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    Manraj Belvi

    Vice President and Equity Research Analyst at Bernstein

    Manraj Belvi is a Vice President and Equity Research Analyst at Bernstein, specializing in European Utilities with coverage spanning major companies such as Iberdrola, Enel, RWE, National Grid, and Engie. Known for his in-depth sector analysis and actionable investment recommendations, Belvi has earned positive recognition among institutional clients for his timely calls and deep fundamental insights, contributing to strong portfolio performances attributed to his research. He began his career in financial services after completing a degree at the University of Cambridge, building analytical and industry expertise at positions including previous buy-side roles before joining Bernstein. Belvi holds key professional credentials, including the CFA charter and advanced regulatory certifications relevant to his equity research responsibilities.

    Manraj Belvi's questions to Okta (OKTA) leadership

    Manraj Belvi's questions to Okta (OKTA) leadership • Q2 2025

    Question

    Manraj Belvi of Bernstein noted that the average land ARR per new customer appears to be growing and asked what is driving this expansion. He also asked when an acceleration in current RPO (cRPO) could be expected.

    Answer

    CFO Brett Tighe explained that the company's strategy is 'land and expand,' focusing on getting customers in and driving value over time rather than maximizing the initial land deal. CEO Todd McKinnon added that success with large enterprises, which may have larger initial deals, is a key factor, but even these deals are just scratching the surface of the total potential. Regarding RPO, Tighe highlighted the positive trend in total RPO due to longer contract durations with large customers.

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