overtime here, but let’s keep it as short as possible. We’ll go to Adam Borg at Stifel.
Adam Borg: Awesome. Thanks for fitting me in. Just on the macro, you talked about seeing more pressure at the low end of the market. You talked about workforce and SIEM really being equal in terms of where you’re seeing any headwinds. Just curious, anything by geography more, you talked about North America, you talked EMEA, anything else by geography or vertical to go into, just to flush it? Thanks again.
Todd McKinnon: Yes. Really, I mean, it’s — like you said, SMBs getting hit first with it. North America obviously is where we saw that the most. But that’s also because our — that’s our biggest portion of our business, right? So EMEA did have a strong quarter, especially like I said earlier, with those big deals. So, that’s really the extent of what we’re seeing right now.
Dave Gennarelli: Over to Sterling Auty at MoffettNathanson.
Sterling Auty: Thanks, guys. So, administrative one from my side. At Oktane, you talked about the fiscal ’26 long-term targets given the quiet period, you’d kind of address them now. Are you going to just kind of table that discussion until you’re a little bit further along some of the changes, or what should be the expectations on that front?
Brett Tighe: Yes, we’re going to table that for now. Sterling, it’s primarily related to three things I talked about earlier is making sure we see through these integration challenges, the macro uncertainty out there and then the change of go-to-market leadership. We want to make sure that those things stabilize before we come back to you in the future and talk about that.
Dave Gennarelli: Peter Levine at Evercore.
Peter Levine: Maybe I want to touch just the high level one is when you look across identity, endpoint or networking, in your opinion, what’s more mission-critical? Because I ask, given the macro commentary, obviously, deals are elongating, such as throughput — it’s your competitors as well. So, are these deals just getting pushed out, or are you actually seeing customers mainly focus on other areas of the security stack. Just curious to see if it’s across or just particular areas within cycle.
Todd McKinnon: I think — so I think you picked up three that are all pretty critical. When I work with customers, they’re trying to shore up their identity strategy, especially around Zero Trust. If you want to do Zero Trust, you have to know who can go where. And then once you know — and that’s identity, you have to know who can go here and make sure you don’t over provision people and then you want to enforce that from the endpoint, you want to force that from the network. And so, that’s the network folks and then the endpoint folks. So they’re all critical. I think I would say my observation is that it’s more — it’s not the criticality that gets things delayed. It’s like the time to value and how deeply they want to integrate.
In our case, you can deploy Okta very quickly. But if you want to deploy it deeply and integrate it to every application, these big companies have thousands of applications and business processes across departments and divisions. A deep integration and deployment can take quite a long time. Same is true for some of these other tools and technologies. So, how they deploy them and how deep it is, that’s more of a driver, I think, in terms of whether they go forward or not in a recessionary environment versus the actual just the category.
