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Okta, Inc. (OKTA) SEC Filing 10-Q Quarterly report for the period ending Friday, July 31, 2020

Okta, Inc.

CIK: 1660134 Ticker: OKTA


Okta Announces Strong Second Quarter Results
Increases revenue and operating profit outlook for fiscal 2021
Q2 revenue grew 43% year-over-year; subscription revenue grew 44% year-over-year
Remaining performance obligations, or subscription revenue backlog, grew 56% year-over-year


SAN FRANCISCO – August 27, 2020 – Okta, Inc. (NASDAQ: OKTA), the leading independent provider of identity for the enterprise, today announced financial results for its second quarter ended July 31, 2020.

"The three mega-trends that have been driving our business for the past several years - the adoption of cloud and hybrid IT, digital transformation, and zero trust security - are all being accelerated globally by the current environment,” said Todd McKinnon, Chief Executive Officer and co-founder of Okta. “These trends are reflected in our strong second quarter results and reflect the work that Okta is doing to help organizations around the world accelerate their adoption and deployment of cloud applications, and remote access, and re-imagine their digital customer experiences. As part of this process, organizations are re-evaluating their roadmap to modernize their identity systems and Okta’s platform is the linchpin of the new cloud technology stack. We believe that the world will not return to the pre-COVID work environment and Okta is committed to helping our customers on their journeys."

Second Quarter Fiscal 2021 Financial Highlights:
Revenue: Total revenue was $200.4 million, an increase of 43% year-over-year. Subscription revenue was $190.7 million, an increase of 44% year-over-year.
Remaining Performance Obligations (RPO): RPO was $1.43 billion, an increase of 56% year-over-year. Current RPO, which is contracted subscription revenue expected to be recognized over the next 12 months, was $684.5 million, up 48% compared to the second quarter of fiscal 2020.
Calculated Billings: Total calculated billings were $198.1 million, an increase of 27% year-over-year.
GAAP Operating Loss: GAAP operating loss was $45.4 million, or 22.6% of total revenue, compared to $43.6 million, or 31.0% of total revenue, in the second quarter of fiscal 2020.
Non-GAAP Operating Income/Loss: Non-GAAP operating income was $6.5 million, or 3.2% of total revenue, compared to a non-GAAP operating loss of $9.9 million, or 7.1% of total revenue, in the second quarter of fiscal 2020.
GAAP Net Loss: GAAP net loss was $60.1 million, compared to $43.0 million in the second quarter of fiscal 2020. GAAP net loss per share was $0.48, compared to $0.37 in the second quarter of fiscal 2020.
Non-GAAP Net Income/Loss: Non-GAAP net income was $9.9 million, compared to a non-GAAP net loss of $5.2 million in the second quarter of fiscal 2020. Non-GAAP basic net income per share was $0.08, compared to a non-GAAP basic net loss per share of $0.05 in the second quarter of fiscal 2020. Non-GAAP diluted net income per share was $0.07, compared to a non-GAAP diluted net loss per share of $0.05 in the second quarter of fiscal 2020.
Cash Flow: Net cash provided by operations was $10.9 million, or 5.5% of total revenue, compared to net cash provided by operations of $1.1 million, or 0.8% of total revenue, in the second quarter of fiscal

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The following information was filed by Okta, Inc. (OKTA) on Thursday, August 27, 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 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 Black-Scholes Option Pricing Model Estimated Fair Value Assumptions (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: 0001660134-20-000019
Submitted to the SEC: Thu Aug 27 2020 6:05:23 PM EST
Accepted by the SEC: Fri Aug 28 2020
Period: Friday, July 31, 2020
Industry: Prepackaged Software

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