Business
Okta Announces First Quarter Fiscal Year 2023 Financial Results
Q1 revenue grew 65% year-over-year; subscription revenue grew 66% year-over-year Remaining performance obligations (RPO) grew 43% year-over-year to $2.71
About this update from Okta, Inc.
[{"type":"text","content":"\n\nQ1 revenue grew 65% year-over-year; subscription revenue grew 66% year-over-year\n\n\n\nRemaining performance obligations (RPO) grew 43% year-over-year to $2.71 billion; current remaining performance obligations (cRPO) grew 57% year-over-year to $1.41 billion\n\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nOkta, Inc. (Nasdaq: OKTA), the leading independent identity provider, today announced financial results for its first quarter ended April 30, 2022.\n\n“We delivered solid first quarter results highlighted by strength in new customer additions, dollar-based net retention rate, and the success we’re having with large customers as they continue their journey to the cloud,” said Todd McKinnon, Chief Executive Officer and co-founder of Okta. “Organizations around the world have made it clear that identity is the foundation for their digital transformation projects and zero trust security environments. Okta is the recognized leader in identity and we’re confident in our ability to capture more of the massive market opportunity.”\n\nFirst Quarter Fiscal 2023 Financial Highlights:\n\n\nRevenue: Total revenue was $415 million, an increase of 65% year-over-year. Subscription revenue was $398 million, an increase of 66% year-over-year. On an Okta standalone basis (excluding $66 million attributable to Auth0), total revenue grew 39%.\n\n\n\nRemaining Performance Obligations (RPO): RPO, or subscription backlog, was $2.71 billion, an increase of 43% year-over-year. cRPO, which is contracted subscription revenue expected to be recognized over the next 12 months, was $1.41 billion, up 57% compared to the first quarter of fiscal 2022.\n\n\n\nCalculated Billings: Total calculated billings was $389 million, an increase of 7% year-over-year. Calculated billings includes the effect of billings process improvements that were enacted at the end of the first quarter of fiscal 2022. Calculated billings increased 52% when viewed on a like-for-like basis, which includes the full effect of the billings process improvements in the first quarter of fiscal 2022.\n\n\n\nGAAP Operating Loss: GAAP operating loss was $240 million, or 58% of total revenue, compared to a GAAP operating loss of $91 million, or 36% of total revenue, in the first quarter of fiscal 2022.\n\n\n\nNon-GAAP Operating Loss: Non-GAAP operating loss was $41 million, or 10% of total revenue, com...