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    Okta Announces Strong Fourth Quarter And Fiscal Year 2022 Results

    3/2/22 4:01:00 PM ET
    $OKTA
    Computer Software: Prepackaged Software
    Technology
    Get the next $OKTA alert in real time by email
    • Q4 revenue grew 63% year-over-year; subscription revenue grew 64% year-over-year
    • Fiscal year 2022 revenue totaled $1.30 billion and grew 56% year-over-year; subscription revenue grew 57% year-over-year
    • Remaining performance obligations (RPO) grew 50% year-over-year to $2.69 billion; current remaining performance obligations (cRPO) grew 60% year-over-year to $1.35 billion

    Okta, Inc. (NASDAQ:OKTA), the leading independent identity provider, today announced financial results for its fourth quarter and fiscal year ended January 31, 2022.

    "Identity management is at the forefront of today's rapidly evolving security environment," said Todd McKinnon, Chief Executive Officer and co-founder of Okta. "Today, C-level executives and developers are increasingly turning to Okta to help provide their employees and customers the freedom to safely use any technology. We exited FY22 with accelerating top-line metrics driven by strong execution and robust demand across our workforce solutions and both Okta and Auth0 customer identity solutions. Okta brings an unparalleled platform of cloud native identity management solutions to a massive market that continues to move towards us, propelled by the three mega-trends of cloud and hybrid IT, digital transformation, and zero trust security."

    Fourth Quarter Fiscal 2022 Financial Highlights:

    • Revenue: Total revenue was $383 million, an increase of 63% year-over-year. Subscription revenue was $369 million, an increase of 64% year-over-year. On an Okta standalone basis (excluding $56 million attributable to Auth0), total revenue grew 39%.
    • Remaining Performance Obligations (RPO): RPO, or subscription backlog, was $2.69 billion, an increase of 50% year-over-year. Current RPO, which is contracted subscription revenue expected to be recognized over the next 12 months, was $1.35 billion, up 60% compared to the fourth quarter of fiscal 2021.
    • Calculated Billings: Total calculated billings, net of acquired deferred revenue, was $603 million, an increase of 91% year-over-year. Calculated billings includes the effect of billings process improvements that were enacted at the end of the first quarter of fiscal 2022. Excluding these changes, calculated billings would have been $540 million, an increase of 71% year-over-year.
    • GAAP Operating Loss: GAAP operating loss was $214 million, or 56% of total revenue, compared to a GAAP operating loss of $55 million, or 23% of total revenue, in the fourth quarter of fiscal 2021.
    • Non-GAAP Operating Income/Loss: Non-GAAP operating loss was $24 million, or 6% of total revenue, compared to non-GAAP operating income of $8 million, or 3% of total revenue, in the fourth quarter of fiscal 2021.
    • GAAP Net Loss: GAAP net loss was $241 million, compared to a GAAP net loss of $76 million in the fourth quarter of fiscal 2021. GAAP net loss per share was $1.56, compared to a GAAP net loss per share of $0.58 in the fourth quarter of fiscal 2021. GAAP net loss and GAAP net loss per share include $115 million and $0.74, respectively, attributable to Auth0 in the fourth quarter of fiscal 2022.
    • Non-GAAP Net Income/Loss: Non-GAAP net loss was $29 million, compared to non-GAAP net income of $8 million in the fourth quarter of fiscal 2021. Non-GAAP basic and diluted net loss per share was $0.18, compared to non-GAAP basic and diluted net income per share of $0.06 in the fourth quarter of fiscal 2021.
    • Cash Flow: Net cash provided by operations was $14 million, or 4% of total revenue, compared to net cash provided by operations of $35 million, or 15% of total revenue, in the fourth quarter of fiscal 2021. Free cash flow was $5 million, or 1% of total revenue, compared to $32 million, or 14% of total revenue, in the fourth quarter of fiscal 2021.
    • Cash, cash equivalents, and short-term investments were $2.50 billion at January 31, 2022.

    Full Year Fiscal 2022 Financial Highlights:

    • Revenue: Total revenue was $1.30 billion, an increase of 56% year-over-year. Subscription revenue was $1.25 billion, an increase of 57% year-over-year. On an Okta standalone basis (excluding $140 million attributable to Auth0), total revenue grew 39%.
    • Calculated Billings: Total calculated billings were $1.72 billion, an increase of 76% year-over-year. Calculated billings includes the effect of billings process improvements that were enacted at the end of the first quarter of fiscal 2022. Excluding these changes, calculated billings would have been $1.57 billion, an increase of 60% year-over-year.
    • Operating Income/Loss: GAAP operating loss was $767 million, or 59% of total revenue, compared to a GAAP operating loss of $204 million, or 24% of total revenue for fiscal 2021. Non-GAAP operating loss was $74 million, or 6% of total revenue, compared to non-GAAP operating income of $8 million, or 1% of total revenue for fiscal 2021.
    • GAAP Net Loss: GAAP net loss was $848 million, compared to a GAAP net loss of $266 million for fiscal 2021. GAAP net loss per share was $5.73, compared to a GAAP net loss per share of $2.09 for fiscal 2021. GAAP net loss and GAAP net loss per share include $385 million and $2.60, respectively, attributable to Auth0.
    • Non-GAAP Net Income/Loss: Non-GAAP net loss was $68 million, compared to non-GAAP net income of $16 million for fiscal 2021. Non-GAAP basic and diluted net loss per share was $0.46, compared to non-GAAP basic and diluted net income per share of $0.13 and $0.11, respectively, for fiscal 2021.
    • Cash Flow: Net cash provided by operations was $104 million, or 8% of total revenue, compared to $128 million, or 15% of total revenue, for fiscal 2021. Free cash flow was $87 million, or 7% of total revenue, compared to $111 million, or 13% of total revenue, for fiscal 2021.

    The section titled "Non-GAAP Financial Measures" below contains a description of the non-GAAP financial measures, and reconciliations between GAAP and non-GAAP information are contained in the tables below.

    Financial Outlook:

    Okta's financial outlook for the first quarter and full year fiscal 2023 includes the expected contribution from the acquisition of Auth0, net of purchase accounting adjustments.

    For the first quarter of fiscal 2023, the Company expects:

    • Total revenue of $388 million to $390 million, representing a growth rate of 55% year-over-year;
    • Non-GAAP operating loss of $51 million to $50 million; and
    • Non-GAAP net loss per share of $0.35 to $0.34, assuming weighted-average shares outstanding of approximately 155 million.

    For the full year fiscal 2023, the Company now expects:

    • Total revenue of $1.78 billion to $1.79 billion, representing a growth rate of 37% to 38% year-over-year;
    • Non-GAAP operating loss of $185 million to $180 million; and
    • Non-GAAP net loss per share of $1.27 to $1.24, assuming weighted-average shares outstanding of approximately 157 million.

    These statements are forward-looking and actual results may differ materially. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

    Okta has not reconciled its expectations as to non-GAAP operating loss and non-GAAP net loss per share to their most directly comparable GAAP measures because certain items are out of Okta's control or cannot be reasonably predicted. Accordingly, reconciliations for forward-looking non-GAAP operating loss and non-GAAP net loss per share are not available without unreasonable effort.

    Conference Call Information:

    Okta will host a live video webcast at 2:00 p.m. Pacific Time on March 2, 2022 to discuss the results and outlook. The news release with the financial results will be accessible from the Company's website at investor.okta.com prior to the conference call. The live video webcast of the conference call will be accessible from the Okta investor relations website at investor.okta.com.

    Supplemental Financial and Other Information:

    Supplemental financial and other information can be accessed through the Company's investor relations website at investor.okta.com.

    Non-GAAP Financial Measures:

    This press release and the accompanying tables contain the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net margin, non-GAAP net income (loss) per share, basic and diluted, free cash flow, free cash flow margin, current calculated billings and calculated billings. Certain of these non-GAAP financial measures exclude stock-based compensation, non-cash charitable contributions, amortization of acquired intangibles, acquisition and integration-related expenses, amortization of debt discount and debt issuance costs and loss on early extinguishment and conversion of debt.

    Okta believes that non-GAAP financial information, when taken collectively with GAAP financial measures, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies.

    The principal limitation of these non-GAAP financial measures is that they exclude significant expenses that are required by GAAP to be recorded in the Company's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by the Company's management about which expenses are excluded or included in determining these non-GAAP financial measures. A reconciliation is provided below for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP.

    Okta encourages investors to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company's business.

    Forward-Looking Statements: This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook, business strategy and plans, market trends and market size, opportunities and positioning. These forward-looking statements are based on current expectations, estimates, forecasts and projections. Words such as "expect," "anticipate," "should," "believe," "hope," "target," "project," "goals," "estimate," "potential," "predict," "may," "will," "might," "could," "intend," "shall" and variations of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. For example, the market for our products may develop more slowly than expected or than it has in the past; our results of operations may fluctuate more than expected; there may be significant fluctuations in our results of operations and cash flows related to our revenue recognition or otherwise; the impact of COVID-19, related public health measures and any associated economic downturn on our business and results of operations may be more than we expect; a network or data security incident that allows unauthorized access to our network or data or our customers' data could damage our reputation; we could experience interruptions or performance problems associated with our technology, including a service outage; we may not be able to pay off our convertible senior notes when due; global economic conditions could deteriorate; we may not achieve expected synergies and efficiencies of operations between Okta and Auth0, and we may not be able to successfully integrate the companies. Further information on potential factors that could affect our financial results is included in our most recent Quarterly Report on Form 10-Q and our other filings with the Securities and Exchange Commission. The forward-looking statements included in this press release represent our views only as of the date of this press release and we assume no obligation and do not intend to update these forward-looking statements.

    About Okta

    Okta is the leading independent identity provider. The Okta Identity Cloud enables organizations to securely connect the right people to the right technologies at the right time. With more than 7,000 pre-built integrations to applications and infrastructure providers, Okta provides simple and secure access to people and organizations everywhere, giving them the confidence to reach their full potential. More than 15,000 organizations, including JetBlue, Nordstrom, Siemens, Slack, Takeda, Teach for America, and Twilio, trust Okta to help protect the identities of their workforces and customers.

    Okta uses its investor.okta.com website as a means of disclosing material non-public information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings and public conference calls and webcasts.

    OKTA, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (In thousands, except per share data)

    (unaudited)

     

     

     

     

     

    Three Months Ended

    January 31,

     

    Twelve Months Ended

    January 31,

     

    2022

     

    2021

     

    2022

     

    2021

    Revenue:

     

     

     

     

     

     

     

    Subscription

    $

    369,329

     

     

    $

    225,400

     

     

    $

    1,249,210

     

     

    $

    796,613

     

    Professional services and other

     

    13,686

     

     

     

    9,340

     

     

     

    50,991

     

     

     

    38,811

     

    Total revenue

     

    383,015

     

     

     

    234,740

     

     

     

    1,300,201

     

     

     

    835,424

     

    Cost of revenue:

     

     

     

     

     

     

     

    Subscription(1)

     

    101,228

     

     

     

    48,675

     

     

     

    329,131

     

     

     

    170,095

     

    Professional services and other(1)

     

    18,274

     

     

     

    12,465

     

     

     

    67,274

     

     

     

    47,586

     

    Total cost of revenue

     

    119,502

     

     

     

    61,140

     

     

     

    396,405

     

     

     

    217,681

     

    Gross profit

     

    263,513

     

     

     

    173,600

     

     

     

    903,796

     

     

     

    617,743

     

    Operating expenses:

     

     

     

     

     

     

     

    Research and development(1)

     

    147,454

     

     

     

    62,316

     

     

     

    469,259

     

     

     

    222,826

     

    Sales and marketing(1)

     

    221,577

     

     

     

    115,173

     

     

     

    770,326

     

     

     

    427,350

     

    General and administrative(1)

     

    108,908

     

     

     

    50,707

     

     

     

    431,314

     

     

     

    171,726

     

    Total operating expenses

     

    477,939

     

     

     

    228,196

     

     

     

    1,670,899

     

     

     

    821,902

     

    Operating loss

     

    (214,426

    )

     

     

    (54,596

    )

     

     

    (767,103

    )

     

     

    (204,159

    )

    Interest expense

     

    (23,406

    )

     

     

    (22,597

    )

     

     

    (92,182

    )

     

     

    (72,660

    )

    Interest income and other, net

     

    2,146

     

     

     

    2,154

     

     

     

    9,768

     

     

     

    12,891

     

    Loss on early extinguishment and conversion of debt

     

    —

     

     

     

    —

     

     

     

    (179

    )

     

     

    (2,263

    )

    Interest and other, net

     

    (21,260

    )

     

     

    (20,443

    )

     

     

    (82,593

    )

     

     

    (62,032

    )

    Loss before provision for (benefit from) income taxes

     

    (235,686

    )

     

     

    (75,039

    )

     

     

    (849,696

    )

     

     

    (266,191

    )

    Provision for (benefit from) income taxes

     

    5,500

     

     

     

    767

     

     

     

    (1,285

    )

     

     

    141

     

    Net loss

    $

    (241,186

    )

     

    $

    (75,806

    )

     

    $

    (848,411

    )

     

    $

    (266,332

    )

     

     

     

     

     

     

     

     

    Net loss per share, basic and diluted

    $

    (1.56

    )

     

    $

    (0.58

    )

     

    $

    (5.73

    )

     

    $

    (2.09

    )

     

     

     

     

     

     

     

     

    Weighted-average shares used to compute net loss per share, basic and diluted

     

    154,720

     

     

     

    130,138

     

     

     

    148,036

     

     

     

    127,212

     

    (1) Amounts include stock-based compensation expense as follows (in thousands):

     

     

    Three Months Ended

    January 31,

     

    Twelve Months Ended

    January 31,

     

     

    2022

     

    2021

     

    2022

     

    2021

    Cost of subscription revenue

    $

    15,248

     

    $

    6,666

     

    $

    49,091

     

    $

    21,895

    Cost of professional services and other

     

    3,445

     

     

    2,159

     

     

    12,324

     

     

    8,083

    Research and development

     

    62,714

     

     

    18,836

     

     

    192,712

     

     

    63,270

    Sales and marketing

     

    34,314

     

     

    15,109

     

     

    135,916

     

     

    53,802

    General and administrative

     

    42,148

     

     

    13,637

     

     

    175,437

     

     

    49,131

    Total stock-based compensation expense

    $

    157,869

     

    $

    56,407

     

    $

    565,480

     

    $

    196,181

    OKTA, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In thousands)

    (unaudited)

     

     

     

     

     

     

     

    January 31,

     

    January 31,

     

     

    2022

     

    2021

    Assets

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

     

    $

    260,134

     

     

    $

    434,607

     

    Short-term investments

     

     

    2,241,657

     

     

     

    2,121,584

     

    Accounts receivable, net of allowances

     

     

    397,509

     

     

     

    194,818

     

    Deferred commissions

     

     

    74,728

     

     

     

    45,949

     

    Prepaid expenses and other current assets

     

     

    66,605

     

     

     

    81,609

     

    Total current assets

     

     

    3,040,633

     

     

     

    2,878,567

     

    Property and equipment, net

     

     

    65,488

     

     

     

    62,783

     

    Operating lease right-of-use assets

     

     

    147,940

     

     

     

    149,604

     

    Deferred commissions, noncurrent

     

     

    191,029

     

     

     

    108,555

     

    Intangible assets, net

     

     

    316,968

     

     

     

    27,009

     

    Goodwill

     

     

    5,401,343

     

     

     

    48,023

     

    Other assets

     

     

    42,294

     

     

     

    24,256

     

    Total assets

     

    $

    9,205,695

     

     

    $

    3,298,797

     

    Liabilities and stockholders' equity

     

     

     

     

    Current liabilities:

     

     

     

     

    Accounts payable

     

    $

    20,203

     

     

    $

    8,557

     

    Accrued expenses and other current liabilities

     

     

    89,315

     

     

     

    53,729

     

    Accrued compensation

     

     

    143,805

     

     

     

    71,906

     

    Convertible senior notes, net

     

     

    16,194

     

     

     

    908,684

     

    Deferred revenue

     

     

    973,289

     

     

     

    502,738

     

    Total current liabilities

     

     

    1,242,806

     

     

     

    1,545,614

     

    Convertible senior notes, net, noncurrent

     

     

    1,815,714

     

     

     

    857,387

     

    Operating lease liabilities, noncurrent

     

     

    170,611

     

     

     

    179,518

     

    Deferred revenue, noncurrent

     

     

    22,933

     

     

     

    10,860

     

    Other liabilities, noncurrent

     

     

    31,775

     

     

     

    11,375

     

    Total liabilities

     

     

    3,283,839

     

     

     

    2,604,754

     

     

     

     

     

     

    Stockholders' equity:

     

     

     

     

    Preferred stock

     

     

    —

     

     

     

    —

     

    Class A common stock

     

     

    15

     

     

     

    12

     

    Class B common stock

     

     

    1

     

     

     

    1

     

    Additional paid-in capital

     

     

    7,749,716

     

     

     

    1,656,096

     

    Accumulated other comprehensive income

     

     

    (12,009

    )

     

     

    5,390

     

    Accumulated deficit

     

     

    (1,815,867

    )

     

     

    (967,456

    )

    Total stockholders' equity

     

     

    5,921,856

     

     

     

    694,043

     

    Total liabilities and stockholders' equity

     

    $

    9,205,695

     

     

    $

    3,298,797

     

    OKTA, INC.

    SUMMARY OF CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In thousands)

    (unaudited)

     

     

     

     

     

    Twelve Months Ended January 31,

     

     

    2022

     

    2021(1)

    Cash flows from operating activities:

     

     

     

    Net loss

    $

    (848,411

    )

     

    $

    (266,332

    )

    Adjustments to reconcile net loss to net cash provided by operating activities:

     

     

     

    Stock-based compensation

     

    565,480

     

     

     

    196,181

     

    Depreciation, amortization and accretion

     

    107,612

     

     

     

    36,865

     

    Amortization of debt discount and issuance costs

     

    86,461

     

     

     

    68,424

     

    Amortization of deferred commissions

     

    57,177

     

     

     

    39,661

     

    Deferred income taxes

     

    (6,157

    )

     

     

    (1,182

    )

    Non-cash charitable contributions

     

    7,238

     

     

     

    9,292

     

    Loss on early extinguishment and conversion of debt

     

    179

     

     

     

    2,263

     

    (Gain) loss on strategic investments

     

    (7,609

    )

     

     

    628

     

    Other, net

     

    1,051

     

     

     

    4,909

     

    Changes in operating assets and liabilities:

     

     

     

    Accounts receivable

     

    (174,817

    )

     

     

    (66,373

    )

    Deferred commissions

     

    (170,577

    )

     

     

    (81,016

    )

    Prepaid expenses and other assets

     

    (6,758

    )

     

     

    (13,174

    )

    Operating lease right-of-use assets

     

    22,856

     

     

     

    19,053

     

    Accounts payable

     

    6,764

     

     

     

    4,081

     

    Accrued compensation

     

    50,309

     

     

     

    44,157

     

    Accrued expenses and other liabilities

     

    21,391

     

     

     

    5,527

     

    Operating lease liabilities

     

    (24,455

    )

     

     

    (17,150

    )

    Deferred revenue

     

    416,385

     

     

     

    142,148

     

    Net cash provided by operating activities

     

    104,119

     

     

     

    127,962

     

    Cash flows from investing activities:

     

     

     

    Capitalization of internal-use software costs

     

    (4,336

    )

     

     

    (4,159

    )

    Purchases of property and equipment

     

    (12,310

    )

     

     

    (13,083

    )

    Purchases of securities available for sale and other

     

    (1,846,709

    )

     

     

    (2,029,030

    )

    Proceeds from maturities and redemption of securities available for sale

     

    1,482,033

     

     

     

    535,123

     

    Proceeds from sales of securities available for sale and other

     

    229,798

     

     

     

    206,129

     

    Payments for business acquisitions, net of cash acquired

     

    (215,175

    )

     

     

    —

     

    Purchases of intangible assets

     

    (113

    )

     

     

    (126

    )

    Net cash used in investing activities

     

    (366,812

    )

     

     

    (1,305,146

    )

    Cash flows from financing activities:

     

     

     

    Proceeds from issuance of convertible senior notes, net of issuance costs

     

    —

     

     

     

    1,134,841

     

    Payments for repurchases and conversions of convertible senior notes

     

    (26

    )

     

     

    (446

    )

    Proceeds from hedges related to convertible senior notes

     

    2

     

     

     

    195,046

     

    Payments for warrants related to convertible senior notes

     

    —

     

     

     

    (175,399

    )

    Purchases of capped calls related to convertible senior notes

     

    —

     

     

     

    (133,975

    )

    Proceeds from stock option exercises

     

    53,522

     

     

     

    45,620

     

    Proceeds from shares issued in connection with employee stock purchase plan

     

    35,568

     

     

     

    25,911

     

    Net cash provided by financing activities

     

    89,066

     

     

     

    1,091,598

     

    Effects of changes in foreign currency exchange rates on cash, cash equivalents and restricted cash

     

    (2,347

    )

     

     

    2,263

     

    Net decrease in cash, cash equivalents and restricted cash

     

    (175,974

    )

     

     

    (83,323

    )

    Cash, cash equivalents and restricted cash at beginning of period

     

    448,630

     

     

     

    531,953

     

    Cash, cash equivalents and restricted cash at end of period

    $

    272,656

     

     

    $

    448,630

     

    (1)

    The condensed consolidated statement of cash flows for the prior period has been adjusted to conform to current period presentation.

    OKTA, INC.

    Reconciliation of GAAP to Non-GAAP Data

    (In thousands, except percentages and per share data)

    (unaudited)

    Non-GAAP Gross Profit and Non-GAAP Gross Margin

    We define Non-GAAP gross profit and Non-GAAP gross margin as GAAP gross profit and GAAP gross margin, adjusted for stock-based compensation expense included in cost of revenue, amortization of acquired intangibles and acquisition and integration-related expenses.

     

     

    Three Months Ended

    January 31,

     

    Twelve Months Ended

    January 31,

     

     

    2022

     

    2021

     

    2022

     

    2021

    Gross profit

    $

    263,513

     

     

    $

    173,600

     

     

    $

    903,796

     

     

    $

    617,743

     

    Add:

     

     

     

     

     

     

     

    Stock-based compensation expense included in cost of revenue(1)

     

    18,693

     

     

     

    8,825

     

     

     

    61,415

     

     

     

    29,978

     

    Amortization of acquired intangibles

     

    11,335

     

     

     

    1,593

     

     

     

    34,391

     

     

     

    6,373

     

    Acquisition and integration-related expenses(2)

     

    573

     

     

     

    —

     

     

     

    1,889

     

     

     

    —

     

    Non-GAAP gross profit

    $

    294,114

     

     

    $

    184,018

     

     

    $

    1,001,491

     

     

    $

    654,094

     

    Gross margin

     

    69

    %

     

     

    74

    %

     

     

    70

    %

     

     

    74

    %

    Non-GAAP gross margin

     

    77

    %

     

     

    78

    %

     

     

    77

    %

     

     

    78

    %

    (1)

    See table in footnote (1) to the condensed consolidated statements of operations above for breakdown of stock-based compensation expense by line item.

    (2)

    Acquisition and integration-related expenses include transaction costs and other non-recurring incremental costs incurred through the one-year anniversary of transaction close.

    Non-GAAP Operating Income (Loss) and Non-GAAP Operating Margin

    We define Non-GAAP operating income (loss) and Non-GAAP operating margin as GAAP operating loss and GAAP operating margin, adjusted for stock-based compensation expense, non-cash charitable contributions, amortization of acquired intangibles and acquisition and integration-related expenses.

     

    Three Months Ended

    January 31,

     

    Twelve Months Ended

    January 31,

     

    2022

     

    2021

     

    2022

     

    2021

    Operating loss

    $

    (214,426

    )

     

    $

    (54,596

    )

     

    $

    (767,103

    )

     

    $

    (204,159

    )

    Add:

     

     

     

     

     

     

     

    Stock-based compensation expense(1)

     

    157,869

     

     

     

    56,407

     

     

     

    565,480

     

     

     

    196,181

     

    Non-cash charitable contributions

     

    1,589

     

     

     

    4,630

     

     

     

    7,238

     

     

     

    9,292

     

    Amortization of acquired intangibles

     

    21,205

     

     

     

    1,593

     

     

     

    64,000

     

     

     

    6,373

     

    Acquisition and integration-related expenses(2)

     

    10,003

     

     

     

    —

     

     

     

    56,667

     

     

     

    —

     

    Non-GAAP operating income (loss)

    $

    (23,760

    )

     

    $

    8,034

     

     

    $

    (73,718

    )

     

    $

    7,687

     

    Operating margin

     

    (56

    )%

     

     

    (23

    )%

     

     

    (59

    )%

     

     

    (24

    )%

    Non-GAAP operating margin

     

    (6

    )%

     

     

    3

    %

     

     

    (6

    )%

     

     

    1

    %

    (1)

    See table in footnote (1) to the condensed consolidated statements of operations above for breakdown of stock-based compensation expense by line item.

    (2)

    Acquisition and integration-related expenses include transaction costs and other non-recurring incremental costs incurred through the one-year anniversary of transaction close.

    Non-GAAP Net Income (Loss), Non-GAAP Net Margin and Non-GAAP Net Income (Loss) Per Share, Basic and Diluted

    We define Non-GAAP net income (loss) and Non-GAAP net margin as GAAP net loss and GAAP net margin, adjusted for stock-based compensation expense, non-cash charitable contributions, amortization of acquired intangibles, acquisition and integration-related expenses, amortization of debt discount and debt issuance costs and loss on early extinguishment and conversion of debt.

    We define Non-GAAP net income (loss) per share, basic, as Non-GAAP net income (loss) divided by GAAP weighted-average shares used to compute net loss per share, basic and diluted.

    We define Non-GAAP net income (loss) per share, diluted, as Non-GAAP net income (loss) divided by GAAP weighted-average shares used to compute net loss per share, basic and diluted adjusted for the potentially dilutive effect of (i) employee equity incentive plans, excluding the impact of unrecognized stock-based compensation expense, and (ii) convertible senior notes outstanding and related warrants. In addition, Non-GAAP net income (loss) per share, diluted, includes the anti-dilutive impact of our note hedge and capped call agreements on convertible senior notes outstanding. Accordingly, we did not record any adjustments to Non-GAAP net income (loss) for the potential impact of the convertible senior notes outstanding under the if-converted method.

     

    Three Months Ended

    January 31,

     

    Twelve Months Ended

    January 31,

     

    2022

     

    2021

     

    2022

     

    2021

    Net loss

    $

    (241,186

    )

     

    $

    (75,806

    )

     

    $

    (848,411

    )

     

    $

    (266,332

    )

    Add:

     

     

     

     

     

     

     

    Stock-based compensation expense(1)

     

    157,869

     

     

     

    56,407

     

     

     

    565,480

     

     

     

    196,181

     

    Non-cash charitable contributions

     

    1,589

     

     

     

    4,630

     

     

     

    7,238

     

     

     

    9,292

     

    Amortization of acquired intangibles

     

    21,205

     

     

     

    1,593

     

     

     

    64,000

     

     

     

    6,373

     

    Acquisition and integration-related expenses(2)

     

    10,003

     

     

     

    —

     

     

     

    56,667

     

     

     

    —

     

    Amortization of debt discount and debt issuance costs

     

    21,983

     

     

     

    21,163

     

     

     

    86,461

     

     

     

    68,424

     

    Loss on early extinguishment and conversion of debt

     

    —

     

     

     

    —

     

     

     

    179

     

     

     

    2,263

     

    Non-GAAP net income (loss)

    $

    (28,537

    )

     

    $

    7,987

     

     

    $

    (68,386

    )

     

    $

    16,201

     

     

     

     

     

     

     

     

     

    Net margin

     

    (63

    )%

     

     

    (32

    )%

     

     

    (65

    )%

     

     

    (32

    )%

    Non-GAAP net margin

     

    (7

    )%

     

     

    3

    %

     

     

    (5

    )%

     

     

    2

    %

     

     

     

     

     

     

     

     

    Weighted-average shares used to compute net loss per share, basic and diluted

     

    154,720

     

     

     

    130,138

     

     

     

    148,036

     

     

     

    127,212

     

    Non-GAAP weighted-average effect of potentially dilutive securities

     

    —

     

     

     

    13,541

     

     

     

    —

     

     

     

    15,171

     

    Non-GAAP weighted-average shares used to compute non-GAAP net income (loss) per share, diluted

     

    154,720

     

     

     

    143,679

     

     

     

    148,036

     

     

     

    142,383

     

     

     

     

     

     

     

     

     

    Net loss per share, basic and diluted

    $

    (1.56

    )

     

    $

    (0.58

    )

     

    $

    (5.73

    )

     

    $

    (2.09

    )

    Non-GAAP net income (loss) per share, basic

    $

    (0.18

    )

     

    $

    0.06

     

     

    $

    (0.46

    )

     

    $

    0.13

     

    Non-GAAP net income (loss) per share, diluted

    $

    (0.18

    )

     

    $

    0.06

     

     

    $

    (0.46

    )

     

    $

    0.11

     

    (1)

    See table in footnote (1) to the condensed consolidated statements of operations above for breakdown of stock-based compensation expense by line item.

    (2)

    Acquisition and integration-related expenses include transaction costs and other non-recurring incremental costs incurred through the one-year anniversary of transaction close.

    OKTA, INC.

    Reconciliation of GAAP to Non-GAAP Financial Measures

    (In thousands, except percentages)

    (unaudited)

    Free Cash Flow and Free Cash Flow Margin

    We define Free cash flow as net cash provided by operating activities, less cash used for purchases of property and equipment, net of sales proceeds, and capitalized internal-use software costs. Free cash flow margin is calculated as Free cash flow divided by total revenue.

     

     

    Three Months Ended

    January 31,

     

    Twelve Months Ended

    January 31,

     

     

    2022

     

    2021

     

    2022

     

    2021

    Net cash provided by operating activities

    $

    13,532

     

     

    $

    34,909

     

     

    $

    104,119

     

     

    $

    127,962

     

    Less:

     

     

     

     

     

     

     

    Purchases of property and equipment

     

    (6,510

    )

     

     

    (1,786

    )

     

     

    (12,310

    )

     

     

    (13,083

    )

    Capitalization of internal-use software costs

     

    (1,988

    )

     

     

    (629

    )

     

     

    (4,336

    )

     

     

    (4,159

    )

    Free cash flow

    $

    5,034

     

     

    $

    32,494

     

     

    $

    87,473

     

     

    $

    110,720

     

    Net cash used in investing activities

    $

    (156,710

    )

     

    $

    (37,264

    )

     

    $

    (366,812

    )

     

    $

    (1,305,146

    )

    Net cash provided by financing activities

    $

    30,619

     

     

    $

    25,141

     

     

    $

    89,066

     

     

    $

    1,091,598

     

    Free cash flow margin

     

    1

    %

     

     

    14

    %

     

     

    7

    %

     

     

    13

    %

    Calculated Billings

    We define Calculated billings as total revenue plus the change in deferred revenue, net of acquired deferred revenue, and less the change in unbilled receivables, net of acquired unbilled receivables, in the period.

     

    Three Months Ended

    January 31,

     

    Twelve Months Ended

    January 31,

     

    2022

     

    2021

     

    2022

     

    2021

    Total revenue

    $

    383,015

     

     

    $

    234,740

     

     

    $

    1,300,201

     

     

    $

    835,424

     

    Add:

     

     

     

     

     

     

     

    Deferred revenue, current (end of period)

     

    973,289

     

     

     

    502,738

     

     

     

    973,289

     

     

     

    502,738

     

    Unbilled receivables, current (beginning of period)

     

    5,085

     

     

     

    2,427

     

     

     

    2,604

     

     

     

    1,026

     

    Acquired unbilled receivables, current

     

    —

     

     

     

    —

     

     

     

    2,327

     

     

     

    —

     

    Less:

     

     

     

     

     

     

     

    Deferred revenue, current (beginning of period)

     

    (759,914

    )

     

     

    (424,765

    )

     

     

    (502,738

    )

     

     

    (365,236

    )

    Unbilled receivables, current (end of period)

     

    (3,228

    )

     

     

    (2,604

    )

     

     

    (3,228

    )

     

     

    (2,604

    )

    Acquired deferred revenue, current

     

    —

     

     

     

    —

     

     

     

    (61,422

    )

     

     

    —

     

    Current calculated billings

     

    598,247

     

     

     

    312,536

     

     

     

    1,711,033

     

     

     

    971,348

     

    Add:

     

     

     

     

     

     

     

    Deferred revenue, noncurrent (end of period)

     

    22,933

     

     

     

    10,860

     

     

     

    22,933

     

     

     

    10,860

     

    Less:

     

     

     

     

     

     

     

    Deferred revenue, noncurrent (beginning of period)

     

    (17,958

    )

     

     

    (7,349

    )

     

     

    (10,860

    )

     

     

    (6,214

    )

    Acquired deferred revenue, noncurrent

     

    —

     

     

     

    —

     

     

     

    (4,817

    )

     

     

    —

     

    Calculated billings

    $

    603,222

     

     

    $

    316,047

     

     

    $

    1,718,289

     

     

    $

    975,994

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20220301006247/en/

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      Q4 revenue grew 63% year-over-year; subscription revenue grew 64% year-over-year Fiscal year 2022 revenue totaled $1.30 billion and grew 56% year-over-year; subscription revenue grew 57% year-over-year Remaining performance obligations (RPO) grew 50% year-over-year to $2.69 billion; current remaining performance obligations (cRPO) grew 60% year-over-year to $1.35 billion Okta, Inc. (NASDAQ:OKTA), the leading independent identity provider, today announced financial results for its fourth quarter and fiscal year ended January 31, 2022. "Identity management is at the forefront of today's rapidly evolving security environment," said Todd McKinnon, Chief Executive Officer and co-founder

      3/2/22 4:01:00 PM ET
      $OKTA
      Computer Software: Prepackaged Software
      Technology
    • Okta Announces Strong Third Quarter Results

      Q3 revenue grew 61% year-over-year; subscription revenue grew 63% year-over-year Remaining performance obligations (RPO) grew 49% year-over-year to $2.35 billion Increases revenue and operating profit outlook for fiscal 2022 Okta and Okta (Auth0) Both Named as Leaders in 2021 Gartner® Magic Quadrant™ for Access Management; Okta positioned highest in Ability to Execute Okta, Inc. (NASDAQ:OKTA), the leading independent identity provider, today announced financial results for its third quarter ended October 31, 2021. "Our strong third quarter results reflect the continued shift to Identity-First architectures and the critical adoption of Zero Trust security environments, which are bo

      12/1/21 4:01:00 PM ET
      $OKTA
      Computer Software: Prepackaged Software
      Technology

    $OKTA
    Leadership Updates

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    • Okta Set to Join S&P MidCap 400

      NEW YORK, April 28, 2025 /PRNewswire/ -- Okta Inc. (NASD: OKTA) will replace Berry Global Group Inc. (NYSE:BERY) in the S&P MidCap 400 effective prior to the opening of trading on Thursday, May 1. S&P 500 constituent Amcor plc (NYSE:AMCR) is acquiring Berry Global Group in a deal expected to close soon, pending final closing conditions. Following is a summary of the changes that will take place prior to the open of trading on the effective date: Effective Date Index Name       Action Company Name Ticker GICS Sector May 1, 2025 S&P MidCap 400 Addition Okta OKTA Information Technology May 1, 2025 S&P MidCap 400 Deletion Berry Global Group BERY Materials For more information about S&P Dow Jon

      4/28/25 6:07:00 PM ET
      $AMCR
      $BERY
      $OKTA
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    • Okta Appoints Eric Kelleher as President and Chief Operating Officer

      Kelleher to help drive Okta's growth through operational excellence in new role; Eugenio Pace to retire from role as President, Business Operations Okta, Inc. (NASDAQ:OKTA), the leading independent identity partner, today announced the appointment of Eric Kelleher as President and Chief Operating Officer (COO). In this new role, Kelleher will continue to report to CEO and co-founder Todd McKinnon. He will now oversee Okta's Marketing, Customer First, Company Operations, GTM Strategy & Operations, Business Technology, Data & Insights, Communications, and Okta for Good teams. In addition, Eugenio Pace, Okta's President, Business Operations, has decided to retire at the end of March 2025 a

      2/10/25 8:30:00 AM ET
      $OKTA
      Computer Software: Prepackaged Software
      Technology
    • Okta Announces Finalists for SaaS Startup Competition to Build Identity Security Applications

      Okta, a leading identity and access management company, today announced the three finalists for its inaugural Okta SaaS Startup Competition. These finalists, selected for their innovative use of identity-enabled workflows, will pitch their solutions live at Oktane24, taking place in Las Vegas from October 15-17, 2024. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241007945016/en/ The finalists and a video highlighting their innovative solutions are shown below: Block Party (Video link) https://share.vidyard.com/watch/rc1HyzUG3WCeaQMU47RwQB RunReveal (Video link) https://share.vidyard.com/watch/9hGWaWchrsCxDj75wzKyD1 Validia (

      10/7/24 8:00:00 AM ET
      $OKTA
      Computer Software: Prepackaged Software
      Technology