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Okta, Inc. (OKTA) SEC Filing 10-K Annual report for the fiscal year ending Friday, January 31, 2020

Okta, Inc.

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CIK: 1660134 Ticker: OKTA




Okta Announces Strong Fourth Quarter and Fiscal 2020 Financial Results
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Q4 revenue grew 45% year-over-year; subscription revenue grew 46% year-over-year
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Remaining performance obligations, or subscription revenue backlog, grew 66% year-over-year
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Achieved positive operating and free cash flows for fiscal 2020

SAN FRANCISCO – March 5, 2020 – Okta, Inc. (NASDAQ: OKTA), the leading independent provider of identity for the enterprise, today announced financial results for its fourth quarter and fiscal year ended January 31, 2020.

"Our strong fourth quarter performance caps another fantastic year of growth and expansion," said Todd McKinnon, Chief Executive Officer and co-founder of Okta. "We continue to post industry leading growth for subscription revenue, remaining performance obligations, and billings, while achieving positive operating and free cash flows for the year. Our unparalleled cloud-based platform and continued execution is allowing us to achieve this exceptional growth at scale. We’re still in the early days of a massive addressable market to modernize identity for the workforce and customers and we are in the leading position to capitalize on the opportunity for many years to come."

Fourth Quarter Fiscal 2020 Financial Highlights:
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Revenue: Total revenue was $167.3 million, an increase of 45% year-over-year. Subscription revenue was $158.5 million, an increase of 46% year-over-year.
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Remaining Performance Obligations (RPO): RPO was $1.21 billion, an increase of 66% year-over-year. Current RPO, which is subscription revenue expected to be recognized over the next 12 months, was $592.3 million, up 54% compared to the fourth quarter of fiscal 2019.
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Calculated Billings: Total calculated billings were $225.0 million, an increase of 42% year-over-year.
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Operating Loss: GAAP operating loss was $44.7 million, or 26.7% of total revenue, compared to $27.7 million, or 24.0% of total revenue, in the fourth quarter of fiscal 2019. Non-GAAP operating loss was $5.6 million, or 3.3% of total revenue, compared to $4.9 million, or 4.3% of total revenue, in the fourth quarter of fiscal 2019.
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Net Loss: GAAP net loss was $50.5 million, compared to $30.8 million in the fourth quarter of fiscal 2019. GAAP net loss per share was $0.42, compared to $0.28 in the fourth quarter of fiscal 2019. Non-GAAP net loss was $1.7 million, compared to $4.4 million in the fourth quarter of fiscal 2019. Non-GAAP net loss per share was $0.01, compared to $0.04 in the fourth quarter of fiscal 2019.
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Cash Flow: Net cash provided by operations was $24.8 million, or 14.8% of total revenue, compared to net cash provided by operations of $10.1 million, or 8.8% of total revenue, in the fourth quarter of fiscal 2019. Free cash flow was $18.1 million, or 10.8% of total revenue, compared to $4.8 million, or 4.1% of total revenue, in the fourth quarter of fiscal 2019.
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Cash, cash equivalents, and short-term investments were $1.40 billion.


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The following information was filed by Okta, Inc. (OKTA) on Thursday, March 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Consolidated Statements Of Redeemable Convertible Preferred Stock And Stockholders' Equity (Deficit)
Balance Sheet Components
Balance Sheet Components (Tables)
Balance Sheet Components Schedule Of Accrued Expenses And Other Current Liabilities (Details)
Balance Sheet Components Schedule Of Allowances (Details)
Balance Sheet Components Schedule Of Other Liabilities, Noncurrent (Details)
Balance Sheet Components Schedule Of Property And Equipment, Net (Details)
Business Combinations
Business Combinations - Narrative (Details)
Cash Equivalents And Short-Term Investments
Cash Equivalents And Short-Term Investments (Tables)
Cash Equivalents And Short-Term Investments Narrative (Details)
Cash Equivalents And Short-Term Investments Schedule Of Amortized Costs, Unrealized Gains And Losses And Estimated Fair Value Of Cash Equivalents And Short-Term Investments (Details)
Cash Equivalents And Short-Term Investments Schedule Of Contractual Maturities Of Short-Term Investments (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Summary Of Future Commitment Maturity Schedules (Details)
Common Stock And Stockholders' Equity
Common Stock And Stockholders' Equity (Tables)
Common Stock And Stockholders' Equity - Narrative (Details)
Common Stock And Stockholders' Equity - Schedule Of Common Stock Reserved For Future Issuance (Details)
Convertible Senior Notes, Net
Convertible Senior Notes, Net (Tables)
Convertible Senior Notes, Net - Convertible Senior Notes (Details)
Convertible Senior Notes, Net - Note Hedges And Warrants (Details)
Convertible Senior Notes, Net - Schedule Of Interest Expense (Details)
Convertible Senior Notes, Net - Schedule Of Liability And Equity Component Of 2023 And 2025 Notes (Details)
Deferred Revenue And Performance Obligations
Deferred Revenue And Performance Obligations Narrative (Details)
Deferred Revenue And Performance Obligations Performance Obligations (Details)
Employee Incentive Plans
Employee Incentive Plans (Tables)
Employee Incentive Plans Narrative (Details)
Employee Incentive Plans Schedule Of Black-Scholes Option Pricing Model Estimated Fair Value Assumptions (Details)
Employee Incentive Plans Schedule Of Restricted Stock Unit Activity (Details)
Employee Incentive Plans Schedule Of Stock Option Activity (Details)
Employee Incentive Plans Schedule Of Stock-Based Compensation Expense By Award Type (Details)
Employee Incentive Plans Schedule Of Stock-Based Compensation Expense By Statement Of Operations Location (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements Narrative (Details)
Fair Value Measurements Schedule Of Carrying Amounts And Estimated Fair Values Of Convertible Note (Details)
Fair Value Measurements Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Goodwill And Intangible Assets, Net
Goodwill And Intangible Assets, Net (Tables)
Goodwill And Intangible Assets, Net Narrative (Details)
Goodwill And Intangible Assets, Net Remaining Amortization Expense (Details)
Goodwill And Intangible Assets, Net Schedule Of Goodwill (Details)
Goodwill And Intangible Assets, Net Schedule Of Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Reconciliation Of Effective Income Tax Rate (Details)
Income Taxes - Schedule Of Components Of Provision For (Benefit From) Income Taxes (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Domestic And Foreign Components Of Pre-Tax Loss (Details)
Income Taxes - Unrecognized Tax Benefits Rollforward (Details)
Leases (Tables)
Leases Leases
Leases Narrative (Details)
Leases Schedule Of Maturities Of Operating Leases (Details)
Leases Schedule Of Operating Lease Costs (Details)
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share Narrative (Details)
Net Loss Per Share Schedule Of Basic And Diluted Net Loss Per Share (Details)
Net Loss Per Share Schedule Of Potentially Dilutive Securities Excluded From Computation Of Diluted Per Share (Details)
Overview And Basis Of Presentation
Overview And Basis Of Presentation Narrative (Details)
Subsequent Events
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies Narrative (Details)
Summary Of Significant Accounting Policies Schedule Of Estimated Useful Lives (Details)
Summary Of Significant Accounting Policies Schedule Of Impact Of New Accounting Pronouncements (Details)
Summary Of Significant Accounting Policies Schedule Of Revenue By Geographic Area (Details)
Ticker: OKTA
CIK: 1660134
Form Type: 10-K Annual Report
Accession Number: 0001660134-20-000006
Submitted to the SEC: Thu Mar 05 2020 6:13:20 PM EST
Accepted by the SEC: Fri Mar 06 2020
Period: Friday, January 31, 2020
Industry: Prepackaged Software

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