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Okta, Inc. (OKTA) SEC Filing 10-Q Quarterly report for the period ending Thursday, April 30, 2020

SEC Filings

OKTA Quarterly Reports

Okta, Inc.

CIK: 1660134 Ticker: OKTA




Okta Announces Strong First Quarter Results
Reaffirms revenue outlook and improves operating profit outlook for fiscal 2021
Q1 revenue grew 46% year-over-year; subscription revenue grew 48% year-over-year
Remaining performance obligations, or subscription revenue backlog, grew 57% year-over-year
Record operating and free cash flows


SAN FRANCISCO – May 28, 2020 – Okta, Inc. (NASDAQ: OKTA), the leading independent provider of identity for the enterprise, today announced financial results for its first quarter ended April 30, 2020.

"Okta is at the forefront of helping organizations adapt to the current environment where secure remote access has become a top priority across industries," said Todd McKinnon, Chief Executive Officer and co-founder of Okta. "Our strong first quarter performance reflects our market leadership and ability to effectively and quickly shift to a fully remote workforce. This shift is enabled through our core technology, which     allows secure access to any technology from anywhere. When this crisis is over, we don't expect organizations to revert to their prior ways of working. Our commitment to our customers and continued focus on operational agility will help us navigate this environment, lead the new way of work, and seize the opportunity to emerge in an even stronger position."
  
First Quarter Fiscal 2021 Financial Highlights:
Revenue: Total revenue was $182.9 million, an increase of 46% year-over-year. Subscription revenue was $173.8 million, an increase of 48% year-over-year.
Remaining Performance Obligations (RPO): RPO was $1.24 billion, an increase of 57% year-over-year. Current RPO, which is contracted subscription revenue expected to be recognized over the next 12 months, was $619.1 million, up 49% compared to the first quarter of fiscal 2020.
Calculated Billings: Total calculated billings were $209.5 million, an increase of 42% year-over-year.
Operating Loss: GAAP operating loss was $52.2 million, or 28.5% of total revenue, compared to $51.8 million, or 41.4% of total revenue, in the first quarter of fiscal 2020. Non-GAAP operating loss was $12.3 million, or 6.7% of total revenue, compared to $24.9 million, or 19.9% of total revenue, in the first quarter of fiscal 2020.
Net Loss: GAAP net loss was $57.7 million, compared to $52.0 million in the first quarter of fiscal 2020. GAAP net loss per share was $0.47, compared to $0.46 in the first quarter of fiscal 2020. Non-GAAP net loss was $8.1 million, compared to $21.4 million in the first quarter of fiscal 2020. Non-GAAP net loss per share was $0.07, compared to $0.19 in the first quarter of fiscal 2020.
Cash Flow: Net cash provided by operations was a record $38.7 million, or 21.2% of total revenue, compared to net cash provided by operations of $21.3 million, or 17.0% of total revenue, in the first quarter of fiscal 2020. Free cash flow was a record $29.8 million, or 16.3% of total revenue, compared to $13.2 million, or 10.5% of total revenue, in the first quarter of fiscal 2020.

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The following information was filed by Okta, Inc. (OKTA) on Thursday, May 28, 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-Q Quarterly 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-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Loss
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Stockholders' Equity
Accounting Standards And Significant Accounting Policies
Accounting Standards And Significant Accounting Policies (Policies)
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 - Narrative (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 Notes (Details)
Deferred Commissions
Deferred Commissions (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 Common Stock Reserved For Future Issuance (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 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 - Schedule Of Intangible Assets (Details)
Income Taxes
Income Taxes - Narrative (Details)
Leases
Leases (Tables)
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

Material Contracts, Statements, Certifications & more

Okta, Inc. provided additional information to their SEC Filing as exhibits

Ticker: OKTA
CIK: 1660134
Form Type: 10-Q Quarterly Report
Accession Number: 0001660134-20-000012
Submitted to the SEC: Thu May 28 2020 6:08:07 PM EST
Accepted by the SEC: Fri May 29 2020
Period: Thursday, April 30, 2020
Industry: Prepackaged Software

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