Okta, Inc.

91% of enterprises deploy AI agents, but only 22% have a way to identify them. To secure your enterprise, you must answer, where are my agents? What can they connect to? What can they do? With Okta, your agents are first-class identities, discovered and onboarded with a clear owner, connected only to what they need, and governed with a kill switch if one goes rogue. This is how Okta secures AI.

Hi, everyone. Welcome to Okta's first quarter of fiscal 2027 earnings webcast. I'm Dave Gennarelli, Senior Vice President of Investor Relations at Okta. Presenting in today's meeting will be Todd McKinnon, our Chief Executive Officer and Co-Founder, and Brett Tai, our Chief Financial Officer. Eric Kelleher, our President and Chief Operating Officer, will join the Q&A portion of the meeting. At around the same time the earnings press release hit the wire, we posted supplemental commentary to our IR website. Today's meeting will include forward-looking statements pursuant to the safe harbor provisions of the Private Security 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-K. In addition, during today's meeting, we'll 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 financial measures are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. The 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 may also find 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'll 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 thank you everyone for joining us this afternoon. We're pleased with a strong start to FY27. Consistent with recent quarters, our results were driven by strength with large enterprises, partner engagement, and contribution from our newer products. Underpinning this performance is the durability of our core business, with the Okta and Auth0 platforms both contributing to steady momentum across our entire portfolio. That said, the number one topic of interest from customers to investors is Okta's AI strategy. So today I'll focus my remarks on how Okta is uniquely positioned to capture the AI opportunity. The future of technology is agentic. For Okta, this represents a tremendous opportunity and an even greater responsibility. Every AI agent inside an enterprise is a new identity. Today, AI agents are the fastest growing identity in the enterprise, but also the least governed. Okta helps bring agents under control by treating them as first class identities that can be managed and governed by their existing identity management system. We believe, over time, most large enterprises will have more agentic identities than human ones. This shift broadens the attack surface because every agent comes with credentials, privileges, and the ability to act on a user's behalf. In turn, this raises the strategic value of the identity layer because governing autonomous systems requires the kind of control, audit, continuous intent-driven authorization and real-time enforcement only an identity platform can deliver. To help our customers confidently secure this shift, we're building on three unique advantages, each with powerful network effects, distribution, product breadth, and neutrality. Today, I'll cover all three, starting with distribution. Okta pioneered identity for the cloud era. Over the past 17 years, we've built the most modern and comprehensive identity platform, which is now the identity system of record trusted by more than 20,000 customers. In the agentic era, identity becomes even more foundational. When a customer secures their agents with Okta, they are not taking on a new platform. They are extending the trusted foundation they already rely on with Okta. We've already seen how our customers benefit from this expansion in other parts of our business. Customers are finding value in Okta's unified identity system, as Okta Identity Governance was once again the leading contributor among our new products. This distribution flywheel is evident in our results. Our new product portfolio represented approximately 25% of Q1 bookings, a meaningful increase from Q1 last year. We see a 40% ACV uplift when new products are included in a deal. The same customers who trust Okta for workforce and customer identity are extending that trust into agent identity. Our second unique advantage is product breadth. We are the only vendor with solutions that address both sides of the agent security problem. Okta for AI Agents, which became generally available last month, gives enterprises a single control plane to discover, govern, and manage agents across their organization. It is the first and best implementation of the blueprint for the secure agentic enterprise, an industry framework for bringing agents under control by answering the three questions that have dominated my customer conversations over the past several months. Where are my agents? What can they connect to? And what can they do? Enterprises need to maintain visibility and control over their sprawl of agents, ensuring they have governed identities, consistent access policies, and ways to shut them down to secure every agent end-to-end. Okta provides customers with centralized visibility into agents with identity governance capabilities, including ownership assignment and lifecycle management, while giving IT and security teams critical security controls to deactivate rogue agents. For developers building AI agents, Auth0 for AI agents provides the identity foundation to ship secure agents inside their products. Auth0 for AI agents secures agents, APIs, and users effortlessly for B2B, B2C, and internal apps, all backed by the enterprise-grade auth they already trust. In tangible terms, pipe generation in Q1 was strong, driven in part by these two new products. The third unique advantage is neutrality, which is more important than ever. The AI landscape is evolving rapidly. Customers need an identity solution that frees them to choose whatever technology serves their business best, without fear of vendor lock-in. As the leading independent and neutral identity platform, Okta gives organizations the flexibility to do exactly that. In the same way enterprises run workloads across multiple clouds, they are deploying agents across various platforms like OpenAI, Anthropic, Google, Microsoft, Salesforce, and a growing set of open source frameworks. Managing and securing an autonomous workforce requires a neutral, independent identity layer that others can't provide. In practice, cloud providers, model providers, and agent platforms are partnering with Okta to securely manage agent identities as they continue to proliferate across the enterprise. Okta is the only modern identity platform purpose-built to sit above the agent ecosystem, and it federates with whatever identity provider a customer runs. That means the opportunity for Okta for AI Agents is not limited to our existing workforce customers. It extends to every enterprise with a multi-platform AI strategy. These three advantages are unique and mutually reinforcing. The more organizations use Okta to secure their agents, the more identity signals flow into our platform and the stronger our governance and detection becomes. And our neutrality allows us to secure current and future agent frameworks for customers, allowing Okta to capture more of the addressable market. Neutrality becomes even more important when it comes to technology partnerships and integrations. Like the traditional cybersecurity landscape, no single company can address the Agentech security market alone. That's why we've partnered with AI leaders from ISVs to hyperscalers to frontier AI vendors. And I'd like to highlight a few of those partnerships today. We've entered into a partnership of ServiceNow that integrates their AI control tower product with Okta for AI Agents. Our partnership with Google brings centralized identity governance and access control to Google's agent gateway. Okta for AI Agents now integrates with Amazon Bedrock Agent Core to provide customers with identity governance capabilities for their agents. We were a launch partner for OpenAI's release of GPT 5.5 Trusted Access for Cyber. And finally, we're collaborating with Anthropic in a number of ways, from testing Anthropic's Cloud Mythos preview model as part of Project Glasswing, to a new integration between Okta Identity Security Posture Management and the Cloud Compliance API. It's still early days, but the agentic era is fundamentally transforming how we deliver success for our customers. By leveraging our unique advantages, great products, deep partnership, and industry expertise, we are well-positioned to help customers thrive in this fast-moving landscape, which will unlock a new growth vector for Okta. To wrap things up, FY27 is off to a strong start as we look to build on our momentum as we move through this year and beyond. I want to thank the entire Okta team and our loyal customers and partners who put their trust in us every day. And now, here's Brett to cover the financial commentary.