Most SaaS companies experience a gradual DBNER drop over time.

Net revenues fell 10% year-over-year to $2.4 billion. Funny timing – Fastly’s CEO just discussed this topic for their business at the BofA Technology Conference on June 2. Okta has earned a reputation as a thought leader on the future of how people will work, and we are helping our customers move down this path in accelerated time frames.

This represents approximately half of Okta’s TAM and is tied to application development projects. The reality is no one really has clear visibility right now. I'd like to hand back the conference over to the speakers for closing remarks. I think that when we, kind of, work through it, you should think about that, and you should think about the fact that the current RPO really, I think, does illuminate that variability and probably has in conjunction with looking at sub revenues, in conjunction with looking at billings as a way to really think about the business. They beat expectations for Q1 on both earnings and revenue. Revenue and RPO growth continue to be strong.

Rob Owens -- Piper Sandler Corp -- Analyst.

These trends resonate now more than ever, and our leadership position going into this crisis will be further enhanced as we expand our presence and product offerings. Yahoo ist Teil von Verizon Media. Okta Announces Date for its Fourth Quarter and Fiscal Year 2020 Earnings Conference Call, Protect and enable employees, contractors, partners.

So there'll be numerous opportunities to pre-engage with us this quarter, so we hope to see you online at one of those events.

ET.

The Okta Identity Cloud enables organizations to securely connect the right people to the right technologies at the right time. Pricing of the Azure AD B2C solution is determined based on MAUs. Charles will continue to lead the field organization, while we undertake the search and on-boarding process of our next global go-to-market leader.

Alright. I really appreciate it. So we're really balancing growth with a world that's more uncertain than we want to make sure we preserve agility in terms of our investments so that when the time is right, we can really double down and capture this big opportunity, which we think the longer term is going to be bigger because of all of this. And just a follow-up question on the expansion rate was really strong. Hi – thanks for the feedback. With over 6,500 pre-built integrations to applications and infrastructure providers, Okta customers can easily and securely use the best technologies for their business. The distinction I make is between customer spend meant to secure the enterprise versus spend on security services that support application development and delivery. On the earnings call, management talked about how Q1 outperformance in revenue may be offset by potential revenue headwinds in Q2 and Q3, before returning to normal in Q4.

So as Todd and Bill talked a little bit about, we're trying to figure out specifically in Q2 and Q3 how these decisions are going to be made, but as everyone's moving to these remote work environments, there's a lot of opportunity to help them with their workforce projects, and that's not just net new customers, but there were some very strong upsells this quarter, as well in the enterprise base. Our industry-leading cloud-based platform is addressing more and more complex use cases across both workforce and customer identity, and we continue to innovate to address those cases as you saw at Oktane last month. We made the early decision to close our offices around the world and transition 100% of our 2,000-plus employees to work from home.

https://www.businesswire.com/news/home/20191101005125/en/. FCF margins and profitability measures are improving. And I think that, as we mentioned in Q1, our Q1 results, we had very strong net retention and very strong gross retention as I said in my comments. Total first quarter revenue grew 46%, subscription revenue grew 48%, remaining performance obligations, or RPO, grew 57% and we generated record free cash flow.

At the same time, Okta’s neutrality, and breadth of supported integrations and devices, are important distinctions for decision makers to consider.

We feel like we'll continue to see expansion within our customers. This percentage jumped to over 25% recently.

We are now planning on capital expenditures of $15 million to $20 million in fiscal '21, down from our prior outlook of $35 million.

And so it's no surprise.

Okta Announces Date for its Third Quarter Fiscal 2020 Earnings Conference Call, Protect and enable employees, contractors, partners.

I'll give you a good example. Fastly prefers to sell to the organization associated with application development, led by a VP Engineering or CTO in most larger companies. 162 MBOED (52% OIL) ANADARKO BASIN.

This represents a future growth opportunity. With over 6,000 pre-built integrations to applications and infrastructure providers, Okta customers can easily and securely use the best technologies for their business. Dave Gennarelli -- Head of Investor Relations. The small and medium-sized business, even though that is a very small piece of our business, especially in the impacted industries, having some risk. Sorry – I don’t have a perspective on long term debt. FCF margin of 16.3% was the highest yet, fueled by a reduction in CapEx spend.

From a product perspective, we had a lot of fantastic news that showcased our innovation.

So we need to invest aggressively.

investor@okta.com Total operating expenses grew 29%, which was lower than expected, primarily due to our change to virtual events, including Oktane, as well as a reduction in T&E. And they turned to us to create exactly what you're talking about, a streamlined omni-channel experience for the millions of shoppers they interact with each week so that you, as a end consumer, are going to have one way to authenticate, whether you're going into a Safeway or whether you're paying with your Vons card at the gas station. This is likely being conservative considering the improving macro outlook.

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