March 1, 2023 – Okta, Inc. (Nasdaq: OKTA), the leading independent identity provider, today announced financial results for its fourth quarter and fiscal year ended January 31, 2023.
Okta, Inc. (Nasdaq: OKTA) reported fiscal Q4 non-GAAP diluted earnings of $0.30 per share, Analysts polled by Capital IQ expected $0.09.
Revenue for the quarter that ended Jan. 31 was $510 million,Analysts surveyed by Capital IQ expected $489.6 million.
The company said it expects Q1 non-GAAP earnings of $0.11 to $0.12 on revenue of $509 million to $511 million, versus the average analyst estimates compiled by Capital IQ for a loss of $0.01 per share on sales of $498.3 million, respectively.
The company expects full-year fiscal 2024 non-GAAP earnings of $0.74 to $0.79 on revenue of $2.16 billion to $2.17 billion, compared with the average analyst estimates compiled by Capital IQ of $0.31 a share on revenue of $2.17 billion, respectively.
Fourth Quarter Fiscal 2023 Financial Highlights:
Revenue: Total revenue was $510 million, an increase of 33% year-over-year. Subscription revenue was $495 million, an increase of 34% year-over-year.
RPO: RPO, or subscription backlog, was $3.01 billion, an increase of 12% year-over-year. cRPO, which is contracted subscription revenue expected to be recognized over the next 12 months, was $1.68 billion, up 25% compared to the fourth quarter of fiscal 2022.
Calculated Billings: Total calculated billings was $710 million, an increase of 18% year-over-year.
GAAP Operating Loss: GAAP operating loss was $157 million, or (31)% of total revenue, compared to a GAAP operating loss of $214 million, or (56)% of total revenue, in the fourth quarter of fiscal 2022.
Non-GAAP Operating Income/Loss: Non-GAAP operating income was $46 million, or 9% of total revenue, compared to non-GAAP operating loss of $24 million, or (6)% of total revenue, in the fourth quarter of fiscal 2022.
Cash, cash equivalents, and short-term investments were $2.58 billion at January 31, 2023.
Full Year Fiscal 2023 Financial Highlights:
Revenue: Total revenue was $1.86 billion, an increase of 43% year-over-year. Subscription revenue was $1.79 billion, an increase of 44% year-over-year.
Financial Outlook:
For the first quarter of fiscal 2024, the Company expects:
Total revenue of $509 million to $511 million, representing a growth rate of 23% year-over-year;
Current RPO of $1.675 billion to $1.685 billion, representing a growth rate of 19% year-over-year;
Non-GAAP operating income of $18 million to $20 million;
Non-GAAP diluted net income per share of $0.11 to $0.12, assuming diluted weighted-average shares outstanding of approximately 178 million and a non-GAAP tax rate of 26%.
For the full year fiscal 2024, the Company now expects:
Total revenue of $2.155 billion to $2.170 billion, representing a growth rate of 16% to 17% year-over-year;
Non-GAAP operating income of $136 million to $145 million;
Non-GAAP diluted net income per share of $0.74 to $0.79, assuming diluted weighted-average shares outstanding of approximately 180 million and a non-GAAP tax rate of 26%.
OKTA, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
About Okta
Okta is the World’s Identity Company. As the leading independent Identity partner, we free everyone to safely use any technology—anywhere, on any device or app. The most trusted brands trust Okta to enable secure access, authentication, and automation. With flexibility and neutrality at the core of our Okta Workforce Identity and Customer Identity Clouds, business leaders and developers can focus on innovation and accelerate digital transformation, thanks to customizable solutions and more than 7,000 pre-built integrations. We’re building a world where Identity belongs to you. Learn more at okta.com.