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Okta Announces Third Quarter Fiscal Year 2023 Financial Results

Okta, Inc. (Nasdaq: OKTA), the leading independent identity provider, today announced financial results for its third quarter ended October 31, 2022.

“We’re pleased with our third quarter results and the early traction of our refined go-to-market strategy as identity continues to be a long-term, strategic investment for our customers,” said Todd McKinnon, Chief Executive Officer and co-founder of Okta. “With our Workforce Identity and Customer Identity Clouds, the market’s leading identity cloud platforms, we are delivering the innovation and simplicity our customers need to solve their complex identity challenges. We remain focused on go-to-market execution, spend efficiency measures, and increasing profitability as we navigate an evolving macro environment.”

Third Quarter Fiscal 2023 Financial Highlights:

  • Revenue: Total revenue was $481 million, an increase of 37% year-over-year. Subscription revenue was $466 million, an increase of 38% year-over-year.
  • RPO: RPO, or subscription backlog, was $2.85 billion, an increase of 21% year-over-year. cRPO, which is contracted subscription revenue expected to be recognized over the next 12 months, was $1.58 billion, up 34% compared to the third quarter of fiscal 2022.
  • Calculated Billings: Total calculated billings was $532 million, an increase of 37% year-over-year.
  • GAAP Operating Loss: GAAP operating loss was $207 million, or (43)% of total revenue, compared to a GAAP operating loss of $199 million, or (57)% of total revenue, in the third quarter of fiscal 2022.
  • Non-GAAP Operating Income/Loss: Non-GAAP operating income was $0.3 million, or 0.1% of total revenue, compared to non-GAAP operating loss of $10 million, or (3)% of total revenue, in the third quarter of fiscal 2022.
  • GAAP Net Loss: GAAP net loss was $209 million, compared to a GAAP net loss of $221 million in the third quarter of fiscal 2022. GAAP net loss per share was $1.32, compared to a GAAP net loss per share of $1.44 in the third quarter of fiscal 2022.
  • Non-GAAP Net Loss: Non-GAAP net loss was $1 million, compared to non-GAAP net loss of $11 million in the third quarter of fiscal 2022. Non-GAAP basic and diluted net loss per share was $0.00, compared to non-GAAP basic and diluted net loss per share of $0.07 in the third quarter of fiscal 2022.
  • Cash Flow: Net cash provided by operations was $10 million, or 2% of total revenue, compared to net cash provided by operations of $37 million, or 11% of total revenue, in the third quarter of fiscal 2022. Free cash flow was $6 million, or 1% of total revenue, compared to $33 million, or 10% of total revenue, in the third quarter of fiscal 2022.
  • Cash, cash equivalents, and short-term investments were $2.47 billion at October 31, 2022.

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:

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

  • Total revenue of $488 million to $490 million, representing a growth rate of 27% to 28% year-over-year;
  • Current RPO of $1.63 billion to $1.64 billion, representing a growth rate of 21% year-over-year;
  • Non-GAAP operating income of $15 million to $17 million; and
  • Non-GAAP diluted net income per share of $0.09 to $0.10, assuming diluted weighted-average shares outstanding of approximately 175 million.

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

  • Total revenue of $1.836 billion to $1.838 billion, representing a growth rate of 41% year-over-year;
  • Non-GAAP operating loss of $41 million to $39 million; and
  • Non-GAAP net loss per share of $0.27 to $0.26, assuming weighted-average shares outstanding of approximately 158 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 income (loss) and non-GAAP net income (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 income (loss) and non-GAAP net income (loss) per share are not available without unreasonable effort.

Sales Leadership Transition:

Okta also announced today that Susan St. Ledger, President, Worldwide Field Operations, is retiring at the end of the fiscal year on January 31, 2023. If a successor is not in place prior to that date, Todd McKinnon will act as interim leader of Worldwide Field Operations. St. Ledger will remain with the company in an advisory role to allow for a smooth transition.

“We sincerely thank Susan for her contributions and dedication to Okta. She’s a true professional and we wish her well in her retirement,” said McKinnon. “As we continue on our journey to free everyone to safely use any technology, we are resolute in our commitment to our over 17,000 customers. We are still early in a massive opportunity and we look forward to bringing in a go-to-market leader to take Okta to the next level.”

Webcast Information:

Okta will host a live video webcast at 2:00 p.m. Pacific Time on November 30, 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 webcast. The live video webcast 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 loss, non-GAAP net margin, non-GAAP net 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, restructuring costs related to lease impairments in connection with the closing of certain leased facilities, amortization of debt discount, amortization of debt issuance costs and loss on early extinguishment and conversion of debt. Non-GAAP financial measures reflect the adoption of ASU 2020-06 under the modified retrospective method as of February 1, 2022, as applicable.

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; there may be significant fluctuations in our results of operations and cash flows related to our revenue recognition or otherwise; 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; global economic conditions could worsen; a network or data security incident that allows unauthorized access to our network or data or our customers’ data could damage our reputation and cause us to incur significant costs; we could experience interruptions or performance problems associated with our technology, including a service outage; 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; and we may not be able to pay off our convertible senior notes when due. 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 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.

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

October 31,

 

Nine Months Ended

October 31,

 

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenue:

 

 

 

 

Subscription

$

465,856

 

$

336,702

 

$

1,299,181

 

$

879,881

 

Professional services and other

 

15,186

 

 

13,978

 

 

48,611

 

 

37,305

 

Total revenue

 

481,042

 

 

350,680

 

 

1,347,792

 

 

917,186

 

Cost of revenue:

 

 

 

 

Subscription(1)

 

117,306

 

 

91,048

 

 

344,524

 

 

227,903

 

Professional services and other(1)

 

20,347

 

 

18,626

 

 

61,988

 

 

49,000

 

Total cost of revenue

 

137,653

 

 

109,674

 

 

406,512

 

 

276,903

 

Gross profit

 

343,389

 

 

241,006

 

 

941,280

 

 

640,283

 

Operating expenses:

 

 

 

 

Research and development(1)

 

148,484

 

 

130,535

 

 

465,971

 

 

321,805

 

Sales and marketing(1)

 

289,984

 

 

203,878

 

 

807,110

 

 

548,749

 

General and administrative(1)

 

111,520

 

 

105,149

 

 

322,549

 

 

322,406

 

Total operating expenses

 

549,988

 

 

439,562

 

 

1,595,630

 

 

1,192,960

 

Operating loss

 

(206,599

)

 

(198,556

)

 

(654,350

)

 

(552,677

)

Interest expense

 

(2,805

)

 

(23,144

)

 

(8,588

)

 

(68,776

)

Interest income and other, net

 

4,235

 

 

1,056

 

 

10,660

 

 

7,622

 

Loss on conversion of debt

 

 

 

 

 

 

 

(179

)

Interest and other, net

 

1,430

 

 

(22,088

)

 

2,072

 

 

(61,333

)

Loss before provision for (benefit from) income taxes

 

(205,169

)

 

(220,644

)

 

(652,278

)

 

(614,010

)

Provision for (benefit from) income taxes

 

3,728

 

 

667

 

 

9,804

 

 

(6,785

)

Net loss

$

(208,897

)

$

(221,311

)

$

(662,082

)

$

(607,225

)

 

 

 

 

 

Net loss per share, basic and diluted

$

(1.32

)

$

(1.44

)

$

(4.21

)

$

(4.17

)

 

 

 

 

 

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

 

158,708

 

 

153,756

 

 

157,344

 

 

145,782

 

(1)

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

 

Three Months Ended

October 31,

 

Nine Months Ended

October 31,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

Cost of subscription revenue

$

17,106

$

13,455

$

51,509

$

33,843

Cost of professional services and other

 

3,563

 

3,376

 

11,016

 

8,879

Research and development

 

69,208

 

56,573

 

208,330

 

129,998

Sales and marketing

 

41,515

 

39,248

 

120,299

 

101,602

General and administrative

 

39,593

 

43,133

 

120,533

 

133,289

Total stock-based compensation expense

$

170,985

$

155,785

$

511,687

$

407,611

OKTA, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(unaudited)

 

 

 

 

 

 

 

October 31,

 

January 31,

 

 

 

2022

 

 

 

2022

 

Assets

 

 

Current assets:

 

 

Cash and cash equivalents

$

249,624

 

$

260,134

 

Short-term investments

 

2,223,538

 

 

2,241,657

 

Accounts receivable, net of allowances

 

380,754

 

 

397,509

 

Deferred commissions

 

84,454

 

 

74,728

 

Prepaid expenses and other current assets

 

68,567

 

 

66,605

 

Total current assets

 

3,006,937

 

 

3,040,633

 

Property and equipment, net

 

60,884

 

 

65,488

 

Operating lease right-of-use assets

 

125,207

 

 

147,940

 

Deferred commissions, noncurrent

 

195,146

 

 

191,029

 

Intangible assets, net

 

261,825

 

 

316,968

 

Goodwill

 

5,400,275

 

 

5,401,343

 

Other assets

 

43,462

 

 

42,294

 

Total assets

$

9,093,736

 

$

9,205,695

 

Liabilities and stockholders' equity

 

 

Current liabilities:

 

 

Accounts payable

$

49,122

 

$

20,203

 

Accrued expenses and other current liabilities

 

100,086

 

 

89,315

 

Accrued compensation

 

110,399

 

 

143,805

 

Convertible senior notes, net

 

5,217

 

 

16,194

 

Deferred revenue

 

1,044,622

 

 

973,289

 

Total current liabilities

 

1,309,446

 

 

1,242,806

 

Convertible senior notes, net, noncurrent

 

2,191,547

 

 

1,815,714

 

Operating lease liabilities, noncurrent

 

148,906

 

 

170,611

 

Deferred revenue, noncurrent

 

17,833

 

 

22,933

 

Other liabilities, noncurrent

 

18,392

 

 

31,775

 

Total liabilities

 

3,686,124

 

 

3,283,839

 

 

 

 

Stockholders’ equity:

 

 

Preferred stock

 

 

 

 

Class A common stock

 

15

 

 

15

 

Class B common stock

 

1

 

 

1

 

Additional paid-in capital

 

7,785,753

 

 

7,749,716

 

Accumulated other comprehensive loss

 

(56,064

)

 

(12,009

)

Accumulated deficit

 

(2,322,093

)

 

(1,815,867

)

Total stockholders’ equity

 

5,407,612

 

 

5,921,856

 

Total liabilities and stockholders' equity

$

9,093,736

 

$

9,205,695

 

OKTA, INC.

SUMMARY OF CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)

 

 

 

 

 

Nine Months Ended October 31,

 

 

 

2022

 

 

 

2021(1)

 

Cash flows from operating activities:

 

 

Net loss

$

(662,082

)

$

(607,225

)

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

 

 

Stock-based compensation

 

511,687

 

 

407,611

 

Depreciation, amortization and accretion

 

87,999

 

 

76,631

 

Amortization of debt discount and issuance costs

 

4,340

 

 

64,478

 

Amortization of deferred commissions

 

60,791

 

 

40,041

 

Deferred income taxes

 

3,383

 

 

(13,606

)

Non-cash charitable contributions

 

2,469

 

 

5,649

 

Lease impairment charges

 

14,461

 

 

 

Loss on conversion of debt

 

 

 

179

 

Net gain on strategic investments

 

(1,873

)

 

(5,665

)

Other, net

 

1,872

 

 

(267

)

Changes in operating assets and liabilities:

 

 

Accounts receivable

 

14,968

 

 

(29,561

)

Deferred commissions

 

(82,589

)

 

(92,183

)

Prepaid expenses and other assets

 

(3,989

)

 

5,356

 

Operating lease right-of-use assets

 

20,659

 

 

16,564

 

Accounts payable

 

29,794

 

 

(195

)

Accrued compensation

 

(30,629

)

 

19,488

 

Accrued expenses and other liabilities

 

(5,950

)

 

22,537

 

Operating lease liabilities

 

(21,782

)

 

(17,280

)

Deferred revenue

 

66,233

 

 

198,035

 

Net cash provided by operating activities

 

9,762

 

 

90,587

 

Cash flows from investing activities:

 

 

Capitalization of internal-use software costs

 

(7,773

)

 

(2,348

)

Purchases of property and equipment

 

(9,377

)

 

(5,800

)

Purchases of securities available for sale and other

 

(872,035

)

 

(1,333,504

)

Proceeds from maturities and redemption of securities available for sale

 

848,519

 

 

1,118,448

 

Proceeds from sales of securities available for sale and other

 

 

 

228,344

 

Purchases of intangible assets

 

(2,497

)

 

(113

)

Payments for business acquisitions, net of cash acquired

 

(4,060

)

 

(215,129

)

Net cash used in investing activities

 

(47,223

)

 

(210,102

)

Cash flows from financing activities:

 

 

Payments for conversions of convertible senior notes

 

(6

)

 

(26

)

Proceeds from hedges related to convertible senior notes

 

1

 

 

2

 

Proceeds from stock option exercises

 

14,610

 

 

41,054

 

Proceeds from shares issued in connection with employee stock purchase plan

 

18,960

 

 

17,417

 

Net cash provided by financing activities

 

33,565

 

 

58,447

 

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

 

(9,747

)

 

(494

)

Net decrease in cash, cash equivalents and restricted cash

 

(13,643

)

 

(61,562

)

Cash, cash equivalents and restricted cash at beginning of period

 

272,656

 

 

448,630

 

Cash, cash equivalents and restricted cash at end of period

$

259,013

 

$

387,068

 

(1)

The condensed consolidated statement of cash flows for the prior period has been adjusted to conform to current period presentation. These reclassifications had no impact on the aggregate cash flow classifications as previously reported.

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

 

Three Months Ended

October 31,

 

Nine Months Ended

October 31,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Gross profit

$

343,389

 

$

241,006

 

$

941,280

 

$

640,283

 

Add:

 

 

 

 

Stock-based compensation expense included in cost of revenue

 

20,669

 

 

16,831

 

 

62,525

 

 

42,722

 

Amortization of acquired intangibles

 

11,393

 

 

11,335

 

 

34,102

 

 

23,056

 

Acquisition and integration-related expenses

 

 

 

658

 

 

459

 

 

1,316

 

Non-GAAP gross profit

$

375,451

 

$

269,830

 

$

1,038,366

 

$

707,377

 

Gross margin

 

71

%

 

69

%

 

70

%

 

70

%

Non-GAAP gross margin

 

78

%

 

77

%

 

77

%

 

77

%

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, acquisition and integration-related expenses and restructuring costs related to lease impairments in connection with the closing of certain leased facilities. Acquisition and integration-related expenses include transaction costs and other non-recurring incremental costs incurred through the one-year anniversary of transaction close.

Beginning in the third quarter of fiscal 2023, we updated our definition of Non-GAAP operating income (loss) and Non-GAAP operating margin to include restructuring costs as defined in the preceding paragraph.

 

Three Months Ended

October 31,

 

Nine Months Ended

October 31,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Operating loss

$

(206,599

)

$

(198,556

)

$

(654,350

)

$

(552,677

)

Add:

 

 

 

 

Stock-based compensation expense

 

170,985

 

 

155,785

 

 

511,687

 

 

407,611

 

Non-cash charitable contributions

 

455

 

 

1,986

 

 

2,469

 

 

5,649

 

Amortization of acquired intangibles

 

21,262

 

 

21,204

 

 

63,711

 

 

42,795

 

Acquisition and integration-related expenses

 

 

 

10,060

 

 

6,555

 

 

46,664

 

Restructuring costs

 

14,161

 

 

 

 

14,161

 

 

 

Non-GAAP operating income (loss)

$

264

 

$

(9,521

)

$

(55,767

)

$

(49,958

)

Operating margin

 

(43

)%

 

(57

)%

 

(49

)%

 

(60

)%

Non-GAAP operating margin

 

%

 

(3

)%

 

(4

)%

 

(5

)%

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

We define Non-GAAP net 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, restructuring costs related to lease impairments in connection with the closing of certain leased facilities, amortization of debt discount, amortization of debt issuance costs and loss on early extinguishment and conversion of debt. Acquisition and integration-related expenses include transaction costs and other non-recurring incremental costs incurred through the one-year anniversary of transaction close. Adjustments reflect the adoption of ASU 2020-06 under the modified retrospective method as of February 1, 2022, as applicable.

Beginning in the third quarter of fiscal 2023, we updated our definition of Non-GAAP net loss and Non-GAAP net margin to include restructuring costs as defined in the preceding paragraph.

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

We define Non-GAAP net loss per share, diluted, as Non-GAAP net 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 loss per share, diluted, includes the impact of our note hedge and capped call agreements on convertible senior notes outstanding, as applicable. The note hedge and capped call agreements are intended to offset potential dilution to our Class A common stock upon any conversion or settlement of the convertible senior notes under certain circumstances. Accordingly, we did not record any adjustments for the potential impact of the convertible senior notes outstanding under the if-converted method.

 

Three Months Ended

October 31,

 

Nine Months Ended

October 31,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net loss

$

(208,897

)

$

(221,311

)

$

(662,082

)

$

(607,225

)

Add:

 

 

 

 

Stock-based compensation expense

 

170,985

 

 

155,785

 

 

511,687

 

 

407,611

 

Non-cash charitable contributions

 

455

 

 

1,986

 

 

2,469

 

 

5,649

 

Amortization of acquired intangibles

 

21,262

 

 

21,204

 

 

63,711

 

 

42,795

 

Acquisition and integration-related expenses

 

 

 

10,060

 

 

6,555

 

 

46,664

 

Amortization of debt discount and debt issuance costs(1)

 

1,445

 

 

21,698

 

 

4,340

 

 

64,478

 

Loss on conversion of debt(1)

 

 

 

 

 

 

 

179

 

Restructuring costs

 

14,161

 

 

 

 

14,161

 

 

 

Non-GAAP net loss

$

(589

)

$

(10,578

)

$

(59,159

)

$

(39,849

)

 

 

 

 

 

Net margin

 

(43

)%

 

(63

)%

 

(49

)%

 

(66

)%

Non-GAAP net margin

 

%

 

(3

)%

 

(4

)%

 

(4

)%

 

 

 

 

 

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

 

158,708

 

 

153,756

 

 

157,344

 

 

145,782

 

Non-GAAP weighted-average effect of potentially dilutive securities

 

 

 

 

 

 

 

 

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

 

158,708

 

 

153,756

 

 

157,344

 

 

145,782

 

 

 

 

 

 

Net loss per share, basic and diluted

$

(1.32

)

$

(1.44

)

$

(4.21

)

$

(4.17

)

Non-GAAP net loss per share, basic and diluted

$

 

$

(0.07

)

$

(0.38

)

$

(0.27

)

(1)

Reflects the adoption of ASU 2020-06 under the modified retrospective method effective February 1, 2022.

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

October 31,

 

Nine Months Ended

October 31,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net cash provided by operating activities

$

9,980

 

$

37,120

 

$

9,762

 

$

90,587

 

Less:

 

 

 

 

Purchases of property and equipment

 

(1,884

)

 

(1,766

)

 

(9,377

)

 

(5,800

)

Capitalization of internal-use software costs

 

(2,377

)

 

(1,970

)

 

(7,773

)

 

(2,348

)

Free cash flow

$

5,719

 

$

33,384

 

$

(7,388

)

$

82,439

 

Net cash provided by (used in) investing activities

$

21,489

 

$

101,459

 

$

(47,223

)

$

(210,102

)

Net cash provided by financing activities

$

5,633

 

$

9,214

 

$

33,565

 

$

58,447

 

Free cash flow margin

 

1

%

 

10

%

 

(1

)%

 

9

%

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

October 31,

 

Nine Months Ended

October 31,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Total revenue

$

481,042

 

$

350,680

 

$

1,347,792

 

$

917,186

 

Add:

 

 

 

 

Deferred revenue, current (end of period)

 

1,044,622

 

 

759,914

 

 

1,044,622

 

 

759,914

 

Unbilled receivables, current (beginning of period)

 

4,530

 

 

3,409

 

 

3,228

 

 

2,604

 

Acquired unbilled receivables, current

 

 

 

 

 

 

 

2,327

 

Less:

 

 

 

 

Deferred revenue, current (beginning of period)

 

(994,097

)

 

(721,808

)

 

(973,289

)

 

(502,738

)

Unbilled receivables, current (end of period)

 

(5,106

)

 

(5,085

)

 

(5,106

)

 

(5,085

)

Acquired deferred revenue, current

 

 

 

(900

)

 

 

 

(61,422

)

Current Calculated Billings

 

530,991

 

 

386,210

 

 

1,417,247

 

 

1,112,786

 

Add:

 

 

 

 

Deferred revenue, noncurrent (end of period)

 

17,833

 

 

17,958

 

 

17,833

 

 

17,958

 

Less:

 

 

 

 

Deferred revenue, noncurrent (beginning of period)

 

(17,187

)

 

(15,489

)

 

(22,933

)

 

(10,860

)

Acquired deferred revenue, noncurrent

 

 

 

 

 

 

 

(4,817

)

Calculated Billings

$

531,637

 

$

388,679

 

$

1,412,147

 

$

1,115,067

 

 


The Okta Registered (A) Stock currently trades with a raise of +3,86 % to 53,23USD on the Nasdaq stock exchange.



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Disclaimer

Okta Announces Third Quarter Fiscal Year 2023 Financial Results Okta, Inc. (Nasdaq: OKTA), the leading independent identity provider, today announced financial results for its third quarter ended October 31, 2022. “We’re pleased with our third quarter results and the early traction of our refined go-to-market …

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